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COPT Defense Properties (symbol: CDP) is a specialized real estate investment trust (REIT) focused on acquiring, developing, managing, and leasing office and data center properties. Primarily serving the U.S. government and defense contractors, COPT targets projects that are essential for defense information technology and national security. The company's strategic portfolio includes properties concentrated in large office parks near key government demand drivers, particularly in the Greater Washington, D.C./Baltimore region.
As an S&P MidCap 400 company, COPT Defense Properties has built a robust portfolio largely composed of office buildings in the Baltimore-Washington Corridor and Northern Virginia area. The company derives nearly all of its revenue from rental income, with a significant portion coming from leases with U.S. Government agencies and contractors like Northrop Grumman and Boeing. This focused approach allows COPT to maintain a stable and secure income stream, given the consistent demand from these crucial sectors.
Recent achievements include the development of advanced data centers and the expansion of existing office parks to accommodate the growing needs of their specialized tenants. COPT's financial condition remains strong, bolstered by long-term leases and a diversified tenant base. The company's strategic partnerships and targeted market approach ensure that it remains a key player in the real estate sector, catering to the specialized needs of national security and defense information technology.
With a clear focus on high-demand government submarkets, COPT continues to explore opportunities for growth and expansion. Current projects include the development of new office spaces and the enhancement of existing properties to meet evolving technological and security requirements. For more detailed information, please visit www.copt.com.
COPT Defense Properties (NYSE: CDP), an S&P MidCap 400 REIT, has announced its participation in Citi's 2025 Global Property CEO Conference. President & CEO Stephen E. Budorick will present on March 4, 2025, at 2:55 p.m. Eastern Time at The Diplomat Resort & Spa in Hollywood, Florida.
The Company specializes in owning, operating, and developing properties near key U.S. Government defense installations. Their Defense/IT Portfolio comprises 195 properties, including 24 owned through unconsolidated joint ventures, totaling 22.4 million square feet with a 96.8% lease rate as of December 31, 2024. Their tenant base primarily consists of the U.S. Government and defense contractors engaged in national security activities, requiring mission-critical and high-security property enhancements.
COPT Defense Properties (NYSE: CDP) has announced a 3.4% increase in its quarterly dividend, raising it from $0.295 to $0.305 per common share for the first quarter ending March 31, 2025. The dividend will be payable on April 16, 2025, to shareholders of record on March 31, 2025, representing an annualized amount of $1.22 per share.
As of December 31, 2024, COPT Defense's portfolio consists of 195 properties, including 24 owned through unconsolidated joint ventures, totaling 22.4 million square feet with a 96.8% lease rate. The company specializes in owning, operating, and developing properties near key U.S. Government defense installations, with tenants primarily comprising the USG and their defense contractors engaged in national security activities.
COPT Defense Properties (NYSE: CDP) has established its 2025 financial guidance, projecting a 3.5% increase in FFO per share at midpoint. The company expects diluted earnings per share (EPS) between $1.27-$1.35 and diluted FFO per share between $2.62-$2.70 for the full year 2025.
Key 2025 guidance assumptions include: 2.0-3.5% growth in Same Property Cash NOI, year-end occupancy of 93.5-94.5%, and tenant retention of 75-85%. The company anticipates investing $250-300 million in development activities and making $200-250 million in new investment commitments, primarily in Fort Meade/BW Corridor and Redstone Arsenal.
For Q1 2025, COPT Defense forecasts EPS of $0.31-$0.33 and FFOPS of $0.64-$0.66. The guidance reflects increased NOI from the Same Property portfolio and developments, partially offset by higher interest expenses and lower interest income.
COPT Defense (NYSE: CDP) reported strong financial results for 2024, with EPS of $1.23 and FFO per share of $2.57, marking a 6.2% increase over 2023. The company achieved its highest-ever Same Property Cash NOI increase of 9.1% for the year. The total portfolio maintained high occupancy at 93.6% and was 95.1% leased, with the Defense/IT Portfolio showing even stronger metrics at 95.6% occupied and 96.8% leased.
Notable achievements include total leasing of 3.2 million SF, exceeding vacancy leasing targets with 500,000 SF, and achieving an 86% tenant retention rate - the highest in over 20 years. The company committed $212 million to new investments and completed 124,000 SF of investment leasing. The development pipeline consists of four properties totaling 606,000 SF, 75% leased, representing a total estimated investment of $252.9 million.
COPT Defense (NYSE: CDP) has announced the tax treatment of its 2024 common share distributions. The company declared four quarterly distributions of $0.2950 per share, totaling $1.1800 for the year. All distributions are classified as taxable ordinary dividends and qualify as Section 199A dividends.
As of September 30, 2024, COPT Defense's portfolio consists of 194 properties, including 24 owned through unconsolidated joint ventures, comprising 22.2 million square feet with a 96.5% lease rate. The company specializes in properties near or containing key U.S. Government defense installations, serving primarily USG and defense contractor tenants engaged in national security activities.
COPT Defense (NYSE: CDP) has announced its upcoming fourth quarter and year-end 2024 results release, scheduled for February 6, 2025, after market close. The company will host a conference call on February 7, 2025, at 12:00 p.m. Eastern to discuss results and provide guidance for 2025.
The company has also published its tenth annual Corporate Sustainability Report and third annual Task Force on Climate-Related Financial Disclosures (TCFD) Report. As of September 30, 2024, COPT Defense's portfolio consists of 194 properties, including 24 owned through unconsolidated joint ventures, totaling 22.2 million square feet with a 96.5% lease rate. The company specializes in properties near or containing key U.S. Government defense installations, with tenants primarily including the USG and defense contractors engaged in national security activities.
COPT Defense (NYSE: CDP) has declared a quarterly dividend of $0.295 per common share for Q4 2024, representing an annualized dividend of $1.18 per share. The dividend will be paid on January 15, 2025, to shareholders of record as of December 31, 2024. The company, an S&P MidCap 400 REIT, specializes in properties near U.S. Government defense installations. As of September 30, 2024, their Defense/IT Portfolio comprised 194 properties with 22.2 million square feet and maintained a 96.5% lease rate.
COPT Defense (NYSE: CDP) reported strong Q3 2024 results with EPS of $0.32 and FFO per share of $0.65, exceeding guidance by $0.01. The company increased its 2024 FFO per share guidance midpoint to $2.57, implying 6.2% growth. The Defense/IT portfolio achieved 95.0% occupancy and 96.5% leasing rates, with same-property cash NOI growing 9.4% in Q3. Total leasing reached 829,000 SF in Q3 and 2.5 million SF year-to-date, with 88% tenant retention. Notable acquisitions include a 365-acre land parcel in Des Moines for data center development and an 80,000 SF building in San Antonio, subsequently fully leased to the U.S. Government.
COPT Defense (NYSE: CDP) has made two strategic acquisitions: a 365-acre land parcel near Des Moines, Iowa for $32 million and an 80,000 square foot building in San Antonio, Texas for $17 million. The Iowa site can accommodate approximately 3.3 million square feet of data center development with 1 gigawatt power capacity. The San Antonio building is fully leased to the U.S. Government with occupancy expected in Q2 2025. Des Moines, being the 5th largest hyperscale market, offers attractive land values, power availability, renewable energy access, and tax incentives. The Company plans to self-fund the Iowa development on a leverage-neutral basis.
COPT Defense Properties (NYSE: CDP) has announced the release date and conference call details for its third quarter 2024 results. Key points:
- Results will be released on Monday, October 28, 2024, after market close
- Conference call scheduled for Tuesday, October 29, 2024, at 12:00 p.m. Eastern
- Participants must register for the call to receive dial-in information
- A live webcast will be available on the company's Investors website
COPT Defense is a self-managed REIT focusing on properties near or containing key U.S. Government defense installations. As of June 30, 2024, the company's Defense/IT Portfolio comprised 193 properties, including 24 owned through joint ventures, totaling 22.0 million square feet with a 96.7% lease rate.
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