Equity Commonwealth Announces $150 Million Share Repurchase Authorization

Rhea-AI Summary

Equity Commonwealth (NYSE: EQC) has authorized a new share repurchase program for up to $150 million of its outstanding common shares, effective through June 30, 2022. This follows the expiration of a previous authorization on March 10, 2021. Purchases will be conducted in compliance with federal securities laws and may occur in various forms, including open market transactions. The timing and amount of repurchases will depend on market conditions and other factors. This program indicates the company's intention to enhance shareholder value.

Positive

• Authorization of a $150 million share repurchase program enhances shareholder value.
• Repurchase program signals management's confidence in the company's future.

Negative

• None.

Equity Commonwealth (NYSE: EQC) announced today that its Board of Trustees authorized the repurchase, through June 30, 2022, of an additional $150 million of its outstanding common shares under the company’s existing share repurchase program. The prior authorization will expire on March 10, 2021.

Any purchases made pursuant to the program will be made from time to time in the open market, privately negotiated transactions or other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time.

About Equity Commonwealth

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. EQC’s same property portfolio is comprised of 4 properties and 1.5 million square feet.

Regulation FD Disclosures

We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.eqcre.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures.

Forward-Looking Statements

Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws, including, but not limited to, any statements regarding future share repurchases. Any forward-looking statements contained in this press release are intended to be made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Any forward-looking statements contained in this press release reflect the company’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the company’s actual results to differ significantly from those expressed in any forward-looking statement. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent Annual Report on Form 10-K.

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FAQ

What is the total amount authorized for the new share repurchase program for Equity Commonwealth?

Equity Commonwealth has authorized up to $150 million for its new share repurchase program.

When does the new share repurchase program for EQC expire?

The new share repurchase program for Equity Commonwealth is effective through June 30, 2022.

What factors will affect the timing and amount of stock repurchases for EQC?

The timing and amount of repurchases will depend on market conditions, stock price, and legal requirements.

What was the expiration date of the previous repurchase authorization for Equity Commonwealth?

The previous share repurchase authorization expired on March 10, 2021.

What type of transactions are included in the EQC share repurchase program?

The share repurchase program may include open market purchases and privately negotiated transactions.