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COPT Reports Third Quarter 2013 Results

Stocks in this article: OFC

The Company also completed a registered exchange offer to exchange any and all of its outstanding 3.6% Senior Notes due 2023, which were issued in a private placement for an equal principal amount of new 3.6% Senior Notes due 2023 that have been registered under the Securities Act of 1933.

In September, the Company priced an offering of $250 million aggregate principal amount of 5.25% senior unsecured notes due February 15, 2024 at a price equal to 98.783% of the principal amount.

2013 FFO Guidance:

Management is increasing its previous guidance for the fourth quarter and full year 2013 FFOPS, as adjusted for comparability, from prior ranges of between $0.45–$0.48 and $1.92–$1.97, respectively, to new ranges of between $0.47–$0.49 and $1.96–$1.98. A reconciliation of projected diluted EPS to projected FFOPS for the quarter ending and the year ending December 31, 2013 is provided, as follows:

Quarter Ending Year Ending
December 31, 2013 December 31, 2013
Low High Low High
EPS $ 0.14 $ 0.16 $ (0.01 ) $ 0.01
Real estate depreciation and amortization 0.33 0.33 1.31 1.31
Impairments and exit costs on previously depreciated properties   -   -   0.35     0.35  
FFOPS, NAREIT definition 0.47 0.49 1.65 1.67
Net losses on early extinguishment of debt - - 0.31 0.31
Gains on sales of non-operating properties - - (0.03 ) (0.03 )
Issuance costs on redeemed preferred shares   -   -   0.03     0.03  
FFOPS, as adjusted for comparability $ 0.47 $ 0.49 $ 1.96   $ 1.98  

Conference Call Information:

Management will discuss third quarter 2013 earnings results, as well as its 2013 guidance, on its conference call on October 25, 2013 at 12:00 p.m. Eastern Time, details of which are listed below:

Earnings Release Date: Friday, October 25, 2013 at 6:00 a.m. Eastern Time
Conference Call Date: Friday, October 25, 2013
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 888-679-8018
Telephone Number: (outside the U.S.) 617-213-4845
Passcode: 31730330

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, October 25 at 1:00 p.m. Eastern Time through Friday, November 8 at midnight Eastern Time. To access the replay within the United States, please call 888-286-8010 and use passcode 16654891. To access the replay outside the United States, please call 617-801-6888 and use passcode 16654891.

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