COPT Defense Properties (CDP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and COPT Defense Properties published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. COPT Defense Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and FFO per share, as adjusted for comparability, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• COPT Defense Properties is a REIT that owns office and data center shell properties near U.S. Government defense installations. Revenue here is the "Total revenues" line of its statement of operations, which includes construction contract and other service revenues. Its headline earnings measure is diluted FFO per share as adjusted for comparability, shown in the adjusted row. COPT Defense reports in thousands; figures here are in millions.
• COPT Defense files its earnings release and supplemental information package as one exhibit.

Source: COPT Defense Properties Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How COPT Defense Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• COPT Defense Properties's Lease revenue revenue was $193 million in Q3 2026, up 9% from $178 million in Q3 2025, 93% of total revenue.
• COPT Defense Properties's Other property revenue revenue was $1.9 million in Q3 2026, down 9% from $2.0 million in Q3 2025, under 1% of total revenue.
• COPT Defense Properties's Construction contract and other service revenues revenue was $13.4 million in Q3 2026, up 58% from $8.5 million in Q3 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

COPT Defense's guidance table gives Q4 2026 diluted EPS of $0.29 to $0.31 and FFO per share, as adjusted for comparability, of $0.68 to $0.70, and full-year 2026 diluted EPS of $1.43 to $1.45 and FFO per share, as adjusted, of $2.79 to $2.81.

In its Q3 2026 release, COPT Defense Properties said:

“Increased Midpoint of Guidance for 2026 FFO per Share, As Adjusted for Comparability, by 2-cents to $2.80”

“Management is revising and increasing the midpoint of its full-year guidance and establishing fourth quarter guidance for diluted EPS, diluted FFOPS, per Nareit, and diluted FFOPS, as adjusted for comparability, as follows:”

“We increased the midpoint of 2026 guidance for Same Property cash NOI growth by 25 basis points to 4.25%, capital commitment to new investments by $40 million to $375 million, and capital invested in development and acquisitions by $15 million to $240 million.”

Source: COPT Defense Q3 2026 release and supplemental, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CDP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for COPT Defense Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

COPT Defense Properties' total revenues were $208.8 million in Q3 2026, up from $188.8 million a year earlier. Lease revenue was $193.5 million, against $178.3 million, other property revenue $1.9 million and construction contract and other service revenues $13.4 million, against $8.5 million. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026; COPT Defense Form 10-Q, Q3 2026, Nov 4, 2026)

COPT Defense owns properties near, or sometimes inside, key U.S. Government defense installations, and its tenants are the government and its defense contractors. Of $195.3 million of consolidated real estate revenues, the Defense/IT Portfolio produced $176.6 million: Fort Meade/BW Corridor $84.7 million, NoVA Defense/IT $25.1 million, Redstone Arsenal $21.2 million, Lackland Air Force Base $20.7 million, consolidated data center shells $15.2 million and Navy Support $9.8 million. Other properties added $18.7 million. (COPT Defense Form 10-Q, Q3 2026, Nov 4, 2026; COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

Tenant concentration is high. The United States Government accounted for $261.7 million, or 34.6%, of annualized rental revenue at September 30, 2026, and a Fortune 100 company another 11.5%; the top 20 tenants were 74.2%. Substantially all government leases carry early termination provisions that are customary in government leases. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

Construction contract and other service revenues come with matching costs: construction contract and other service expenses were $12.8 million in the quarter. Cost-plus fee contracts were $9.7 million of the $13.4 million. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026; COPT Defense Form 10-Q, Q3 2026, Nov 4, 2026)

COPT Defense Properties' GAAP diluted EPS was $0.41 in Q3 2026, up from $0.37, on net income attributable to common shareholders of $47.7 million. Diluted FFO per share, as adjusted for comparability, was $0.71, up from $0.69, or 2.9% growth, and $0.02 above the midpoint of its guidance. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

FFO adds back real estate depreciation and amortization, $43.0 million in the quarter, and removes gains on sales of real estate, $7.7 million against $3.0 million a year earlier. Interest expense rose to $24.4 million from $20.9 million. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

Exchangeable notes are diluting per-share results as the share price rises. Diluted weighted average shares were 115,919 thousand, including 2,088 thousand from exchangeable debt, against 113,187 thousand with none a year earlier. The CEO said the 2026 FFO guidance absorbs $0.03 of incremental dilution from the exchangeable notes. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

COPT Defense Properties publishes quarterly and full-year per-share guidance in its release. For Q4 2026 it expects diluted EPS of $0.29 to $0.31 and FFO per share, as adjusted for comparability, of $0.68 to $0.70. It raised the 2026 midpoint for FFO per share, as adjusted, by $0.02 to $2.80 (a range of $2.79 to $2.81), with diluted EPS of $1.43 to $1.45. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

It also raised the midpoint of 2026 Same Property cash NOI growth guidance by 25 basis points to 4.25%, its vacancy leasing target to 625,000 square feet from 475,000, and its capital commitment to new investments by $40 million to $375 million, and lowered tenant retention guidance to 80% because it is recapturing space to re-lease. (COPT Defense Q3 2026 release and supplemental, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover COPT Defense Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones COPT Defense Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CDP is on is CDP a buy or a sell?, what analysts expect next is on the CDP forecast, and what the company does is on the COPT Defense Properties (CDP) stock page.

Every number on this page can be traced to a document COPT Defense Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.