Research Desk Line-up: Boston Properties Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Equity Commonwealth (NYSE: EQC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=EQC, following the Company's disclosure of its third quarter fiscal 2017 operating results on October 24, 2017. The real estate investment trust, based in Chicago, reported a y-o-y decline in revenue and earnings. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the REIT - Office industry. Pro-TD has currently selected Boston Properties, Inc. (NYSE: BXP) for due-diligence and potential coverage as the Company reported on November 01, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Boston Properties when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on EQC; also brushing on BXP. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the three months ended September 30, 2017, Equity Commonwealth reported revenues of $77.80 million compared to revenues of $114.63 million in Q3 2016. The Company's rental revenue totaled $61.09 million for the reported quarter versus $92.72 million in the prior year's same quarter. Equity Commonwealth's revenue figures fell short of analysts' estimates of $92.13 million.

Net income attributable to Equity Commonwealth's shareholders was $31.2 million, or $0.25 per share, for Q3 2017 compared to a net income attributable to common shareholders of $84.4 million, or $0.67 per share, for Q3 2016.

During Q3 2017, Equity Commonwealth's funds from operations (FFO), as defined by the National Association of Real Estate Investment Trusts (NAREIT), were $27.0 million, or $0.22 per share, versus FFO of $31.1 million, or $0.25 per share, for Q3 2016. The Company's normalized FFO was $24.0 million, or $0.19 per share, for the reported quarter compared to normalized FFO of $28.9 million, or $0.23 per share, for the quarter ended September 30, 2016. Equity Commonwealth's FFO numbers missed Wall Street's estimates of $0.24 per share.

Same Property Results

As of September 30, 2017, Equity Commonwealth's same property portfolio consisted of 20 properties totaling 11.0 million square feet. The same property portfolio included properties continuously owned from July 01, 2016, through September 30, 2017, and excluded land parcels.

Equity Commonwealth's same property portfolio was 88.3% leased as of September 30, 2017, compared to 87.7% leased as of June 30, 2017, and 89.6% leased as of September 30, 2016. Equity Commonwealth's same property portfolio commenced occupancy was 85.5% as of September 30, 2017, compared to 85.5% as of June 30, 2017, and 87.0% as of September 30, 2016.

During Q3 2017, Equity Commonwealth's same property net operating income (NOI) increased 4.7% on a y-o-y basis. The Company's same property cash NOI decreased 4.4% compared to the year ago corresponding period.

During Q3 2017, Equity Commonwealth entered into leases for approximately 273,000 square feet, including new leases for approximately 192,000 square feet, and renewal leases for approximately 81,000 square feet. The Company's GAAP rental rates on new and renewal leases were 7.8% higher compared to prior GAAP rental rates for the same space. Equity Commonwealth's cash rental rates on new and renewal leases grew 2.3% on a y-o-y basis.

Significant Events

During Q3 2017, Equity Commonwealth redeemed at par its $250 million 6.65% Senior Unsecured Notes due in 2018. The Company sold seven properties totaling 3,401,000 square feet for a gross sales price of $544.1 million.

During the reported quarter, the assets sold included the following:

  • 1500 Market, also known as Centre Square, a 91.2% leased, 1,759,000 square foot office property in Philadelphia, PA, for a gross sale price of $328 million. This property was held for sale as of June 30, 2017.
  • A five-property office and industrial portfolio totaling 1,002,000 square feet located in Maryland, Minnesota and Missouri, for a gross sale price of $84 million. These properties were held for sale as of June 30, 2017.
  • 6600 North Military Drive, a 100% leased, 640,000 square foot office property in Boca Raton, FL, for a gross sale price of $132.1 million.

Equity Commonwealth noted that it currently owns seven properties totaling 4.7 million square feet, which are in various stages of the sales process.

Stock Performance

On Tuesday, November 07, 2017, the stock closed the trading session at $30.28, marginally down 0.26% from its previous closing price of $30.36. A total volume of 317.87 thousand shares have exchanged hands. Equity Commonwealth's stock price advanced 1.64% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 0.13%. The stock is trading at a PE ratio of 68.51. At Tuesday's closing price, the stock's net capitalization stands at $3.79 billion.

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SOURCE: Pro-Trader Daily