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CommonWealth REIT Announces 2012 Third Quarter Results

Stocks in this article: CWH

CommonWealth REIT (NYSE: CWH) today announced financial results for the quarter and nine months ended September 30, 2012.

Results for the Quarter Ended September 30, 2012:

Normalized funds from operations, or Normalized FFO, available for CommonWealth REIT common shareholders for the quarter ended September 30, 2012 was $69.3 million, or $0.83 per share basic and diluted, compared to Normalized FFO available for CommonWealth REIT common shareholders for the quarter ended September 30, 2011 of $70.0 million, or $0.86 per share basic and diluted.

Net (loss) income available for CommonWealth REIT common shareholders was ($122,000) for the quarter ended September 30, 2012, compared to $14.7 million for the same quarter last year. Net (loss) income available for CommonWealth REIT common shareholders per share, basic and diluted (EPS), for the quarters ended September 30, 2012 and 2011 was $0.00 and $0.18, respectively. Net income for the quarter ended September 30, 2012 includes a gain of $1.7 million, or $0.02 per share, on the sale of properties. Net income for the quarter ended September 30, 2011 includes gains of $7.0 million, or $0.09 per share, on the sale of properties and $11.2 million, or $0.14 per share, from the issuance of shares by an equity investee, partially offset by a loss on asset impairment of $9.2 million, or $0.11 per share.

The weighted average number of basic and diluted common shares outstanding was 83,745,315 and 91,043,480, respectively, for the quarter ended September 30, 2012, and 81,535,596 and 88,833,761, respectively, for the quarter ended September 30, 2011.

A reconciliation of net income attributable to CommonWealth REIT, determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, available for CommonWealth REIT common shareholders and Normalized FFO available for CommonWealth REIT common shareholders for the quarters ended September 30, 2012 and 2011 appears below in this press release.

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