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COPT Reports Third Quarter 2013 Results

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: https://www.theconferencingservice.com/prereg/key.process?key=PXHEGMLBC

You may also pre-register in the Investor Relations section of the Company’s website at www.copt.com. 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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