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Equity Commonwealth Says 98% of April Rents Were Paid
Equity Commonwealth (EQC) said Monday that 98% of contractual April rents had been collected in its same-property portfolio. The total included 3% that were paid through security deposits and letters of credit.
“As a result of government stay-at-home orders, the vast majority of our tenants are working remotely,” the Chicago-based REIT stated. “Our buildings are open, and we are working with our tenants to ensure their safety as stay-at-home orders are lifted and they return to the office.”
Net income during the first quarter saw a significant increase from a year ago, totaling $422.8 million compared to $208.5 million in Q1 2019. EQC attributed the increase to property dispositions, including the $401.5-million sale of Tower 33 in Bellevue, WA.
Conversely, normalized funds from operations for Q1 were $10.5 million, compared to normalized FFO of $23.8 million a year ago. EQC currently owns properties in Denver, Austin and Washington, D.C.
Pictured: Equity Commonwealth headquarters, Two North Riverside Plaza in Chicago.
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