On Tuesday, Shares of Corporate Office Properties Trust (NYSE:OFC), dropped -1.56% to $27.72.
Corporate Office Properties Trust, declared financial and operating results for the first quarter ended March 31, 2015.
Results:
Diluted earnings per share (“EPS”) was $0.10 for the quarter ended March 31, 2015 as contrast to $0.00 in the first quarter of 2014. Per NAREIT’s definition, diluted funds from operations per share (“FFOPS”) for the first quarter of 2015 was $0.43 as compared to $0.48 stated in the first quarter of 2014. FFOPS, as adjusted for comparability, was $0.45 for the quarter ended March 31, 2015 as contrast to $0.48 stated for the first quarter of 2014. Adjustments for comparability could encompass items such as acquisition costs, impairment losses and gains on non-operating properties (net of related tax adjustments), losses (gains) on early extinguishment of debt and write-offs of original issuance costs for redeemed preferred stock.
Operating Performance:
Portfolio Summary – At March 31, 2015, the Company’s portfolio of 178 operating office properties totaled 17.7 million square feet. The Company’s portfolio was 91.3% occupied and 92.4% leased as of March 31, 2015. During the quarter, the Company placed 550,000 square feet of development in service that was 100% occupied.
Same Office Performance – The Company’s same office portfolio for the quarter ended March 31, 2015 comprises of 168 properties and represents 91% of the operating portfolio’s total rentable square feet. The Company’s same office portfolio was 90.7% occupied and 91.9% leased at March 31, 2015. For the first quarter ended March 31, 2015, the Company’s same office property cash NOI, which excludes gross lease termination fees and rent from tenant-funded landlord assets, reduced 1.1% as contrast to the first quarter of 2014.
Office Leasing – COPT accomplished a total of 601,000 square feet of leasing in the quarter ended March 31, 2015 and achieved a 60% renewal rate.
In the quarter, lease terms on renewals averaged 4.7 years and for development and other new leases averaged 10.0 and 5.1 years, respectively.
For the quarter, total rent on renewed space raised 2.7% on a GAAP basis; on a cash basis, renewal rates declined 4.6% contrast to the expiring rents.
Wholesale Data Center Leasing – During the quarter, COPT accomplished a lease with a planned tenant for 11.25 mega watts (“MW”) at its wholesale data center in Manassas, Virginia (“COPT DC-6”). At March 31, 2015, 17.81 MW, or 92.5%, of the facility’s 19.25 MW’s of capacity were leased.
Corporate Office Properties Trust, a real estate investment trust (REIT), engages in the acquisition, development, ownership, administration, and leasing of suburban office properties.
Shares of Lear Corp. (NYSE:LEA), declined -1.50% to $112.56, during its last trading session.
Lear Corporation, stated financial results for the first quarter. Highlights comprise:
- Sales of $4.5 billion, up 4% from a year ago; 12% growth not taking into account impact of foreign exchange
- Best ever quarterly core operating earnings of $294 million, up 21%
- Adjusted earnings per share of $2.28, up 24%
- Company operating margin of 6.5%, up from 5.6% a year ago
- Improved margins in both business segments
- Accomplished acquisition of Eagle Ottawa
- Raised quarterly cash dividend by 25%
- Raised share repurchase authorization to $1 billion
- Returned $134 million to shareholders through share repurchases and dividends
- Lear credit ratings outlook upgraded to positive by Standard & Poor’s.
Business Conditions
In the first quarter, global vehicle production raised 2% from a year ago. Production was up 8% in China, 3% in Europe & Africa and 2% in North America. Production was down 15% in South America.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, electrical distribution systems, and related components primarily to automotive original equipment manufacturers worldwide. It operates through two segments, Seating and Electrical.
At the end of Tuesday’s trade, Shares of Prospect Capital Corporation (NASDAQ:PSEC), dwindled -1.42% to $8.35.
Prospect Capital Corporation, declared that it anticipates to file with the Securities and Exchange Commission its report on Form 10-Q containing its third fiscal quarter results for the period ended March 31, 2015 on Wednesday, May 6, 2015 after the close of the markets. The Company also anticipates to issue its earnings press release on Wednesday, May 6, 2015 after the close of the markets.
The Company will host a conference call on Thursday, May 7, 2015 at 11:00 a.m. Eastern Time. The conference call dial-in number will be 888-338-7333. A recording of the conference call will be accessible for about 30 days.
Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, buyouts, recapitalizations, turnaround, growth capital, development, subordinated debt tranches of collateralized loan obligations, cash flow term loans, and bridge transactions.
Finally, The Goodyear Tire & Rubber Company (NASDAQ:GT), ended its last trade with -1.41% loss, and closed at $27.21.
The Goodyear Tire & Rubber Company, declared it will build a new tire factory in San Luis Potosi, Mexico to serve its customers in the Americas. Goodyear Chairman and Chief Executive Officer Richard J. Kramer made the declarement here recently at a ceremony with Mexican President Enrique Pena Nieto.
The new factory, combined with investments in its existing U.S. and Canadian factories, will enable Goodyear to meet the strong and growing market demand for high-value-added (HVA) consumer tires in North America and Latin America. Industry demand for HVA tires in these regions is predictable to enhance by 10 million tires per year from 2014-19.
The new factory, to start production in mid-2017, will be Goodyear’s most technologically advanced and have a capacity of about six million tires per year. When it reaches full production, the factory will employ about 1,000 people.
Goodyear’s selection of San Luis Potosi follows an extensive review of potential locations throughout the Americas. The review took into consideration factors counting cost structure, logistics, infrastructure, skilled workforce, tariffs and quality-of-life issues.
The Goodyear Tire & Rubber Company develops, manufactures, distributes, and sells tires, and related products and services in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific.
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