COPT reports drop in fourth-quarter profits

Profits at Corporate Office Properties Trust were down again in the final months of 2016, even as the firm's president said he hopes it will be able to capitalize on an expected increase in defense spending.On Thursday, the company reported profits of 22...

COPT reports drop in fourth-quarter profits

Profits at Corporate Office Properties Trust were down again in the final months of 2016, even as the firm's president said he hopes it will be able to capitalize on an expected increase in defense spending.

On Thursday, the company reported profits of 22 cents per share in the fourth quarter, down from 59 cents a year ago. For 2016, COPT reported a loss of 3 cents per share.

The Columbia-based real estate investment trust focuses on renting space to defense firms. At the end of 2016, its 152 office properties were about 93 percent occupied.

The firm brought in $574.3 million in revenue for 2016, down from $625.5 million in 2015, as construction contract and other service revenues declined. The firm's revenue in the fourth quarter of 2016 was $142 million, compared with $143.3 million in the previous year.

The firm's profits in 2016 were hurt by impairment losses, but those lessened in the fourth quarter.

COPT also said it is still looking to sell about $95 million more in office properties and land.

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nsherman@baltsun.com

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