COPT Defense Properties reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $189.2 million, up from $168.6 million in Q3 2023, marking an increase of $20.7 million. For the nine months, total revenues rose to $569.8 million from $505.3 million, reflecting a $64.6 million increase. The growth in revenue was primarily driven by higher lease revenue, which increased to $170.5 million in Q3 2024 from $155.3 million in Q3 2023, and to $469.1 million for the nine months, compared to $449.9 million in the prior year.
Operating expenses saw a substantial decrease, totaling $134.7 million in Q3 2024, down from $374.3 million in Q3 2023. For the nine-month period, operating expenses decreased to $410.8 million from $619.5 million. This reduction in expenses contributed to a net income of $37.4 million for Q3 2024, a significant turnaround from a net loss of $221.2 million in Q3 2023. For the nine months, net income was $107.5 million, compared to a net loss of $109.2 million in the previous year.
Earnings per share (EPS) also improved markedly, with basic and diluted EPS for Q3 2024 at $0.32, compared to a loss of $1.94 per share in Q3 2023. For the nine months, basic and diluted EPS were $0.92, up from a loss of $0.96 in the same period last year.
COPT Defense Properties continued to expand its portfolio, acquiring two operating office properties in 2024, including a 202,000 square foot property in Columbia, Maryland, and an 80,000 square foot property in San Antonio, Texas. Additionally, the company acquired 365 acres of land near Des Moines, Iowa, for potential development of approximately 3.3 million square feet of data center shell space.
As of September 30, 2024, the company reported total properties, net of $3.6 billion, an increase from $3.5 billion at the end of 2023. The company’s debt decreased slightly to $2.39 billion from $2.42 billion, while cash and cash equivalents fell to $34.5 million from $167.8 million at the end of 2023.
COPT Defense Properties maintained a strong occupancy rate of 93.1% as of September 30, 2024, although this was a slight decline from 94.2% at the end of 2023. The tenant retention rate was reported at 84.3%, reflecting strong leasing demand in the Defense/IT Portfolio. The company continues to focus on strategic growth and operational efficiency, positioning itself favorably in the market.
About COPT DEFENSE PROPERTIES
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