CDP COPT DEFENSE PROPERTIES

BULLISH Impact: 6/10 8-K
Horizon weeks Filed Apr 27, 2026 Processed 26d 6h ago SEC 0000860546-26-000024
8-K Item 2.02: Earnings release
Latest settled — T+5d
CDP ▼ -4.55% at T+5d
LONG call ✗ call lost -4.55% · α vs SPY -6.24% · entry $32.09 → $30.63
Next anchor: T+20d in 2d
Last close $32.13 (close May 22) · +0.12% from $32.09 entry
Entry anchored
Apr 27, 03:59 PM ET
via Databento tick
T+1d
-1.68%
call -1.68% · α -1.67%
$31.55
settled 26d ago
T+5d
-4.55%
call -4.55% · α -6.24%
$30.63
settled 20d ago
T+20d
—
call — · α —
—
in 2d
T+60d
—
call — · α —
—
in 8w

Price Chart

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Executive Summary

COPT Defense Properties reported Q1 2026 FFO per share of $0.69, beating the $0.68 consensus by 1 cent and up 6.2% YoY. Same Property cash NOI grew 5.4% YoY. Management raised the midpoint of 2026 FFO per share guidance by $0.01 to $2.76, implying 1.5% growth, and cited strong leasing activity and a dividend increase.

Actionable Insight

The beat and guidance raise should support near-term upward price momentum. Watch for leasing updates and development pipeline progress on the conference call tomorrow.

Key Facts

  • Q1 2026 diluted EPS $0.34 vs $0.31 YoY
  • FFO per share (adjusted) $0.69 vs $0.65 YoY, beat consensus of $0.68
  • Same Property cash NOI increased 5.4% YoY
  • Full-year 2026 FFOPS guidance raised to $2.73-$2.79 (midpoint $2.76)
  • Quarterly dividend increased 4.9% to $0.32/share
  • Moody's upgraded issuer rating to Baa2 with stable outlook

Financial Impact

FFO per share beat by $0.01 on consensus $0.68; guidance midpoint raised $0.01

FFO per shareSame Property cash NOIdividend

Risk Factors

  • U.S. government lease concentration (35% of ARR) exposes to budget risks
  • Interest rate sensitivity with net debt to adjusted book at 40.6%
  • Development pipeline requires $370M additional capital; execution risk

Market Snapshot

Exchange
NYSE
Sector
Real Estate Investment Trusts
Analyst Consensus
67% bullish (12 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0000860546-26-000024
Document: cdp-20260427.htm0000860546-26-000024
Document: 0000860546-26-000024-index-headers.html0000860546-26-000024
Document: 0000860546-26-000024-index.html0000860546-26-000024
Document: 0000860546-26-000024.txt0000860546-26-000024
8-K Data (Synthetic)0000860546-26-000024
2 reports for CDP
Performance horizon
Filters
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Reports for CDP — sortable, filterable
Type Now
Apr 27, 2026
26d ago
8-K
BULLISH ★ 6/10
$32.09 $30.63▼ −4.55%▼ −6.24%$32.13 (+0.12%)
Mar 30, 2026
7w ago
DEFA14A
NEUTRAL ★ 2/10
$30.60 $31.72▲ +3.66%▼ −0.28%$32.13 (+5.00%)
Showing 2 of 2

US Market Status

Market Closed — Opens Tue (34h 48m)

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