{"id":429527,"date":"2021-02-04T16:25:53","date_gmt":"2021-02-04T21:25:53","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=429527"},"modified":"2021-02-04T16:25:53","modified_gmt":"2021-02-04T21:25:53","slug":"copt-reports-fourth-quarter-and-full-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-fourth-quarter-and-full-year-2020-results\/","title":{"rendered":"COPT Reports Fourth Quarter and Full Year 2020 Results"},"content":{"rendered":"

<\/p>\n

COPT Reports Fourth Quarter and Full Year 2020 Results<\/b><\/p>\n

EPS of $0.87 for 2020 Exceeded High End of Guidance by 8-Cents;
\n
<\/b>FFO per Share, as Adjusted for Comparability, of $2.12 Represented 4.4% Growth over 2019 Results & Exceeded High End of Guidance by 2-Cents<\/b><\/p>\n

Same-Property Cash NOI Increased 1.6% During the Year<\/i><\/p>\n

Core Portfolio 94.3% Occupied & 95.0% Leased <\/i><\/p>\n

Record 1.8 Million SF of 99% Leased Developments Placed into Service During 2020<\/i><\/p>\n

1.5 Million SF of Active Developments are 84% Leased<\/i><\/p>\n

Operations Minimally Affected by COVID-19 Shutdowns<\/b><\/p>\n

Monthly Rent Collections During Pandemic Shutdowns Totaled 99.7%<\/i><\/p>\n

Rent Relief Totaled 1% of Annualized Rental Revenues<\/i><\/p>\n

Solid Annual Leasing Activity<\/b><\/p>\n

Total Leasing of 3.6 Million SF for the Year included 1 Million SF of Development Leasing and <\/i>416,000 SF of Vacancy Leasing<\/i><\/p>\n

Record Tenant Retention of 81% for the Year<\/i><\/p>\n

GAAP Rents on Renewals Increased 6.5% & Cash Rents Rolled Down 2.1%<\/i><\/p>\n

COLUMBIA, Md.–(BUSINESS WIRE<\/a>)–
\nCorporate Office Properties Trust (\u201cCOPT\u201d or the \u201cCompany\u201d) (NYSE: OFC) announced financial and operating results for the fourth quarter and full year ended December 31, 2020.\n<\/p>\n

Management Comments<\/span><\/b><\/p>\n

\nStephen E. Budorick, COPT\u2019s President & Chief Executive Officer, commented, \u201cNotwithstanding the challenges presented by the COVID-19 pandemic, 2020 was a very strong year for our Company. Our operations were minimally impacted by the pandemic shutdowns, as demonstrated by our 99.7% rent collection rate, the record 1.8 million square feet of fully leased developments we placed in service, and the one million square feet of new development leasing we completed during the year. Additionally, fourth quarter and full-year FFO per share, as adjusted for comparability, outperformed the high ends of guidance by 2-cents due to non-recurring items in the quarter.\u201d\n<\/p>\n

\nHe continued, \u201cDuring 2021, we expect incremental NOI from developments placed in service to drive solid FFO per share growth. The $2.19 midpoint of our 2021 initial guidance is a penny higher than the midpoint implied by the growth guideposts we provided last October and reflects the on-going strength of our operations.\u201d\n<\/p>\n

Financial Highlights<\/span><\/b><\/p>\n

4th<\/sup> Quarter Financial Results:<\/b><\/p>\n