COPT Defense Properties (CDP) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the COP Defense Properties Fourth Quarter and Full Year 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 Kamaneni, COP Defense's Vice President of Investor Relations. Mr. Kamaneni, please go ahead. Thank you, Jonathan. Good afternoon, and welcome to COP Defense's conference call to discuss fourth quarter and full year results. With me today are Steve Podorek, President and CEO, Britt Snyder, 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. 2025 was another great year for the company, as we outperformed on virtually all of our operating and financial metrics. FFO per share was $2.72, which is six cents above the midpoint of our initial guidance and represents an increase of 5.8% over 2024's results and marks our seventh consecutive year of FFO per share growth. Same property cash, NOI increased 4.1% year over year, driven by a 40 basis point increase in our average occupancy. We executed 557,000 square feet of vacancy leasing, which represented 47% of the space we had vacant at the beginning of the year. We also executed 477,000 square feet of investment leasing at a weighted average lease term of 13...