Financial Performance - Net income attributable to EQC common shareholders for Q2 2024 was $22,153,000, a decrease of 5.3% compared to $23,408,000 in Q1 2024[41] - Adjusted EBITDAre for Q2 2024 was reported at $28,802,000, down from $29,845,000 in Q1 2024, indicating a decline of 3.5%[41] - Total revenues for the three months ended June 30, 2024, were $14,109 million, a decrease of 3.3% compared to $14,586 million in the same period of 2023[46] - Net income attributable to Equity Commonwealth common shareholders for the three months ended June 30, 2024, was $22,153 million, up from $13,787 million in the same period of 2023, representing a 60.5% increase[46] - Net income for the three months ended June 30, 2024, was $24,186,000, an increase from $15,836,000 in the same period last year[81] - Net income for the three months ended June 30, 2024, was $24,186 million, compared to $15,836 million for the same period in 2023, representing a year-over-year increase of 52.8%[82] - Adjusted EBITDAre for the six months ended June 30, 2024, was $58,647,000, compared to $55,244,000 for the same period in 2023[81] - The normalized FFO attributable to EQC common shareholders and unitholders for the three months ended June 30, 2024, was $26,099 million, significantly higher than $5,957 million in 2023[82] - FFO attributable to EQC common shareholders and unitholders for the six months ended June 30, 2024, was $54,165 million, up from $43,395 million in 2023, reflecting a growth of 24.8%[82] Property Performance - Same Property NOI for Q2 2024 was $7,391,000, a decrease of 14.7% from $8,672,000 in Q1 2024[41] - Same Property NOI for the six months ended June 30, 2024, was $16,044 million, compared to $15,968 million for the same period in 2023, reflecting a 0.5% increase[49] - Same Property Cash Basis NOI for the three months ended June 30, 2024, was $7,063,000, compared to $7,833,000 for the previous quarter[73] - The company reported a Same Property Cash Basis NOI margin of 51.3% for Q2 2024, down from 54.6% in Q1 2024, indicating a decline of 3.3%[41] - Cash Basis NOI for the six months ended June 30, 2024, was $14,896 million, down from $16,302 million in the same period of 2023, indicating a decrease of 8.6%[52] - The percentage leased for properties as of June 30, 2024, was 71.4%, down from 75.4% in Q1 2024, representing a decline of 4%[41] - The percentage leased for properties as of June 30, 2024, was 71.4%, a decline of 10.6% from 82.0% in the same period of 2023[52] - The percentage commenced for properties as of June 30, 2024, was 70.7%, down from 74.6% in Q1 2024, reflecting a decrease of 3.9%[41] - The company reported a decrease in the percentage commenced for the same property portfolio to 70.7% as of June 30, 2024, down from 78.2% in June 2023[87] Assets and Liabilities - Total assets as of June 30, 2024, increased to $2,463,741,000 from $2,425,041,000 as of December 31, 2023, reflecting a growth of approximately 1.6%[43] - Total liabilities decreased to $25,954,000 as of June 30, 2024, from $34,928,000 as of December 31, 2023, a reduction of approximately 25.7%[24] - Accounts receivable increased to $1,780,000 from $742,000 in the previous period[70] - Total accrued liabilities decreased to $19,585,000 from $27,298,000[70] Market Capitalization - Total market capitalization as of June 30, 2024, was $2,386,287,000, an increase from $2,172,889,000 in Q1 2024, showing a growth of approximately 9.8%[22] - Total capital expenditures for the three months ended June 30, 2024, amounted to $2,696 million, compared to $2,557 million for the same period in 2023, indicating an increase of 5.4%[90] Tenant and Lease Information - Total tenant improvements (TI) and leasing commissions (LC) amounted to $513,000, with $147,000 for new leases and $366,000 for renewal leases[64] - Total square feet leased during the period includes 24 leases, with 4 new leases and 20 renewal leases[64] - Major tenants representing 2.5% or more of annualized rental revenue account for 45.4% of total square feet and 47.9% of annualized rental revenue[65] - The weighted average lease term by square foot is 5.6 years for new leases and 4.0 years for renewal leases[64] - The total tenant improvements per square foot for the three months ended June 30, 2024, was $36.67, reflecting the costs associated with new leases[88] Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[50] Additional Metrics - The percentage of annualized rental revenue expiring in 2024 was 4.3%, with a total of $2,241 million in annualized rental revenue expiring[94] - The weighted average common shares outstanding for the three months ended June 30, 2024, was 107,578 million, a decrease from 110,196 million in the previous year[82] - The company reported a weighted average of 107,416 common shares outstanding for the three months ended June 30, 2024, compared to 109,839 for the same period in 2023[118] - EBITDA for the period is calculated as net income excluding interest expense, income tax expense, and depreciation and amortization, providing a measure of operating performance[100] - Net Operating Income (NOI) is defined as income from real estate minus property operating expenses, excluding certain costs, and is used to evaluate property-level performance[103] - The NOI margin is calculated as NOI divided by total revenues, providing insight into operational efficiency[105] - The company emphasizes that EBITDA, EBITDAre, and Adjusted EBITDAre are non-GAAP measures and should be considered alongside GAAP measures for a comprehensive view of financial performance[100]

Crisfotolux Investment Case Over the past few years, shareholders of Equity Commonwealth (EQC) have patiently waited for management to deploy their large cash reserves. For years, management has been on the lookout for an M&A deal to transform the company from an Office REIT to an Industrial REIT. The company got close years ago when it attempted to purchase Monmouth Real Estate (MNR) in 2021 for approximately $3.4 billion. However, shareholders of MNR ultimately shot down the deal by voting against the acq ...

John M Lund Photography Inc/DigitalVision via Getty Images Introduction Equity Commonwealth (NYSE:EQC) has outperformed the Vanguard Real Estate Index Fund ETF (VNQ) in 2024, posting a 1% gain in the face of broad-based US real estate weakness, with the VNQ down some 6% so far this year. EQC vs VNQ in 2024 (Seeking Alpha) Company Overview Operational Overview Capital structure Market-implied cap rate | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (312) 646-2800 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: | Title Of Each Class | Trading Symbol | Name ...

Exhibit 99.2 Equity Commonwealth Supplemental Operating and Financial Information First Quarter 2024 Corporate Headquarters Investor Relations Two North Riverside Plaza (312) 646-2801 Suite 2000 ir@eqcre.com Chicago, IL 60606 www.eqcre.com (312) 646-2800 TABLE OF CONTENTS | Corporate Information | | | --- | --- | | Company Profile and Investor Information | 3 | | Financial Information | | | Key Financial Data | 4 | | Condensed Consolidated Balance Sheets | 5 | | Additional Balance Sheet Information | 6 | | ...

STAMFORD, Conn.--(BUSINESS WIRE)--Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a 3% shareholder of Equity Commonwealth (NYSE: EQC) (“EQC” or the “Company”), released a letter it recently sent to the Company’s Board of Directors (the “Board”). Land & Buildings Founder and Chief Investment Officer Jonathan Litt stated: “ For some time, it has been our view that given the makeup of EQC’s real estate portfolio, the Company’s more than $2 billion in cas ...

CHICAGO--(BUSINESS WIRE)--Equity Commonwealth (NYSE: EQC) today announced that its Annual Meeting of Shareholders will be held virtually on Tuesday, June 18, 2024 at 1:30 p.m. Central Time. Shareholders of record at the close of business on April 12, 2024 will be entitled to vote at the meeting. Details of the virtual annual meeting, including how stockholders can participate in the virtual meeting, vote and ask questions, will be included in the company’s definitive proxy statement for the 2024 Annual Mee ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-9317 EQUITY COMMONWEALTH (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Mar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-9317 EQUITY COMMONWEALTH (Exact name of registrant as specified in its charter) Maryland 04-6558834 (State or other jurisdiction of incorporation or orga ...

Equity Commonwealth (NYSE:EQC) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants David Helfand - Chair of Board, President and Chief Executive Officer Dave Weinberg - Chief Operating Officer Bill Griffiths - Chief Financial Officer Operator Good morning and thanks for joining this call to discuss Equity Commonwealth’s Results for the quarter ending June 3, 2023 and provide an update on the company. [Operator Instructions] As a reminder, this conference is being recorded. Please ...