COPT Defense Properties reported strong full-year 2024 results, with EPS of $1.23 and FFO per share, as adjusted for comparability, of $2.57, representing a 6.2% increase over 2023. The company exceeded leasing goals, achieving 3.2 million SF in total leasing and a tenant retention rate of 86%, the highest in over 20 years.
EPS for the full year 2024 was $1.23, a significant improvement from $(0.67) in 2023.
FFO per share, as adjusted for comparability, increased by 6.2% over 2023 results, reaching $2.57 for the full year.
The total portfolio was 93.6% occupied and 95.1% leased, with the Defense/IT Portfolio showing even stronger performance at 95.6% occupied and 96.8% leased.
Same Property Cash NOI increased by 9.1% for the year, marking the company's highest increase ever reported.
COPT Defense Properties expects continued growth in 2025, with FFO per share growth of 3.5% at the midpoint, driven by strong portfolio performance.
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