COPT Reports Fourth Quarter and Full Year 2020 Results

Rhea-AI Summary

Corporate Office Properties Trust (COPT) reported strong fourth quarter and full-year results for 2020, overcoming COVID-19 challenges with a 99.7% rent collection rate. The Company achieved diluted EPS of $0.73, up from $0.38 in Q4 2019, and FFOPS increased to $0.56 from $0.50 year-over-year. COPT's operating portfolio was 94.3% occupied, with $613 million in ongoing developments. COPT's financial position remains stable, with a 39.1% net debt to adjusted book ratio. The Company anticipates FFO per share growth in 2021, with a midpoint guidance of $2.19, indicating continued operational strength.

Positive

• 99.7% rent collection rate during COVID-19.
• Diluted EPS increased to $0.73 from $0.38 YoY.
• FFOPS rose to $0.56 from $0.50 YoY.
• 94.3% occupancy rate in operating portfolio.
• $613 million ongoing development pipeline.
• 2021 guidance midpoint for FFO per share is $2.19, higher than previous estimates.

Negative

• EPS decreased from $1.71 in 2019 to $0.87 in 2020.
• FFOPS decreased from $2.02 in 2019 to $1.50 in 2020.
• Cash rents on renewed space dropped by 2.6% in Q4 and 2.1% for the year.

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced financial and operating results for the fourth quarter and full year ended December 31, 2020.

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Notwithstanding the challenges presented by the COVID-19 pandemic, 2020 was a very strong year for our Company. Our operations were minimally impacted by the pandemic shutdowns, as demonstrated by our 99.7% rent collection rate, the record 1.8 million square feet of fully leased developments we placed in service, and the one million square feet of new development leasing we completed during the year. Additionally, fourth quarter and full-year FFO per share, as adjusted for comparability, outperformed the high ends of guidance by 2-cents due to non-recurring items in the quarter.”

He continued, “During 2021, we expect incremental NOI from developments placed in service to drive solid FFO per share growth. The $2.19 midpoint of our 2021 initial guidance is a penny higher than the midpoint implied by the growth guideposts we provided last October and reflects the on-going strength of our operations.”

Financial Highlights

4^th Quarter Financial Results:

• Diluted earnings per share (“EPS”) was $0.73 for the quarter ended December 31, 2020 as compared to $0.38 for the fourth quarter of 2019.

• Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition, was $0.53 for the fourth quarter of 2020 as compared to $0.49 for fourth quarter 2019 results.

• FFOPS, as adjusted for comparability, was $0.56 in the fourth quarter of 2020 as compared to $0.50 for the fourth quarter of 2019.

Full Year 2020 Financial Results:

• EPS for the year ended December 31, 2020 was $0.87 as compared to 2019 EPS of $1.71.

• Per Nareit’s definition, FFOPS for 2020 was $1.50 as compared to $2.02 for 2019.

• FFOPS, as adjusted for comparability, for 2020 was $2.12 as compared to $2.03 for 2019.

Operating Performance Highlights

Operating Portfolio Summary:

• At December 31, 2020, the Company’s core portfolio of 179 operating office and data center shell properties was 94.3% occupied and 95.0% leased.

• During the quarter and the year, the Company placed into service 582,000 and 1.8 million square feet that were 100% and 99% leased, respectively.

Same-Property Performance:

• At December 31, 2020, COPT’s same-property portfolio of 144 buildings was 92.1% occupied and 93.1% leased.

• For the quarter and year ended December 31, 2020, the Company’s same-property cash NOI was flat and increased 1.6%, respectively, over the prior year’s comparable periods.

Leasing:

• Total Square Feet Leased: For the quarter ended December 31, 2020, the Company leased 869,000 total square feet, including 232,000 square feet of renewals, 495,000 square feet in development projects, and 142,000 square feet of new leases on vacant space.
  
  For the year ended December 31, 2020, the Company executed 3.6 million square feet of total leasing, including 2.2 million square feet of renewals, 1.0 million square feet of development leasing, and 416,000 square feet of vacancy leasing.

• Renewal Rates: During the quarter and year ended December 31, 2020, the Company respectively renewed 59.0% and 80.6% of total expiring square feet.

• Cash Rent Spreads & Average Escalations on Renewing Leases: For the quarter and year ended December 31, 2020, cash rents on renewed space decreased 2.6% and 2.1%, respectively. For the same respective periods, annual escalations on renewing leases averaged 2.5% and 2.4%.

• Lease Terms: In the fourth quarter, lease terms averaged 3.8 years on renewing leases, 15.0 years on development leasing, and 5.3 years on new leasing of vacant space. For the year, lease terms averaged 4.2 years on renewing leases, 14.6 years on development leasing, and 6.2 years on vacancy leasing.

Investment Activity Highlights

• Development Pipeline: As of December 31, 2020, the Company’s development pipeline consisted of 11 properties totaling 1.5 million square feet that were 84% leased. These projects have a total estimated cost of $613.0 million, of which $324.4 million had been incurred.

Balance Sheet and Capital Transaction Highlights

• During the fourth quarter, the Company formed a new joint venture with funds affiliated with Blackstone Real Estate (“B RE-COPT JV”) and sold a 90% interest in two wholly-owned data center shell properties; in a second transaction, COPT sold a 40% interest in six data center shells properties already owned in a 50-50 joint venture. From these two transactions, COPT received approximately $165 million of equity value and recognized gains on the sales totaling $59.4 million.

• In October, the Company redeemed the remaining $177.1 million of its 3.70% Senior Notes due in 2021 for $180.9 million plus accrued interest, and recognized a loss on early extinguishment of debt of $4.1 million.

• Additionally, in December, the Company redeemed all $8.8 million of Series I Preferred Convertible Units and, as a result, had zero preferred equity outstanding at the end of 2020.

• As of December 31, 2020, the Company’s net debt to adjusted book ratio was 39.1% and its net debt to in-place adjusted EBITDA ratio was 6.2x. For the quarter and year ended December 31, 2020, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.1x.

• As of December 31, 2020, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.4% with a weighted average maturity of 3.3 years; additionally, 82.1% 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 fourth quarter and year end 2020 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

The Company details its initial full year and first quarter guidance, with supporting assumptions, in a separate press release issued concurrently with this press release; that release can be found in the ‘News, Presentations & Event Calendar’ section of COPT’s Investors website: https://investors.copt.com/News/news-releases/default.aspx

Conference Call Information

Management will discuss fourth quarter and year end 2020 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date:		Friday, February 5, 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:		1548922

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, February 5, through 3:00 p.m. Eastern Time on Friday, February 19. 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 1548922.

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 December 31, 2020, the Company derived 87% of its core portfolio annualized rental revenue from Defense/IT Locations and 13% from its Regional Office Properties. As of the same date and including 17 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 179 office and data center shell properties encompassed 20.8 million square feet and was 95.0% 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, 2019 and subsequent Quarterly Reports on Form 10-Q.

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 December 31,								For the Years Ended December 31,
		2020				2019				2020				2019
Revenues
Revenues from real estate operations		$	139,628			$	131,968			$	538,725			$	527,463
Construction contract and other service revenues		24,400				25,817				70,640				113,763
Total revenues		164,028				157,785				609,365				641,226
Operating expenses
Property operating expenses		52,085				51,098				203,840				198,143
Depreciation and amortization associated with real estate operations		36,653				32,779				138,193				137,069
Construction contract and other service expenses		23,563				24,832				67,615				109,962
Impairment losses		—				2				1,530				329
General and administrative expenses		7,897				7,043				25,269				27,517
Leasing expenses		1,993				2,293				7,732				7,885
Business development expenses and land carry costs		999				1,292				4,473				4,239
Total operating expenses		123,190				119,339				448,652				485,144
Interest expense		(17,148		)		(16,777		)		(67,937		)		(71,052		)
Interest and other income		3,341				1,917				8,574				7,894
Credit loss recoveries		772				—				933				—
Gain on sales of real estate		30,204				20,761				30,209				105,230
Gain on sale of investment in unconsolidated real estate joint venture		29,416				—				29,416				—
Loss on early extinguishment of debt		(4,069		)		—				(7,306		)		—
Loss on interest rate derivatives		—				—				(53,196		)		—
Income before equity in income of unconsolidated entities and income taxes		83,354				44,347				101,406				198,154
Equity in income of unconsolidated entities		453				426				1,825				1,633
Income tax (expense) benefit		(258		)		104				(353		)		217
Net income		83,549				44,877				102,878				200,004
Net income attributable to noncontrolling interests:
Common units in the Operating Partnership (“OP”)		(995		)		(500		)		(1,180		)		(2,363		)
Preferred units in the OP		(69		)		(77		)		(300		)		(564		)
Other consolidated entities		(817		)		(1,515		)		(4,024		)		(5,385		)
Net income attributable to COPT common shareholders		$	81,668			$	42,785			$	97,374			$	191,692
Earnings per share (“EPS”) computation:
Numerator for diluted EPS:
Net income attributable to COPT common shareholders		$	81,668			$	42,785			$	97,374			$	191,692
Amount allocable to share-based compensation awards		(280		)		(154		)		(404		)		(623		)
Redeemable noncontrolling interests		44				33				—				132
Distributions on dilutive convertible preferred units		69				—				—				—
Numerator for diluted EPS		$	81,501			$	42,664			$	96,970			$	191,201
Denominator:
Weighted average common shares - basic		111,817				111,670				111,788				111,196
Dilutive effect of share-based compensation awards		320				293				288				308
Dilutive effect of redeemable noncontrolling interests		117				108				—				119
Dilutive convertible preferred units		155				—				—				—
Weighted average common shares - diluted		112,409				112,071				112,076				111,623
Diluted EPS		$	0.73			$	0.38			$	0.87			$	1.71

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
		For the Three Months Ended December 31,								For the Years Ended December 31,
		2020				2019				2020				2019
Net income		$	83,549			$	44,877			$	102,878			$	200,004
Real estate-related depreciation and amortization		36,653				32,779				138,193				137,069
Impairment losses on real estate		—				2				1,530				329
Gain on sales of real estate		(30,204		)		(20,761		)		(30,209		)		(105,230		)
Gain on sale of investment in unconsolidated real estate joint venture		(29,416		)		—				(29,416		)		—
Depreciation and amortization on unconsolidated real estate JVs		874				781				3,329				2,703
Funds from operations (“FFO”)		61,456				57,678				186,305				234,875
Noncontrolling interests - preferred units in the OP		(69		)		(77		)		(300		)		(564		)
FFO allocable to other noncontrolling interests		(1,091		)		(1,436		)		(15,705		)		(5,024		)
Basic FFO allocable to share-based compensation awards		(272		)		(243		)		(719		)		(905		)
Basic FFO available to common share and common unit holders (“Basic FFO”)		60,024				55,922				169,581				228,382
Dilutive preferred units in the OP		69				77				—				—
Redeemable noncontrolling interests		44				33				147				132
Diluted FFO available to common share and common unit holders (“Diluted FFO”)		60,137				56,032				169,728				228,514
Loss on early extinguishment of debt		4,069				—				7,306				—
Loss on interest rate derivatives		—				—				53,196				—
Demolition costs on redevelopment and nonrecurring improvements		—				104				63				148
Executive transition costs		—				—				—				4
Non-comparable professional and legal expenses		—				195				—				681
Dilutive preferred units in the OP		—				—				300				—
FFO allocation to other noncontrolling interests resulting from capital event		—				—				11,090				—
Diluted FFO comparability adjustments allocable to share-based compensation awards		(18		)		(1		)		(327		)		(3		)
Diluted FFO available to common share and common unit holders, as adjusted for comparability		64,188				56,330				241,356				229,344
Straight line rent adjustments and lease incentive amortization		3,438				1,386				4,100				255
Amortization of intangibles included in net operating income		24				(174		)		(162		)		(221		)
Share-based compensation, net of amounts capitalized		1,751				1,735				6,505				6,728
Amortization of deferred financing costs		664				541				2,539				2,136
Amortization of net debt discounts, net of amounts capitalized		504				382				1,733				1,503
Accum. other comprehensive loss on derivatives amortized to expense		—				—				—				79
Replacement capital expenditures		(13,973		)		(19,862		)		(60,944		)		(63,789		)
Other diluted AFFO adjustments associated with real estate JVs		196				(68		)		190				212
Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)		$	56,792			$	40,270			$	195,317			$	176,247
Diluted FFO per share		$	0.53			$	0.49			$	1.50			$	2.02
Diluted FFO per share, as adjusted for comparability		$	0.56			$	0.50			$	2.12			$	2.03
Dividends/distributions per common share/unit		$	0.275			$	0.275			$	1.100			$	1.100

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars and shares in thousands, except per share data)
		December 31, 2020				December 31, 2019
Balance Sheet Data
Properties, net of accumulated depreciation		$	3,562,549			$	3,340,886
Total assets		4,077,023				3,854,453
Debt, per balance sheet		2,086,918				1,831,139
Total liabilities		2,357,881				2,105,777
Redeemable noncontrolling interests		25,430				29,431
Equity		1,693,712				1,719,245
Net debt to adjusted book		39.1		%		36.8		%
Core Portfolio Data (as of period end) (1)
Number of operating properties		179				168
Total operational square feet (in thousands)		20,802				19,016
% Occupied		94.3		%		93.1		%
% Leased		95.0		%		94.6		%

		For the Three Months Ended December 31,						For the Years Ended December 31,
		2020			2019			2020			2019
Payout ratios
Diluted FFO		51.8	%		55.6	%		73.3	%		54.4	%
Diluted FFO, as adjusted for comparability		48.6	%		55.3	%		51.7	%		54.2	%
Diluted AFFO		54.9	%		77.3	%		63.8	%		70.5	%
Adjusted EBITDA fixed charge coverage ratio		4.1	x		3.7	x		3.9	x		3.7	x
Net debt plus preferred equity to in-place adjusted EBITDA ratio (2)		6.2	x		6.1	x		N/A			N/A
Reconciliation of denominators for per share measures
Denominator for diluted EPS		112,409			112,071			112,076			111,623
Weighted average common units		1,239			1,228			1,236			1,299
Redeemable noncontrolling interests		—			—			123			—
Dilutive convertible preferred units		—			176			—			—
Denominator for diluted FFO per share		113,648			113,475			113,435			112,922
Dilutive convertible preferred units		—			—			171			—
Denominator for diluted FFO per share, as adjusted for comparability		113,648			113,475			113,606			112,922

(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).

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands)
		For the Three Months Ended December 31,								For the Years Ended December 31,
		2020				2019				2020				2019
Reconciliation of common share dividends to dividends and distributions for payout ratios
Common share dividends - unrestricted shares and deferred shares		$	30,764			$	30,724			$	123,042			$	122,823
Common unit distributions - unrestricted units		341				337				1,362				1,405
Distributions on dilutive preferred units		69				77				—				—
Dividends and distributions for diluted FFO payout ratio		31,174				31,138				124,404				124,228
Distributions on dilutive preferred units		—				—				300				—
Dividends and distributions for other payout ratios		$	31,174			$	31,138			$	124,704			$	124,228
Reconciliation of GAAP net income to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA
Net income		$	83,549			$	44,877			$	102,878			$	200,004
Interest expense		17,148				16,777				67,937				71,052
Income tax expense (benefit)		258				(104		)		353				(217		)
Real estate-related depreciation and amortization		36,653				32,779				138,193				137,069
Other depreciation and amortization		513				438				1,837				1,834
Impairment losses on real estate		—				2				1,530				329
Gain on sales of real estate		(30,204		)		(20,761		)		(30,209		)		(105,230		)
Gain on sale of investment in unconsolidated real estate joint venture		(29,416		)		—				(29,416		)		—
Adjustments from unconsolidated real estate JVs		1,306				1,206				5,120				4,065
EBITDAre		79,807				75,214				258,223				308,906
Loss on early extinguishment of debt		4,069				—				7,306				—
Loss on interest rate derivatives		—				—				53,196				—
Net gain on other investments		(1,218		)		(1		)		(966		)		(401		)
Credit loss recoveries		(772		)		—				(933		)		—
Business development expenses		412				512				2,042				1,939
Non-comparable professional and legal expenses		—				195				—				681
Demolition costs on redevelopment and nonrecurring improvements		—				104				63				148
Executive transition costs		—				—				—				4
Adjusted EBITDA		82,298				76,024				$	318,931			$	311,277
Proforma net operating income adjustment for property changes within period		1,459				463
Change in collectability of deferred rental revenue		678				928
In-place adjusted EBITDA		$	84,435			$	77,415
Reconciliation of interest expense to the denominators for fixed charge coverage-Adjusted EBITDA
Interest expense		$	17,148			$	16,777			$	67,937			$	71,052
Less: Amortization of deferred financing costs		(664		)		(541		)		(2,539		)		(2,136		)
Less: Amortization of net debt discounts, net of amounts capitalized		(504		)		(382		)		(1,733		)		(1,503		)
Less: Accum. other comprehensive loss on derivatives amortized to expense		—				—				—				(79		)
COPT’s share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs		422				416				1,749				1,332
Scheduled principal amortization		1,048				1,010				4,125				4,310
Capitalized interest		2,620				3,467				12,060				10,786
Preferred unit distributions		69				77				300				564
Denominator for fixed charge coverage-Adjusted EBITDA		$	20,139			$	20,824			$	81,899			$	84,326

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands)
		For the Three Months Ended December 31,								For the Years Ended December 31,
		2020				2019				2020				2019
Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures
Tenant improvements and incentives		$	9,165			$	11,447			$	36,342			$	38,047
Building improvements		7,523				8,826				34,060				26,598
Leasing costs		1,514				2,998				8,432				11,663
Net (exclusions from) additions to tenant improvements and incentives		(370		)		(426		)		1,042				(2,292		)
Excluded building improvements and leasing costs		(3,859		)		(2,983		)		(18,932		)		(10,227		)
Replacement capital expenditures		$	13,973			$	19,862			$	60,944			$	63,789
Same Properties cash NOI		$	74,240			$	74,223			$	292,083			$	287,589
Straight line rent adjustments and lease incentive amortization		(1,831		)		(2,681		)		(5,372		)		(3,584		)
Amortization of acquired above- and below-market rents		99				197				390				312
Amortization of intangibles and other assets to property operating expenses		—				(23		)		(69		)		(92		)
Lease termination fees, gross		399				417				1,451				2,046
Tenant funded landlord assets and lease incentives		248				754				812				2,206
Same Properties NOI		$	73,155			$	72,887			$	289,295			$	288,477

		December 31, 2020				December 31, 2019
Reconciliation of total assets to adjusted book
Total assets		$	4,077,023			$	3,854,453
Accumulated depreciation		1,124,253				1,007,120
Accumulated amortization of real estate intangibles and deferred leasing costs		217,124				212,547
COPT’s share of liabilities of unconsolidated real estate JVs		26,710				50,734
COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs		1,489				8,164
Less: Property - operating lease liabilities		(30,746		)		(17,317		)
Less: Property - finance lease liabilities		(28		)		(702		)
Less: Cash and cash equivalents		(18,369		)		(14,733		)
Less: COPT’s share of cash of unconsolidated real estate JVs		(152		)		(498		)
Adjusted book		$	5,397,304			$	5,099,768
Reconciliation of debt outstanding to net debt and net debt plus preferred equity
Debt outstanding (excluding net debt discounts and deferred financing costs)		$	2,127,715			1,893,057
Less: Cash and cash equivalents		(18,369		)		(14,733		)
Less: COPT’s share of cash of unconsolidated real estate JVs		(152		)		(498		)
Net debt		$	2,109,194			$	1,877,826
Preferred equity		—				8,800
Net debt plus preferred equity		$	2,109,194			$	1,886,626

 

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FAQ

What were COPT's financial results for the fourth quarter of 2020?

COPT reported a diluted EPS of $0.73 and FFOPS of $0.56 for Q4 2020, outperforming the previous year's EPS of $0.38 and FFOPS of $0.50.

How did COPT perform in 2020 despite the pandemic?

COPT maintained a 99.7% rent collection rate and achieved a strong financial performance with a record 1.8 million square feet of leased developments.

What is the 2021 guidance for COPT?

COPT's 2021 guidance indicates a midpoint FFO per share of $2.19, reflecting ongoing operational strength.

What was the occupancy rate of COPT's portfolio at the end of 2020?

COPT's core portfolio was 94.3% occupied and 95.0% leased as of December 31, 2020.

What are the key metrics from COPT's 2020 annual report?

In 2020, COPT reported an EPS of $0.87, compared to $1.71 in 2019, and FFOPS decreased from $2.02 in 2019 to $1.50.