COPT Defense Properties (CDP) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. Welcome to the COP Defense Properties First Quarter 2025 Results Conference Call. As a reminder, today's call is being recorded. At this time, I will turn the call over to Venkat Komaneni, COP Defense's Vice President of Investor Relations. Mr. Komaneni, please go ahead. Thank you, Howard. Good afternoon, and welcome to COP Defense's conference call to discuss first quarter results. With me today are Steve Bedorek, President and CEO, Britt Snyder, Executive Vice President and COO, and Anthony Mistsud, Executive Vice President and CFO. Reconciliations of GAAP and non-GAAP financial measures that management discusses are available on our website in the results press release and presentation and in our supplemental information package. As a reminder, forward-looking statements made during today's call are subject to risks and uncertainties which are discussed in our SEC filings. Actual events and results can differ materially from these forward-looking statements and the company does not undertake a duty to update them. Steve? Good afternoon, and thank you for joining us. We're off to a strong start in 2025, and our meeting are in some cases on track to exceed all of our 2025 targets. Given our strong results in 2024 and our outlook for 2025, We increased our annual dividend by 4 cents, which marks our third consecutive year of dividend increases, while continuing to maintain a very healthy AFFO payout ratio of 65%. FFO per share, as adjusted for comparability, was 65 cents, right on the midpoint of guidance, a 4.8% year-over-year increase. Same property cash NOI increased 7.1%, year over year. Anthony will provide some context, but we reiterate our full year guidance of 2.7% at the midpoint as we recognize some expected one-time items in...