The earnings call reflects strong operational performance and positive future prospects due to increased defense spending, with significant leasing achievements and improved guidance metrics. However, challenges in cash rent spreads and specific property vacancies remain areas of concern.

Company Guidance

During the COPT Defense Properties Second Quarter 2025 Results Conference Call, the company reported strong financial and operational performance metrics. The Funds from Operations (FFO) per share was $0.68, surpassing the midpoint of guidance by $0.02 and marking a 6.3% year-over-year increase. The same-property cash Net Operating Income (NOI) increased by 2.2% for the quarter and 4.6% in the first half of the year. COPT achieved a leasing milestone by signing 353,000 square feet of vacancy leasing in the first half, which is 88% of their annual target, with a tenant retention rate of 90% for the quarter and 82% year-to-date. The total portfolio achieved a 95.6% leasing rate, the highest in nearly 20 years. In response to these strong results, the company raised its guidance, including a $0.01 increase in the midpoint of FFO per share, a 50 basis point rise in same-property cash NOI growth, and an increased full-year target for vacancy leasing by 50,000 square feet. The recent defense budget appropriation, which includes a record increase in defense spending, provides a favorable outlook for future business strength, particularly in the areas of intelligence, cybersecurity, and missile defense, which are expected to drive significant opportunities for COPT.

Record FFO Per Share Growth

FFO per share as adjusted for comparability was $0.68, which was $0.02 above the midpoint of guidance and represents a year-over-year increase of 6.3%.

Strong Leasing Performance

The company signed 353,000 square feet of vacancy leasing during the first half of the year, achieving 88% of the initial full year target and a tenant retention rate of 90% during the quarter.

Defense Budget Impact

The One Big Beautiful Bill Act appropriates an additional $150 billion to Defense spending over 4 years, with $113 billion allocated to 2026, enhancing future business strength.

High Portfolio Occupancy

The total portfolio is 95.6% leased, the highest level in nearly 20 years.

Increase in Guidance Metrics

Increased the midpoint of FFO per share by $0.01, same-property cash NOI growth by 50 basis points, and full year target for vacancy leasing by 50,000 square feet.

COPT Defense Properties (CDP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CDP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	0.34 / -	0.32	―	―	―
Jul 28, 2025	2025 (Q2)	0.34 / 0.34	0.31	9.68% (+0.03)
Apr 28, 2025	2025 (Q1)	0.33 / 0.31	0.29	6.90% (+0.02)
Feb 06, 2025	2024 (Q4)	0.33 / 0.31	0.3	3.33% (+0.01)
Oct 28, 2024	2024 (Q3)	0.31 / 0.32	-1.94	116.49% (+2.26)
Jul 29, 2024	2024 (Q2)	0.31 / 0.31	0.27	14.81% (+0.04)
Apr 25, 2024	2024 (Q1)	0.29 / 0.29	0.7	-58.57% (-0.41)
Feb 08, 2024	2023 (Q4)	0.31 / 0.30	0.45	-33.33% (-0.15)
Oct 26, 2023	2023 (Q3)	0.27 / -1.94	0.27	-818.52% (-2.21)
Jul 27, 2023	2023 (Q2)	0.27 / 0.27	0.29	-6.90% (-0.02)

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
Jul 28, 2025	$27.95	$27.60	-1.25%
Apr 28, 2025	$26.40	$25.30	-4.17%
Feb 06, 2025	$29.07	$28.85	-0.76%
Oct 28, 2024	$31.54	$31.48	-0.19%

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 Oct 23, 2025, After Close (Confirmed).

What is COPT Defense Properties (CDP) earnings time?

COPT Defense Properties (CDP) earnings time is at Oct 23, 2025, 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 2025 (Q3) is 0.34.

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