COPT Defense Posts Q2 2026: EPS $0.40, FFO per Share (as adjusted) $0.71, Same‑Property Cash NOI +7.4%

COPT Defense reported second-quarter 2026 results with diluted EPS of $0.40 and diluted FFO per share, as adjusted for comparability, of $0.71. The company said same‑property cash NOI rose 7.4% year‑over‑year and raised the midpoint of full‑year FFO per share guidance to $2.78. Total portfolio occu…

COPT Defense reported second-quarter 2026 results with diluted EPS of $0.40 and diluted FFO per share, as adjusted for comparability, of $0.71. The company said same‑property cash NOI rose 7.4% year‑over‑year and raised the midpoint of full‑year FFO per share guidance to $2.78. Total portfolio occupancy was 94.1% and Defense/IT portfolio leased at 96.4% as of June 30, 2026.

Financial Highlights

Diluted earnings per share (EPS): $0.40 for Q2 2026 (three months ended 6/30/26).
Diluted funds from operations (FFO) per share, as adjusted for comparability: $0.71 for Q2 2026.
Net income: $48.6 million for Q2 2026; $88.7 million for six months ended 6/30/26.
Total revenues: $197.4 million for Q2 2026; $398.0 million for six months ended 6/30/26.
Same‑property cash NOI: $112.3 million for Q2 2026 (increase of 7.4% versus Q2 2025).

Business Highlights

Portfolio scale and leasing: Total portfolio comprised 208 properties (25.3M SF) and was 94.1% occupied / 95.6% leased at 6/30/26; Defense/IT portfolio (202 properties, 23.3M SF) was 95.1% occupied and 96.4% leased.
Leasing activity: Q2 2026 leasing totaled 518,000 SF (347,000 SF renewals; 139,000 SF vacancy leasing; 32,000 SF investment leasing); six‑month leasing was ~2.2M SF with vacancy leasing of 231,000 SF.
Tenant retention and lease economics: Tenant retention ~68% in Q2 and 84% year‑to‑date; straight‑line rent on renewals increased 4.4% in Q2 and 10.9% year‑to‑date; average escalations around 2.5% on renewals.
Investment and development pipeline: Acquired 17 acres in Chantilly, VA (Mission Ridge ground lease) for ~$43.0 million on 4/23/26; development pipeline totals ~885k SF (73% leased) with estimated total cost ~$440 million and $115 million spent to date.
Capital guidance and targets: Increased 2026 capital commitment midpoint by $45 million to $335 million and raised vacancy‑leasing annual target to 475,000 SF (from 400,000 SF) based on first‑half activity and pipeline strength.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.