XML 59 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Rental income $ 125,459 $ 174,216 $ 457,128 $ 518,663
Tenant reimbursements and other income 33,749 42,379 118,829 130,386
Total revenues 159,208 216,595 575,957 649,049
Expenses:        
Operating expenses 73,571 99,392 261,128 293,824
Depreciation and amortization 40,522 57,213 156,858 168,693
General and administrative 16,249 47,450 43,718 96,395
Loss on asset impairment 0 0 17,162 17,922
Acquisition related costs 0 0 0 5
Total expenses 130,342 204,055 478,866 576,839
Operating income 28,866 12,540 97,091 72,210
Interest and other income 637 406 4,813 1,071
Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $171, $(91), $23 and $(700), respectively) (25,111) (35,245) (82,926) (111,079)
(Loss) gain on early extinguishment of debt (3,887) 6,699 6,111 6,699
Gain on sale of equity investment 0 171,754 0 171,721
Gain on issuance of shares by an equity investee 0 0 0 17,020
Foreign currency exchange loss (9,809) 0 (8,953) 0
Gain on sale of properties 39,793 0 42,953 0
Income from continuing operations before income taxes and equity in earnings of investees 30,489 156,154 59,089 157,642
Income tax expense (23) (703) (2,377) (2,166)
Equity in earnings of investees 0 1,072 0 24,460
Income from continuing operations 30,466 156,523 56,712 179,936
Discontinued operations:        
Income from discontinued operations 0 95 0 8,220
Gain (loss) on asset impairment from discontinued operations 0 122 0 (2,238)
Loss on early extinguishment of debt from discontinued operations 0 0 0 (3,345)
Net income 30,466 156,740 56,712 182,573
Preferred distributions (6,981) (6,981) (20,943) (25,114)
Excess fair value of consideration over carrying value of preferred shares 0 0 0 (16,205)
Net income attributable to Equity Commonwealth common shareholders 23,485 149,759 35,769 141,254
Amounts attributable to Equity Commonwealth common shareholders:        
Income from continuing operations 23,485 149,542 35,769 138,617
Income from discontinued operations 0 95 0 8,220
Gain (loss) on asset impairment from discontinued operations 0 122 0 (2,238)
Loss on early extinguishment of debt from discontinued operations 0 0 0 (3,345)
Net income attributable to Equity Commonwealth common shareholders $ 23,485 $ 149,759 $ 35,769 $ 141,254
Weighted average common shares outstanding — basic (in shares) 128,739 128,880 129,386 123,736
Weighted average common shares outstanding — diluted (in shares) 129,878 131,243 130,093 123,736
Basic earnings per common share attributable to Equity Commonwealth common shareholders:        
Income from continuing operations (in dollars per share) $ 0.18 $ 1.16 $ 0.28 $ 1.12
Income from discontinued operations (in dollars per share) 0.00 0.00 0.00 0.02
Net income (in dollars per share) 0.18 1.16 0.28 1.14
Diluted earnings per common share attributable to Equity Commonwealth common shareholders:        
Income from continuing operations (in dollars per share) 0.18 1.16 0.27 1.12
Income from discontinued operations (in dollars per share) 0.00 0.00 0.00 0.02
Net income (in dollars per share) 0.18 1.16 0.27 1.14
Distributions declared per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0.25