NYSE$CDP
COPT Defense Properties · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Reported strong third-quarter results, raised midpoint of full-year guidance, and demonstrated solid leasing activity.
COPT reported a strong third quarter, driven by demand for its Defense/IT Locations. The company raised its full-year guidance for FFO per share, as adjusted for comparability, to $2.27, representing 7.1% growth over 2020.
- Diluted EPS was $0.24 for the quarter, and FFO per share, as adjusted for comparability, was $0.57, exceeding the high end of guidance by 1 cent.
- Same-property cash NOI increased by 4.8% in the quarter, leading to an increased midpoint of same-property cash NOI guidance for the year.
- The core portfolio was 93.5% occupied and 94.8% leased.
- Active developments totaling 1.8 million square feet are 94% leased.
Headline financials
Revenue & EPS history
COPT · Revenue · Quarterly
$175M
Forward guidance
Management is increasing its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability.
Tailwinds
- Full-year EPS guidance increased to a range of $0.76-$0.78.
- Full-year FFOPS, per Nareit, guidance increased to a range of $1.74-$1.76.
- Full-year FFOPS, as adjusted for comparability, guidance increased to a range of $2.26-$2.28.
- Strong leasing activity with 1.0 million square feet leased in the quarter.
- Development pipeline consists of 13 properties totaling 1.8 million square feet that are 94% leased.
Headwinds
- Lowering prior guidance ranges for EPS and FFOPS (per Nareit and as adjusted for comparability) for the fourth quarter from $0.21-$0.23 and $0.56-$0.58, respectively, to $0.20-$0.22 and $0.55-$0.57, respectively, to account for the expected timing of repair and maintenance projects.
- Cash rents on renewed space decreased 0.6% for the quarter.
- Cash rents on renewed space decreased 0.3% for the nine months ended September 30, 2021.
- Lease terms averaged 3.1 years on renewing leases.
- The company expects customers to continue making long-term commitments to our Defense/IT Locations.
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 Q3 2021
+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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