Corporate Office Properties Trust Revises Earnings Guidance for Fourth Quarter Ended December 31, 2012; Provides Earnings Guidance for the First Quarter Ending March 31, 2013 and Year Ending December 31, 2013
January 15, 2013 at 08:22 am EST
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Corporate Office Properties Trust revised earnings guidance for the fourth quarter ended December 31, 2012. The company upwardly revising its guidance for fourth quarter 2012 diluted FFO per share, 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. Real estate depreciation and amortization per share is expected to be $0.35. EPS, is expected to be in the range of $0.16 to $0.21. The company's FFO per share, NAREIT definition is expected to be in the range of $0.47-$0.49.
The company provided earnings guidance for the first quarter and full year of 2013. The company is projecting FFOPS for the first quarter ending March 31, 2013 to be in the range of $0.44-$0.46 and EPS to be in the range of $0.10-$0.11. Real estate depreciation and amortization per share is expected to be in the range of $0.35-$0.37.
The company is projecting FFOPS for the year ending December 31, 2013 in the range of $1.83-$1.93 and EPS to be in the range of $0.46-$0.53. Real estate depreciation and amortization per share is expected to be in the range of $1.41-$1.48. Major assumptions underpinning 2013 guidance include the disposition of $160 million of assets remaining to be sold in order to conclude the company's Strategic Reallocation Plan and 0%-2% growth in same-office net operating income. The company projected Capex between $43 million and $45 million for the year 2013.
COPT Defense Properties is a fully integrated and self-managed real estate investment trust (REIT). It is focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key United States Government (USG) defense installations and missions (referred to as its Defense/IT Portfolio). Its tenants include the USG and their defense contractors, who are engaged in priority national security activities, and who require mission-critical and high security property enhancements. Its Defense/IT Portfolio segment consists of approximately 193 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.0 million square feet. Its Defense/IT Portfolio sub-segments includes Fort George G. Meade and the Baltimore/Washington Corridor; Northern Virginia Defense/IT Locations; Lackland Air Force Base in San Antonio, Texas; locations serving the U.S. Navy; Redstone Arsenal in Huntsville, Alabama, and data center shells in Northern Virginia.
Corporate Office Properties Trust Revises Earnings Guidance for Fourth Quarter Ended December 31, 2012; Provides Earnings Guidance for the First Quarter Ending March 31, 2013 and Year Ending December 31, 2013
COPT DEFENSE PROPERTIES 
