COLUMBIA, Md. (AP) — COLUMBIA, Md. (AP) — COPT Defense Properties (CDP) on Monday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Columbia, Maryland-based real estate investment trust said it had funds from operations of $56 million, or 65 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 65 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 $34.7 million, or 31 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $187.9 million in the period.
For the current quarter ending in June, COPT Defense expects its per-share funds from operations to range from 65 cents to 67 cents.
The company expects full-year funds from operations in the range of $2.63 to $2.69 per share.
The company’s shares have dropped 14% since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.69, a rise of 13% 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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