COPT Defense Properties filed an 8-K on October 29, 2026, reporting financial results for the period ended September 30, 2026. The company, an S&P MidCap 400 REIT focused on properties near U.S. government defense installations, provided supplemental information including financial statements and portfolio data.
For the three months ended September 30, 2026, the company reported net income of $49.8 million. Net operating income (NOI) from real estate operations was $120.3 million, with same property NOI reaching $114.3 million. Funds from operations (FFO) per share was $0.71, and diluted adjusted funds from operations (AFFO) available to common share and unit holders was $65.4 million.
The company’s Defense/IT Portfolio consisted of 202 properties encompassing 23.3 million square feet. As of September 30, 2026, the portfolio was 96.2% leased and 95.2% occupied. The total consolidated portfolio included 184 properties totaling 21.0 million square feet, with an occupancy rate of 92.8% and a lease rate of 94.0%.
Balance sheet data as of September 30, 2026, showed total assets of $4.57 billion and total equity of $1.60 billion. The company reported debt of $2.58 billion, resulting in a debt-to-assets ratio of 56.4%. The adjusted EBITDA fixed charge coverage ratio was 4.4x, and the net debt to in-place adjusted EBITDA ratio was 5.9x.
COPT Defense maintains a corporate credit rating of BBB- with a Stable outlook from Fitch, Baa2 Stable from Moody’s, and BBB- Stable from S&P.
