COPT Defense Properties (CDP) Q4 2024 Earnings Call Transcript

COPT Defense Properties (NYSE:CDP) Q4 2024 Earnings Conference Call February 7, 2025 12:00 PM ET

Company Participants

Venkat Kommineni - Vice President, Investor Relations
Steve Budorick - President and Chief Executive Officer
Britt Snider - Executive Vice President and Chief Operating Officer
Anthony Mifsud - Executive Vice President and Chief Financial Officer

Conference Call Participants

Tom Catherwood - BTIG
Michael Griffin - Citi
Anthony Paolone - JPMorgan
Blaine Heck - Wells Fargo
Richard Anderson - Wedbush Securities
Dylan Burzinski - Green Street

Operator

Welcome to the COPT Defense Properties Fourth Quarter and Full-Year 2024 Results Conference Call. As a reminder, today's call is being recorded.

At this time, I will turn the call over to Venkat Kommineni, COPT Defense's Vice President of Investor Relations. Mr. Kommineni, please go ahead.

Venkat Kommineni

Thank you, [Technical Difficulty] fourth quarter and full-year results. With me today are Steve Budorick, President and CEO; Britt Snider, Executive Vice President and COO; [Technical Difficulty] Executive Vice President and Chief Financial Officer.

[Technical Difficulty] 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 [Technical Difficulty] events and results can differ materially from these forward-looking statements and the company does not undertake a duty to update them. Steve?

Steve Budorick

[Technical Difficulty] and thank you [Technical Difficulty] 2024 was another outstanding year for the company. Our business plan proved resilient yet again, as we met or outperformed every major target metric [Technical Difficulty] FFO per share, as adjusted for comparability was [$2.56] (ph), $0.06 above the midpoint of our initial guidance, and represents an increase of 6.2% over 2023's results. [Technical Difficulty] of $0.03 of non-recurring events, FFO per share still grew by a very healthy 5%.