_______________________________________________________________
EPS of $0.31 FFO per Share, as
Adjusted for Comparability, of $0.64 1-cent above the Midpoint
of Guidance
Increased Midpoint of 2024 FFO per Share
Guidance by 2-cents to $2.56 Implies 5.8% FFO per Share Growth
for the Year
Defense/IT Portfolio 95.5% Occupied and 96.7%
Leased
Same Property Cash NOI Increased 10.9% in
2Q24 and 8.5% Year-to-Date Raised Midpoint of Same Property
Cash NOI Guidance for the Year by 150 Basis Points to 8.0% Raised
Midpoint of Same Property Year-End 2024 Occupancy Guidance by 25
Basis Points to 93.75%
959,000 SF of Active Developments are 74%
Leased
_______________________________________________________________
Strong Leasing in 1H24; Well Positioned to
Achieve 2024 Goals Total Leasing of 1.0 million SF in 2Q24 and
1.7 million SF Year-to-Date
104,000 SF in 2Q24 and 264,000 SF Year-to-Date
of Vacancy Leasing On Track to Achieve or Exceed Annual Target of
400,000 SF
Tenant Retention of 86% in 2Q24 and 83%
Year-to-Date Raised Midpoint of Guidance for the Year by 250 Basis
Points to 82.5%
_______________________________________________________________
COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE:
CDP) announced results for the second quarter ended June 30,
2024.
Management Comments
Stephen E. Budorick, COPT Defense’s President & Chief
Executive Officer, commented, “Our Defense/IT investment strategy,
which concentrates our portfolio near priority U.S. defense
installations, continued to generate strong results during the
second quarter, with FFO per share exceeding the midpoint of our
guidance range. Based on this outperformance, and our forecast for
the remainder of the year, we increased the midpoint of 2024 FFO
per share guidance by $0.02 to $2.56, which implies nearly 6%
year-over-year growth. This marks our second increase for the year
and a total of $0.05 of outperformance compared to our initial
guidance. The growth off the midpoint of our 2024 FFO per share
guidance is one of the highest growth rates in the Nareit-defined
Office REIT sector, and ranks in the 75th percentile for the entire
REIT sector.
We are exceeding our plan in several areas and raised 2024
guidance on a group of key metrics. We increased the midpoint of
2024 guidance for same property cash NOI growth by 150 basis points
to 8%, increased same property year-end occupancy by 25 basis
points to 93.75%, and increased tenant retention by 250 basis
points to 82.5%.
During the quarter, the year-over-year increase in same property
cash NOI for our Total Portfolio was the highest level in over a
decade, while the increase in our Defense/IT Portfolio was the
highest level since we began reporting the segment.
Taken together, our solid performance during the first half of
2024, coupled with our strong full year outlook, illustrates the
strength of demand we are seeing in our portfolio for tenants
serving priority defense missions. Looking forward, we continue to
anticipate compound annual FFO per share growth of at least 4%
between 2023 and 2026.”
Financial Highlights
2nd Quarter Financial Results:
- Diluted earnings per share (“EPS”) was $0.31 for the quarter
ended June 30, 2024, compared to $0.27 for the quarter ended June
30, 2023.
- Diluted funds from operations per share (“FFOPS”), as
calculated in accordance with Nareit’s definition and as adjusted
for comparability, was $0.64 for the quarter ended June 30, 2024,
compared to $0.60 for the quarter ended June 30, 2023.
Operating Performance
Highlights
Operating Portfolio Summary:
- At June 30, 2024, the Company’s 24.1 million square foot Total
Portfolio was 93.6% occupied and 94.9% leased, which includes the
22.0 million square foot Defense/IT Portfolio that was 95.5%
occupied and 96.7% leased.
Same Property Performance:
- At June 30, 2024, the Company’s 22.2 million square foot same
property portfolio was 93.5% occupied and 95.0% leased.
- The Company’s same property cash NOI increased 10.9% for the
three months ended June 30, 2024 compared to the same period in
2023.
Leasing:
- Total Square Feet Leased: For the
quarter ended June 30, 2024, the Company leased 985,000 square
feet, including 881,000 square feet of renewals and 104,000 square
feet of vacancy leasing. For the six months ended June 30, 2024,
the Company executed 1.7 million square feet of total leasing,
including 1.4 million square feet of renewals, 264,000 square feet
of vacancy leasing, and 10,000 square feet in development
projects.
- Tenant Retention Rates: During the
quarter ended June 30, 2024, the Company renewed 86.3% of expiring
square feet in its Total Portfolio and 87.4% in its Defense/IT
Portfolio. During the six months ended June 30, 2024, the Company
renewed 82.9% of expiring square feet in its Total Portfolio and
85.7% in its Defense/IT Portfolio.
- Rent Spreads & Average Escalations on
Renewing Leases: For the quarter and six months ended June
30, 2024, straight-line rents on renewals increased 7.7% and 6.4%,
respectively, and cash rents on renewed space increased 0.6% and
decreased 0.4%, respectively, while annual escalations on renewing
leases averaged 2.2% and 2.3%, respectively.
- Lease Terms: In the quarter ended
June 30, 2024, lease terms averaged 3.9 years on renewing leases
and 8.1 years on vacancy leasing. For the six months ended June 30,
2024, lease terms averaged 4.0 years on renewing leases, 8.2 years
on vacancy leasing, and 5.3 years on development leasing.
Investment Activity
Highlights
- Development Pipeline: The
Company’s development pipeline consists of six properties totaling
959,000 square feet that were 74% leased as of June 30, 2024. These
projects represent a total estimated investment of $381.4 million,
of which $119.0 million has been spent.
Balance Sheet and Capital Transaction
Highlights
- For the quarter ended June 30, 2024, the Company’s adjusted
EBITDA fixed charge coverage ratio was 4.7x.
- At June 30, 2024, the Company’s net debt to in-place adjusted
EBITDA ratio was 6.0x and its net debt adjusted for fully-leased
development to in-place adjusted EBITDA ratio was 5.9x.
- At June 30, 2024, and including the effect of interest rate
swaps, the Company’s weighted average effective interest rate on
its consolidated debt portfolio was 3.3% with a weighted average
maturity of 5.2 years, and 100% of the Company’s debt was subject
to fixed interest rates.
Associated Supplemental
Presentation
Prior to the call, the Company will post a slide presentation to
accompany management’s prepared remarks for its second quarter 2024
conference call; the presentation can be viewed and downloaded from
the ‘Financial Info – Financial Results’ section of COPT Defense’s
Investors website:
https://investors.copt.com/financial-information/financial-results
2024 Guidance
Management is revising its full-year guidance for diluted EPS
and diluted FFOPS, per Nareit and as adjusted for comparability,
from the prior range of $1.19-$1.25, and $2.51-$2.57, respectively,
to new ranges of $1.22-$1.26, and $2.54-$2.58, respectively.
Management is establishing third quarter guidance for diluted EPS
and diluted FFOPS per Nareit and as adjusted for comparability at
$0.30-$0.32 and $0.63-$0.65, respectively. Reconciliations of
projected diluted EPS to projected diluted FFOPS, in accordance
with Nareit and as adjusted for comparability are as follows:
Reconciliation of Diluted EPS to FFOPS,
per Nareit,
and As Adjusted for
Comparability
Quarter Ending
September 30, 2024
Year Ending
December 31, 2024
Low
High
Low
High
Diluted EPS
$
0.30
$
0.32
$
1.22
$
1.26
Real estate-related depreciation and
amortization
0.33
0.33
1.32
1.32
Diluted FFOPS, Nareit definition and as
adjusted for comparability
$
0.63
$
0.65
$
2.54
$
2.58
Conference Call
Information
Management will discuss second quarter 2024 results on its
conference call tomorrow at 12:00 p.m. Eastern Time, details of
which are listed below:
Conference Call Date:
Tuesday, July 30, 2024
Time:
12:00 p.m. Eastern Time
Participants must register for the conference call at the link
below to receive the dial-in number and personal pin. Registering
only takes a few moments and provides direct access to the
conference call without waiting for an operator. You may register
at any time, including up to and after the call start time:
https://register.vevent.com/register/BI51bd912e5a264e098e9d8c72a60cdb2c
The conference call will also be available via live webcast in
the ‘News & Events – IR Calendar’ section of COPT Defense’s
Investors website:
https://investors.copt.com/news-events/ir-calendar
Replay Information
A replay of the conference call will be immediately available
via webcast only on COPT Defense’s Investors website and will be
maintained on the website for approximately 90 days after the
conference call.
Definitions
For definitions of certain terms used in this press release,
please refer to the information furnished in the Company’s
Supplemental Information Package furnished on a Form 8-K which can
be found on its website (www.copt.com). Reconciliations of non-GAAP
measures to the most directly comparable GAAP measures are included
in the attached tables.
About COPT Defense
COPT Defense, an S&P MidCap 400 Company, is a self-managed
REIT focused on owning, operating and developing properties in
locations proximate to, or sometimes containing, key U.S.
Government (“USG”) defense installations and missions (referred to
as its Defense/IT Portfolio). The Company’s tenants include the USG
and their defense contractors, who are primarily engaged in
priority national security activities, and who generally require
mission-critical and high security property enhancements. As of
June 30, 2024, the Company’s Defense/IT Portfolio of 193
properties, including 24 owned through unconsolidated joint
ventures, encompassed 22.0 million square feet and was 96.7%
leased.
Forward-Looking
Information
This press release may contain “forward-looking” statements, as
defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, that are based on the
Company’s current expectations, estimates and projections about
future events and financial trends affecting the Company.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,”
“expect,” “estimate,” “plan” or other comparable terminology.
Forward-looking statements are inherently subject to risks and
uncertainties, many of which the Company cannot predict with
accuracy and some of which the Company might not even anticipate.
Although the Company believes that the expectations, estimates and
projections reflected in such forward-looking statements are based
on reasonable assumptions at the time made, the Company can give no
assurance that these expectations, estimates and projections will
be achieved. Future events and actual results may differ materially
from those discussed in the forward-looking statements and the
Company undertakes no obligation to update or supplement any
forward-looking statements.
The areas of risk that may affect these expectations, estimates
and projections include, but are not limited to, those risks
described in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023.
Source: COPT Defense Properties
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2024
2023
2024
2023
Revenues
Lease revenue
$
165,619
$
153,682
$
331,052
$
304,242
Other property revenue
1,466
1,271
2,696
2,392
Construction contract and other service
revenues
20,258
14,243
46,861
30,063
Total revenues
187,343
169,196
380,609
336,697
Operating expenses
Property operating expenses
63,410
61,600
130,156
121,020
Depreciation and amortization associated
with real estate operations
38,161
37,600
76,512
74,595
Construction contract and other service
expenses
19,612
13,555
45,619
28,756
General and administrative expenses
8,591
7,287
16,969
15,283
Leasing expenses
2,462
2,345
4,649
4,344
Business development expenses and land
carry costs
979
726
2,161
1,221
Total operating expenses
133,215
123,113
276,066
245,219
Interest expense
(20,617
)
(16,519
)
(41,384
)
(32,961
)
Interest and other income, net
2,884
2,143
7,006
4,399
Gain on sales of real estate
—
14
—
49,392
Income before equity in income of
unconsolidated entities and income taxes
36,395
31,721
70,165
112,308
Equity in income of unconsolidated
entities
26
111
95
47
Income tax expense
(14
)
(190
)
(182
)
(315
)
Net income
36,407
31,642
70,078
112,040
Net income attributable to noncontrolling
interests:
Common units in the Operating Partnership
(“OP”)
(694
)
(516
)
(1,302
)
(1,809
)
Other consolidated entities
(599
)
(839
)
(1,053
)
(1,165
)
Net income attributable to common
shareholders
$
35,114
$
30,287
$
67,723
$
109,066
Earnings per share (“EPS”)
computation:
Numerator for diluted EPS:
Net income attributable to common
shareholders
$
35,114
$
30,287
$
67,723
$
109,066
Amount allocable to share-based
compensation awards
(92
)
(98
)
(215
)
(349
)
Redeemable noncontrolling interests
—
(51
)
—
(115
)
Numerator for diluted EPS
$
35,022
$
30,138
$
67,508
$
108,602
Denominator:
Weighted average common shares - basic
112,293
112,188
112,261
112,157
Dilutive effect of share-based
compensation awards
492
426
501
418
Dilutive effect of redeemable
noncontrolling interests
—
62
—
77
Weighted average common shares -
diluted
112,785
112,676
112,762
112,652
Diluted EPS
$
0.31
$
0.27
$
0.60
$
0.96
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands, except per share
data)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2024
2023
2024
2023
Net income
$
36,407
$
31,642
$
70,078
$
112,040
Real estate-related depreciation and
amortization
38,161
37,600
76,512
74,595
Gain on sales of real estate
—
(14
)
—
(49,392
)
Depreciation and amortization on
unconsolidated real estate JVs
778
805
1,555
1,606
Funds from operations (“FFO”)
75,346
70,033
148,145
138,849
FFO allocable to other noncontrolling
interests
(984
)
(1,239
)
(1,820
)
(1,947
)
Basic FFO allocable to share-based
compensation awards
(599
)
(480
)
(1,186
)
(946
)
Basic FFO available to common share and
common unit holders (“Basic FFO”)
73,763
68,314
145,139
135,956
Redeemable noncontrolling interests
471
(28
)
940
(58
)
Diluted FFO adjustments allocable to
share-based compensation awards
46
37
94
76
Diluted FFO available to common share and
common unit holders (“Diluted FFO”)
74,280
68,323
146,173
135,974
Executive transition costs
81
248
158
248
Diluted FFO comparability adjustments
allocable to share-based compensation awards
(1
)
(2
)
(1
)
(2
)
Diluted FFO available to common share and
common unit holders, as adjusted for comparability
74,360
68,569
146,330
136,220
Straight line rent adjustments and lease
incentive amortization
3,788
(3,161
)
7,261
(6,677
)
Amortization of intangibles and other
assets included in net operating income (“NOI”)
211
17
333
(2
)
Share-based compensation, net of amounts
capitalized
2,564
2,213
5,209
3,946
Amortization of deferred financing
costs
681
628
1,366
1,260
Amortization of net debt discounts, net of
amounts capitalized
1,023
622
2,037
1,240
Replacement capital expenditures
(21,250
)
(22,664
)
(42,026
)
(50,874
)
Other
58
(221
)
195
(494
)
Diluted adjusted funds from operations
available to common share and common unit holders (“Diluted
AFFO”)
$
61,435
$
46,003
$
120,705
$
84,619
Diluted FFO per share
$
0.64
$
0.60
$
1.27
$
1.19
Diluted FFO per share, as adjusted for
comparability
$
0.64
$
0.60
$
1.27
$
1.19
Dividends/distributions per common
share/unit
$
0.295
$
0.285
$
0.59
$
0.57
COPT Defense Properties
Summary Financial Data
(unaudited)
(Dollars and shares in thousands,
except per share data)
June 30, 2024
December 31,
2023
Balance Sheet Data
Properties, net of accumulated
depreciation
$
3,535,593
$
3,503,678
Total assets
$
4,219,338
$
4,246,966
Debt per balance sheet
$
2,389,925
$
2,416,287
Total liabilities
$
2,666,067
$
2,699,631
Redeemable noncontrolling interests
$
22,765
$
23,580
Total equity
$
1,530,506
$
1,523,755
Debt to assets
56.6
%
56.9
%
Net debt to adjusted book
40.5
%
40.6
%
Defense/IT Portfolio Data (as of period
end)
Number of operating properties
193
190
Total operational square feet (in
thousands)
21,993
21,719
% Occupied
95.5
%
96.2
%
% Leased
96.7
%
97.2
%
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2024
2023
2024
2023
GAAP
Payout ratio:
Net income
93.1
%
103.1
%
96.8
%
58.3
%
Debt ratios:
Net income to interest expense ratio
1.8x
1.9x
1.7x
3.4x
Debt to net income ratio
16.4x
17.2x
N/A
N/A
Non-GAAP
Payout ratios:
Diluted FFO
45.3
%
47.5
%
46.0
%
47.7
%
Diluted FFO, as adjusted for
comparability
45.3
%
47.3
%
46.0
%
47.6
%
Diluted AFFO
54.8
%
70.5
%
55.8
%
76.6
%
Debt ratios:
Adjusted EBITDA fixed charge coverage
ratio
4.7x
4.9x
4.6x
5.0x
Net debt to in-place adjusted EBITDA
ratio
6.0x
6.3x
N/A
N/A
Net debt adj. for fully-leased development
to in-place adj. EBITDA ratio
5.9x
5.7x
N/A
N/A
Reconciliation of denominators for per
share measures
Denominator for diluted EPS
112,785
112,676
112,762
112,652
Weighted average common units
1,703
1,514
1,664
1,502
Redeemable noncontrolling interests
926
—
937
—
Denominator for diluted FFO per share and
as adjusted for comparability
115,414
114,190
115,363
114,154
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2024
2023
2024
2023
Numerators for Payout Ratios
Dividends on unrestricted common and
deferred shares
$
33,153
$
31,995
$
66,296
$
63,984
Distributions on unrestricted common
units
505
433
1,005
863
Dividends and distributions on restricted
shares and units
238
204
505
419
Total dividends and distributions for GAAP
payout ratio
33,896
32,632
67,806
65,266
Dividends and distributions on
antidilutive shares and units
(241
)
(205
)
(507
)
(421
)
Dividends and distributions for non-GAAP
payout ratios
$
33,655
$
32,427
$
67,299
$
64,845
Reconciliation of net income to
earnings before interest, income taxes, depreciation and
amortization for real estate (“EBITDAre”), adjusted EBITDA and
in-place adjusted EBITDA
Net income
$
36,407
$
31,642
$
70,078
$
112,040
Interest expense
20,617
16,519
41,384
32,961
Income tax expense
14
190
182
315
Real estate-related depreciation and
amortization
38,161
37,600
76,512
74,595
Other depreciation and amortization
564
609
1,172
1,211
Gain on sales of real estate
—
(14
)
—
(49,392
)
Adjustments from unconsolidated real
estate JVs
1,709
1,559
3,380
3,263
EBITDAre
97,472
88,105
192,708
174,993
Credit loss expense
436
238
458
305
Business development expenses
603
394
1,233
635
Executive transition costs
81
307
511
554
Net gain on other investments
—
—
(477
)
—
Adjusted EBITDA
98,592
89,044
$
194,433
$
176,487
Pro forma NOI adjustment for property
changes within period
—
56
Change in collectability of deferred
rental revenue
27
28
In-place adjusted EBITDA
$
98,619
$
89,128
Reconciliations of tenant improvements
and incentives, building improvements and leasing costs for
operating properties to replacement capital expenditures
Tenant improvements and incentives
$
15,045
$
32,619
$
27,821
$
52,605
Building improvements
5,705
2,766
10,658
4,907
Leasing costs
3,110
3,542
6,700
5,292
Net exclusions from tenant improvements
and incentives
(1,040
)
(16,007
)
(724
)
(11,168
)
Excluded building improvements and leasing
costs
(1,570
)
(256
)
(2,429
)
(762
)
Replacement capital expenditures
$
21,250
$
22,664
$
42,026
$
50,874
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2024
2023
2024
2023
Reconciliation of interest expense to
the denominator for fixed charge coverage-Adjusted EBITDA
Interest expense
$
20,617
$
16,519
$
41,384
$
32,961
Less: Amortization of deferred financing
costs
(681
)
(628
)
(1,366
)
(1,260
)
Less: Amortization of net debt discounts,
net of amounts capitalized
(1,023
)
(622
)
(2,037
)
(1,240
)
COPT Defense’s share of interest expense
of unconsolidated real estate JVs, excluding amortization of
deferred financing costs and net debt premium and gain or loss on
interest rate derivatives
808
791
1,612
1,564
Scheduled principal amortization
662
746
1,431
1,536
Capitalized interest
643
1,194
1,232
1,964
Denominator for fixed charge
coverage-Adjusted EBITDA
$
21,026
$
18,000
$
42,256
$
35,525
Reconciliation of net income to NOI
from real estate operations, same property NOI from real estate
operations and same property cash NOI from real estate
operations
Net income
$
36,407
$
31,642
$
70,078
$
112,040
Construction contract and other service
revenues
(20,258
)
(14,243
)
(46,861
)
(30,063
)
Depreciation and other amortization
associated with real estate operations
38,161
37,600
76,512
74,595
Construction contract and other service
expenses
19,612
13,555
45,619
28,756
General and administrative expenses
8,591
7,287
16,969
15,283
Leasing expenses
2,462
2,345
4,649
4,344
Business development expenses and land
carry costs
979
726
2,161
1,221
Interest expense
20,617
16,519
41,384
32,961
Interest and other income, net
(2,884
)
(2,143
)
(7,006
)
(4,399
)
Gain on sales of real estate
—
(14
)
—
(49,392
)
Equity in income of unconsolidated
entities
(26
)
(111
)
(95
)
(47
)
Unconsolidated real estate JVs NOI
allocable to COPT Defense included in equity in income of
unconsolidated entities
1,735
1,671
3,475
3,313
Income tax expense
14
190
182
315
NOI from real estate operations
105,410
95,024
207,067
188,927
Non-Same Property NOI from real estate
operations
(6,738
)
(801
)
(12,992
)
(1,981
)
Same Property NOI from real estate
operations
98,672
94,223
194,075
186,946
Straight line rent adjustments and lease
incentive amortization
2,501
(2,696
)
7,868
(6,266
)
Amortization of acquired above- and
below-market rents
(69
)
(129
)
(138
)
(295
)
Lease termination fees, net
(881
)
(1,059
)
(1,656
)
(2,280
)
Tenant funded landlord assets and lease
incentives
(2,498
)
(2,213
)
(10,688
)
(3,435
)
Cash NOI adjustments in unconsolidated
real estate JVs
(111
)
(137
)
(228
)
(290
)
Same Property Cash NOI from real estate
operations
$
97,614
$
87,989
$
189,233
$
174,380
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
June 30, 2024
December 31,
2023
Reconciliation of total assets to
adjusted book
Total assets
$
4,219,338
$
4,246,966
Accumulated depreciation
1,468,595
1,400,162
Accumulated amortization of intangibles on
property acquisitions and deferred leasing costs
226,739
228,484
COPT Defense’s share of liabilities of
unconsolidated real estate JVs
60,922
60,583
COPT Defense’s share of accumulated
depreciation and amortization of unconsolidated real estate JVs
11,199
9,528
Less: Property - operating lease
liabilities
(33,818
)
(33,931
)
Less: Property - finance lease
liabilities
(403
)
(415
)
Less: Cash and cash equivalents
(100,443
)
(167,820
)
Less: COPT Defense’s share of cash of
unconsolidated real estate JVs
(1,278
)
(852
)
Adjusted book
$
5,850,851
$
5,742,705
June 30, 2024
December 31, 2023
June 30, 2023
Reconciliation of debt to net debt and
net debt adjusted for fully-leased development
Debt per balance sheet
$
2,389,925
$
2,416,287
$
2,176,174
Net discounts and deferred financing
costs
25,995
28,713
21,342
COPT Defense’s share of unconsolidated JV
gross debt
52,981
52,613
52,364
Gross debt
2,468,901
2,497,613
2,249,880
Less: Cash and cash equivalents
(100,443
)
(167,820
)
(14,273
)
Less: COPT Defense’s share of cash of
unconsolidated real estate JVs
(1,278
)
(852
)
(974
)
Net debt
2,367,180
2,328,941
2,234,633
Costs incurred on fully-leased development
properties
(56,646
)
(53,914
)
(189,407
)
Net debt adjusted for fully-leased
development
$
2,310,534
$
2,275,027
$
2,045,226
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240729687185/en/
IR Contacts: Venkat Kommineni, CFA
443.285.5587 venkat.kommineni@copt.com
Michelle Layne 443.285.5452 michelle.layne@copt.com
COPT Defense Properties (NYSE:CDP)
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