Welcome to our dedicated page for Equity Commonwea news (Ticker: EQC), a resource for investors and traders seeking the latest updates and insights on Equity Commonwea stock.
Equity Commonwealth (NYSE: EQC) is a Chicago-based, internally managed, and self-advised real estate investment trust (REIT) with a focus on commercial office properties across the United States. With a portfolio comprising 15 properties and 7.1 million square feet, EQC stands out in the real estate sector.
EQC’s core business involves the acquisition, ownership, and operation of office buildings located in key urban areas like Washington, Austin, and Denver. The company's income is predominantly generated from rental revenue obtained from tenants occupying these office spaces.
Equity Commonwealth prides itself on a corporate culture built on accountability and alignment with stakeholders. The company's guiding principles emphasize using good judgment, keeping commitments, teamwork, transparency, and rewarding outstanding performance. It fosters open communication and celebrates diversity among its workforce.
Recent achievements highlight EQC’s commitment to value creation and operational excellence. The company's strategic focus is reflected in its well-maintained and strategically located office properties, ensuring maximum value for both tenants and investors.
For career opportunities, Equity Commonwealth encourages interested candidates to visit their official career portal at this link.
Equity Commonwealth (NYSE: EQC) has announced an agreement to sell its final remaining property, 1225 Seventeenth Street, a 709,402 square foot office property in Denver, Colorado. The gross sale price is $132.5 million, with an expected net purchase price of $124.4 million after credits for contractual lease costs.
The buyer has completed due diligence with a non-refundable earnest money deposit. The sale is scheduled to close in late February 2025, subject to customary closing conditions. EQC reaffirms its estimated aggregate shareholder liquidating distribution range of $20.00 to $21.00 per common share, which includes the initial liquidating distribution of $19.00 per common share paid on December 6, 2024.
Equity Commonwealth (NYSE: EQC) has released details about the tax treatment of its 2024 distributions for both common and preferred shares. Common stockholders received a $19.00 per share cash liquidation distribution on December 6, 2024. For Series D Cumulative Convertible Preferred Stock, shareholders received four quarterly distributions of $0.406250 per share as taxable ordinary dividends and Section 199A dividends, plus a final cash liquidation distribution of $25.0858 on December 3, 2024. The total distribution for preferred shareholders amounted to $26.7108 per share.
Liquidation distributions will be applied against shareholder tax basis, with any excess being treated as taxable gain. Shareholders are advised to consult their tax advisors regarding the specific tax treatment of these distributions.
Equity Commonwealth (NYSE: EQC) has scheduled the release of its fourth quarter and full year 2024 financial results. The results will be published before market opening on Thursday, February 27, 2025.
The company will host a conference call to discuss these results on the same day at 9:00 am Central Time. Investors can access the live audio webcast through the Investor Relations section of EQC's website (www.eqcre.com). A replay of the webcast will be made available after the call concludes.
Equity Commonwealth (NYSE: EQC) has completed the sale of its office property located at 1250 H Street in Washington, D.C. The property, which spans 196,000 square feet, was sold for $27.5 million.
Equity Commonwealth (NYSE: EQC) has announced an initial cash liquidating distribution of $19.00 per common share, payable on December 6, 2024, to shareholders of record on November 25, 2024. The company has updated its estimated aggregate shareholder liquidating distribution range to $20.00-$21.00 per common share, up from the previously disclosed $19.50-$21.00. Due to the distribution exceeding 25% of share price, NYSE has set the ex-dividend date to December 9, 2024, with shares trading with 'due bills' during the dividend right period from November 25 through December 6, 2024.
Equity Commonwealth (NYSE: EQC) held a special shareholder meeting where shareholders approved the Plan of Sale and Dissolution of the company and the compensation for named executive officers. The company's Board of Trustees authorized payment of the liquidation preference to Series D Preferred Shares holders, consisting of $25.00 per share plus $0.08576 in accrued dividends, to be paid on December 3, 2024. The Series D Preferred Shares will be suspended from NYSE trading before market open on the payment date, and a Form 25 will be filed to withdraw the listing. All payments will be processed through DTC by Equiniti Trust Company as paying agent.
Equity Commonwealth (NYSE: EQC) has completed the sale of two office properties in Austin, Texas. The transaction includes Bridgepoint Square, a 440,000 square foot office property, and 206 E 9th Street, a 176,000 square foot office property. The combined sales price for both properties totaled $64.5 million.
Equity Commonwealth (NYSE: EQC) reported a net loss of $28.2 million ($0.26 per share) for Q3 2024, compared to net income of $24.1 million ($0.22 per share) in Q3 2023. The decline was primarily due to a $50.2 million loss on asset impairment. FFO decreased to $26.2 million ($0.24 per share) from $28.7 million ($0.26 per share) year-over-year. The company's same property portfolio, consisting of 4 properties totaling 1.5 million square feet, showed decreased occupancy at 69.7% and a 16% decline in NOI. Three properties are under contract for sale, with closings expected in early November 2024.
Equity Commonwealth (NYSE: EQC) has announced a dividend declaration for its Series D Preferred Shares. The company's Board of Trustees has approved a quarterly dividend of $0.40625 per Series D Preferred Share. This dividend will be paid on November 15, 2024 to shareholders who are on record as of October 31, 2024. The dividend covers the period from August 15, 2024 through November 14, 2024.
Equity Commonwealth (NYSE: EQC) has announced a Virtual Special Meeting of Shareholders scheduled for November 12, 2024 at 1:30 p.m. Central Time. The meeting's primary purpose is to vote on the Plan of Sale and Dissolution of the Company, which includes the complete liquidation and dissolution of EQC. Shareholders will also vote on an advisory, non-binding basis regarding potential compensation for named executive officers in connection with the Plan of Sale.
The Company's Board of Trustees has determined that this plan is in the best interests of EQC and its shareholders. The Plan of Sale authorizes the Company to sell all remaining properties, wind down affairs, and distribute net proceeds to shareholders. Shareholders of record as of October 1, 2024, will be eligible to vote at the meeting. Details on how to participate, vote, and ask questions during the virtual meeting are included in the definitive proxy statement filed with the SEC.
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