Press Release: COPT Reports Fourth Quarter and Full Year 2020 Results
COPT Reports Fourth Quarter and Full Year 2020 Results
EPS of $0.87 for 2020 Exceeded High End of Guidance by 8-Cents;
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
Same-Property Cash NOI Increased 1.6% During the Year
Core Portfolio 94.3% Occupied & 95.0% Leased
Record 1.8 Million SF of 99% Leased Developments Placed into Service During 2020
1.5 Million SF of Active Developments are 84% Leased
Operations Minimally Affected by COVID-19 Shutdowns
Monthly Rent Collections During Pandemic Shutdowns Totaled 99.7%
Rent Relief Totaled 1% of Annualized Rental Revenues
Solid Annual Leasing Activity
Total Leasing of 3.6 Million SF for the Year included 1 Million SF of Development Leasing and 416,000 SF of Vacancy Leasing
Record Tenant Retention of 81% for the Year
GAAP Rents on Renewals Increased 6.5% & Cash Rents Rolled Down 2.1%
Corporate Office Properties Trust ("COPT" or the "Company") (NYSE: OFC) announced financial and operating results for the fourth quarter and full year ended December 31, 2020.
Stephen E. Budorick, COPT's President & Chief Executive Officer, commented, "Notwithstanding 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."
He continued, "During 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."
4(th) Quarter Financial Results:
Full Year 2020 Financial Results:
Operating Performance Highlights
Operating Portfolio Summary:
Investment Activity Highlights
Balance Sheet and Capital Transaction Highlights
Associated Supplemental Presentation
Prior to the call, the Company will post a slide presentation to accompany management's prepared remarks for its fourth quarter and year end 2020 conference call, the details of which are provided below. The accompanying slide presentation can be viewed on and downloaded from the 'Latest Updates' section of COPT's Investors website: https://investors.copt.com/
The Company details its initial full year and first quarter guidance, with supporting assumptions, in a separate press release issued concurrently with this press release; that release can be found in the 'News, Presentations & Event Calendar' section of COPT's Investors website: https://investors.copt.com/News/news-releases/default.aspx
Conference Call Information
Management will discuss fourth quarter and year end 2020 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:
The conference call will also be available via live webcast in the 'Latest Updates' section of COPT's Investors website: https://investors.copt.com/
A replay of the conference call will be immediately available via webcast on the Investors website. Additionally, a telephonic replay of this call will be available beginning at 3:00 p.m. Eastern Time on Friday, February 5, through 3:00 p.m. Eastern Time on Friday, February 19. To access the replay within the United States, please call 855-859-2056; to access it from outside the United States, please call 404-537-3406. In either case, use passcode 1548922.
For definitions of certain terms used in this press release, please refer to the information furnished in the Company's Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.
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