Equity Commonwealth (NYSE: EQC) today reported financial results
for the quarter and year ended December 31, 2020.
We continue to monitor the impact of COVID-19 on our business.
Our priority remains the health and safety of our tenants,
employees and building staff. The vast majority of our tenants
continue to work remotely. Our buildings remain open, and we are
working with our tenants to enhance their safety when they are in
the office. In our same property portfolio, for the fourth quarter
2020, we collected 97% of contractual rents, including 1% from the
application of security deposits and letters of credit.
Financial results for the quarter ended December 31,
2020
Net loss attributable to common shareholders was $3.7 million,
or $0.03 per diluted share, for the quarter ended December 31,
2020. This compares to net income attributable to common
shareholders of $14.0 million, or $0.11 per diluted share, for the
quarter ended December 31, 2019. The decline in net income was
primarily a result of a decrease in interest earned on cash
balances and property dispositions.
Funds from Operations, or FFO, as defined by the National
Association of Real Estate Investment Trusts, for the quarter ended
December 31, 2020, were $0.6 million, or $0.00 per diluted share.
This compares to FFO for the quarter ended December 30, 2019 of
$19.8 million, or $0.16 per diluted share. The following items
impacted FFO for the quarter ended December 31, 2020, compared to
the corresponding 2019 period:
- ($0.10) per diluted share decrease in interest income and
other, net;
- ($0.06) per diluted share decrease in NOI from properties
sold;
- ($0.01) per diluted share decrease in same property NOI;
and
- $0.01 per diluted share decrease in general and administrative
expense.
Normalized FFO was $0.6 million, or $0.00 per diluted share, for
the quarter ended December 31, 2020. This compares to Normalized
FFO for the quarter ended December 31, 2019 of $19.7 million, or
$0.16 per diluted share. The following items impacted Normalized
FFO for the quarter ended December 31, 2020, compared to the
corresponding 2019 period:
- ($0.10) per diluted share decrease in interest income and
other, net;
- ($0.06) per diluted share decrease in cash NOI from properties
sold;
- ($0.01) per diluted share decrease in same property Cash NOI;
and
- $0.01 per diluted share decrease in general and 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 obscure the company’s operating
performance. Definitions of FFO, 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.
Same property results for the quarter ended December 31,
2020
The company’s same property portfolio at the end of the quarter
consisted of 4 properties totaling 1.5 million square feet.
Operating results were as follows:
- The same property portfolio was 85.7% leased as of December 31,
2020, compared to 87.7% as of September 30, 2020, and 91.5% as of
December 31, 2019.
- The same property portfolio commenced occupancy was 81.7% as of
December 31, 2020, compared to 85.1% as of September 30, 2020, and
87.2% as of December 31, 2019.
- Same property NOI decreased 16.9% when compared to the same
period in 2019. The decrease was largely due to lower parking
revenue and a decrease in occupancy.
- Same property cash NOI decreased 18.2% when compared to the
same period in 2019. The decrease was largely due to lower parking
revenue and a decrease in occupancy.
- The company entered into leases for approximately 39,000 square
feet, including renewal leases for approximately 29,000 square feet
and new leases for approximately 10,000 square feet.
- The GAAP rental rate on new and renewal leases was 12.4% higher
compared to the prior GAAP rental rate for the same space.
- The cash rental rate on new and renewal leases was 0.4% higher
compared to the prior cash rental rate for the same space.
The definitions and reconciliations of same property NOI and
same property cash NOI to net income, determined in accordance with
GAAP, are included at the end of this press release. The same
property portfolio at the end of the quarter included properties
continuously owned from October 1, 2019 through December 31,
2020.
Financial results for the year ended December 31,
2020
Net income attributable to common shareholders was $443 million,
or $3.56 per diluted share, for the year ended December 31, 2020.
This compares to net income attributable to common shareholders of
$485 million, or $3.90 per diluted share, for the year ended
December 31, 2019. The decline in net income was primarily a result
of a decrease in interest earned on cash balances and property
dispositions.
FFO for the year ended December 31, 2020, was $15.8 million, or
$0.13 per diluted share. This compares to FFO for the year ended
December 30, 2019 of $89.7 million, or $0.73 per diluted share. The
following items impacted FFO for the year ended December 31, 2020,
compared to the corresponding 2019 period:
- ($0.41) per diluted share decrease in interest income and
other, net;
- ($0.33) per diluted share decrease in NOI from properties
sold;
- ($0.03) per diluted share decrease in same property NOI;
- $0.07 per diluted share decrease in interest expense;
- $0.05 per diluted share decrease in loss on debt
extinguishment;
- $0.04 per diluted share decrease in general and administrative
expense; and
- $0.01 per diluted share of income tax savings.
Normalized FFO was $18.1 million, or $0.15 per diluted share,
for the year ended December 31, 2020. This compares to Normalized
FFO for the year ended December 31, 2019 of $95.7 million, or $0.78
per diluted share. The following items impacted Normalized FFO for
the year ended December 31, 2020, compared to the corresponding
2019 period:
- ($0.41) per diluted share decrease in interest income and
other, net;
- ($0.33) per diluted share decrease in NOI from properties
sold;
- ($0.02) per diluted share decrease in same property cash NOI
and lease termination fees;
- $0.07 per diluted share decrease in interest expense;
- $0.05 per diluted share decrease in general and administrative
expense; and
- $0.01 per diluted share of income tax savings.
As of December 31, 2020, the company’s cash and cash equivalents
balance was $3.0 billion.
Same property results for the year ended December 31,
2020
The company’s same property portfolio at the end of the year
consisted of 4 properties totaling 1.5 million square feet.
Operating results were as follows:
- Same property NOI decreased 9.1% when compared to the same
period in 2019. The decrease was largely due to lower parking
revenue and a decrease in lease termination fees.
- Same property cash NOI decreased 5.8% when compared to the same
period in 2019. The decrease was largely due to lower parking
revenue.
- The company entered into leases for approximately 142,000
square feet, including renewal leases for approximately 76,000
square feet and new leases for approximately 66,000 square
feet.
- The GAAP rental rate on the new and renewal leases was 11.9%
higher compared to the prior GAAP rental rate for the same
space.
- The cash rental rate on the new and renewal leases was 1.4%
lower compared to the prior cash rental rate for the same
space.
The definitions and reconciliations of same property NOI and
same property cash NOI to net income, determined in accordance with
GAAP, are included at the end of this press release. The same
property portfolio at the end of the year included properties
continuously owned from January 1, 2019 through December 31,
2020.
Significant events during the year ended December 31,
2020
- The company sold three properties totaling 961,000 square feet
for a gross sales price of $756.5 million.
- The company paid a special, one-time cash dividend of $3.50 per
common share, on October 20, 2020 to shareholders of record on
October 1, 2020.
- In March 2020, prior to the payment of the special dividend,
the company repurchased approximately 711,000 of its common shares
at a weighted average price of $29.31 per share for a total
investment of $20.8 million. The company has $150 million
authorized for future share repurchases under its current
authorization.
- The company repaid at par the outstanding $25.1 million, 5.7%
mortgage loan on 206 East 9th Street in Austin, Texas, as of July
5, 2020. Following this repayment, the company has no debt
outstanding.
Earnings Conference Call & Supplemental Operating and
Financial Information
Equity Commonwealth will host a conference call to discuss
fourth quarter and full year results on Thursday, February 11,
2021, at 9:00 A.M. CT. 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 Full Year 2020 Supplemental Operating and
Financial Information is available in the Investor Relations
section of EQC’s website at www.eqcre.com.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is a Chicago based, internally
managed and self-advised real estate investment trust (REIT) with
commercial office properties in the United States. EQC’s portfolio
is comprised of 4 properties and 1.5 million square feet.
Regulation FD Disclosures
We use any of the following to comply with our disclosure
obligations under Regulation FD: press releases, SEC filings,
public conference calls, or our website. We routinely post
important information on our website at www.eqcre.com, including
information that may be deemed to be material. We encourage
investors and others interested in the company to monitor these
distribution channels for material disclosures.
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 the overall impact of COVID-19 on the foregoing to the
extent we make any such statements. 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 Securities
Exchange Act of 1934, as amended. 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,”
“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 our current views about future events and are subject to
numerous known and unknown risks, uncertainties, assumptions and
changes in circumstances that may cause our 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). 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 our future results to differ
materially from any forward-looking statements, see the section
entitled “Risk Factors” in our most recent Annual Report on Form
10-K and subsequent quarterly reports on Form 10-Q.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, amounts in thousands,
except share data)
December 31,
ASSETS
2020
2019
Real estate properties:
Land
$
44,060
$
85,627
Buildings and improvements
357,650
576,494
401,710
662,121
Accumulated depreciation
(143,319
)
(202,700
)
258,391
459,421
Cash and cash equivalents
2,987,225
2,795,642
Restricted cash
—
5,003
Rents receivable
14,702
19,554
Other assets, net
17,353
39,757
Total assets
$
3,277,671
$
3,319,377
LIABILITIES AND EQUITY
Mortgage note payable, net
$
—
$
25,691
Accounts payable, accrued expenses and
other
20,588
37,153
Rent collected in advance
2,928
3,127
Distributions payable
10,991
7,534
Total liabilities
$
34,507
$
73,505
Shareholders’ equity:
Preferred shares of beneficial interest,
$0.01 par value: 50,000,000 shares authorized;
Series D preferred shares; 6.50%
cumulative convertible; 4,915,196 shares issued and outstanding,
aggregate liquidation preference of $122,880
$
119,263
$
119,263
Common shares of beneficial interest,
$0.01 par value: 350,000,000 shares authorized; 121,522,555 and
121,924,199 shares issued and outstanding, respectively
1,215
1,219
Additional paid in capital
4,294,632
4,313,831
Cumulative net income
3,814,948
3,363,654
Cumulative common distributions
(4,283,668
)
(3,851,666
)
Cumulative preferred distributions
(709,712
)
(701,724
)
Total shareholders' equity
3,236,678
3,244,577
Noncontrolling interest
6,486
1,295
Total equity
$
3,243,164
$
3,245,872
Total liabilities and equity
$
3,277,671
$
3,319,377
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, amounts in
thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Revenues:
Rental revenue
$
14,001
$
23,410
$
62,134
$
116,869
Other revenue (1)
707
2,585
4,144
10,981
Total revenues
$
14,708
$
25,995
$
66,278
$
127,850
Expenses:
Operating expenses
$
6,976
$
9,741
$
28,858
$
46,418
Depreciation and amortization
4,680
6,037
19,329
28,122
General and administrative
7,136
8,290
33,233
38,442
Total expenses
$
18,792
$
24,068
$
81,420
$
112,982
Interest and other income, net
2,284
14,521
21,228
72,392
Interest expense (including net
amortization of debt discounts, premiums and deferred financing
fees of $0, $(60), $(119), and $204, respectively)
—
(311
)
(620
)
(8,908
)
Gain (loss) on early extinguishment of
debt
—
—
131
(6,374
)
Gain on sale of properties, net
208
24
446,744
422,172
(Loss) income before income taxes
(1,592
)
16,161
452,341
494,150
Income tax expense
(78
)
(165
)
(248
)
(1,284
)
Net (loss) income
$
(1,670
)
$
15,996
$
452,093
$
492,866
Net loss (income) attributable to
noncontrolling interest
4
(6
)
(799
)
(186
)
Net (loss) income attributable to
Equity Commonwealth
$
(1,666
)
$
15,990
$
451,294
$
492,680
Preferred distributions
(1,997
)
(1,997
)
(7,988
)
(7,988
)
Net (loss) income attributable to
Equity Commonwealth common shareholders
$
(3,663
)
$
13,993
$
443,306
$
484,692
Weighted average common shares outstanding
— basic (2)
121,673
122,140
121,786
122,091
Weighted average common shares outstanding
— diluted (2)(3)
121,673
123,490
126,606
126,260
Earnings per common share attributable to
Equity Commonwealth common shareholders:
Basic
$
(0.03
)
$
0.11
$
3.64
$
3.97
Diluted
$
(0.03
)
$
0.11
$
3.56
$
3.90
(1)
Other revenue is primarily comprised of
parking revenue that does not represent a component of a lease.
(2)
Weighted average common shares outstanding
for the three months ended December 31, 2020 and 2019 includes 150
and 216 unvested, earned RSUs, respectively. Weighted average
common shares outstanding for the year ended December 31, 2020 and
2019 includes 157 and 210 unvested, earned RSUs, respectively.
(3)
As of December 31, 2020, we had 4,915
series D preferred shares that were convertible into 3,237 common
shares. As of December 31, 2019, the 4,915 series D preferred
shares were convertible into 2,857 common shares. The series D
preferred shares are dilutive for GAAP EPS for the years ended
December 31, 2020 and 2019 and are antidilutive for GAAP EPS for
all other periods presented.
CALCULATION OF FUNDS FROM
OPERATIONS (FFO) AND NORMALIZED FFO
(Unaudited, amounts in
thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Calculation of FFO
Net (loss) income
$
(1,670
)
$
15,996
$
452,093
$
492,866
Real estate depreciation and
amortization
4,470
5,794
18,442
27,037
Gain on sale of properties, net
(208
)
(24
)
(446,744
)
(422,172
)
FFO attributable to Equity
Commonwealth
2,592
21,766
23,791
97,731
Preferred distributions
(1,997
)
(1,997
)
(7,988
)
(7,988
)
FFO attributable to EQC common
shareholders and unitholders
$
595
$
19,769
$
15,803
$
89,743
Calculation of Normalized FFO
FFO attributable to EQC common
shareholders and unitholders
$
595
$
19,769
$
15,803
$
89,743
Lease value amortization
—
—
—
(117
)
Straight-line rent adjustments
(6
)
(69
)
340
(418
)
Sold property expense included in interest
and other income, net
—
—
515
—
(Gain) loss on early extinguishment of
debt
—
—
(131
)
6,374
Taxes related to property sales included
in general and administrative
14
—
1,472
—
Taxes related to property sales, net
included in income tax expense
(48
)
—
130
142
Normalized FFO attributable to EQC
common shareholders and unitholders
$
555
$
19,700
$
18,129
$
95,724
Weighted average common shares and units
outstanding -- basic (1)
121,916
122,189
122,007
122,138
Weighted average common shares and units
outstanding -- diluted (1)
123,445
123,539
123,590
123,450
FFO attributable to EQC common
shareholders and unitholders per share and unit -- basic and
diluted
$
0.00
$
0.16
$
0.13
$
0.73
Normalized FFO attributable to EQC common
shareholders and unitholders per share and unit -- basic and
diluted
$
0.00
$
0.16
$
0.15
$
0.78
(1)
Our calculations of FFO and Normalized FFO
attributable to EQC common shareholders and unitholders per share and unit - basic for
the three months ended December 31, 2020 and 2019 include 243 and
49 LTIP/Operating Partnership Units, respectively, that are
excluded from the calculation of basic earnings per common share
attributable to EQC common shareholders
(only). Our calculations of FFO and Normalized FFO
attributable to EQC common shareholders and unitholders per
share and unit - basic for the year ended December 31, 2020 and
2019 include 221 and 47 LTIP/Operating Partnership Units,
respectively, that are excluded from the calculation of basic
earnings per common share attributable to EQC common shareholders (only).
We compute FFO in accordance with
standards established by 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. 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, 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
(Unaudited, amounts in
thousands)
Three Months Ended
12/31/2020
9/30/2020
6/30/2020
3/31/2020
12/31/2019
Calculation of Same Property NOI and
Same Property Cash Basis NOI:
Rental revenue
$
14,001
$
15,742
$
15,248
$
17,143
$
23,410
Other revenue (1)
707
743
1,017
1,677
2,585
Operating expenses
(6,976
)
(6,444
)
(6,677
)
(8,761
)
(9,741
)
NOI
$
7,732
$
10,041
$
9,588
$
10,059
$
16,254
Straight-line rent adjustments
(6
)
(367
)
515
198
(69
)
Lease termination fees
(10
)
(1,300
)
—
—
(16
)
Cash Basis NOI
$
7,716
$
8,374
$
10,103
$
10,257
$
16,169
Cash Basis NOI from non-same properties
(2)
(415
)
(218
)
(1,221
)
(1,399
)
(7,244
)
Same Property Cash Basis NOI
$
7,301
$
8,156
$
8,882
$
8,858
$
8,925
Non-cash rental income and lease
termination fees from same properties
16
1,668
(408
)
(107
)
(124
)
Same Property NOI
$
7,317
$
9,824
$
8,474
$
8,751
$
8,801
Reconciliation of Same Property NOI to
GAAP Net (Loss) Income:
Same Property NOI
$
7,317
$
9,824
$
8,474
$
8,751
$
8,801
Non-cash rental income and termination
fees from same properties
(16
)
(1,668
)
408
107
124
Same Property Cash Basis NOI
$
7,301
$
8,156
$
8,882
$
8,858
$
8,925
Cash Basis NOI from non-same properties
(2)
415
218
1,221
1,399
7,244
Cash Basis NOI
$
7,716
$
8,374
$
10,103
$
10,257
$
16,169
Straight-line rent adjustments
6
367
(515
)
(198
)
69
Lease termination fees
10
1,300
—
—
16
NOI
$
7,732
$
10,041
$
9,588
$
10,059
$
16,254
Depreciation and amortization
(4,680
)
(5,137
)
(4,398
)
(5,114
)
(6,037
)
General and administrative
(7,136
)
(7,191
)
(8,302
)
(10,604
)
(8,290
)
Interest and other income, net
2,284
2,606
4,443
11,895
14,521
Interest expense
—
(9
)
(302
)
(309
)
(311
)
Gain on early extinguishment of debt
—
131
—
—
—
Gain on sale of properties, net
208
—
26,916
419,620
24
(Loss) income before income
taxes
$
(1,592
)
$
441
$
27,945
$
425,547
$
16,161
Income tax expense
(78
)
(71
)
(59
)
(40
)
(165
)
Net (loss) income
$
(1,670
)
$
370
$
27,886
$
425,507
$
15,996
(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.
CALCULATION OF SAME PROPERTY
NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI
(Unaudited, amounts in
thousands)
For the Year Ended December
31,
2020
2019
Calculation of Same Property NOI and
Same Property Cash Basis NOI:
Rental revenue
$
62,134
$
116,869
Other revenue (1)
4,144
10,981
Operating expenses
(28,858
)
(46,418
)
NOI
$
37,420
$
81,432
Straight-line rent adjustments
340
(418
)
Lease value amortization
—
(117
)
Lease termination fees
(1,310
)
(2,215
)
Cash Basis NOI
$
36,450
$
78,682
Cash Basis NOI from non-same properties
(2)
(3,253
)
(43,455
)
Same Property Cash Basis NOI
$
33,197
$
35,227
Non-cash rental income and lease
termination fees from same properties
1,169
2,565
Same Property NOI
$
34,366
$
37,792
Reconciliation of Same Property NOI to
GAAP Net Income:
Same Property NOI
$
34,366
$
37,792
Non-cash rental income and termination
fees from same properties
(1,169
)
(2,565
)
Same Property Cash Basis NOI
$
33,197
$
35,227
Cash Basis NOI from non-same properties
(2)
3,253
43,455
Cash Basis NOI
$
36,450
$
78,682
Straight-line rent adjustments
(340
)
418
Lease value amortization
—
117
Lease termination fees
1,310
2,215
NOI
$
37,420
$
81,432
Depreciation and amortization
(19,329
)
(28,122
)
General and administrative
(33,233
)
(38,442
)
Interest and other income, net
21,228
72,392
Interest expense
(620
)
(8,908
)
Gain (loss) on early extinguishment of
debt
131
(6,374
)
Gain on sale of properties, net
446,744
422,172
Income before income taxes
$
452,341
$
494,150
Income tax expense
(248
)
(1,284
)
Net income
$
452,093
$
492,866
(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 quarter-to-date same property
versions of these measures include the results of properties
continuously owned from October 1, 2019 through December 31, 2020.
The year-to-date same property versions of these measures include
the results of properties continuously owned from January 1, 2019
through December 31, 2020. 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, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210210005929/en/
Sarah Byrnes, Investor Relations (312) 646-2801 ir@eqcre.com
Equity Commonwealth (NYSE:EQC)
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