COPT operations funds fall because of snow expenses

February 12, 2010

Corporate Office Properties Trust, a Columbia-based real-estate concern, said its funds from operations fell by 24 percent in the fourth quarter of 2009 compared with results from the same period a year earlier, thanks in part to higher expenses for December snow removal. Snow costs so far in 2010 prompted the real estate trust to decrease estimates for funds from operations by 4 cents per share in the first quarter. Funds from operations, often the preferred gauge for real-estate-trust results because it excludes non-cash depreciation expense, came to $37.2 million in the fourth quarter. Net income was $9.5 million, down 55 percent from results for the same period in 2008. The company's stock rose $1.04 per share to close at $34.47.

- Baltimore Sun staff

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