Business Wire·Oct 29, 2026, 4:16 PM ET

COPT Defense Reports Third Quarter 2026 Results

COPT Defense announced third quarter 2026 results with diluted EPS of $0.41 & diluted FFO per share (as adjusted for comparability) of $0.71.
The company increased its full-year 2026 guidance midpoint for FFO per share by 2 cents to $2.80.
Same Property Cash NOI grew 3.2% in the quarter & 5.3% year-to-date.
The portfolio occupancy rate was 94.0% total (95.0% leased), with the Defense/IT portfolio at 95.2% occupied (96.2% leased).
Total leasing activity reached 842,000 SF in the quarter & 3.0 million SF year-to-date.
Annual vacancy leasing targets were raised to 625,000 SF from 475,000 SF.
Tenant retention rates were 70% for the quarter & 80% year-to-date, with guidance lowered to 80% to reflect strategic space recaptures.
The company committed $88 million in capital to two development projects in Huntsville, AL.
Full-year 2026 capital commitment guidance was increased by $40 million to $375 million.
Management raised Same Property Cash NOI growth guidance by 25 basis points to 4.25%.
Adjusted EBITDA fixed charge coverage ratio stood at 4.4x for the quarter.
Net debt to in-place adjusted EBITDA ratio was 5.9x, with a weighted average effective interest rate of 3.8%.
Renewal leases saw straight-line rent increases of 20.3% in the quarter & 12.7% year-to-date.
The development pipeline includes eight properties totaling 1.1 million SF, with 64% leased & $185 million spent of an estimated $528 million investment.