NYSE$CDP

COPT Defense Properties · Q1 2025 earnings

Q1 2025 earnings · · After market close · Investor relations

Briefing

COPT Defense Properties reported Q1 2025, revenue of $187.9M, net income of $36.2M, diluted EPS of $0.33.

For Q1 2025, COPT Defense Properties reported Revenue was $187.9M, net income was $36.2M, diluted EPS was $0.33. Management discusses operating trends, liquidity, and sector risks in the quarterly filing.

  • Q1 2025 revenue $187.9M.
  • Net income $36.2M.
  • Diluted EPS $0.33.

Headline financials

Total Revenue

$188M

Previous: $193M-2.8%
EPS (adj)

$0.33

Previous: $0.29+13.8%
Same Property Cash NOI Growth

7.1%

No prior period
Total Portfolio Occupied

93.6%

No prior period
Total Portfolio Leased

95.1%

No prior period
Defense/IT Portfolio Occupied

95.3%

No prior period
Defense/IT Portfolio Leased

96.6%

No prior period
Same Property Occupied

94.1%

No prior period
Same Property Leased

95.2%

No prior period
Development Pipeline Leased

62.0%

No prior period
Tenant Retention Rate

74.9%

No prior period
Adjusted EBITDA Fixed Charge Coverage Ratio

4.7

Previous: 4.5+4.4%
Net Debt to In-Place Adjusted EBITDA Ratio

6.1

Previous: 6.1+0.0%
Weighted Average Effective Interest Rate

3.4%

No prior period
Fixed Rate Debt

98.0%

No prior period
Weighted Average Maturity

4.5

No prior period
Capital Expenditures

-$41.8M

Previous: -$68.2M+38.7%
Net Income

$36.2M

Previous: $33.7M+7.6%
Operating Income

$54.6M

Previous: $143M-61.9%
Gross Profit

$188M

Previous: $193M-2.8%

Revenue & EPS history

COPT · Revenue · Quarterly

$188M

Q1 2025-2.8%vs Q1 2024
Beat estimate in 15 of 15 quarters(100%)
ActualEstimate

Forward guidance

REIT filers focus on occupancy, leasing spreads, and refinancing rather than GAAP EPS guidance.

Tailwinds

  • Contractual rent escalators when occupancy holds.
  • Balance-sheet extensions and liquidity.
  • Selective disposition or acquisition activity.

Headwinds

  • Interest expense on floating-rate debt.
  • Office or retail fundamentals by submarket.
  • Cap-rate and impairment sensitivity.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2025

Historical avgQ1 2025

+0.3%

Avg return

Earnings day

+0.3%

Avg return

5 days after

+1.1%

Avg return

30 days after

61%

42 / 69 earnings

Positive

+6.2%

Q2 2019

Best reaction

-6.4%

Q1 2020

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.7%-4.1%+0.5%
Q4 2025+1.4%+1.2%+0.2%
Q3 2025+3.8%+5.4%+12.5%
Q2 2025+0.3%+1.0%+10.3%
Q1 2025-4.2%-0.5%+3.0%
Q4 2024-0.8%-5.5%-8.7%
Q3 2024+0.7%-1.1%+1.7%
Q2 2024+2.9%+2.2%+4.3%
Q1 2024+3.0%+4.4%+4.8%
Q4 2023+4.3%+4.4%+8.0%
Q3 2023+0.2%-0.5%+5.9%
Q2 2023-0.8%-1.5%-4.2%
Q1 2023+4.8%+5.9%+2.1%
Q4 2022-1.4%-0.6%-9.9%
Q3 2022+3.1%+4.4%+8.2%
Q2 2022+4.3%+1.0%-2.4%
Q1 2022-2.1%-1.8%+0.5%
Q4 2021+0.4%+0.5%+11.8%
Q3 2021-0.4%-0.2%-4.4%
Q2 2021-0.2%-3.4%-3.4%
Q1 2021-0.3%+1.5%-1.9%
Q4 2020+0.9%+1.2%-2.0%
Q3 2020+2.3%+6.0%+24.2%
Q2 2020-0.6%+2.0%-6.0%
Q1 2020-6.4%-7.0%-6.6%
Q4 2019-2.9%-2.4%-7.7%
Q3 2019-2.5%-0.5%-1.9%
Q2 2019+6.2%+3.2%+5.4%
Q1 2019+0.9%+1.7%-0.2%
Q4 2018+1.8%+2.7%+4.4%
Q3 2018-6.3%-8.7%-14.1%
Q2 2018+2.4%+1.9%+4.1%
Q1 2018+2.4%+2.7%+3.1%
Q4 2017+1.3%-2.0%+1.2%
Q3 2017+3.2%+2.5%+0.3%
Q2 2017-1.0%-2.8%-3.0%
Q1 2017+0.4%+1.1%-0.1%
Q4 2016+3.0%+2.9%+2.4%
Q3 2016-3.2%-4.3%+6.5%
Q2 2016+1.2%-0.4%-4.1%
Q1 2016+0.0%
Q4 2015+3.1%
Q3 2015-3.1%
Q2 2015-3.5%
Q1 2015-4.6%
Q4 2014+0.8%
Q3 2014+2.0%
Q2 2014-0.8%
Q1 2014+0.1%
Q4 2013+3.6%
Q3 2013+3.4%
Q2 2013-4.6%
Q1 2013-0.3%
Q4 2012+0.4%
Q3 2012-3.0%
Q2 2012+0.4%
Q1 2012+0.5%
Q4 2008+0.3%
Q4 2011+0.3%
Q3 2011-5.2%
Q2 2011-1.2%
Q1 2010-1.4%
Q1 2011+1.5%
Q4 2010+0.5%
Q3 2010+1.0%
Q4 2009+1.0%
Q3 2009+1.0%
Q2 2009+3.5%
Q2 2010+3.5%

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