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COPT Reports 2012 Results; Affirms 2013 Guidance

Stocks in this article: OFC

In August, the Company entered into a $120 million term loan agreement, with the ability to expand the amount drawn during the term, subject to certain conditions, by an additional $80 million. The Term Loan has a seven-year term and a variable interest rate of LIBOR plus 2.10% to 2.60%, depending on the Company’s leverage levels.

In October, the Company completed a public offering of 8,625,000 newly issued common shares, which generated net proceeds of approximately $204.9 million. COPT used the net proceeds from the offering to repay amounts outstanding under its unsecured revolving credit facility and for general corporate purposes.

Balance Sheet and Financial Flexibility:

As of December 31, 2012, the Company had a total market capitalization of $4.5 billion, with $2.0 billion in debt outstanding, equating to a 45.0% debt-to-total market capitalization ratio. Also, the Company’s weighted average interest rate was 4.5% for the quarter ended December 31, 2012 and 80% of the Company’s debt was subject to fixed interest rates, including the effect of interest rate swaps.

2013 FFO Guidance:

Management is affirming its previously issued guidance for 2013 FFOPS of between $1.83 and $1.93, and its first quarter 2013 FFOPS guidance of between $0.44 and $0.46. A reconciliation of projected diluted EPS to projected FFOPS for the quarter ending March 31, 2013 and the year ending December 31, 2013 is provided, as follows:

Quarter Ending Year Ending
March 31, 2013 December 31, 2013
Low     High Low     High
FFOPS, NAREIT definition $ 0.44 $ 0.46 $ 1.83 $ 1.93
Real estate depreciation and amortization (0.35 ) (0.37 ) (1.41 ) (1.48 )
Noncontrolling interests in non-FFO items and other   0.01         0.02     0.04         0.08  
EPS $ 0.10       $ 0.11   $ 0.46       $ 0.53  

Conference Call Information:

Management will discuss fourth quarter and full year 2012 earnings results, as well as its 2013 guidance, on its conference call today at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date: Friday, February 8, 2013
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 888-679-8034
Telephone Number: (outside the U.S.) 617-213-4847
Passcode: 99191178

Please use the following link to pre-register and view important information about this conference call. Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. Pre-registration only takes a few moments and you may pre-register at anytime, including up to and after the call start time. To pre-register, please click on the below link:

You may also pre-register in the Investor Relations section of the Company’s website at Alternatively, you may be placed into the call by an operator by calling the number provided above at least 5 to 10 minutes before the start of the call.

A replay of this call will be available beginning Friday, February 8 at 1:00 p.m. Eastern Time through Friday, February 22 at midnight Eastern Time. To access the replay within the United States, please call 888-286-8010 and use passcode 65264157. To access the replay outside the United States, please call 617-801-6888 and use passcode 65264157.

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