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Sep 30, 2024
Equity Commonwealth Q3 2024 Earnings Report
Reported financial results with a net loss attributable to common shareholders and a decrease in same property NOI.
Key Takeaways
Equity Commonwealth reported a net loss of $28.2 million, or $0.26 per diluted share, for the quarter ended September 30, 2024, compared to a net income of $24.1 million, or $0.22 per diluted share, for the same period in 2023. The decrease in net income was primarily due to a $50.2 million loss on asset impairment. Same property NOI decreased 16.0% compared to the same period in 2023.
Net loss attributable to common shareholders was $28.2 million, or $0.26 per diluted share.
FFO was $26.2 million, or $0.24 per diluted share.
Normalized FFO was $27.4 million, or $0.25 per diluted share.
Same property NOI decreased 16.0% compared to the same period in 2023.
Forward Guidance
The sale of the two Austin properties and 1250 H Street are under contract with non-refundable earnest money deposits and are anticipated to begin closing in early November 2024. Current pricing for these sales is consistent with the assumptions underlying the estimated aggregate shareholder distribution range of $19.50 to $21.00 per share. The marketing of the property located at 1225 Seventeenth Street in Denver, CO commenced in September 2024.
Positive Outlook
- Sales of Austin properties and 1250 H Street are under contract with non-refundable earnest money deposits.
- Sales are anticipated to begin closing in early November 2024.
- Current pricing for these sales is consistent with the assumptions underlying the estimated aggregate shareholder distribution range of $19.50 to $21.00 per share.
- Closing of these sales is not expected to impact the estimated range or timing of the initial cash distribution to common shareholders.
- Marketing commenced for the property located at 1225 Seventeenth Street in Denver, CO.
Challenges Ahead
- Market conditions for selling office assets are uniquely challenging.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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