The following is a summary of the COPT Defense Properties (CDP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• FFO per share reached $0.65, slightly above the midpoint of quarterly guidance.

• The midpoint of the 2024 FFO per share annual guidance was increased by $0.01 to $2.57, showing over a 6% year-over-year growth.

• Same property cash NOI grew by 9.4% for the quarter and 8.8% year-to-date compared to 2023.

Business Progress:

• Completed two strategic acquisitions enhancing both data center and Defense/IT segment opportunities.

• Achieved 93.1% occupancy in overall portfolio and 95% in the Defense/IT portfolio despite active investment activity.

• Exceeded the full year vacancy leasing target well before year-end, with strong leasing activity, particularly in Navy Support and defence markets.

• Announced a $212 million capital commitment to new development and acquisition investments.

Opportunities:

• Expanded data center development capabilities with a new land acquisition in Des Moines, enhancing data center capacity by over 150% upon full development.

• Growing partnership with key cloud computing tenants, driving forward data center strategy in new markets with substantial hyperscale data center demand.

Risks:

• No explicit risks/opportunities detected.

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