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
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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
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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.
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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?
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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
Milano Cortina 2026’s Winter Olympics opening ceremony unfolded Friday as a bold, geographically ambitious spectacle titled “Armonia” (Harmony), weaving live performances across San Siro Stadium, Cortina d’Ampezzo and beyond into a narrative celebrating Italy’s dual urban-mountain soul. The nearly three-hour show blended La Scala-inspired dance, global superstars like Mariah Carey and Laura Pausini, and dual cauldron lightings, though fragmented execution, political boos and protest interruptions tempered its grandeur.
Directed by Marco Balich with a Giorgio Armani fashion homage, the ceremony innovated by distributing athlete parades across four clusters — Milan (indoor), Cortina (Alpine/sliding), Livigno (freestyle) and Predazzo (Nordic) — ensuring all 3,000+ competitors participated despite vast distances. Critics hailed the simultaneity as “intimate and enormous,” but some found it disjointed, lacking traditional cohesion.
Dual cauldrons ignite across Italy: A first for Olympics
In a historic twist, two Olympic cauldrons blazed simultaneously: Milan’s Arco della Pace and Cortina’s Piazza Dibona, symbolizing city-mountain unity. Supermodel Vittoria Ceretti, in all-white Armani, carried the torch from San Siro to ignite Milan’s flame via “magic of technology,” while Cortina’s lit remotely — a logistical marvel marred by elongated sequences.
The multi-venue parade replaced single-stadium marches with live feeds: ice skaters in Milan, snowboarders in Livigno, biathletes in Predazzo. Television editing fluidly integrated segments, creating “four ceremonies in one,” though live crowds felt the fragmentation. U.S. athletes drew massive cheers at San Siro, only for boos to erupt during Vice President JD Vance’s brief appearance — a tense moment swiftly cut away.
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‘Armonia’ theme: Beauty over politics, but protests intrude
“Armonia” promised a “voyage through art and innovation,” honoring Leonardo da Vinci, Italian design and Olympic ethos. Ethereal dancers opened with La Scala nods — marble busts, flowing choreography — evoking tranquility before escalating to time-travel motifs and massive bobbleheads. Actress Matilda De Angelis narrated, tying fragmented acts into harmony’s promise.
Mariah Carey kicked off with hits, joined by Grammy/Golden Globe winner Laura Pausini and tenor Andrea Bocelli from Tuscany. Production designer Paolo Fantin and music director Andrea Farri delivered visual feasts — ice-block banners, fashion-sports uniforms — though Deadline critiqued “gimmicks over glamour” in the flame-lighting finale.
Protests disrupted: anti-Olympic banners decried housing costs, Palestinian solidarity chants pierced whistles. Organized rather than chaotic, they underscored Italy’s civic pulse amid global tensions.
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Parade of Nations: Distributed drama delights, divides
Fragmenting the traditional parade minimized travel while showcasing venues. San Siro hosted urban nations; Cortina mountain squads. Graphics aided viewers, but stadium pacing dragged — “seemingly endless procession,” per IndieWire.
U.S. flagbearers received roars; host Italy closed to “Il Canto degli Italiani.” IOC President Thomas Bach’s farewell preceded LA 2028 handover.
Critics praise innovation, critique cohesion
The Guardian (4/5 stars): “Intimate and enormous… less march of nations, more curated narrative mirroring distributed sports.”
Deadline: “Three hours, three acts lacked unity beyond visual devotion… historic spectacle, per Malagò.”
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IndieWire: “Weirdness in short supply, but harmony attempts shone in editing.”
Global audience hit billions; Peacock/NBC streamed live.
Day 1 medals await: Shiffrin, Chen, Kim in spotlight
Saturday yields five golds: men’s downhill (Bormio, 5:30 a.m. ET), women’s skiathlon (Val di Fiemme). Nathan Chen eyes figure skating three-peat; Chloe Kim defends halfpipe; Mikaela Shiffrin chases records.
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Hosts Italy (130 athletes) bank on Federica Brignone, Sofia Goggia. Russia as AIN; China fields Eileen Gu.
Production triumphs and logistical feats
Balich Wonder Studio executed Balich’s vision: da Vinci inventions, culinary nods, youth segments. Armani costumes fused elegance-sports; Cantini Parrini’s designs dazzled. San Siro’s 75,000 roared; remote venues pulsed simultaneously.
Security — drones, robots, thousands of officers — shielded dignitaries including Vance, Rubio. Sustainability shone: 99% legacy venues.
What ‘Armonia’ means for Olympics future
Milano Cortina pioneered polycentric ceremonies, influencing LA 2028, Brisbane 2032. “Harmony” — uniting disparate elements — resonated amid division, though execution split opinions.
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Malagò called it “promise to the world”; Varnier hailed inclusive athlete participation. From San Siro spectacle to Cortina flames, Italy delivered innovation — if not unalloyed unity.
OTTAWA—Further interest-rate cuts won’t necessarily help an economy that’s being pulled down by U.S. trade friction, advances in artificial intelligence and lower population growth, Bank of Canada Gov. Tiff Macklem said Thursday.
The Canadian economy is undergoing a profound structural shift, Macklem said. The central bank can help support the transition, but it’s ultimately the response from policymakers, business executives and households that will determine Canada’s future prosperity, Macklem said in a speech delivered in Toronto, the country’s financial-nerve center.
Luxury Sydney retailer Cosette has announced that it will close after 11 years in business.
The announcement, which was shared by the retailer online, also shared that the company will hold an Australian Warehouse Sale to offload remaining stock.
Cosette Announces Closure
Cosette likewise took the opportunity to explain the surprising decision to close its doors for good.
“Unfortunately, the market has changed and we – rather than our mission to make luxury more affordable, every day – were sometimes the story,” the retailer said in its statement. “So, after careful consideration, we have made the decision to close our Sydney warehouse and operations in the near future.”
The retailer has been known for selling pre-owned and authenticated luxury handbags and accessories. However, as news.com.au notes in its report, Cosette was at the center of controversy in 2024 when it was accused of selling fake designer handbags.
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Investigations eventually cleared Cosette as it found no evidence to support such claims.
Australian Warehouse Sale
As previously mentioned, Cosette also announced that it will be holding an Australian Warehouse Sale.
The retailer will offer up to 80% off RRP on some luxury brands, such as Saint Laurent, Gucci, Prada and Celine.
There will also be an additional 10% off sitewide, which will be applied at checkout.
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“Limited quantities, limited time,” Cosette said in its announcement. “All bags are priced to clear and will not be restocked.”
MEXICO CITY—The Bank of Mexico left its benchmark interest rate unchanged Thursday, pausing after 12 consecutive cuts to assess the inflationary impact of recent tax and tariff increases.
The five-member board of governors voted unanimously to leave the overnight interest-rate target at 7.0% in their first monetary policy meeting of the year. The pause was widely expected.
