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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Rental income $ 163,697 $ 172,407 $ 331,669 $ 344,447
Tenant reimbursements and other income 39,997 42,787 85,080 88,007
Total revenues 203,694 215,194 416,749 432,454
Expenses:        
Operating expenses 89,686 92,701 187,557 194,432
Depreciation and amortization 53,637 59,831 116,336 111,480
General and administrative 10,911 24,097 27,469 48,945
Loss on asset impairment 15,258 22,683 17,162 17,922
Acquisition related costs 0 0 0 5
Total expenses 169,492 199,312 348,524 372,784
Operating income 34,202 15,882 68,225 59,670
Interest and other income 728 281 4,176 665
Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $(177), $(300), $(148) and $(609), respectively) (27,973) (37,899) (57,815) (75,834)
Gain on early extinguishment of debt 10,426 0 9,998 0
Loss on sale of equity investment 0 (33) 0 (33)
Gain on issuance of shares by an equity investee 0 16,911 0 17,020
Foreign currency exchange gain 856 0 856 0
(Loss) gain on sale of properties (2,708) 0 3,160 0
Income (loss) from continuing operations before income taxes and equity in earnings of investees 15,531 (4,858) 28,600 1,488
Income tax expense (2,915) (908) (2,354) (1,463)
Equity in earnings of investees 0 12,454 0 23,388
Income from continuing operations 12,616 6,688 26,246 23,413
Discontinued operations:        
Income from discontinued operations 0 4,114 0 8,125
Loss on asset impairment from discontinued operations 0 (2,072) 0 (2,360)
Loss on early extinguishment of debt from discontinued operations 0 (3,345) 0 (3,345)
Net income 12,616 5,385 26,246 25,833
Preferred distributions (6,981) (6,982) (13,962) (18,133)
Excess fair value of consideration over carrying value of preferred shares 0 (16,205) 0 (16,205)
Net income (loss) attributable to Equity Commonwealth common shareholders 5,635 (17,802) 12,284 (8,505)
Amounts attributable to Equity Commonwealth common shareholders:        
Income (loss) from continuing operations 5,635 (16,499) 12,284 (10,925)
Income from discontinued operations 0 4,114 0 8,125
Loss on asset impairment from discontinued operations 0 (2,072) 0 (2,360)
Loss on early extinguishment of debt from discontinued operations 0 (3,345) 0 (3,345)
Net income (loss) attributable to Equity Commonwealth common shareholders $ 5,635 $ (17,802) $ 12,284 $ (8,505)
Weighted average common shares outstanding — basic (in shares) 129,733 123,812 129,714 121,121
Weighted average common shares outstanding — diluted (in shares) 130,537 123,812 130,205 121,121
Basic and diluted earnings per common share attributable to Equity Commonwealth common shareholders:        
Income (loss) from continuing operations (in dollars per share) $ 0.04 $ (0.13) $ 0.09 $ (0.09)
(Loss) income from discontinued operations (in dollars per share) 0.00 (0.01) 0.00 0.02
Net income (loss) (in dollars per share) 0.04 (0.14) 0.09 (0.07)
Distributions declared per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0.25