NYSE$CDP
COPT Defense Properties · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported strong results driven by the Defense/IT investment strategy.
COPT reported strong second quarter results, with FFO per share exceeding the midpoint of guidance. The company increased its full-year FFO per share guidance and same-property cash NOI guidance, driven by elevated tenant demand and solid execution.
- EPS was $0.27, and FFO per share as adjusted for comparability was $0.60, exceeding the high end of guidance.
- The midpoint of 2023 FFO per share guidance was increased by $0.02 to $2.40.
- Core portfolio was 93.6% occupied and 95.0% leased.
- Same-property cash NOI increased 5.8%, leading to an increased full-year guidance.
Headline financials
Revenue & EPS history
COPT · Revenue · Quarterly
$169M
Forward guidance
Management is updating its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.46-$1.52, and $2.35-$2.41, respectively, to new ranges of $1.49-$1.53, and $2.38-$2.42, respectively. Management is establishing third quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.26-$0.28 and $0.59-$0.61, respectively.
Tailwinds
- Increased Midpoint of 2023 FFO per Share Guidance by 2-cents to $2.40
- Core Portfolio 93.6% Occupied and 95.0% Leased
- Same-Property Cash NOI Increased 5.8% in 2Q23 and 7.0% Year-to-Date
- Raising Same-Property Cash NOI Guidance for the Year by 100 Basis Points, to 4.5%-5.5%
- 1.5 million SF of Active Developments are 92% Leased
Headwinds
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
- No negative aspects were explicitly mentioned in the provided summary or forward-looking statements.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.3%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.1%
Avg return
30 days after
61%
42 / 69 earnings
Positive
+6.2%
Q2 2019
Best reaction
-6.4%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.7% | -4.1% | +0.5% | |
| Q4 2025 | +1.4% | +1.2% | +0.2% | |
| Q3 2025 | +3.8% | +5.4% | +12.5% | |
| Q2 2025 | +0.3% | +1.0% | +10.3% | |
| Q1 2025 | -4.2% | -0.5% | +3.0% | |
| Q4 2024 | -0.8% | -5.5% | -8.7% | |
| Q3 2024 | +0.7% | -1.1% | +1.7% | |
| Q2 2024 | +2.9% | +2.2% | +4.3% | |
| Q1 2024 | +3.0% | +4.4% | +4.8% | |
| Q4 2023 | +4.3% | +4.4% | +8.0% | |
| Q3 2023 | +0.2% | -0.5% | +5.9% | |
| Q2 2023 | -0.8% | -1.5% | -4.2% | |
| Q1 2023 | +4.8% | +5.9% | +2.1% | |
| Q4 2022 | -1.4% | -0.6% | -9.9% | |
| Q3 2022 | +3.1% | +4.4% | +8.2% | |
| Q2 2022 | +4.3% | +1.0% | -2.4% | |
| Q1 2022 | -2.1% | -1.8% | +0.5% | |
| Q4 2021 | +0.4% | +0.5% | +11.8% | |
| Q3 2021 | -0.4% | -0.2% | -4.4% | |
| Q2 2021 | -0.2% | -3.4% | -3.4% | |
| Q1 2021 | -0.3% | +1.5% | -1.9% | |
| Q4 2020 | +0.9% | +1.2% | -2.0% | |
| Q3 2020 | +2.3% | +6.0% | +24.2% | |
| Q2 2020 | -0.6% | +2.0% | -6.0% | |
| Q1 2020 | -6.4% | -7.0% | -6.6% | |
| Q4 2019 | -2.9% | -2.4% | -7.7% | |
| Q3 2019 | -2.5% | -0.5% | -1.9% | |
| Q2 2019 | +6.2% | +3.2% | +5.4% | |
| Q1 2019 | +0.9% | +1.7% | -0.2% | |
| Q4 2018 | +1.8% | +2.7% | +4.4% | |
| Q3 2018 | -6.3% | -8.7% | -14.1% | |
| Q2 2018 | +2.4% | +1.9% | +4.1% | |
| Q1 2018 | +2.4% | +2.7% | +3.1% | |
| Q4 2017 | +1.3% | -2.0% | +1.2% | |
| Q3 2017 | +3.2% | +2.5% | +0.3% | |
| Q2 2017 | -1.0% | -2.8% | -3.0% | |
| Q1 2017 | +0.4% | +1.1% | -0.1% | |
| Q4 2016 | +3.0% | +2.9% | +2.4% | |
| Q3 2016 | -3.2% | -4.3% | +6.5% | |
| Q2 2016 | +1.2% | -0.4% | -4.1% | |
| Q1 2016 | +0.0% | — | — | |
| Q4 2015 | +3.1% | — | — | |
| Q3 2015 | -3.1% | — | — | |
| Q2 2015 | -3.5% | — | — | |
| Q1 2015 | -4.6% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | +2.0% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | +0.1% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | +3.4% | — | — | |
| Q2 2013 | -4.6% | — | — | |
| Q1 2013 | -0.3% | — | — | |
| Q4 2012 | +0.4% | — | — | |
| Q3 2012 | -3.0% | — | — | |
| Q2 2012 | +0.4% | — | — | |
| Q1 2012 | +0.5% | — | — | |
| Q4 2008 | +0.3% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | -5.2% | — | — | |
| Q2 2011 | -1.2% | — | — | |
| Q1 2010 | -1.4% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2010 | +0.5% | — | — | |
| Q3 2010 | +1.0% | — | — | |
| Q4 2009 | +1.0% | — | — | |
| Q3 2009 | +1.0% | — | — | |
| Q2 2009 | +3.5% | — | — | |
| Q2 2010 | +3.5% | — | — |
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