COPT Defense Declares Fourth Quarter 2024 Common Dividend

Rhea-AI Summary

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.

Positive

• High portfolio occupancy rate of 96.5%
• Consistent quarterly dividend payment maintained
• Large portfolio of 194 properties with 22.2 million square feet

Negative

• None.

Insights

Financial Analyst

The quarterly dividend of $0.295 per share maintains COPT Defense's consistent dividend policy, representing an annual dividend of $1.18 per share. With the current market cap of $3.62 billion, this translates to a dividend yield of approximately 3.9%, which is competitive within the REIT sector.

The company's strong portfolio metrics, including a 96.5% lease rate across 22.2 million square feet of defense-focused properties, supports the dividend sustainability. The focus on USG defense installations and high-security properties provides stable cash flows, as government tenants typically maintain long-term leases and have reliable payment histories. This defensive positioning in mission-critical locations creates a moat that helps maintain occupancy rates and rental income stability.

COLUMBIA, Md.--(BUSINESS WIRE)-- COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announced today that its Board of Trustees declared a regular quarterly dividend of $0.295 per common share for the fourth quarter ending December 31, 2024. The fourth quarter 2024 dividend represents an annualized amount of $1.18 per share and is payable on January 15, 2025, to shareholders of record on December 31, 2024.

About COPT Defense

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (referred to as its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of September 30, 2024, the Company’s Defense/IT Portfolio of 194 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.2 million square feet and was 96.5% leased.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Source: COPT Defense Properties

View source version on businesswire.com: https://www.businesswire.com/news/home/20241114904281/en/

IR Contacts:

Venkat Kommineni, CFA

443.285.5587

venkat.kommineni@copt.com

Michelle Layne

443.285.5452

michelle.layne@copt.com

 

Source: COPT Defense Properties

FAQ

What is COPT Defense's (CDP) Q4 2024 dividend amount?

COPT Defense (CDP) declared a quarterly dividend of $0.295 per common share for Q4 2024, representing an annualized dividend of $1.18 per share.

When is COPT Defense's (CDP) Q4 2024 dividend payable?

The Q4 2024 dividend is payable on January 15, 2025, to shareholders of record on December 31, 2024.

What is COPT Defense's (CDP) portfolio occupancy rate as of September 30, 2024?

COPT Defense's Defense/IT Portfolio was 96.5% leased as of September 30, 2024.

How many properties does COPT Defense (CDP) own as of September 2024?

COPT Defense owns 194 properties, including 24 owned through unconsolidated joint ventures, totaling 22.2 million square feet.