COPT posts improved earnings amid shaky real estate market
Corporate Office Property Trust posted a 7 percent increase in earnings for the second quarter of 2008, bolstered by deals that included a full building lease to Integral Systems Inc. in Columbia.
For the quarter ended June 30, the Columbia-based real estate investment trust reported funds from operations of 61 cents per share, or $34.2 million, up from 57 cents per share, or $31.8 million, in the second quarter of 2007.
Funds from operations is the standard measurement for investment trusts.
The increase was down from the first three months of the year, when COPT posted funds from operations of 58 cents per share, or $32.4 million, up 13.7 percent for the first quarter of 2007.
For the second quarter of 2008, COPT (NYSE: OFC) signed 431,000 square feet in development leasing deals. Several of those deals were in Greater Baltimore, including:
- Integral’s lease for 131,000 square feet in at 6721 Columbia Gateway Drive in the Columbia Gateway Business Park;
- A full-building lease of 123,000 square feet to an undisclosed tenant at 5850 University Research Court in College Park.
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