EQC Equity Commonwealth

Asset Sales Year-to-Date of $1.9 Billion Same Property Portfolio 91.9% Leased Third Quarter Leasing Activity of 1.4 Million Square Feet

Equity Commonwealth (NYSE: EQC) today reported financial results for the quarter ended September 30, 2015. All per share results are reported on a diluted basis.

Results for the quarter ended September 30, 2015

Funds from Operations (FFO), as defined by the National Association of Real Estate Investment Trusts, for the quarter ended September 30, 2015, were $24.2 million, or $0.19 per share. This compares to diluted FFO for the quarter ended September 30, 2014 of $209.2 million, or $1.59 per share. The decrease in FFO during the third quarter 2015 was largely due to the company’s sale of its equity interest in Select Income REIT in 2014.

Normalized FFO was $46.4 million, or $0.36 per share. This compares to Normalized FFO for the quarter ended September 30, 2014 of $57.3 million, or $0.44 per share. The following items impacted Normalized FFO per share for the quarter ended September 30, 2015 compared to the corresponding 2014 period:

• approximately ($0.22) per share from properties sold as part of the company’s previously announced repositioning plan;
• approximately $0.08 per share from lower interest expense; and
• approximately $0.07 per share from lower recurring general & administrative expense.

Normalized FFO begins with FFO and eliminates certain items that, by their nature, are not comparable from period to period, non-cash items, and items that tend to obscure the company’s operating performance. Definitions of FFO and Normalized FFO and reconciliations to net income, determined in accordance with U.S. generally accepted accounting principles, or GAAP, are included at the end of this press release.

Net income attributable to common shareholders was $23.5 million, or $0.18 per share, for the quarter ended September 30, 2015. This compares to diluted net income attributable to common shareholders of $151.8 million, or $1.16 per share, for the quarter ended September 30, 2014.

The weighted average number of diluted common shares outstanding for FFO and net income attributable to common shareholders for the quarter ended September 30, 2015 was 129,878,396 shares, compared to 131,243,445 for the quarter ended September 30, 2014. The weighted average number of diluted common shares outstanding for Normalized FFO for the quarter ended September 30, 2015 was 129,878,396 shares, compared to 128,880,196 for the quarter ended September 30, 2014.

Operating Highlights

As of September 30, 2015, the company’s same property portfolio consisted of 67 properties comprising 25.3 million square feet, which excluded seven held for sale properties. For the quarter ended September 30, 2015, operating results were as follows:

• The same property portfolio was 91.9% leased, compared to 91.7% as of June 30, 2015, and 90.6% as of September 30, 2014.
• The company entered into leases for approximately 1,384,000 square feet, including renewal leases for approximately 955,000 square feet and new leases for approximately 429,000 square feet.
• Same property cash NOI decreased 1.0% when compared to the same period in 2014, largely the result of a $1.7 million non-recurring charge taken for a parking tax matter.
• Same property NOI decreased 1.2% when compared to the same period in 2014, largely the result of $2.8 million of non-recurring charges.
• Cash rental rates on new and renewal leases were 3.2% higher compared to prior cash rental rates for the same space.
• GAAP rental rates on new and renewal leases were 9.1% higher compared to prior GAAP rental rates for the same space.

The definitions and reconciliations of same property NOI and same property cash NOI to operating income, determined in accordance with GAAP, are included at the end of this press release. Same property NOI and same property cash NOI include properties continuously owned from July 1, 2014 through September 30, 2015 and exclude properties owned during this period that are designated as held for sale.

Significant Events

• During the quarter, the company sold 14 properties totaling 5.5 million square feet for a gross sales price of $636.9 million. Proceeds were $472.1 million following credits for contractual lease costs and $147.2 million of mortgage debt repayments, including prepayment costs.
• On August 24, 2015, the company announced the Board of Trustees authorized the repurchase of up to $100 million of its common shares. An additional $100 million of common share repurchases were authorized on September 14, 2015. During the quarter, the company repurchased 3,410,300 of its common shares at an average price of $25.76 per share for a total investment of $87.8 million.

Subsequent Events

• In October 2015, the company closed on the sale of the seven held for sale office properties totaling 1.3 million square feet for a gross sales price of $131.2 million, including:
  • A 643,000 square foot four-property portfolio in Georgia for $48.6 million;
  • A 260,000 square foot property in Albuquerque, NM for $34.3 million;
  • A 241,000 square foot property in Tucson, AZ for $32.0 million; and
  • A 121,000 square foot property in Memphis, TN for $16.3 million.

Disposition Update

The company continues to pursue its previously announced plan to sell up to $3 billion of assets, creating capacity for future opportunities. Year-to-date, the company has sold $1.9 billion of assets at a weighted average cap rate in the low-to-mid 7% range. The company has 5 properties totaling over 2 million square feet in various stages of marketing for sale. The company is in the midst of a significant transition, focused on executing the disposition program and improving the performance of its properties.

Earnings Conference Call & Supplemental Data

Equity Commonwealth will host a conference call to discuss third quarter results on Thursday, November 5, 2015, at 9:00 am Central Time. The conference call will be available via live audio webcast on the Investor Relations section of the company’s website (www.eqcre.com). A replay of the audio webcast will also be available following the call.

A copy of EQC’s Third Quarter 2015 Supplemental Operating and Financial Data is available for download on the Investor Relations section of EQC’s website at www.eqcre.com.

About Equity Commonwealth

Equity Commonwealth (NYSE: EQC) is an internally managed and self-advised real estate investment trust (REIT) with commercial office properties throughout the United States. EQC has a portfolio comprising 67 properties and 25.3 million square feet with executive offices in Chicago, IL.

FORWARD-LOOKING STATEMENTS

Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding share repurchases, marketing the company’s properties for sale, consummating asset sales, identifying future investment opportunities, strengthening the balance sheet and improving property performance. Any forward-looking statements contained in this press release are intended to be made pursuant to the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

The forward-looking statements contained in this press release reflect the company’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the company’s actual results to differ significantly from those expressed in any forward-looking statement. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).

While forward-looking statements reflect the company’s good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent Annual Report on Form 10-K and in the company’s Quarterly Reports on Form 10-Q for subsequent quarters.

  CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

        September 30, 2015   December 31, 2014 ASSETS         Real estate properties:   Land $ 413,281 $ 714,238 Buildings and improvements 3,559,060   5,014,205   3,972,341 5,728,443 Accumulated depreciation (884,183 ) (1,030,445 ) 3,088,158 4,697,998 Properties held for sale 112,150 — Acquired real estate leases, net 99,017 198,287 Cash and cash equivalents 1,649,162 364,516 Restricted cash 28,463 32,257 Rents receivable, net of allowance for doubtful accounts of $9,281 and $6,565, respectively 184,679 248,101 Other assets, net   162,614     220,480   Total assets   $ 5,324,243     $ 5,761,639             LIABILITIES AND SHAREHOLDERS’ EQUITY         Revolving credit facility $ — $ — Senior unsecured debt, net 1,460,360 1,598,416 Mortgage notes payable, net 367,713 609,249 Liabilities related to properties held for sale 1,909 — Accounts payable and accrued expenses 121,697 162,204 Assumed real estate lease obligations, net 4,890 26,784 Rent collected in advance 29,744 31,359 Security deposits   10,722     14,044   Total liabilities   $ 1,997,035     $ 2,442,056     Shareholders’ equity: Preferred shares of beneficial interest, $0.01 par value: 50,000,000 shares authorized; Series D preferred shares; 6 1/2% cumulative convertible; 4,915,196 and 4,915,497 shares issued and outstanding, respectively, aggregate liquidation preference of $122,880 and $122,887, respectively $ 119,263 $ 119,266 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; 126,349,914 and 129,607,279 shares issued and outstanding, respectively 1,263 1,296 Additional paid in capital 4,410,951 4,487,133 Cumulative net income 2,290,564 2,233,852 Cumulative other comprehensive loss (5,142 ) (53,216 ) Cumulative common distributions (3,111,868 ) (3,111,868 ) Cumulative preferred distributions   (643,214 )   (622,271 ) Total shareholders’ equity   $ 3,327,208     $ 3,319,583   Total liabilities and shareholders’ equity   $ 5,324,243     $ 5,761,639    

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

        Three Months Ended   Nine Months Ended September 30, September 30, 2015   2014   2015   2014 Revenues     Rental income(1) $ 125,459 $ 174,216 $ 457,128 $ 518,663 Tenant reimbursements and other income   33,749     42,379     118,829     130,386   Total revenues   $ 159,208     $ 216,595     $ 575,957     $ 649,049     Expenses: Operating expenses $ 73,571 $ 99,392 $ 261,128 $ 293,824 Depreciation and amortization 40,522 57,213 156,858 168,693 General and administrative 16,249 47,450 43,718 96,395 Loss on asset impairment — — 17,162 17,922 Acquisition related costs   —     —     —     5   Total expenses   $ 130,342     $ 204,055     $ 478,866     $ 576,839                     Operating income   $ 28,866     $ 12,540     $ 97,091     $ 72,210     Interest and other income 637 406 4,813 1,071 Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $171, $(91), $23, and $(700), respectively) (25,111 ) (35,245 ) (82,926 ) (111,079 ) (Loss) gain on early extinguishment of debt (3,887 ) 6,699 6,111 6,699 Gain on sale of equity investment — 171,754 — 171,721 Gain on issuance of shares by an equity investee — — — 17,020 Foreign currency exchange loss (9,809 ) — (8,953 ) — Gain on sale of properties 39,793   —     42,953   —   Income from continuing operations before income taxes and equity in earnings of investees 30,489 156,154 59,089 157,642 Income tax expense (23 ) (703 ) (2,377 ) (2,166 ) Equity in earnings of investees —   1,072     —   24,460   Income from continuing operations 30,466 156,523 56,712 179,936 Discontinued operations: Income from discontinued operations (1) — 95 — 8,220 Gain (loss) on asset impairment from discontinued operations — 122 — (2,238 ) Loss on early extinguishment of debt from discontinued operations   —     —     —     (3,345 ) Net income   $ 30,466     $ 156,740     $ 56,712     $ 182,573   Preferred distributions (6,981 ) (6,981 ) (20,943 ) (25,114 ) Excess fair value of consideration over carrying value of preferred shares   —     —     —     (16,205 ) Net income attributable to Equity Commonwealth common shareholders   $ 23,485     $ 149,759     $ 35,769     $ 141,254    

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

        Three Months Ended   Nine Months Ended September 30, September 30, 2015   2014   2015   2014 Amounts attributable to Equity Commonwealth common shareholders:     Income from continuing operations $ 23,485 $ 149,542 $ 35,769 $ 138,617 Income from discontinued operations — 95 — 8,220 Gain (loss) on asset impairment from discontinued operations — 122 — (2,238 ) Loss on early extinguishment of debt from discontinued operations —   —     —   (3,345 ) Net income $ 23,485   $ 149,759     $ 35,769   $ 141,254     Weighted average common shares outstanding — basic 128,739   128,880     129,386   123,736   Weighted average common shares outstanding — diluted (2) 129,878   131,243     130,093   123,736     Basic earnings per common share attributable to Equity Commonwealth common shareholders: Income from continuing operations $ 0.18   $ 1.16     $ 0.28   $ 1.12   Income from discontinued operations $ —   $ —     $ —   $ 0.02   Net income $ 0.18   $ 1.16     $ 0.28   $ 1.14   Diluted earnings per common share attributable to Equity Commonwealth common shareholders: Income from continuing operations $ 0.18   $ 1.16   $ 0.27   $ 1.12   Income from discontinued operations $ —   $ —   $ —   $ 0.02   Net income (2) $ 0.18   $ 1.16   $ 0.27   $ 1.14   (1)   Rental income and income from discontinued operations include non-cash straight line rent adjustments, and non-cash amortization of intangible lease assets and liabilities. (2) The series D preferred shares were dilutive for earnings per common share attributable to Equity Commonwealth common shareholders for the three months ended September 30, 2014. The numerator used to calculate earnings per common share attributable to Equity Commonwealth common shareholders per diluted share for the three months ended September 30, 2014 is $151,757, which excludes the series D preferred distribution for the same period. The series D preferred shares are anti-dilutive for all other periods presented. 1,139 common shares (1,139 and 707 common shares on a weighted average basis for the three and nine months ended September 30, 2015, respectively) would be issued to the RSU holders if the market-based vesting component of the RSUs was measured as of September 30, 2015. No RSUs had been issued as of September 30, 2014.   CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (amounts in thousands, except per share data)         Three Months Ended   Nine Months Ended September 30, September 30,     2015   2014   2015   2014 Calculation of FFO                 Net income $ 30,466   $ 156,740 $ 56,712   $ 182,573 Depreciation and amortization 40,522 57,213 156,858 168,693 Loss on asset impairment from continuing operations — — 17,162 17,922 (Gain) loss on asset impairment from discontinued operations — (122 ) — 2,238 FFO from equity investees — 1,456 — 33,007 Gain on sale of properties (39,793 ) — (42,953 ) — Equity in earnings of investees —   (1,072 )   —   (24,460 ) FFO attributable to Equity Commonwealth 31,195 214,215 187,779 379,973 Preferred distributions   (6,981 )   (6,981 )   (20,943 )   (25,114 ) FFO attributable to EQC Common Shareholders   $ 24,214     $ 207,234     $ 166,836     $ 354,859                     Calculation of Normalized FFO                 FFO attributable to EQC common shareholders $ 24,214 $ 207,234 $ 166,836 $ 354,859 Recurring adjustments: Lease value amortization 2,766 2,099 6,033 8,517 Straight line rent adjustments from continuing operations (1,901 ) (3,197 ) (3,584 ) (10,172 ) Straight line rent adjustments from discontinued operations — — — (226 ) Loss (gain) on early extinguishment of debt from continuing operations 3,887 (6,699 ) (6,111 ) (6,699 ) Loss on early extinguishment of debt from discontinued operations — — — 3,345 Minimum cash rent from direct financing lease (1) 2,032 2,032 6,096 6,096 Gain on sale of equity investments — (171,754 ) — (171,721 ) Gain on issuance of shares by an equity investee — — — (17,020 ) Interest earned from direct financing lease (96 ) (186 ) (356 ) (623 ) Normalized FFO from equity investees, net of FFO — — — (3,353 ) Other items which affect comparability: Shareholder litigation and transition related expenses (2) 5,474 27,777 8,731 36,582 Transition services fee 198 — 2,613 — Acquisition related costs — — — 5 Gain on sale of securities — — (3,080 ) — Foreign currency exchange loss   9,809     —     8,953     —   Normalized FFO attributable to EQC Common Shareholders   $ 46,383     $ 57,306     $ 186,131     $ 199,590     Weighted average common shares outstanding -- basic 128,739   128,880   129,386   123,736   Weighted average common shares outstanding -- diluted FFO (3) 129,878   131,243   130,093   123,736   Weighted average common shares outstanding -- diluted Normalized FFO (3) 129,878   128,880   130,093   123,736   FFO attributable to EQC common shareholders per share -- basic $ 0.19   $ 1.61   $ 1.29   $ 2.87   FFO attributable to EQC common shareholders per share -- diluted(3) $ 0.19   $ 1.59   $ 1.28   $ 2.87   Normalized FFO attributable to EQC common shareholders per share -- basic $ 0.36   $ 0.44   $ 1.44   $ 1.61   Normalized FFO attributable to EQC common shareholders per share -- diluted (3) $ 0.36   $ 0.44   $ 1.43   $ 1.61   (1)   Contractual cash payments (including management fees) from one tenant at Arizona Center for the three and nine months ended September 30, 2015 and 2014 were $2,032 and $6,096, respectively. These payments will decrease to approximately $515 per year beginning in 2016. Our calculation of Normalized FFO reflects the cash payments received from this tenant. The terms of this tenant's lease require us to classify the lease as a direct financing (or capital) lease. As such, the revenue recognized on a GAAP basis within our condensed consolidated statements of operations was $104 and $194 for the three months ended September 30, 2015 and 2014, and $379 and $645 for the nine months ended September 30, 2015 and 2014, respectively. This direct financing lease has an expiration date in 2045. (2) Shareholder litigation and transition related expenses within general and administrative for the three and nine months ended September 30, 2015 includes $4.6 million and $6.9 million, respectively, for the change in the fair value of the shareholder-approved liability for the reimbursement of expenses incurred by Related/Corvex since February 2013 in connection with their consent solicitations to remove the former Trustees, elect the new Board of Trustees and engage in related litigation. On August 4, 2015, we reimbursed $8.4 million to Related/Corvex under the terms of the shareholder-approved agreement. An additional $8.4 million will be reimbursed only if the average closing price of our common shares is at least $26.00 (as adjusted for any share splits or share dividends) from August 1, 2015 through July 31, 2016. As of September 30, 2015, the fair value of this liability is $5.2 million. (3) The series D preferred shares were dilutive for FFO attributable to EQC common shareholders for the three months ended September 30, 2014. The numerator used to calculate FFO attributable to EQC common shareholders per diluted share for the three months ended September 30, 2014 is $209,232, which excludes the series D preferred distribution for the same period. The series D preferred shares are anti-dilutive for all other periods and per share measures presented. 1,139 common shares (1,139 and 707 common shares on a weighted average basis for the three and nine months ended September 30, 2015, respectively) would be issued to the RSU holders if the market-based vesting component of the RSUs was measured as of September 30, 2015. No RSUs had been issued as of September 30, 2014.   We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines FFO as net income (loss), calculated in accordance with GAAP, excluding real estate depreciation and amortization, gains (or losses) from sales of depreciable property, impairment of depreciable real estate, and our portion of these items related to equity investees and noncontrolling interests. Our calculation of Normalized FFO differs from NAREIT’s definition of FFO because we exclude certain items that we view as nonrecurring or impacting comparability from period to period. We consider FFO and Normalized FFO to be appropriate measures of operating performance for a REIT, along with net income, net income attributable to Equity Commonwealth common shareholders, operating income 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 are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. 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 Equity Commonwealth common shareholders, operating income 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, net income attributable to Equity Commonwealth common shareholders, operating income and cash flow from operating activities as presented in our condensed consolidated statements of operations, condensed consolidated statements of comprehensive income 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 (amounts in thousands)         For the Three Months Ended   For the Nine Months Ended September 30, September 30, 2015   2014   2015   2014 Calculation of Same Property NOI and Same Property Cash Basis NOI     Rental income $ 125,459 $ 174,216 $ 457,128 $ 518,663 Tenant reimbursements and other income 33,749 42,379 118,829 130,386 Operating expenses   (73,571 )   (99,392 )   (261,128 )   (293,824 ) NOI   $ 85,637     $ 117,203     $ 314,829     $ 355,225   Straight line rent adjustments (1,901 ) (3,197 ) (3,584 ) (10,172 ) Lease value amortization 2,766 2,099 6,033 8,517 Lease termination fees   (1,759 )   (1,534 )   (7,875 )   (3,272 ) Cash Basis NOI   $ 84,743     $ 114,571     $ 309,403     $ 350,298   Cash Basis NOI from non-same properties (1)   (6,560 )   (35,576 )   (64,594 )   (107,432 ) Same Property Cash Basis NOI   $ 78,183     $ 78,995     $ 244,809     $ 242,866   Non-cash rental and termination income from same properties   454     625     (1,135 )   (2,270 ) Same Property NOI   $ 78,637     $ 79,620     $ 243,674     $ 240,596     Reconciliation of Same Property NOI to GAAP Operating Income                 Same Property NOI   $ 78,637     $ 79,620     $ 243,674     $ 240,596   Non-cash rental and termination income from same properties   (454 )   (625 )   1,135     2,270   Same Property Cash Basis NOI   $ 78,183     $ 78,995     $ 244,809     $ 242,866   Cash Basis NOI from non-same properties (1)   6,560     35,576     64,594     107,432   Cash Basis NOI   $ 84,743     $ 114,571     $ 309,403     $ 350,298   Straight line rent adjustments 1,901 3,197 3,584 10,172 Lease value amortization (2,766 ) (2,099 ) (6,033 ) (8,517 ) Lease termination fees   1,759     1,534     7,875     3,272   NOI   $ 85,637     $ 117,203     $ 314,829     $ 355,225   Depreciation and amortization (40,522 ) (57,213 ) (156,858 ) (168,693 ) General and administrative (16,249 ) (47,450 ) (43,718 ) (96,395 ) Loss on asset impairment — — (17,162 ) (17,922 ) Acquisition related costs   —     —     —     (5 ) Operating Income   $ 28,866     $ 12,540     $ 97,091     $ 72,210   (1)   Cash Basis NOI from non-same properties for all periods presented includes the operations of properties disposed or classified as held for sale during 2015.   NOI is total revenues minus operating expenses. Cash Basis NOI is NOI excluding the effects of straight line rent adjustments, lease value amortization, and lease termination fees. The quarter-to-date same property versions of these measures include the results of properties continuously owned from July 1, 2014 through September 30, 2015. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2014 through September 30, 2015. Discontinued operations and properties classified as held for sale are excluded from same property results.   We consider these measures to be appropriate supplemental measures to net income because they may help both investors and management to understand the operations of our properties. We use these measures internally to evaluate individual, regional and combined 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. 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, net income attributable to Equity Commonwealth common shareholders, operating income 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, net income attributable to Equity Commonwealth common shareholders, operating income and cash flow from operating activities as presented in our condensed consolidated statements of operations, condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate these measures differently than we do.  

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Equity CommonwealthSarah Byrnes, Investor Relations(312) 646-2801www.eqcre.com