Corporate Office Properties Trust Q3 Loss Reduces, FFO Down; Ups Adj. FFO View

(RTTNews) - Corporate Office Properties Trust (OFC) reported a narrower third-quarter net loss attributable to COPT common shareholders of $7.45 million, or $0.09 per share, versus a $27.53 million, or $0.39 per share loss last year. For the quarter, funds from operations or FFO slid to $0.48, from $0.52 in the third quarter of 2012. FFO per share, as adjusted for comparability, totaled $0.49 in the 2013 third quarter, down from $0.53 reported a year ago.

On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.28 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the period improved to $136.03 million, from $129.65 million in the previous year. Eight analysts estimated revenues of $96.48 million for the third quarter.

Looking ahead, the firm is increasing its guidance for the fourth quarter and full-year 2013 FFO per share, as adjusted for comparability, from prior ranges of between $0.45 - $0.48 and $1.92 - $1.97, respectively, to new ranges of between $0.47 - $0.49 and $1.96 - $1.98.