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Dec 31, 2023
COPT Q4 2023 Earnings Report
Reported solid earnings growth profile driven by the Defense/IT investment strategy and strong operating performance.
Key Takeaways
COPT Defense Properties reported strong Q4 and full year 2023 results, driven by the solid performance of its Defense/IT portfolio. The Defense/IT Portfolio was 96.2% occupied and 97.2% leased at year end. Same property cash NOI increased 5.7%, the highest reported level in over 15 years, while cash rent spreads on renewals were the highest since 2008. The Company placed into service 848,000 square feet of developments that were 98% leased.
EPS of ($0.67) for Full Year Impacted by 3Q23 Impairment of Assets in Other Segment
FFO per Share, as Adjusted for Comparability, of $2.42 Increased 2.5% Over 2022 Results
Defense/IT Portfolio 96.2% Occupied and 97.2% Leased
Same Property Cash NOI Increased 5.7%
Revenue by Segment
Forward Guidance
The company expects FFO per share to increase 3.7% at the midpoint in 2024 and continue to anticipate compound annual growth of roughly 4% between 2023 to 2026.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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