Equity Commonwealth (NYSE:EQC) Q1 2022 Results Conference Call May 5, 2022 10:00 AM ET
Company Participants
David Helfand - President and Chief Executive Officer
David Weinberg - Chief Operations Officer
Bill Griffiths - Chief Financial Officer
Conference Call Participants
Manny Korchman - Citi
Jamie Feldman - Bank of America
Operator
Good morning, and thanks for joining this call to discuss Equity Commonwealth's results for the quarter ending March 31, 2022, and an update on the Company. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation [Operator Instructions] As a reminder, this conference is being recorded.
Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the 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 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; David Weinberg, COO; and Bill Griffiths, CFO.
With that, I will turn the call over to David Helfand.
David Helfand
Thank you. Good morning. Appreciate you 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 $0.03 per share compared to a loss of $0.06 per share in the first quarter of 2021. Normalized FFO was also $0.03 per share compared to a loss of $0.01 per share a year ago. The growth in FFO and normalized FFO was largely the result of a decrease in G&A expense due to lower severance, the collection of a previously reserved receivable and a real estate tax refund related to a sold property.
Same-property net operating income was up 29% in the first quarter compared to a year ago, and cash NOI was 30% higher. Excluding the collection of the receivable, same-property NOI was up 5.4%, and cash NOI increased 5.5% compared to the first quarter 2021.