{"id":484832,"date":"2021-04-29T16:30:12","date_gmt":"2021-04-29T20:30:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-first-quarter-2021-results-raises-midpoint-of-full-year-guidance-by-3-cents-implying-4-7-growth\/"},"modified":"2021-04-29T16:30:12","modified_gmt":"2021-04-29T20:30:12","slug":"copt-reports-first-quarter-2021-results-raises-midpoint-of-full-year-guidance-by-3-cents-implying-4-7-growth","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-first-quarter-2021-results-raises-midpoint-of-full-year-guidance-by-3-cents-implying-4-7-growth\/","title":{"rendered":"COPT Reports First Quarter 2021 Results; Raises Midpoint of Full Year Guidance by 3-Cents, Implying 4.7% Growth"},"content":{"rendered":"

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COPT Reports First Quarter 2021 Results; Raises Midpoint of Full Year Guidance by 3-Cents, Implying 4.7% Growth<\/b><\/p>\n

Stronger Outlook for Same-Property Cash NOI and Interest Savings from Senior Notes Refinancing Boost 2021 Expectations<\/i><\/p>\n

EPS of ($0.06) Exceeded High End of Guidance by 1-Cent;
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FFO per Share, as Adjusted for Comparability, of $0.56 was at the High End of Guidance<\/b><\/p>\n

Raising Same-Property Cash NOI Guidance for the Year by 100 Basis Points, to (1%)-1%
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<\/i>Same-Property Cash NOI Declined 2.7% in the Quarter, Consistent with Guidance<\/i><\/p>\n

Core Portfolio 94.0% Occupied & 94.9% Leased<\/i><\/p>\n

46,000 SF of 100% Leased Development Placed into Service<\/i><\/p>\n

1.4 Million SF of Active Developments are 85% Leased<\/i><\/p>\n

Solid Leasing Activity; Raising Tenant Retention Forecast<\/b><\/p>\n

Total Leasing of 258,000 SF in the Quarter; Over 660,000 SF of New and Renewal Leasing Achieved in April
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<\/i>Total Leasing Through April Exceeds 920,000 SF<\/i><\/p>\n

1Q Tenant Retention of 52% was In-Line with Internal Forecast
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<\/i>88% Retention Rate in April and Revised Forecast Drive Increased Full-Year Guidance of 70%-75%<\/i><\/p>\n

1Q GAAP Rents on Renewals Increased 4.9%; Cash Rents Rolled Down 2.2% with Average Escalations of 2.6%<\/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 first quarter ended March 31, 2021.\n<\/p>\n

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

\nStephen E. Budorick, COPT\u2019s President & Chief Executive Officer, commented, \u201cWe are off to a strong start in 2021. Due to our unique investment strategy of concentrating assets around U.S. defense installations executing priority missions in support of national security, and the extremely high credit quality of our tenants, our operations continue to be fundamentally unaffected by pandemic-related externalities. First quarter leasing results were in-line with our internal forecast, and we are off to a blistering start in the second quarter, completing over 660,000 square feet of new and renewal leasing, and achieving an 88% renewal rate. Based on leasing achieved in April and the transactions in negotiation, we are increasing our full-year tenant retention guidance from the prior range of 65%-75% to a new range of 70%-75%. With roughly 900,000 square feet of development transactions in advanced negotiations, we also remain on-track to meet or exceed previously established guidance of leasing 1 million square feet in developments this year.\u201d\n<\/p>\n

\nHe continued, \u201cThe exceptional execution of our March bond offering and solid operations drove first quarter FFO per share, as adjusted for comparability, to the high-end of guidance and the interest savings will continue to benefit the remainder of the year. Additionally, our improved leasing outlook is driving higher expectations for same-property results. Accordingly, we are increasing the midpoint of our updated full-year guidance for FFO per share, as adjusted for comparability, from $2.19 to a new midpoint of $2.22, which would represent 4.7% growth over 2020 results.\u201d\n<\/p>\n

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

1st<\/sup> Quarter Financial Results:<\/b><\/p>\n