Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Equity Commonwealth (803649) 10-Q published on Apr 30, 2019 at 4:17 pm
Reporting Period: Mar 30, 2019
Certain reclassifications were made to conform the prior period to our presentation of the condensed consolidated statements of operations as a result of adopting ASU 2016-02. Amounts that were previously disclosed as "Tenant reimbursements and other income" are now included in "Rental revenue" and are no longer presented as a separate line item. Parking revenues that do not represent components of leases and were previously disclosed as "Rental income" are now included in "Other revenue." Subsequent to January 1, 2019, provisions for credit losses are included in "Rental revenue." Provisions for credit losses prior to January 1, 2019 were disclosed as "Operating expenses" and were not reclassified to conform prior periods to the current presentation.
On September 26, 2018, our Board of Trustees declared a special, one-time cash distribution of $2.50 per common share/unit to shareholders/unitholders of record on October 9, 2018. On October 23, 2018, we paid this distribution to such shareholders/unitholders in the aggregate amount of $304.7 million. In February 2019, the number of earned awards for certain recipients of the Company's restricted stock units was determined. Pursuant to the terms of such awards, we paid a one-time catch-up cash distribution of $2.50 per common share/unit to these recipients in the aggregate amount of $1.2 million upon such determination.
During the three months ended March 31, 2019, we sold one 1.3 million square foot property (one building) for a gross sale price of $451.6 million, excluding credits and closing costs. On April 23, 2019, we sold 600 108th Avenue NE in Bellevue, WA, for a gross price of $195.0 million. The property includes a 254,510 square foot office building and additional development rights. For more information regarding these transactions, see Notes 3 and 15 to the notes to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. We have generated significant proceeds from our dispositions to date and have cash and cash equivalents of $3.1 billion as of March 31, 2019. As we have sold assets, our income from operations has also declined.
Cash flows provided by (used in) operating, investing and financing activities were $12.8 million, $663.0 million and $(8.6) million, respectively, for the three months ended March 31, 2019, and $(0.4) million, $751.6 million and $(267.2) million, respectively, for the three months ended March 31, 2018. Changes in these three categories of our cash flows between 2019 and 2018 are primarily related to a decrease in property net operating income (as a result of property dispositions), an increase in interest income (as a result of additional interest received on higher invested balances and higher average interest rates in 2019), dispositions of properties, proceeds from sales and maturities of marketable securities, repayments of debt and repurchase of our common shares.
During the three months ended March 31, 2019, we sold one 1.3 million square foot property (one building) for a gross sale price of $451.6 million, excluding credits and closing costs. On April 23, 2019, we sold 600 108th Avenue NE in Bellevue, WA, for a gross price of $195.0 million. The property includes a 254,510 square foot office building and additional development rights. For more information regarding these transactions, see Notes 3 and 15 to the notes to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.