Manus Ebeki's questions to COPT Defense Properties (CDP) leadership • Q2 2025
Question
Manus Ebeki of Evercore ISI inquired about the specifics of ongoing build-to-suit negotiations, including submarkets and target returns, and asked about the immediate tenant sentiment following the new defense budget legislation.
Answer
President & CEO Stephen Budorick confirmed build-to-suit discussions are active in three submarkets, including Alabama and the BWI Corridor, targeting 8.5% cash yields. He noted that while general optimism has been high since the election, it is too early to see a specific inflection in tenant activity in the few weeks since the bill's passage.