Welcome to our dedicated page for Equity Commonwealth news (Ticker: EQC), a resource for investors and traders seeking the latest updates and insights on Equity Commonwealth 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 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.
Equity Commonwealth (NYSE: EQC) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 operating results on Wednesday, October 23, 2024, after the close of trading. A conference call to discuss these results is scheduled for Thursday, October 24, 2024, at 9:00 am Central Time.
Investors and interested parties can access the live audio webcast of the conference call through the Investor Relations section of Equity Commonwealth's website (www.eqcre.com). For those unable to attend the live call, a replay of the audio webcast will be made available on the company's website following the event.
Equity Commonwealth (NYSE: EQC) has announced that its Board of Trustees has set October 1, 2024 as the record date for a special shareholder meeting. At this meeting, the company will seek shareholder approval for its proposed Plan of Sale and Dissolution. The plan was previously disclosed in a preliminary proxy statement filed with the SEC on September 19, 2024.
The company notes that the record date is subject to change. Once clearance is received, EQC will file a definitive proxy statement with the SEC, which will be distributed to shareholders. This definitive proxy will provide further details about the special meeting, including the meeting date and instructions for shareholder participation and voting.
Equity Commonwealth (NYSE: EQC) has filed a preliminary proxy statement with the SEC for a special shareholder meeting. The meeting will focus on two key points: (1) voting on the Plan of Sale and Dissolution of the Company, which includes the complete liquidation and dissolution of EQC, and (2) an advisory vote on potential compensation for named executive officers related to the Plan of Sale.
The Company's Board of Trustees has determined that the Plan of Sale is in the best interests of EQC and its shareholders. This plan authorizes the Company to sell all remaining properties, wind down operations, and distribute net proceeds to shareholders. After SEC clearance, EQC will file a definitive proxy statement with details on the special meeting, including the record date, meeting date, and voting procedures.
Irenic Capital Management, LP, a major shareholder of Equity Commonwealth (NYSE: EQC), has expressed approval for EQC's decision to pursue a liquidation following shareholder feedback. Irenic stated, "We commend Equity Commonwealth's Board and its management team for making the difficult but correct decision to recommend a liquidation. At the risk of being too subtle: we're pleased."
This decision marks a significant shift in EQC's strategy, likely in response to shareholder pressure for value realization. Irenic, known for its collaborative approach with publicly traded companies, views this move as a positive step towards aligning operating activities, capital deployment, and management incentives to create value for the company and its owners.
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