EXHIBIT 99.1 COPT Defense Properties Supplemental Information + Earnings Release - Unaudited For the Period Ended 12/31/24 | OVERVIEW | Summary Description | 1 | | --- | --- | --- | | | Equity Research Coverage | 2 | | | Selected Financial Summary Data | 3 | | | Selected Portfolio Data | 5 | | FINANCIAL | Consolidated Balance Sheets | 6 | | STATEMENTS | Consolidated Statements of Operations | 7 | | | Funds from Operations | 8 | | | Diluted Share + Unit Computations | 9 | | | Adjusted Funds from Operations | ...

SAN FRANCISCO, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Advisor Access spoke at length with Stephen E. Budorick, president and CEO. Advisor Access: How would you describe COPT Defense Properties’ niche position among REITs? Stephen Budorick: COPT Defense’s business model focuses on owning properties and developable land (Defense/IT Properties) near key United States defense installations whose missions have been and continue to be Department of Defense spending priorities such as Intelligence, Surveillance and Rec ...

Occupancy and Leasing - The portfolio was 93.1% occupied and 94.8% leased as of September 30, 2024[110] - Tenant retention rate was 84.3%, driven by strong leasing demand in the Defense/IT Portfolio[110] - Leased 2.5 million sq ft during the nine months ended September 30, 2024, including 2.1 million sq ft of renewals[120] - Average occupancy rate improved to 93.6%, up from 93.5% year-over-year[127] - Average occupancy rate improved to 93.5%, up from 93.0% year-over-year, indicating a 0.5% increase[137] Financial Performance - Net income for the three months ended September 30, 2024, was $37.4 million, a significant improvement from a loss of $221.2 million in the same period of 2023[121] - Total revenues increased to $189.2 million for the three months ended September 30, 2024, up from $168.6 million in 2023[125] - NOI from real estate operations was $105.5 million for the three months ended September 30, 2024, compared to $96.5 million in 2023[121] - Same Property total revenues increased to $161,981,000 for the three months ended September 30, 2024, up from $153,589,000, representing an increase of $8,392,000[127] - NOI from real estate operations reached $105,526,000, compared to $96,494,000 for the same period last year, reflecting an increase of $9,032,000[127] - Revenues from real estate operations for the nine months ended September 30, 2024, totaled $506,311,000, an increase of $43,070,000 from $463,241,000 in the prior year[135] - Total revenues for the nine months ended September 30, 2024, were $569,834,000, an increase of $64,581,000 from $505,253,000[135] - Same Property total revenues increased to $476,447,000 for the nine months ended September 30, 2024, compared to $455,584,000 for the same period in 2023, reflecting a variance of $20,863,000[137] - NOI from real estate operations reached $312,593,000, up from $285,421,000, representing an increase of $27,172,000[137] - Funds from operations (FFO) for the nine months ended September 30, 2024, increased to $224.6 million, up from $208.9 million in the prior year, representing a 7.9% increase[153] Property Acquisitions and Developments - Acquired three properties: 202,000 sq ft for $15.0 million, 80,000 sq ft for $17.0 million, and 365 acres for $32.0 million[110] - Developed properties placed in service generated revenues of $21,710,000, significantly higher than $1,596,000 in the previous year, a variance of $20,114,000[137] - Total property additions for the nine months ended September 30, 2024, amounted to $203.7 million, with $123.9 million allocated to development[155] - The company expects to spend between $55 million and $65 million on property development costs during the remainder of 2024[167] Operating Expenses - Total operating expenses decreased significantly to $134.7 million for the three months ended September 30, 2024, from $374.3 million in 2023[125] - Property operating expenses for the nine months ended September 30, 2024, were $199,037,000, an increase of $16,229,000 from $182,808,000[135] Debt and Interest - As of September 30, 2024, the total debt obligations amounted to $2.18 billion, with fixed-rate debt at $2.18 billion and variable-rate debt at $232.71 million[172][173] - The weighted average interest rate on fixed-rate debt is 2.96%, while the variable-rate debt has a weighted average interest rate of 6.56%[172] - Interest expense increased to $61,760,000, up from $50,759,000, primarily due to additional interest from the 5.25% Notes issued in September 2023[132] - The company’s interest expense for the nine months ended September 30, 2024, would remain unchanged if the applicable variable index rate was 1% higher[174] - Fixed-rate debt maturing in 2025 is $1.30 billion, while $436.14 million is due in 2026[172] - The company has $75 million of debt maturing in 2026 that may be extended to 2027, and $125 million that may be extended to 2028, subject to certain conditions[172] Cash Flow - Net cash flow from operating activities increased by $20.2 million for the nine months ended September 30, 2024, primarily due to growth in the operating portfolio[156] - Net cash flow used in investing activities increased by $127.3 million compared to the prior year, mainly due to proceeds from properties sold in the previous period[157] - As of September 30, 2024, the company had $34.5 million in cash and cash equivalents and a Revolving Credit Facility with a maximum borrowing capacity of $600 million[161][162] Financial Metrics - Basic FFO available to common share and common unit holders is a key metric for assessing operating performance, excluding gains on sales and impairment losses[142] - Diluted FFO per share provides context for evaluating FFO results, similar to how EPS is used for net income[149] - Diluted FFO per share for the three months ended September 30, 2024, was $0.65, compared to $0.60 in the same period last year[153] Impairment and Gains - Impairment losses recognized during the period amounted to $252.8 million due to the review of long-lived assets[131] - The company reported a gain on sales of real estate from the prior period due to the sale of a 90% interest in three data center shell properties[141]

COPT Defense Properties (NYSE:CDP) Q3 2024 Earnings Conference Call October 29, 2024 12:00 PM ET Company Participants Venkat Kommineni - VP, IR Steve Budorick - President and CEO Britt Snider - EVP and COO Anthony Mifsud - EVP and CFO Conference Call Participants Steve Sakwa - Evercore ISI Blaine Heck - Wells Fargo Michael Griffin - Citi Tom Catherwood - BTIG Richard Anderson - Wedbush Securities Peter Abramowitz - Jefferies Dylan Burzinski - Green Street Operator Welcome to the COPT Defense Properties Thir ...

Core Insights - COPT Defense (CDP) reported revenue of $189.23 million for Q3 2024, marking a 12.3% year-over-year increase and a slight surprise of +0.15% over the Zacks Consensus Estimate of $188.95 million [1] - The earnings per share (EPS) for the quarter was $0.65, a significant improvement from -$1.94 a year ago, with an EPS surprise of +1.56% compared to the consensus estimate of $0.64 [1] Revenue Breakdown - Revenue from real estate operations was $172.56 million, exceeding the average estimate of $168.88 million by three analysts, reflecting a year-over-year increase of +10.2% [3] - Revenue from construction contracts and other services was reported at $16.66 million, below the average estimate of $20.16 million from two analysts, but still showing a substantial year-over-year increase of +39.4% [3] Stock Performance - COPT Defense shares have returned +5.6% over the past month, outperforming the Zacks S&P 500 composite, which saw a +2% change [4] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [4]

分组1 - COPT Defense (CDP) reported quarterly funds from operations (FFO) of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.64 per share, and up from $0.60 per share a year ago [1][2] - The company achieved revenues of $189.23 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.15% and increasing from $168.56 million year-over-year [3] - COPT Defense shares have increased approximately 26% since the beginning of the year, outperforming the S&P 500's gain of 21.8% [4] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.66 on revenues of $190.83 million, and for the current fiscal year, it is $2.57 on revenues of $760.39 million [8] - The estimate revisions trend for COPT Defense is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [7] - The REIT and Equity Trust - Other industry is currently in the top 25% of Zacks industries, suggesting a positive outlook for stocks within this sector [9]

Financial Performance - Net income for Q3 2024 was $37.4 million, compared to $36.4 million in Q2 2024, reflecting a 2.7% increase[8]. - NOI from real estate operations for Q3 2024 was $105.5 million, slightly up from $105.4 million in Q2 2024[8]. - Same Property NOI for Q3 2024 was $98.7 million, compared to $98.7 million in Q2 2024, indicating stability in performance[8]. - Adjusted EBITDA for Q3 2024 reached $99.2 million, an increase from $98.6 million in Q2 2024[8]. - Total revenues for Q3 2024 reached $189.225 million, a 14.5% increase compared to $165.619 million in Q3 2023[13]. - Lease revenue increased to $170.549 million from $155.268 million year-over-year, reflecting a growth of 9.8%[13]. - Net income for Q3 2024 was $37,397 million, compared to a net loss of $221,207 million in Q3 2023[13]. - Funds from Operations (FFO) for Q3 2024 were $76.460 million, up from $70.016 million in Q3 2023, representing an increase of 9.5%[15]. - Total operating expenses for Q3 2024 were $134.731 million, slightly up from $133.215 million in Q3 2023[13]. - The company reported a diluted EPS of $35.981 for Q3 2024, compared to a loss of $217.179 in Q3 2023[13]. Portfolio and Property Metrics - As of September 30, 2024, COPT Defense Properties' Defense/IT Portfolio consists of 194 properties, encompassing 22.2 million square feet and is 96.5% leased[4]. - Total properties increased to 202 as of September 30, 2024, up from 196 a year ago, reflecting a growth of 3.1%[10]. - The total portfolio occupancy rate decreased to 93.1% from 94.1% year-over-year, while the Defense/IT portfolio occupancy remained high at 95.0%[10]. - The company reported a total square footage of 24,316,000, an increase from 23,479,000 a year ago, reflecting a growth of 3.5%[10]. - The consolidated portfolio occupancy rate decreased to 91.6% from 92.7% year-over-year[10]. - The Defense/IT portfolio had a total of 194 properties with 22,174 operational square feet, achieving a 95.0% occupancy rate and 96.5% leased rate[24]. - The company reported a total of 181 properties in the same property category within the Defense/IT Portfolio, with an average occupancy rate of 95.8%[32]. Debt and Equity - Total assets as of September 30, 2024, were $4.23 billion, compared to $4.22 billion in Q2 2024[9]. - Total equity stood at $1.53 billion as of September 30, 2024, showing a slight increase from $1.53 billion in Q2 2024[9]. - The company reported a debt to assets ratio of 56.5% as of September 30, 2024, down from 56.6% in Q2 2024[9]. - Total liabilities stood at $2,679,271,000, a decrease from $2,691,562,000 a year ago[11]. - Debt remained relatively stable at $2,390,839,000 compared to $2,415,783,000 a year ago[11]. - The company reported a total of 177 unencumbered properties, representing 88% of the total portfolio[55]. - The total debt to total assets ratio is 41.6%, well below the required limit of 60%[53]. - The debt service coverage ratio stands at 4.7x, exceeding the required minimum of 1.5x[53]. Cash Flow and Liquidity - Cash and cash equivalents decreased significantly to $34,478,000 from $204,238,000 year-over-year, a decline of 83.1%[11]. - The company reported total interest expense of $20,376,000 for Q3 2024, a decrease from $20,617,000 in Q2 2024[61]. - Dividends and distributions for non-GAAP payout ratios were $33,654,000 in Q3 2024, consistent with $33,655,000 in Q2 2024[62]. - The company incurred costs of $70,954,000 on fully-leased development properties in Q3 2024, compared to $56,646,000 in Q2 2024[62]. Guidance and Future Outlook - The company anticipates continued growth in lease revenue and FFO as it expands its portfolio and optimizes operations[15]. - The company revised its full-year guidance for diluted EPS to a range of $1.24-$1.26 and for diluted FFOPS to $2.56-$2.58[102]. - The company expects to receive all distributions from the joint venture, which includes a priority return of 13.5% on $9.0 million in contributed equity[57]. - The company acquired a 365-acre land parcel near Des Moines, Iowa for $32 million, planning to develop approximately 3.3 million square feet of data center shell space[90][99]. - Anticipated compound annual FFO per share growth of at least 4% between 2023 and 2026[88]. Non-GAAP Measures and Performance Metrics - The company reported a significant focus on Adjusted EBITDA, which is net income adjusted for interest expense, depreciation, and other non-recurring items, reflecting the company's operational performance[64]. - The company emphasized the importance of Cash NOI, which adjusts net operating income to better reflect the timing of tenant payments and property value, providing a clearer picture of operational performance[65]. - The measure of in-place adjusted EBITDA was introduced, which accounts for changes in property operations and occupancy, providing a more accurate assessment of performance over time[75]. - The company highlighted the importance of understanding the limitations of non-GAAP measures, emphasizing that they should be used alongside GAAP measures for a comprehensive evaluation of financial performance[64].

Group 1 - COPT Defense (CDP) is currently outperforming its peers in the Finance group, with a year-to-date return of 24.7% compared to the average gain of 20.4% for the group [2] - The Zacks Consensus Estimate for CDP's full-year earnings has increased by 0.7% over the past quarter, indicating improved analyst sentiment and earnings outlook [2] - COPT Defense holds a Zacks Rank of 2 (Buy), suggesting a favorable investment opportunity [1] Group 2 - COPT Defense is part of the REIT and Equity Trust - Other industry, which has an average year-to-date gain of 7.1%, further highlighting CDP's strong performance [3] - Goldman Sachs (GS), another stock in the Finance sector, has a year-to-date return of 34.4% and also holds a Zacks Rank of 2 (Buy) [2] - The Financial - Investment Bank industry, to which Goldman Sachs belongs, has seen a significant increase of 71.2% this year [3]

Wall Street analysts forecast that COPT Defense (CDP) will report quarterly earnings of $0.64 per share in its upcoming release, pointing to a year-over-year increase of 6.7%. It is anticipated that revenues will amount to $188.95 million, exhibiting an increase of 12.1% compared to the year-ago quarter.The consensus EPS estimate for the quarter has undergone an upward revision of 0.2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassess ...

Core Viewpoint - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging opportunities [1] Group 1: Investment Strategy - The service emphasizes underfollowed names as potential long-term investments, particularly those perceived as 'dead money' by the market, which may have hidden growth catalysts [1] - The focus is on defensive stocks with a medium- to long-term investment horizon [1] Group 2: Analyst's Position - The analyst holds a beneficial long position in the shares of COPT Defense Properties, indicating confidence in the stock's potential [2] - The article is based on the analyst's own opinions and is not influenced by compensation from any company mentioned [2] Group 3: Seeking Alpha's Role - Seeking Alpha does not provide investment advice and emphasizes that past performance is not indicative of future results [3] - The platform features contributions from both professional and individual investors, who may not be licensed or certified [3]