COPT Defense: Q3 Earnings Snapshot

COLUMBIA, Md. (AP) — COLUMBIA, Md. (AP) — COPT Defense Properties (CDP) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Columbia, Maryland, said it had funds from operations of $75 million, or 65 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $36.1 million, or 32 cents per share.

The real estate investment trust specializing in suburban office properties posted revenue of $189.2 million in the period.

For the current quarter ending in December, COPT Defense expects its per-share funds from operations to range from 64 cents to 66 cents.

The company expects full-year funds from operations in the range of $2.56 to $2.58 per share.

The company’s shares have climbed 27% since the beginning of the year. In the final minutes of trading on Monday, shares hit $32.56, a climb of 39% in the last 12 months.

_____

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

Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Federal News Network Logo
Log in to your WTOP account for notifications and alerts customized for you.

Sign up