By Lorraine Mirabella, The Baltimore Sun
11:45 AM EDT, July 28, 2011
Corporate Office Properties Trust, an owner and developer of office complexes for government agencies and contractors, said Thursday its second-quarter funds from operations rose 6 percent because of gains on investments and properties the company acquired or opened last year.
The Columbia-based real estate investment trust said funds from operations rose to 57 cents per diluted share for the quarter ended June 30, compared with 54 cents per share for the second quarter of 2010, excluding a non-cash impairment charge for acquisition costs. Funds from operations is considered the best measure of a REIT's performance.
COPT reported a net loss of $28.2 million, or a loss of 42 cents per diluted share, on revenue of $146.6 million, compared with net income of $4.4 million, or 7 cents per diluted share, on revenue of $132.8 million for the same period last year.
"Despite the challenging leasing environment presented by the tepid economic recovery, we modestly outperformed our expectations for the second quarter," Randall M. Griffin, COPT's chief executive officer, said in a statement.
The company, which owns 249 office properties totaling more than 20 million square feet, leased more than 1 million square feet during the quarter, Griffin said. Net operating income for the 190 properties owned at least a year rose 10 percent from the first quarter of 2011, excluding lease termination fees, he said.
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