COLUMBIA, Md. - COPT Defense Properties (NYSE: CDP), a real estate investment trust (REIT) specializing in properties for U.S. Government defense installations, announced an increase in its quarterly dividend. The Board of Trustees declared a dividend of $0.29 per common share for the first quarter ending March 31, 2024, marking a 3.5% increase from the previous quarter's dividend of $0.28.
This latest dividend is set to be paid on April 17, 2024, to shareholders who are on record as of March 29, 2024. The raised dividend translates to an annualized payout of $1.18 per share.
COPT Defense's portfolio as of December 31, 2023, included 190 properties, with 24 owned through unconsolidated joint ventures, amounting to 21.7 million square feet of space. The portfolio was reported to be 97.2% leased. The company primarily serves tenants from the U.S. Government and defense contractors who require secure and mission-critical facilities.
The company's forward-looking statements indicate that the current expectations and projections about future events and trends affecting the company are based on reasonable assumptions. However, COPT Defense acknowledges that there are inherent risks and uncertainties in such predictions and that actual results may differ materially from those discussed.
Investors are cautioned to consider the risks detailed in Item 1A of the company's Annual Report on Form 10-K for the year ended December 31, 2022, which may impact these projections.
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