COLUMBIA, MD—Last week Corporate Office Properties Trust announced that its diluted earnings per share, or FFOPS, was zero for the quarter ended March 31, 2014,  compared to $0.11 in the first quarter of 2013. Its portfolio was 89.8% occupied and 91.1% leased as of March 31. It had completed some 446,000 square feet in total leasing for its core office properties, at a 56% renewal rate. It also had eight properties totaling 1.2 million square feet under development, of which half was pre-leased. COPT also announced it was raising its guidance for its 2014 FFOPS by one penny to a new range of $1.85–$1.92. Said Roger A. Waesche, Jr., COPT’s president and CEO: “We are at a positive inflection point, and expect 2014 will be a rewarding year for shareholders.”

RBC Capital Markets is inclined to agree. In a research note the firm announced it was maintaining its Sector Perform rating and $28/share price target for the REIT in part because its fundamentals appear to be turning. “We expect 2Q14 will mark the cyclical low point of the earnings trend,” it said.

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