Compliance Systems Corporation (NASDAQ: OPI) reported Q3 EPS of ($0.08), $0.11 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $167.41 million versus the consensus estimate of $165.07 million.

• Since January 1, 2019, Have Sold or Currently Have Under Agreement to Sell 60 Properties for $731.5 Million
• Third Quarter Net Loss Available for Common Shareholders of $3.9 Million, or $0.08 Per Share
• Third Quarter Normalized FFO Available for Common Shareholders of $69.7 Million, or $1.45 Per Share
• Occupancy Increased 170 Basis Points in the Third Quarter to 93.3%
• Completed 759,000 Square Feet of Leasing in the Third Quarter

David Blackman, President and Chief Executive Officer of OPI, made the following statement:

"Since the end of the second quarter we continued to make steady progress on our disposition plan, selling 12 properties for a total of $298.1 million. The 60 properties we have sold or have under agreement to sell for $731.5 million since January 1, 2019 are at an average cap rate of 5.6% and have an average age of 22 years, an average occupancy of 71% and a weighted average lease term of 4.5 years. As previously announced, we also sold our 2.8 million shares of The RMR Group Inc. for net proceeds of $104.7 million. With the proceeds of these asset sales, we have reduced our leverage below the midpoint of our targeted leverage range. Our third quarter operating activity also generated continued leasing momentum as we entered new and renewal leases for 759,000 square feet and our consolidated occupancy increased to 93.3% from 91.6% last quarter."

For earnings history and earnings-related data on Compliance Systems Corporation (OPI) click here.