COPT Defense Properties (CDP) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the COPD Defense Properties second 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 Kommineni, COPD Defense's Vice President of Investor Relations. Mr. Kommineni, please go ahead. Thank you, Lateef. Good afternoon and welcome to COPD Defense's conference call to discuss second quarter results. With me today are Steve Budorick, President and CEO, Britt Snider, Executive Vice President and COO, and Anthony Mifsud, 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. The company delivered a strong first half of the year in all aspects of our financial and operating performance, and the defense economy we serve continues to be strong and benefits from increasing investment. For the second quarter, FFO per share was $0.71, which was $0.02 above the midpoint of guidance, represents a 4.4% increase year-over-year, and is the 24th consecutive quarter of year-over-year FFO per share growth for the company. Same property cash NOI increased 7.4% year-over-year, and we generated 6.4% growth in the first half of the year. This was favorably impacted by the timing of lease and rent commencements. We expect growth will moderate slightly in the back half of the year, ...