(By Balaseshan) Corporate Office Properties Trust (NYSE: OFC) increased its fourth-quarter guidance reflecting a one-time gain on the sale of its remaining interest in a non-real estate investment. Further, the company guided first quarter and full year 2013 in line with market expectations.
For the fourth quarter, the company lifted funds from operations (FFO) per share guidance to range of $0.49 to $0.51 from previous forecast of $0.45 to $0.48. Analysts at Thomson Reuters predict profit of $0.46 per share.
OFC also raised earnings per share (EPS) outlook to range of $0.16 to $0.21 from prior estimate of $0.05 to $0.08.
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For the first quarter of 2013, the company projects FFO per share of $0.44 to $0.46 and EPS of $0.10 to $0.11, while analysts predict $0.46 per share.
For the full year 2013, the company anticipates FFO per share of $1.83 to $1.93 and EPS of $0.46 to $0.53, while analysts predict $1.87 per share.
Major assumptions underpinning 2013 forecast include the disposition of $160 million of assets remaining to be sold in order to conclude OFC's Strategic Reallocation Plan and 0%-2% growth in same-office net operating income.
For the previous third quarter, the company reported a loss of $28.26 million or $0.39 per share, compared to a profit of $2.28 million or $0.03 per share last year. FFO per share rose to $0.53 from $0.52. Revenue rose to $130.14 million from $126.71 million.
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OFC closed Monday's regular session up 1.20% at $25.30. The stock has been trading between $21.13 and $26.12 for the past 52 weeks.