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Equity Commonwealth (EQC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Equity Commonwealth

CIK: 803649 Ticker: EQC
Exhibit 99.1
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Two North Riverside Plaza, Suite 2100, Chicago, Illinois 60606


Equity Commonwealth Reports First Quarter 2020 Results
Chicago – May 4, 2020 - Equity Commonwealth (NYSE: EQC) today reported financial results for the quarter ended March 31, 2020 and provided an update on its business due to COVID-19.

Equity Commonwealth is monitoring the COVID-19 pandemic and its impact on our business. Our priority is the health and safety of our employees, tenants and building staff. As a result of government stay-at-home orders, the vast majority of our tenants are working remotely. Our buildings are open, and we are working with our tenants to ensure their safety as stay-at-home orders are lifted and they return to the office. For the month of April, in our same property portfolio, we collected 98% of contractual rents, including 3% from the application of security deposits and letters of credit.

Financial results for the quarter ended March 31, 2020
Net income attributable to common shareholders was $422.8 million, or $3.35 per diluted share, for the quarter ended March 31, 2020. This compares to net income attributable to common shareholders of $208.5 million, or $1.67 per diluted share, for the quarter ended March 31, 2019. The increase in net income was primarily due to an increase in gains on sale of properties.

Funds from Operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, for the quarter ended March 31, 2020, were $8.8 million, or $0.07 per diluted share. This compares to FFO for the quarter ended March 31, 2019 of $23.8 million, or $0.19 per diluted share. The following items impacted FFO for the quarter ended March 31, 2020, compared to the corresponding 2019 period:

($0.13) per diluted share decrease in income from properties sold;
($0.05) per diluted share decrease in interest income;
$0.03 per diluted share decrease in interest expense;
$0.01 per diluted share decrease in general and administrative expense; and
$0.01 per diluted share of decrease in income tax expense.

Normalized FFO was $10.5 million, or $0.08 per diluted share, for the quarter ended March 31, 2020. This compares to Normalized FFO for the quarter ended March 31, 2019 of $23.1 million, or $0.19 per diluted share. The following items impacted Normalized FFO for the quarter ended March 31, 2020, compared to the corresponding 2019 period:

($0.12) per diluted share decrease in income from properties sold;
($0.05) per diluted share decrease in interest income;
$0.03 per diluted share decrease in interest expense;
$0.02 per diluted share decrease in general and administrative expense, net of franchise tax related to property sales; and
$0.01 per diluted share of decrease in income tax expense.

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 company’s 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 March 31, 2020, the company’s cash and cash equivalents balance was $3.3 billion. Total debt outstanding was $25.5 million.

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The following information was filed by Equity Commonwealth (EQC) on Monday, May 4, 2020 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.

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Inside Equity Commonwealth's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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)
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 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)
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 - Rental Revenue (Details)
Real Estate Properties - Summary Of Properties 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 (Policies)

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: 0000803649-20-000056
Submitted to the SEC: Tue May 05 2020 4:14:35 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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