Corporate Office Properties Trust (OFC) Misses Q2 EPS by 1c, Revenues Beat
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
- FFO per share of $0.51 in 2Q Exceeded High-End of Guidance by $0.01
- Solid Same-Property Cash NOI Growth of 1.7% in 2Q Outperformed Guidance
- Core Portfolio 93.6% Occupied & 94.7% Leased
- 412,000 SF of 97.5% Leased Developments Placed in Service during 2Q; 642,000 SF of 99% Leased Developments Placed in Service During First Half of 2020
2nd Quarter Financial Results:
- Diluted earnings per share (“EPS”) was $0.21 for the quarter ended June 30, 2020 as compared to $0.95 for the second quarter of 2019.
- Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.51 for the second quarter of 2020 as compared to $0.52 for second quarter 2019 results.
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.