COLUMBIA, MD: Corporate Office Properties Trust (OFC) has reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations. The Columbia, Maryland-based real estate investment trust said it had funds from operations of $39.7 million, or 51 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 50 cents per share. Funds from operations are a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $19.4 million, or 19 cents per share. The real estate investment trust specializing in suburban office properties posted revenue of $146.7 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $127.8 million.
For the current quarter ending in October, Corporate Office Properties expects its per-share funds from operations to range from 49 cents to 51 cents. The company’s shares have fallen 0.5 percent since the beginning of the year. In the final minutes of trading on, shares hit $29.05, a drop of 15 percent in the last 12 months. AP
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