Corporate Office Properties Trust (OFC) Misses Q2 EPS by 1c, Revenues Beat

July 30, 2020 5:00 PM

Corporate Office Properties Trust (NYSE: OFC) reported Q2 EPS of $0.21, $0.01 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $144.78 million versus the consensus estimate of $133.98 million.

2Q20 Results Outperform Expectations

2nd Quarter Financial Results:

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “The Company delivered strong second quarter results, with FFO per share exceeding the high-end of our guidance range by 1-cent. Cost savings and the timing of repair and maintenance costs more than offset the reserves we took on tenants impacted by the shutdowns and drove same-property cash NOI growth of 1.7%.” He continued, “Our operations and ability to execute development and renewal leasing continue to be minimally impacted by the pandemic due to the high concentration of U.S. Government national security activity in our portfolio. Accordingly, we affirm the $2.07 mid-point of our updated 2020 guidance for FFO per share, as adjusted for comparability.”

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

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