Corporate Office Properties Trust Q2 Adj. FFO Down; Revises FY Adj.FFO Outlook

(RTTNews) - Corporate Office Properties Trust (OFC) Friday reported a decline in its second-quarter adjusted funds from operations, or FFO, and revised its adjusted FFO guidance for the full year.

The company reported adjusted FFO of $27.56 million, compared with $42.41 million in the same period last year. Adjusted FFO per share was down to $0.44 from $0.52 last year.

Net income attributable to COPT common shareholders totaled $1.77 million or $0.02 per share versus a net loss of $13.15 million or $0.16 per share last year.

Commenting on the results, COPT's President & CEO Roger Waesche, Jr. said: " Second quarter results were at the high end of our guidance range, reflecting better expense management at the property level"

Total revenues for the second quarter, however, rose to $139.82 million from $136.52 million in the year-ago period.

Further, the firm said it expects third-quarter adjusted FFO per share of $0.46-$0.48, and fourth-quarter adjusted FFO per share of $0.48-$0.50. In addition, the company revised its guidance for annual adjusted FFO per share to $1.86-$1.90. from the prior range of $1.85-$1.92.