Equity Commonwealth Reports Second Quarter 2024 Results

Rhea-AI Summary

Equity Commonwealth (NYSE: EQC) reported financial results for Q2 2024. Net income attributable to common shareholders was $22.2 million, or $0.20 per diluted share, up from $13.8 million in Q2 2023. The increase was primarily due to decreased general and administrative expenses and higher interest income. Funds from Operations (FFO) were $26.4 million, or $0.24 per diluted share, compared to $18.3 million in Q2 2023. Normalized FFO was $26.1 million, or $0.24 per diluted share.

The company's cash and cash equivalents balance was $2.2 billion as of June 30, 2024. The same property portfolio, consisting of 4 properties totaling 1.5 million square feet, was 71.4% leased and had a 70.7% commenced occupancy rate. Same property NOI decreased 3.3% year-over-year, while same property cash NOI decreased 10.4%.

Positive

• Net income increased to $22.2 million from $13.8 million in Q2 2023
• FFO improved to $26.4 million from $18.3 million in Q2 2023
• Normalized FFO increased to $26.1 million from $24.6 million in Q2 2023
• Strong cash position with $2.2 billion in cash and cash equivalents
• GAAP rental rate on new and renewal leases was 6.8% higher compared to prior rates

Negative

• Same property NOI decreased 3.3% year-over-year
• Same property cash NOI decreased 10.4% year-over-year
• Same property portfolio leased percentage decreased to 71.4% from 82.0% in Q2 2023
• Commenced occupancy rate declined to 70.7% from 78.2% in Q2 2023

Insights

Financial Analyst

Equity Commonwealth's Q2 2024 results show a mixed performance with some positive trends and areas of concern. Net income attributable to common shareholders increased to $22.2 million ($0.20 per diluted share), up from $13.8 million ($0.12 per diluted share) in Q2 2023. This 66.7% increase is primarily attributed to lower general and administrative expenses and higher interest income.

The company's FFO saw a significant improvement, rising to $26.4 million ($0.24 per diluted share) from $18.3 million ($0.16 per diluted share) year-over-year. Normalized FFO also increased slightly to $26.1 million ($0.24 per diluted share) from $24.6 million ($0.22 per diluted share).

However, there are concerning trends in the company's property portfolio:

• Same property portfolio leased percentage decreased to 71.4% from 82.0% year-over-year
• Same property NOI decreased by 3.3%
• Same property cash NOI decreased by 10.4%

These declines suggest challenges in maintaining occupancy and generating consistent cash flow from properties.

On a positive note, the company maintains a strong liquidity position with $2.2 billion in cash and cash equivalents. This provides significant financial flexibility for potential acquisitions or other strategic initiatives.

The leasing activity shows some promise, with a 6.8% increase in GAAP rental rates for new and renewal leases. However, the cash rental rate increase of only 0.7% indicates minimal immediate impact on cash flows.

Overall, while Equity Commonwealth's financial performance has improved, the declining occupancy and NOI in its property portfolio warrant close attention from investors.

Real Estate Market Analyst

Equity Commonwealth's Q2 2024 results reflect broader trends in the commercial real estate market, particularly in the office sector. The company's portfolio performance raises some red flags that investors should carefully consider.

The decline in same property portfolio leased percentage from 82.0% to 71.4% year-over-year is significant and concerning. This 10.6% drop in occupancy is steeper than industry averages and could indicate challenges specific to Equity Commonwealth's properties or locations.

The 3.3% decrease in same property NOI and 10.4% drop in same property cash NOI are also worrying trends. These declines suggest that the company is struggling to maintain its income-generating capacity, which could impact future dividends and property valuations.

On a more positive note, the company's leasing activity shows some resilience. The 6.8% increase in GAAP rental rates for new and renewal leases indicates that Equity Commonwealth still has some pricing power in its markets. However, the minimal 0.7% increase in cash rental rates suggests that the company may be offering significant concessions or free rent periods to attract and retain tenants.

The company's substantial cash reserves of $2.2 billion provide a significant buffer against market volatility and potential opportunities for strategic acquisitions. In the current market, where distressed assets may become available, this liquidity could be a valuable asset.

Investors should closely monitor Equity Commonwealth's ability to reverse the occupancy decline and improve its NOI in the coming quarters. The company's strategy for deploying its cash reserves will also be important in determining its future performance in a challenging commercial real estate market.

CHICAGO--(BUSINESS WIRE)-- Equity Commonwealth (NYSE: EQC) today reported financial results for the quarter ended June 30, 2024.

Financial results for the quarter ended June 30, 2024

Net income attributable to common shareholders was $22.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2024. This compares to net income attributable to common shareholders of $13.8 million, or $0.12 per diluted share, for the quarter ended June 30, 2023. The increase in net income was primarily due to a decrease in general and administrative expenses due to accelerated compensation expense related to the passing of our former chairman in 2023 and an increase in interest income from higher average interest rates.

Funds from Operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, for the quarter ended June 30, 2024, were $26.4 million, or $0.24 per diluted share. This compares to FFO for the quarter ended June 30, 2023 of $18.3 million, or $0.16 per diluted share. The following items impacted FFO for the quarter ended June 30, 2024, compared to the corresponding 2023 period:

• $0.05 per diluted share decrease in general and administrative expenses primarily due to accelerated compensation expense related to the passing of our former chairman in 2023; and
• $0.02 per diluted share increase in interest and other income, net.

Normalized FFO was $26.1 million, or $0.24 per diluted share, for the quarter ended June 30, 2024. This compares to Normalized FFO for the quarter ended June 30, 2023 of $24.6 million, or $0.22 per diluted share. The following items impacted Normalized FFO for the quarter ended June 30, 2024, compared to the corresponding 2023 period:

• $0.02 per diluted share increase in interest and other income, net; and
• $(0.01) per diluted share decrease in same property NOI.

Normalized FFO begins with FFO and eliminates certain items that, by their nature, are not comparable from period to period, non-cash items, and items that obscure the company’s operating performance. Definitions of FFO, Normalized FFO and reconciliations to net income, determined in accordance with U.S. generally accepted accounting principles, or GAAP, are included at the end of this press release.

As of June 30, 2024, the company’s cash and cash equivalents balance was $2.2 billion.

Same property results for the quarter ended June 30, 2024

The company’s same property portfolio at the end of the quarter consisted of 4 properties totaling 1.5 million square feet. Operating results were as follows:

• The same property portfolio was 71.4% leased as of June 30, 2024, compared to 75.4% as of March 31, 2024, and 82.0% as of June 30, 2023.
• The same property portfolio commenced occupancy was 70.7% as of June 30, 2024, compared to 74.6% as of March 31, 2024, and 78.2% as of June 30, 2023.
• Same property NOI decreased 3.3% when compared to the same period in 2023, primarily due to a decrease in average commenced occupancy, partially offset by a decrease in pre-leasing demolition costs.
• Same property cash NOI decreased 10.4% when compared to the same period in 2023, primarily due to a decrease in average commenced occupancy, partially offset by a decrease in pre-leasing demolition costs.
• The company entered into leases for approximately 24,000 square feet, including renewal leases for approximately 20,000 square feet and new leases for approximately 4,000 square feet.
• The GAAP rental rate on new and renewal leases was 6.8% higher compared to the prior GAAP rental rate for the same space.
• The cash rental rate on new and renewal leases was 0.7% higher compared to the prior cash rental rate for the same space.

The definitions and reconciliations of same property NOI and same property cash NOI to net income, determined in accordance with GAAP, are included at the end of this press release. The same property portfolio at the end of the quarter included properties continuously owned from April 1, 2023 through June 30, 2024.

Earnings conference call & supplemental operating and financial information

Equity Commonwealth will host a conference call to discuss second quarter results on Wednesday, July 31, 2024, at 9:00 A.M. CT. The conference call will be available via live audio webcast on the Investor Relations section of the company’s website (www.eqcre.com). A replay of the audio webcast will also be available following the call.

A copy of EQC’s Second Quarter 2024 Supplemental Operating and Financial Information is available in the Investor Relations section of EQC’s website at www.eqcre.com.

About Equity Commonwealth

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. EQC’s portfolio is comprised of four properties totaling 1.5 million square feet.

Regulation FD Disclosures

We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.eqcre.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures.

Forward-Looking Statements

Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws. Any forward-looking statements contained in this press release are intended to be made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify forward-looking statements by the use of forward-looking terminology, including but not limited to, “may,” “will,” “should,” “could,” “would,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands, except share data)
	June 30, 2024				December 31, 2023
ASSETS
Real estate properties:
Land	$	44,060			$	44,060
Buildings and improvements		374,095				367,827
		418,155				411,887
Accumulated depreciation		(183,867	)			(180,535	)
		234,288				231,352
Cash and cash equivalents		2,195,823				2,160,535
Rents receivable		17,257				15,737
Other assets, net		16,373				17,417
Total assets	$	2,463,741			$	2,425,041
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other	$	19,585			$	27,298
Rent collected in advance		2,706				1,990
Distributions payable		3,663				5,640
Total liabilities	$	25,954			$	34,928
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value: 50,000,000 shares authorized;
Series D preferred shares; 6.50% cumulative convertible; 4,915,196 shares issued and outstanding, aggregate liquidation preference of $122,880	$	119,263			$	119,263
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 107,327,691 and 106,847,438 shares issued and outstanding, respectively		1,073				1,068
Additional paid in capital		3,939,583				3,935,873
Cumulative net income		3,976,534				3,926,979
Cumulative common distributions		(4,864,499	)			(4,864,440	)
Cumulative preferred distributions		(737,670	)			(733,676	)
Total shareholders’ equity		2,434,284				2,385,067
Noncontrolling interest		3,503				5,046
Total equity	$	2,437,787			$	2,390,113
Total liabilities and equity	$	2,463,741			$	2,425,041

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands, except per share data)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024				2023				2024				2023
Revenues:
Rental revenue	$	12,816			$	13,358			$	26,709			$	27,584
Other revenue (1)		1,293				1,232				2,590				2,582
Total revenues	$	14,109			$	14,590			$	29,299			$	30,166
Expenses:
Operating expenses	$	6,721			$	6,942			$	13,255			$	14,198
Depreciation and amortization		4,182				4,514				8,539				8,824
General and administrative		8,356				13,854				16,679				22,409
Total expenses	$	19,259			$	25,310			$	38,473			$	45,431
Interest and other income, net		29,770				27,352				59,282				55,728
Income before income taxes		24,620				16,632				50,108				40,463
Income tax expense		(434	)			(796	)			(464	)			(1,876	)
Net income	$	24,186			$	15,836			$	49,644			$	38,587
Net income attributable to noncontrolling interest		(36	)			(52	)			(89	)			(118	)
Net income attributable to Equity Commonwealth	$	24,150			$	15,784			$	49,555			$	38,469
Preferred distributions		(1,997	)			(1,997	)			(3,994	)			(3,994	)
Net income attributable to Equity Commonwealth common shareholders	$	22,153			$	13,787			$	45,561			$	34,475

Weighted average common shares outstanding — basic (2)		107,416			109,839			107,316			109,779
Weighted average common shares outstanding — diluted (2)(3)		108,751			111,237			108,487			111,269
Earnings per common share attributable to Equity Commonwealth common shareholders:
Basic	$	0.21		$	0.13		$	0.42		$	0.31
Diluted	$	0.20		$	0.12		$	0.42		$	0.31

(1)	Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.
(2)	Weighted average common shares outstanding for the three months ended June 30, 2024 and 2023 includes 128 and 131 unvested, earned RSUs, respectively. Weighted average common shares outstanding for the six months ended June 30, 2024 and 2023 includes 129 and 122 unvested, earned RSUs, respectively.
(3)	As of June 30, 2024, we had 4,915 series D preferred shares outstanding. The series D preferred shares were convertible into 4,032 common shares as of June 30, 2024 and 2023. The series D preferred shares are anti-dilutive for GAAP EPS for all periods presented.

CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO
(Unaudited, amounts in thousands, except per share data)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024				2023				2024				2023
Calculation of FFO
Net income	$	24,186			$	15,836			$	49,644			$	38,587
Real estate depreciation and amortization		4,169				4,503				8,515				8,802
FFO attributable to Equity Commonwealth		28,355				20,339				58,159				47,389
Preferred distributions		(1,997	)			(1,997	)			(3,994	)			(3,994	)
FFO attributable to EQC common shareholders and unitholders	$	26,358			$	18,342			$	54,165			$	43,395
Calculation of Normalized FFO
FFO attributable to EQC common shareholders and unitholders	$	26,358			$	18,342			$	54,165			$	43,395
Straight-line rent adjustments		(259	)			273				(482	)			552
Former chairman accelerated compensation expense		—				5,957				—				5,957
Normalized FFO attributable to EQC common shareholders and unitholders	$	26,099			$	24,572			$	53,683			$	49,904
Weighted average common shares and units outstanding — basic (1)		107,578				110,196				107,509				110,120
Weighted average common shares and units outstanding — diluted (1)		108,913				111,594				108,680				111,610
FFO attributable to EQC common shareholders and unitholders per share and unit — basic	$	0.25			$	0.17			$	0.50			$	0.39
FFO attributable to EQC common shareholders and unitholders per share and unit — diluted	$	0.24			$	0.16			$	0.50			$	0.39
Normalized FFO attributable to EQC common shareholders and unitholders per share and unit — basic	$	0.24			$	0.22			$	0.50			$	0.45
Normalized FFO attributable to EQC common shareholders and unitholders per share and unit — diluted	$	0.24			$	0.22			$	0.49			$	0.45

(1)

Our calculations of FFO and Normalized FFO attributable to EQC common shareholders and unitholders per share and unit - basic for the three months ended June 30, 2024 and 2023 include 162 and 357 LTIP/Operating Partnership Units, respectively, that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only). Our calculations of FFO and Normalized FFO attributable to EQC common shareholders and unitholders per share and unit - basic for the six months ended June 30, 2024 and 2023 include 193 and 341 LTIP/Operating Partnership Units, respectively, that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only).

We compute FFO in accordance with standards established by Nareit. Nareit defines FFO as net income (loss), calculated in accordance with GAAP, excluding real estate depreciation and amortization, gains (or losses) from sales of depreciable property, impairment of depreciable real estate and our portion of these items related to equity investees and noncontrolling interests. Our calculation of Normalized FFO differs from Nareit’s definition of FFO because we exclude certain items that we view as nonrecurring or impacting comparability from period to period. FFO and Normalized FFO are supplemental non-GAAP financial measures. We consider FFO and Normalized FFO to be appropriate measures of operating performance for a REIT, along with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities.

We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO may facilitate a comparison of our operating performance between periods and with other REITs. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income (loss), net income (loss) attributable to EQC common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do.

CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI
(Unaudited, amounts in thousands)
	For the Three Months Ended
	6/30/2024				3/31/2024				12/31/2023				9/30/2023				6/30/2023
Calculation of Same Property NOI and Same Property Cash Basis NOI:
Rental revenue	$	12,816			$	13,893			$	13,824			$	13,928			$	13,358
Other revenue (1)		1,293				1,297				1,322				1,284				1,232
Operating expenses		(6,721	)			(6,534	)			(6,542	)			(6,722	)			(6,942	)
NOI	$	7,388			$	8,656			$	8,604			$	8,490			$	7,648
Straight-line rent adjustments		(259	)			(223	)			(538	)			(107	)			273
Lease termination fees		(69	)			(616	)			(630	)			(173	)			(33	)
Cash Basis NOI	$	7,060			$	7,817			$	7,436			$	8,210			$	7,888
Cash Basis NOI from non-same properties (2)		3				16				7				(5	)			(4	)
Same Property Cash Basis NOI	$	7,063			$	7,833			$	7,443			$	8,205			$	7,884
Non-cash rental income and lease termination fees from same properties		328				839				1,168				280				(240	)
Same Property NOI	$	7,391			$	8,672			$	8,611			$	8,485			$	7,644
Reconciliation of Same Property NOI to GAAP Net Income:
Same Property NOI	$	7,391			$	8,672			$	8,611			$	8,485			$	7,644
Non-cash rental income and lease termination fees from same properties		(328	)			(839	)			(1,168	)			(280	)			240
Same Property Cash Basis NOI	$	7,063			$	7,833			$	7,443			$	8,205			$	7,884
Cash Basis NOI from non-same properties (2)		(3	)			(16	)			(7	)			5				4
Cash Basis NOI	$	7,060			$	7,817			$	7,436			$	8,210			$	7,888
Straight-line rent adjustments		259				223				538				107				(273	)
Lease termination fees		69				616				630				173				33
NOI	$	7,388			$	8,656			$	8,604			$	8,490			$	7,648
Depreciation and amortization		(4,182	)			(4,357	)			(4,184	)			(4,436	)			(4,514	)
General and administrative		(8,356	)			(8,323	)			(7,504	)			(7,061	)			(13,854	)
Interest and other income, net		29,770				29,512				29,670				29,269				27,352
Income before income taxes	$	24,620			$	25,488			$	26,586			$	26,262			$	16,632
Income tax (expense) benefit		(434	)			(30	)			40				(30	)			(796	)
Net income	$	24,186			$	25,458			$	26,626			$	26,232			$	15,836

(1)	Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.
(2)	Cash Basis NOI from non-same properties for all periods presented includes the operations of disposed properties.

CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI
(Unaudited, amounts in thousands)
	For the Six Months Ended June 30,
	2024				2023
Calculation of Same Property NOI and Same Property Cash Basis NOI:
Rental revenue	$	26,709			$	27,584
Other revenue (1)		2,590				2,582
Operating expenses		(13,255	)			(14,198	)
NOI	$	16,044			$	15,968
Straight-line rent adjustments		(482	)			552
Lease termination fees		(685	)			(210	)
Cash Basis NOI	$	14,877			$	16,310
Cash Basis NOI from non-same properties (2)		19				(8	)
Same Property Cash Basis NOI	$	14,896			$	16,302
Non-cash rental income and lease termination fees from same properties		1,167				(342	)
Same Property NOI	$	16,063			$	15,960
Reconciliation of Same Property NOI to GAAP Net Income:
Same Property NOI	$	16,063			$	15,960
Non-cash rental income and lease termination fees from same properties		(1,167	)			342
Same Property Cash Basis NOI	$	14,896			$	16,302
Cash Basis NOI from non-same properties (2)		(19	)			8
Cash Basis NOI	$	14,877			$	16,310
Straight-line rent adjustments		482				(552	)
Lease termination fees		685				210
NOI	$	16,044			$	15,968
Depreciation and amortization		(8,539	)			(8,824	)
General and administrative		(16,679	)			(22,409	)
Interest and other income, net		59,282				55,728
Income before income taxes	$	50,108			$	40,463
Income tax expense		(464	)			(1,876	)
Net income	$	49,644			$	38,587

(1)	Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.
(2)	Cash Basis NOI from non-same properties for all periods presented includes the operations of disposed properties.

NOI is income from our real estate including lease termination fees received from tenants less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and corporate level expenses. Cash Basis NOI is NOI excluding the effects of straight-line rent adjustments, lease value amortization and lease termination fees. The quarter-to-date same property versions of these measures include the results of properties continuously owned from April 1, 2023 through June 30, 2024. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2023 through June 30, 2024. Properties classified as held for sale within our condensed consolidated balance sheets are excluded from the same property versions of these measures.

We consider these supplemental non-GAAP financial measures to be appropriate supplemental measures to net income (loss) because they may help to understand the operations of our properties. We use these measures internally to evaluate property level performance, and we believe that they provide useful information to investors regarding our results of operations because they reflect only those income and expense items that are incurred at the property level and may facilitate comparisons of our operating performance between periods and with other REITs. Cash Basis NOI is among the factors considered with respect to acquisition, disposition and financing decisions. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income (loss), net income (loss) attributable to Equity Commonwealth common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate these measures differently than we do.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240730835995/en/

Bill Griffiths

(312) 646-2801

ir@eqcre.com

Source: Equity Commonwealth

FAQ

What was Equity Commonwealth's (EQC) net income for Q2 2024?

Equity Commonwealth's net income attributable to common shareholders was $22.2 million, or $0.20 per diluted share, for Q2 2024.

How did EQC's Funds from Operations (FFO) perform in Q2 2024?

EQC's FFO for Q2 2024 was $26.4 million, or $0.24 per diluted share, compared to $18.3 million, or $0.16 per diluted share, in Q2 2023.

What was Equity Commonwealth's cash position as of June 30, 2024?

Equity Commonwealth's cash and cash equivalents balance was $2.2 billion as of June 30, 2024.

How did EQC's same property NOI change in Q2 2024 compared to Q2 2023?

EQC's same property NOI decreased 3.3% in Q2 2024 compared to the same period in 2023.

What was the leased percentage of EQC's same property portfolio as of June 30, 2024?

The same property portfolio was 71.4% leased as of June 30, 2024, down from 82.0% as of June 30, 2023.