Equity Commonwealth Releases Q3 Earnings
Equity Commonwealth released its Q3 earnings late yesterday and the numbers look strong. For the three-month period ending Sept. 30, EQC reported earnings of $159.2M against $130.3M in expenses. EQC's operating income of $28.9M is 43% higher than the same period last year.
EQC's per share earnings were $0.36, near analysts' target of $0.38. Funds from operations, meanwhile, were at $24.2M, or $0.19 per share, compared to $209.2M last year. The drop in FFO was largely due to EQC's sale of its equity interest in Select Income REIT.
EQC, lead by Sam Zell and Dave Helfand, has been on a selling spree this year. To date, the REIT has sold $1.9B in assets. It reports its same property portfolio is 92% leased, and Q3 leasing activity totaled 1.4M SF.