COPT posts $4.4 million loss in second quarter

July 26, 2013|By Steve Kilar, The Baltimore Sun

Corporate Office Properties Trust lost $4.4 million in the second quarter of the year, the Columbia real estate investment firm announced Friday.

From April through June of 2012, in comparison, the company had net income of $11.9 million.

Per share, the 2013 second quarter loss amounted to 16 cents. During last year's second quarter, each share saw a 10 cent gain.

Still, in the company's statement, President and CEO Roger A. Waesche said the firm had "a strong second quarter" and that the business is "on-track to exceed our leasing objectives for the year."

COPT's portfolio of 210 operating office properties, totaling 19 million square feet of space, was 90 percent leased at the end of the second quarter. The company had 11 properties under construction that were, on average, 74 percent pre-leased, the statement said.

"In light of the sequestration cuts kicking in on March 1 of this calendar year, we are particularly pleased with the strong level of development leasing we have achieved," Waesche said.

COPT's primarily leases to federal agencies and defense contractors.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.