Equity Commonwealth (NYSE:EQC) Q2 2020 Earnings Conference Call July 30, 2020 10:00 AM ET Company Participants Sarah Byrnes - Investor Relations David Helfand - President & Chief Executive Officer David Weinberg - Chief Operating Officer Conference Call Participants Elvis Rodriguez - Bank of America Emmanuel Korchman - Citi Michael Bilerman - Citi Operator Greetings, and welcome to Equity Commonwealth Second Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A q ...

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 June 30, 2020 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 Organizat ...

Financial Data and Key Metrics Changes - For the month of April, 98% of contractual rents were paid, with 3% from security deposits and letters of credit [7] - The company completed the sale of two properties for $672 million, with taxable gains from these dispositions totaling $419 million [9][10] - The same property portfolio of four properties totaling 1.5 million square feet was 90.8% leased at the end of Q1 2020, a decrease of 70 basis points from Q4 2019 [10] - The company has a strong balance sheet with net cash of $3.3 billion, approximately $27 per share [11] Business Line Data and Key Metrics Changes - The company sold a 286,000 square foot property in Boston for $270 million and a 435,000 square foot office property in Bellevue, Washington for $401.5 million [9] - Same property cash NOI was up 1% [10] Market Data and Key Metrics Changes - The COVID-19 pandemic has led to significant dislocation in the capital markets and the real estate industry, particularly in office leasing and investment sales activity [6] - The company has no exposure to retail tenants and no co-working exposure, which mitigates some risk [7] Company Strategy and Development Direction - The company is focused on the health and safety of employees and tenants, implementing precautionary measures as stay-at-home orders are lifted [5] - The company plans to remain patient and disciplined in seeking investment opportunities, monitoring both public and private market activities [15][26] - The management emphasizes a fresh perspective on investment opportunities, challenging previous assumptions due to the unprecedented nature of the current environment [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertainty surrounding the impact of COVID-19 on tenants and the portfolio [7] - The company is optimistic but practical about the reopening process and its implications for the market [19] - Management believes it is still early to predict the direction of the market and actionable opportunities may take months or quarters to materialize [15] Other Important Information - The company is in the process of selling the Green and Harris Buildings in Georgetown, with closing scheduled for June [10] - The management team is actively engaged in supporting tenants and monitoring market conditions [23] Q&A Session Summary Question: How is the company viewing opportunities in the current market dislocation? - Management believes it is early in the process and is monitoring both public and private market activities for actionable opportunities [15] Question: Are sellers likely to change their approach due to rent collection stresses? - Management indicates that owners of real estate are reviewing their assumptions and may sell assets they previously considered stable [16] Question: How does the current dislocation compare to the Great Financial Crisis? - Management finds it difficult to compare due to the early stage of the current situation and the lack of clarity on its development [18][19] Question: What will happen if no opportunities are found in a year? - Management considers it premature to speculate on that scenario [20] Question: Can the company provide details on the expected special dividend? - Management states that the size and timing of the special dividend will depend on earnings from operations and the Board's decision [21] Question: What is the focus of the investment strategy moving forward? - The focus will be on creating a platform for growth, primarily in real estate, while remaining open to various opportunities [32][35] Question: Is the company considering investing in non-real estate operational businesses? - Management indicates that while they are open to various asset classes, the focus will almost certainly remain on real estate [34][35] Question: Is the company looking at M&A opportunities? - Management states that pursuing activist positions is not a focus at this time [37]

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, 2020 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 Supplemental Operating and Financial Data First Quarter 2020 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 Calculati ...

Equity Commonwealth (NYSE:EQC) Q4 2019 Earnings Conference Call February 13, 2020 10:00 AM ET Company Participants Sarah Byrnes - Vice President of Investor Relations and Capital Markets David Helfand - President and Chief Executive Officer David Weinberg - Executive Vice President and Chief Operating Officer Adam Markman - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Emmanuel Korchman - Citigroup Inc. John Guinee - Stifel, Nicolaus & Company, Incorporated Ope ...

Equity Commonwealth Supplemental Operating and Financial Data Fourth Quarter 2019 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 Calculat ...

Investor Update November 2019 OVERVIEW | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-------| | Chicago-based internally managed and self- advised real estate investment trust (REIT) \nPortfolio of seven high-quality office assets in Austin, Bellevue, Boston, Denver and Washington, D.C. | Denver | ...

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 September 30, 2019 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) Q3 2019 Earnings Conference Call October 30, 2019 10:00 AM ET Company Participants Sarah Byrnes - VP, IR David Helfand - President and CEO David Weinberg - EVP and COO Adam Markman - EVP and CFO Conference Call Participants Alexander Pernokas - Bank of America Merrill Lynch Mitch Germain - JMP Securities Operator Greetings and welcome to the Equity Commonwealth Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Inst ...