SAN FRANCISCO, Nov. 28, 2023 (GLOBE NEWSWIRE) -- COPT Defense Properties (COPT Defense) (NYSE: CDP) is an equity REIT whose 21.3 million square foot portfolio of office and data center properties was 97% leased on September 30, 2023. Classified by Nareit as an “office REIT,” COPT Defense’s specialized capability to provide real estate solutions to the U.S. Government and its defense contractors, most of whom are engaged in national security, defense, and information technology (IT) related activities (collectively referred to as the Defense/IT Portfolio) is unique in the REIT industry and makes COPT Defense more of a specialty REIT.
Advisor Access spoke with Stephen E. Budorick, CEO of COPT Defense Properties.
Advisor Access: In September, Corporate Office Properties Trust announced a name change to COPT Defense Properties and a ticker change to CDP from OFC. Why did the company rebrand?
Stephen Budorick: We rebranded to better inform investors of our capital allocation strategy and portfolio quality, and to provide investors with a loud reminder that we completed the transformation of our portfolio back in 2018. Our strategy is to allocate capital to durable demand locations proximate to, or sometimes containing, key U.S. Government (USG) defense installations and missions…
AA: COPT Defense announced strong Q3 2023 results. What are some of the highlights?
SB: We delivered strong results in Q3 2023 and expect to deliver FFO per share growth of 2% in 2023, which is 1% higher than our initial expectations, and well ahead of peers which largely expect FFO per share to decline given the headwinds facing traditional office…
AA: Thank you for your insights.
Read the complete answers to these questions and the full interview with COPT Defense HERE.
Stephen E. Budorick is President and Chief Executive Officer of COPT Defense Properties. Mr. Budorick was elected Trustee in May 2016 and was COPT Defense’s Executive Vice President and Chief Operating Officer from September 2011 through May 2016…
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DISCLOSURE: Investors and others should note that COPT Defense Properties posts important financial information using the investor relations section of the COPT Defense Properties website, https://www.copt.com/, and Securities and Exchange Commission filings.
COPT has paid Advisor Access a fee to distribute this press release. Stephen Budorick had final approval of the content and is wholly responsible for the validity of the statements and opinions.
