Equity Commonwealth Announces $150 Million Share Repurchase Authorization

Rhea-AI Summary

Equity Commonwealth (NYSE: EQC) announced an additional $150 million share repurchase authorization, increasing the total to $170.5 million available through December 31, 2022. Year-to-date, the company has repurchased 5,005,699 shares at an average price of $25.87, totaling $129.5 million. The repurchase will occur at the company's discretion, subject to market conditions. This strategy aims to enhance shareholder value and reflects the company's confidence in its financial strength.

Positive

• Authorized an additional $150 million share repurchase, totaling $170.5 million available.
• Year-to-date repurchases of 5,005,699 shares at an average price of $25.87, indicating active shareholder return.

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• None.

CHICAGO--(BUSINESS WIRE)-- Equity Commonwealth (NYSE: EQC) announced today that its Board of Trustees authorized the repurchase, through December 31, 2022, of an additional $150 million of its outstanding common shares under the company’s existing share repurchase program. With this additional $150 million authorized, the company now has $170.5 million available for future share repurchases, including $20.5 million remaining under its prior authorization that expires on June 30, 2022.

Year-to-date through December 14, 2021, the company purchased 5,005,699 shares at a weighted average price of $25.87 per share, for a total investment of $129.5 million.

Purchases made pursuant to the program will be made from time to time, at the company’s discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the company 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214006244/en/

Sarah Byrnes, Equity Commonwealth, (312) 646-2801

Source: Equity Commonwealth

FAQ

What is the purpose of Equity Commonwealth's recent share buyback announcement?

The purpose is to return value to shareholders by repurchasing shares, reflecting confidence in the company's financial position.

How much has Equity Commonwealth authorized for share repurchase?

Equity Commonwealth has authorized an additional $150 million for share repurchase, bringing the total available to $170.5 million.

When does the share repurchase program expire?

The additional repurchase authorization is valid through December 31, 2022.

What is the average price per share for the year-to-date repurchases made by Equity Commonwealth?

The average price per share for year-to-date repurchases is $25.87.

How many shares has Equity Commonwealth repurchased this year?

Equity Commonwealth has repurchased 5,005,699 shares year-to-date.