COPT Updates Fourth Quarter 2012 Guidance And Announces 2013 FFO Per Share Guidance
Corporate Office Properties Trust (COPT or the Company) (NYSE: OFC) is upwardly revising its guidance for fourth quarter 2012 diluted FFO per share (FFOPS), as adjusted for comparability, from the prior range of $0.45−$0.48 to a new range of $0.49−$0.51. The revised fourth quarter 2012 range reflects a one-time gain on the sale of the Company’s remaining interest in a non-real estate investment. A reconciliation of projected diluted earnings per share (EPS) to projected FFOPS, as adjusted for comparability, for the quarter ended December 31, 2012 is provided, as follows:
| Quarter Ended | |||||||||||
| December 31, 2012 | |||||||||||
| Low | High | ||||||||||
| FFOPS, as adjusted for comparability | $ | 0.49 | $ | 0.51 | |||||||
| Losses on non-operating properties | (0.02 | ) | (0.02 | ) | |||||||
| FFOPS, NAREIT definition | 0.47 | 0.49 | |||||||||
| Real estate depreciation and amortization | (0.35 | ) | (0.35 | ) | |||||||
| Minority interest in non-FFO items and other | 0.04 | 0.07 | |||||||||
| EPS | $ | 0.16 | $ | 0.21 | |||||||
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