COLUMBIA, Md. (AP) — COLUMBIA, Md. (AP) — Corporate Office Properties Trust (OFC) on Thursday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Columbia, Maryland-based real estate investment trust said it had funds from operations of $26.1 million, or 60 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 59 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 $50.5 million, or 45 cents per share.
The real estate investment trust specializing in suburban office properties, based in Columbia, Maryland, posted revenue of $175.2 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $188.4 million.
For the year, the company reported funds from operations of $178.4 million. Revenue was reported as $739 million.
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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 OFC at https://www.zacks.com/ap/OFC
