Equity Commonwealth Q4 2022 Earnings Report
Key Takeaways
Equity Commonwealth reported a net income attributable to common shareholders of $18.9 million, or $0.17 per diluted share, for the quarter ended December 31, 2022, compared to a net loss of $3.6 million, or $0.03 per diluted share, for the same quarter in 2021. FFO for the quarter was $23.5 million, or $0.21 per diluted share, compared to $0.7 million, or $0.01 per diluted share, for the same period in 2021. Normalized FFO was $23.9 million, or $0.21 per diluted share, compared to $0.4 million, or $0.00 per diluted share in 2021. The increase in net income was primarily due to an increase in interest income from higher average interest rates.
Net income attributable to common shareholders was $18.9 million, or $0.17 per diluted share.
Funds from Operations (FFO) were $23.5 million, or $0.21 per diluted share.
Normalized FFO was $23.9 million, or $0.21 per diluted share.
Same property NOI increased 14.5% when compared to the same period in 2021, primarily due to higher parking revenue and higher lease termination fees.
Equity Commonwealth
Equity Commonwealth
Forward Guidance
The press release does not include any forward guidance.