Corporate Office Properties Trust on Tuesday reported that net income and earnings per share increased in the first quarter of 2015, but its funds from operations per share — a metric preferred by real estate investment trusts — sank by more than 6 percent.
The Columbia-based real estate investment trust had net income of $9.8 million, or 10 cents per share in the January to March period. Last year at that time, the firm reported no earnings per share and and net income of just $251,000.
Funds from operations per share was 45 cents, down from 48 cents in 2014, after adjustments for items such as acquisitions. The firm last month announced the $63.5 million purchase of 250 W. Pratt Street.
The performance fell below analyst estimates and the stock closed down about 1.6 percent at $27.72 on Wednesday.
Roger A. Waesche, Jr., COPT's president said the earnings were in line with expectations, despite higher than expected weather-related costs.
Revenues in the first quarter were $161 million, up 9.8 percent from $146.6 million in 2014. Operating expenses were $130.4 million, up 7.3 percent from $121.5 million in 2014.