Equity Commonwealth: Analyzing Potential Preferred Share Returns

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 ...