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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

Nachrichtenquelle: Business Wire (engl.)
29.07.2021, 22:16  |  116   |   |   

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced results for the second quarter ended June 30, 2021.

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Our 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.”

Financial Highlights

2nd Quarter Financial Results:

  • Diluted earnings per share (“EPS”) was $0.38 for the quarter ended June 30, 2021 compared to $0.21 for the second quarter of 2020.
  • Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition, was $0.35 for the second quarter of 2021 compared to $0.51 for second quarter 2020.
  • FFOPS, as adjusted for comparability, was $0.58 for the second quarter of 2021 compared to $0.51 for the second quarter of 2020.

Operating Performance Highlights

Operating Portfolio Summary:

  • At June 30, 2021, the Company’s core portfolio of 181 operating office and data center shell properties was 93.7% occupied and 94.6% leased.
  • During the quarter, the Company placed into service 197,000 square feet that were 60% leased.

Same-Property Performance:

  • At June 30, 2021, COPT’s same-property portfolio of 158 buildings was 92.6% occupied and 93.5% leased.
  • For the quarter ended June 30, 2021, the Company’s same-property cash NOI increased 2.4% over the prior year’s comparable period.

Leasing:

  • Total Square Feet Leased: For the quarter ended June 30, 2021, the Company leased 1.4 million total square feet, including 661,000 square feet of renewals, 630,000 square feet in development projects, and 111,000 square feet of new leases on vacant space. For the six months ended June 30, 2021, the Company executed 1.7 million square feet of total leasing, including 815,000 square feet of renewals, 641,000 square feet in development projects, and 205,000 square feet of vacancy leasing.
  • Renewal Rates: During the quarter and six months ended June 30, 2021, the Company renewed 88.9% and 78.3%, respectively, of expiring square feet.
  • Rent Spreads & Average Escalations on Renewing Leases: For the quarter and six months ended June 30, 2021, cash rents on renewed space increased 0.1% and decreased 0.2%, respectively. For the same time periods, annual escalations on renewing leases averaged 2.6%.
  • Lease Terms: In the second quarter of 2021, lease terms averaged 4.6 years on renewing leases, 12.9 years on development leasing, and 7.3 years on new leasing of vacant space. For the first six months, lease terms averaged 4.3 years on renewing leases, 12.8 years on development leasing, and 7.8 years on vacancy leasing.

Investment Activity Highlights

  • Development Pipeline: At June 30, 2021, the Company’s development pipeline consisted of 13 properties totaling 1.9 million square feet that were 87% leased. These projects have a total estimated cost of $628.9 million, of which $239.7 million has been incurred.
  • During the quarter, the Company also moved 6740 Alexander Bell Drive, a 57,000 square foot building in Columbia Gateway into redevelopment. COPT intends to invest $11.6 million to reposition the property.

Balance Sheet and Capital Transaction Highlights

  • In April, the Company redeemed the remaining $166 million of its 3.6% senior notes due 2023 and $104 million of its 5.25% senior notes due 2024.
  • In June, the Company sold two data center shells to a new, 90%/10% joint venture with Blackstone Real Estate, generating approximately $107 million of equity.
  • At June 30, 2021, the Company’s net debt to adjusted book ratio was 39.4% and its net debt to in-place adjusted EBITDA ratio was 6.3x. As of the same date, net debt adjusted for fully-leased development plus preferred equity to in-place adjusted EBITDA ratio was 5.8x. For the quarter ended June 30, 2021, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.9x.
  • At June 30, 2021, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 2.99% with a weighted average maturity of 4.9 years; additionally, 80.9% of the Company’s debt was subject to fixed interest rates.

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its second quarter 2021 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/

2021 Guidance

Management is increasing its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability from the prior ranges of $0.28-$0.34, $1.68-$1.74, and $2.19-$2.25, respectively, to new ranges of $0.72-$0.76, $1.73-$1.77, and $2.24-$2.28, respectively. Management is establishing guidance ranges for EPS and FFOPS (per Nareit and as adjusted for comparability) for third quarter at $0.19-$0.21 and $0.54-$0.56, respectively, and fourth quarter at $0.21-$0.23 and $0.56-$0.58, respectively. Reconciliations of projected EPS to projected FFOPS, in accordance with Nareit and as adjusted for comparability are as follows:

Table 1: Reconciliation of EPS to FFOPS, per Nareit   Quarter ending     Quarter ending     Year ending
and As Adjusted for Comparability   September 30, 2021     December 31, 2021     December 31, 2021
  Low     High     Low     High     Low     High
                       
EPS  

$ 0.19

   

$ 0.21

   

$ 0.21

   

$ 0.23

   

$ 0.72

   

$ 0.76

Real estate-related depreciation and amortization  

0.35

   

0.35

   

0.35

   

0.35

   

1.36

   

1.36

Gain on sales of real estate  

-

   

-

   

-

   

-

   

(0.35)

   

(0.35)

FFOPS, Nareit definition  

0.54

   

0.56

   

0.56

   

0.58

   

1.73

   

1.77

Loss on early extinguishment of debt  

-

   

-

   

-

   

-

   

0.51

   

0.51

                       
FFOPS, as adjusted for comparability  

$ 0.54

   

$ 0.56

   

$ 0.56

   

$ 0.58

   

$ 2.24

   

$ 2.28

Conference Call Information

Management will discuss second quarter 2021 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date: Friday, July 30, 2021
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 855-463-9057
Telephone Number: (outside the U.S.) 661-378-9894
Passcode:

8848821

The conference call will also be available via live webcast in the ‘Latest Updates’ section of COPT’s Investors website: https://investors.copt.com/

Replay Information

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, July 30, through 3:00 p.m. Eastern Time on Friday, August 13. 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 8848821.

Definitions

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.

About COPT

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of June 30, 2021, the Company derived 88% of its core portfolio annualized rental revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 181 office and data center shell properties encompassed 21.0 million square feet and was 94.6% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts that was 86.7% leased.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Category: Quarterly Results

Source: Corporate Office Properties Trust

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

 

 

For the Three Months
Ended June 30,

 

For the Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

Revenues

 

 

 

 

 

 

 

Revenues from real estate operations

$

144,423

 

 

$

132,538

 

 

$

289,587

 

 

$

264,654

 

Construction contract and other service revenues

19,988

 

 

12,236

 

 

36,546

 

 

25,917

 

Total revenues

164,411

 

 

144,774

 

 

326,133

 

 

290,571

 

Operating expenses

 

 

 

 

 

 

 

Property operating expenses

54,616

 

 

50,204

 

 

111,590

 

 

100,203

 

Depreciation and amortization associated with real estate operations

37,555

 

 

33,612

 

 

74,876

 

 

66,208

 

Construction contract and other service expenses

19,082

 

 

11,711

 

 

34,875

 

 

24,832

 

General and administrative expenses

7,293

 

 

6,511

 

 

13,355

 

 

11,814

 

Leasing expenses

1,929

 

 

1,647

 

 

4,273

 

 

3,830

 

Business development expenses and land carry costs

1,372

 

 

1,262

 

 

2,466

 

 

2,380

 

Total operating expenses

121,847

 

 

104,947

 

 

241,435

 

 

209,267

 

Interest expense

(15,942)

 

 

(16,797)

 

 

(33,461)

 

 

(33,637)

 

Interest and other income

2,228

 

 

2,282

 

 

4,093

 

 

3,487

 

Credit loss (expense) recoveries

(193)

 

 

(615)

 

 

714

 

 

(1,304)

 

Gain on sales of real estate

40,233

 

 

 

 

39,743

 

 

5

 

Loss on early extinguishment of debt

(25,228)

 

 

 

 

(58,394)

 

 

 

Income before equity in income of unconsolidated entities and income taxes

43,662

 

 

24,697

 

 

37,393

 

 

49,855

 

Equity in income of unconsolidated entities

260

 

 

454

 

 

482

 

 

895

 

Income tax expense

(24)

 

 

(30)

 

 

(56)

 

 

(79)

 

Net income

43,898

 

 

25,121

 

 

37,819

 

 

50,671

 

Net income attributable to noncontrolling interests:

 

 

 

 

 

 

 

Common units in the Operating Partnership (“OP”)

(559)

 

 

(284)

 

 

(474)

 

 

(571)

 

Preferred units in the OP

 

 

(77)

 

 

 

 

(154)

 

Other consolidated entities

(938)

 

 

(1,263)

 

 

(1,613)

 

 

(2,395)

 

Net income attributable to COPT common shareholders

$

42,401

 

 

$

23,497

 

 

$

35,732

 

 

$

47,551

 

 

 

 

 

 

 

 

 

Earnings per share (“EPS”) computation:

 

 

 

 

 

 

 

Numerator for diluted EPS:

 

 

 

 

 

 

 

Net income attributable to COPT common shareholders

$

42,401

 

 

$

23,497

 

 

$

35,732

 

 

$

47,551

 

Amount allocable to share-based compensation awards

(125)

 

 

(109)

 

 

(235)

 

 

(206)

 

Redeemable noncontrolling interests

(20)

 

 

 

 

7

 

 

 

Numerator for diluted EPS

$

42,256

 

 

$

23,388

 

 

$

35,504

 

 

$

47,345

 

Denominator:

 

 

 

 

 

 

 

Weighted average common shares - basic

111,974

 

 

111,800

 

 

111,931

 

 

111,762

 

Dilutive effect of share-based compensation awards

297

 

 

321

 

 

280

 

 

280

 

Dilutive effect of redeemable noncontrolling interests

133

 

 

 

 

125

 

 

 

Weighted average common shares - diluted

112,404

 

 

112,121

 

 

112,336

 

 

112,042

 

Diluted EPS

$

0.38

 

 

$

0.21

 

 

$

0.32

 

 

$

0.42

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands, except per share data)

 

 

For the Three Months
Ended June 30,

 

For the Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

Net income

$

43,898

 

 

$

25,121

 

 

$

37,819

 

 

$

50,671

 

Real estate-related depreciation and amortization

37,555

 

 

33,612

 

 

74,876

 

 

66,208

 

Gain on sales of real estate

(40,233)

 

 

 

 

(39,743)

 

 

(5)

 

Depreciation and amortization on unconsolidated real estate JVs

476

 

 

818

 

 

930

 

 

1,636

 

Funds from operations (“FFO”)

41,696

 

 

59,551

 

 

73,882

 

 

118,510

 

FFO allocable to other noncontrolling interests

(1,302)

 

 

(1,525)

 

 

(2,329)

 

 

(13,540)

 

Basic FFO allocable to share-based compensation awards

(193)

 

 

(254)

 

 

(353)

 

 

(447)

 

Noncontrolling interests - preferred units in the OP

 

 

(77)

 

 

 

 

(154)

 

Basic FFO available to common share and common unit holders (“Basic FFO”)

40,201

 

 

57,695

 

 

71,200

 

 

104,369

 

Dilutive preferred units in the OP

 

 

77

 

 

 

 

154

 

Redeemable noncontrolling interests

11

 

 

37

 

 

70

 

 

69

 

Diluted FFO available to common share and common unit holders
(“Diluted FFO”)

40,212

 

 

57,809

 

 

71,270

 

 

104,592

 

Loss on early extinguishment of debt

25,228

 

 

 

 

58,394

 

 

 

Diluted FFO comparability adjustments allocable to share-based
compensation awards

(137)

 

 

(1)

 

 

(304)

 

 

(51)

 

Demolition costs on redevelopment and nonrecurring improvements

302

 

 

9

 

 

302

 

 

52

 

FFO allocation to other noncontrolling interests resulting from capital event

 

 

 

 

 

 

11,090

 

Diluted FFO available to common share and common unit holders, as
adjusted for comparability

65,605

 

 

57,817

 

 

129,662

 

 

115,683

 

Straight line rent adjustments and lease incentive amortization

(1,288)

 

 

2,523

 

 

(4,645)

 

 

1,671

 

Amortization of intangibles and other assets included in net operating income

41

 

 

(73)

 

 

81

 

 

(147)

 

Share-based compensation, net of amounts capitalized

2,009

 

 

1,638

 

 

3,913

 

 

3,027

 

Amortization of deferred financing costs

811

 

 

642

 

 

1,604

 

 

1,217

 

Amortization of net debt discounts, net of amounts capitalized

520

 

 

390

 

 

1,062

 

 

776

 

Replacement capital expenditures

(13,095)

 

 

(16,132)

 

 

(25,325)

 

 

(33,886)

 

Other diluted AFFO adjustments associated with real estate JVs

178

 

 

(115)

 

 

419

 

 

(156)

 

Diluted adjusted funds from operations available to common share and
common unit holders (“Diluted AFFO”)

$

54,781

 

 

$

46,690

 

 

$

106,771

 

 

$

88,185

 

Diluted FFO per share

$

0.35

 

 

$

0.51

 

 

$

0.63

 

 

$

0.92

 

Diluted FFO per share, as adjusted for comparability

$

0.58

 

 

$

0.51

 

 

$

1.14

 

 

$

1.02

 

Dividends/distributions per common share/unit

$

0.275

 

 

$

0.275

 

 

$

0.550

 

 

$

0.550

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(Dollars and shares in thousands, except per share data)

 

 

June 30,
2021

 

December 31,
2020

Balance Sheet Data

 

 

 

Properties, net of accumulated depreciation

$

3,530,717

 

 

$

3,562,549

 

Total assets

4,052,032

 

 

4,077,023

 

Debt, per balance sheet

2,109,640

 

 

2,086,918

 

Total liabilities

2,354,680

 

 

2,357,881

 

Redeemable noncontrolling interests

26,040

 

 

25,430

 

Equity

1,671,312

 

 

1,693,712

 

Net debt to adjusted book

39.4

%

 

39.1

%

 

 

 

 

Core Portfolio Data (as of period end) (1)

 

 

 

Number of operating properties

181

 

 

179

 

Total operational square feet (in thousands)

20,978

 

 

20,802

 

% Occupied

93.7

%

 

94.3

%

% Leased

94.6

%

 

95.0

%

 

 

For the Three Months Ended
June 30,

 

For the Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

 

Payout ratios

 

 

 

 

 

 

 

 

Diluted FFO

77.5

%

 

53.9

%

 

87.4

%

 

59.6

%

 

Diluted FFO, as adjusted for comparability

47.5

%

 

53.9

%

 

48.1

%

 

53.9

%

 

Diluted AFFO

56.9

%

 

66.8

%

 

58.4

%

 

70.7

%

 

Adjusted EBITDA fixed charge coverage ratio

4.9

x

 

3.8

x

 

4.6

x

 

3.8

x

 

Net debt plus preferred equity to in-place adjusted EBITDA ratio (2)

6.3

x

 

6.4

x

 

N/A

 

N/A

 

Net debt adj. for fully-leased development plus pref. equity to in-place
adj. EBITDA ratio (3)

5.8

x

 

5.9

x

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

Reconciliation of denominators for per share measures

 

 

 

 

 

 

 

Denominator for diluted EPS

112,404

 

 

112,121

 

 

112,336

 

 

112,042

 

 

Weighted average common units

1,262

 

 

1,237

 

 

1,254

 

 

1,232

 

 

Redeemable noncontrolling interests

 

 

157

 

 

 

 

133

 

 

Dilutive convertible preferred units

 

 

176

 

 

 

 

176

 

 

Denominator for diluted FFO per share and as adjusted for comparability

113,666

 

 

113,691

 

 

113,590

 

 

113,583

 

(1)

  Represents Defense/IT Locations and Regional Office properties.

(2)

  Represents net debt plus the total liquidation preference of preferred equity as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).

(3)

  Represents net debt less costs incurred on properties under development that were 100% leased as of period end plus the total liquidation preference of preferred equity divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months
Ended June 30,

 

For the Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

Reconciliation of common share dividends to dividends and
distributions for payout ratios

 

 

 

 

 

 

 

Common share dividends - unrestricted shares and deferred shares

$

30,811

 

 

$

30,761

 

 

$

61,616

 

 

$

61,515

 

Common unit distributions - unrestricted units

347

 

 

341

 

 

694

 

 

680

 

Distributions on dilutive preferred units

 

 

77

 

 

 

 

154

 

Dividends and distributions for payout ratios

$

31,158

 

 

$

31,179

 

 

$

62,310

 

 

$

62,349

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP net (loss) income to earnings before
interest, income taxes, depreciation and amortization for real estate
(“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA

 

 

 

 

 

 

 

Net income

$

43,898

 

 

$

25,121

 

 

$

37,819

 

 

$

50,671

 

Interest expense

15,942

 

 

16,797

 

 

33,461

 

 

33,637

 

Income tax expense

24

 

 

30

 

 

56

 

 

79

 

Real estate-related depreciation and amortization

37,555

 

 

33,612

 

 

74,876

 

 

66,208

 

Other depreciation and amortization

1,045

 

 

448

 

 

1,600

 

 

867

 

Gain on sales of real estate

(40,233)

 

 

 

 

(39,743)

 

 

(5)

 

Adjustments from unconsolidated real estate JVs

711

 

 

1,270

 

 

1,404

 

 

2,540

 

EBITDAre

58,942

 

 

77,278

 

 

109,473

 

 

153,997

 

Loss on early extinguishment of debt

25,228

 

 

 

 

58,394

 

 

 

Net (gain) loss on other investments

(63)

 

 

2

 

 

(63)

 

 

2

 

Credit loss expense (recoveries)

193

 

 

615

 

 

(714)

 

 

1,304

 

Business development expenses

584

 

 

678

 

 

1,132

 

 

1,216

 

Demolition costs on redevelopment and nonrecurring improvements

302

 

 

9

 

 

302

 

 

52

 

Adjusted EBITDA

85,186

 

 

78,582

 

 

$

168,524

 

 

$

156,571

 

Proforma net operating income adjustment for property changes within period

(379)

 

 

959

 

 

 

 

 

Change in collectability of deferred rental revenue

 

 

1,007

 

 

 

 

 

In-place adjusted EBITDA

$

84,807

 

 

$

80,548

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of interest expense to the denominators for fixed
charge coverage-Adjusted EBITDA

 

 

 

 

 

 

 

Interest expense

$

15,942

 

 

$

16,797

 

 

$

33,461

 

 

$

33,637

 

Less: Amortization of deferred financing costs

(811)

 

 

(642)

 

 

(1,604)

 

 

(1,217)

 

Less: Amortization of net debt discounts, net of amounts capitalized

(520)

 

 

(390)

 

 

(1,062)

 

 

(776)

 

COPT’s share of interest expense of unconsolidated real estate JVs,
excluding deferred financing costs

236

 

 

442

 

 

470

 

 

883

 

Scheduled principal amortization

959

 

 

1,023

 

 

1,921

 

 

2,044

 

Capitalized interest

1,707

 

 

3,174

 

 

3,512

 

 

6,532

 

Preferred unit distributions

 

 

77

 

 

 

 

154

 

Denominator for fixed charge coverage-Adjusted EBITDA

$

17,513

 

 

$

20,481

 

 

$

36,698

 

 

$

41,257

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months
Ended June 30,

 

For the Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

Reconciliations of tenant improvements and incentives, building
improvements and leasing costs for operating properties to
replacement capital expenditures

 

 

 

 

 

 

 

Tenant improvements and incentives

$

8,303

 

 

$

8,870

 

 

$

15,442

 

 

$

20,227

 

Building improvements

6,771

 

 

13,662

 

 

10,399

 

 

16,137

 

Leasing costs

2,805

 

 

2,222

 

 

3,934

 

 

4,984

 

Net additions to tenant improvements and incentives

(988)

 

 

329

 

 

1,912

 

 

2,355

 

Excluded building improvements and leasing costs

(3,796)

 

 

(8,951)

 

 

(6,362)

 

 

(9,817)

 

Replacement capital expenditures

$

13,095

 

 

$

16,132

 

 

$

25,325

 

 

$

33,886

 

 

 

 

 

 

 

 

 

Same Properties cash NOI

$

77,241

 

 

$

75,414

 

 

$

149,604

 

 

$

149,874

 

Straight line rent adjustments and lease incentive amortization

(2,272)

 

 

(1,131)

 

 

(2,231)

 

 

(1,115)

 

Amortization of acquired above- and below-market rents

98

 

 

97

 

 

197

 

 

193

 

Amortization of intangibles and other assets to property operating expenses

 

 

(23)

 

 

 

 

(46)

 

Lease termination fees, net

1,094

 

 

200

 

 

2,456

 

 

238

 

Tenant funded landlord assets and lease incentives

441

 

 

(20)

 

 

620

 

 

348

 

Cash NOI adjustments in unconsolidated real estate JV

40

 

 

49

 

 

82

 

 

102

 

Same Properties NOI

$

76,642

 

 

$

74,586

 

 

$

150,728

 

 

$

149,594

 

 

June 30,
2021

 

December 31,
2020

Reconciliation of total assets to adjusted book

 

 

 

Total assets

$

4,052,032

 

 

$

4,077,023

 

Accumulated depreciation

1,182,432

 

 

1,124,253

 

Accumulated amortization of real estate intangibles and deferred leasing costs

219,666

 

 

217,124

 

COPT’s share of liabilities of unconsolidated real estate JVs

27,529

 

 

26,710

 

COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs

2,578

 

 

1,489

 

Less: Property - operating lease liabilities

(29,909)

 

 

(30,746)

 

Less: Property - finance lease liabilities

(18)

 

 

(28)

 

Less: Cash and cash equivalents

(17,182)

 

 

(18,369)

 

Less: COPT’s share of cash of unconsolidated real estate JVs

(373)

 

 

(152)

 

Adjusted book

$

5,436,755

 

 

$

5,397,304

 

 

 

 

 

 

June 30,
2021

 

December 31,
2020

 

June 30,
2020

Reconciliation of debt outstanding to net debt and net debt adjusted for
fully-leased development plus preferred equity

 

 

 

 

 

Debt outstanding (excluding net debt discounts and deferred financing costs)

$

2,157,325

 

 

$

2,127,715

 

 

$

2,073,351

 

Less: Cash and cash equivalents

(17,182)

 

 

(18,369)

 

 

(21,596)

 

Less: COPT’s share of cash of unconsolidated real estate JVs

(373)

 

 

(152)

 

 

(627)

 

Net debt

$

2,139,770

 

 

$

2,109,194

 

 

$

2,051,128

 

Preferred equity

 

 

 

 

8,800

 

Net debt plus preferred equity

$

2,139,770

 

 

$

2,109,194

 

 

$

2,059,928

 

Costs incurred on fully-leased development properties

(171,453)

 

 

(114,532)

 

 

(152,557)

 

Net debt adjusted for fully-leased development plus preferred equity

$

1,968,317

 

 

$

1,994,662

 

 

$

1,907,371

 

 

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Disclaimer

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 Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced results for the second quarter ended June 30, 2021. Management Comments Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Our differentiated …

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