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COPT’s funds from operations fall in 1Q

Corporate Office Properties Trust, a Columbia-based real estate investment trust focused on U.S. government agencies and defense contractors, saw its first-quarter funds from operations drop in 2013 compared to the prior year.

COPT reported FFO of $45.4 million, or 45 cents per diluted share, in this year’s first quarter, compared to $49.1 million, or 59 cents per diluted share, for the same period in 2012. Revenue for the quarter totaled $131 million versus $132.2 million for the year-ago period, largely due to a decrease in construction contracts and other services.

Funds from operations is used in calculating a REIT’s financial performance because it gives a more accurate picture of cash flow.