Compliance Systems Corporation (NASDAQ: OPI) reported Q2 EPS of $0.03, $0.01 better than the analyst estimate of $0.02. Revenue for the quarter came in at $145.6 million versus the consensus estimate of $148.11 million.

• Second Quarter Net Income of $1.3 Million, or $0.03 Per Share
• Second Quarter Normalized FFO of $67.2 Million, or $1.40 Per Share
• Second Quarter CAD of $45.5 Million, or $0.95 Per Share
• Second Quarter Same Property Cash Basis NOI Increased 2.5%
• Completed 642,000 Square Feet of Leasing in the Second Quarter for a 3.9% Roll-Up in Rents

David Blackman, President and Chief Executive Officer of OPI, made the following statement:

“OPI delivered solid results for the 2020 second quarter, exceeding consensus estimates and our expectations. Highlights include completing 642,000 square feet of leasing with a 3.9% roll-up in rents for a weighted average lease term of more than six years, a year over year increase in same property cash basis NOI of 2.5%, a CAD dividend payout ratio of 57.9% and continued strong collection of cash rents. To date, we have granted only $2.5 million of deferrals to 23 tenants for the months of April through September, which represents only 88 basis points of contractual rents over that period. We also issued an aggregate of $162 million of 30 year senior unsecured notes in June and July and, in July, we entered an agreement to sell a four property business park for $25.4 million and an agreement to purchase an office property for $38.1 million under our capital recycling program. All of this is against the back drop of a strained economy from the COVID-19 pandemic. However, the successful completion of OPI’s $1 billion disposition program in 2019, our relatively low leveraged balance sheet and diverse portfolio of high quality tenants better positions OPI to weather these difficult economic conditions.

As a result, we remain optimistic that our business will continue to perform well throughout the remainder of 2020."

For earnings history and earnings-related data on Compliance Systems Corporation (OPI) click here.