Corporate Office Properties Trust Stock Price, News & Analysis

Corporate Office Properties Trust (NYSE: OFC) announced the release date for its first quarter 2023 results, scheduled for April 27, 2023 after market close. A conference call will follow on April 28, 2023, at 12:00 p.m. Eastern. Participants can register for the conference call via the provided link for direct access without waiting for an operator. COPT, a REIT focused on office and data center properties primarily supporting the U.S. Government, had a core portfolio of 192 properties as of December 31, 2022, comprising 22.8 million square feet with a 95.3% lease rate.

Corporate Office Properties Trust (NYSE: OFC) announced that Stephen E. Budorick, President & CEO, will present at Citi’s 2023 Global Property CEO Conference on March 7, 2023, at 3:40 p.m. ET in Hollywood, Florida. A live audio webcast of the session will be available on COPT’s Investors website, with a replay accessible until March 27, 2023. COPT primarily focuses on office and data center properties, with 91% of its revenue sourced from locations supporting the U.S. Government and its contractors, particularly in national security and IT. As of December 31, 2022, COPT owned 192 properties totaling 22.8 million square feet, achieving a leasing rate of 95.3%.

Corporate Office Properties Trust (NYSE: OFC) has declared a quarterly dividend of $0.285 per share for Q1 2023, marking a 3.6% increase from the previous $0.275 dividend. This dividend, amounting to an annualized $1.14 per share, is payable on April 17, 2023, to shareholders of record as of March 31, 2023. The Company emphasizes this increase as a result of a decade-long strategy focused on generating stable cash flows through its investments in Defense/IT properties, which account for 91% of its core portfolio revenue. From 2018 to 2022, FFO per share grew at a CAGR of 4.1%, underscoring the company's robust financial health.

Corporate Office Properties Trust (NYSE: OFC) has issued guidance for 2023, projecting diluted earnings per share (EPS) between $1.45 and $1.53, and diluted funds from operations per share (FFOPS) between $2.34 and $2.42. For Q1 2023, EPS guidance is set at $0.66 to $0.68, while FFOPS is expected to range from $0.56 to $0.58. Key assumptions indicate a year-over-year growth driven by an increase in Same-Property Net Operating Income (NOI) and new developments, albeit offset by higher interest expenses. The company expects occupancy rates to reach 93% to 94% in 2023, reflecting ongoing leasing activity.

Corporate Office Properties Trust (COPT) reported strong financial results for the full year 2022, with an EPS of $1.53, up from $0.68 in 2021. The adjusted Funds from Operations (FFO) per share was $2.36, exceeding guidance. The core portfolio was 93% occupied and 95% leased, achieving 801,000 square feet of vacancy leasing—the highest in 12 years. COPT’s developments added 1.3 million square feet, 99% leased. The FY23 defense budget increased by 7.5%, supporting future leasing demand. Recent joint ventures secured funding for 2023 developments, indicating a strong balance sheet, with no major debt maturities until 2026.

Corporate Office Properties Trust (OFC) announced two long-term leases with a Fortune 500 company for build-to-suit developments in Northern Virginia. The first project covers 225,000 square feet, expected for shell completion in Q2 2025, while the second spans 193,000 square feet, set for completion in Q4 2025. Additionally, a lease for a 46,000 square foot build-to-suit office building was executed with Davidson Technologies for their headquarters in Huntsville, AL. As of September 30, 2022, OFC's portfolio included 186 properties totaling 21.9 million square feet, with 95.0% leased, predominantly supporting government and defense contractors.

Corporate Office Properties Trust (NYSE: OFC) announced the 2022 tax treatment of its common share distributions. Shareholders are advised to consult tax advisors regarding their specific tax treatment. The distributions have a record date of December 30, 2022, and a payment date of January 17, 2023, which are allocable to 2023 for tax purposes. The total distribution per share for 2022 was $1.3750, with $1.1000 allocated to 2022 taxable ordinary dividends. Shareholders should note that 90% of the company's annualized rental revenue comes from Defense/IT locations.

Corporate Office Properties Trust (NYSE: OFC) announced the formation of two joint ventures with Blackstone Real Estate, acquiring a 90% interest in five data center shell properties valued at approximately $278 million. This acquisition, completed through two transactions, generated about $250 million for COPT, which will fund its development pipeline. The Company expects not to raise additional equity capital in 2023, indicating strong capital management.

Corporate Office Properties Trust (NYSE: OFC) will announce its fourth quarter and year-end 2022 results on February 9, 2023, after market close. The management will discuss financial performance and 2023 guidance during a conference call scheduled for February 10, 2023, at 12:00 p.m. Eastern. Participants must register for the call to gain dial-in access. COPT focuses on properties supporting U.S. Government functions, with 90% of its revenue from Defense/IT Locations. As of September 30, 2022, its portfolio included 186 properties and was 95% leased.