COPT reported a strong third quarter, driven by demand for its Defense/IT Locations. The company raised its full-year guidance for FFO per share, as adjusted for comparability, to $2.27, representing 7.1% growth over 2020.
Diluted EPS was $0.24 for the quarter, and FFO per share, as adjusted for comparability, was $0.57, exceeding the high end of guidance by 1 cent.
Same-property cash NOI increased by 4.8% in the quarter, leading to an increased midpoint of same-property cash NOI guidance for the year.
The core portfolio was 93.5% occupied and 94.8% leased.
Active developments totaling 1.8 million square feet are 94% leased.
Management is increasing its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability.
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