Corporate Office Properties: 4Q Earnings Snapshot
COLUMBIA, Md. (AP) _ Corporate Office Properties Trust (OFC) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Columbia, Maryland-based real estate investment trust said it had funds from operations of $40.3 million, or 50 cents per share, in the period.
The average estimate of eight 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 $42.8 million, or 38 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $157.8 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $157.1 million.
For the year, the company reported funds from operations of $176.2 million, or $2.03 per share. Revenue was reported as $641.2 million.
The company’s shares have climbed 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $30.26, a rise of 21% in the last 12 months.