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Sep 30, 2025
COPT Q3 2025 Earnings Report
COPT Defense Properties reported strong third quarter 2025 results, exceeding FFO per share guidance and demonstrating robust occupancy and leasing levels.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
Positive Outlook
- Increased midpoint of 2025 FFO per share guidance by $0.03 to $2.70, implying 5.1% year-over-year growth.
- Raised midpoint of 2025 guidance for same property cash NOI growth by 75 basis points to 4.0%.
- Increased cash rent spread on renewals by 200 basis points to 2%.
- Increased year-end same property occupancy guidance by 20 basis points to 94.2%.
- Raised target for vacancy leasing by 11% from 450,000 square feet to 500,000 square feet, reflecting strong tenant demand.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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