{"id":520429,"date":"2021-07-29T16:21:29","date_gmt":"2021-07-29T20:21:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-second-quarter-2021-results-raises-midpoint-of-full-year-guidance-by-4-cents-implying-6-6-growth-in-ffops-as-adjusted-for-comparability\/"},"modified":"2021-07-29T16:21:29","modified_gmt":"2021-07-29T20:21:29","slug":"copt-reports-second-quarter-2021-results-raises-midpoint-of-full-year-guidance-by-4-cents-implying-6-6-growth-in-ffops-as-adjusted-for-comparability","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-second-quarter-2021-results-raises-midpoint-of-full-year-guidance-by-4-cents-implying-6-6-growth-in-ffops-as-adjusted-for-comparability\/","title":{"rendered":"COPT Reports Second Quarter 2021 Results; Raises Midpoint of Full Year Guidance by 4-Cents, Implying 6.6% Growth in FFOPS, as Adjusted for Comparability"},"content":{"rendered":"

<\/p>\n

COPT Reports Second Quarter 2021 Results; Raises Midpoint of Full Year Guidance by 4-Cents, Implying 6.6% Growth in FFOPS, as Adjusted for Comparability<\/b><\/p>\n

Earlier Development Completions & Stronger Same-Property Results <\/i>Drive Higher 2021 Expectations<\/i><\/p>\n

Reported EPS of $0.38 in 2Q;
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<\/b>FFO per Share, as Adjusted for Comparability, of $0.58 was 1-Cent Above
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<\/b>High-End of Guidance <\/b><\/p>\n

Same-Property Cash NOI Increased 2.4% in the Quarter, Strongly Outperforming Guidance
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<\/i>Raising Midpoint of Same-Property Cash NOI Guidance for the Year<\/i><\/p>\n

Core Portfolio 93.7% Occupied & 94.6% Leased<\/i><\/p>\n

1.95 Million SF of Active Developments are 87% Leased<\/i><\/p>\n

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

Total Leasing of 1.4 Million SF in the Quarter Included 630,000 SF of Development Leasing<\/i><\/p>\n

2Q Tenant Retention of 89% and Cash Rent Rolled Up 0.1%
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<\/i>78% Retention Rate and a Modest (0.2%) Change in Cash Rents for the First Half of 2021<\/i><\/p>\n

COLUMBIA, Md.–(BUSINESS WIRE<\/a>)–
\nCorporate Office Properties Trust (\u201cCOPT\u201d or the \u201cCompany\u201d) (NYSE: OFC) announced results for the second quarter ended June 30, 2021.\n<\/p>\n

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

\nStephen E. Budorick, COPT\u2019s President & Chief Executive Officer, commented, \u201cOur differentiated portfolio of office and data center properties that support priority missions at U.S. defense installations continues to produce strong results. Existing operations generated better than expected same-property results, vacancy leasing for Defense\/IT Locations was solid, and development leasing was strong. Having completed 694,000 square feet of development leasing through July, we are confident we will achieve our one million square feet development leasing goal for the year. Additionally, we expect to deliver three major development projects early, thereby accelerating our lease commencements. Due to excellent execution on development projects and an improved outlook for same-property operations, we are increasing the midpoint of our full-year guidance for FFO per share, as adjusted for comparability, from $2.22 to $2.26. The midpoint of our updated full year guidance is seven-cents above our original midpoint and represents 6.6% growth over 2020 elevated results.\u201d\n<\/p>\n

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

2nd<\/sup> Quarter Financial Results:<\/b><\/p>\n