COPT Defense Properties (CDP) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the COP Defense Properties Third Quarter 2025 Results Conference Call. As a reminder, today's call is being recorded. At this time, I'd like to turn the call over to Venkat Komaneni, COP's Defense and Vice President of Investor Relations. Mr. Komaneni, please go ahead. Thank you, Kevin. Good afternoon, and welcome to COP Defense's conference call to discuss third quarter results. With me today are Steve Bedorek, President and CEO, Britt Snyder, Executive Vice President and COO, 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's strong performance during the first half of the year continued throughout the third quarter and has resulted in an increase to our guidance for the year across several financial and operating metrics. We've extended our streak of achieving our outperforming our FFO per share guidance to 31 consecutive quarters. And in October, we successfully closed on three important financings, which pre-fund our 2026 bond maturity and provide additional liquidity to fund our external growth. Turning to results. FFO per share, as adjusted for comparability, was 69 cents in the quarter, two cents above the midpoint of guidance, and $2.02 for the first nine months. This is a 6.2% year-over-year incr...