Equity Commonwealth (EQC) Q1 2025 earnings summary

Executive summary

• Completed final phase of liquidation, selling last property and distributing remaining cash to shareholders; no properties or debt remain as of March 31, 2025.

• Paid final cash liquidating distribution of $1.60 per share on April 22, 2025, totaling $172.4 million; aggregate liquidating distributions reached $20.60 per share.

• Delisted from NYSE on April 21, 2025; remaining assets and liabilities to be transferred to a Liquidating Entity before end of Q2 2025.

• Since 2014, disposed of 168 properties and three land parcels for $7.2 billion, retired $3.4 billion of debt and preferred shares, repurchased $652.1 million of common shares, and paid $4.0 billion in distributions.

Financial highlights

• Net assets in liquidation as of March 31, 2025 were $176.5 million, down from $178.9 million at December 31, 2024.

• Cash and cash equivalents totaled $227.3 million at March 31, 2025; no debt outstanding.

• For Q1 2024 (prior to liquidation basis), net income attributable to common shareholders was $23.4 million, with basic and diluted EPS of $0.22.

• Sold 1225 Seventeenth Street, Denver, for $132.5 million in February 2025.

Outlook and guidance

• Company expects to dissolve and transfer remaining assets and liabilities to a Liquidating Entity before end of Q2 2025; any further distributions from the Liquidating Entity are expected to be nominal.

• No further property sales or significant operations anticipated.