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Mar 31, 2022
COPT Q1 2022 Earnings Report
COPT's first quarter results exceeded guidance, driven by strong leasing activity and solid operating performance.
Key Takeaways
COPT's first quarter results exceeded guidance, with EPS of $0.52 and FFO per share of $0.58. The company's strategy of prioritizing capital allocation and leasing efforts at its Defense/IT Locations continues to produce strong, reliable results. Same-property cash NOI increased 1.2% during the quarter.
EPS of $0.52 and FFO per Share of $0.58 Exceeded High-End of Guidance
1.2% Increase in Same-Property Cash NOI During Quarter
Core Portfolio 92.2% Occupied & 94.1% Leased
283,000 SF of 100% Leased Developments Placed into Service in 1Q22
Forward Guidance
Management is updating its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.12-$1.20, and $2.30-$2.38, respectively, to new ranges of $1.16-$1.22, and $2.31-$2.37, respectively. Management is establishing second quarter guidance for EPS and FFOPS per Nareit and as adjusted for comparability at $0.22-$0.24 and $0.57-$0.59, respectively.
Positive Outlook
- Full-year EPS guidance updated to $1.16-$1.22
- Full-year FFOPS guidance updated to $2.31-$2.37
- Second quarter EPS guidance established at $0.22-$0.24
- Second quarter FFOPS guidance established at $0.57-$0.59
Historical Earnings Impact
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Avg. Return Before/After Earnings
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