COPT Defense Properties reported strong first quarter results, exceeding FFO per share guidance, increasing the midpoint of 2024 FFO per share guidance by $0.03 to $2.54, and demonstrating strong internal growth with same property cash NOI increasing by 6.1% for the Total Portfolio and 7.6% for the Defense/IT Portfolio. The company also committed $91 million of capital to new investments and acquired Franklin Center in Columbia Gateway for $15 million.
Diluted earnings per share was $0.29 for the quarter ended March 31, 2024, compared to $0.70 for the quarter ended March 31, 2023.
Diluted funds from operations per share, as adjusted for comparability, was $0.62 for the quarter ended March 31, 2024, compared to $0.59 for the quarter ended March 31, 2023.
The company's Total Portfolio was 93.6% occupied and 94.9% leased, including the Defense/IT Portfolio that was 95.6% occupied and 96.8% leased.
Same property cash NOI increased 6.1% for the three months ended March 31, 2024, compared to the same period in 2023.
Management is revising its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.15-$1.23, and $2.47-$2.55, respectively, to new ranges of $1.19-$1.25, and $2.51-$2.57, respectively. Management is establishing second quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.29-$0.31 and $0.62-$0.64, respectively.
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