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Jun 30, 2023
COPT Q2 2023 Earnings Report
Reported strong results driven by the Defense/IT investment strategy.
Key Takeaways
COPT reported strong second quarter results, with FFO per share exceeding the midpoint of guidance. The company increased its full-year FFO per share guidance and same-property cash NOI guidance, driven by elevated tenant demand and solid execution.
EPS was $0.27, and FFO per share as adjusted for comparability was $0.60, exceeding the high end of guidance.
The midpoint of 2023 FFO per share guidance was increased by $0.02 to $2.40.
Core portfolio was 93.6% occupied and 95.0% leased.
Same-property cash NOI increased 5.8%, leading to an increased full-year guidance.
Forward Guidance
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 $1.46-$1.52, and $2.35-$2.41, respectively, to new ranges of $1.49-$1.53, and $2.38-$2.42, respectively. Management is establishing third quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.26-$0.28 and $0.59-$0.61, respectively.
Positive Outlook
- Increased Midpoint of 2023 FFO per Share Guidance by 2-cents to $2.40
- Core Portfolio 93.6% Occupied and 95.0% Leased
- Same-Property Cash NOI Increased 5.8% in 2Q23 and 7.0% Year-to-Date
- Raising Same-Property Cash NOI Guidance for the Year by 100 Basis Points, to 4.5%-5.5%
- 1.5 million SF of Active Developments are 92% Leased
Challenges Ahead
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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