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Manus Ebbecke is a Senior Associate at Evercore ISI in New York, specializing in real estate sector research with a particular focus on defense-related properties such as COPT Defense Properties. He actively covers companies engaged in real estate supporting U.S. government and defense contractors, contributing to industry earnings calls and analytical research. Ebbecke began his finance career after completing his Specialized Master in Finance at The Ohio State University Fisher College of Business in 2022 and has held roles in real estate private equity and investment banking since 2018, with previous experience in audit and consulting. He is recognized for his technical expertise in financial modeling and programming, although specific performance metrics and securities credentials are not publicly available.
Manus Ebbecke inquired about the sales price and closing details for the Stamford asset disposed of in Q4.
Christina Chiu, President, disclosed the Stamford asset sold for mid-$60 million, aligning with the debt balance after adjustments, and at approximately a 7% cap rate from an NOI perspective.
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ESRT's earnings beat/miss a week before the call
Manus Ebbecke inquired about the current leasing activity outlook for Empire State Realty Trust, specifically asking about Q1 2026 trends, pipeline strength, and any submarkets performing stronger than others. He also followed up on the sales price and transaction details for the recently disposed Stamford asset.
Ryan Kass, Co-Head of Real Estate and Chief Revenue Officer of Real Estate, confirmed a strong market tenor, highlighting ESRT's position as a 'have' in a bifurcating market, with a pipeline of over 170,000 sq ft anticipated to close in Q1 and Q2. Christina Chiu, President, disclosed the Metro Center sale price was in the mid-$60 million range, aligning with the debt balance, and at an approximate 7% cap rate, consistent with capital recycling objectives.
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Manus Ebbecke from Evercore ISI inquired about COPT Defense Properties' expected tenant mix evolution over the next five years, specifically regarding government, tech defense, and traditional contractors.
Stephen E. Budorick, President and CEO, anticipated the tenant mix would remain roughly comparable to its current state, with a ratio of two parts defense contractor for every one part government, expecting growth across various markets.
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CDP's earnings beat/miss a week before the call
Manus Ebbecke inquired about the demand drivers in COPT Defense's markets, specifically the split between existing and new tenants, and any observed migration of tech defense tenants from other U.S. regions. He also asked about the expected changes in the portfolio's tenant mix over the next five years.
EVP and CFO Anthony Mifsud indicated demand is roughly 50/50 from existing and new business, with some influx of groups from locations like Colorado and California. President and CEO Stephen E. Budorick found it challenging to predict exact changes in tenant mix but expected it to remain roughly comparable, with two parts defense contractor for every one part government, and growth across various markets.
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Manus Ebbecke from Evercore ISI asked for an update on 1UPTOWN ATX leasing, specifically regarding the mix of spec suites versus full-floor users and the nature of tenant growth. He also sought clarity on the timeline for future development starts at Uptown, including residential or hotel projects, for 2026.
President and CEO Jerry Sweeney provided an overview of the Austin market and 1UPTOWN ATX's leasing pipeline, noting a mix of spec suite prospects (4,000-10,000 sq ft) and full-floor users (80,000-100,000 sq ft), including in-market relocations. Executive Vice President of Operations George Johnstone added details on dedicated spec suite floors. Jerry Sweeney then discussed plans for Block B, including multifamily, retail, and hospitality, targeting site plan approval by Q4 2025 and final approvals in late 2026, emphasizing Brandywine's land value as an equity contribution.
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BDN's earnings beat/miss a week before the call
Manus Ebbecke inquired about the leasing prospects at Uptown ATX, specifically the mix of spec suites versus full-floor users, tenant types, and whether they represent market growth or relocations. He also asked about the timeline for 2026 development starts for additional residential or hotel projects at the site.
President and CEO Jerry Sweeney provided context on the Austin market and Uptown Domain submarket, highlighting the impact of the new train station and cost differences. EVP of Operations George Johnstone added details on spec suites, full-floor users, and NVIDIA's expansion rights. Jerry Sweeney then discussed planning for Block B (multifamily, retail, hospitality), aiming for site plan approval by Q4 2025 and exploring capital partners.
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