CommonWealth REIT Q3 FFO Down - Quick Facts

(RTTNews) - CommonWealth REIT (CWH), Wednesday reported a decrease in its third-quarter Funds From Operations or FFO, reflecting lower rental income. Normalized FFO came below the Street estimates.

FFO available for CommonWealth REIT common shareholders was $53.4 million or $0.45 per share, compared with $68.06 million or $0.81 per share a year ago.

Normalized FFO was $67.3 million or $0.57 per share, compared with $69.3 million or $0.83 per share last year. On average, four analysts polled by Thomson Reuters expected the company to report earnings per share of $0.62 for the quarter. Analysts' estimates typically exclude one-time items.

Including a loss from asset impairment of $217.1 million, and $13.8 million of shareholder litigation costs and related expenses, net loss available for CommonWealth REIT common shareholders was $227.5 million or $1.92 per share, compared with loss of $0.12 million, or breakeven per share last year.

The number of outstanding shares at the end of the quarter was about 118 million compared with approximately 83 million last year.

Rental income dropped to $201.7 million from $226.8 million a year ago. Analysts expected the company to report revenues of $259.64 million for the quarter.