Corporate Office Properties Trust Reports First
Quarter 2010 Results
April 28, 2010 05:29 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 March 31, 2010.
l Net income attributable to common shareholders for the first quarter 2010 was $5.9 million or $.10 per
diluted earnings per share (“Diluted EPS”) as compared to $12.1 million of net income available to common
shareholders or $.23 Diluted EPS for the first quarter 2009, a decrease of 57% per share.
l Funds from Operations (“FFO”) per diluted share for the first quarter 2010 was $.53 as compared to $.67
for the first quarter 2009, a decrease of 21%. The decrease was primarily attributable to a decrease in lease
termination fee revenue of approximately $3 million and higher net costs for snow removal of approximately
l Diluted Adjusted Funds from Operations (“Diluted AFFO”) available to common share and common unit
holders was $25.2 million for the first quarter 2010 as compared to $33.4 million for the first quarter 2009, a
decrease of 24%.
l 89.6% occupied and 90.2% leased for our wholly-owned portfolio as of March 31, 2010.
l Renewed 359,000 square feet.
l 450,000 square feet of development space leased in the quarter.
l 969,000 square feet of overall leasing.
“We indicated previously that 2010 would be a challenging year for the industry since the real estate sector lags the
economy. Our first quarter results reflect those challenges with some pressure on occupancy and lease rates.
Offsetting this pressure was strong leasing volume with 969,000 square feet of overall leasing and good progress on
development leasing, signing over 450,000 square feet,” stated Randall M. Griffin, President and Chief Executive
Officer, Corporate Office Properties Trust.
Diluted FFO payout ratio for the three months ended March 31, 2010 was 75% as compared