COPT Defense Properties (NYSE:CDP) Q1 2024 Earnings Call Transcript

Richard Anderson: Okay. And last question from me. You’ve heard the 4% CAGR through 2026 on FFO. What does that assume on a same store cash NOI growth? I know you’re doing 6.5 this year. That’s probably not sustainable at that level, I’m guessing. What’s the right way to sort of set expectations from an internal growth perspective for people like us?

Stephen E. Budorick: I’m not sure I can answer that question. We haven’t really run math on it in that way. And do recall, we put that target out several years ago. And we’re going to continue to report against that target till we hit it and then we’ll consider our new benchmark that we put forward. The intent is to convey our confidence of continuing to produce growth in a challenging financial environment and to convey the strength of our business that we continue to prove quarter-in and quarter-out.

Richard Anderson: Okay. Fair enough. Thanks very much.

Operator: Thank you. Our next question comes from the line of Dylan Burzinski of Green Street. Your question please, Dylan?

Dylan Burzinski: I actually don’t have any more questions. Sorry. Thanks, guys.

Stephen Budorick: Good to talk to you though, Dylan.

Dylan Burzinski: Good talking to you guys too.

Stephen Budorick: We’ll see you soon.

Operator: Thank you. I will now turn the call back to Mr. Budorick for closing remarks.

Stephen Budorick: Well, thank you all for joining our call today and the enriching questions that we got to discuss. We are in our offices all afternoon, so please coordinate through Venkat, if you like follow up call or talk about something we mentioned in more detail. Thank you.

Operator: Thank you for your participation today in the COPT Defense Properties first quarter 2024 results conference call. This concludes the presentation. You may now disconnect. Good day.