COPT Defense: Q2 Earnings Snapshot

COLUMBIA, Md. (AP) — COLUMBIA, Md. (AP) — COPT Defense Properties (CDP) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Columbia, Maryland, said it had funds from operations of $61.4 million, or 64 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $35.1 million, or 31 cents per share.

The real estate investment trust specializing in suburban office properties posted revenue of $187.3 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $183.7 million.

For the current quarter ending in September, COPT Defense expects its per-share funds from operations to range from 63 cents to 65 cents.

The company expects full-year funds from operations in the range of $2.54 to $2.58 per share.

The company's shares have risen 10% since the beginning of the year. In the final minutes of trading on Monday, shares hit $28.27, a rise of nearly 10% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDP at https://www.zacks.com/ap/CDP