Corporate Office Properties Trust Reports Strong First Quarter 2005 Results.
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Corporate Office Properties Trust Reports Strong First Quarter 2005 Results.
COLUMBIA, Md. -- Corporate Office Properties Trust (NYSE:OFC) announced today financial and operating results for the quarter ended March 31, 2005.
Highlights --Earnings per diluted share ("EPS") of $.14 for the first quarter 2005 compared to $.14 per diluted share for the first quarter 2004. --12.5% increase in FFO per diluted share to $.45 or $21.1 million for first quarter 2005 from $.40 or $16.3 million for first quarter 2004. --$76.8 million in acquisitions for 691,000 square feet and 25.4 acres acquired so far this year. --92.4% occupied and 93.2% leased as of March 31, 2005. --1,161,000 square feet under construction, 286,000 square feet under development and 469,000 square feet under redevelopment. --$32.0 million construction facility closed during the quarter. --80.3% of leases expiring during the quarter were renewed, with a 5.0% increase in total straight line rent. "This was a strong quarter for the Company as reflected in the FFO per diluted share growth and the excellent lease renewal statistics," stated Randall M. Griffin, President and Chief Executive Officer. "We made good progress on acquisitions that included the initiation of our core customer expansion strategy. In addition, we have appr...See the full content of this document
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