COPT reported a strong year despite COVID-19 challenges, with operations minimally impacted, as evidenced by a 99.7% rent collection rate. The company exceeded guidance for both fourth quarter and full-year FFO per share, adjusted for comparability. A record 1.8 million square feet of fully leased developments were placed in service, and the company executed 1 million square feet of new development leasing.
EPS of $0.87 for 2020 exceeded high end of guidance by 8 cents; FFO per share, as adjusted for comparability, of $2.12 represented 4.4% growth over 2019 results and exceeded high end of guidance by 2 cents.
Same-property cash NOI increased 1.6% during the year.
Core portfolio was 94.3% occupied and 95.0% leased.
Record 1.8 million SF of 99% leased developments were placed into service during 2020, with 1.5 million SF of active developments being 84% leased.
The company expects incremental NOI from developments placed in service to drive solid FFO per share growth in 2021. The $2.19 midpoint of the 2021 initial guidance is a penny higher than the midpoint implied by the growth guideposts provided last October and reflects the ongoing strength of operations.
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