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Mar 31, 2021
COPT Q1 2021 Earnings Report
Reported strong start in 2021 with leasing results in-line with internal forecast, increased full-year tenant retention guidance, and solid operations driving FFO per share at the high-end of guidance.
Key Takeaways
COPT reported a loss of $0.06 per share, but FFO per share, as adjusted for comparability, was $0.56, at the high end of guidance. Same-property cash NOI decreased 2.7%. The company raised its full-year guidance for FFO per share, as adjusted for comparability, to a new midpoint of $2.22, representing 4.7% growth over 2020 results.
EPS of ($0.06) Exceeded High End of Guidance by 1-Cent; FFO per Share, as Adjusted for Comparability, of $0.56 was at the High End of Guidance.
Raising Same-Property Cash NOI Guidance for the Year by 100 Basis Points, to (1%)-1%.
Core Portfolio 94.0% Occupied & 94.9% Leased.
1.4 Million SF of Active Developments are 85% Leased.
Forward Guidance
Management is increasing its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability from the prior range of $0.25-$0.31, $1.65-$1.71, and $2.16-$2.22, respectively, to new ranges of $0.28-$0.34, $1.68-$1.74, and $2.19-$2.25, respectively. Management is establishing second quarter guidance for EPS and FFOPS per Nareit, and FFOPS, as adjusted for comparability at ($0.02)-$0.00, $0.33-$0.35, and $0.55-$0.57, respectively.
Positive Outlook
- EPS guidance increased to $0.28-$0.34
- FFOPS, Nareit definition guidance increased to $1.68-$1.74
- FFOPS, as adjusted for comparability guidance increased to $2.19-$2.25
- Second quarter EPS guidance is ($0.02)-$0.00
- Second quarter FFOPS, Nareit definition guidance is $0.33-$0.35
Challenges Ahead
- Loss on early extinguishment of debt
- Decrease in same-property cash NOI
- Diluted (loss) earnings per share
Historical Earnings Impact
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Avg. Return Before/After Earnings
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