Copt Defense Properties ( (CDP) ) has released its Q4 earnings. Here is a breakdown of the information Copt Defense Properties presented to its investors.
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COPT Defense Properties is a self-managed real estate investment trust (REIT) that specializes in owning, operating, and developing properties located near key U.S. Government defense installations, primarily serving tenants involved in national security activities.
COPT Defense Properties reported a strong performance for the full year 2024, with earnings per share (EPS) of $1.23 and funds from operations (FFO) per share adjusted for comparability at $2.57, marking a 6.2% increase over the previous year. The company achieved record-high occupancy rates in its Defense/IT portfolio and surpassed leasing targets, reflecting the success of its strategic focus on defense-related real estate.
Key financial metrics for 2024 include a 9.1% increase in same property cash net operating income (NOI), the highest ever reported by the company. Leasing highlights include a total of 3.2 million square feet leased with an impressive tenant retention rate of 86%, the highest in over two decades. The company also committed $212 million to new investments, strengthening its portfolio and enhancing shareholder value.
Looking ahead, COPT Defense Properties anticipates continued growth in 2025, with expected FFO per share growth of 3.5% at the midpoint. The company’s strategic positioning and robust portfolio performance are expected to drive further success as it continues to focus on high-demand defense and IT property markets.
