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Mar 31, 2020
Equity Commonwealth Q1 2020 Earnings Report
Reported financial results for the quarter and provided a business update due to COVID-19.
Key Takeaways
Equity Commonwealth reported a net income attributable to common shareholders of $422.8 million, or $3.35 per diluted share, for the quarter ended March 31, 2020. FFO was $8.8 million, or $0.07 per diluted share, and Normalized FFO was $10.5 million, or $0.08 per diluted share.
Collected 98% of contractual rents for April in the same property portfolio, including 3% from security deposits and letters of credit.
Net income attributable to common shareholders increased primarily due to gains on sale of properties.
Same property portfolio was 90.8% leased as of March 31, 2020, compared to 88.2% as of March 31, 2019.
GAAP rental rates on new and renewal leases were 15.9% higher compared to prior GAAP rental rates for the same space.
Revenue by Segment
Forward Guidance
The company is monitoring the COVID-19 pandemic and its impact on the business. The priority is the health and safety of employees, tenants and building staff. The vast majority of tenants are working remotely due to government stay-at-home orders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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