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Corporate Office Properties: 3Q Earnings Snapshot

·1-min read

COLUMBIA, Md. (AP) _ Corporate Office Properties Trust (OFC) on Thursday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.

The Columbia, Maryland-based real estate investment trust said it had funds from operations of $61.5 million, or 54 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 52 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 a loss of $32 million, or 29 cents per share.

The real estate investment trust specializing in suburban office properties posted revenue of $154.8 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $147.4 million.

For the current quarter ending in December, Corporate Office Properties expects its per-share funds from operations to range from 52 cents to 54 cents.

The company expects full-year funds from operations in the range of $2.08 to $2.10 per share.

The company's shares have dropped 25% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $21.95, a decrease of 25% 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 OFC at https://www.zacks.com/ap/OFC