COPT reported solid first quarter results, with FFO per share, as adjusted for comparability, exceeding the high end of their guidance range. The COVID-19 pandemic had minimal impact on operations. To create capacity for unknown impacts, the mid-point of 2020 guidance for FFO per share, as adjusted for comparability, was lowered by one cent, to $2.07.
Diluted earnings per share was $0.21.
Core portfolio was 94% occupied and 95.2% leased.
230,000 square feet of 100% leased developments were placed in service.
Same-property cash NOI increased 5.0% over the prior year's comparable period.
Management is lowering its previously issued full-year guidance ranges of $0.66-$0.70 for EPS, $2.06-$2.10 for FFOPS per Nareit, and $2.06-$2.10 for FFOPS, as adjusted for comparability, to new ranges of $0.65-$0.69, $1.95-$1.99, and $2.05-$2.09, respectively. Management also is establishing guidance for EPS and FFOPS, per Nareit and as adjusted for comparability, for the second quarter ending June 30, 2020 at ranges of $0.13-$0.15 and $0.48-$0.50, respectively.
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