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Mar 31, 2020
COPT Q1 2020 Earnings Report
Reported solid first quarter results with FFO per share exceeding guidance, and same-property cash NOI growth exceeding expectations.
Key Takeaways
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.
Forward Guidance
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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