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.