Corporate Office Properties boosts 4Q outlook
COLUMBIA, Md. (AP) — Corporate Office Properties Trust on Tuesday boosted its fourth-quarter outlook to a level above current Wall Street predictions.
The Columbia, Md.-based real estate investment trust said that for the quarter ended Dec. 31, it now expects to post funds from operations of between 49 cents and 51 cents per share, up from its previous range of 45 cents to 48 cents per share.
Analysts, on average, had expected 47 cents per share, according to FactSet.
FFO, which adds items such as amortization and depreciation back to net income, is considered a key measure of strength for a real estate investment trust.
For the current quarter, which ends March 31, the company said it expects to post funds from operations of 44 cents to 46 cents per share. Analysts had expected 47 cents per share.
For the full current fiscal year, the company projected funds from operations in the range of $1.83 to $1.93 per share, while analysts expected $1.91 per share.
Shares of Corporate Office Properties rose 34 cents to $25.64 in morning trading.