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Corporate Office Properties Trust sees FFO drop while revenue rises

Corporate Office Properties Trust of Columbia said funds from operations dropped sharply while revenue rose.

FFO — a key measure of a real estate investment trust’s financial performance — for the second quarter totaled $6 million, or 2 cents per diluted share, versus $38.9 million, or 53 cents per diluted share, in the year-ago period.

Revenue totaled $146.6 million versus $132.8 million in the prior-year quarter.

The decreased FFO was due primarily to a $44.6 million impairment charge related to COPT’s realignment of its property portfolio.

Absent the impairment charge, FFO was $46.1 million, or 57 cents per diluted share, versus $39.1 million, or 54 cents per share, in the 2010 quarter.