Last10K.com

Equity Commonwealth (EQC) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

Equity Commonwealth

CIK: 803649 Ticker: EQC
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

The following information was filed by Equity Commonwealth (EQC) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Equity Commonwealth's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Equity Commonwealth.

Continue

Assess how Equity Commonwealth's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Equity Commonwealth's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Operations (Parenthetical)
Business
Business (Details)
Cumulative Other Comprehensive Loss
Cumulative Other Comprehensive Loss (Tables)
Cumulative Other Comprehensive Loss - Schedule Of Amounts Recognized In Cumulative Other Comprehensive Loss (Details)
Cumulative Other Comprehensive Loss - Schedule Of Reclassifications Out Of Cumulative Other Comprehensive Loss (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Narrative (Details)
Derivative Instruments - Schedule Of Fair Value Of Derivative Financial Instruments (Details)
Derivative Instruments - Schedule Of Gain Or Loss Recognized On Interest Rate Derivatives Designated As Cash Flow Hedges (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
Earnings Per Common Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Footnote) (Details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Tables)
Fair Value Of Assets And Liabilities - Narrative (Details)
Fair Value Of Assets And Liabilities - Schedule Of Assets And Liabilities Measure At Fair Value (Details)
Fair Value Of Assets And Liabilities - Schedule Of Fair Value And Carrying Value Of Financial Instruments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Indebtedness
Indebtedness - Narrative (Details)
Marketable Securities
Marketable Securities (Details)
Marketable Securities (Tables)
Noncontrolling Interest
Noncontrolling Interest (Details)
Noncontrolling Interest (Tables)
Noncontrolling Interest - Common Shares And Units Activity (Details)
Real Estate Properties
Real Estate Properties (Tables)
Real Estate Properties - Narrative (Details)
Real Estate Properties - Summary Of Balance Sheet Information For All Properties Classified As Held For Sale (Details)
Real Estate Properties - Summary Of Properties Sold (Details)
Related Person Transactions
Related Person Transactions - Narrative (Details)
Segment Information
Segment Information - Narrative (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Summary Of Assumptions And Fair Values For Restricted Stock Units Granted In The Period (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Schedule Of Declared Distributions (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

Equity Commonwealth provided additional information to their SEC Filing as exhibits

Ticker: EQC
CIK: 803649
Form Type: 10-Q Quarterly Report
Accession Number: 0000803649-18-000064
Submitted to the SEC: Thu Oct 25 2018 4:17:34 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/eqc/0000803649-18-000064.htm