Portfolio Performance - As of March 31, 2023, the overall portfolio was 81.6% leased, down from 83.3% in the same period of 2022[79] - The comparable property portfolio was 81.6% leased as of March 31, 2023, compared to 91.5% as of December 31, 2019[78] - Approximately 7.4% of leased square feet and annualized rental revenue are scheduled to expire through December 31, 2023[80] - Total annualized rental revenue as of March 31, 2023, was $56.4 million, with 35.6% of total leased square feet represented by the top ten tenants[82] Financial Performance - Net income for Q1 2023 was $22.8 million, a significant increase of $21.4 million, or 1,643.4%, compared to Q1 2022[89] - Funds from Operations (FFO) attributable to common shareholders and unitholders for Q1 2023 was $25,053,000, compared to $3,681,000 in Q1 2022, reflecting a growth of approximately 579%[109] - Normalized FFO for Q1 2023 reached $25,332,000, up from $3,691,000 in Q1 2022, indicating a substantial increase of about 585%[109] - The company reported a total income before income taxes of $23,831,000 for Q1 2023, compared to $1,313,000 in Q1 2022[113] Revenue and Expenses - Rental revenue decreased by $1.6 million, or 10.2%, in Q1 2023 compared to Q1 2022, primarily due to a decrease in rental revenue at comparable properties[89] - Other revenue, primarily from parking, increased by $0.5 million, or 59.6%, in Q1 2023 compared to Q1 2022, driven by higher parking demand[90] - Operating expenses increased by $2.7 million, or 60.1%, in Q1 2023 compared to Q1 2022, mainly due to a real estate tax refund received in 2022[91] - Property Net Operating Income (NOI) for Q1 2023 was $8,320,000, down from $12,153,000 in Q1 2022, representing a decline of approximately 31%[113] - Operating expenses increased to $7,256,000 in Q1 2023, compared to $4,533,000 in Q1 2022, marking an increase of approximately 60%[113] Cash and Distributions - The company declared a special cash distribution of $4.25 per common share/unit, totaling $468.3 million, paid on March 9, 2023[75] - As of March 31, 2023, the company had $2.1 billion in cash and cash equivalents[73] - A special cash distribution of $4.25 per common share/unit was declared on February 13, 2023, totaling $468.3 million paid on March 9, 2023[100] - As of March 31, 2023, the company had $2.1 billion in cash and cash equivalents, expected to fund operations and investments[95] Leasing Activity - During the three months ended March 31, 2023, the company entered into leases for 60,000 square feet, with renewal leases having cash and GAAP rental rates approximately 4.8% and 16.8% higher, respectively, compared to prior rates[74] - The weighted average remaining lease term for leases entered into during the three months ended March 31, 2023, was 5.8 years[79] - Tenant improvements and leasing costs capitalized in Q1 2023 amounted to $1.8 million and $1.2 million, respectively, compared to $0.6 million and $0.6 million in Q1 2022[104] Market and Economic Conditions - Future cash flows will depend on the ability to collect rent and generate parking revenue, which may be impacted by economic uncertainty and remote working trends[96] - Market risk exposure has not materially changed from previous reports, indicating stability in the company's risk profile[115] Share Repurchase - The company did not repurchase any common shares during Q1 2023, with $120.4 million remaining under its share repurchase program[102] Income and Interest - Interest and other income, net, rose by $26.8 million in Q1 2023 compared to Q1 2022, primarily due to higher average interest rates[93] - Interest and other income, net, surged to $28,376,000 in Q1 2023 from $1,574,000 in Q1 2022, reflecting a dramatic increase of around 1700%[113] Performance Metrics - The company continues to utilize NOI as a key performance measure to evaluate property-level performance, despite its limitations as a cash flow indicator[110]

Equity Commonwealth (NYSE:EQC) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET Company Participants David Helfand - President, CEO & Trustee David Weinberg - EVP & COO Conference Call Participants Craig Mailman - Citigroup Operator Good morning, and thanks for joining this call to discuss Equity Commonwealth's results for the fourth quarter and full year ending December 31, 2022, and an update on the company. [Operator Instructions]. Please be advised that certain matters discussed during this ...

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, 2022 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 Organization) (IRS Employer Ide ...

Table of Contents Securities registered pursuant to Section 12(b) of the Exchange Act: Title Of Each Class Trading Symbol Name of Each Exchange On Which Registered Common Shares of Beneficial Interest EQC The New York Stock Exchange 6.50% Series D Cumulative Convertible Preferred Shares of Beneficial Interest EQCpD The New York Stock Exchange 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 ...

Leasing Activity - As of June 30, 2022, the overall portfolio was 84.8% leased, compared to 91.5% as of December 31, 2019, indicating a significant reduction in leasing activity due to COVID-19 impacts[87] - The company is experiencing a significant reduction in leasing interest compared to pre-pandemic levels, with the comparable property portfolio leased percentage dropping from 91.5% to 84.8%[87] - Approximately 4.7% of leased square feet and 5.6% of annualized rental revenue are scheduled to expire through December 31, 2022, with a total annualized rental revenue of $60.02 million[90] - The weighted average lease term for leases entered into during the three months ended June 30, 2022, was 6.0 years[89] - The weighted average remaining lease term for major tenants ranged from 1.5 to 9.9 years, indicating stability in rental agreements[93] Financial Performance - Rental revenue for the three months ended June 30, 2022, was $14,426 thousand, an increase of $312 thousand or 2.2% compared to the same period in 2021[98] - Net operating income (NOI) for the three months ended June 30, 2022, was $8,976 thousand, reflecting an increase of $667 thousand or 8.0% from the previous year[98] - The company reported a net income of $2,896 thousand for the three months ended June 30, 2022, compared to a net loss of $1,936 thousand in the same period of 2021[98] - Operating expenses were $6,565 thousand, showing a slight decrease compared to the previous year[98] - Rental revenue increased by $2.0 million, or 7.0%, in the 2022 period compared to 2021, with comparable properties showing an increase of $2.3 million, or 8.1%[110] - The company reported a total of $21,102,000 in NOI for the six months ended June 30, 2022, compared to $16,517,000 for the same period in 2021, marking a 27% increase[138] Cash and Liquidity - The company had $2.7 billion in cash and cash equivalents as of June 30, 2022, providing a strong liquidity position for potential investments[80] - As of June 30, 2022, the company had $2.7 billion in cash and cash equivalents, expected to fund operations and investments[118] - Future cash flows will depend on the ability to collect rent and maintain occupancy rates, which may be impacted by market disruptions[119] Expenses and Cost Management - General and administrative expenses increased by $256 thousand or 3.5% in the 2022 period, mainly due to higher legal expenses[103] - Operating expenses decreased by $2.1 million, or 15.8%, in the 2022 period, primarily due to a $1.8 million real estate tax refund[112] - General and administrative expenses fell by $7.5 million, or 32.3%, in the 2022 period, mainly due to a decrease in compensation expenses[113] Investment and Strategic Decisions - The company terminated a merger agreement with Monmouth Real Estate Investment Corporation on August 31, 2021, and is now focusing on capital allocation and evaluating investment opportunities[85] - The company may consider selling or liquidating its business if it believes such actions will maximize shareholder value[86] - The company plans to continue monitoring market conditions and tenant performance to optimize rental revenue and manage operating expenses effectively[96] Shareholder Returns - The company declared a dividend of $0.40625 per series D preferred share, payable on August 15, 2022[124] - The company repurchased 4,297,056 common shares at an average price of $25.86 per share, totaling $111.1 million[125] Other Revenue - Other revenue, primarily from parking, increased by $354 thousand or 46.5% in the 2022 period compared to 2021, driven by higher parking demand[101] - Other revenue, primarily from parking, rose by $0.5 million, or 35.9%, in the 2022 period compared to 2021 due to increased parking demand[111] Interest and Income - Interest and other income, net, rose by $4,337 thousand or 266.7% in the 2022 period, attributed to higher average interest rates[104] - Interest and other income for the six months ended June 30, 2022, was $7,537,000, compared to $3,469,000 for the same period in 2021, showing a substantial increase[138] Funds from Operations - Funds from Operations (FFO) attributable to common shareholders and unitholders for the three months ended June 30, 2022, was $5,179,000, up from $448,000 in the same period of 2021[134] - Normalized FFO for the three months ended June 30, 2022, was $5,079,000, compared to a loss of $113,000 for the same period in 2021[134] - The company emphasizes that FFO and Normalized FFO are useful for comparing operating performance across periods and with other REITs, despite not being cash generated by operating activities[132] - The company continues to utilize NOI as a key performance measure to evaluate property-level performance, which excludes certain expenses not incurred at the property level[135]

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, 2022 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 Organiza ...

Equity Commonwealth (NYSE:EQC) Q3 2021 Results Conference Call October 28, 2021 10:00 AM ET Company Participants Sarah Byrnes - IR David Helfand - President and CEO David Weinberg - COO Bill Griffiths - CFO Conference Call Participants Elvis Rodriguez - Bank of America Michael Bilerman - Citi Operator Greetings, and welcome to the Equity Commonwealth Third Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your ...

Table of Contents Securities registered pursuant to Section 12(b) of the Exchange Act: Title Of Each Class Trading Symbol Name of Each Exchange On Which Registered Common Shares of Beneficial Interest EQC The New York Stock Exchange 6.50% Series D Cumulative Convertible Preferred Shares of Beneficial Interest EQCpD The New York Stock Exchange 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 ...

Equity Commonwealth (NYSE:EQC) Q2 2021 Earnings Conference Call July 29, 2021 10:00 AM ET Company Participants Sarah Byrnes - Investor Relations David Helfand - President and Chief Executive Officer David Weinberg - Chief Operating Officer Bill Griffiths - Chief Financial Officer Conference Call Participants Manny Korchman - Citi Daniel Ismail - Green Street Operator Greetings. Welcome to the Equity Commonwealth Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this conferenc ...

Equity Commonwealth Supplemental Operating and Financial Information Second Quarter 2021 Corporate Headquarters Investor Relations Two North Riverside Plaza Sarah Byrnes Suite 2100 (312) 646-2801 Chicago, IL 60606 ir@eqcre.com (312) 646-2800 www.eqcre.com 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 Condensed Consolidated Statements of Operations 7 C ...