Corporate Office Properties Trust (OFC) Tops Q2 EPS by 1c

Corporate Office Properties Trust (NYSE: OFC) reported Q2 EPS of $0.19, $0.01 better than the analyst estimate of $0.18. Revenue for the quarter came in at $129.16 million versus the consensus estimate of $127.17 million.

Management Comments

“We had a strong second quarter during which we completed the lease with the U.S. Government for a 159,000 square foot ATFP-compliant facility known as ‘NoVA Office B’, executed three new contracts for build-to-suit projects within our Defense/IT segment, and outperformed our quarterly guidance,” stated Stephen E. Budorick, COPT’s President & Chief Executive Officer. “Increased funding for Defense has enabled defense contractors and U.S. Government agencies to begin planning for new, strategically located facilities to accommodate mission growth, achieve operating efficiencies, and comply with security mandates. Based on our success to date and active opportunities, we are increasing our development leasing guidance for this year by 200,000 square feet, to 1.1 million square feet.”

Financial Highlights

2nd Quarter Financial Results:

• Diluted earnings per share (“EPS”) was $0.19 for the quarter ended June 30, 2018 as compared to $0.08 for the second quarter of 2017.
• Diluted funds from operations per share (“FFOPS”), as calculated in accordance with NAREIT’s definition, was $0.51 for the second quarter of 2018 as compared to $0.42 for the second quarter of 2017.
• FFOPS, as adjusted for comparability, was $0.51 for the quarter ended June 30, 2018 as compared to $0.49 for the second quarter of 2017.

For earnings history and earnings-related data on Corporate Office Properties Trust (OFC) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Edible Garden AG (EDBL) Reports Q2 Loss of $18.79
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c