Equity Commonwealth (NYSE:EQC) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET
Company Participants
David Helfand - President, CEO & Trustee
David Weinberg - EVP & COO
Conference Call Participants
Seth Bergey - Citi
Operator
Good morning, and thanks for joining this call to discuss Equity Commonwealth's results for second quarter ending June 30, 2022, and an update on the company. [Operator Instructions].
Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of federal securities laws. Please refer to the section titled Forward-Looking Statements in the press release issued yesterday as well as the section titled Risk Factors in the company's annual report on Form 10-K and quarterly reports on Form 10-Q for subsequent quarters for a discussion of factors that could cause our actual results to materially differ from any forward-looking statements. The company assumes no obligation to update or supplement any forward-looking statements made today. The company posts important information on its website at www.eqcre.com, including information that may be material.
The portion of today's remarks on the company's quarterly earnings also include certain non-GAAP financial measures. Please refer to yesterday's press release and supplemental containing the company's results for a reconciliation of these non-GAAP measures to the company's GAAP financial results.
On the call today are David Helfand, President and CEO; and David Weinberg, COO; and Bill Griffiths, CFO.
With that, I will turn the call over to David Helfand. Please proceed.
David Helfand
Good morning. Thank you for joining us. I'll review the company's results for the quarter as well as provide an update on our disposition and investment activities.
Funds from operations were $0.05 per share compared to $0.00 per share in the second quarter 2021. Normalized FFO was $0.04 per share compared to $0.00 per share a year ago. The growth in FFO and normalized FFO was largely the result of a $0.04 per share increase in interest and other income as well as a $0.01 per share increase in same-property cash NOI. Same-property NOI was up 8% and same property cash NOI was 12.3% higher compared to the second quarter 2021.
At our properties, leasing activity improved this quarter. We're seeing more inquiries and tours, particularly in Austin. However, many tenants are still challenged to identify their near-term space requirements, so there's a greater emphasis on flexibility through increased demand for short-term renewals and shorter leases for newly built-out space.