CommonWealth REIT Announces 2012 Fourth Quarter and Year End Results

  CommonWealth REIT Announces 2012 Fourth Quarter and Year End Results  Business Wire  NEWTON, Mass. -- February 25, 2013  CommonWealth REIT (NYSE: CWH) today announced financial results for the quarter and year ended December 31, 2012.  Results for the Quarter Ended December 31, 2012:  Normalized funds from operations, or Normalized FFO, available for CommonWealth REIT common shareholders for the quarter ended December 31, 2012 was $68.7 million, or $0.82 per share basic and diluted, compared to Normalized FFO available for CommonWealth REIT common shareholders for the quarter ended December 31, 2011 of $63.8 million, or $0.76 per share basic and diluted.  Net (loss) income available for CommonWealth REIT common shareholders was ($163.9) million for the quarter ended December 31, 2012, compared to $1.1 million for the same quarter last year. Net (loss) income available for CommonWealth REIT common shareholders per share, basic and diluted (EPS), for the quarters ended December 31, 2012 and 2011 was ($1.96) and $0.01, respectively. Net loss for the quarter ended December 31, 2012 includes a loss on asset impairment of $168.6 million, or $2.01 per share, partially offset by a gain of $7.2 million, or $0.09 per share, from the issuance of shares by an equity investee.  The weighted average number of basic and diluted common shares outstanding was 83,804,068 and 91,102,233, respectively, for the quarter ended December 31, 2012, and 83,721,736 and 91,019,901, respectively, for the quarter ended December 31, 2011.  A reconciliation of net (loss) income attributable to CommonWealth REIT, determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, available for CommonWealth REIT common shareholders and Normalized FFO available for CommonWealth REIT common shareholders for the quarters ended December 31, 2012 and 2011 appears later in this press release.  Results for the Year Ended December 31, 2012:  Normalized FFO available for CommonWealth REIT common shareholders for the year ended December 31, 2012 was $283.8 million, or $3.39 per share basic and diluted, compared to Normalized FFO available for CommonWealth REIT common shareholders for the year ended December 31, 2011 of $261.6 million, or $3.38 per share basic and diluted.  Net (loss) income available for CommonWealth REIT common shareholders was ($152.0) million for the year ended December 31, 2012, compared to $63.0 million for the same period last year. Net (loss) income available for CommonWealth REIT common shareholders per share, basic and diluted (EPS), for the years ended December 31, 2012 and 2011 was ($1.81) and $0.81, respectively. Net loss for the year ended December 31, 2012 includes a loss on asset impairment of $168.6 million, or $2.01 per share, partially offset by gains of $7.2 million, or $0.09 per share, from the issuance of shares by an equity investee and $2.0 million, or $0.02 per share, from gain on the sale of properties. Net income for the year ended December 31, 2011 includes gains of $42.8 million, or $0.55 per share, from the sale of properties and $11.2 million, or $0.14 per share, from the issuance of shares by an equity investee, partially offset by a loss on asset impairment totaling $10.4 million, or $0.13 per share.  The weighted average number of basic and diluted common shares outstanding was 83,749,644 and 91,047,809, respectively, for the year ended December 31, 2012, and 77,428,210 and 84,726,375, respectively, for the year ended December 31, 2011.  A reconciliation of net (loss) income attributable to CommonWealth REIT, determined according to GAAP, to FFO available for CommonWealth REIT common shareholders and Normalized FFO available for CommonWealth REIT common shareholders for the years ended December 31, 2012 and 2011 appears later in this press release.  Occupancy and Leasing Results:  As of December 31, 2012, 90.0% of CWH’s total square feet from continuing operations was leased, compared to 89.6% as of December 31, 2011 and 89.5% as of September 30, 2012.  CWH entered into lease renewals for 2,200,000 square feet and new leases for 758,000 square feet during the quarter ended December 31, 2012 which had weighted average rental rates that were 5% above prior rents for the same space. The weighted average lease terms for leases entered into during the fourth quarter of 2012 were 7.0 years. Commitments for tenant improvements, leasing commission costs and concessions for leases entered into during the quarter ended December 31, 2012 totaled $1.94 per square foot per year of lease term on average.  Recent Acquisition and Sales Activities:  Since the announcement of 2012 third quarter results on November 7, 2012, CWH has not acquired or entered into any agreements to purchase properties (excluding transactions by Select Income REIT, or SIR, CWH’s majority owned consolidated subsidiary).  During 2012, CWH sold three properties with a combined 298,762 square feet for a total of $11.7 million, excluding closing costs. In addition, as of December 31, 2012, 94 properties with a combined 6,673,851 square feet located throughout the United States were either listed or in the process of being listed for sale with third party brokers. After December 31, 2012, CWH sold 18 of these properties with a combined 1,060,026 square feet for a total of $10.3 million, excluding closing costs. As of today, CWH also has two properties with a combined 675,250 square feet under agreement to sell for a total of $5.1 million, excluding closing costs. CWH expects to sell these two properties and the remaining properties listed for sale during 2013; however, no assurance can be given that any of the properties will be sold in that time period or at all.  As of December 31, 2012, the 94 properties that were either listed or in the process of being listed for sale were reclassified to discontinued operations, and CWH recorded asset impairment charges totaling $168.6 million relating to these properties. As of December 31, 2012, these 94 properties were 26.5% leased for a weighted average term of 2.5 years (based on annualized rental income) and generated a $1.2 million net operating loss during the year ended December 31, 2012. As of December 31, 2012, these 94 properties had a combined net book value of approximately $333.0 million (before $168.6 million of impairment charges).  Recent Financing Activities:  In December 2012, CWH repaid at maturity $57.0 million of its floating rate term debt using borrowings under its revolving credit facility.  Also in December 2012, CWH’s majority owned consolidated subsidiary, SIR, completed a public offering of 8,050,000 of its common shares (including 1,050,000 common shares sold pursuant to the underwriters’ option to purchase additional shares) for gross proceeds (before deducting underwriters’ discounts and estimated expenses) of $193.2 million. SIR owns substantially all of CWH’s consolidated commercial and industrial properties located in Oahu, HI, as well as 38 suburban office and industrial properties located throughout the mainland United States. After this offering, CWH continues to own 22,000,000, or approximately 56.0%, of SIR’s common shares.  Presentation:  Unless otherwise noted, the amounts reported above are on a consolidated basis and, as such, include the results of CWH’s consolidated subsidiary, SIR, including the effect of SIR’s minority interests since March 2012, when SIR became a public company with common shares registered under the Securities Exchange Act of 1934, as amended. For further information about SIR and its subsidiaries, please see SIR’s periodic reports and other filings with the Securities and Exchange Commission, or the SEC, which are available at the SEC’s website at www.sec.gov. References in this press release to SIR’s filings with the SEC are included to identify the source of SIR information only, and the information in SIR’s filings with the SEC is not incorporated by reference into this press release.  Conference Call:  Later today, at 10:00 a.m. Eastern Time, Adam Portnoy, President and Managing Trustee, and John Popeo, Chief Financial Officer, will host a conference call to present the financial results for the quarter and year ended December 31, 2012. The conference call will not have a question and answer period. A replay, if any, will be announced at a future time.  The conference call telephone number is (800) 230-1096. Participants calling from outside the United States and Canada should dial (612) 332-0725. No pass code is necessary to access either call. Participants should dial in about 15 minutes prior to the scheduled start of the call.  The transcription, recording and retransmission in any way of CWH’s fourth quarter conference call is strictly prohibited without the prior written consent of CWH.  Supplemental Data:  A copy of CWH’s Fourth Quarter 2012 Supplemental Operating and Financial Data is available for download at CWH’s website, www.cwhreit.com. CWH’s website is not incorporated as part of this press release.  CommonWealth REIT is a real estate investment trust which primarily owns office properties located throughout the United States. CWH is headquartered in Newton, MA.  Please see the pages attached hereto for a more detailed statement of our operating results and financial condition and for an explanation of our calculation of FFO and Normalized FFO.  WARNING CONCERNING FORWARD LOOKING STATEMENTS  THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER CWH USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, CWH IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON CWH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:    *THIS PRESS RELEASE STATES THAT CWH HAS ENTERED INTO AGREEMENTS TO SELL     PROPERTIES. THESE TRANSACTIONS ARE SUBJECT TO VARIOUS TERMS AND CONDITIONS     TYPICAL OF COMMERCIAL REAL ESTATE TRANSACTIONS. THE TERMS AND CONDITIONS     MAY NOT BE MET. AS A RESULT, THESE TRANSACTIONS MAY NOT OCCUR OR MAY BE     DELAYED OR THE TERMS MAY CHANGE, AND   *THIS PRESS RELEASE STATES THAT CWH INTENDS TO SELL IN 2013 THE REMAINING     PROPERTIES NOT ALREADY SOLD THAT WERE RECLASSIFIED TO DISCONTINUED     OPERATIONS AS OF DECEMBER 31, 2012. HOWEVER, CWH MAY BE UNABLE TO SELL     SOME OR ALL OF THESE PROPERTIES IN 2013 OR EVER.  THE INFORMATION CONTAINED IN CWH’S FILINGS WITH THE SEC, INCLUDING UNDER THE CAPTION "RISK FACTORS" IN CWH’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM CWH’S FORWARD LOOKING STATEMENTS. CWH’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.  YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.  EXCEPT AS REQUIRED BY LAW, CWH DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.                                                              CommonWealth REIT Consolidated Statements of Operations, Funds from Operations and Normalized Funds from Operations (amounts in thousands) (unaudited)                                                                                           Quarter Ended December 31,   Year Ended December 31,                      2012          2011         2012           2011                                                                             Rental income        $ 264,692     $ 233,528    $ 1,013,092    $ 874,232                                                                        Expenses: Operating              113,421        99,342        419,681         363,464 expenses Depreciation and                    66,950         56,809        245,729         206,697 amortization General and            13,738         11,711        51,697          43,682 administrative Loss on asset          -              (233    )     -               3,036 impairment Acquisition           646          351         5,648         10,073    related costs Total expenses        194,755      167,980     722,755       626,952                                                                        Operating              69,937         65,548        290,337         247,280 income                                                                      Interest and           384            323           1,428           1,662 other income Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $653, $1,476, $3,405 and $6,943,                (53,763  )     (49,987 )     (204,244  )     (195,024 ) respectively) Loss on early extinguishment         -              (345    )     (1,895    )     (35      ) of debt Equity in earnings of            2,765          2,987         11,420          11,377 investees Gain on issuance of shares by an          7,246        -           7,246         11,177    equity investee Income from continuing operations             26,569         18,526        104,292         76,437 before income tax expense Income tax            (1,301   )    (604    )    (3,207    )    (1,347   ) expense Income from continuing             25,268         17,922        101,085         75,090 operations Discontinued operations: Loss from discontinued           (3,906   )     (2,887  )     (14,337   )     (539     ) operations Loss on asset impairment from                   (168,632 )     (1,341  )     (168,632  )     (7,319   ) discontinued operations Net gain on sale of properties            -            1,179       2,039         42,752    from discontinued operations Net (loss)             (147,270 )     14,873        (79,845   )     109,984 income Net income attributable to noncontrolling        (5,514   )    -           (15,576   )    -         interest in consolidated subsidiary Net (loss) income attributable           (152,784 )     14,873        (95,421   )     109,984 to CommonWealth REIT Preferred              (11,151  )     (13,823 )     (51,552   )     (46,985  ) distributions Excess redemption price paid over carrying         -            -           (4,985    )    -         value of preferred shares Net (loss) income available for        $ (163,935 )   $ 1,050      $ (151,958  )   $ 62,999    CommonWealth REIT common shareholders                                                                                                                                           Amounts attributable to CommonWealth REIT common shareholders: Income from continuing           $ 8,603        $ 4,099       $ 28,972        $ 28,105 operations Loss from discontinued           (3,906   )     (2,887  )     (14,337   )     (539     ) operations Loss on asset impairment from                   (168,632 )     (1,341  )     (168,632  )     (7,319   ) discontinued operations Net gain on sale of properties            -            1,179       2,039         42,752    from discontinued operations Net (loss)           $ (163,935 )   $ 1,050      $ (151,958  )   $ 62,999    income                                                                                                                                         CommonWealth REIT Consolidated Statements of Operations, Funds from Operations and Normalized Funds from Operations (continued) (amounts in thousands, except per share data) (unaudited)                                                                                                             Quarter Ended December 31,   Year Ended December 31,                                2012          2011         2012         2011       Calculation of FFO:^(1) Net (loss) income attributable to                $ (152,784 )   $ 14,873      $ (95,421 )   $ 109,984 CommonWealth REIT           depreciation           and Plus:     amortization           66,950         56,809        245,729       206,697           from           continuing           operations           depreciation           and Plus:     amortization           3,002          2,807         12,563        16,458           from           discontinued           operations           loss on asset           impairment Plus:     from                   -              (233    )     -             3,036           continuing           operations           loss on asset           impairment Plus:     from                   168,632        1,341         168,632       7,319           discontinued           operations Plus:     FFO from               5,313          5,419         21,383        19,895           investees           net income           attributable Plus:     to                     5,514          -             15,576        -           noncontrolling           interest           FFO           attributable Less:     to                     (7,149   )     -             (19,419 )     -           noncontrolling           interest           net gain on           sale of Less:     properties             -              (1,179  )     (2,039  )     (42,752 )           from           discontinued           operations           equity in Less:     earnings of           (2,765   )    (2,987  )    (11,420 )    (11,377 )           investees FFO attributable to              86,713         76,850        335,584       309,260 CommonWealth REIT Less:     preferred             (11,151  )    (13,823 )    (51,552 )    (46,985 )           distributions FFO available for CommonWealth REIT common       $ 75,562      $ 63,027     $ 284,032    $ 262,275  shareholders                                                                              Calculation of Normalized FFO:^(1) FFO attributable to            $ 86,713       $ 76,850      $ 335,584     $ 309,260 CommonWealth REIT           acquisition           related costs Plus:     from                   646            351           5,648         10,073           continuing           operations           acquisition           related costs Plus:     from                   -              (19     )     -             129           discontinued           operations Plus:     normalized FFO         5,417          5,559         21,710        20,734           from investees           loss on early           extinguishment Plus:     of debt from           -              345           1,895         35           continuing           operations           early           extinguishment Less:     of debt                -              -             -             (232    )           settled in           cash           average           minimum rent Plus:     from direct            329            329           1,316         1,097           financing           lease           FFO           attributable Plus:     to                     7,149          -             19,419        -           noncontrolling           interest           normalized FFO           attributable Less:     to                     (7,491   )     -             (20,132 )     -           noncontrolling           interest Less:     FFO from               (5,313   )     (5,419  )     (21,383 )     (19,895 )           investees           interest           earned from Less:     direct                 (333     )     (412    )     (1,452  )     (1,448  )           financing           lease           gain on           issuance of Less:     shares by an          (7,246   )    -           (7,246  )    (11,177 )           equity           investee Normalized FFO attributable to                  79,871         77,584        335,359       308,576 CommonWealth REIT Less:     preferred             (11,151  )    (13,823 )    (51,552 )    (46,985 )           distributions Normalized FFO available for CommonWealth REIT          $ 68,720      $ 63,761     $ 283,807    $ 261,591  common shareholders                                                                              Weighted average common shares outstanding –            83,804       83,722      83,750      77,428   basic                                                                              Weighted average common shares outstanding –            91,102       91,020      91,048      84,726   diluted^(2)                                                                              Per common share: Income from continuing operations attributable to CommonWealth REIT common shareholders – basic and       $ 0.10         $ 0.05        $ 0.35        $ 0.36 diluted (Loss) income from discontinued operations attributable to CommonWealth REIT common shareholders – basic and       $ (2.06    )   $ (0.04   )   $ (2.16   )   $ 0.45 diluted Net (loss) income available for CommonWealth REIT common shareholders – basic and       $ (1.96    )   $ 0.01        $ (1.81   )   $ 0.81 diluted FFO available for CommonWealth REIT common shareholders – basic           $ 0.90         $ 0.75        $ 3.39        $ 3.39 FFO available for CommonWealth REIT common shareholders – diluted         $ 0.90         $ 0.75        $ 3.39        $ 3.39 Normalized FFO available for CommonWealth REIT common shareholders – basic and       $ 0.82         $ 0.76        $ 3.39        $ 3.38 diluted                                                                                            CommonWealth REIT        Consolidated Statements of Operations, Funds from Operations and        Normalized Funds from Operations (continued)        (amounts in thousands)        (unaudited)                CWH calculates FFO and Normalized FFO as shown above. FFO is calculated        on the basis defined by The National Association of Real Estate        Investment Trusts, or NAREIT, which is net (loss) income, calculated in        accordance with GAAP, plus real estate depreciation and amortization,        loss on asset impairment, net (loss) income attributable to        noncontrolling interest and FFO from equity investees, excluding any        gain or loss on sale of properties, earnings from equity investees and        FFO attributable to noncontrolling interest. CWH’s calculation of        Normalized FFO differs from NAREIT's definition of FFO because it        excludes acquisition related costs, gains from issuance of shares by        equity investees, gain and loss on early extinguishment of debt unless        settled in cash, the difference between average minimum rent and        interest earned from CWH’s direct financing lease and the difference        between FFO and Normalized FFO from equity investees and noncontrolling        interest. CWH considers FFO and Normalized FFO to be appropriate        measures of operating performance for a REIT, along with net (loss)        income, net (loss) income attributable to CommonWealth REIT, net (loss)        income available for CommonWealth REIT common shareholders, operating        income and cash flow from operating activities. CWH believes 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 its operating performance between periods. FFO and        Normalized FFO are among the factors considered by CWH’s Board of (1)    Trustees when determining the amount of distributions to shareholders.        Other factors include, but are not limited to, requirements to maintain        CWH’s status as a REIT, limitations in its credit facilities and term        loan agreements and public debt covenants, the availability of debt and        equity capital to CWH, CWH’s cash available for distribution, CWH’s        expectation of its future capital requirements and operating        performance, and CWH’s expected needs and availability of cash to pay        its obligations. 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 (loss) income, net (loss) income        attributable to CommonWealth REIT, net (loss) income available for        CommonWealth REIT common shareholders, operating income or cash flow        from operating activities, determined in accordance with GAAP, or as        indicators of CWH’s financial performance or liquidity, nor are these        measures necessarily indicative of sufficient cash flow to fund all of        CWH’s needs. CWH believes that FFO and Normalized FFO may facilitate an        understanding of its consolidated historical operating results. These        measures should be considered in conjunction with net (loss) income,        net (loss) income attributable to CommonWealth REIT, net (loss) income        available for CommonWealth REIT common shareholders, operating income        and cash flow from operating activities as presented in CWH’s        Consolidated Statements of Operations, Consolidated Statements of        Comprehensive (Loss) Income and Consolidated Statements of Cash Flows.        Other REITs and real estate companies may calculate FFO and Normalized        FFO differently than CWH does.                As of December 31, 2012, CWH’s 15,180 outstanding series D preferred        shares were convertible into 7,298 common shares. The effect of a        conversion of CWH’s series D convertible preferred shares on income        from continuing operations available for CommonWealth REIT common ^(2)   shareholders per share is anti-dilutive to income, FFO and Normalized        FFO for most periods presented. Set forth below is the calculation of        diluted net income available for common shareholders, diluted FFO        available for common shareholders, diluted Normalized FFO available for        common shareholders and diluted weighted average common shares        outstanding.                                                                                     Quarter Ended December 31,   Year Ended December 31,                            2012          2011      2012        2011                                                                         Net (loss) income available for CommonWealth REIT        $  (163,935  )    $ 1,050    $ (151,958 )   $ 62,999 common shareholders Add - Series D convertible                 6,167            6,167      24,668         24,668 preferred distributions Net (loss) income available for                                                    CommonWealth REIT common shareholders --          $  (157,768  )    $ 7,217    $ (127,290 )   $ 87,667 diluted                                                                         FFO available for CommonWealth REIT        $  75,562         $ 63,027   $ 284,032      $ 262,275 common shareholders Add - Series D convertible                6,167          6,167     24,668       24,668 preferred distributions FFO available for CommonWealth REIT common                   $  81,729        $ 69,194   $ 308,700     $ 286,943 shareholders – diluted                                                                         Normalized FFO available for CommonWealth REIT        $  68,720         $ 63,761   $ 283,807      $ 261,591 common shareholders Add - Series D convertible                 6,167            6,167      24,668         24,668 preferred distributions Normalized FFO available for                                                    CommonWealth REIT common shareholders –           $  74,887        $ 69,928   $ 308,475     $ 286,259 diluted                                                                         Weighted average common shares               83,804           83,722     83,750         77,428 outstanding – basic Effect of dilutive Series D preferred         7,298          7,298     7,298        7,298 shares Weighted average common shares              91,102         91,020    91,048       84,726 outstanding – diluted                                                                                                                                       CommonWealth REIT Consolidated Balance Sheets (amounts in thousands, except share data) (unaudited)                                                                                                                      As of December 31,                                                  2012            2011 ASSETS Real estate properties: Land                                             $ 1,531,416     $ 1,450,154 Buildings and improvements                        6,297,993      5,794,078                                                    7,829,409       7,244,232 Accumulated depreciation                          (1,007,606)    (934,170)                                                    6,821,803       6,310,062 Properties held for sale                           171,832         - Acquired real estate leases, net                   427,756         343,917 Equity investments                                 184,711         177,477 Cash and cash equivalents                          102,219         192,763 Restricted cash                                    16,626          7,869 Rents receivable, net of allowance for doubtful accounts of $9,962 and $12,575, respectively                          253,394         217,592 Other assets, net                                 211,293        197,346 Total assets                                     $ 8,189,634     $ 7,447,026                                                                     LIABILITIES AND SHAREHOLDERS' EQUITY Revolving credit facility                        $ 297,000       $ 100,000 SIR revolving credit facility                      95,000          - Senior unsecured debt, net                         2,972,994       2,845,030 Mortgage notes payable, net                        984,827         632,301 Liabilities related to properties held for         2,339           - sale Accounts payable and accrued expenses              194,184         158,272 Assumed real estate lease obligations, net         69,304          70,179 Rent collected in advance                          35,700          37,653 Security deposits                                  23,860          23,779 Due to related persons                            12,958         11,295 Total liabilities                                 4,688,166      3,878,509                                                                     Commitments and contingencies                                                                     Shareholders' equity: Shareholder's equity attributable to CommonWealth REIT: Preferred shares of beneficial interest, $0.01 par value: 50,000,000 shares authorized; Series C preferred shares; 7 1/8% cumulative redeemable since February 15, 2011; zero and 6,000,000 shares issued and outstanding, respectively, aggregate liquidation                -               145,015 preference $150,000 Series D preferred shares; 6 1/2% cumulative convertible; 15,180,000 shares issued and outstanding, aggregate liquidation preference $379,500                                368,270         368,270 Series E preferred shares; 7 1/4% cumulative redeemable on or after May 15, 2016; 11,000,000 shares issued and outstanding, aggregate liquidation preference $275,000          265,391         265,391 Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 83,804,068 and 83,721,736 shares issued and outstanding, respectively                      838             837 Additional paid in capital                         3,585,400       3,614,079 Cumulative net income                              2,386,900       2,482,321 Cumulative other comprehensive income              565             (4,709) (loss) Cumulative common distributions                    (2,972,569)     (2,826,030) Cumulative preferred distributions                (529,367)      (476,657) Total shareholders' equity attributable to         3,105,428       3,568,517 CommonWealth REIT Noncontrolling interest in consolidated           396,040        - subsidiary Total shareholders' equity                        3,501,468      3,568,517 Total liabilities and shareholders' equity       $ 8,189,634     $ 7,447,026                                                                      A Maryland Real Estate Investment Trust with transferable shares of beneficial   interest listed on the New York Stock Exchange. No shareholder, Trustee or      officer is personally liable for any act or obligation of the Trust.  Contact:  CommonWealth REIT Timothy A. Bonang, Vice President, Investor Relations Carlynn Finn, Senior Manager, Investor Relations 617-796-8222 www.cwhreit.com  
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