COPT Defense (CDP) came out with quarterly funds from operations (FFO) of $0.62 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to FFO of $0.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.64%. A quarter ago, it was expected that this real estate investment trust specializing in suburban office properties would post FFO of $0.60 per share when it actually produced FFO of $0.60, delivering no s ...

COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) is establishing the following guidance for the year ending December 31, 2024: 2024 Guidance. Diluted earnings per share (“EPS”) in the range of $1.15−$1.23; and Diluted FFO per share (“FFOPS”) - Nareit and as adjusted for comparability, in the range of $2.47−$2.55. 1Q24 Guidance. For the quarter ending March 31, 2024, the Company is establishing the following guidance: EPS in the range of $0.26−$0. ...

Core Viewpoint - COPT Defense Properties (CDP) continues to present good value and income opportunities for long-term investors despite a recent decline in stock price, driven by market speculation around interest rates [2] Company Overview - CDP is a self-managed REIT focused on properties associated with the Defense/IT segment, deriving 89% of its annual recurring rents from U.S. government and defense contractors [3][4] - The portfolio consists of 188 properties covering 21.3 million square feet, with 47% of annual rents coming from the Ft. Meade/Baltimore-Washington Corridor [4] Portfolio Strength - CDP has concentrated capital allocation to a Defense/IT portfolio that supports critical missions, with a total of 8,693 thousand square feet leased at a 97% occupancy rate [5] - The company has seen steady FFO per share growth at a 4.1% CAGR since 2018, contrasting with upheaval in commercial office real estate [5] Government Spending and Stability - The National Defense budget has consistently risen, with a 9.7% increase in FY23 over FY22, indicating strong demand for CDP's properties [7] - The FY 2024 budget request represents a 3.3% increase over FY23, supporting the stability of CDP's tenant base [11] Operational Performance - CDP's occupancy improved by 230 basis points from Q2 to Q3, reaching 95.9%, with a record high leased rate of 97% for the Defense/IT portfolio [10] - Same property cash NOI growth was 4.5% in Q3, supported by strong leasing volume and high tenant retention of 83% [9] Growth Potential - CDP has 1 million square feet of active developments underway, representing 4.7% of its current portfolio, with projects already 90% leased [10] - There is potential for an additional 1.2 million square feet of development, indicating strong future growth prospects [10] Financial Health - CDP maintains a strong balance sheet with no variable debt exposure, $200 million in cash, and a net debt to EBITDA ratio of 6.0x, supporting its BBB- investment grade credit rating [12] - The current yield is 4.7%, with a 47% payout ratio, and the company has demonstrated its ability to raise dividends [12] Valuation - CDP is currently valued at $24.36 with a forward P/FFO of 10.2, below its normal P/FFO of 13.4, indicating potential undervaluation [12] - Analysts project a 4% annual FFO/share growth over the next two years, supported by a conservative 2% annual reversion to mean valuation [12] Comparative Analysis - Compared to Office REIT peers, CDP has a middle-of-the-road valuation, with a cheaper EV/EBITDA than some competitors, making it a solid choice for investors seeking stability and dividend growth [13] Investment Thesis - CDP's strong portfolio, stable cash flow, reasonable leverage, and solid dividend growth potential make it a worthy addition to a diversified income portfolio [14]

COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announced the 2023 tax treatment of its common share distributions as described below. Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of COPT Defense common share distributions. Please note that both the common share distributions with a record date of December 30, 2022, and payment date of January 17, 2023, and the distributions with a record date of Dece ...

Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Global Net Lease (GNL) and COPT Defense (CDP) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and ...

COLUMBIA, Md.--(BUSINESS WIRE)--COPT Defense Properties (NYSE: CDP) (“COPT Defense” or the “Company”) announces the release date and conference call details in which management will discuss fourth quarter and year end 2023 results and guidance for 2024. Details: Results and Guidance Release Date: Thursday, February 8, 2024 after the market closes Conference Call Date: Friday, February 9, 2024 Time: 12:00 p.m. Eastern Participants must register for the conference call at the link b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-14023 COPT DEFENSE PROPERTIES (Exact name of registrant as specified in its charter) Maryland 23-2947217 (State or other jurisdi ...

COPT Defense Properties (NYSE:CDP) Q3 2023 Earnings Conference Call October 27, 2023 ET Company Participants Venkat Kommineni - VP of IR Steve Budorick - President and CEO Anthony Mifsud - CFO Conference Call Participants Camille Bonnel - Bank of America Nick Joseph - Citigroup Blaine Heck - Wells Fargo Tom Catherwood - BTIG Richard Anderson - Wedbush Securities Dylan Burzinski - Green Street Jay Poskitt - Evercore ISI Operator Welcome to the COPT Defense Properties' Third Quarter 2023 Results Conferenc ...

Results for 3Q 2023 Updated 2023 Guidance OCTOBER 26, 2023 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares of beneficial interest, $0.01 par value OFC New York Stock Exchange (Mark one) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...