COPT Defense Properties (CDP) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the COP Defense Properties First Quarter 2026 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, Dee. 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 Misfud, 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 solid start in 2026, and all aspects of the business are on track to achieve our objectives for the year. Based on our strong results in 2025 and our outlook for 2026, in February, we recommended and our Board approved an increase in our annual dividend of $0.06 per share, or 4.9%, marking our fourth consecutive year of dividend increases. Since 2022, our dividend has increased 16.4% and our FFO per share has increased 15.3%, demonstrating our attractive total return investment profile all while maintaining the conservative AFFO payout ratio below 65% and continuing to have the capacity to self-fund the equity required for external investments. For the first quarter, FFO per share was 69...