1315_Nareit Testimonials_REITworld_ Budorick_2023-11-16_v3
11/21/2023 | by Nareit Staff

Stephen Budorick, president and CEO of COPT Defense Properties (NYSE: CDP), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

Budorick spoke about some of the key achievements for COPT Defense and its defense/IT investment strategy during 2023. He noted that the REIT is on track to hit all its goals, highlighting a portfolio that’s 95% leased overall and 97.1% leased in its defense/IT assets. COPT Defense also raised its dividend for the first time in 11 years. “Every part of our business, we’re hitting our goals,” he said.

As for how COPT Defense is positioned to cope with ongoing market financing challenges, Budorick noted that in 2020 and 2021 the REIT refinanced 90% of its balance sheet. He added that the company currently has all the money it needs to develop for the next three years, in addition to no floating rate debt until late 2024.

This year, COPT Defense expects to deliver growth of about 2%, with growth of about 4% expected for the next three years. “We’re extremely well-positioned to deliver growth in this environment where it’s hard for a lot of REITs to do that,” Budorick said.