Corporate Office Properties Trust Reports Second
Quarter 2010 Results
July 28, 2010 05:34 PM Eastern Daylight Time
COLUMBIA, Md.--(EON: Enhanced Online News)--Corporate Office Properties Trust (COPT) (NYSE: OFC)
announced today financial and operating results for the quarter ended June 30, 2010.
l Funds from Operations (“FFO”) per diluted share for the second quarter 2010, excluding the effect of
operating property acquisition costs, was $.54 as compared to $.67 for the second quarter 2009, a decrease
of 19%. Including these costs, FFO per diluted share for the second quarter 2010 was $.53. This decline was
primarily a result of a $7 million increase in interest expense and a $1.5 million decrease in net construction
fees. Net Operating Income (“NOI”) increased primarily due to development placed in service and
acquisitions that occurred late in 2009, partially offset by a $2.3 million decrease in NOI attributable to
vacancies in assets we expect to redevelop in Blue Bell, PA and a warehouse in Columbia, MD.
l Net income attributable to common shareholders for the second quarter 2010 was $4.4 million or $.07 per
diluted earnings per share (“Diluted EPS”) as compared to $12.6 million of net income available to common
shareholders or $.22 Diluted EPS for the second quarter 2009, a decrease of 68% per share.
l Diluted Adjusted Funds from Operations (“Diluted AFFO”) available to common share and common unit
holders was $26.7 million for the second quarter 2010 as compared to $36.2 million for the second quarter
2009, a decrease of 26%.
l 88.3% occupied and 89.3% leased for our wholly-owned portfolio as of June 30, 2010.
l Flat same office property cash NOI including gross lease termination fees for the quarter ended June 30,
2010 as compared to the quarter ended June 30, 2009.
l 588,000 square feet renewed for a 71% renewal rate for the quarter ended June 30, 2010.
l 545,000 square feet of development space leased during the six months ended June 30, 2010.