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COPT Defense Properties points to defense spending as a long-term tailwind
CEO Stephen Budorick said the company kept occupancy above 94% and driven double-digit growth in dividend and FFO per share since 2022.
COPT Defense Properties, a REIT focused on defense-related real estate, highlighted its operating momentum and credit strength at Nareit REITweek: 2026 Investor Conference in New York on June 1 to 4, according to an interview with CEO Stephen Budorick.
Budorick attributed COPT’s double-digit growth in both its dividend and FFO per share since 2022 to strong occupancy, exceptional tenant retention, and steady investment activity. He said occupancy has stayed above 94%, and tenant retention has neared 80% versus an industry average above 43%.
He also cited growth metrics and capital deployment, saying the company has grown FFO by 15% and AFFO by 30%, while investing about $270 million annually into well-leased acquisitions and development projects.
Budorick further pointed to Moody’s recent upgrade of COPT’s investment-grade credit rating, framing it as recognition of performance through the pandemic, elevated inflation, and higher interest rates. Looking ahead, he said accelerating U.S. defense spending is expected to create opportunities for COPT’s portfolio and deepen business ties with the U.S. government and defense contractors.