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Corporate Office Properties Trust Reports Operating Results (10-Q)

October 26, 2012 | About:

Corporate Office Properties Trust (NYSE:OFC) filed Quarterly Report for the period ended 2012-09-30.

Corporate Office Properties Trust, Inc. has a market cap of $1.86 billion; its shares were traded at around $24.65 with a P/E ratio of 12 and P/S ratio of 3.3. The dividend yield of Corporate Office Properties Trust, Inc. stocks is 4.3%. Corporate Office Properties Trust, Inc. had an annual average earning growth of 8.9% over the past 5 years.

Highlight of Business Operations:

had a decrease in net loss attributable to common shareholders of $28.6 million as compared to the nine months ended September 30, 2011, due in large part to an increase in gain on sales of properties and a decrease in impairment losses, as discussed further below.

in September 2012, our Board of Trustees approved a plan by Management to shorten the holding period for all of our office properties and developable land in Greater Philadelphia, Pennsylvania because the properties no longer meet our strategic investment criteria. We determined that the carrying amounts of these properties will not likely be recovered from the cash flows from the operations and sales of such properties over the likely remaining holding period. Accordingly, during the three months ended September 30, 2012, we recognized aggregate non-cash impairment losses of $46.1 million for the amounts by which the carrying values of the properties exceeded their respective estimated fair values; and

Net cash flow provided by operating activities increased $34.8 million when comparing the nine months ended September 30, 2012 and 2011 due primarily to: an increase in cash flow received from real estate operations, which was affected by the timing of cash receipts; an increase in cash flow associated with the timing of cash flow from third-party construction projects; $19.0 million in proceeds in the current period from the sale of our KEYW common stock, including $5.1 million received from sales completed in 2011; and $17.3 million in previously accreted interest paid in the prior period in connection with our repurchase of exchangeable senior notes; offset in part by $29.7 million paid to cash settle interest rate swaps in the current period.

Net cash flow provided by investing activities increased $321.5 million when comparing the nine months ended September 30, 2012 and 2011 due mostly to a $263.3 million increase from sales of properties primarily in connection with the Strategic Reallocation Plan and lower levels of development spending.

Read the The complete Report

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