Manus Ibek's questions to COPT Defense Properties (CDP) leadership • Q1 2025
Question
An analyst from Evercore ISI asked for details on the advanced negotiation pipeline's tenant mix and sought an update on large government lease expirations, particularly why some renewals are pushed to later dates.
Answer
President and CEO Stephen E. Budorick and EVP and CFO Anthony Mifsud described the vacancy leasing pipeline as broad-based and evenly split between government and contractor tenants. Regarding government renewals, Budorick explained that short-term extensions are a normal part of the government's process due to administrative workload and do not indicate renewal risk. He reiterated 100% confidence in renewing the 13 large, full-building government leases expiring through 2026.