EQUITY COMMONWEALTH EQC Income Statement

Equity commonwealth (EQC)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Revenues:
Rental revenue
17,143	23,410	23,995	30,574	38,890	39,756	43,770	45,569	55,273	-	-	-	80,205	84,726	92,722	121,735	109,888	113,254	125,459	163,697	167,972	173,036	174,216	172,407	172,040	171,041	170,908	210,013	211,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total revenues
18,820	25,995	26,735	33,368	41,752	42,925	46,873	48,636	58,588	-	-	-	19,346	427,891	21,910	23,632	27,247	25,680	33,749	39,997	45,083	39,772	42,379	42,787	45,220	42,987	43,293	52,175	51,312	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Expenses:
Operating expenses
8,761	-	-	-	15,780	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses
-	-	9,923	10,974	-	15,539	20,257	19,521	24,599	30,674	32,380	37,284	41,087	42,742	49,313	51,393	57,258	63,820	73,571	89,686	97,871	94,158	99,392	92,701	101,731	99,460	102,350	104,105	104,130	105,398	92,005	103,034	97,236	11,705	104,683	90,623	90,397	57,056	83,023	81,352	81,470	87,881	86,688
Depreciation and amortization
5,114	6,037	5,939	7,561	8,585	10,830	11,287	13,021	13,903	18,738	21,133	23,922	26,915	29,040	29,184	37,331	36,251	37,143	40,522	53,637	62,699	58,839	57,213	59,831	51,649	51,908	56,465	63,459	62,570	59,479	52,353	60,433	58,019	12,590	56,389	50,394	52,289	54,213	42,794	45,233	45,440	48,042	49,604
General and administrative
10,604	8,290	8,523	9,533	12,096	8,973	10,905	11,222	13,339	12,033	11,689	11,960	12,078	11,490	13,277	12,177	13,312	13,739	16,249	10,911	16,558	16,760	47,450	24,097	24,848	17,050	25,742	21,049	16,663	12,616	12,565	12,595	11,536	3,946	11,692	11,624	10,959	8,164	9,704	9,554	9,250	9,607	9,796
Loss on asset impairment
-	-	0	0	-	13	0	0	12,087	-14	0	18,428	1,286	14,740	0	43,736	0	0	0	15,258	1,904	167,145	0	22,683	-4,761	-	124,253	-	-	-	-	-	-	-	9,247	-	-	-	-	21,491	-	-	-
Acquisition related costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	5	-19	-436	145	628	646	1,066	1,434	2,502	9	4,805	2,358	2,559	18,581	1,559	1,103	310	1,539	489
Total expenses
24,479	24,068	24,385	28,068	36,461	35,342	42,449	43,764	63,928	61,445	65,202	91,594	81,366	98,012	91,774	144,637	106,821	114,702	130,342	169,492	179,032	336,902	204,055	199,312	173,472	168,399	308,374	188,758	183,991	178,139	157,989	177,496	169,293	22,039	186,816	154,999	156,204	146,472	137,080	158,733	136,470	147,069	146,577
Operating income
-	-	-	-	-	-	-	-	-	-	12,596	5	18,185	5,534	22,858	730	30,314	24,232	28,866	34,202	34,023	-124,094	12,540	15,882	43,788	45,629	-94,173	73,430	78,621	62,971	68,813	72,301	74,085	48,909	54,969	62,939	54,469	-9,680	55,979	37,084	58,609	58,963	66,200
Interest and other income, net
11,895	14,521	19,401	20,695	17,775	15,741	12,626	12,668	5,780	8,393	7,596	6,019	4,372	3,147	3,013	2,204	1,967	1,176	637	728	3,448	490	406	281	384	298	227	249	455	366	399	360	285	267	320	367	708	35	571	447	1,118	331	363
Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $(56) and $165, respectively)
309	311	321	4,070	4,206	5,035	5,085	6,350	10,115	10,796	11,510	14,863	15,014	19,255	21,427	21,300	22,347	24,390	25,111	27,973	29,842	32,151	35,245	37,899	37,935	38,559	39,236	43,320	51,896	51,976	50,736	50,237	49,106	46,839	49,423	48,200	47,414	45,926	44,192	44,659	44,865	41,786	44,267
Loss on early extinguishment of debt
-	-	0	-6,400	-	-719	0	-1,536	-4,867	-227	-203	-63	0	-2,562	0	0	-118	550	-3,887	10,426	-428	-1,790	6,699	0	0	-25	0	0	-60,027	1,608	-220	-1,608	-67	-	310	-	-	-	-796	-	-	-	13,173
Gain on sale of equity investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	171,754	-33	-	0	0	0	66,293	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on issuance of shares by an equity investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	16,911	109	-	0	-	-	-	-	-	-	-	11,177	-	-	0	18,390	0	16,418	-	-
Foreign Currency Transaction Gain (Loss), before Tax
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-5	96	-9,809	856	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) before gain on sale of properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-216,207	28,917	34,028	-147,270	22,265	20,586	24,574	-	28,535	19,964	-	-	42,978	-1,506	-	-	-
Gain on sale of properties, net
419,620	24	1,945	227,166	193,037	-1,608	20,877	26,937	205,211	-29,172	25,080	3,136	16,454	25,676	82,169	106,375	36,666	41,468	39,793	-2,708	5,868	0	0	0	0	0	0	0	1,596	-	-	-	-	-	-	-	-	-	22,832	11,504	-	-	-
Income before income taxes
425,547	16,161	23,375	242,717	211,897	15,962	32,842	36,591	190,669	-21,624	33,559	-5,766	23,997	12,540	86,613	88,009	46,477	43,132	30,489	15,531	13,069	-157,705	156,154	-4,858	6,346	8,939	-133,182	30,359	33,446	11,560	21,124	23,645	28,155	-6,398	20,121	18,016	10,475	-33,358	31,951	-4,823	33,619	20,465	36,330
Income tax expense
40	165	-521	340	1,300	540	65	-456	3,007	-55	335	45	175	280	225	165	75	-13	23	2,915	-561	1,025	703	908	555	107	785	754	988	1,301	1,322	92	492	604	307	90	346	221	-34	181	182	176	190
Net income
425,507	15,996	23,896	242,377	210,597	15,422	32,777	37,047	187,662	-21,569	33,224	-5,811	23,822	12,260	86,388	87,844	46,402	-	-	-	-	-	-	-	-	-25,394	-216,207	28,917	35,624	-147,270	22,265	20,586	24,574	14,873	28,535	19,964	46,612	-	-	9,998	37,297	72,199	59,616
Net loss on sale of properties from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-25,521	0	2,099	1,260	-	1,689	350	-	1,179	7,001	0	34,572	-	4,568	-	-	50,106	20,306
Net income attributable to noncontrolling interest
748	6	10	91	79	5	13	14	63	-8	12	-2	8	0	0	0	0	-	-	-	-	-	-	-	-	0	108	10,028	9,957	5,514	4,647	4,521	894	-	-	-	-	-	-	-	-	-	-
Equity in earnings of investees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,072	12,454	10,934	10,841	10,492	159	4,262	2,765	2,868	2,829	2,958	2,987	2,768	2,910	2,712	1,821	1,999	2,305	2,339	2,957	861
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-158,730	156,523	6,688	16,725	71,623	-134,734	8,585	17,208	5,014	-2,585	5,209	12,946	-9,448	5,991	7,426	1,290	-	-	-	-	-	-
Discontinued operations:
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	169	95	4,114	4,011	4,661	95	1,643	-6	1,291	774	-3,317	-3,089	16,638	1,720	2,038	1,911	21,998	6,673	3,498	3,860	1,804	3,170
Loss on asset impairment from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-122	2,072	288	1,507	92,827	4,589	3,946	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on early extinguishment of debt from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	3,345	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-248	-	-	-	-
Net income attributable to Equity Commonwealth
424,759	15,990	23,886	242,286	210,518	15,417	32,764	37,033	187,599	-21,561	33,212	-5,809	23,814	12,260	86,388	87,844	46,402	43,145	30,466	12,616	13,630	-158,561	156,740	5,385	20,448	14,792	-216,315	18,889	25,667	-152,784	17,618	16,065	23,680	14,873	28,535	19,964	46,612	-	65,810	-	-	-	-
Preferred distributions
1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	1,997	6,981	6,981	6,981	6,981	6,981	6,981	6,981	6,981	6,982	11,151	11,151	11,151	11,151	11,151	11,151	12,755	13,823	13,823	13,823	13,823	10,500	8,839	9,732	12,667	12,667	12,667	12,667	12,667
Preferred Stock Redemption Premium
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	9,609	-	-	0	0	-	-	-	-	-	-	-	-	-	-	4,985	-	-	-	-	-	-	-	-	-	-	-	-
Excess fair value of consideration over carrying value of preferred shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	16,205	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to Equity Commonwealth common shareholders
422,762	13,993	21,889	240,289	208,521	13,420	30,767	35,036	185,602	-23,558	31,215	-7,806	21,817	10,263	84,391	71,254	39,421	36,164	23,485	5,635	6,649	-165,542	149,759	-17,802	9,297	-16,452	-227,466	7,738	14,516	-163,935	-122	2,242	9,857	1,050	14,712	9,464	37,773	6,651	53,143	-2,669	24,630	59,532	46,949
Amounts attributable to Equity Commonwealth common shareholders:
Income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-165,711	149,542	-16,499	5,574	-45,024	-123,475	29,764	36,720	21,679	19,802	23,553	27,663	4,375	19,814	17,926	10,129	-33,579	31,985	-5,004	33,437	20,289	36,140
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	169	95	4,114	4,011	4,661	95	1,643	-6	1,291	774	-3,317	-3,089	16,638	1,720	2,038	1,911	21,998	6,673	3,498	3,860	1,804	3,170
Loss on asset impairment from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-122	2,072	288	1,507	92,827	4,589	3,946	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on early extinguishment of debt from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	3,345	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-248	-	-	-	-
Net (loss) gain on sale of properties from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,099	1,260	-	1,689	350	-	1,179	7,001	0	34,572	-	4,568	-	-	50,106	20,306
Numerator for net income (loss) per share - basic
422,762	13,993	21,889	240,289	208,521	13,420	30,767	35,036	185,602	-23,558	31,215	-7,806	21,817	-	84,391	71,254	-	-	-	-	-	-	149,759	-17,802	9,297	-16,452	-227,466	7,738	14,516	-163,935	-122	2,242	9,857	1,050	14,712	9,464	37,773	6,651	53,143	-2,669	24,630	59,532	46,949
Weighted average common shares outstanding — basic (in shares)
122,148	122,142	122,140	122,122	121,960	121,722	121,845	121,822	123,867	124,297	124,089	124,067	124,047	125,015	125,533	125,508	125,840	126,316	128,739	129,733	129,696	129,560	128,880	123,812	118,400	-	118,328	-	-	-	-	-	-	-	-	72,144	72,139	-	65,173	64,595	56,732	55,932	55,924
Weighted average common shares outstanding — diluted (in shares)
126,605	129,792	123,564	125,862	125,822	120,943	122,851	122,649	127,097	126,124	125,175	124,067	125,150	126,045	126,568	126,937	127,522	127,459	129,878	130,537	129,874	127,197	131,243	123,812	118,400	-	118,328	-	-	-	-	-	-	-	-	72,144	79,437	-	72,471	71,893	64,030	63,230	63,222
Earnings per common share attributable to Equity Commonwealth common shareholders:
Earnings per common share attributable to Equity Commonwealth common shareholders:
Basic (in dollars per share)
3.46	0.11	0.18	1.97	1.71	0.13	0.25	0.29	1.50	-0.20	0.25	-0.06	0.18	0.09	0.67	0.57	0.31	0.29	0.18	0.04	0.05	-	1.16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.37	0.14	0.42
Income from discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.07	0.93	0.42
Net income (loss) (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.43	1.06	0.84
Diluted (in dollars per share)
3.35	0.12	0.18	1.93	1.67	0.13	0.25	0.29	1.48	-0.19	0.25	-0.06	0.17	0.08	0.67	0.56	0.31	0.29	0.18	0.04	0.05	-	1.16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.37	0.14	0.42
Distributed Earnings
-	-	-	-	-	-	-	-	-	-	-	-	1,997	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	-0.01	0.03	-0.24	-0.78	-0.01	-0.03	-2.01	0.03	-0.04	-0.04	0.10	0.11	0.03	0.51	0.86	0.17	0.05	0.07	0.93	0.42
Net income (loss) (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.29	1.16	-0.14	0.08	-0.27	-1.92	0.07	0.15	-1.95	-0.01	0.03	0.12	-0.02	0.18	0.13	0.52	0.05	0.82	-0.04	0.43	1.06	0.84
Weighted average number of common shares outstanding - basic and diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	118,309	94,154	83,806	83,745	83,727	83,722	-	81,536	-	-	-	-	-	-	-	-
Income (loss) from continuing operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.13	0.05	-	-1.14	0.07	0.18	0.07	-0.03	0.06	0.15	-0.12	0.07	0.10	0.02	-	0.65	-0.10	-	-	-
Distributions declared per common share (in dollars per share)
-	-	3.50	-	-	-	2.50	-	-	-	0.00	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.25	-	0.25	0.25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenue
Other revenue
1,677	2,585	2,740	2,794	2,862	3,169	3,103	3,067	3,315	-252,792	77,798	91,599	99,551	-	114,632	145,367	137,135	138,934	159,208	203,694	213,055	212,808	216,595	215,194	217,260	214,028	214,201	262,188	262,612	241,110	226,802	249,797	243,378	70,948	241,785	217,938	210,673	136,792	193,059	195,817	195,079	206,032	212,777