COPT Defense Q1 FFO per share rises 6.2% on renewal leasing

Copt Defense Properties

27/04/2026 21:30

Overview

US defense-focused REIT's Q1 adjusted FFO per share rose 6.2% yr/yr to $0.69

Company lifted 2026 FFO per share guidance midpoint by 1 cent to $2.76

Same property cash NOI increased 5.4% yr/yr in Q1

Outlook

Company raises full-year 2026 diluted EPS guidance to $1.24-$1.30 from $1.21-$1.29

Company raises full-year 2026 FFO per share guidance to $2.73-$2.79 from $2.71-$2.79

Company expects Q2 2026 diluted EPS of $0.31-$0.33 and FFO per share of $0.68-$0.70

Result Drivers

RENEWAL LEASING - Strong renewal leasing volume, including a 953,000 sq ft full renewal with the U.S. Government, drove strong tenant retention and rent spreads

OCCUPANCY AND RETENTION - Defense/IT portfolio occupancy remained above 94% for the thirteenth consecutive quarter, with tenant retention at 91%

SAME PROPERTY NOI GROWTH - Same property cash NOI increased 5.4% yr/yr in Q1, supporting FFO growth

Company press release: ID:nBwbMmVbSa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
$40.14 mln
Q1 Adjusted FFO Per Share
$0.69


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "hold."

Wall Street's median 12-month price target for COPT Defense Properties is $36.00, about 12.1% above its April 24 closing price of $32.11

The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 21 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)