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Sep 30, 2023
COPT Q3 2023 Earnings Report
Reported solid third quarter results, with Defense/IT portfolio at 97.0% leased and same property cash NOI increased by 4.5%.
Key Takeaways
COPT Defense Properties reported solid third quarter results, driven by strong leasing activity and the continued success of its Defense/IT investment strategy. FFO per share was at the midpoint of guidance, and the company raised its full-year same property cash NOI growth guidance. The Defense/IT Portfolio was 97.0% leased, the highest since 2015.
Defense/IT Portfolio 97.0% leased, highest leased rate since 2015.
Same Property Cash NOI Increased 4.5% in 3Q23 and 6.2% Year-to-Date.
Placed 443,000 SF of Developments into Service that are 98% Leased.
1.0 million SF of Active Developments are 90% Leased.
Forward Guidance
Management is revising its full-year guidance for diluted EPS and narrowing its full-year guidance for diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.49-$1.53, and $2.38-$2.42, respectively, to new ranges of ($0.71)-($0.69), and $2.39-$2.41, respectively.Management is establishing fourth quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.27-$0.29 and $0.60-$0.62, respectively.
Positive Outlook
- Diluted EPS guidance for Q4 is $0.27-$0.29
- Diluted FFOPS guidance for Q4 is $0.60-$0.62
- Full-year diluted EPS guidance is ($0.71)-($0.69)
- Full-year diluted FFOPS guidance is $2.39-$2.41
- Highly confident that we will achieve our leasing goals
Challenges Ahead
- Challenging capital markets environment
- Net loss attributable to common shareholders $(216,187)
- Diluted EPS $(1.94)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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