COPT Defense Properties has reported strong first quarter results for 2025, with a notable earnings per share (FFOPS, as adjusted for comparability) of $0.65, achieving a 4.8% growth year-over-year and meeting the midpoint of their guidance. The company announced a 7.1% increase in Same Property cash NOI, with the Defense/IT Portfolio NOI increasing by 4.1%. The Defense/IT Portfolio is reported to be 95.3% occupied and 96.6% leased, while the Same Property portfolio maintains an occupancy rate of 94.1% and a leasing rate of 95.2%. The company has achieved or exceeded its guidance for 29 consecutive quarters, with over 94% occupancy for nine consecutive quarters and a leased rate of at least 95% for five consecutive quarters. In terms of leasing activity, COPT Defense Properties is on track to achieve or exceed its annual target of 400,000 square feet, with 438,000 square feet in renewal leasing and 89,000 square feet in investment leasing, resulting in a total Defense IT retention rate of 75%. The reported leasing figures include impacts from previously negotiated contractions and non-renewals from early 2023 and 2024.