COPT(US:CDP)2025-04-29 02:25Financial Performance - The company reported FFOPS, as adjusted for comparability, of $0.65, representing a 4.8% year-over-year growth[10] - Same Property cash NOI increased by 7.1%, or 4.3% excluding real estate tax refunds[10] - The company updated its FY 2025 FFOPS guidance to a midpoint of $2.66, implying 3.5% year-over-year growth[13, 69] - The company can fund $250–$275 million of development/acquisition investment on a leverage neutral basis[36, 64] Portfolio Metrics - The Defense/IT Portfolio was 95.3% occupied and 96.6% leased[10, 46] - Same Property portfolio was 94.1% occupied and 95.2% leased[10] - Total leasing activity reached 647,000 SF, including 120,000 SF of vacancy leasing[10] - The company expects to renew approximately 95% of large leases (>50,000 SF) expiring through year-end 2026[54] Market and Growth Factors - The DOD's Base Budget grew at a compound annual rate of 4.8% from FY 2017 to FY 2024[22] - The company has an active development pipeline of $308 million (756,000 SF), which is 62% leased[32, 77]