Exhibit 99.1

earningslogoa14.jpg
Two North Riverside Plaza, Suite 2100, Chicago, Illinois 60606

            
Equity Commonwealth Reports Third Quarter 2018 Results

Chicago - October 24, 2018 - Equity Commonwealth (NYSE: EQC) today reported financial results for the quarter ended September 30, 2018. All per share results are reported on a diluted basis.

Financial results for the quarter ended September 30, 2018
Net income attributable to common shareholders was $30.8 million, or $0.25 per share, for the quarter ended September 30, 2018. This compares to net income attributable to common shareholders of $31.2 million, or $0.25 per share, for the quarter ended September 30, 2017.

Funds from Operations (FFO), as defined by the National Association of Real Estate Investment Trusts, for the quarter ended September 30, 2018, were $20.9 million, or $0.17 per share. This compares to FFO for the quarter ended September 30, 2017 of $27.0 million, or $0.22 per share. The following items impacted FFO for the quarter ended September 30, 2018, compared to the corresponding 2017 period:
($0.15) per share of income from properties sold;
$0.05 per share of interest expense savings;
$0.04 per of share of increase in interest and other income (net of a $0.02 per share loss on the sale of a mortgage receivable); and
$0.01 per share of general & administrative expense savings.

Normalized FFO was $21.6 million, or $0.18 per share. This compares to Normalized FFO for the quarter ended September 30, 2017 of $24.0 million, or $0.19 per share. The following items impacted Normalized FFO for the quarter ended September 30, 2018, compared to the corresponding 2017 period:
($0.15) per share of income from properties sold;
$0.06 per of share of increase in interest and other income;
$0.05 per share of interest expense savings;
$0.02 per share of increase in same property cash NOI; and
$0.01 per share of general & administrative expense savings.

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 companys 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.

For the quarter ended September 30, 2018, the company’s balance of cash and marketable securities net of distributions payable was $2.6 billion. Total debt outstanding was $280 million and availability under the company’s revolving credit facility was $750 million.

The weighted average number of diluted common shares outstanding when calculating net income per share for the quarter ended September 30, 2018 was 122,850,928 shares, compared to 125,174,651 for the quarter ended September 30, 2017. The weighted average number of diluted common shares outstanding when calculating FFO or Normalized FFO per share for the quarter ended September 30, 2018 was 122,896,648 shares, compared to 125,174,651 for the quarter ended September 30, 2017.


1


Same property results for the quarter ended September 30, 2018
The companys same property portfolio at the end of the quarter consisted of 11 properties totaling 5.4 million square feet. Operating results were as follows:
The same property portfolio was 94.0% leased as of September 30, 2018, compared to 91.8% as of June 30, 2018, and 91.1% as of September 30, 2017.
The same property portfolio commenced occupancy was 91.3% as of September 30, 2018, compared to 89.9% as of June 30, 2018, and 87.5% as of September 30, 2017.
Same property NOI increased 1.7% when compared to the same period in 2017.
Same property cash NOI increased 9.1% when compared to the same period in 2017.
The company entered into leases for approximately 563,000 square feet, including new leases for approximately 562,000 square feet and renewal leases for approximately 1,000 square feet.
GAAP rental rates on new and renewal leases were 11.0% higher compared to prior GAAP rental rates for the same space.
Cash rental rates on new and renewal leases were 1.2% lower compared to prior cash 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. The same property portfolio includes properties continuously owned from July 1, 2017 through September 30, 2018.

Significant events during the quarter ended September 30, 2018
The company completed dispositions totaling $170.5 million. The properties sold during the quarter included:
777 East Eisenhower Parkway, a 39.8% leased, 290,530 square foot office building in Ann Arbor, Michigan, for a gross sale price of $29.5 million.
8750 Bryn Mawr Avenue, a 95.5% leased, 636,078 square foot, office property in Chicago, Illinois, for a gross sale price of $141 million.
The company announced a special, one-time cash distribution of $2.50 per common share, which was paid on October 23, 2018 to shareholders of record on October 9, 2018.

Subsequent Events
The company currently has 4 properties totaling 2.9 million square feet in various stages of the sale process.

Earnings Conference Call & Supplemental Data
Equity Commonwealth will host a conference call to discuss third quarter results on Thursday, October 25, 2018, at 9:00 A.M. CT. The conference call will be available via live audio webcast on the Investor Relations section of the companys website (www.eqcre.com). A replay of the audio webcast will also be available following the call.

A copy of EQCs Third Quarter 2018 Supplemental Operating and Financial Data is available on the Investor Relations section of EQCs 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. As of September 30, 2018, EQCs portfolio comprised 11 properties and 5.4 million square feet.

Regulation FD Disclosures
We intend to 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.




2


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 and consummating asset sales. 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. 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 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.


Contact:
Sarah Byrnes, Investor Relations
(312) 646-2801
ir@eqcre.com









    




3

CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)


 
September 30, 2018
 
December 31, 2017
ASSETS
 
 
 
Real estate properties:
 
 
 
Land
$
137,329

 
$
191,775

Buildings and improvements
1,000,822

 
1,555,836

 
1,138,151

 
1,747,611

Accumulated depreciation
(370,854
)
 
(450,718
)
 
767,297

 
1,296,893

Assets held for sale

 
97,688

Acquired real estate leases, net
596

 
23,847

Cash and cash equivalents
2,673,328

 
2,351,693

Marketable securities
248,838

 
276,928

Restricted cash
9,708

 
8,897

Rents receivable, net of allowance for doubtful accounts of $5,816 and $4,771, respectively
50,103

 
93,436

Other assets, net
63,858

 
87,563

Total assets
$
3,813,728

 
$
4,236,945

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Revolving credit facility
$

 
$

Senior unsecured debt, net
248,258

 
815,984

Mortgage notes payable, net
31,643

 
32,594

Liabilities related to properties held for sale

 
1,840

Accounts payable, accrued expenses and other
46,896

 
74,956

Rent collected in advance
8,182

 
11,076

Distributions payable
309,238

 

Total liabilities
$
644,217

 
$
936,450

 
 
 
 
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 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; 121,482,673 and 124,217,616 shares issued and outstanding, respectively
1,215

 
1,242

Additional paid in capital
4,306,020

 
4,380,313

Cumulative net income
2,855,557

 
2,596,259

Cumulative other comprehensive loss
(1,006
)
 
(95
)
Cumulative common distributions
(3,418,995
)
 
(3,111,868
)
Cumulative preferred distributions
(693,736
)
 
(685,748
)
Total shareholders’ equity
3,168,318

 
3,299,366

Noncontrolling interest
1,193

 
1,129

Total equity
$
3,169,511

 
$
3,300,495

Total liabilities and equity
$
3,813,728

 
$
4,236,945



4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)



 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
Rental income
$
34,138

 
$
61,091

 
$
112,898

 
$
215,648

Tenant reimbursements and other income
12,735

 
16,707

 
41,199

 
53,300

Total revenues
$
46,873

 
$
77,798

 
$
154,097

 
$
268,948

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Operating expenses
$
20,257

 
$
32,380

 
$
64,377

 
$
110,751

Depreciation and amortization
11,287

 
21,133

 
38,211

 
71,970

General and administrative
10,905

 
11,689

 
35,466

 
35,727

Loss on asset impairment

 

 
12,087

 
19,714

Total expenses
$
42,449

 
$
65,202

 
$
150,141

 
$
238,162

 
 
 
 
 
 
 
 
Operating income
$
4,424

 
$
12,596

 
$
3,956

 
$
30,786

 
 
 
 
 
 
 
 
Interest and other income, net
12,626

 
7,596

 
31,074

 
17,987

Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $559, $784, $2,005 and $2,346, respectively)
(5,085
)
 
(11,510
)
 
(21,550
)
 
(41,387
)
Loss on early extinguishment of debt

 
(203
)
 
(6,403
)
 
(266
)
Gain on sale of properties, net
20,877

 
25,080

 
253,025

 
44,670

Income before income taxes
32,842

 
33,559

 
260,102

 
51,790

Income tax expense
(65
)
 
(335
)
 
(2,616
)
 
(555
)
Net income
$
32,777

 
$
33,224

 
$
257,486

 
$
51,235

Net income attributable to noncontrolling interest
(13
)
 
(12
)
 
(90
)
 
(18
)
Net income attributable to Equity Commonwealth
$
32,764

 
$
33,212

 
$
257,396

 
$
51,217

Preferred distributions
(1,997
)
 
(1,997
)
 
(5,991
)
 
(5,991
)
Net income attributable to Equity Commonwealth common shareholders
$
30,767

 
$
31,215

 
$
251,405

 
$
45,226

Weighted average common shares outstanding — basic (1)
121,845

 
124,089

 
122,504

 
124,068

Weighted average common shares outstanding — diluted (1)
122,851

 
125,175

 
123,389

 
125,194

 
 
 
 
 
 
 
 
Earnings per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
 
 
Basic
$
0.25

 
$
0.25

 
$
2.05

 
$
0.36

Diluted
$
0.25

 
$
0.25

 
$
2.04

 
$
0.36

 
 
 
 
 
 
 
 
Distributions declared per common share
$
2.50

 
$

 
$
2.50

 
$

(1)
Weighted average common shares outstanding for the three months ended September 30, 2018 and 2017 includes 362 and 0 unvested, earned RSUs, respectively. Weighted average common shares outstanding for the nine months ended September 30, 2018 and 2017 includes 344 and 0 unvested, earned RSUs, respectively.
 
 

5

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,
 
2018
 
2017
 
2018
 
2017
Calculation of FFO
 
 
 
 
 
 
 
Net income
$
32,777

 
$
33,224

 
$
257,486

 
$
51,235

Real estate depreciation and amortization
10,978

 
20,842

 
37,298

 
71,077

Loss on asset impairment

 

 
12,087

 
19,714

Gain on sale of properties, net
(20,877
)
 
(25,080
)
 
(253,025
)
 
(44,670
)
FFO attributable to Equity Commonwealth
22,878

 
28,986

 
53,846

 
97,356

Preferred distributions
(1,997
)
 
(1,997
)
 
(5,991
)
 
(5,991
)
FFO attributable to EQC common shareholders and unitholders
$
20,881

 
$
26,989

 
$
47,855

 
$
91,365

 
 
 
 
 
 
 
 
Calculation of Normalized FFO
 
 
 
 
 
 
 
FFO attributable to EQC common shareholders and unitholders
$
20,881

 
$
26,989

 
$
47,855

 
$
91,365

Lease value amortization
(4
)
 
388

 
76

 
1,479

Straight line rent adjustments
(1,435
)
 
(3,557
)
 
(3,985
)
 
(12,487
)
Loss on early extinguishment of debt

 
203

 
6,403

 
266

Loss on sale of securities

 

 
4,987

 

Loss on sale of real estate mortgage receivable
2,117

 

 
2,117

 

Income taxes related to gains on property sales
25

 

 
2,498

 

Normalized FFO attributable to EQC common shareholders and unitholders
$
21,584

 
$
24,023

 
$
59,951

 
$
80,623

 
 
 
 
 
 
 
 
Weighted average common shares and units outstanding -- basic (1)
121,891

 
124,132

 
122,548

 
124,105

Weighted average common shares and units outstanding -- diluted (1)
122,897

 
125,175

 
123,433

 
125,194

 
 
 
 
 
 
 
 
FFO attributable to EQC common shareholders and unitholders per share and unit -- basic
$
0.17

 
$
0.22

 
$
0.39

 
$
0.74

FFO attributable to EQC common shareholders and unitholders per share and unit -- diluted
$
0.17

 
$
0.22

 
$
0.39

 
$
0.73

Normalized FFO attributable to EQC common shareholders and unitholders per share and unit -- basic
$
0.18

 
$
0.19

 
$
0.49

 
$
0.65

Normalized FFO attributable to EQC common shareholders and unitholders per share and unit -- diluted
$
0.18

 
$
0.19

 
$
0.49

 
$
0.64

(1
)
Our calculations of FFO and Normalized FFO attributable to EQC common shareholders and unitholders per share and unit - basic for the three and nine months ended September 30, 2018 include 46 and 44 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 three and nine months ended September 30, 2017 include 43 and 37 LTIP/Operating Partnership Units, respectively, that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only).





6



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, operating income (loss) 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, operating income (loss) 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, operating income (loss) 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.




7

CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI
(amounts in thousands)


 
For the Three Months Ended
 
9/30/2018
 
6/30/2018
 
3/31/2018
 
12/31/2017
 
9/30/2017
Calculation of Same Property NOI and Same Property Cash Basis NOI:
 
 
 
 
 
 
 
 
 
Rental income
$
34,138

 
$
35,211

 
$
43,549

 
$
54,672

 
$
61,091

Tenant reimbursements and other income
12,735

 
13,425

 
15,039

 
16,951

 
16,707

Operating expenses
(20,257
)
 
(19,521
)
 
(24,599
)
 
(30,674
)
 
(32,380
)
NOI
$
26,616

 
$
29,115

 
$
33,989

 
$
40,949

 
$
45,418

Straight line rent adjustments
(1,435
)
 
(1,022
)
 
(1,528
)
 
(1,938
)
 
(3,557
)
Lease value amortization
(4
)
 
(18
)
 
98

 
295

 
388

Lease termination fees
(395
)
 
(1,557
)
 
(965
)
 
(942
)
 
(1,477
)
Cash Basis NOI
$
24,782

 
$
26,518

 
$
31,594

 
$
38,364

 
$
40,772

Cash Basis NOI from non-same properties (1)
(58
)
 
(1,856
)
 
(7,579
)
 
(14,905
)
 
(18,110
)
Same Property Cash Basis NOI
$
24,724

 
$
24,662

 
$
24,015

 
$
23,459

 
$
22,662

Non-cash rental income and lease termination fees from same properties
1,120

 
1,107

 
1,084

 
1,192

 
2,745

Same Property NOI
$
25,844

 
$
25,769

 
$
25,099

 
$
24,651

 
$
25,407

 
 
 
 
 
 
 
 
 
 
Reconciliation of Same Property NOI to GAAP Operating Income:
 
 
 
 
 
 
 
 
 
Same Property NOI
$
25,844

 
$
25,769

 
$
25,099

 
$
24,651

 
$
25,407

Non-cash rental income and lease termination fees from same properties
(1,120
)
 
(1,107
)
 
(1,084
)
 
(1,192
)
 
(2,745
)
Same Property Cash Basis NOI
$
24,724

 
$
24,662

 
$
24,015

 
$
23,459

 
$
22,662

Cash Basis NOI from non-same properties (1)
58

 
1,856

 
7,579

 
14,905

 
18,110

Cash Basis NOI
$
24,782

 
$
26,518

 
$
31,594

 
$
38,364

 
$
40,772

Straight line rent adjustments
1,435

 
1,022

 
1,528

 
1,938

 
3,557

Lease value amortization
4

 
18

 
(98
)
 
(295
)
 
(388
)
Lease termination fees
395

 
1,557

 
965

 
942

 
1,477

NOI
$
26,616

 
$
29,115

 
$
33,989

 
$
40,949

 
$
45,418

Depreciation and amortization
(11,287
)
 
(13,021
)
 
(13,903
)
 
(18,738
)
 
(21,133
)
General and administrative
(10,905
)
 
(11,222
)
 
(13,339
)
 
(12,033
)
 
(11,689
)
Loss on asset impairment

 

 
(12,087
)
 

 

Operating Income (Loss)
$
4,424

 
$
4,872

 
$
(5,340
)
 
$
10,178

 
$
12,596

(1
)
Cash Basis NOI from non-same properties for all periods presented includes the operations of properties disposed or classified as held for sale and land parcels.

















8

CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI
(amounts in thousands)


 
For the Nine Months Ended September 30,
 
2018
 
2017
Calculation of Same Property NOI and Same Property Cash Basis NOI:
 
 
 
Rental income
$
112,898

 
$
215,648

Tenant reimbursements and other income
41,199

 
53,300

Operating expenses
(64,377
)
 
(110,751
)
NOI
$
89,720

 
$
158,197

Straight line rent adjustments
(3,985
)
 
(12,487
)
Lease value amortization
76

 
1,479

Lease termination fees
(2,917
)
 
(4,002
)
Cash Basis NOI
$
82,894

 
$
143,187

Cash Basis NOI from non-same properties (1)
(9,493
)
 
(78,164
)
Same Property Cash Basis NOI
$
73,401

 
$
65,023

Non-cash rental income and lease termination fees from same properties
3,311

 
10,011

Same Property NOI
$
76,712

 
$
75,034

 
 
 
 
Reconciliation of Same Property NOI to GAAP Operating Income:
 
 
 
Same Property NOI
$
76,712

 
$
75,034

Non-cash rental income and lease termination fees from same properties
(3,311
)
 
(10,011
)
Same Property Cash Basis NOI
$
73,401

 
$
65,023

Cash Basis NOI from non-same properties (1)
9,493

 
78,164

Cash Basis NOI
$
82,894

 
$
143,187

Straight line rent adjustments
3,985

 
12,487

Lease value amortization
(76
)
 
(1,479
)
Lease termination fees
2,917

 
4,002

NOI
$
89,720

 
$
158,197

Depreciation and amortization
(38,211
)
 
(71,970
)
General and administrative
(35,466
)
 
(35,727
)
Loss on asset impairment
(12,087
)
 
(19,714
)
Operating Income
$
3,956

 
$
30,786


(1
)
Cash Basis NOI from non-same properties for all periods presented includes the operations of properties disposed or classified as held for sale and land parcels.


NOI is income from our real estate operations 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 July 1, 2017 through September 30, 2018. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2017 through September 30, 2018. Land parcels and 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 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 EQC common shareholders, operating income (loss) 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, operating income (loss) 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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