Equity Commonwealth Declares Special Cash Distribution of $4.25 Per Common Share

Rhea-AI Summary

Equity Commonwealth (NYSE: EQC) has declared a special cash distribution of $4.25 per common share, payable on March 9, 2023. Shareholders of record as of February 23, 2023 will receive this one-time distribution. This payment is based on anticipated taxable income, including interest income and gains from asset sales as Equity Commonwealth qualifies as a REIT for 2023. The tax characterization is expected to be announced in January 2024.

Equity Commonwealth manages commercial office properties across the U.S., with a portfolio of 1.5 million square feet.

Positive

• Declaration of a special cash distribution of $4.25 per share.
• Distribution based on anticipated taxable income and asset gains.
• The company maintains a robust portfolio of 1.5 million square feet.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- Equity Commonwealth (NYSE: EQC) announced today that its Board of Trustees has declared a special, one-time cash distribution of $4.25 per common share which will be paid on March 9, 2023 to shareholders of record on February 23, 2023.

The distribution is based on anticipated taxable income resulting from the company’s results from operations, including interest income, gains from potential asset sales and restructurings as part of EQC’s REIT qualification for 2023. The tax characterization of this distribution is dependent upon future events, and the company currently expects to announce the tax characterization with its normal tax reporting in January 2024.

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

This press release may contain forward-looking statements and information within the meaning of the federal securities laws. These statements, including statements relating to the expected tax treatment of distributions, are based on current expectations, estimates, projections and assumptions made by management. While Equity Commonwealth management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.eqcre.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Commonwealth assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230213005554/en/

Investor Contact

Bill Griffiths, (312) 646-2801

Source: Equity Commonwealth

FAQ

What is the special cash distribution announced by Equity Commonwealth?

Equity Commonwealth announced a special cash distribution of $4.25 per common share.

When will Equity Commonwealth's cash distribution be paid?

The cash distribution will be paid on March 9, 2023.

Who is eligible for the cash distribution from Equity Commonwealth?

Shareholders of record as of February 23, 2023, are eligible for the distribution.

What factors influenced the cash distribution by Equity Commonwealth?

The distribution is based on anticipated taxable income, including interest income and potential asset sale gains.

When will Equity Commonwealth announce the tax characterization of the distribution?

The tax characterization is expected to be announced in January 2024.