COPT Defense Properties (CDP) Q2 2026 earnings summary

Executive summary

• Delivered strong financial and operating performance in Q2 2026, with FFO per share of $0.71, up 4.4% year-over-year and exceeding guidance midpoint by $0.02.

• EPS for Q2 2026 was $0.40, up from $0.34 in Q2 2025; net income attributable to common shareholders was $46.4 million.

• Portfolio occupancy and leasing rates remained high, with occupancy at 94.5% and leased rate at 95.6% as of June 30, 2026.

• Tenant retention averaged 84% in H1 2026, with Q2 retention at 68% due to strategic non-renewals, and 65% of vacated space already backfilled.

• Acquired 17 acres of land in Chantilly, VA for $43 million, increasing 2026 investment guidance by $45 million to $335 million.

Financial highlights

• Q2 2026 FFO per share was $0.71, up from $0.68 in Q2 2025; six-month FFO per share was $1.40.

• Same property cash NOI increased 7.4% year-over-year; average occupancy rate for same properties was 94.5%.

• Total Q2 2026 revenues were $197.4 million, up 3.9% year-over-year; net income for Q2 was $48.6 million.

• Cash rent spreads on renewals were 3% (GAAP up 4.4%), while straight-line rent spreads were 4.4%.

• Dividend per share for Q2 2026 was $0.32, up from $0.305 in Q2 2025.

Outlook and guidance

• Raised 2026 FFO per share guidance midpoint to $2.78, up $0.02 from prior guidance, implying 2.2% annual growth.

• Increased same property cash NOI growth guidance midpoint by 100 bps to 4.0%.

• Increased capital commitment to new investments by $45 million to $335 million for 2026.

• Vacancy leasing target raised to 475,000 sq ft for 2026.

• Q3 and Q4 2026 FFO per share guidance set at $0.68–$0.70.