COPT Defense Properties (CDP, Financial) released its earnings report for the third quarter of 2023 on October 26, 2023. The report provides a comprehensive overview of the company's financial performance, portfolio data, and investing activities during the period.
Financial Performance
CDP reported a net loss of $221,207 thousand for the third quarter of 2023. Despite the net loss, the company's NOI from real estate operations was $96,494 thousand, showing a steady income from its property operations. The company's Same Property Net Operating Income (NOI) and Same Property cash NOI stood at $87,176 thousand and $85,940 thousand respectively. The company's Adjusted EBITDA for the quarter was $90,260 thousand.
Portfolio Data
As of September 30, 2023, CDP's Defense/IT Portfolio of 188 properties, including 24 owned through unconsolidated joint ventures, encompassed 21.3 million square feet and was 97.0% leased. The total portfolio was 94.1% occupied and 95.1% leased.
Capitalization
CDP's total assets were valued at $4,239,257 thousand as of the end of Q3 2023. The company's total equity and debt per balance sheet were $1,525,873 thousand and $2,415,783 thousand respectively. The debt to assets ratio was 57.0%.
Investing Activity
The report also provided details on the company's investing activities, including property dispositions and development projects. However, specific details were not provided in the summary.
Conclusion
The Q3 2023 earnings report provides valuable insights into COPT Defense Properties' financial performance and strategic operations. Despite the net loss reported for the quarter, the company's real estate operations continue to generate steady income. The high leasing rate of the Defense/IT Portfolio also indicates the company's strong position in its niche market.
Explore the complete 8-K earnings release (here) from COPT Defense Properties for further details.
