COPT Defense Properties at Citi’s Conference: Strategic Growth in Defense Sector

On Tuesday, 04 March 2025, COPT Defense Properties (NYSE: CDP) presented at Citi’s 30th Annual Global Property CEO Conference 2025. CEO Steve Bedorik outlined the company’s strategic focus on mission-critical assets supporting U.S. national defense. While emphasizing their low-risk, highly pre-leased developments, Bedorik also addressed potential challenges, such as government efficiency initiatives. The company’s resilience to economic trends and work-from-home risks was highlighted as a key strength.

Key Takeaways

• COPT Defense Properties invests in properties near U.S. defense installations, focusing on defense IT tenants.
• The company has a strong balance sheet and self-funds its development activities.
• Over 90% of annualized rental revenue comes from defense IT tenants.
• The company anticipates 4% compound FFO growth between 2023 and 2026.
• Strategic growth includes data center shell development and acquisitions.

Financial Results

• FFO Growth: Achieved 4.8% FFO per share growth compounded over the past five years.
• 2025 Guidance: Expects 3.5% FFO growth per share at the midpoint of its guidance.
• Dividend Growth: Increased by 10.9% over the past three years, with consecutive raises in 2023, 2024, and 2025.
• Pre-leased Developments: Will add $29 million of future contractual cash NOI annually.

Operational Updates

• Leasing Performance: Exceeded 2024 vacancy leasing objective by 25%, with 500,000 square feet leased.
• Leasing Pipeline: Activity pipeline is 87%, seven percentage points higher than the previous year.
• Occupancy Rates: Key locations are 97% occupied and 98% leased, contributing to 45% of ARR.
• Development Projects: Four projects totaling $250 million, 75% pre-leased, representing 600,000 square feet.

Future Outlook

• Focus on Defense IT: Pre-leased developments to increase ARR from defense IT tenants.
• Government Spending: Expected increases in defense spending, particularly in cyber defense and Space Force.
• Expansion Opportunities: Potential Space Command relocation to Redstone Arsenal could boost demand.
• Data Center Growth: Plans for 3.3 million square feet of new development in Iowa, with a $1.1 to $1.2 billion investment.

Q&A Highlights

• Government Efficiency Initiatives (DOGE): Considered more emotional than practical, focusing on reducing administrative waste.
• Government Shutdowns: Not material to business due to federal contract laws ensuring rent payments.
• Lease Renewals: Expectation of above 95% retention on large leases, especially government ones.
• SCIF Development: Competitive advantage due to specialized knowledge and experience.
• Regional Office Portfolio: Plans to recycle non-core assets when market conditions are favorable.

For a more detailed understanding of COPT Defense Properties’ strategies and financial outlook, readers are encouraged to refer to the full transcript.

Full transcript - Citi’s 30th Annual Global Property CEO Conference 2025:

Michael Griffin, Citi Research Analyst, Citi: Welcome to the 02:55PM session at Citi’s twenty twenty five Global Property CEO Conference. I’m Michael Griffin with Citi Research, and we’re pleased to have with us COP Defense Properties and CEO Steve Bedorik. This session is for Citi clients only, and disclosures have been made available at the corporate access desk. To ask a question, you can either raise your hand or go to liveqa.com and enter code GPC25 to submit questions. Steve, I’ll turn it over to you to introduce Koft and the team, provide any opening remarks, tell the audience the top reasons an investor should buy your stock today, and then we’ll get into Q and A.

Steve Bedorik, CEO, COPD Defense Properties: So, I’ll give you a little background on our company. Thank you, Michael. COPD Defense Properties is a specialized REIT. We’re deeply concentrated in mission critical assets to support the national defense activity of the United States government. The vast majority of our two zero three properties are located adjacent to and in some cases occupied by priority defense missions generally involving knowledge based defense activities.

The missions we support include intelligence and surveillance, cybersecurity and network activity, naval sea and air technology, missile attack and defense systems, army aviation and enhancements to them, drone aviation technology, weapons lethality, law enforcement and terrorism explosive technology, and cloud computing. Our property locations are not typical for an office company. They are approximate to United States defense installations, and those installations are located in Maryland, Virginia, Alabama, and Texas. Our properties are improved for top secret mission work. 80% of our portfolio contains high security operations.

It includes eight US government secured campuses totaling 4,000,000 square feet that are anti terrorism force protected and are, completed with SCIF or secured compartmentalized information facilities and our access control. We have another 1,400,000 square feet of US government leases that are high security. They contain SCIF and they’re access controlled, but they’re not on a campus. We have 6,000,000 square feet of defense contractor leases that also contains SCIF, and we have 15 cloud computing campuses totaling 6,000,000 square feet that are fenced with limited access. And additionally, there’s an important distinction about our company.

These defense tenants must work in their office due to the high security requirements of their missions. Today, over 90% of our annualized rental revenue or ARR is derived from defense IT tenants. Our preleased developments will increase those figures in the coming years, and our Defense IT segment was 96.8% leased at year end. It’s the highest rate since we started reporting the segment in 02/2015. If you look at our three largest concentration of defense assets, they are the National Business Park in Maryland, the Redstone Gateway in Huntsville, and Lackland, campus adjacent to Lackland Air Force Base in San Antonio.

These three locations standing alone are 97% occupied, 98% leased, and they account for 45% of our ARR. Adding our fully leased data center, shell portfolio, these four subsegments total nearly 14,000,000 square feet, 98% occupied, 99% leased in aggregate, and they account for over half of our ARR. The US government is our largest tenant by revenue. We have 99 separate leases in 70 different properties, totaling 5,600,000 square feet and producing 36% of our ARR. Our defense contractor tenants lease 15,000,000 square feet from us.

This includes 3,000,000 square feet of cyber defense contractors. Defense contractors contribute 51% of our annualized rental revenue, and 15 of our top 20 tenants are defense contractors. Our non defense locations provide just under 10% of ARR today. This consists of just five office assets that we call regional office, and they’re located on the Baltimore Waterfront in Tysons Corner and in the CBD of Washington DC. Our tenants in these assets have excellent credit profiles as well.

And over time, we plan to recycle these assets as markets support reasonable sale values. Our strategy is very simple. It’s been, steadfast for the nine years I’ve been the CEO. We allocate capital only to durable demand locations adjacent to priority defense installations emissions. The playbook is simple.

Primarily, we execute low risk, highly pre leased development. On occasion, we’ll do a redevelopment or a repositioning of an asset, but the key theme is low risk and and, highly prelease. We also maintain a strong investment grade balance sheet. As I said, development is primary external growth activity. At this time, we can self fund the equity component of our development activity using cash flow from operations after we’ve paid our dividend.

The debt component is funded off our line of credit initially and then replaced with unsecured long term bonds as we reach levels that can be floated. We have been an active developer of specialized properties for our tenants for over twenty six years. Over the past ten years, we’ve delivered 2 and a half billion dollars of successful developments averaging over $250,000,000 per year in investment. We’re currently developing four projects with total cost of $250,000,000 They are 75% pre leased and they represent 600,000 square feet. When completed, these projects, along with those completed in 2024, will add another $29,000,000 of future contractual cash NOI on an annual basis.

When combined with our strong operating portfolio, this will drive roughly 4% compound FFO growth between 2023 and 2026. Our competitive advantage is our franchise, and it’s comprised of four pillars. One is our operating platform. Fully a third of our employees contain credentials to operate and develop the most secure buildings our nations require. The second is our development expertise.

We have been developing buildings for the US government for over thirty years, and that includes creating SCIFs, secured compartmentalized information facilities, anti terrorism force protected assets, data centers, and other mission critical facilities. We have a thirty year track record building and, most importantly, operating for the government the highest security facilities for them and their defense contractors. And lastly, we have advantaged land positions. Our four founders of the company thought ahead and accumulated land in priority locations next to the most important defense missions. So in summary, we’re a specialized REIT, and we’re not correlated with the broader economy.

Our assets have strategic features and locations. There’s little or actually no risk from work from home. There is strong demand for new developments and vacancy. We have three main points which I’d like to leave investors with relating to our outlook. We delivered 4.8% FFO per share growth compounded over the past five years.

In 2025, we expect three and a half percent FFO growth per share at the midpoint of our guidance, and we continue to project roughly 4% compound growth between ’23 and ’26, even after absorbing the impact of refinancing of a low coupon bond in 2026. We’ve achieved self funding for the equity, component of our development investments on a leverage neutral basis. And finally, we increased the dividend by 10.9% over the past three years. We’re the only office REIT to raise the dividend in both 2023 and 2024, and we raised dividend again in 2025, which really reflects the confidence we have in our growing FFO and AFFO. And with that, I’ll open it up to you, Mike.

Michael Griffin, Citi Research Analyst, Citi: Thank you for that overview, Steve. Maybe just starting with the fundamentals in the portfolio. Retention remains very solid. Leasing has been strong both in 2024 and year to date. You announced big lease at the recent acquisition property in Franklin Center.

I know there’s been some probably misconstrued worries about government efficiency initiatives and how that could impact your portfolio. So maybe you can talk about the strength of the leasing pipeline and why these DOGE things might be a misconception as it relates to COPS portfolio.

Steve Bedorik, CEO, COPD Defense Properties: Yeah. So overview, we view the DOGE as more of a emotional overhang than a practical threat or risk to our business. Most importantly, we’ve got to look at the the overarching objectives of this president and his secretary of defense. One is peace through strength, and peace through strength contemplates deterrence and deterrence at a level we we currently do not have. And so the expectation is we need more capability, capacity, and lethality in the missions that our DOD, deploys.

Our secretary of defense has openly said his priority is lethality. And when it comes to cost cutting, he wants to look at administrative bureaucratic waste, fraud, or abuse and move that money to support mission growth. So that’s the overview. What are we seeing? So last year, we guided to 400,000 square feet of vacancy leasing because our portfolio is so well leased.

We actually did 500,000 square feet. We exceeded our our objective by 25%, and our demand right now is stronger than it was a year ago. So year to date with what we’ve signed and are in our highest, probability category of signing, we have a total of about 250,000 square feet of leases that we expect to sign very shortly. This is on March. We’ve identified more than half of the leasing we expect to do.

We measure an activity pipeline weekly, which is what is sum total of our prospect opportunities compared to the vacancy we have, and it’s higher by about seven percentage points today than it was last year, and it sits at 87%. Moreover, we’ve had some pretty interesting conversations with defense contractors, specialty functions of the US government, and various branches of the armed services inquiring about our ability to meet their needs to expand quickly in in this environment. There will be some significant shifts in monies or increases. We expect cyber defense spending to be increased dramatically, but also Space Force, Space Command, we expect to be relocated to Redstone Arsenal, and we see opportunities in the Navy and US Cyber Command. So it’s pretty exciting time from our viewpoint, which is a little surprising in some of our meetings because people are expecting us to be affected by Doge, it’s really not an impact.

Michael Griffin, Citi Research Analyst, Citi: And maybe to that end, just sticking on the political side of things, is there a worry if a budget can’t get reached in a week or so and the government shuts down or you know, there are changes to kind of weapon shipments for, you know, foreign conflicts going on, could that have a knock on effect for your business and and your tenants demand for space?

Steve Bedorik, CEO, COPD Defense Properties: So let me take one at a time. Shutdowns are always headline, but they’re not material to our business. The federal contract laws require that our rent get paid even if the government shuts down. Employees typically, nonessential employees are, furloughed, but they’re always paid when they come back irrespectively. And because of the missions we serve, our buildings are never affected because they are, essential components of the DOD.

You can’t send those people home. In the last shutdown, the only material impact we saw were the lines at Redstone Arsenal got longer because they had fewer, guards to clear the people coming through. So shutdowns are really not an issue. What was the second half?

Michael Griffin, Citi Research Analyst, Citi: Just around, you know, we obviously heard the news that the Trump administration is planning on on halting weapons shipments to Ukraine. Great.

Steve Bedorik, CEO, COPD Defense Properties: So the missions we serve are high priority, and their knowledge base, intelligence, surveillance, reconnaissance, research development, test and evaluation, ground missile defense. We don’t really support arms manufacturing, arms sales directly to other components. We are knowledge based. So, no, it’s it’s not a concern. We did benefit from Ukraine, and we certainly won’t get hurt if Ukraine stops.

Similarly, during the Gulf War, all that extra money to fight to do the war fighting, was called overseas contingency operations. We didn’t benefit from that component of the budget, It didn’t impact us when it ceased.

Michael Griffin, Citi Research Analyst, Citi: So as it stands, I think The US currently spends about 4% of GDP on defense versus at the height of the Cold War, you know, it’s closer to 8%. So as you kind of mentioned about the geopolitical conflicts that are going on in today’s world, would you expect that defense spending to continue to increase and should cops, businesses and tenants ultimately benefit from that?

Steve Bedorik, CEO, COPD Defense Properties: So my expectation is the probability of an increase this year followed by modest increases exceeds that of a cut. I can say there are members of the House and Senate Armed Services Committees with very strong opinions that we are underspending to the point you made and that we should be investing 5% of GDP into the defense budget.

Michael Griffin, Citi Research Analyst, Citi: Maybe just going back to the leasing pipeline and demand you’re seeing there. Obviously, a number of your main markets, NBP, Redstone, etcetera, etcetera, very highly leased. For at least your private sector tenants. I realize the renewals and leasing for government tenants is a little bit different, but have you noticed a ability to either push on rents or flex concessions just given kind of the favorable supply backdrop and and the highly occupied nature of your portfolio?

Steve Bedorik, CEO, COPD Defense Properties: So, we did last year in a pretty meaningful way, not so much on face rates. We have a lease structure that has embedded growth every year. And at the maturity of those leases often, we’ve increased our rents through the structure to a level that’s pretty close to parity with where a market lease should be. If you measure our rents in our portfolio versus the market rent in the areas they’re at, we’re typically at a 15% premium. And so it’s it’s tough to and and we have a policy of not sticking it to our tenants.

They’ve invested heavily in our our office buildings, and we don’t wanna abuse that trust that they’ve given us. But where that manifests itself is in lower concessions and higher effective rents. And a big part of our performance in same office NOI last year was from reductions in concessions, specifically for rent.

Michael Griffin, Citi Research Analyst, Citi: Have you noticed if tenants are willing to commit to longer leases? Obviously, I think in the vacancy leasing, the term is typically longer than renewals. But just given the space constraints, do they want to lock in their space needs for longer? Or are Walt still around the same as they have been?

Steve Bedorik, CEO, COPD Defense Properties: The structure is pretty consistent over the many years I’ve been doing it. New leases will get typically a ten year, sometimes longer with defense contractors. Renewals tend to approximate five year leases. There’s really been no change in that dynamic.

Michael Griffin, Citi Research Analyst, Citi: You highlight a number of large government leases, I think over 50,000 square feet in your investor deck that you’re expecting, I think, 98% retention on. You know, why is this the case? You know, does the government come to you early and say, we need this space requirement, you know, so you’re able to kind of get it out of the, you know, potential exploration pool? You know, why is there such demand for that space?

Steve Bedorik, CEO, COPD Defense Properties: Well, first of all, let me just make fine point about the statistic. Our lease is over 50,000 square feet for the next two years. We expect to renew above 95%. In that is a significant component of US government leases, and we’re contemplating a % retention on the government leases. The reason we project that is often we are operating the bill the buildings.

We’re embedded in the operation. We understand the mission criticality of that function, and we also have real knowledge of how much money the US government has invested to create the systems that they rely on in those buildings, which often or typically exceeds our investment in the entire building. In our 32 history of leasing to the DOD components of the US government, we have never gotten a full building, non renewed.

Michael Griffin, Citi Research Analyst, Citi: Appreciate that, Steve. Maybe we’ll switch over to external growth opportunities. You did a number of deals last year. You acquired a property in Franklin Center and Columbia Gateway, one in San Antonio, announced the number of development potential with the data center land bank in Iowa. Starting with the acquisitions first and maybe Franklin Center, you recently announced that 50,000 or so square foot lease on that vacant space.

How did that building come to be in COPS portfolio? It really makes sense for you. It’s right in your backyard. Why was that such an attractive investment opportunity? Well,

Steve Bedorik, CEO, COPD Defense Properties: so summary, it was acquired by a triple net lease company years ago, and it was fully leased. The full building tenant downsized by roughly half. They, the prior owner, had to compete with our franchise in our backyard for defense tenants, and they were unable to defeat us. And so for seven years, they were trying to lease it, but they were unsuccessful. They got to the point where they needed to exit.

We had liquidity. We got a phenomenal price on the asset. When you add that asset to our franchise and our relationships, we immediately were able to generate a strong pipeline of activity. We just signed 48,000 square foot lease with top five defense contractor who’s gonna invest significantly in the building. It’ll be 90% SCIF improved, and it’s related to US cyber activity of the Navy.

Michael Griffin, Citi Research Analyst, Citi: How hard is it to build or develop SCIF space? Obviously, it’s very niche to CDP, but is this something your average merchant developer can go out and do? Or are the specificities just give you that competitive moat and advantage?

Steve Bedorik, CEO, COPD Defense Properties: Well, first of all, there’s knowledge and understanding of how to build the SCIF. The second component is you have to have the right credentials to build the SCIF. And so one of our advantages is a third of our employees carry the highest security clearance the government affords a contractor. And we’ve literally developed millions of square feet of SCIF, and we believe we’re the largest private owner of SCIF in the country. So it’s very hard.

Contractors can provide those services, but they come at a cost, and your average landlord has no understanding of how to execute that. So some of our really advanced defense contractors will bring that process in house and do it themselves, but others rely on us. And we can guide them through the steps to get a SCIF constructed and properly accredited and commissioned. And that has always been, of course, strength of the company.

Michael Griffin, Citi Research Analyst, Citi: And I think earlier this year, you announced, two new development starts. Obviously, development pipeline very highly preleased. I think one at NBP and one down in Redstone in Alabama. But maybe just talk to the demand that you’re seeing on the development leasing side, when we could see these things stabilized and fully leased up just given what seems like there’s a lot of demand for this product?

Steve Bedorik, CEO, COPD Defense Properties: So we just started a building at Redstone Gateway. It’ll be 150,000 square feet. We’re doing that because what little remaining space we have in our active development or recently completed in portfolio is not near enough to meet the kind of demand we’re seeing in the market. So we need to stay ahead. We call that building an inventory building.

We’re building it to meet demand that we see because we have no inventory. There are decisions that we expect to be made, and one of those is it would relocate Space Command from its current temporary site to the Redstone Arsenal. When that gets announced or if or when, but we’re pretty confident it will. We expect a pretty strong demand from contractors hoping to do business with the command to wanna move to Huntsville and co locate. We want we do not wanna be cut short.

At the National Business Park, when we started MVP four hundred, which is about a 40,000 square feet, We had 4,300,000 square feet that was 99.4% leased, and our biggest vacant space was 7,000 feet. Our demand is so strong that any contractor expansion would, we would not be able to accommodate. So we started that inventory building. We have very strong demand anticipated, primarily US government. We don’t expect those lease actions to emerge until probably July or later.

Some recent discussions we have suggest that could be advanced, but I have every I’m actually starting to get concerned that we don’t have enough under construction relative to the demand that, I suspect is gonna come.

Michael Griffin, Citi Research Analyst, Citi: We had a question come here from from live QA. What makes Huntsville such a dynamic market, and and why does it fit well into your portfolio?

Steve Bedorik, CEO, COPD Defense Properties: So Huntsville is maybe one of the best kept secrets in America. It’s called Rocket City. That’s where NASA, Wernher von Braun and his team of German scientists started the army space program, which became NASA. And it continues to have a major presence of NASA on that arsenal. Colocated with it are a bunch of deeply technical missions.

It’s the most diversely funded, US Military installation in the country, including missiles and space activity, space intelligence activity. All things army aviation are managed out of that facility. The army material command, which procures every item a soldier would ever need in the US army from food to the most high-tech weapons is located on the base. There’s advanced research development, test and evaluation capabilities on that, facility. It’s, it’s home to the FBI National Counterterrorism Center where any explosive use in a terrorist device that The US can get their hands on is sent there to be reengineered and reverse engineered and fingerprinted back to, try to identify who who created the the bomb and find the bad guys.

So it’s a very advanced center of excellence for a variety of high-tech defense installations. That’s why it fits in our portfolio. We have, enhanced use lease on the base. Part of it is behind the secure fence. Part of it has got public access.

We have 2,500,000 square feet that’s highly leased, 96%, ninety seven % with 100% either US government or defense contractors.

Michael Griffin, Citi Research Analyst, Citi: Turning next to the data center shell business. Obviously, this has been a growth engine of the development pipeline for some time. You had a big presence in Northern Virginia, but recently announced an expansion opportunity into Iowa. I guess another kind of off the beaten path market, why is Iowa a good place to develop data centers?

Steve Bedorik, CEO, COPD Defense Properties: So Iowa, Des Moines, Iowa in particular sounds offbeat, you know, in the context of most conversations about the country’s locations, but it’s actually the fifth biggest, hyperscale market in the country. So we identified Iowa as a place with very affordable land, very supportive local and state government of data center development, great access to power, and we presented our concept to our development client. They are pretty excited about pursuing this development. So we, we purchased enough land to support 3,300,000 square feet of new development, which will approximate somewhere between 1.1 and 1 point 2 billion dollars of investment, 15 separate data center shell assets that will each be preleased and give us about a seven year runway to expand that program.

Michael Griffin, Citi Research Analyst, Citi: And how might the, that land acquisition that you talked about compare to a similar comparable trade if you were to try to buy land like that in Northern Virginia?

Steve Bedorik, CEO, COPD Defense Properties: So we spent $32,000,000 and three sixty six acres. If we were to buy land at that scale in Northern Virginia, it would have cost us $1,200,000,000

Michael Griffin, Citi Research Analyst, Citi: Are there any worries about kind of AI or the DeepSeq model potentially impacting demand for those data center shells?

Steve Bedorik, CEO, COPD Defense Properties: So the customer that we build for chooses to be anonymous. They are a major factor in cloud computing. And since we started a relationship with them in 02/2012, we have developed assets to support their continuous growth over the past fourteen years. This campus will be a cloud computing campus, part of a very profitable existing business, so we’re not really concerned about AI. So soon.

Five minute warning.

Michael Griffin, Citi Research Analyst, Citi: We still got five minutes.

Steve Bedorik, CEO, COPD Defense Properties: All right. Five minutes.

Michael Griffin, Citi Research Analyst, Citi: Next one, just touching on the regional office portfolio bit. I mean, it feels like, obviously, it’s a non core part of the story, but sentiment does seem to be improving the traditional office sector. I know your portfolio is mainly concentrated in Baltimore, and I believe you have one property in Downtown DC, but have you started seeing any buyer pool or interest in those properties? Obviously, you don’t have to be a forced seller, but is there going to be a time in the future when it does make sense to sell those?

Steve Bedorik, CEO, COPD Defense Properties: So even as we speak, there’s more interest in investment in trophy assets in Downtown DC where we have a real gem. I’m not sure the cap rate is gonna approximate or or generate the value we’ve created currently, but it’s improved and we’ve had some inbound inquiries in DC. In Tysons Corner, we’re working through some value creation options and leasing that asset up further. I don’t see a market for that currently, but I don’t think it’s far away. Downtown Baltimore is going to require bank or CMBS lending for office investment, and I just don’t think the capital is there to support an efficient sale.

So we’re going to be very patient. We’re going to wait these out. We’ve predetermined we will sell them all. They’re the last vestiges of a more diverse company. But we’re going to do it when we can extract solid shareholder value.

Michael Griffin, Citi Research Analyst, Citi: We had another question come in on a recent transaction for the San Antonio property that you acquired. Can you expand on that a little bit? Why did it make sense to be part of CDP’s portfolio?

Steve Bedorik, CEO, COPD Defense Properties: So the, first of all, we the tenant for the building is our customer. We had awareness of their need for a satellite facility. We worked over the marketplace, identified some alternatives, presented them with some solutions. We got some favorable feedback about that property. We executed a purchase and sale agreement.

We closed on the building and we’re able to lease it in three business days, one hundred percent.

Michael Griffin, Citi Research Analyst, Citi: Are there any markets you’re not currently in that you could be looking to potentially expand? Obviously, the military has a big presence across the country. So are there any things you’re kind of keeping an eye on that we could see you expand in in subsequent years?

Steve Bedorik, CEO, COPD Defense Properties: There are several that we keep an eye on. I’m not gonna share what they are. Somebody front run me to them, but I don’t really expect that to happen in the near term.

Michael Griffin, Citi Research Analyst, Citi: Well, if there’s no other questions for everyone, I’ve got my rapid fires to end the session. What is your expectation for net effective rent growth for the office sector overall, so not CDP specifically, in 2026? Twenty ’6.

Steve Bedorik, CEO, COPD Defense Properties: So I would suggest ’25 is likely to be negative. Twenty six could be three to 3%.

Michael Griffin, Citi Research Analyst, Citi: And will there be more, fewer, or the same number of publicly traded office REITs a year from now?

Steve Bedorik, CEO, COPD Defense Properties: I’d say the same. Great.

Michael Griffin, Citi Research Analyst, Citi: Thank you so much.

Steve Bedorik, CEO, COPD Defense Properties: Thanks.

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