COLUMBIA, Md. (AP) _ Corporate Office Properties Trust (OFC) on Thursday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Columbia, Maryland-based real estate investment trust said it had funds from operations of $48.2 million, or 47 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $18.2 million, or 18 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $139.8 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $127.1 million.
For the current quarter ending in July, Corporate Office Properties expects its per-share funds from operations to range from 47 cents to 49 cents.
The company expects full-year funds from operations in the range of $2.01 to $2.07 per share.
The company's shares have risen 5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $32.77, an increase of 25 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OFC at https://www.zacks.com/ap/OFC
Keywords: Corporate Office Properties, Earnings Report