COPT(US:CDP)2024-04-26 19:12Financial Performance - FFO per share exceeded guidance at $0.62[4] - Same property cash NOI increased by 6.1%[4] - Updated FY 2024 FFOPS guidance midpoint increased by 3 cents to $2.54, implying 5% year-over-year growth[19] - Updated FY 2024 Same Property % Change in Cash NOI guidance midpoint increased by 50 basis points to 6.5%[19] - The company is positioned to generate compound annual FFO per share growth of roughly 4% from 2023 through 2026[49, 70] Portfolio & Leasing Activity - Defense/IT Portfolio is 96.8% leased and 95.6% occupied[4] - Same property portfolio is 95.0% leased and 93.5% occupied[4] - Total leasing volume was 721,000 SF, including 160,000 SF of vacancy leasing[4] - Total retention rate was 78%, with a Defense/IT Portfolio retention rate of 83%[4] - Columbia Gateway portfolio (excluding Franklin Center) is 94.8% leased and 92.9% occupied[30] Investment & Capital Allocation - $91 million of capital was committed to new investments[4] - The company started two development projects with an estimated cost of $76 million and acquired a property for $15 million[4] - The company expects to commit $200–$240 million of capital investment in 2024, entirely in the Defense/IT Portfolio[39] - The company acquired Franklin Center for $15 million, which is 56% leased to a Top 10 U.S Defense Contractor[21]