RT Nick Szabo (@NickSzabo4)There are libraries full of laws governing a very wide variety legible content online, and extremely few, if any, lawyers in the crypto space who have strong experience in them and are also strongly familiar with the unique nature of most blockchains (e.g. the often extreme functional disruption that comes from deleting data once it is on a blockchain). Here is just the tip of the the tip of the iceberg -- a small fraction of relevant U.S. federal law -- not even considering the 5 ...

RT Nick Szabo (@NickSzabo4)There are libraries full of laws governing a very wide variety legible content online, and extremely few, if any, lawyers in the crypto space who have strong experience in them and are also strongly familiar with the unique nature of most blockchains (e.g. the often extreme functional disruption that comes from deleting data once it is on a blockchain). Here is just the tip of the the tip of the iceberg -- a small fraction of relevant U.S. federal law -- not even considering the 5 ...

Legal & Regulatory Landscape - Crypto space lawyers often lack expertise in both online content laws and blockchain's unique characteristics, such as data immutability [1] - US federal law, along with state and international laws, governs a wide range of online legible content [1] Potential Legal Risks - Unauthorized communication of national defense information can result in fines or imprisonment up to 10 years [2] - Communicating national defense information to a foreign government may lead to death or life imprisonment [2] - Copyright infringement involving distribution of at least 10 copies of copyrighted works with a total retail value exceeding $2,500 within 180 days can result in imprisonment up to 5 years, with subsequent offenses potentially leading to 10 years imprisonment [2] - Importation or transportation of obscene materials via interactive computer services can result in fines or imprisonment up to 5 years [2] - Production and transportation of obscene materials for sale or distribution using interactive computer services can result in fines or imprisonment up to 5 years [2] - Engaging in the business of selling or transferring obscene matter knowingly received or possessed through interstate or foreign commerce can result in imprisonment up to 5 years [2]

RT Nick Szabo (@NickSzabo4)There are libraries full of laws governing a very wide variety legible content online, and extremely few, if any, lawyers in the crypto space who have strong experience in them and are also strongly familiar with the unique nature of most blockchains (e.g. the often extreme functional disruption that comes from deleting data once it is on a blockchain). Here is just the tip of the the tip of the iceberg -- a small fraction of relevant U.S. federal law -- not even considering the 5 ...

Summary of COPT Defense Properties (CDP) 2025 Conference Call Company Overview - COPT Defense Properties is a specialized Real Estate Investment Trust (REIT) focused on mission-critical assets supporting U.S. national defense activities. [2][3] - The majority of properties are located near U.S. defense installations in Maryland, Virginia, Alabama, and Texas, with 80% of the portfolio dedicated to high-security operations. [3][4] Core Business Insights - Over 90% of annualized rental revenue comes from defense information technology properties, with a leasing rate of 96.6% in this segment. [5] - The U.S. government is the largest tenant, accounting for 36% of annualized rental revenue through 101 leases across 71 properties. [5] - Defense contractors contribute 51% of annualized rental revenue, with a significant focus on cyber defense contractors as the fastest-growing tenant segment. [6] Strategic Advantages - The company has a strong operating platform with over 20 years of experience managing high-security properties. [8] - COPT has a track record of building and operating secure facilities, with a focus on locations adjacent to priority defense installations. [9] - The company maintains a strong investment-grade balance sheet and aims to allocate capital to durable demand locations. [7] Financial Performance and Growth - Expected FFO per share growth of 3.5% in 2025, marking the seventh consecutive year of positive growth. [11] - The company has increased dividends by nearly 11% over the last three years and is the only office REIT to raise dividends in both 2023 and 2024. [11] - Leasing targets for the year are set at 400,000 square feet, with 288,000 square feet already achieved and another 120,000 square feet in advanced negotiations. [12] Development Pipeline - Plans to commit $150 to $200 million to new developments, primarily pre-leased. [13] - Current construction includes 760,000 square feet, with 62% pre-leased. [23] - Anticipation of strong demand for space due to the relocation of Space Command to Huntsville, with plans for additional buildings to support this mission. [24][31] Defense Budget Insights - The FY 2025 defense budget is projected to increase by $150 billion, with significant allocations for shipbuilding and cyber capabilities. [16][17] - Confidence in continued funding for intelligence and defense missions due to the adversarial global environment. [17] Market Position and Future Outlook - The company is trading at $27.06 per share, with a 4.4% dividend yield and a 16% discount to NAV. [14][15] - Plans to address a $400 million bond maturity in 2026 by pre-funding capital in the fixed income market. [33][34] - The company maintains a low leverage ratio of 6.1 times debt to EBITDA, indicating strong cash flow resilience. [36][38] Additional Considerations - The company is considering selling legacy regional office assets, with timing dependent on capital market conditions. [44][46] - The potential impact of privatization within the federal government is not expected to disrupt defense-related activities or tenant operations. [48][49]