Equity Commonwea Stock Price, News & Analysis

Equity Commonwealth (NYSE: EQC) has completed the sale of its final property, 1225 Seventeenth Street in Denver, Colorado, for $132.5 million ($124.4 million net after credits) on February 25, 2025. This marks a significant milestone in the company's liquidation process.

Following shareholder approval of the Plan of Sale and Dissolution with 85.5% support on November 12, 2024, EQC has updated its estimated aggregate shareholder liquidating distribution range to $20.55 to $20.70 per common share, inclusive of the initial $19.00 per share distribution paid on December 6, 2024.

The company reported net assets in liquidation of approximately $179 million as of December 31, 2024. Prior to this final sale, EQC had already completed the sale of three other properties in Washington DC and Austin, Texas, and paid the liquidation preference to Series D Preferred shareholders.

Equity Commonwealth (NYSE: EQC) has announced a modification to the timing of its fourth quarter and full year 2024 earnings conference call. The call has been rescheduled to Thursday, February 27, 2025, at 1:00 pm Central Time, changed from the original time of 9:00 am Central Time on the same day.

The company will release its fourth quarter and full year results before the market opens on February 27, 2025. Investors can access the conference call through a live audio webcast available on the Investor Relations section of EQC's website (www.eqcre.com). A replay of the audio webcast will be made available after the call concludes.

Equity Commonwealth (NYSE: EQC) has announced an agreement to sell its final remaining property, 1225 Seventeenth Street, a 709,402 square foot office property in Denver, Colorado. The gross sale price is $132.5 million, with an expected net purchase price of $124.4 million after credits for contractual lease costs.

The buyer has completed due diligence with a non-refundable earnest money deposit. The sale is scheduled to close in late February 2025, subject to customary closing conditions. EQC reaffirms its estimated aggregate shareholder liquidating distribution range of $20.00 to $21.00 per common share, which includes the initial liquidating distribution of $19.00 per common share paid on December 6, 2024.

Equity Commonwealth (NYSE: EQC) has released details about the tax treatment of its 2024 distributions for both common and preferred shares. Common stockholders received a $19.00 per share cash liquidation distribution on December 6, 2024. For Series D Cumulative Convertible Preferred Stock, shareholders received four quarterly distributions of $0.406250 per share as taxable ordinary dividends and Section 199A dividends, plus a final cash liquidation distribution of $25.0858 on December 3, 2024. The total distribution for preferred shareholders amounted to $26.7108 per share.

Liquidation distributions will be applied against shareholder tax basis, with any excess being treated as taxable gain. Shareholders are advised to consult their tax advisors regarding the specific tax treatment of these distributions.

Equity Commonwealth (NYSE: EQC) has scheduled the release of its fourth quarter and full year 2024 financial results. The results will be published before market opening on Thursday, February 27, 2025.

The company will host a conference call to discuss these results on the same day at 9:00 am Central Time. Investors can access the live audio webcast through the Investor Relations section of EQC's website (www.eqcre.com). A replay of the webcast will be made available after the call concludes.

Equity Commonwealth (NYSE: EQC) has completed the sale of its office property located at 1250 H Street in Washington, D.C. The property, which spans 196,000 square feet, was sold for $27.5 million.

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.