Equity Commonwealth Sets 2022 Virtual Annual Meeting of Shareholders

Rhea-AI Summary

Equity Commonwealth (NYSE: EQC) has announced an additional $150 million share repurchase authorization, increasing its total available repurchase funds to $202 million. This includes $52 million remaining from the previous authorization. The share repurchase program is active through June 30, 2023. As of March 14, 2022, EQC has repurchased $73.6 million worth of shares this year at an average price of $25.83 per share. The company will hold its virtual Annual Meeting on June 21, 2022.

Positive

• Authorized up to $150 million for share repurchases, increasing total to $202 million.
• Year-to-date repurchases totaled $73.6 million for 2,851,030 shares at an average price of $25.83.

Negative

• None.

Announces Additional $150 Million Share Repurchase Authorization

CHICAGO--(BUSINESS WIRE)-- Equity Commonwealth (NYSE: EQC) today announced that its Annual Meeting of Shareholders will be held virtually on Tuesday, June 21, 2022, at 1:30 p.m. Central Time. Shareholders of record at the close of business on April 14, 2022 will be entitled to vote at the meeting.

Details of the virtual annual meeting, including how stockholders can access the virtual meeting, vote and submit questions, will be included in the company’s definitive proxy statement for the 2022 Annual Meeting to be filed with the Securities and Exchange Commission.

EQC also announced today that its Board of Trustees authorized the repurchase, through June 30, 2023, of up to 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 $202 million available for future share repurchases, including $52 million remaining under its prior authorization that expires on December 31, 2022.

Year-to-date through March 14, 2022, the company purchased 2,851,030 shares at a weighted average price of $25.83 per share, for a total investment of $73.6 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 totaling 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/20220315006150/en/

Investor Contact

Bill Griffiths, (312) 646-2801

Source: Equity Commonwealth

FAQ

What is the total share repurchase authorization for EQC as of March 2022?

Equity Commonwealth has authorized an additional $150 million in share repurchases, bringing the total available to $202 million.

When is the Annual Meeting of Shareholders for EQC?

The Annual Meeting of Shareholders for Equity Commonwealth is scheduled for June 21, 2022, at 1:30 p.m. Central Time.

How much has EQC spent on share repurchases year-to-date?

As of March 14, 2022, EQC has spent $73.6 million on share repurchases.

What is the average price per share for EQC's repurchases?

The average price per share for EQC's repurchases year-to-date is $25.83.