Business Wire·Feb 5, 2026, 4:18 PM ET

COPT Defense Establishes 2026 Guidance

CDP

COPT Defense Properties established 2026 guidance with diluted EPS ranging from $1.21 to $1.29 & diluted FFOPS ranging from $2.71 to $2.79.
The company set first quarter 2026 guidance with diluted EPS between $0.30 & $0.32 & diluted FFOPS between $0.67 & $0.69.
Full year 2026 diluted FFOPS midpoint is $2.75, representing a 1.1% increase over the 2025 actual of $2.72.
2026 same property pool cash NOI growth is projected between 2.0% & 3.0%, driven by contractual rent increases & new leasing activity.
Year-end occupancy for 2026 is expected to range from 93.5% to 94.5%, remaining relatively flat throughout the year.
Tenant retention for 2026 is forecasted between 75% & 85%, with change in cash rents on renewals expected at 1.0% to 3.0%.
NOI from investments is projected at $21.0 million (high end), reflecting acquisitions & developments placed into service, partially offset by ceasing interest capitalization on NBP 400.
Consolidated interest expense for 2026 is anticipated to rise to $96.0 million-$98.0 million due to refinancing a $400 million unsecured bond.
Total G&A expenses are expected to increase to $49.0 million-$50.0 million in 2026.
Capital invested in developments or acquisitions is projected between $200 million & $250 million, with new investment commitments ranging from $225 million to $275 million.
The company plans no material asset sales in 2026.
Diluted FFOPS for 1Q26 is down 2 cents sequentially due to higher seasonal operating expenses & lower interest income.
The dividend payout ratio based on diluted AFFO is targeted to remain below 65% for 2026.