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Sep 30, 2022
COPT Q3 2022 Earnings Report
Reported EPS of $0.27 and FFO per Share, as Adjusted for Comparability, of $0.58. Core Portfolio was 93% Occupied & 95% Leased and Active Developments are 91% Leased.
Key Takeaways
COPT's Defense/IT investment strategy continues to produce strong results, with third quarter FFOPS of $0.58 at the midpoint of guidance. Leasing during the quarter was exceptional, achieving the highest level of vacancy leasing in over a decade and renewing over 92% of expiring leases. The company closed new Revolving Credit Facility and Term Loan that extends these maturities to 2027 and 2028.
Diluted earnings per share (“EPS”) was $0.27 for the quarter ended September 30, 2022 compared to $0.24 for the third quarter of 2021.
Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition, was $0.58 for the third quarter of 2022 compared to $0.56 for the third quarter of 2021.
At September 30, 2022, the Company’s 21.9 million square foot core portfolio was 92.8% occupied and 95.0% leased.
Total Square Feet Leased: For the quarter ended September 30, 2022, the Company leased 857,000 square feet, including 506,000 square feet of renewals, and 351,000 square feet of new leases on vacant space.
Forward Guidance
Management is narrowing its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.33-$1.37, and $2.33-$2.37, respectively, to new ranges of $1.35-$1.37, and $2.34-$2.36, respectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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