COPT Defense Properties delivered a strong third quarter in 2025, with diluted EPS of $0.37 and FFO per share, as adjusted for comparability, of $0.69, surpassing guidance. The company achieved a 4.6% increase in Same Property Cash NOI and maintained high occupancy and leased rates across its portfolio, particularly within its Defense/IT segment. Leasing activity outperformed expectations, leading to increased full-year guidance for several key metrics.
Diluted EPS for Q3 2025 was $0.37, and FFO per share, as adjusted for comparability, was $0.69, exceeding the midpoint of guidance by $0.02.
Same Property Cash NOI increased by 4.6% in Q3 2025 compared to the same period last year, leading to an increased full-year guidance midpoint to 4.0%.
The total portfolio was 93.9% occupied and 95.7% leased, with the Defense/IT Portfolio at 95.4% occupied and 97.0% leased, marking the highest leased rate in 20 years.
Total leasing in Q3 2025 reached 971,000 square feet, and tenant retention was strong at 82%, leading to an increased annual target for vacancy leasing to 500,000 square feet.
COPT Defense Properties has increased its full-year 2025 guidance for diluted EPS and FFO per share, as adjusted for comparability, reflecting strong performance and a positive outlook for the remainder of the year.
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