COLUMBIA, Md. (AP) — COLUMBIA, Md. (AP) — COPT Defense Properties (CDP) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Columbia, Maryland, said it had funds from operations of $59.3 million, or 62 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 60 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $32.6 million, or 29 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $193.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $176.4 million.
For the current quarter ending in June, COPT Defense expects its per-share funds from operations to range from 62 cents to 64 cents.
The company expects full-year funds from operations in the range of $2.51 to $2.57 per share.
The company’s shares have fallen 11% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.85, a rise of slightly more than 3% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDP at https://www.zacks.com/ap/CDP
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