COLUMBIA, Md. (AP) _ Corporate Office Properties Trust (OFC) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Columbia, Maryland, said it had funds from operations of $59.2 million, or 52 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $106.8 million, or 94 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $175.1 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $137.3 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 expects full-year funds from operations in the range of $2.01 to $2.05 per share.
The company's shares have risen 28% since the beginning of the year. In the final minutes of trading on Monday, shares hit $27.01, a fall of almost 10% in the last 12 months.