NYSE$CDP

COPT Defense Properties · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

COPT Defense Properties reported Q3 2025, revenue of $188.8M, net income of $43.7M, diluted EPS of $0.37.

For Q3 2025, COPT Defense Properties reported revenue of $188.8M, net income of $43.7M, diluted EPS was $0.37. Management discusses segment trends, capital allocation, and macro risks in the quarterly filing.

  • Revenue $188.8M.
  • Net income $43.7M.
  • Diluted EPS $0.37.
  • COPT Defense Properties MD&A highlights operating priorities and liquidity.
  • Segment and geographic mix shape year-over-year comparisons.

Headline financials

Total Revenue

$189M

Previous: $189M-0.2%
EPS (adj)

$0.37

Previous: $0.32+15.6%
Same Property Cash NOI Growth

4.6%

No prior period
Total Portfolio Occupied

93.9%

No prior period
Total Portfolio Leased

95.7%

No prior period
Defense/IT Portfolio Occupied

95.4%

No prior period
Defense/IT Portfolio Leased

97.0%

No prior period
Same Property Occupied

94.3%

No prior period
Same Property Leased

95.8%

No prior period
Development Pipeline Leased

68.0%

No prior period
Tenant Retention Rate

81.8%

No prior period
Adjusted EBITDA Fixed Charge Coverage Ratio

4.8

No prior period
Net Debt to In-Place Adjusted EBITDA Ratio

6.1

No prior period
Total Leasing (SF)

971.0K

No prior period
Vacancy Leasing (SF)

78.0K

No prior period
Investment Leasing (SF)

101.0K

No prior period
Straight-line Rent Renewals Increase

13.4%

No prior period
Cash Rent Renewals Increase

7.5%

No prior period
Annual Escalations on Renewing Leases

1.4%

No prior period
Lease Terms - Renewing Leases

5.4

No prior period
Lease Terms - Vacancy Leasing

8.6

No prior period
Lease Terms - Investment Leasing

12.6

No prior period
Weighted Average Effective Interest Rate

3.4%

No prior period
Fixed Rate Debt

97.0%

No prior period
Weighted Average Maturity

4.1

No prior period
Capital Expenditures

-$147M

Previous: -$184M+20.3%
Net Income

$43.7M

Previous: $37.4M+17.0%
Operating Income

$42.5M

Previous: $140M-69.5%

Revenue & EPS history

COPT · Revenue · Quarterly

$189M

Q3 2025-0.2%vs Q3 2024
Beat estimate in 15 of 15 quarters(100%)
ActualEstimate

Forward guidance

Real estate operators focus on occupancy, rents, refinancing, and dividend coverage.

Tailwinds

  • Portfolio cash flows and leasing spreads.
  • Balance-sheet liquidity.
  • Selective acquisitions or dispositions.

Headwinds

  • Interest rate and cap-rate risk.
  • Tenant health and refinancing walls.
  • Fair-value marks on investments.

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 Q3 2025

Historical avgQ3 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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