COLUMBIA, Md. (AP) _ Corporate Office Properties Trust (OFC) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Columbia, Maryland-based real estate investment trust said it had funds from operations of $46.7 million, or 51 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 50 cents per share.
Funds from operations is 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 $23.5 million, or 21 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $144.8 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $146.2 million.
Corporate Office Properties expects full-year funds from operations to be $2.07 per share.
The company's shares have decreased 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $26.35, a drop of almost 8% in the last 12 months.