Corporate Office Properties Trust Q2 FFO Declines

(RTTNews) - Corporate Office Properties Trust (OFC) said Friday its funds from operations for the second quarter totaled $31.72 million, lower than last year's $46.11 million. Funds from operations or FFO per share was $0.25, down from $0.54 a year ago.

Funds from operations per share, as adjusted for comparability, was $0.52 for the second quarter, representing 3.7% decrease from $0.54 recorded last year.

The company posted net loss of $13.15 million or $0.16 per share, compared with a profit of $7.03 million or $0.10 per share in the year-ago quarter.

For the second quarter, total revenues rose to $140.5 million from $127.66 million for the same quarter of last year.

Looking ahead, the company said it expects third-quarter funds from operations, as adjusted for comparability, to be in the range of $0.47 - $0.49. The company said it is increasing its guidance for 2013 funds from operations, as adjusted for comparability, to $1.92 - $1.97 per share from prior range of $1.83 - $1.93 per share.