COPT Defense Properties (CDP) Q4 2025 Earnings Call February 6, 2026 12:00 PM EST
Company Participants
Venkat Kommineni – Vice President of Investor Relations
Stephen E. Budorick – President, CEO & Trustee
Britt Snider – Executive VP & COO
Anthony Mifsud – Executive VP & CFO
Conference Call Participants
Seth Bergey – Citigroup Inc. Exchange Research
Blaine Heck – Wells Fargo Securities, LLC, Research Division
Anthony Paolone – JPMorgan Chase & Co, Research Division
Manus Ebbecke
Richard Anderson – Cantor Fitzgerald & Co., Research Division
Dylan Burzinski – Green Street Advisors, LLC, Research Division
Presentation
Operator
Welcome to the COPT Defense Properties Fourth Quarter and Full Year 2025 Results Conference Call. As a reminder, today’s call is being recorded. At this time, I’d like to turn the call over to Venkat Kommineni, COPT Defense’s Vice President, Investor Relations. Mr. Kommineni, please go ahead.
Venkat Kommineni
Vice President of Investor Relations
Thank you, Jonathan. Good afternoon, and welcome to COPT Defense’s conference call to discuss fourth quarter and full year results. With me today are Steve Budorick, President and CEO; Britt Snider, Executive Vice President and COO; and Anthony Mifsud, Executive Vice President and CFO. Reconciliations of GAAP and non-GAAP financial measures that management discusses 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 discussed in our SEC filings. Actual events and results could differ materially from these forward-looking statements, and the company does not undertake a duty to update them. Steve?
Stephen E. Budorick
President, CEO & Trustee
Good afternoon, and thank you for joining us. 2025 was another great year for the company as we outperformed on virtually all of our operating and financial metrics. FFO per share was $2.72, which is $0.06 above the