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COPT Defense Properties (CDP)
NYSE:CDP
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.33Last Year’s EPS
0.31Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a largely positive operational and strategic picture: strong 2025 results (FFO/share growth, same-property NOI growth, high occupancy and robust leasing), a healthy and largely pre-leased development pipeline, and supportive defense budget tailwinds. Headwinds include higher financing costs that compress near-term FFO growth, some government administrative delays that temporarily depressed renewal metrics, and modest near-term same-property NOI deceleration due to nonrecurring tax items. On balance, the company appears well-positioned financially and operationally to capitalize on defense demand, with manageable timing and financing challenges reflected in conservative 2026 guidance.Company Guidance
FFO Per Share Growth and Record Performance
Reported 2025 FFO per share of $2.72, up 5.8% year-over-year and $0.06 above initial guidance; marks seventh consecutive year of FFO/share growth and management expects 2026 midpoint FFO of $2.75 (1.1% growth) with an adjusted ex-financing midpoint of $2.84 (4.4% growth).
Strong Same-Property Cash NOI and Occupancy
Same-property cash NOI increased 4.1% in 2025 (well above original midpoint guidance); same-property average occupancy rose 40 basis points and year-end same-property occupancy was 94.2%.
Robust Leasing Activity — Vacancy and Investment Leasing
Executed 557,000 sq ft of vacancy leasing (47% of beginning-year vacant space) and 477,000 sq ft of investment leasing at a weighted average lease term of 13 years; vacancy leasing exceeded initial target by ~40% (150k+ sq ft).
High Portfolio Leases and Defense/IT Strength
Total portfolio occupancy at ~94% (portfolio leased 95.3%); Defense/IT portfolio occupancy 95.5% (leased 96.5%); Defense/IT vacancy leasing accounted for 424,000 sq ft and majority of investment leasing executed with existing tenants.
Large Pre-Leased Development Commitments
Committed $278 million to new investments in 2025 (projects 81% pre-leased); late-December commitments of ~$155 million to two fully pre-leased build-to-suit projects (110k sq ft ARLIS project at $66M and 132k sq ft San Antonio project at $88M); January commitment of $146M to a fully pre-leased 236k sq ft National Business Park project.
Incremental Stabilized Cash NOI from Development Pipeline
Active developments plus 2025 projects expected to generate an incremental $52 million of stabilized annual cash NOI phased between 2026 and 2029 (approximately $48M contractual).
Strong Development Pipeline and Pre-Lease Rates
Active development pipeline totals nearly $450M capital and 880,000 sq ft at 86% pre-leased; five of six active development projects are 100% pre-leased after NBP 400 full-building lease; 8500 Advanced Gateway inventory showing strong demand with prospects of ~400,000 sq ft and current pre-lease rising toward 40% with additional advanced negotiations.
High Renewal Volume and Large-Lease Retention
Executed 2.0M sq ft of renewals in 2025 with tenant retention ~78% (defense/IT retention 79%) and cash rent spreads of 1.1% overall (2.7% in Defense/IT); management expects >95% retention on 4M sq ft of large lease expirations through year-end 2026.
Balance Sheet Actions and Liquidity
Issued $400M of 5-year unsecured notes at 4.6% yield (proceeds to repay a $400M 2.25% bond); liquidity remains strong, AFFO payout ratio averaged ~60% and forecasted to remain under 65% in 2026; capital plan for 2026 includes $200–$250M spend on active/future projects and $225–$275M commitments to new investments while self-funding equity component on a leverage-neutral basis.
Strategic Positioning vs. Defense Tailwinds
Management highlights favorable macro backdrop — FY2026 Defense Appropriations (~$950B including allocations) representing a ~15% year-over-year increase and policy momentum (Golden Dome, Space Command relocation) that should drive near- to medium-term tenant demand, particularly at Redstone Gateway (Huntsville).
CDP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CDP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $32.00 | $32.45 | +1.41% |
Oct 30, 2025 | $27.32 | $28.17 | +3.11% |
Jul 28, 2025 | $27.66 | $27.31 | -1.25% |
Apr 28, 2025 | $26.12 | $25.03 | -4.16% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does COPT Defense Properties (CDP) report earnings?
COPT Defense Properties (CDP) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is COPT Defense Properties (CDP) earnings time?
COPT Defense Properties (CDP) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CDP EPS forecast?
CDP EPS forecast for the fiscal quarter 2026 (Q1) is 0.33.