OFC - Corporate Office Properties Trust 2023 guidance in line with expectations
- Corporate Office Properties Trust ( NYSE: OFC ) on Thursday provided 2023 guidance in line with expectations as same-property NOI growth is expected to be offset by higher costs.
- The REIT expects adj. FFO per share of $2.34-$2.42 this year vs. $2.41 consensus and $2.36 in 2022, driven by increase in same-property NOI and developments placed into service, partially offset by higher interest expense.
- Q1 adj. FFO per share is projected to be $0.56-$0.58 vs. $0.58 consensus and $0.60 in Q4. The sequential decline reflects higher seasonal operating expenses.
- Corporate Office Properties ( OFC ) expects same-property cash NOI in 2023 to grow 2%-4%, driven by cash rent commencement at properties added into the 2023 pool and commencement of 2022 leasing activity.
- Year-end occupancy is estimated to be 93%-94% vs. 92% in 2022 as leases executed last year begin.
- The office REIT also reported mixed Q4 results .
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Corporate Office Properties Trust 2023 guidance in line with expectations