CDP · Copt Defense Properties
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AI Brief
Q2 FY26 earnings call · Jul 28, 2026TL;DR. COPT Defense reported Q2 FFO per share of $0.71, $0.02 above the midpoint of guidance and up 4.4% year-over-year, and raised midpoints of 2026 guidance for FFO/share (to $2.78), same property cash NOI growth (to 4.0%), and capital commitments to new investments (to $335 million). Same property cash NOI grew 7.4% in the quarter, the company raised its vacancy leasing target by nearly 20% to 475,000 square feet, and it is starting two new Redstone Gateway development projects to meet accelerating mission demand.
- + Raised full-year same property cash NOI growth guidance midpoint by 100 bps to 4.0%, 150 bps above initial guidance
- + Raised full-year cash rent spread on renewals guidance midpoint by 100 bps to 3.0%
- + Raised 2026 capital commitment to new investments by $45 million to $335 million
- + Raised full-year vacancy leasing target by nearly 20% to 475,000 square feet after executing 139,000 SF in Q2 and 231,000 SF in 1H26 (~60% of initial full-year target)
- + Starting two new Redstone Gateway development projects totaling 240,000 SF due to no remaining unleased space and 415,000 SF of incremental demand from defense contractors
- − Guidance assumes ~$0.12 per share of higher financing costs year-over-year ($0.08 bond refinancing + $0.04 exchangeable note dilution)
- − Q2 tenant retention was only 68% due to two strategic non-renewals in the Fort Meade-BW corridor, despite YTD retention of 84%
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
REIT - Office — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CDP
this stock
Copt Defense Properties
|
$3.89B | +20.1% | +1.4% | 24.0 | 6.6% |
|
BXP
BXP, Inc.
|
$9.85B | -9.4% | +2.2% | 33.2 | 7.8% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$8.45B | -3.0% | -2.9% | — | 3.9% |
|
VNO
Vornado Realty Trust
|
$6.48B | +1.8% | +1.3% | 1157.7 | 6.1% |
|
CUZ
Cousins Properties Inc
|
$4.56B | +7.2% | +16.0% | 693.1 | 7.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CDP | -1.1% | -6.0% | +4.7% | -7.2% | +20.1% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -0.4% | -6.1% | -7.4% | -6.6% | +8.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.