CommonWealth REIT (CWH) reported that its first-quarter funds from operations available for common shareholders increased to $79.68 million from $73.44 million in the year ago quarter. But, Funds from operations available for common shareholders were $0.85 down from $0.87 in the prior year quarter.
Normalized funds from operations, or Normalized FFO, available for common shareholders for the quarter was $73.8 million, or $0.78 per share, compared to Normalized FFO available for common shareholders of $76.0 million or $0.90 per share in the prior year.
Net income available for common shareholders was $14.5 million up from $9.9 million for the same quarter last year. Net income for the quarter rose to $0.15 from $0.12 last year.
Net income for the quarter ended March 31, 2013 includes gains of $66.3 million, or $0.70 per share, from the sale of an equity investment and $2.9 million, or $0.03 per share, from the sale of properties, partially offset by losses of $60.0 million, or $0.64 per share, from the early extinguishment of debt and $3.9 million, or $0.04 per share, from asset impairment.
Rental income for the quarter increased to $275.05 million from $243.38 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share on revenues of $266.34 million for the quarter. Analysts' estimates typically exclude special items.
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