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Sep 30, 2024
COPT Q3 2024 Earnings Report
Reported strong results driven by the Defense/IT investment strategy and strong leasing volume.
Key Takeaways
COPT Defense Properties reported strong third quarter 2024 results, with FFO per share exceeding the midpoint of guidance. The company increased the midpoint of 2024 FFO per share guidance by $0.01 to $2.57, implying 6.2% FFO per share growth for the year. Same property cash NOI increased 9.4% and tenant retention was strong.
EPS of $0.32 and FFO per Share, as Adjusted for Comparability, of $0.65.
Increased Midpoint of 2024 FFO per Share Guidance by 1-cent to $2.57 Implies 6.2% FFO per Share Growth for the Year
Defense/IT Portfolio 95.0% Occupied and 96.5% Leased
Acquired 365-acres in Des Moines, Iowa and 80,000 SF building in San Antonio, Texas
Revenue by Segment
Forward Guidance
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 $1.22-$1.26, and $2.54-$2.58, respectively, to new ranges of $1.24-$1.26, and $2.56-$2.58, respectively. Management is establishing fourth quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.31-$0.33 and $0.64-$0.66, respectively.
Positive Outlook
- Increased the midpoint of 2024 FFO per share guidance by $0.01 to $2.57, which implies over 6% year-over-year growth.
- Increased the midpoint of 2024 guidance for same property cash NOI growth by 50 basis points to 8.5%.
- Increased tenant retention by 250 basis points to 85%.
- U.S. Government portfolio now includes 35 fully leased buildings and accounts for 36.5% of annualized rental revenue.
- Acquired a 365-acre land parcel near Des Moines, Iowa, which is a significant opportunity for us to expand our data center shell program to a new market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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