CommonWealth REIT (NYSE: CWH) today announced financial results
for the quarter and six months ended June 30, 2013.
Results for the Quarter Ended June 30, 2013:
Normalized funds from operations, or Normalized FFO, available
for CommonWealth REIT common shareholders for the quarter ended
June 30, 2013 was $74.5 million, or $0.63 per share basic and
diluted, compared to Normalized FFO available for CommonWealth REIT
common shareholders for the quarter ended June 30, 2012 of $69.8
million, or $0.83 per share basic and diluted.
Net income available for CommonWealth REIT common shareholders
was $7.7 million for the quarter ended June 30, 2013, compared to
$2.2 million for the same quarter last year. Net income available
for CommonWealth REIT common shareholders per share, basic and
diluted (EPS), for the quarters ended June 30, 2013 and 2012 was
$0.07 and $0.03, respectively. Net income for the quarter ended
June 30, 2013 includes a loss of $4.6 million, or $0.04 per share,
from asset impairment, partially offset by a gain of $2.1 million,
or $0.02 per share, from the sale of properties.
The weighted average number of basic and diluted common shares
outstanding for the quarters ended June 30, 2013 and 2012, was
118,309,343 and 83,726,908, respectively.
A reconciliation of net 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 June 30, 2013 and 2012 appears later in this press
release.
Results for the Six Months Ended June 30, 2013:
Normalized FFO available for CommonWealth REIT common
shareholders for the six months ended June 30, 2013 was $148.3
million, or $1.40 per share basic and diluted, compared to
Normalized FFO available for CommonWealth REIT common shareholders
for the six months ended June 30, 2012 of $145.8 million, or $1.74
per share basic and diluted.
Net income available for CommonWealth REIT common shareholders
was $22.3 million for the six months ended June 30, 2013, compared
to $12.1 million for the same period last year. Net income
available for CommonWealth REIT common shareholders per share,
basic and diluted (EPS), for the six months ended June 30, 2013 and
2012 was $0.21 and $0.14, respectively. Net income for the six
months ended June 30, 2013 includes a gain of $66.3 million, or
$0.62 per share, from the sale of an equity investment, partially
offset by losses of $60.0 million, or $0.56 per share, from the
early extinguishment of debt.
The weighted average number of basic and diluted common shares
outstanding for the six months ended June 30, 2013 and 2012, was
106,298,433 and 83,724,322, respectively.
A reconciliation of net 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 six months ended June 30, 2013 and
2012 appears later in this press release.
Operating Results:
As of June 30, 2013, 89.2% of CWH’s consolidated total square
feet from continuing operations was leased, compared to 90.0% as of
March 31, 2013 and 89.8% as of June 30, 2012.
CWH entered into consolidated lease renewals for 959,000 square
feet and consolidated new leases for 628,000 square feet during the
quarter ended June 30, 2013, which had weighted average cash rental
rates that were 0.2% below prior rents for the same leasable space.
The consolidated weighted average lease term based on square feet
for leases entered into during the second quarter of 2013 was 6.9
years. Consolidated commitments for tenant improvements, leasing
commission costs and concessions for leases entered into during the
quarter ended June 30, 2013 totaled approximately $49.7 million, or
$4.54 per square foot per year of the lease term.
Consolidated same property occupancy for properties owned
continuously since April 1, 2012 decreased 1.3 percentage points
from 89.7% to 88.4%, largely because of the 607,500 square feet
lease vacancy beginning on April 1, 2013 at One Franklin Plaza,
Philadelphia, PA. Consolidated same property cash net operating
income increased by 2.3% during the second quarter of 2013, largely
because of rent increases in Oahu, HI.
Recent Acquisitions and Sales Activities:
Since January 1, 2013, CWH has not acquired or entered into any
agreements to purchase properties, excluding transactions by Select
Income REIT, or SIR. As of June 30, 2013, SIR was CWH’s
consolidated subsidiary and owned substantially all of CWH’s
consolidated commercial and industrial properties located in Oahu,
HI, as well as 43 suburban office and industrial properties located
throughout the mainland United States. As discussed below, on July
2, 2013, SIR completed an underwritten public offering of its
common shares, at which time CWH ceased to own a majority of SIR’s
common shares. Accordingly, beginning with the filing of CWH’s
Quarterly Report on Form 10-Q for the period ended September 30,
2013, CWH will deconsolidate its investment in SIR and account for
its investment in SIR under the equity method.
During the six months ended June 30, 2013, CWH sold 24
properties with a combined 2.3 million square feet and two land
parcels for an aggregate sale price of $42.6 million, excluding
closing costs. As of June 30, 2013, 70 properties with a combined
4.4 million square feet located throughout the United States were
listed for sale with third party brokers and classified as held for
sale. As of today, 49 of these properties with a combined 2.3
million square feet are under agreement to sell for an aggregate
sale price of $67.5 million, excluding closing costs. CWH expects
to sell the 49 properties currently under agreement and the
remaining 21 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.
Recent Financing Activities:
On July 2, 2013, SIR completed a public offering of 10,500,000
of its common shares for net proceeds (after deducting
underwriters' discounts and estimated expenses) of $283.7 million.
After this offering, CWH continued to own 22,000,000, or
approximately 44.2%, of SIR's common shares and SIR ceased to be
CWH’s consolidated subsidiary.
Presentation:
Unless otherwise noted, the amounts reported above are on a
consolidated basis and, as such, include the results of SIR, which
was CWH’s consolidated subsidiary until July 2, 2013. 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 1:00 p.m. Eastern Time, Adam Portnoy, President
and Managing Trustee, and John Popeo, Chief Financial Officer, will
host a conference call to discuss the financial results for the
quarter ended June 30, 2013.
The conference call telephone number is (800) 230-1085.
Participants calling from outside the United States and Canada
should dial (612) 288-0329. No pass code is necessary to access
either call. Participants should dial in about 15 minutes prior to
the scheduled start of the call. A replay of the conference call
will be available through 11:59 p.m. Eastern Time on Wednesday,
August 14, 2013. To hear the replay, dial (320) 365-3844. The
replay pass code is 296728.
A live audio webcast of the conference call will also be
available in a listen only mode on CWH’s website, which is located
at www.cwhreit.com. Participants wanting to access the webcast
should visit CWH’s website about five minutes before the call.
The archived webcast will be available for replay on CWH’s
website for about one week after the call.
The transcription, recording and retransmission in any way of
CWH’s second quarter conference call are strictly prohibited
without the prior written consent of CWH.
Supplemental Data:
A copy of CWH’s Second Quarter 2013 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 CWH’s operating results and financial condition and
for an explanation of CWH’s calculation of FFO and Normalized FFO
and a reconciliation of net income attributable to CommonWealth
REIT to those amounts.
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:
- ON JUNE 21, 2013, CORVEX MANAGEMENT LP,
OR CORVEX, DELIVERED A LETTER TO CWH ASSERTING THAT CWH’S BOARD OF
TRUSTEES HAS BEEN REMOVED AND NO LONGER HAS AUTHORITY TO ACT FOR
CWH BY REASON OF A PURPORTED SHAREHOLDERS’ CONSENT SOLICITATION BY
CORVEX, RELATED FUND MANAGEMENT, LLC AND CERTAIN OF THEIR
AFFILIATES, OR TOGETHER WITH CORVEX, CORVEX/RELATED. CWH BELIEVES
THIS PURPORTED SHAREHOLDERS’ CONSENT HAS NO LEGAL EFFECT. THE LEGAL
EFFECTIVENESS OF THE CORVEX/RELATED ACTIVITIES TO REMOVE CWH’S
ENTIRE BOARD OF TRUSTEES IS CURRENTLY THE SUBJECT OF LEGAL
PROCEEDINGS BEFORE AN ARBITRATION PANEL UNDER THE AUSPICES OF THE
AMERICAN ARBITRATION ASSOCIATION. THE REMOVAL OF CWH’S ENTIRE BOARD
OF TRUSTEES, AS PROPOSED BY CORVEX/RELATED, COULD CAUSE SEVERAL
ADVERSE CONSEQUENCES TO CWH’S CONTINUED OPERATIONS, INCLUDING: (I)
DEFAULT OF CWH’S REVOLVING CREDIT FACILITY AND TERM LOAN AGREEMENTS
PERMITTING CWH’S LENDERS TO ACCELERATE REPAYMENTS, (II) ACTIVATION
OF DILUTIVE EQUITY CONVERSION RIGHTS UNDER CWH’S SERIES D
CUMULATIVE CONVERTIBLE PREFERRED SHARES, (III) POSSIBLE DEFAULTS OF
CERTAIN MORTGAGE DEBT OBLIGATIONS, (IV) POSSIBLE CROSS DEFAULTS OF
CWH’S OTHER DEBT OBLIGATIONS INCLUDING CWH’S APPROXIMATELY $1.5
BILLION OF UNSECURED NOTES, AND (V) CWH’S FAILURE TO MEET NYSE AND
SEC REQUIREMENTS TO ALLOW CWH’S SECURITIES TO CONTINUE TO BE
PUBLICLY TRADED. THE RESULTS OF LITIGATION AND ARBITRATION ARE
DIFFICULT TO PREDICT AND CWH IS UNABLE TO PROVIDE ANY ASSURANCES
REGARDING SUCH RESULTS;
- 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
EXPECTS TO SELL IN 2013 THE REMAINING PROPERTIES NOT ALREADY SOLD
THAT ARE CLASSIFIED AS HELD FOR SALE AS OF JUNE 30, 2013. 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
Condensed Consolidated Statements of
Operations, Funds from Operations and
Normalized Funds from
Operations
(amounts in thousands)
(unaudited)
Quarter Ended June 30,
Six Months Ended June 30, 2013 2012 2013
2012 Rental income $ 274,766 $ 249,797
$ 549,814 $ 493,175 Expenses: Operating
expenses 109,754 103,034 219,413 200,270 Depreciation and
amortization 67,389 60,433 133,912 118,452 General and
administrative 21,653 12,595 38,919 24,131 Acquisition related
costs 145 1,434 773
3,936 Total expenses 198,941
177,496 393,017 346,789
Operating income 75,825 72,301 156,797 146,386 Interest and
other income 250 360 708 645 Interest expense (including net
amortization of debt discounts, premiums and deferred financing
fees of $284, $1,005 $913 and $1,751, respectively) (43,762 )
(50,237 ) (96,106 ) (99,343 ) Loss on early extinguishment of debt
- (1,608 ) (60,027 ) (1,675 ) Equity in earnings of investees 159
2,829 4,421 5,787 Gain on sale of equity investment -
- 66,293 - Income from
continuing operations before income tax expense 32,472 23,645
72,086 51,800 Income tax expense (754 ) (92 )
(1,742 ) (584 ) Income from continuing operations 31,718
23,553 70,344 51,216 Discontinued operations: Loss from
discontinued operations (311 ) (3,317 ) (2,223 ) (6,406 ) Loss on
asset impairment from discontinued operations (4,589 ) - (8,535 ) -
Gain on sale of properties from discontinued operations
2,099 350 3,359 350
Income before gain on sale of properties 28,917 20,586
62,945 45,160 Gain on sale of properties - -
1,596 - Net income 28,917 20,586
64,541 45,160 Net income attributable to noncontrolling interest in
consolidated subsidiary (10,028 ) (4,521 )
(19,985 ) (5,415 ) Net income attributable to CommonWealth
REIT 18,889 16,065 44,556 39,745 Preferred distributions
(11,151 ) (13,823 ) (22,302 ) (27,646 ) Net
income available for CommonWealth REIT common shareholders $ 7,738
$ 2,242 $ 22,254 $ 12,099
Amounts attributable to CommonWealth REIT common shareholders:
Income from continuing operations $ 10,539 $ 5,209 $ 29,653 $
18,155 Loss from discontinued operations (311 ) (3,317 ) (2,223 )
(6,406 ) Loss on asset impairment from discontinued operations
(4,589 ) - (8,535 ) - Gain on sale of properties from discontinued
operations 2,099 350 3,359
350 Net income $ 7,738 $ 2,242 $
22,254 $ 12,099
CommonWealth REIT
Condensed Consolidated Statements of
Operations, Funds from Operations and
Normalized Funds from Operations
(continued)
(amounts in thousands, except per share
data)
(unaudited)
Quarter
Ended June 30, Six Months Ended June 30, 2013
2012 2013 2012 Calculation of FFO:(1) Net
income attributable to CommonWealth REIT $ 18,889 $ 16,065 $ 44,556
$ 39,745 Plus: depreciation and amortization from continuing
operations 67,389 60,433 133,912 118,452 Plus: depreciation and
amortization from discontinued operations - 3,119 - 6,451 Plus:
loss on asset impairment from discontinued operations 4,589 - 8,535
- Plus: FFO from investees 159 5,242 4,901 10,598 Plus: net income
attributable to noncontrolling interest 10,028 4,521 19,985 5,415
Less: FFO attributable to noncontrolling interest (13,239 ) (5,412
) (26,128 ) (6,474 ) Less: gain on sale of properties - - (1,596 )
- Less: gain on sale of properties from discontinued operations
(2,099 ) (350 ) (3,359 ) (350 ) Less: equity in earnings of
investees (159 ) (2,829 ) (4,421 )
(5,787 ) FFO attributable to CommonWealth REIT 85,557 80,789
176,385 168,050 Less: preferred distributions (11,151 )
(13,823 ) (22,302 ) (27,646 ) FFO available
for CommonWealth REIT common shareholders $ 74,406 $ 66,966
$ 154,083 $ 140,404 Calculation of
Normalized FFO:(1) FFO attributable to CommonWealth REIT $ 85,557 $
80,789 $ 176,385 $ 168,050 Plus: acquisition related costs from
continuing operations 145 1,434 773 3,936 Plus: normalized FFO from
investees 159 5,293 4,906 10,660 Plus: loss on early extinguishment
of debt from continuing operations - 1,608 60,027 1,675 Plus:
average minimum rent from direct financing lease 329 329 658 658
Plus: FFO attributable to noncontrolling interest 13,239 5,412
26,128 6,474 Less: normalized FFO attributable to noncontrolling
interest (13,308 ) (5,611 ) (26,431 ) (6,673 ) Less: FFO from
investees (159 ) (5,242 ) (4,901 ) (10,598 ) Less: interest earned
from direct financing lease (292 ) (373 ) (605 ) (766 ) Less: gain
on sale of equity investment - -
(66,293 ) - Normalized FFO attributable to
CommonWealth REIT 85,670 83,639 170,647 173,416 Less: preferred
distributions (11,151 ) (13,823 ) (22,302 )
(27,646 ) Normalized FFO available for CommonWealth REIT
common shareholders $ 74,519 $ 69,816 $ 148,345
$ 145,770 Weighted average common shares
outstanding – basic and diluted(2) 118,309
83,727 106,298 83,724 Per
common share: Income from continuing operations attributable to
CommonWealth REIT common shareholders – basic and diluted $ 0.09 $
0.06 $ 0.28 $ 0.22 Loss from discontinued operations attributable
to CommonWealth REIT common shareholders – basic and diluted $
(0.02 ) $ (0.04 ) $ (0.07 ) $ (0.07 ) Net income available for
CommonWealth REIT common shareholders – basic and diluted $ 0.07 $
0.03 $ 0.21 $ 0.14 FFO available for CommonWealth REIT common
shareholders – basic and diluted $ 0.63 $ 0.80 $ 1.45 $ 1.68
Normalized FFO available for CommonWealth REIT common shareholders
– basic and diluted $ 0.63 $ 0.83 $ 1.40 $ 1.74
CommonWealth REIT
Condensed 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 income, calculated in accordance with GAAP, plus real estate
depreciation and amortization, loss on real estate asset
impairment, net income attributable to noncontrolling interest and
FFO from equity investees, excluding any gain or loss on sale of
properties, equity in earnings from investees and FFO attributable
to noncontrolling interest. CWH’s calculation of Normalized FFO
differs from NAREIT's definition of FFO because CWH excludes
acquisition related costs, gain from sale of equity investment,
loss on early extinguishment of debt, 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 income, net income
attributable to CommonWealth REIT, net 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 CWH’s operating performance between periods and
between CWH and other REITs. FFO and Normalized FFO are among the
factors considered by CWH’s Board of Trustees when determining the
amount of distributions to CWH’s shareholders. Other factors
include, but are not limited to, requirements to maintain CWH’s
status as a REIT, limitations in CWH’s revolving credit facility
and term loan agreement 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 income, net income attributable to CommonWealth REIT, net
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 income,
net income attributable to CommonWealth REIT, net income available
for CommonWealth REIT common shareholders, operating income and
cash flow from operating activities as presented in CWH’s Condensed
Consolidated Statements of Operations, Condensed Consolidated
Statements of Comprehensive (Loss) Income and Condensed
Consolidated Statements of Cash Flows. Other REITs and real estate
companies may calculate FFO and Normalized FFO differently than CWH
does.
(2)
Assuming no fundamental change has
occurred, as of June 30, 2013, CWH’s 15,180 outstanding series D
cumulative convertible preferred shares were convertible into 7,298
common shares and the effect of a conversion of CWH’s series D
cumulative convertible preferred shares on income from continuing
operations attributable to CommonWealth REIT common shareholders
per share is anti-dilutive to income, FFO and Normalized FFO for
all 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 (assuming no fundamental change has occurred). If the
arbitration panel determines that the Corvex/Related consent
solicitation is legally effective and CWH’s entire Board of
Trustees has been removed, such removal would constitute a
fundamental change under the 6.5% series D cumulative convertible
preferred shares giving holders of such shares the option to
convert these shares into common shares at a ratio based on 98% of
the average closing market price for a period before such removal
is effective unless CWH repurchases these shares for their par
value plus accrued and unpaid distributions.
Quarter Ended June 30,
Six Months Ended June 30, 2013 2012
2013 2012 Net income available for
CommonWealth REIT common shareholders $ 7,738 $ 2,242 $ 22,254 $
12,099 Add - Series D convertible preferred distributions
6,167 6,167 12,334 12,334 Net income available
for CommonWealth REIT common shareholders – diluted $ 13,905 $
8,409 $ 34,588 $ 24,433 FFO available for CommonWealth REIT
common shareholders $ 74,406 $ 66,966 $ 154,083 $ 140,404 Add -
Series D convertible preferred distributions 6,167
6,167 12,334 12,334 FFO available for CommonWealth
REIT common shareholders – diluted $ 80,573 $ 73,133 $ 166,417 $
152,738 Normalized FFO available for CommonWealth REIT
common shareholders $ 74,519 $ 69,816 $ 148,345 $ 145,770 Add -
Series D convertible preferred distributions 6,167 6,167 12,334
12,334 Normalized FFO available for CommonWealth REIT common
shareholders –
diluted $ 80,686 $ 75,983 $ 160,679 $ 158,104 Weighted
average common shares outstanding – basic 118,309 83,727 106,298
83,724 Effect of dilutive Series D preferred shares 7,298
7,298 7,298 7,298 Weighted average common
shares outstanding – diluted 125,607 91,025
113,596 91,022
CommonWealth REIT
Condensed Consolidated Balance
Sheets
(amounts in thousands, except share
data)
(unaudited)
June 30, December
31, 2013 2012
ASSETS
Real estate properties: Land $ 1,533,543 $ 1,531,416 Buildings and
improvements 6,446,307 6,297,993
7,979,850 7,829,409 Accumulated depreciation (1,090,928 )
(1,007,606 ) 6,888,922 6,821,803 Properties held for sale
128,529 171,832 Acquired real estate leases, net 394,978 427,756
Equity investments 11,407 184,711 Cash and cash equivalents 77,520
102,219 Restricted cash 18,009 16,626 Rents receivable, net of
allowance for doubtful accounts of $8,769 and $9,962, respectively
274,988 253,394 Other assets, net 225,185
211,293 Total assets $ 8,019,538 $ 8,189,634
LIABILITIES AND
SHAREHOLDERS' EQUITY
Revolving credit facility $ 135,000 $ 297,000 SIR revolving credit
facility 235,000 95,000 Senior unsecured debt, net 2,304,465
2,972,994 Mortgage notes payable, net 977,044 984,827 Liabilities
related to properties held for sale 1,588 2,339 Accounts payable
and accrued expenses 165,449 194,184 Assumed real estate lease
obligations, net 62,270 69,304 Rent collected in advance 29,260
35,700 Security deposits 24,031 23,860 Due to related persons
12,954 12,958 Total liabilities
3,947,061 4,688,166 Shareholders'
equity: Shareholder's equity attributable to CommonWealth REIT:
Preferred shares of beneficial interest, $0.01 par value:
50,000,000 shares authorized; 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; 118,314,068 and 83,804,068
shares
issued
and outstanding, respectively
1,183 838 Additional paid in capital 4,212,182 3,585,400 Cumulative
net income 2,431,456 2,386,900 Cumulative other comprehensive
(loss) income (32,576 ) 565 Cumulative common distributions
(3,023,096 ) (2,972,569 ) Cumulative preferred distributions
(551,669 ) (529,367 ) Total shareholders' equity
attributable to CommonWealth REIT 3,671,141 3,105,428
Noncontrolling interest in consolidated subsidiary 401,336
396,040 Total shareholders' equity
4,072,477 3,501,468 Total liabilities and
shareholders' equity $ 8,019,538 $ 8,189,634
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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