COPT(US:CDP)2025-07-29 16:00Financial Performance - The Funds From Operations Per Share (FFOPS), adjusted for comparability, reached $0.68 for 2Q25 and $1.33 for 1H25[12] - Year-over-year FFO per share growth was 6.3% for 2Q25 and 4.7% for 1H25[12] - The company increased 2025 FFO per share guidance by 1 cent at the midpoint, implying 3.9% year-over-year growth[19, 81] - Same Property Cash Net Operating Income (NOI) increased by 2.2% for 2Q25 and 4.6% for 1H25 across the total portfolio[12] Portfolio Metrics - Occupancy rate for the Defense/IT Portfolio was 95.6% occupied and 96.8% leased[12] - Total leasing activity amounted to 724,000 square feet in 2Q25 and 1.4 million square feet in 1H25[12] - The company increased the annual vacancy leasing target to 450,000 square feet from 400,000 square feet[12, 55] - Tenant retention rate for the total portfolio was 90%[12] Strategic Factors - The One Big Beautiful Bill Act (OBBBA) passed in July 2025, adding approximately $113 billion for Department of Defense (DOD) activities in FY 2026, representing a 13% increase over FY 2025 enacted levels[30] - The company expects to renew approximately 95% of large leases (greater than 50,000 square feet) expiring through year-end 2026[66]