Corporate Office Properties Trust announced that it completed the transfer of 14 operating properties in satisfaction of $146.5 million of secured indebtedness. According to a release, in total, the properties contained 1.0 million square feet and were 73 percent occupied. Nine of the properties are located in Linthicum, MD., and five are in Colorado Springs, Colo. Combined with the Company's prior disposition of 15 operating properties in Colorado (see press release dated December 13 ,), COPT has completed its strategic exit from the Colorado Springs market. Together, the 20 Colorado Springs assets totaled 1.6 million square feet and were disposed of for a total of $177 million . NAREIT FFOPS Guidance for 2013 Revised Upward In the fourth quarter of 2013 the Company expects to recognize a non-cash accounting gain estimated to be approximately $67 million (or $0.74 per diluted share), representing the difference between the face value of the $146.5 million secured debt over the book value of the properties at the date of the transfer. This gain affects the Company's previously issued fourth quarter and full year 2013 FFO per share (FFOPS), per NAREIT, and earnings per share (EPS), but not its FFOPS, as adjusted for comparability. Accordingly, management is increasing its previous guidance for the fourth quarter and full year 2013 FFOPS, per NAREIT, from prior ranges of between $0.47-$0.49 and $1.65-$1.67, respectively, to new ranges of between $1.21-$1.23 and $2.39-$2.41. Management is affirming its previous guidance for the fourth quarter and full year 2013 FFOPS, as adjusted for comparability. A reconciliation of projected diluted EPS to projected FFOPS for the quarter ending and the year ending December 31 , is provided in the table above. COPT is an office REIT that focuses primarily on serving the specialized requirements of U.S. Government agencies and defense contractors, most of which are engaged in defense information technology and national security-related activities. ((Comments on this story may be sent to firstname.lastname@example.org ))
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