COPT Defense Properties

Latest Results (18.05.2026):

COPT Defense Properties — fourth quarter of 2024 (and full year 2024) results show broad improvement: GAAP diluted EPS of $0.31 in Q4 and $1.23 for the full year, stronger FFO per share (diluted FFOPS $0.64 in Q4; $2.57 for 2024, up 6.2% year-over-year), high portfolio occupancy and leasing activity, and continued investment and balance-sheet stability heading into 2025.

Quarter & Year Results

Q4 2024 diluted EPS $0.31 (vs $0.30 Q4 2023). Q4 diluted FFO per share $0.64 (adjusted $0.65). Full year 2024 diluted EPS $1.23 (vs $(0.67) in 2023) and diluted FFO per share $2.57 (vs $2.41 in 2023).

FFO Growth & Multi‑Year Trend

FFO per share, as adjusted for comparability, rose 6.2% in 2024. Management reports FFO/share growth each year since 2019 (CAGR 4.8% from 2019–2024).

Occupancy & Leasing

Total portfolio 93.6% occupied and 95.1% leased at year end; the Defense/IT portfolio was 95.6% occupied and 96.8% leased. Total leasing in 2024 was 3.2 million SF (including 500,000 SF of vacancy leasing) with tenant retention of 86% for the year (93% in Q4).

Same Property NOI

Same Property cash NOI increased 9.1% for the full year (10.0% in Q4 vs prior-year periods) — the company calls this its highest Same Property cash NOI increase on record.

Investments & Development

Committed $212 million to new investments in 2024, placed 225k SF into service in Q4 and 399k SF for the year (developments were 100% and 83% leased as placed into service, respectively). Development pipeline: four projects totaling 606k SF, ~75% leased and estimated total investment ~$252.9M ( ~$67.4M spent to date).

Balance Sheet & Capital Metrics

Adjusted EBITDA fixed charge coverage ratio 4.7x. Net debt to in-place adjusted EBITDA 6.0x (5.9x when adjusted for fully‑leased investment properties). Net debt approx. $2.43B. Weighted average effective interest rate 3.3% (including swaps) and 100% of debt at fixed rates, weighted average maturity ~4.7 years.

Dividends & Payout

Dividends/distributions per share/unit were $1.18 for 2024. Diluted FFO payout ratio was ~45% for the year (diluted FFO payout ~45.4%).

Outlook

Management provided initial 2025 guidance (separate release) and indicated FFO per share growth of about 3.5% at the midpoint for 2025, driven by continued portfolio performance and leasing momentum.