核心财务业绩 - 2025年第三季度每股运营资金(FFO)为0.69美元，超出市场一致预期0.68美元，较去年同期的0.65美元增长6.15% [1] - 本季度FFO超出预期1.47%，上一季度实际FFO为0.68美元，超出预期0.67美元达1.49% [2] - 过去四个季度中，公司有两次FFO超出市场预期 [2] - 季度营收为1.888亿美元，超出市场一致预期1.898亿美元的0.30%，但较去年同期1.8923亿美元略有下降 [3] - 过去四个季度中，公司营收四次超出市场预期 [3] 市场表现与展望 - 公司股价年初至今下跌约11.2%，同期标普500指数上涨17.2% [4] - 公司当前Zacks评级为2级（买入），预计近期股价表现将优于市场 [7] - 对下一季度的市场普遍FFO预期为0.67美元，营收预期为1.915亿美元；当前财年FFO预期为2.67美元，营收预期为7.5751亿美元 [8] 行业比较 - 公司所属的REIT及权益信托-其他行业在Zacks行业排名中位列前34% [9] - 同行业公司Sunstone Hotel Investors预计将于11月7日公布业绩，预计季度每股收益为0.15美元，同比下降16.7% [10] - Sunstone Hotel Investors近30天内每股收益预期上调2.6%，预计季度营收为2.2506亿美元，同比下降0.6% [10][11]

收入和利润表现 - 2025年第三季度净收入为4374.4万美元，较2024年同期的3739.7万美元增长17.0%[14] - 2025年第三季度净收入为4374.4万美元，同比增长4.6%（2024年第三季度为3739.7万美元）[26] - 2025年前九个月累计净收入为1.201亿美元，较2024年同期的1.075亿美元增长11.7%[14] - 2025年前九个月净收入为1.20138亿美元，较2024年同期的1.07475亿美元增长11.8%[24] - 2025年前九个月净收入为1.2014亿美元，同比增长11.8%（2024年前九个月为1.0748亿美元）[26] - 2025年第三季度总营业收入为1.88795亿美元，略低于2024年同期的1.89225亿美元，下降0.2%[24] - 2025年第三季度租赁收入为1.78272亿美元，较2024年同期的1.70549亿美元增长4.5%[24] - 截至2025年9月30日的三个月，公司合并房地产收入为1.803亿美元，相比2024年同期的1.726亿美元增长4.5%[43] - 2025年前九个月合并房地产总收入为5.354亿美元，较2024年同期的5.063亿美元增长5.7%[43] - 截至2025年9月30日的九个月，房地产总收入为5.354亿美元，相比2024年同期的5.063亿美元增长5.7%[128] - 2025年第三季度固定合同付款租赁收入为1.36亿美元，可变租赁付款为4230万美元[128] - 2025年前九个月累计稀释后每股收益为1.01美元，较2024年同期的0.92美元增长9.8%[14] 运营资金和调整后盈利指标 - 2025年第三季度来自房地产运营的NOI为1.118亿美元，较2024年同期的1.055亿美元增长6.0%[14] - 2025年第三季度房地产运营NOI为1.118亿美元，高于2024年同期的1.055亿美元，增幅为6.0%[43] - 2025年前九个月房地产运营NOI总计3.317亿美元，相比2024年同期的3.126亿美元增长6.1%[43] - 2025年前九个月，公司整体房地产运营NOI为33167.6万美元，高于去年同期的31259.3万美元[125] - 2025年前九个月，同物业房地产运营NOI为32081.1万美元，高于去年同期的30924.8万美元[125] - 2025年第三季度现金NOI为1.071亿美元，较2024年同期的1.011亿美元增长5.9%[47] - 2025年前九个月现金NOI总计3.133亿美元，相比2024年同期的2.964亿美元增长5.7%[47] - 2025年前九个月，公司整体现金NOI为31327.6万美元，高于去年同期的29644.5万美元[125] - 2025年前九个月，同物业现金NOI为30764.5万美元，高于去年同期的29419.0万美元[125] - 2025年第三季度总相同物业NOI（房地产运营净收入）为1.0787亿美元，九个月累计NOI为3.20811亿美元[61] - 2025年第三季度总相同物业现金NOI为1.04773亿美元，同比增长4.6%；九个月累计现金NOI为3.07645亿美元，同比增长4.6%[64] - 国防/IT投资组合的相同物业现金NOI在2025年第三季度同比增长4.3%，九个月累计同比增长3.5%[64] - 2025年第三季度调整后EBITDA为1.038亿美元，较2024年同期的9924万美元增长4.6%[14] - 2025年第三季度调整后EBITDA为1.0377亿美元，同比增长4.6%（2024年第三季度为9923.6万美元）[35] - 2025年第三季度稀释后每股FFO为0.69美元，较2024年同期的0.65美元增长6.2%[14] - 2025年第三季度稀释后每股FFO为0.69美元，同比增长6.2%（2024年第三季度为0.65美元）[30] - 2025年第三季度稀释后AFFO为6327.4万美元，较2024年同期的5259.2万美元增长20.3%[14] - 2025年第三季度Nareit标准FFO为8209万美元，同比增长7.3%（2024年第三季度为7646万美元）[26] - 2025年第三季度调整后FFO为8012.1万美元，同比增长6.8%（2024年第三季度为7497.4万美元）[26] - 2025年前九个月Nareit标准FFO为2.3859亿美元，同比增长6.2%（2024年前九个月为2.2461亿美元）[26] - 2025年前九个月运营资金为3.94501亿美元，较2024年同期的4.10797亿美元下降4.0%[24] - 第三季度每股运营资金（FFO）为0.69美元，同比增长6.2%，比指引中值高出0.02美元[177] 成本和费用 - 2025年第三季度总利息费用为2090万美元，九个月累计利息费用为6230万美元[128] - 2025年第三季度资本化利息为130万美元，九个月累计资本化利息为330万美元[128] - 2025年第三季度用于GAAP派息比率的总股息和分派为3520万美元[128] - 用于非GAAP派息比率的股息和分派为3500万美元[128] 资产组合表现 - 国防/IT投资组合包含198处物业，总面积2260万平方英尺，出租率达97.0%[7] - 截至2025年9月30日，公司的国防/IT投资组合包含198处物业，总面积为2260万平方英尺[197] - 截至2025年9月30日，公司国防/IT投资组合的出租率为97.0%[197] - 截至2025年9月30日，总资产组合为24,585千平方英尺，较2024年9月30日的24,316千平方英尺增长1.1%[18] - 截至2025年9月30日，总资产组合入住率为93.9%，较2024年同期的93.1%增长0.8个百分点[18] - 截至2025年9月30日，国防/IT资产组合入住率为95.4%，较2024年同期的94.8%增长0.6个百分点[18] - 截至2025年9月30日，整体投资组合入住率为93.9%，租赁率为95.7%[38] - 国防/IT投资组合入住率为95.4%，租赁率为97.0%[38] - 截至2025年9月30日，整个投资组合的入住率为93.9%，租赁率为95.7%[52] - 国防/IT投资组合的入住率更高，为95.4%，租赁率为97.0%[52] - 总投资组合面积2460万平方英尺，入住率93.9%，出租率95.7%；国防/IT组合面积2260万平方英尺，入住率95.4%，出租率97.0%[178][184] - 数据中心外壳资产（含合资企业）总面积为592.4万平方英尺，入住率和租赁率均为100%[38] - 截至2025年9月30日，总相同物业组合的出租率为94.3%，略低于上一季度（2025年6月30日）的94.5%[58] - Lackland Air Force Base和所有数据中心外壳（含合资与非合资）物业的出租率连续五个季度均保持在100%[58] - Redstone Arsenal区域在2025年第三季度的出租率为97.1%，较上一季度的98.3%有所下降[58] - Navy Support区域的出租率在投资组合中相对较低，2025年第三季度为83.9%[58] - “其他”物业类别的出租率最低，2025年第三季度为76.8%[58] - 国防/IT投资组合是核心业务，2025年第三季度贡献了1.616亿美元收入，占合并房地产总收入的89.6%[43] - 数据中心外壳业务增长显著，2025年前九个月合并收入为3222万美元，较2024年同期的2709万美元增长19.0%[43] - Fort Meade/BW Corridor区域在2025年第三季度产生房地产收入8083万美元，是收入贡献最大的子市场[61] - 2025年第三季度总相同物业房地产收入为1.72863亿美元，九个月累计收入为5.14335亿美元[61] 租赁活动 - 国防/IT投资组合总租赁面积为97.1万平方英尺，其中续租面积为79万平方英尺，新租面积为10.1万平方英尺，空置空间租赁面积为7.8万平方英尺[68] - 第三季度总租赁面积97.1万平方英尺，年初至今总租赁面积230万平方英尺；空置空间租赁面积分别为7.8万和43.2万平方英尺[178][191] - 国防/IT投资组合整体续租率为81.8%，其中数据中心续租率达到100%，而其他类别续租率仅为9.2%[68] - 第三季度租户留存率为81.8%，续租空间的现金租金增长7.5%，直线租金增长13.4%[191] - 国防/IT投资组合续租的直线租金上涨13.4%，现金租金上涨7.5%[68] - 数据中心续租的直线租金和现金租金分别大幅上涨117.2%和91.0%[68] - 数据中心外壳（Data Center Shells）续约租金涨幅显著，直线租金上涨117.2%，现金租金上涨91.0%[72] - Redstone Arsenal区域新租赁面积为10.1万平方英尺，加权平均租期为12.6年，年化承诺成本为每平方英尺3.18美元[68] - 空置空间租赁的加权平均租期为8.6年，年化承诺成本为每平方英尺8.41美元[68] - 新租赁（投资空间和空置空间）总面积为635千平方英尺，加权平均租期为7.8年[72] - 国防/IT投资组合整体租金年均增长率为4.0%，平均年租金上涨幅度为1.4%[68] - 数据中心续租的复合年增长率高达10.5%，远高于投资组合其他部分[68] - 公司整体租赁续约率为81.9%，国防/IT投资组合的续约率为82.5%[72] - 续约租赁的直线租金上涨11.0%，现金租金上涨2.4%[72] - 所有租赁的年平均租金上涨率（Escalations）为2.2%[72] - 表格数据涵盖截至2025年9月30日的九个月期间的租赁活动[71] - 租赁活动统计不包括业主自用空间、租期少于一年的租约以及与停用空间相关的到期租约[68] 租约到期和租金收入分析 - 国防/IT投资组合总租赁面积为21,560千平方英尺，年化租金收入为6.339亿美元，平均每平方英尺租金为35.49美元[75] - 截至2025年9月30日，公司总年化租金收入为7.043亿美元，其中国防/IT投资组合占比90.0%，为6.339亿美元[76] - 公司投资组合总面积为2308.7万平方英尺，加权平均剩余租期为5.0年[76][82] - 2025年到期租赁面积占总国防/IT投资组合年化租金收入的14.2%，为8,980万美元[75] - 2026年国防/IT投资组合将有135.7万平方英尺租约到期，年化租金收入为5488.6万美元，占该组合年化租金收入的8.7%[79] - 2029年及以后到期的租赁占国防/IT投资组合年化租金收入的最大部分，为38.3%，达2.424亿美元[75] - 美国政府是公司最大租户，年化租金收入为2.531亿美元，占总收入的35.9%，租赁面积为565.2万平方英尺[82] - 前20大租户贡献年化租金收入5.142亿美元，占总收入的72.9%，加权平均剩余租期为5.2年[82] - 拉克兰空军基地（Lackland Air Force Base）2025年到期租金最高，每平方英尺达65.76美元[75] - 截至2025年9月30日，通过非合并合资企业持有的物业年化租金收入为826万美元[76][82] 开发和投资活动 - 公司开发中项目总可出租面积为81.2万平方英尺，截至2025年9月30日的总预期成本为3.115亿美元，已投入成本1.538亿美元[86] - 开发管道包括5处物业，总面积81.2万平方英尺，截至10月30日出租率达68%，总投资估算为3.11亿美元，已投入1.54亿美元[191] - 公司数据中心外壳开发项目总面积为41.8万平方英尺，已实现100%预租，总预期成本为1.668亿美元[86] - 公司拥有/控制土地1001英亩，预计可开发面积为1074.5万平方英尺，账面价值为2.052亿美元[92] - 2025年第三季度，位于亨茨维尔的9700 Advanced Gateway项目全部5万平方英尺空间已投入使用，并实现100%出租[90] - 10月30日公司以4020万美元总价收购了位于弗吉尼亚州尚蒂伊的14.2万平方英尺的甲级写字楼Stonegate I，该楼完全租给一家美国国防承包商[191] - 公司年初至今新投资承诺资本为1.24亿美元，近五周承诺7200万美元用于定制开发项目和建筑收购[178][183] 债务和资本结构 - 截至2025年9月30日，总资产为43.514亿美元，总债务为24.435亿美元，资产负债率为56.2%[16] - 截至2025年9月30日，总资产为43.51432亿美元，较2024年同期的42.34302亿美元增长2.8%[21] - 截至2025年9月30日，总负债为27.72176亿美元，较2024年同期的26.79271亿美元增长3.5%[21] - 截至2025年9月30日，净债务为25.121亿美元，调整后EBITDA固定费用覆盖率为4.8倍[16] - 公司总负债从2024年9月的24.686亿美元微增至2025年9月的25.379亿美元[131] - 公司净负债从2024年9月的24.326亿美元增至2025年9月的25.121亿美元[131] - 公司总债务为24.626亿美元，其中无抵押债务占97.2%，金额为23.941亿美元[95] - 有抵押债务利率为4.82%，远高于无抵押债务的3.22%[95] - 固定利率债务占债务总额的97.1%，金额为23.917亿美元，有效利率为3.34%[95] - 可变利率债务金额为7095万美元，有效利率为5.53%[95] - 公司债务加权平均期限为4.1年，无抵押债务期限较长，为4.2年[95] - 公司合并债务组合的加权平均有效利率为3.4%，加权平均到期期限为4.1年[194] - 公司97%的债务采用固定利率[194] - 截至2025年9月30日，现金及现金等价物为2368.7万美元，较2024年同期的3447.8万美元下降31.3%[21] - 公司发行4.5亿美元4.50%的2030年到期优先票据，并将循环信贷额度从6亿美元增至8亿美元，到期日延至2029年[191] - 公司于2025年10月16日签订了一项担保循环信贷协议，获得2亿美元的可借贷总额，用于资助房地产开发活动[194] 财务健康状况和契约合规 - 公司获得三大机构投资级评级：惠誉BBB-（稳定）、穆迪Baa3（正面）、标普BBB-（稳定）[97] - 总债务/总资产比率为40.7%，远低于债券契约要求的60%上限[110] - 债务偿还保障倍数为4.9倍，显著高于1.5倍的契约要求[110] - 无抵押资产/无抵押债务比率为245.8%，高于150%的契约要求[110] - 无抵押物业占投资组合的88%，其营运净收入占公司总营运净收入的97%[110] - 截至2025年9月30日的季度，公司调整后EBITDA固定费用覆盖率为4.8倍[194] - 截至2025年9月30日，公司净债务与现时调整后EBITDA比率为6.1倍[194] - 截至2025年9月30日，经完全租赁投资物业调整后的净债务与现时调整后EBITDA比率为5.8倍[194] 合资企业表现 - 截至2025年9月30日，COPT Defense在非合并房地产合资企业中的总投资为1375.1万美元[120] - 非合并合资企业总资产为10248.26万美元，COPT Defense所占份额为1024.83万美元[120] - 非合并合资企业总债务为7460.4万美元，COPT Defense所占份额为746.04万美元[120] - 2025年第三季度，非合并合资企业总收入为2275.4万美元，COPT Defense所占份额为227.5万美元[120] - 2025年第三季度，非合并合资企业房地产运营NOI为1864.6万美元，COPT Defense所占份额为

公司股价表现 - 过去一年公司股价表现不佳 价值下跌约8% [1] - 自9月中旬以来 股价下跌约10% [1] 影响股价的因素 - 市场情绪受到联邦政府削减开支的持续担忧影响 [1]

公司业务与运营模式 - 公司开发并运营专用于国家安全、情报和云计算工作负载的安全数据中心 [2] - 资产组合高度集中于五角大楼和情报中心附近的关键任务区域 [2] - 客户基础为公司提供了稳定、长期的租约和较低的空置风险 从而带来可预测的现金流 [2] 财务表现与股东回报 - 股票在2025年和过去一年表现不佳 年内及过去一年跌幅为4% [1] - 稳定的现金流状况使公司在过去三年将股息提高了近11% [3] - 股票当前提供的股息收益率超过4% [3] 近期运营进展与业绩指引 - 公司2025年初始空置面积租赁目标为40万平方英尺 但在上半年已完成超过35万平方英尺 [4] - 基于上半年的强劲表现 公司已适度上调其全年业绩指引并对实现新指引充满信心 [4] 分析师观点与目标价调整 - 在参加公司会议后 摩根大通分析师认为当前市场共识预期显得保守 并因此适度上调其预测 [5] - 该分析师将公司股票目标价从30美元上调至33美元 但维持中性评级 [5] 增长驱动与制约因素 - 公司整体增长受到高安全性设施性质的限制 并且在很大程度上依赖于政府预算 [2]

公司概况与市场表现 - 公司COPT Defense总部位于哥伦比亚 是一家专注于郊区办公物业的房地产投资信托 属于金融板块[3] - 今年以来 公司股价变动为-3.91%[3] - 公司当前支付每股0.31美元的股息 年度化股息为1.22美元[3][4] 股息分析 - 公司当前股息收益率为4.1% 低于其所在REIT和股权信托-其他行业4.65%的平均收益率 但高于标普500指数1.52%的收益率[3] - 公司当前年度化股息较去年增长3.4% 在过去5年里 其股息有3次实现同比增长 平均年增长率为2.33%[4] - 公司当前的派息率为46% 即将其过去12个月每股收益的46%作为股息支付[4] 盈利预期与投资亮点 - 市场对公司2025财年的每股收益共识预期为2.67美元 预计同比增长3.89%[5] - 公司获得了Zacks 2的买入评级 被视为有吸引力的股息投资选择和引人注目的投资机会[6]

股价表现 - 过去一个月股价上涨约3.62% [1][6] - 近10日股价出现2.46%的小幅回调 [1] - 近期下跌可能源于市场波动或短期获利了结 [4] 成长潜力 - 股价成长潜力达20.93% [2][6] - 目标价位设定为36美元 [2] - 当前市价相对目标价存在低估 [2] 财务健康状况 - 皮奥特罗斯基得分高达8分（满分9分）[3][6] - 高分反映公司财务实力雄厚且运营效率良好 [3] - 体现管理层审慎的经营策略和稳固的财务基础 [3] 投资价值分析 - 近期价格回调可能形成战略买入机会 [1][4] - 强劲的基本面支撑长期成长轨迹 [3][4] - 综合财务实力与成长潜力构成吸引人的投资选项 [5]

债券发行 - 公司运营合伙实体COPT Defense Properties L P完成4 500%利率的2030年到期高级票据定价发行[1] - 本次债券发行规模为4亿美元[1] - 公司为运营合伙实体在该票据项下的义务提供全面无条件担保[1] - 债券发行预计于2025年10月2日完成交割[1]

公司业务定位 - 公司为专业房地产投资信托基金，深度集中于支持美国政府国防活动的关键任务资产 [3] - 公司拥有204处物业，绝大部分位于优先国防任务所在地附近或由其占用，通常涉及知识型国防活动 [3] - 公司物业位置毗邻美国重要国防设施，分布于弗吉尼亚州、马里兰州、华盛顿特区、阿拉巴马州和德克萨斯州，并非典型办公地产公司布局 [5] 物业资产特点 - 80%的国防物业组合包含高度安全级别的运营，其中包括8个美国政府安保园区，总面积超过400万平方英尺 [5] - 物业建设符合反恐力量防护和安全隔离信息设施标准 [5] - 物业被批准用于执行绝密任务工作 [5] 支持的国防任务 - 公司资产支持的任务包括情报、监视、侦察、网络安全和网络活动 [4] - 支持海军海空技术开发、导弹攻击与防御系统、无人机航空技术、云计算开发等 [4]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>COPT Defense Properties (NYSE:CDP) 2025 Conference September 11, 2025 11:05 AM ET Speaker0 Started. Thank you all for joining us for the final roundtable of the Bank of America's 2025 Global Real Estate Conference. I'm Yana Gallen, and I cover the office REITs at B of A. We're very pleased to have with us COPT Defense Properties CEO and President, Steve Budorick, here today. Steve will introduce his team and provide some opening remarks, and then we'll open it up for questions.</doc> <doc id='2'>Speaker2 Let's wake you. With me is our Chief Operating Officer, Britt Snider, and our Chief Financial Officer, Anthony Mifsud, and we're pleased to be here. Thank you. COPT Defense Properties is a specialized REIT, deeply concentrated in mission-critical assets that support the national defense activity of the U.S. government. The vast majority of our 204 properties are located adjacent to, or sometimes occupied by, priority defense missions, generally involving knowledge-based defense activities. Missions that we support include intelligence, surveillance, reconnaissance, cybersecurity and network activity, naval, sea, and air technology development, missile attack and defense systems, drone aviation technology development, cloud computing, and others. Our property locations are not typical for an office company because they are proximate to important U.S. defense installations in Virginia, Maryland, Washington, D.C., Alabama, and Texas. Our properties are unique in that they are approved for top-secret mission work.</doc> <doc id='3'>80% of our defense portfolio contains high-security operations, and that 80% includes eight U.S. government- secured campuses representing over 4 million square feet that are built to anti-terrorism, force protection, and SCIF standards. SCIF is an acronym for Sensitive Compartmented Information Facility. We have another 1 million square feet of U.S. government leases that are SCIF and access-controlled outside campuses. We have over 6 million square feet of defense contractor leases that contain SCIF in them, and we have 15 cloud computing campuses representing over 6 million square feet that's fenced in and has limited access. An additional nuance of our business is our defense tenants have to work from their office, and they did so throughout the pandemic environment because if they take their work home, it's espionage and they go to jail. It's a big differentiator.</doc> <doc id='4'>Today, over 90% of our annualized rental revenue is derived from our defense IT properties. Our pre-lease developments that are available in our supplement will increase that figure in coming years. Our defense IT segment was 96.8% leased at quarter-end, well above our peer average. The U.S. government is our largest tenant by revenue. We have over 100 separate leases in 70 different properties. That totals 5.6 million square feet and produces 36% of our annualized rental revenue. Defense contractor tenants lease 15 million square feet from us. This includes 3 million square feet of cyber defense contractor tenants, and defense contractors contribute 51% of our annualized rental revenue. 15 of our 20 top tenants are defense tenants. Our non-defense locations provide just 10% of annualized rental revenue, and they consist of five properties, three in downtown Baltimore on the waterfront, one in downtown D.C., and one in Tyson's Corner.</doc> <doc id='5'>Our tenants in these assets also have excellent credit, but we do plan to recycle these assets as market opportunities support reasonable sale values. Our strategy is straightforward and pretty simple. We allocate capital to durable demand locations adjacent to priority defense missions, and we do that primarily through low- risk, highly pre-leased development. Occasionally, we get an opportunity to redevelop an asset or reposition, but development is our major strategy. Of course, we maintain a strong investment grade-rated balance sheet. Our competitive advantage really falls into four pillars. We have an operating platform of experienced and credentialed workforce. We've been serving the U.S. government as a landlord for over 30 years, and over that 30-year period, we've reached the point where over 40% of our employees are cleared to design, build, and operate the highest security level assets in the U.S. DoD.</doc> <doc id='6'>Over those years, we've also accumulated immense development experience that includes SCIFs, anti-terrorism force protection, data center, and other specialized mission critical facilities for the U.S. government. As I mentioned, we have a 30-year track record of not only designing, building, but the important distinction is we actually operate the properties. Our teams are embedded with their secure customers as part of the delivery vehicle for the mission. This is all built upon advantage land positions that we identified years ago, made investments in land, and we continue to develop on land we primarily own. To wrap it up, we are a specialized REIT. We're not correlated with the broader economy because we're deeply correlated with the defense industry.</doc> <doc id='7'>Our assets have strategic features and locations. There's little risk of work-from-home across our portfolio, and we've enjoyed strong demand for new development and vacancy leasing for years.</doc> <doc id='8'>There's four main points I'd like you to leave with today. First, we have strong underlying tailwinds from the growth in the defense budget, the funding for the Golden Dome, Defense Shield for the United States, and the recently announced relocation of U.S. Space Command headquarters from Colorado Springs to Huntsville. I might add, it will go on the land that we control, and we will develop the properties. The second point is growth. In 2025, we're forecasting nearly 4% FFO per share growth at the midpoint of our guidance, and that would mark our seventh consecutive year of FFO growth. We've increased the dividend nearly 11% over the last three years, and we are the only office REIT to raise the dividend in both 2023 and 2024, and we did it again in 2025. The third key point is leasing.</doc> <doc id='9'>We're very confident we'll meet or exceed our leasing targets. We set an initial goal of 400,000 square feet of vacancy leasing. We achieved over 350,000 in the first half. We elevated our guidance modestly, and we're very confident we'll deliver that. Fourth, we set a guidance of committing $225 million to new developments over the year. At mid-year, we're at $50 million. We are in advanced negotiations with six different tenants for build- suit solutions, three of which we think we'll secure during the remaining part of the year, and that will achieve 我们的目标。Finally, I'd like to point out we're still at a great value at $30.44, trading at a mere 11.4 times FFO and only two turns above our 10-year low. We have a 4% dividend yield, and we trade at a 9% discount to our NAV. It's a good time to buy our share.</doc> <doc id='10'>Mithal, back to you, Yana.</doc> <doc id='11'>Speaker0 Thank you, Steve. Following up on the correlation with the defense industry, if you could help us with your defense budget outlook and what are the key takeaways from the One Big Beautiful Bill and then the president's budget request for fiscal 2026? Speaker2 The One Big Beautiful Bill was really unusual in that the Congress pre-appropriated $150 billion for the next five years. Within that pre-appropriated amount, $113 billion will occur in fiscal year 2026, which starts on October 1. That adds $150 billion to the current base defense budget of, call it, $833 billion. It represents a 13% increase, the largest nominal increase in defense spending in a single year over the last 25 years, and the second biggest percentage increase. It sets a strong backdrop for our ability to generate business out of that funding. We guide investors to expect incremental leasing and development opportunities from defense budget increases trailing 12 to 18 months as that money has to get matriculated its way through the government program of procuring new contracts, issuing those contracts to contractors, finalizing awards, and then we lease space. It's a pretty exciting time.</doc> <doc id='12'>Speaker0 The president's budget? Speaker2 The president's initial budget is right on top of last year's budget, so it's $831 billion. That's what's been submitted to Congress. It's not unusual, it's almost common that by the time it makes its way through the House and Senate, it actually grows. Base case is flat base budget from last year. It wouldn't surprise me at all if it increases by a couple of %.</doc> <doc id='13'>Speaker0 This morning we had a policy panel, and they kind of talked to the potential risks of a government shutdown. Does that in any way potentially impact or delay rent payments? Speaker2</doc> <doc id='14'>No, but it usually represents a good time to time our stock because people think it's going to hurt us, and it doesn't. If we lose a little bit on our price, you should time your buy to that. Our leases are covered. I forget the act, but the U.S. government is required to pay our leases. The missions we support are all essential missions, and they will work through any shutdown that does occur. The last time we had a shutdown at one of our locations, the only impact that occurred is the line of cars waiting to get on base got longer because they deemed the security access point as non-essential and reduced it by half. Government shutdowns are not a factor for our company.</doc> <doc id='15'>Speaker0 Thank you. There was some big, exciting news last week with the relocation of U.S. Space Command headquarters to Huntsville. You mentioned this could be a great opportunity if maybe you can give us some more color and details around this.</doc> <doc id='16'>Speaker2 Yeah, so to give you some history, Space Command, Space Force was initiated by President Trump. By the end of his term, there was competition that occurred to identify the best place for the unified combatant command for space called Space Command. It was determined that Huntsville was the best location on the Redstone Arsenal. When President Biden came into office, it was contested several times by locations that didn't win the contest. In each case, it was readjudicated for Huntsville and Redstone Arsenal. Through a presidential order, it was maintained in Colorado Springs, but it was never funded properly to create the facilities they need. That decision was reversed last Tuesday. Appropriations have been set aside to build a new command for Space Command.</doc> <doc id='17'>It's been publicly announced that it will be on the enhanced use lease that COPT Defense Properties has on Redstone Arsenal land, and we will be the developer. It looks like that development will represent three buildings, 450,000 square feet to 480,000 square feet, to move the entirety of the command to the arsenal in two years or less. We're the only solution that can get them to facilities they so badly need that have been politicized for five years and get the mission in its proper form. Beyond the command, the command has led us to expect that the contractor support tail that they currently expect to follow them could be twice as big as the area required for the command.</doc> <doc id='18'>It would apply another 1 million square feet of development opportunity over the coming years as the new facility is constructed, the SCIFs are completed and certified, the command's relocated, and the contractor's following.</doc> <doc id='19'>Speaker0 Can you let us know maybe the timeline around that initial three buildings? Speaker2 We're ready to start. We've been planning these buildings for a long time. We had developed this plan over five years ago. We've prepared the land with utilities, and we're ready to commence. We'll start one building very shortly. We wouldn't start that building without a signed lease. As we get a lease document formulated, we'd sequentially develop the next two right behind it.</doc> <doc id='20'>Speaker0 Great. Thank you. Any questions in the room? Speaker1 When you enforce a lease with a company, what kind of knowledge do they take? Are they allowed to take this? Speaker2 Our company? We kill them. You got to have a little fun. It's the end. It's the last comment here. No, you know, we've got an amazing history of long-term service to the company through retirement. It's staggering. Over a</doc> <doc id='21'>third of our employees have been with us for like 20 years or more. Those that tend to retire, they stay pretty involved with us. We maintain very good relationships with them, and rarely do we see anybody leave to go to a competitive company. Not that there is one that's strictly competitive.</doc> <doc id='22'>Speaker1 The one million square feet of contractor, I guess the wireless, for lack of a better word, what's your thought about how much of that you will? Speaker2 It's a little less clear, Jordan. First of all, how much will we see? To the extent it comes, it's a guidance from the government for our expectations. We started our Redstone development with our first building in 2011, and we've grown that to 24 buildings and 2.5 million square feet, not quite half the capacity that we can develop. We have rarely lost a new tenant to another location in Huntsville because of the advantages of being on our development. My expectation is we would get the lion's share, and by that, if it wasn't over 90%, I'd be surprised. When it comes, these are contractors supporting the mission. Until the mission's ready to move, I don't think they're going to relocate. Certainly, if they're going to require SCIF, they're going to have to build in a lot of time to have that SCIF created and provisioned.</doc> <doc id='23'>It's a very time-consuming, very technical process. My guess is we'd start to see firm commitments to relocate lease space and start the SCIF process in roughly a year.</doc> <doc id='24'>Speaker1 Will there be a number of pieces as you develop? Speaker2 It's too early for me to know that. I don't think it'll, we expect our delivery from building one through three to be a matter of a month or so, not longer periods of time. What their actual strategy is to populate, I can't speak to that. We've routinely developed our defense contractor buildings over the last three years at 8.5% cash on cash. Often, by the time we punch out the project, it accretes up. No, it's just cash on cash. Initial, not average, not capped cash.</doc> <doc id='25'>Speaker1 I need to walk off. I don't see a clear gate economics given the fact every month it's so long without suicide and panic off. The ROC is also pretty high.</doc> <doc id='26'>Speaker2 We are always looking to do better than I say we do. I don't like to make statements I can't back up.</doc> <doc id='27'>Speaker0 Great. Maybe turning over to the Golden Dome, the opportunity, and just overview what exactly that entails.</doc> <doc id='28'>Speaker2 The Golden Dome's a fascinating initiative, maybe one of the biggest our DoD has committed to in 30 years. It represents creating an anti-missile defense shield for the United States of America, the entire country. Currently, we're protected by what's called GMD, Ground Missile Defense, and Ground-Based Missile Defense. That program is run out of the Redstone Arsenal and the contractors in our buildings at Redstone Gateway. This is elevating that from just a defense against intercontinental ballistic missiles to any missile of any form. Initially, we're advised that it will be an enumeration of disparate technologies from a wide variety of contractors combined and integrated into a cohesive defense structure distributed across the country. Eventually, new technology will have to be advanced and created to both improve identification of threats and potentially target them from space.</doc> <doc id='29'>The initial budget is estimated to be $175 billion, and they would like it to be operational by 2029 or 2030. The One Big Beautiful Bill appropriated $25 billion for a down payment on the system, and that is in the fiscal year 2026 spend. That implies $150 billion of incremental investment over, call it, the next four years to integrate current technology, advance, improve, or new solutions, and deploy. It's pretty exciting. The Missile Defense Agency is at Redstone Arsenal, and it will be the primary vehicle for coordinating all this activity. Beyond Space Command, this development of a new system will be parallel to it. We expect that'll

公司荣誉与ESG成就 - 公司入选CDP供应商参与评估(SEA)的A类名单 表彰其在供应链气候参与方面的领导地位及对净零可持续经济的贡献 [1] - 公司连续两年获得CDP气候变化领导力评级A- 并入选CDP水安全A类名单 [2] - 公司获得MSCI AAA评级 EcoVadis白金勋章 道琼斯可持续发展指数(DJSI)成分股 恒生ESG 50指数成分股等多项国际ESG权威认证 [4] 可持续发展战略 - 公司承诺科学碳目标倡议(SBTi) 2024年实现范围1和范围2温室气体排放强度较2020基准年降低30% 目标2050年实现运营净零排放 [3] - 通过可持续供应链管理 范围3排放数据披露及目标追踪 推动全价值链减排 [3] - 作为联合国全球契约(UNGC)和制药供应链倡议(PSCI)成员 公司积极倡导可持续发展实践 [4] 业务运营数据 - 截至2024年底 公司支持817个综合客户项目 其中21个处于商业化生产阶段(不含COVID代工项目) [8] - 在中国 美国 爱尔兰 德国和新加坡拥有超过12,000名专业员工 [8] 行业地位与技术优势 - 作为全球领先的合同研究开发生产组织(CRDMO) 公司提供从概念到商业化的端到端生物药解决方案 [6] - 通过绿色技术创新 提供端到端绿色CRDMO解决方案 持续提升ESG表现 [9] CDP机构背景 - CDP是全球企业环境披露标准制定者 2024年覆盖占全球市值三分之二的近25,000家企业 [5] - 全球超过四分之一的机构投资者使用CDP数据指导投资决策 [5]