Equity Commonwealth

NYSE:EQCUnited States

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• -- Earnings Flash (EQC) EQUITY COMMONWEALTH Reports Q1 Revenue $15.2M, from 10 hours ago by MT Newswires

  10 hours ago by MT Newswires
  Companies Mentioned: EQC
  04:31 PM EDT, 05/01/2024 (MT Newswires) -- ...

• Equity Commonwealth Reports First Quarter 2024 Results, from 10 hours ago by Business Wire

  10 hours ago by Business Wire
  Companies Mentioned: EQC

  Equity Commonwealth (NYSE: EQC) today reported financial results for the quarter ended March 31, 2024.

  Financial results for the quarter ended March 31, 2024

  Net income attributable to common shareholders was $23.4 million, or $0.22 per diluted share, for the quarter ended March 31, 2024. This compares to net income attributable to common shareholders of $20.7 million, or $0.19 per diluted share, for the quarter ended March 31, 2023. The increase in net income was primarily due to an increase in interest income from higher average interest rates and a decrease in income tax expense.

• Equity Commonwealth Reports First Quarter 2024 Results, from 10 hours ago by Dow Jones

  10 hours ago by Dow Jones
  Companies Mentioned: EQC
  impacting comparability from period to period. FFO and Normalized FFO are supplemental non-GAAP financial measures. We consider FFO and Normalized FFO to be appropriate measures of operating performance for a REIT, along with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities. We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO may facilitate a comparison of our operating performance between periods and with other REITs. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income (loss), net income (loss) attributable to EQC common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do. CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI (Unaudited, amounts in thousands) For the Three Months Ended ---------------------------------------------------------------- 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 ----------- ------------ ----------- --------- ------------- Calculation of Same Property NOI and Same Property Cash Basis NOI: Rental revenue $ 13,893 $ 13,824 $ 13,928 $ 13,358 $ 14,226 Other revenue (1) 1,297 1,322 1,284 1,232 1,350 Operating expenses (6,534) (6,542) (6,722) (6,942) (7,256) --------------- ------ ------- ------ ------- ------ NOI $ 8,656 $ 8,604 $ 8,490 $ 7,648 $ 8,320 --------------- ------ ------- ------ ------- ------ Straight-line rent adjustments (223) (538) (107) 273 279 Lease termination fees (616) (630) (173) (33) (177) --------------- ------ ------- ------ ------- ------ Cash Basis NOI $ 7,817 $ 7,436 $ 8,210 $ 7,888 $ 8,422 --------------- ------ ------- ------ ------- ------ Cash Basis NOI from non-same properties (2) 16 7 (5) (4) (4) --------------- ------ ------- ------ ------- ------ Same Property Cash Basis NOI $ 7,833 $ 7,443 $ 8,205 $ 7,884 $ 8,418 --------------- ------ ------- ------ ------- ------ Non-cash rental income and lease termination fees from same properties 839 1,168 280 (240) (102) --------------- ------ ------- ------ ------- ------ Same Property NOI $ 8,672 $ 8,611 $ 8,485 $ 7,644 $ 8,316 --------------- ------ ------- ------ ------- ------ Reconciliation of Same Property NOI to GAAP Net Income: --------------- ----------- ------------ ----------- --------- ------------- Same Property NOI $ 8,672 $ 8,611 $ 8,485 $ 7,644 $ 8,316 --------------- ------ ------- ------ ------- ------ Non-cash rental income and lease termination fees from same properties (839) (1,168) (280) 240 102 --------------- ------ ------- ------ ------- ------ Same Property Cash Basis NOI $ 7,833 $ 7,443 $ 8,205 $ 7,884 $ 8,418 --------------- ------ ------- ------ ------- ------ Cash Basis NOI from non-same properties (2) (16) (7) 5 4 4 --------------- ------ ------- ------ ------- ------ Cash Basis NOI $ 7,817 $ 7,436 $ 8,210 $ 7,888 $ 8,422 --------------- ------ ------- ------ ------- ------ Straight-line rent adjustments 223 538 107 (273) (279) Lease termination fees 616 630 173 33 177 --------------- ------ ------- ------ ------- ------ NOI $ 8,656 $ 8,604 $ 8,490 $ 7,648 $ 8,320 --------------- ------ ------- ------ ------- ------ Depreciation and amortization (4,357) (4,184) (4,436) (4,514) (4,310) General and administrative (8,323) (7,504) (7,061) (13,854) (8,555) Interest and other income, net 29,512 29,670 29,269 27,352 28,376 --------------- ------ ------- ------ ------- ------ Income before income taxes $ 25,488 $ 26,586 $ 26,262 $ 16,632 $ 23,831 --------------- ------ ------- ------ ------- ------ Income tax (expense) benefit (30) 40 (30) (796) (1,080) --------------- ------ ------- ------ ------- ------ Net income $ 25,458 $ 26,626 $ 26,232 $ 15,836 $ 22,751 --------------- ------ ------- ------ ------- ------ (1) Other revenue is primarily comprised of parking revenue that does not represent a component of a lease. (2) Cash Basis NOI from non-same properties for all periods presented includes the operations of disposed properties. NOI is income from our real estate including lease termination fees received from tenants less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and corporate level expenses. Cash Basis NOI is NOI excluding the effects of straight-line rent adjustments, lease value amortization and lease termination fees. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2023 through March 31, 2024. Properties classified as held for sale within our condensed consolidated balance sheets are excluded from the same property versions of these measures. We consider these supplemental non-GAAP financial measures to be appropriate supplemental measures to net income (loss) because they may help to understand the operations of our properties. We use these measures internally to evaluate property level performance, and we believe that they provide useful information to investors regarding our results of operations because they reflect only those income and expense items that are incurred at the property level and may facilitate comparisons of our operating performance between periods and with other REITs. Cash Basis NOI is among the factors considered with respect to acquisition, disposition and financing decisions. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income (loss), net income (loss) attributable to Equity Commonwealth common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate these measures differently than we do.
  

• *DJ Equity Commonwealth 1Q EPS 22c >EQC, from 10 hours ago by Dow Jones

  10 hours ago by Dow Jones
  Companies Mentioned: EQC
  impacting comparability from period to period. FFO and Normalized FFO are supplemental non-GAAP financial measures. We consider FFO and Normalized FFO to be appropriate measures of operating performance for a REIT, along with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities. We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO may facilitate a comparison of our operating performance between periods and with other REITs. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income (loss), net income (loss) attributable to EQC common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do. CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI (Unaudited, amounts in thousands) For the Three Months Ended ---------------------------------------------------------------- 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 ----------- ------------ ----------- --------- ------------- Calculation of Same Property NOI and Same Property Cash Basis NOI: Rental revenue $ 13,893 $ 13,824 $ 13,928 $ 13,358 $ 14,226 Other revenue (1) 1,297 1,322 1,284 1,232 1,350 Operating expenses (6,534) (6,542) (6,722) (6,942) (7,256) --------------- ------ ------- ------ ------- ------ NOI $ 8,656 $ 8,604 $ 8,490 $ 7,648 $ 8,320 --------------- ------ ------- ------ ------- ------ Straight-line rent adjustments (223) (538) (107) 273 279 Lease termination fees (616) (630) (173) (33) (177) --------------- ------ ------- ------ ------- ------ Cash Basis NOI $ 7,817 $ 7,436 $ 8,210 $ 7,888 $ 8,422 --------------- ------ ------- ------ ------- ------ Cash Basis NOI from non-same properties (2) 16 7 (5) (4) (4) --------------- ------ ------- ------ ------- ------ Same Property Cash Basis NOI $ 7,833 $ 7,443 $ 8,205 $ 7,884 $ 8,418 --------------- ------ ------- ------ ------- ------ Non-cash rental income and lease termination fees from same properties 839 1,168 280 (240) (102) --------------- ------ ------- ------ ------- ------ Same Property NOI $ 8,672 $ 8,611 $ 8,485 $ 7,644 $ 8,316 --------------- ------ ------- ------ ------- ------ Reconciliation of Same Property NOI to GAAP Net Income: --------------- ----------- ------------ ----------- --------- ------------- Same Property NOI $ 8,672 $ 8,611 $ 8,485 $ 7,644 $ 8,316 --------------- ------ ------- ------ ------- ------ Non-cash rental income and lease termination fees from same properties (839) (1,168) (280) 240 102 --------------- ------ ------- ------ ------- ------ Same Property Cash Basis NOI $ 7,833 $ 7,443 $ 8,205 $ 7,884 $ 8,418 --------------- ------ ------- ------ ------- ------ Cash Basis NOI from non-same properties (2) (16) (7) 5 4 4 --------------- ------ ------- ------ ------- ------ Cash Basis NOI $ 7,817 $ 7,436 $ 8,210 $ 7,888 $ 8,422 --------------- ------ ------- ------ ------- ------ Straight-line rent adjustments 223 538 107 (273) (279) Lease termination fees 616 630 173 33 177 --------------- ------ ------- ------ ------- ------ NOI $ 8,656 $ 8,604 $ 8,490 $ 7,648 $ 8,320 --------------- ------ ------- ------ ------- ------ Depreciation and amortization (4,357) (4,184) (4,436) (4,514) (4,310) General and administrative (8,323) (7,504) (7,061) (13,854) (8,555) Interest and other income, net 29,512 29,670 29,269 27,352 28,376 --------------- ------ ------- ------ ------- ------ Income before income taxes $ 25,488 $ 26,586 $ 26,262 $ 16,632 $ 23,831 --------------- ------ ------- ------ ------- ------ Income tax (expense) benefit (30) 40 (30) (796) (1,080) --------------- ------ ------- ------ ------- ------ Net income $ 25,458 $ 26,626 $ 26,232 $ 15,836 $ 22,751 --------------- ------ ------- ------ ------- ------ (1) Other revenue is primarily comprised of parking revenue that does not represent a component of a lease. (2) Cash Basis NOI from non-same properties for all periods presented includes the operations of disposed properties. NOI is income from our real estate including lease termination fees received from tenants less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and corporate level expenses. Cash Basis NOI is NOI excluding the effects of straight-line rent adjustments, lease value amortization and lease termination fees. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2023 through March 31, 2024. Properties classified as held for sale within our condensed consolidated balance sheets are excluded from the same property versions of these measures. We consider these supplemental non-GAAP financial measures to be appropriate supplemental measures to net income (loss) because they may help to understand the operations of our properties. We use these measures internally to evaluate property level performance, and we believe that they provide useful information to investors regarding our results of operations because they reflect only those income and expense items that are incurred at the property level and may facilitate comparisons of our operating performance between periods and with other REITs. Cash Basis NOI is among the factors considered with respect to acquisition, disposition and financing decisions. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income (loss), net income (loss) attributable to Equity Commonwealth common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate these measures differently than we do.