COPT Defense Properties reports Q1 AFFO 65c, consensus 65c

Written by Emily J. Thompson, Senior Investment Analyst

Updated: Apr 28 2025

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Q1 Revenue Performance: COPT Defense reported Q1 revenue of $187.86 million, exceeding the consensus estimate of $185.78 million, with FFO per share aligning with guidance despite higher weather-related expenses.
Future Guidance: The company is maintaining its 2025 FFO per share guidance midpoint at $2.66, indicating a projected growth of 3.5% year-over-year.

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Analyst Views on CDP

Wall Street analysts forecast CDP stock price to rise

6 Analyst Rating

5 Buy

1 Hold

0 Sell

Strong Buy

Current: 31.640

Low

31.00

Averages

33.67

High

38.00

Current: 31.640

Low

31.00

Averages

33.67

High

38.00

Evercore ISI

Steve Sakwa

Outperform

maintain

$37 -> $38

2026-04-28

Reason

Evercore ISI

Steve Sakwa

Price Target

$37 -> $38

AI Analysis

2026-04-28

maintain

Outperform

Reason

Evercore ISI analyst Steve Sakwa raised the firm's price target on COPT Defense Properties to $38 from $37 and keeps an Outperform rating on the shares.

Truist

Michael Lewis

Hold

maintain

$31 -> $33

2026-03-03

Reason

Truist

Michael Lewis

Price Target

$31 -> $33

2026-03-03

maintain

Hold

Reason

Truist analyst Michael Lewis raised the firm's price target on COPT Defense Properties to $33 from $31 and keeps a Hold rating on the shares. The REIT's performance for the rest of this year may have a lot to do with how successful the company is in retaining 2026 lease expirations, the analyst tells investors in a research note.

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About CDP

COPT Defense Properties is a self-managed real estate investment trust (REIT). The Company is focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key United States Government (USG) defense installations and missions (its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Its Defense/IT Portfolio includes approximately 199 operating properties totaling 22.7 million square feet comprised of 16.8 million square feet in 168 office properties and 5.9 million square feet in 31 single-tenant data center shells. It owns approximately 24 of these data center shells totaling 4.3 million square feet through unconsolidated real estate joint ventures. It also owns around 50 acres of other developable land in the Greater Washington, DC/Baltimore region.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

COPT Defense Properties Q1 2026 Earnings Call Highlights

Apr 28 2026seekingalpha

Strong Financial Performance: COPT reported Q1 2026 FFO per share of $0.69, exceeding the midpoint of guidance by $0.01 and reflecting a 6.2% year-over-year increase, which enhances investor confidence in the company's financial management and leasing effectiveness.
Successful Lease Renewals: The company executed 1.2 million square feet of renewal leasing with a 91% retention rate, alongside cash rent spreads up 3.8% and GAAP rent spreads up 12%, indicating strong competitive positioning and customer loyalty in the market.
Strategic Investment Expansion: COPT committed $55 million to a 150,000 square foot development project at Redstone Gateway aimed at providing anti-terrorism protective inventory for the U.S. government, showcasing the company's strategic positioning in the defense sector and anticipation of market demand.
Optimistic Future Outlook: Management raised the midpoint of 2026 FFO per share guidance to $2.76 and projected Same Property cash NOI growth of 3%, reflecting confidence in future growth while emphasizing the potential impact of defense budget appropriations on demand.

CDP Holdings Q1 Earnings Exceed Expectations

Apr 27 2026seekingalpha

Earnings Beat: CDP Holdings reported Q1 FFO of $0.69, beating estimates by $0.01, which reflects the company's strong performance in the market and boosts investor confidence.
Revenue Growth: The company achieved Q1 revenue of $200.64 million, a 6.8% year-over-year increase, surpassing market expectations by $4.45 million, indicating sustained business growth and strong market adaptability.
Guidance Increase: CDP raised its midpoint FFO per share guidance for 2026 by 1 cent to $2.76, aligning with consensus, which reflects the company's confidence in future performance and stable growth outlook.
Dividend Increase: CDP Holdings increased its quarterly dividend by 4.9% to $0.32 per share, demonstrating its commitment to shareholder returns while maintaining profitability, thereby enhancing investor appeal.

COPT Defense Properties Q2 Adjusted FFO Per Share Forecast Ranges from USD 0.68 to 0.70

Apr 27 2026moomoo

COPT Defense Properties Outlook: The outlook for COPT Defense Properties in Q2 has been adjusted, reflecting changes in market conditions and performance expectations.
FFO Per Share Adjustment: The Funds From Operations (FFO) per share has been revised to a range of $0.68 to $0.70, indicating a slight modification in financial projections.

COPT Defense Properties Reports Q1 Adjusted FFO Per Share of USD 0.69

Apr 27 2026moomoo

COPT Defense Properties: The company has adjusted its financial performance metrics for Q1, reflecting changes in its operational strategy.
FFO Per Share: The funds from operations (FFO) per share have been reported at 0.69, indicating a focus on maintaining profitability amidst market fluctuations.

COPT Defense Properties Reports Q1 Net Income of $40.139 Million

Apr 27 2026moomoo

COPT Defense Properties: COPT Defense Properties reported a net income of USD 40.139 million for the first quarter.
Financial Performance: The financial results indicate a strong performance in the defense property sector.

COPT Defense Announces First Quarter 2026 Financial Results

Apr 27 2026moomoo

COPT Defense Reports: The report outlines the performance and results of the COPT Defense sector for the first quarter of 2026.
Financial Highlights: Key financial metrics and growth indicators are presented, showcasing the sector's economic health and strategic direction.

COPT Defense Properties Q1 2026 Earnings Call Highlights

Apr 28 2026seekingalpha

Strong Financial Performance: COPT reported Q1 2026 FFO per share of $0.69, exceeding the midpoint of guidance by $0.01 and reflecting a 6.2% year-over-year increase, which enhances investor confidence in the company's financial management and leasing effectiveness.
Successful Lease Renewals: The company executed 1.2 million square feet of renewal leasing with a 91% retention rate, alongside cash rent spreads up 3.8% and GAAP rent spreads up 12%, indicating strong competitive positioning and customer loyalty in the market.
Strategic Investment Expansion: COPT committed $55 million to a 150,000 square foot development project at Redstone Gateway aimed at providing anti-terrorism protective inventory for the U.S. government, showcasing the company's strategic positioning in the defense sector and anticipation of market demand.
Optimistic Future Outlook: Management raised the midpoint of 2026 FFO per share guidance to $2.76 and projected Same Property cash NOI growth of 3%, reflecting confidence in future growth while emphasizing the potential impact of defense budget appropriations on demand.

CDP Holdings Q1 Earnings Exceed Expectations

Apr 27 2026seekingalpha

Earnings Beat: CDP Holdings reported Q1 FFO of $0.69, beating estimates by $0.01, which reflects the company's strong performance in the market and boosts investor confidence.
Revenue Growth: The company achieved Q1 revenue of $200.64 million, a 6.8% year-over-year increase, surpassing market expectations by $4.45 million, indicating sustained business growth and strong market adaptability.
Guidance Increase: CDP raised its midpoint FFO per share guidance for 2026 by 1 cent to $2.76, aligning with consensus, which reflects the company's confidence in future performance and stable growth outlook.
Dividend Increase: CDP Holdings increased its quarterly dividend by 4.9% to $0.32 per share, demonstrating its commitment to shareholder returns while maintaining profitability, thereby enhancing investor appeal.

COPT Defense Properties Q2 Adjusted FFO Per Share Forecast Ranges from USD 0.68 to 0.70

Apr 27 2026moomoo

COPT Defense Properties Outlook: The outlook for COPT Defense Properties in Q2 has been adjusted, reflecting changes in market conditions and performance expectations.
FFO Per Share Adjustment: The Funds From Operations (FFO) per share has been revised to a range of $0.68 to $0.70, indicating a slight modification in financial projections.

COPT Defense Properties Reports Q1 Adjusted FFO Per Share of USD 0.69

Apr 27 2026moomoo

COPT Defense Properties: The company has adjusted its financial performance metrics for Q1, reflecting changes in its operational strategy.
FFO Per Share: The funds from operations (FFO) per share have been reported at 0.69, indicating a focus on maintaining profitability amidst market fluctuations.

COPT Defense Properties Reports Q1 Net Income of $40.139 Million

Apr 27 2026moomoo

COPT Defense Properties: COPT Defense Properties reported a net income of USD 40.139 million for the first quarter.
Financial Performance: The financial results indicate a strong performance in the defense property sector.

COPT Defense Announces First Quarter 2026 Financial Results

Apr 27 2026moomoo

COPT Defense Reports: The report outlines the performance and results of the COPT Defense sector for the first quarter of 2026.
Financial Highlights: Key financial metrics and growth indicators are presented, showcasing the sector's economic health and strategic direction.

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