CDP
COPT Defense Properties29.11
-0.32-1.09%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
3.37BP/E (TTM)
22.05Basic EPS (TTM)
1.32Dividend Yield
0.04%Recent Filings
8-K
Q3 FFO up 6.2%, NOI grows 4.6%
COPT Defense Properties reported Q3 2025 net income of $43.7 million, up from $37.4 million year-over-year, with diluted EPS at $0.37 and FFO per share at $0.69, reflecting 6.2% growth. Same-property cash NOI rose 4.6% to $104.8 million, driven by 95.9% occupancy in the 21.9 million square foot Defense/IT portfolio, while total leasing hit 971,000 square feet with 81.8% retention. Strong demand near U.S. defense sites boosted vacancy leasing to 78,000 square feet. Yet risks linger from government lease terminations.
8-K
CDP expands credit facility to $800M
COPT Defense Properties boosted its revolving credit facility to $800 million from $600 million on October 6, 2025, extending the maturity to October 5, 2029 with two optional six-month extensions, while keeping the $125 million term loan maturing January 30, 2026 extendable by two 12-month periods. Interest rates now tie to SOFR plus spreads from 0.725% to 1.400% for revolving loans and 0.85% to 1.700% for term loans, based on credit ratings. This expansion lifts total commitments to $925 million and refreshes accordion capacity to $575 million, up to $1.5 billion overall. Lenders gain flexibility; CDP secures more liquidity for defense/IT property growth.
8-K
Closes $400M notes offering
COPT Defense Properties' operating partnership closed a $400 million offering of 4.500% senior notes due 2030 on October 2, 2025, fully guaranteed by the company. This debt issuance, governed by an updated indenture, bolsters liquidity while extending maturities. No use of proceeds disclosed. Yet, it locks in favorable rates amid market volatility.
10-Q
Q2 FY2025 results
COPT Defense Properties posted solid Q2 results, with total revenues edging up 1.3% year-over-year to $189.9M, driven by a 6.3% rise in lease revenue to $175.6M amid higher occupancy in the Defense/IT Portfolio, though construction services dipped sharply. Net income climbed 10.3% to $40.2M, or $0.34 diluted EPS, while operating cash flow held steady at $160M for the half-year, yielding free cash flow of $11.4M after $148.6M in capex (derived). Debt ticked up to $2.44B, but liquidity stayed robust with $21.3M cash and $480M revolver availability, no covenant issues. Same-property NOI grew 4.4% to $108.7M, fueled by rental rate bumps. Portfolio occupancy hit 94.0%. Yet competition from alternative office spaces lingers as a drag.
8-K
Q2 FFO up 6.3%, leasing strong
COPT Defense Properties reported Q2 2025 net income of $40.2 million, up from $36.4 million last year, with FFO per share hitting $0.68, a 6.3% jump. Same-property cash NOI rose 2.2% to $102.7 million, fueled by 724,000 square feet leased at 90% retention and 9.5% straight-line rent bumps. Defense/IT portfolio stays rock-solid at 96.8% leased. Yet risks linger from government lease terminations.
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