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CommonWealth REIT Announces 2013 Fourth Quarter And Year End Results

CommonWealth REIT (NYSE: CWH) today announced financial results for the quarter and year ended December 31, 2013.

Highlights for the Fourth Quarter and Year Ended December 31, 2013:

  • $0.63 per share and $2.67 per share of normalized funds from operations, or Normalized FFO, for the quarter and year ended December 31, 2013, respectively.
  • 81.4% ratio of common share dividends paid to cash available for distribution, or CAD, for the trailing four quarters ended December 31, 2013.
  • 89.6% of CWH’s total square feet from continuing operations leased as of December 31, 2013, compared to 89.6% as of September 30, 2013.
  • 1.1 million square feet of leasing activity during the fourth quarter of 2013, bringing total leasing activity for the year ended December 31, 2013 to approximately 5.2 million square feet.
  • +3.1% higher weighted average cash rental rates than prior cash rental rates for the same space for leases entered into during the fourth quarter of 2013. +8.5% higher weighted average GAAP rental rates than prior GAAP rental rates for the same space for leases entered into during the fourth quarter of 2013.
  • +8.4% increase in same property cash basis net operating income, or Cash Basis NOI, during the fourth quarter of 2013 for properties owned continuously since October 1, 2012. +3.6% increase in same property GAAP net operating income, or NOI, during the fourth quarter of 2013 for properties owned continuously since October 1, 2012.
  • $249.1 million of gross proceeds from the sale of 43 suburban office and industrial properties with approximately 8.3 million square feet during the year ended December 31, 2013. As of December 31, 2013, 45 properties with approximately 8.4 million square feet are classified as held for sale with a net book value of $536.6 million.
  • 66.2% of CWH’s total Cash Basis NOI from continuing operations during the fourth quarter of 2013 was generated from 38 properties with approximately 21.0 million square feet located in central business district, or CBD, locations.

Adam Portnoy, Managing Trustee and President of CWH, made the following statement regarding today’s announcement:

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