Occupancy

COPT Defense Properties (CDP) reported strong 3Q25 results, exceeding expectations with FFO per share at $0.69, a 6.2% year-over-year increase. The company raised its full-year FFO per share guidance to $2.70, implying 5.1% growth. Same Property Cash NOI increased 4.6%. Occupancy remained high, with the total portfolio at 93.9% occupied and 95.7% leased, the highest leased rate in 20 years. CDP committed $72M to new investments and pre-funded its 2026 bond maturity, demonstrating successful capital deployment and a positive outlook.