One activist investor is avoiding the big Apple's office space market amid Zeron Mumdani's win. John Lit is the Landon Buildings founder and chief investment officer. He joins us here on set.Jonathan, great to have you with us. Um, it's not just New York City. It sounds like you don't have any position at all in office space.Why is that. >> Well, if you recall back in 20 we came on after the pandemic and said work from home is going to be a problem, >> right. >> And we said stay alive till 25.Now we're in 2 ...

"I'm not making fun of Zoom, but younger people are being left behind."JPMorgan CEO Jamie Dimon said he continues to entice staff back into the office because the firm has seen junior bankers aren’t able to learn as much when working from home https://t.co/4KmGw6D9vL https://t.co/xHafzkwiwu ...

An ECB survey found that 70% of respondents wouldn’t accept any fall in salary to work from home https://t.co/tDBL7wA1u7 ...

The number of big-city neighborhoods where lots of people work from home is still shrinking — just not as rapidly as before, @foxjust says (via @opinion) https://t.co/F4ag8qZEut ...

Australia's ANZ is threatening pay cuts for staff who work from home too often https://t.co/jES3JCPwt1 ...

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]