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COPT Defense: Q2 Earnings Snapshot
By AP News - Jul 29, 2024, 07:08 PM ET
Last Updated - Jul 29, 2024, 07:08 PM EDT
COLUMBIA, Md. (AP) — COLUMBIA, Md. (AP) — COPT Defense Properties (CDP) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Columbia, Maryland, said it had funds from operations of $61.4 million, or 64 cents per share, in the period.
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The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $35.1 million, or 31 cents per share.
The real estate investment trust specializing in suburban office properties posted revenue of $187.3 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $183.7 million.
For the current quarter ending in September, COPT Defense expects its per-share funds from operations to range from 63 cents to 65 cents.
The company expects full-year funds from operations in the range of $2.54 to $2.58 per share.
The company's shares have risen 10% since the beginning of the year. In the final minutes of trading on Monday, shares hit $28.27, a rise of nearly 10% in the last 12 months.
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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 CDP at https://www.zacks.com/ap/CDP
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