{"id":702295,"date":"2022-10-27T17:52:48","date_gmt":"2022-10-27T21:52:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-3q-2022-results\/"},"modified":"2022-10-27T17:52:48","modified_gmt":"2022-10-27T21:52:48","slug":"copt-reports-3q-2022-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copt-reports-3q-2022-results\/","title":{"rendered":"COPT Reports 3Q 2022 Results"},"content":{"rendered":"

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COPT Reports 3Q 2022 Results<\/b><\/p>\n

Reports EPS of $0.27 in 3Q22;
\n
FFO per Share, as Adjusted for Comparability, of $0.58 at Midpoint of Guidance<\/b><\/p>\n

Core Portfolio 93% Occupied & 95% Leased<\/i><\/p>\n

1.9 million<\/i> SF of Active Developments are 91% Leased<\/i><\/p>\n

Outstanding Leasing<\/b><\/p>\n

Total Leasing of 857,000 SF in 3Q22 and 2.3 million SF Year-to-Date<\/i><\/p>\n

Record<\/i> Level of Quarterly New Leasing Achieved at 351,000 SF<\/i><\/p>\n

Tenant Retention of 92% in 3Q22 and 72% Year-to-Date<\/i><\/p>\n

Guidance<\/b><\/p>\n

Maintains Midpoint of Full-Year Guidance for FFOPS, As Adjusted for Comparability<\/i><\/p>\n

at $2.35, Implying 2.6% Growth<\/i><\/p>\n

Maintains Midpoint of Full-Year Same-Property Occupancy at 92.5% and<\/i><\/p>\n

Narrows Full-Year Guidance for Change in Same-Property Cash NOI at (2%)-(1%)<\/i><\/p>\n

Midpoint of Year-End Tenant Retention Rate Expected to be 75%<\/i><\/p>\n

Narrows Change in Cash Rents on Renewals to (2%)-(1%)<\/i><\/p>\n

COLUMBIA, Md.–(BUSINESS WIRE<\/a>)–
\nCorporate Office Properties Trust (\u201cCOPT\u201d or the \u201cCompany\u201d) (NYSE: OFC) announced results for the third quarter ended September 30, 2022.\n<\/p>\n

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

\nStephen E. Budorick, COPT\u2019s President & Chief Executive Officer, commented, \u201cOur Defense\/IT investment strategy which has concentrated our portfolio near priority U.S. defense installations continues to produce strong results. Third quarter FFOPS of $0.58 was at the midpoint of our guidance and we remain on track to achieve our annual objective which implies 2.6% growth in FFOPS, as adjusted for comparability. Leasing during the quarter was exceptional, achieving our highest level of vacancy leasing in over a decade and renewing over 92% of expiring leases. Despite the historic vacancy leasing volume, our vacancy leasing activity ratio stands at 89%. Development leasing activity also remains strong, and we are confident that we will achieve our 700,000 square foot goal for the year. Our lease structures continue to insulate our results from the impacts of the record inflationary environment, however the elevated interest expense environment will put some pressure on 2023 FFO growth.\u201d\n<\/p>\n

\nHe continued, \u201cWe are very pleased to have closed our new Revolving Credit Facility and Term Loan that extends these maturities to 2027 and 2028, and as a result, we have no significant debt maturing until 2026.\u201d\n<\/p>\n

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

3rd Quarter Financial Results:<\/b><\/p>\n