COPT Defense Properties (CDP) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the COP Defense Properties Second 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 Komanini, COP Defense's Vice President of Investor Relations. Mr. Komanini, please go ahead. Thank you, Lisa. Good afternoon, and welcome to COP Defense's Conference Call to discuss second quarter results. With me today are Steve Bedorek, President and CEO Britt Snyder, Executive Vice President and COO, and Anthony Misud, 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 files. Actual events and results can differ materially from these forward-looking statements and the company does not undertake a duty to update them. Steve? Hello, and thank you for joining us. The company delivered another strong performance in the second quarter, continuing our 30-quarter streak of achieving our outperforming our FFO per share guidance and allowing us to increase our outlook on several performance metrics. Moreover, the recent defense budget appropriations sets forth a record increase in fence spending, which provides a strong backdrop for future strength in our business. Turning to results for the quarter, FFO per share suggested for comparability was 68 cents, two cents above the midpoint of guidance, and a 6.3% increase year over year. Same property, cash NOI for the quarter increased 2.2% year over year, and 4.6% during the first half of the year. We've generated excellent results ...