COPT Defense Properties reported strong second quarter results, with FFO per share exceeding guidance. The company increased its full-year FFO per share guidance by $0.02 to $2.56, implying nearly 6% year-over-year growth. Same property cash NOI increased 10.9%, and the company raised guidance for same property cash NOI growth and year-end occupancy.
EPS was $0.31.
FFO per Share, as Adjusted for Comparability, was $0.64, 1-cent above the Midpoint of Guidance.
Defense/IT Portfolio was 95.5% Occupied and 96.7% Leased.
Same Property Cash NOI Increased 10.9%.
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 $1.19-$1.25, and $2.51-$2.57, respectively, to new ranges of $1.22-$1.26, and $2.54-$2.58, respectively.
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