CommonWealth REIT (NYSE: CWH) today announced financial results
for the quarter and year ended December 31, 2012.
Results for the Quarter Ended December 31, 2012:
Normalized funds from operations, or Normalized FFO, available
for CommonWealth REIT common shareholders for the quarter ended
December 31, 2012 was $68.7 million, or $0.82 per share basic and
diluted, compared to Normalized FFO available for CommonWealth REIT
common shareholders for the quarter ended December 31, 2011 of
$63.8 million, or $0.76 per share basic and diluted.
Net (loss) income available for CommonWealth REIT common
shareholders was ($163.9) million for the quarter ended December
31, 2012, compared to $1.1 million for the same quarter last year.
Net (loss) income available for CommonWealth REIT common
shareholders per share, basic and diluted (EPS), for the quarters
ended December 31, 2012 and 2011 was ($1.96) and $0.01,
respectively. Net loss for the quarter ended December 31, 2012
includes a loss on asset impairment of $168.6 million, or $2.01 per
share, partially offset by a gain of $7.2 million, or $0.09 per
share, from the issuance of shares by an equity investee.
The weighted average number of basic and diluted common shares
outstanding was 83,804,068 and 91,102,233, respectively, for the
quarter ended December 31, 2012, and 83,721,736 and 91,019,901,
respectively, for the quarter ended December 31, 2011.
A reconciliation of net (loss) income attributable to
CommonWealth REIT, determined according to U.S. generally accepted
accounting principles, or GAAP, to funds from operations, or FFO,
available for CommonWealth REIT common shareholders and Normalized
FFO available for CommonWealth REIT common shareholders for the
quarters ended December 31, 2012 and 2011 appears later in this
press release.
Results for the Year Ended December 31, 2012:
Normalized FFO available for CommonWealth REIT common
shareholders for the year ended December 31, 2012 was $283.8
million, or $3.39 per share basic and diluted, compared to
Normalized FFO available for CommonWealth REIT common shareholders
for the year ended December 31, 2011 of $261.6 million, or $3.38
per share basic and diluted.
Net (loss) income available for CommonWealth REIT common
shareholders was ($152.0) million for the year ended December 31,
2012, compared to $63.0 million for the same period last year. Net
(loss) income available for CommonWealth REIT common shareholders
per share, basic and diluted (EPS), for the years ended December
31, 2012 and 2011 was ($1.81) and $0.81, respectively. Net loss for
the year ended December 31, 2012 includes a loss on asset
impairment of $168.6 million, or $2.01 per share, partially offset
by gains of $7.2 million, or $0.09 per share, from the issuance of
shares by an equity investee and $2.0 million, or $0.02 per share,
from gain on the sale of properties. Net income for the year ended
December 31, 2011 includes gains of $42.8 million, or $0.55 per
share, from the sale of properties and $11.2 million, or $0.14 per
share, from the issuance of shares by an equity investee, partially
offset by a loss on asset impairment totaling $10.4 million, or
$0.13 per share.
The weighted average number of basic and diluted common shares
outstanding was 83,749,644 and 91,047,809, respectively, for the
year ended December 31, 2012, and 77,428,210 and 84,726,375,
respectively, for the year ended December 31, 2011.
A reconciliation of net (loss) income attributable to
CommonWealth REIT, determined according to GAAP, to FFO available
for CommonWealth REIT common shareholders and Normalized FFO
available for CommonWealth REIT common shareholders for the years
ended December 31, 2012 and 2011 appears later in this press
release.
Occupancy and Leasing Results:
As of December 31, 2012, 90.0% of CWH’s total square feet from
continuing operations was leased, compared to 89.6% as of December
31, 2011 and 89.5% as of September 30, 2012.
CWH entered into lease renewals for 2,200,000 square feet and
new leases for 758,000 square feet during the quarter ended
December 31, 2012 which had weighted average rental rates that were
5% above prior rents for the same space. The weighted average lease
terms for leases entered into during the fourth quarter of 2012
were 7.0 years. Commitments for tenant improvements, leasing
commission costs and concessions for leases entered into during the
quarter ended December 31, 2012 totaled $1.94 per square foot per
year of lease term on average.
Recent Acquisition and Sales Activities:
Since the announcement of 2012 third quarter results on November
7, 2012, CWH has not acquired or entered into any agreements to
purchase properties (excluding transactions by Select Income REIT,
or SIR, CWH’s majority owned consolidated subsidiary).
During 2012, CWH sold three properties with a combined 298,762
square feet for a total of $11.7 million, excluding closing costs.
In addition, as of December 31, 2012, 94 properties with a combined
6,673,851 square feet located throughout the United States were
either listed or in the process of being listed for sale with third
party brokers. After December 31, 2012, CWH sold 18 of these
properties with a combined 1,060,026 square feet for a total of
$10.3 million, excluding closing costs. As of today, CWH also has
two properties with a combined 675,250 square feet under agreement
to sell for a total of $5.1 million, excluding closing costs. CWH
expects to sell these two properties and the remaining properties
listed for sale during 2013; however, no assurance can be given
that any of the properties will be sold in that time period or at
all.
As of December 31, 2012, the 94 properties that were either
listed or in the process of being listed for sale were reclassified
to discontinued operations, and CWH recorded asset impairment
charges totaling $168.6 million relating to these properties. As of
December 31, 2012, these 94 properties were 26.5% leased for a
weighted average term of 2.5 years (based on annualized rental
income) and generated a $1.2 million net operating loss during the
year ended December 31, 2012. As of December 31, 2012, these 94
properties had a combined net book value of approximately $333.0
million (before $168.6 million of impairment charges).
Recent Financing Activities:
In December 2012, CWH repaid at maturity $57.0 million of its
floating rate term debt using borrowings under its revolving credit
facility.
Also in December 2012, CWH’s majority owned consolidated
subsidiary, SIR, completed a public offering of 8,050,000 of its
common shares (including 1,050,000 common shares sold pursuant to
the underwriters’ option to purchase additional shares) for gross
proceeds (before deducting underwriters’ discounts and estimated
expenses) of $193.2 million. SIR owns substantially all of CWH’s
consolidated commercial and industrial properties located in Oahu,
HI, as well as 38 suburban office and industrial properties located
throughout the mainland United States. After this offering, CWH
continues to own 22,000,000, or approximately 56.0%, of SIR’s
common shares.
Presentation:
Unless otherwise noted, the amounts reported above are on a
consolidated basis and, as such, include the results of CWH’s
consolidated subsidiary, SIR, including the effect of SIR’s
minority interests since March 2012, when SIR became a public
company with common shares registered under the Securities Exchange
Act of 1934, as amended. For further information about SIR and its
subsidiaries, please see SIR’s periodic reports and other filings
with the Securities and Exchange Commission, or the SEC, which are
available at the SEC’s website at www.sec.gov. References in this
press release to SIR’s filings with the SEC are included to
identify the source of SIR information only, and the information in
SIR’s filings with the SEC is not incorporated by reference into
this press release.
Conference Call:
Later today, at 10:00 a.m. Eastern Time, Adam Portnoy, President
and Managing Trustee, and John Popeo, Chief Financial Officer, will
host a conference call to present the financial results for the
quarter and year ended December 31, 2012. The conference call will
not have a question and answer period. A replay, if any, will be
announced at a future time.
The conference call telephone number is (800) 230-1096.
Participants calling from outside the United States and Canada
should dial (612) 332-0725. No pass code is necessary to access
either call. Participants should dial in about 15 minutes prior to
the scheduled start of the call.
The transcription, recording and retransmission in any way of
CWH’s fourth quarter conference call is strictly prohibited without
the prior written consent of CWH.
Supplemental Data:
A copy of CWH’s Fourth Quarter 2012 Supplemental Operating and
Financial Data is available for download at CWH’s website,
www.cwhreit.com. CWH’s website is not incorporated as part of this
press release.
CommonWealth REIT is a real estate investment trust which
primarily owns office properties located throughout the United
States. CWH is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed
statement of our operating results and financial condition and for
an explanation of our calculation of FFO and Normalized FFO.
WARNING CONCERNING FORWARD LOOKING
STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER CWH USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, CWH IS MAKING
FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON CWH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT
FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT
OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT CWH HAS
ENTERED INTO AGREEMENTS TO SELL PROPERTIES. THESE TRANSACTIONS ARE
SUBJECT TO VARIOUS TERMS AND CONDITIONS TYPICAL OF COMMERCIAL REAL
ESTATE TRANSACTIONS. THE TERMS AND CONDITIONS MAY NOT BE MET. AS A
RESULT, THESE TRANSACTIONS MAY NOT OCCUR OR MAY BE DELAYED OR THE
TERMS MAY CHANGE, AND
- THIS PRESS RELEASE STATES THAT CWH
INTENDS TO SELL IN 2013 THE REMAINING PROPERTIES NOT ALREADY SOLD
THAT WERE RECLASSIFIED TO DISCONTINUED OPERATIONS AS OF DECEMBER
31, 2012. HOWEVER, CWH MAY BE UNABLE TO SELL SOME OR ALL OF THESE
PROPERTIES IN 2013 OR EVER.
THE INFORMATION CONTAINED IN CWH’S FILINGS WITH THE SEC,
INCLUDING UNDER THE CAPTION "RISK FACTORS" IN CWH’S PERIODIC
REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT
FACTORS THAT COULD CAUSE DIFFERENCES FROM CWH’S FORWARD LOOKING
STATEMENTS. CWH’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S
WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, CWH DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
CommonWealth REIT
Consolidated Statements of Operations, Funds from Operations and
Normalized Funds from Operations (amounts in thousands)
(unaudited) Quarter Ended December 31, Year Ended
December 31, 2012 2011 2012 2011
Rental income $ 264,692 $ 233,528 $ 1,013,092
$ 874,232 Expenses: Operating expenses 113,421 99,342
419,681 363,464 Depreciation and amortization 66,950 56,809 245,729
206,697 General and administrative 13,738 11,711 51,697 43,682 Loss
on asset impairment - (233 ) - 3,036 Acquisition related costs
646 351 5,648
10,073 Total expenses 194,755 167,980
722,755 626,952 Operating
income 69,937 65,548 290,337 247,280 Interest and other
income 384 323 1,428 1,662 Interest expense (including net
amortization of debt discounts, premiums and deferred financing
fees of $653, $1,476, $3,405 and $6,943, respectively) (53,763 )
(49,987 ) (204,244 ) (195,024 ) Loss on early extinguishment of
debt - (345 ) (1,895 ) (35 ) Equity in earnings of investees 2,765
2,987 11,420 11,377 Gain on issuance of shares by an equity
investee 7,246 - 7,246
11,177 Income from continuing operations before
income tax expense 26,569 18,526 104,292 76,437 Income tax expense
(1,301 ) (604 ) (3,207 ) (1,347 )
Income from continuing operations 25,268 17,922 101,085 75,090
Discontinued operations: Loss from discontinued operations (3,906 )
(2,887 ) (14,337 ) (539 ) Loss on asset impairment from
discontinued operations (168,632 ) (1,341 ) (168,632 ) (7,319 ) Net
gain on sale of properties from discontinued operations -
1,179 2,039 42,752
Net (loss) income (147,270 ) 14,873 (79,845 ) 109,984 Net income
attributable to noncontrolling interest in consolidated subsidiary
(5,514 ) - (15,576 ) -
Net (loss) income attributable to CommonWealth REIT (152,784 )
14,873 (95,421 ) 109,984 Preferred distributions (11,151 ) (13,823
) (51,552 ) (46,985 ) Excess redemption price paid over carrying
value of preferred shares - -
(4,985 ) - Net (loss) income available for
CommonWealth REIT common shareholders $ (163,935 ) $ 1,050 $
(151,958 ) $ 62,999 Amounts attributable to
CommonWealth REIT common shareholders: Income from continuing
operations $ 8,603 $ 4,099 $ 28,972 $ 28,105 Loss from discontinued
operations (3,906 ) (2,887 ) (14,337 ) (539 ) Loss on asset
impairment from discontinued operations (168,632 ) (1,341 )
(168,632 ) (7,319 ) Net gain on sale of properties from
discontinued operations - 1,179
2,039 42,752 Net (loss) income $ (163,935 ) $
1,050 $ (151,958 ) $ 62,999
CommonWealth REIT
Consolidated Statements of Operations, Funds from Operations and
Normalized Funds from Operations (continued) (amounts in
thousands, except per share data) (unaudited)
Quarter Ended December 31, Year Ended December 31, 2012 2011
2012 2011 Calculation of FFO:(1) Net (loss)
income attributable to CommonWealth REIT $ (152,784 ) $ 14,873 $
(95,421 ) $ 109,984 Plus: depreciation and amortization from
continuing operations 66,950 56,809 245,729 206,697 Plus:
depreciation and amortization from discontinued operations 3,002
2,807 12,563 16,458 Plus: loss on asset impairment from continuing
operations - (233 ) - 3,036 Plus: loss on asset impairment from
discontinued operations 168,632 1,341 168,632 7,319 Plus: FFO from
investees 5,313 5,419 21,383 19,895 Plus: net income attributable
to noncontrolling interest 5,514 - 15,576 - Less: FFO attributable
to noncontrolling interest (7,149 ) - (19,419 ) - Less: net gain on
sale of properties from discontinued operations - (1,179 ) (2,039 )
(42,752 ) Less: equity in earnings of investees (2,765 )
(2,987 ) (11,420 ) (11,377 ) FFO attributable
to CommonWealth REIT 86,713 76,850 335,584 309,260 Less: preferred
distributions (11,151 ) (13,823 ) (51,552 )
(46,985 ) FFO available for CommonWealth REIT common
shareholders $ 75,562 $ 63,027 $ 284,032 $
262,275 Calculation of Normalized FFO:(1) FFO
attributable to CommonWealth REIT $ 86,713 $ 76,850 $ 335,584 $
309,260 Plus: acquisition related costs from continuing operations
646 351 5,648 10,073 Plus: acquisition related costs from
discontinued operations - (19 ) - 129 Plus: normalized FFO from
investees 5,417 5,559 21,710 20,734 Plus: loss on early
extinguishment of debt from continuing operations - 345 1,895 35
Less: early extinguishment of debt settled in cash - - - (232 )
Plus: average minimum rent from direct financing lease 329 329
1,316 1,097 Plus: FFO attributable to noncontrolling interest 7,149
- 19,419 - Less: normalized FFO attributable to noncontrolling
interest (7,491 ) - (20,132 ) - Less: FFO from investees (5,313 )
(5,419 ) (21,383 ) (19,895 ) Less: interest earned from direct
financing lease (333 ) (412 ) (1,452 ) (1,448 ) Less: gain on
issuance of shares by an equity investee (7,246 ) -
(7,246 ) (11,177 ) Normalized FFO attributable
to CommonWealth REIT 79,871 77,584 335,359 308,576 Less: preferred
distributions (11,151 ) (13,823 ) (51,552 )
(46,985 ) Normalized FFO available for CommonWealth REIT
common shareholders $ 68,720 $ 63,761 $ 283,807
$ 261,591 Weighted average common shares
outstanding – basic 83,804 83,722
83,750 77,428 Weighted average
common shares outstanding – diluted(2) 91,102
91,020 91,048 84,726 Per
common share: Income from continuing operations attributable to
CommonWealth REIT common shareholders – basic and diluted $ 0.10 $
0.05 $ 0.35 $ 0.36 (Loss) income from discontinued operations
attributable to CommonWealth REIT common shareholders – basic and
diluted $ (2.06 ) $ (0.04 ) $ (2.16 ) $ 0.45 Net (loss) income
available for CommonWealth REIT common shareholders – basic and
diluted $ (1.96 ) $ 0.01 $ (1.81 ) $ 0.81 FFO available for
CommonWealth REIT common shareholders – basic $ 0.90 $ 0.75 $ 3.39
$ 3.39 FFO available for CommonWealth REIT common shareholders –
diluted $ 0.90 $ 0.75 $ 3.39 $ 3.39 Normalized FFO available for
CommonWealth REIT common shareholders – basic and diluted $ 0.82 $
0.76 $ 3.39 $ 3.38
CommonWealth REIT
Consolidated Statements of Operations,
Funds from Operations and Normalized Funds from Operations
(continued)
(amounts in thousands)
(unaudited)
(1)
CWH calculates FFO and Normalized FFO as
shown above. FFO is calculated on the basis defined by The National
Association of Real Estate Investment Trusts, or NAREIT, which is
net (loss) income, calculated in accordance with GAAP, plus real
estate depreciation and amortization, loss on asset impairment, net
(loss) income attributable to noncontrolling interest and FFO from
equity investees, excluding any gain or loss on sale of properties,
earnings from equity investees and FFO attributable to
noncontrolling interest. CWH’s calculation of Normalized FFO
differs from NAREIT's definition of FFO because it excludes
acquisition related costs, gains from issuance of shares by equity
investees, gain and loss on early extinguishment of debt unless
settled in cash, the difference between average minimum rent and
interest earned from CWH’s direct financing lease and the
difference between FFO and Normalized FFO from equity investees and
noncontrolling interest. CWH considers FFO and Normalized FFO to be
appropriate measures of operating performance for a REIT, along
with net (loss) income, net (loss) income attributable to
CommonWealth REIT, net (loss) income available for CommonWealth
REIT common shareholders, operating income and cash flow from
operating activities. CWH believes 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 its
operating performance between periods. FFO and Normalized FFO are
among the factors considered by CWH’s Board of Trustees when
determining the amount of distributions to shareholders. Other
factors include, but are not limited to, requirements to maintain
CWH’s status as a REIT, limitations in its credit facilities and
term loan agreements and public debt covenants, the availability of
debt and equity capital to CWH, CWH’s cash available for
distribution, CWH’s expectation of its future capital requirements
and operating performance, and CWH’s expected needs and
availability of cash to pay its obligations. 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 (loss) income, net (loss) income attributable to
CommonWealth REIT, net (loss) income available for CommonWealth
REIT common shareholders, operating income or cash flow from
operating activities, determined in accordance with GAAP, or as
indicators of CWH’s financial performance or liquidity, nor are
these measures necessarily indicative of sufficient cash flow to
fund all of CWH’s needs. CWH believes that FFO and Normalized FFO
may facilitate an understanding of its consolidated historical
operating results. These measures should be considered in
conjunction with net (loss) income, net (loss) income attributable
to CommonWealth REIT, net (loss) income available for CommonWealth
REIT common shareholders, operating income and cash flow from
operating activities as presented in CWH’s Consolidated Statements
of Operations, Consolidated Statements of Comprehensive (Loss)
Income and Consolidated Statements of Cash Flows. Other REITs and
real estate companies may calculate FFO and Normalized FFO
differently than CWH does.
(2)
As of December 31, 2012, CWH’s 15,180
outstanding series D preferred shares were convertible into 7,298
common shares. The effect of a conversion of CWH’s series D
convertible preferred shares on income from continuing operations
available for CommonWealth REIT common shareholders per share is
anti-dilutive to income, FFO and Normalized FFO for most periods
presented. Set forth below is the calculation of diluted net income
available for common shareholders, diluted FFO available for common
shareholders, diluted Normalized FFO available for common
shareholders and diluted weighted average common shares
outstanding.
Quarter Ended December 31, Year
Ended December 31, 2012 2011
2012 2011 Net (loss) income available
for CommonWealth REIT common shareholders $ (163,935 ) $ 1,050 $
(151,958 ) $ 62,999 Add - Series D convertible preferred
distributions 6,167 6,167 24,668 24,668 Net (loss) income available
for CommonWealth REIT common
shareholders -- diluted $ (157,768 ) $ 7,217 $
(127,290 ) $ 87,667 FFO available for CommonWealth REIT
common shareholders $ 75,562 $ 63,027 $ 284,032 $ 262,275 Add -
Series D convertible preferred distributions 6,167
6,167 24,668 24,668 FFO available for
CommonWealth REIT common shareholders – diluted $ 81,729 $
69,194 $ 308,700 $ 286,943 Normalized FFO available
for CommonWealth REIT common shareholders $ 68,720 $ 63,761 $
283,807 $ 261,591 Add - Series D convertible preferred
distributions 6,167 6,167 24,668 24,668 Normalized FFO available
for CommonWealth REIT common
shareholders – diluted $ 74,887 $
69,928 $ 308,475 $ 286,259 Weighted average common
shares outstanding – basic 83,804 83,722 83,750 77,428 Effect of
dilutive Series D preferred shares 7,298 7,298
7,298 7,298 Weighted average common shares
outstanding – diluted 91,102 91,020
91,048 84,726
CommonWealth REIT Consolidated Balance Sheets
(amounts in thousands, except share data) (unaudited)
As of December 31, 2012 2011
ASSETS
Real estate properties: Land $ 1,531,416 $ 1,450,154 Buildings and
improvements 6,297,993 5,794,078 7,829,409 7,244,232
Accumulated depreciation (1,007,606) (934,170)
6,821,803 6,310,062 Properties held for sale 171,832 - Acquired
real estate leases, net 427,756 343,917 Equity investments 184,711
177,477 Cash and cash equivalents 102,219 192,763 Restricted cash
16,626 7,869 Rents receivable, net of allowance for doubtful
accounts of $9,962 and $12,575, respectively 253,394 217,592 Other
assets, net 211,293 197,346 Total assets $ 8,189,634
$ 7,447,026
LIABILITIES AND
SHAREHOLDERS' EQUITY
Revolving credit facility $ 297,000 $ 100,000 SIR revolving credit
facility 95,000 - Senior unsecured debt, net 2,972,994 2,845,030
Mortgage notes payable, net 984,827 632,301 Liabilities related to
properties held for sale 2,339 - Accounts payable and accrued
expenses 194,184 158,272 Assumed real estate lease obligations, net
69,304 70,179 Rent collected in advance 35,700 37,653 Security
deposits 23,860 23,779 Due to related persons 12,958
11,295 Total liabilities 4,688,166 3,878,509
Commitments and contingencies Shareholders' equity:
Shareholder's equity attributable to CommonWealth REIT: Preferred
shares of beneficial interest, $0.01 par value: 50,000,000 shares
authorized; Series C preferred shares; 7 1/8% cumulative redeemable
since February 15, 2011; zero and 6,000,000 shares issued and
outstanding, respectively, aggregate liquidation preference
$150,000 - 145,015 Series D preferred shares; 6 1/2% cumulative
convertible; 15,180,000 shares issued and outstanding, aggregate
liquidation preference $379,500 368,270 368,270 Series E preferred
shares; 7 1/4% cumulative redeemable on or after May 15, 2016;
11,000,000 shares issued and outstanding, aggregate liquidation
preference $275,000 265,391 265,391 Common shares of beneficial
interest, $0.01 par value: 350,000,000 shares authorized;
83,804,068 and 83,721,736 shares issued and outstanding,
respectively 838 837 Additional paid in capital 3,585,400 3,614,079
Cumulative net income 2,386,900 2,482,321 Cumulative other
comprehensive income (loss) 565 (4,709) Cumulative common
distributions (2,972,569) (2,826,030) Cumulative preferred
distributions (529,367) (476,657) Total shareholders'
equity attributable to CommonWealth REIT 3,105,428 3,568,517
Noncontrolling interest in consolidated subsidiary 396,040
- Total shareholders' equity 3,501,468
3,568,517 Total liabilities and shareholders' equity $ 8,189,634 $
7,447,026
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange. No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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