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CommonWealth REIT Announces 2012 Fourth Quarter And Year End Results

Stocks in this article: CWH

Net (loss) income available for CommonWealth REIT common shareholders was ($152.0) million for the year ended December 31, 2012, compared to $63.0 million for the same period last year. Net (loss) income available for CommonWealth REIT common shareholders per share, basic and diluted (EPS), for the years ended December 31, 2012 and 2011 was ($1.81) and $0.81, respectively. Net loss for the year ended December 31, 2012 includes a loss on asset impairment of $168.6 million, or $2.01 per share, partially offset by gains of $7.2 million, or $0.09 per share, from the issuance of shares by an equity investee and $2.0 million, or $0.02 per share, from gain on the sale of properties. Net income for the year ended December 31, 2011 includes gains of $42.8 million, or $0.55 per share, from 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 totaling $10.4 million, or $0.13 per share.

The weighted average number of basic and diluted common shares outstanding was 83,749,644 and 91,047,809, respectively, for the year ended December 31, 2012, and 77,428,210 and 84,726,375, respectively, for the year ended December 31, 2011.

A reconciliation of net (loss) income attributable to CommonWealth REIT, determined according to GAAP, to FFO available for CommonWealth REIT common shareholders and Normalized FFO available for CommonWealth REIT common shareholders for the years ended December 31, 2012 and 2011 appears later in this press release.

Occupancy and Leasing Results:

As of December 31, 2012, 90.0% of CWH’s total square feet from continuing operations was leased, compared to 89.6% as of December 31, 2011 and 89.5% as of September 30, 2012.

CWH entered into lease renewals for 2,200,000 square feet and new leases for 758,000 square feet during the quarter ended December 31, 2012 which had weighted average rental rates that were 5% above prior rents for the same space. The weighted average lease terms for leases entered into during the fourth quarter of 2012 were 7.0 years. Commitments for tenant improvements, leasing commission costs and concessions for leases entered into during the quarter ended December 31, 2012 totaled $1.94 per square foot per year of lease term on average.

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