COPT's first quarter results exceeded expectations, with FFO per share surpassing the high-end of guidance. The company's Defense/IT investment strategy continues to drive solid results, as evidenced by the high leased rate in the Defense/IT segment. Strong leasing activity and increased same-property cash NOI contributed to the positive performance. Management is maintaining the midpoint of full year guidance at $2.38 per share.
EPS of $0.70 for 1Q23 and FFO per Share, as Adjusted for Comparability, of $0.59 Exceeded High-End of Guidance
Narrowed 2023 FFO per Share Guidance, Midpoint Unchanged
Core Portfolio 92.9% Occupied and 95.1% Leased
Same-Property Cash NOI Increased 8.3% in the Quarter
Management is updating its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.45-$1.53, and $2.34-$2.42, respectively, to new ranges of $1.46-$1.52, and $2.35-$2.41, respectively. Management is establishing second quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.67-$0.69 and $0.57-$0.59, respectively.
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