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Jun 30, 2021
COPT Q2 2021 Earnings Report
Reported strong second quarter results driven by its differentiated portfolio, solid vacancy leasing, and strong development leasing.
Key Takeaways
COPT's Q2 2021 results showed a diluted EPS of $0.38 and FFO per share, as adjusted for comparability, of $0.58, which was 1 cent above the high-end of guidance. Same-property cash NOI increased 2.4%, outperforming guidance. The company is raising the midpoint of its full-year guidance for FFO per share, as adjusted for comparability, from $2.22 to $2.26, representing 6.6% growth over 2020.
Diluted earnings per share was $0.38, compared to $0.21 for the second quarter of 2020.
FFOPS, as adjusted for comparability, was $0.58, compared to $0.51 for the second quarter of 2020.
Core portfolio was 93.7% occupied and 94.6% leased as of June 30, 2021.
Same-property cash NOI increased 2.4% over the prior year's comparable period.
Forward Guidance
Management is increasing its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability from the prior ranges of $0.28-$0.34, $1.68-$1.74, and $2.19-$2.25, respectively, to new ranges of $0.72-$0.76, $1.73-$1.77, and $2.24-$2.28, respectively.
Positive Outlook
- Existing operations generated better than expected same-property results.
- Vacancy leasing for Defense/IT Locations was solid.
- Development leasing was strong.
- Completed 694,000 square feet of development leasing through July.
- Expect to deliver three major development projects early, thereby accelerating our lease commencements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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