Equity Commonwealth (NYSE:EQC) Q4 2023 Earnings Conference Call February 13, 2024 10:00 AM ET
Company Participants
David Weinberg - Chief Operating Officer
Conference Call Participants
Seth Bergey - Citi
Operator
Good morning, and thanks for joining this call to discuss Equity Commonwealth Results for the Fourth Quarter and Full Year ending December 31, 2023, 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 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 the Company's actual results to materially differ from any forward-looking statement. 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 and 2023 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 to David Weinberg. Please go ahead sir.
David Weinberg
Good morning, everyone. Thanks for joining us. I'll review the Company's results for the quarter and the full year, as well as provide an update on our investment activities. For the quarter, funds from operations were $0.27 per share compared $0.21 per share in the fourth quarter 2022.
Normalized FFO was $0.26 per share compared to $0.21 per share a year ago. The growth in FFO and normalized FFO was largely the result of $0.05 share increase in interest and other income. Same property NOI was down 2.3% and the same property cash NOI was 12% lower, compared to the fourth quarter 2022.
For the full year 2023, funds from operations were $0.91 per share compared to $0.41 per share for the full year 2022. Normalized FFO was $0.97 per share compared to $0.42 a year ago. The growth in FFO was largely the result of a $0.61 share increase in interest and other income, a $0.06 per share increase in G&A expense, and a $0.04 per share decrease in property -- same property NOI.