COPT Defense Properties

CDP

Equity

ISIN US22002T1088 / Valor 837088

New York Stock Exchange, Inc (2024-12-26)

USD 31.46+0.54%

COPT Defense Properties
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About company

COPT Defense Properties specializes in owning, managing, and leasing office and data center properties primarily to U.S. Government agencies and defense contractors.

Summarized from source with an LLMView SourceSector: Finance

EPS and FFO per Share

COPT Defense Properties reported diluted earnings per share (EPS) of $0.31 for the second quarter of 2024, an increase from $0.27 in the same quarter of 2023. The diluted funds from operations per share (FFOPS), as adjusted for comparability, was $0.64, up from $0.60 in the second quarter of 2023.

Revenue and NOI Growth

For the second quarter of 2024, COPT Defense Properties saw a significant increase in same property cash net operating income (NOI), which rose by 10.9% compared to the same period in 2023. Year-to-date, the same property cash NOI increased by 8.5%, reflecting strong operational performance.

Leasing Activity

During the second quarter of 2024, COPT Defense Properties leased a total of 985,000 square feet, including 881,000 square feet of renewals and 104,000 square feet of vacancy leasing. Year-to-date, the company executed 1.7 million square feet of total leasing, which includes 1.4 million square feet of renewals and 264,000 square feet of vacancy leasing.

Occupancy Rates

As of June 30, 2024, COPT Defense Properties' total portfolio, which spans 24.1 million square feet, was 93.6% occupied and 94.9% leased. The Defense/IT portfolio, which is a significant part of the total portfolio, was 95.5% occupied and 96.7% leased.

Guidance Update

Based on the strong performance in the second quarter of 2024, COPT Defense Properties has raised the midpoint of its full-year 2024 guidance for diluted FFOPS from $2.54 to $2.56. This updated guidance implies a 5.8% growth in FFOPS for the year, reflecting the company's positive outlook and robust operational metrics.

Summarized from source with an LLMView Source

Key figures

22.7%1Y

13.3%3Y

7.59%5Y

Performance

19.8%1Y

24.8%3Y

32.4%5Y

Volatility