COPT (OFC) Boosts Outlook for Q4 FFOPS; Issues FY13 Expectations

Corporate Office Properties Trust (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.

COPT also announced it is projecting FFOPS for the year ending December 31, 2013 in the range of $1.83−$1.93 and FFOPS for the first quarter ending March 31, 2013 of $0.44−$0.46. Major assumptions underpinning 2013 guidance include the disposition of $160 million of assets remaining to be sold in order to conclude COPT’s Strategic Reallocation Plan and 0%−2% growth in same-office net operating income.

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