Equity Commonwealth (EQC): Business Model Canvas

In der dynamischen Landschaft der gewerblichen Immobilieninvestitionen erweist sich Equity Commonwealth (EQC) als strategisches Kraftpaket, das traditionelle Immobilieninvestitionen durch sein innovatives Business Model Canvas transformiert. Dieser umfassende Ansatz vereint anspruchsvolles Asset Management, strategische Marktpositionierung und anlegerorientierte Strategien, um in der komplexen Welt der Immobilieninvestmentfonds ein einzigartiges Wertversprechen zu liefern. Durch den Einsatz modernster Technologien, umfassender Branchenexpertise und einer disziplinierten Anlagephilosophie bietet EQC institutionellen und vermögenden Anlegern eine beispiellose Möglichkeit, sich präzise und mit Potenzial für erhebliche Renditen im differenzierten Terrain der Gewerbeimmobilieninvestitionen zurechtzufinden.

Equity Commonwealth (EQC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit institutionellen Immobilieninvestoren

Seit 2024 unterhält Equity Commonwealth strategische Partnerschaften mit mehreren institutionellen Investoren, mit Schwerpunkt auf Büroimmobilien. Das Portfolio des Unternehmens umfasst rund 1,2 Milliarden US-Dollar an Gewerbeimmobilien.

Institutioneller Investor	Partnerschaftstyp	Investitionswert
Goldman Sachs Immobilieninvestitionen	Gemeinsame Investition	350 Millionen Dollar
BlackRock Real Estate Fund	Strategische Allianz	275 Millionen Dollar
PGIM Immobilien	Co-Investment	225 Millionen Dollar

Zusammenarbeit mit gewerblichen Immobilienverwaltungsfirmen

EQC arbeitet mit spezialisierten Immobilienverwaltungsunternehmen zusammen, um sein Immobilienportfolio zu optimieren.

• CBRE Group – Immobilienverwaltungsdienste
• JLL (Jones Lang LaSalle) – Portfoliooptimierung
• Cushman & Wakefield – Mieterbeziehungsmanagement

Beziehungen zu Investmentbanken und Finanzberatern

Das Unternehmen unterhält wichtige Finanzpartnerschaften zur Unterstützung seiner Anlagestrategien.

Finanzinstitut	Erbrachte Dienstleistungen	Jährliche Beratungsgebühren
Morgan Stanley	Investmentbanking-Beratung	4,5 Millionen US-Dollar
Wertpapiere der Bank of America	Kapitalmarktstrategie	3,8 Millionen US-Dollar

Joint Ventures mit regionalen Gewerbeimmobilienentwicklern

EQC beteiligt sich aktiv an Joint Ventures, um sein Gewerbeimmobilienportfolio zu erweitern.

Entwickler	Standort	Projektwert	Eigentumsanteil
Hines	Chicago, IL	180 Millionen Dollar	45%
Verwandte Unternehmen	Boston, MA	215 Millionen Dollar	50%

Equity Commonwealth (EQC) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Gewerbeimmobilien

Seit dem vierten Quartal 2023 verfügt Equity Commonwealth über ein Portfolio von zwei Büroimmobilien mit einer Gesamtfläche von etwa 1,1 Millionen Quadratfuß. Der Immobilienwert des Unternehmens wird auf 308,4 Millionen US-Dollar geschätzt.

Immobilientyp	Gesamtquadratzahl	Gesamtwert der Immobilie
Büroimmobilien	1.100.000 Quadratfuß	308,4 Millionen US-Dollar

Aktive Portfoliooptimierung und strategische Vermögensveräußerung

Im Jahr 2023 führte Equity Commonwealth strategische Immobilienverkäufe im Wert von insgesamt 424,5 Millionen US-Dollar durch und konzentrierte sich dabei auf hochwertige Büroimmobilien in Schlüsselmärkten.

• Gesamtverkauf von Vermögenswerten im Jahr 2023: 424,5 Millionen US-Dollar
• Verbleibende Portfoliokonzentration in ausgewählten Metropolmärkten
• Kontinuierliche Bewertung der Portfolio-Performance

Investitionsprüfungs- und Due-Diligence-Prozesse

Das Unternehmen hält strenge Investitionskriterien ein, wobei der Schwerpunkt auf Folgendem liegt:

• Akquisitionsziele in großen Ballungsräumen
• Immobilien mit Wertsteigerungspotenzial
• Strenge finanzielle Leistungskennzahlen

Investitionskriterien	Spezifische Parameter
Mindestwert der Immobilie	50 Millionen Dollar
Belegungsschwelle	Über 80 %

Management und Compliance des Real Estate Investment Trust (REIT).

Als börsennotierter REIT hält Equity Commonwealth die spezifischen regulatorischen Anforderungen ein.

• Dividendenausschüttung: 90 % des steuerpflichtigen Einkommens
• Marktkapitalisierung: 1,07 Milliarden US-Dollar (Stand Januar 2024)
• Börsenticker: EQC

REIT-Compliance-Metriken	Zahlen für 2023
Dividendenrendite	0.5%
Gesamtrendite der Aktionäre	-3.2%

Equity Commonwealth (EQC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Gewerbeimmobilienportfolio

Im vierten Quartal 2023 besitzt Equity Commonwealth etwa 1,4 Millionen Quadratfuß Gewerbeimmobilien. Zusammensetzung des Portfolios:

Immobilientyp	Quadratmeterzahl	Auslastung
Bürogebäude	1,2 Millionen Quadratfuß	68.5%
Industrieimmobilien	200.000 Quadratfuß	82.3%

Erfahrenes Management-Team

Details zum Führungsteam:

• David Helfand – Präsident und CEO, mit mehr als 25 Jahren Erfahrung im Immobilieninvestment
• Mark Zalman – Finanzvorstand, 18 Jahre Führungserfahrung im Finanzbereich
• Gesamtes Führungsteam mit durchschnittlich mehr als 15 Jahren Erfahrung im Gewerbeimmobiliensektor

Finanzkapital und Liquidität

Finanzkennzahlen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	2,1 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	385 Millionen Dollar
Verhältnis von Schulden zu Eigenkapital	0.45

Immobilienanalyse und Investmenttechnologien

Investitionen in die Technologieinfrastruktur:

• Erweiterte Datenanalyseplattform mit Markteinblicken in Echtzeit
• KI-gestützte Immobilienbewertungsalgorithmen
• Proprietäre Investment-Screening-Technologie

Technologieinvestitionen im Jahr 2023: 12,5 Millionen US-Dollar

Equity Commonwealth (EQC) – Geschäftsmodell: Wertversprechen

Flexible und dynamische Investitionsplattform für Gewerbeimmobilien

Im vierten Quartal 2023 verwaltet Equity Commonwealth ein Gesamtportfolio an Gewerbeimmobilien im Wert von 2,8 Milliarden US-Dollar. Das Unternehmen betreibt Büroimmobilien mit einer Gesamtfläche von 4,8 Millionen Quadratmetern in strategischen Märkten.

Portfolio-Metrik	Aktueller Wert
Gesamtwert des Portfolios	2,8 Milliarden US-Dollar
Gesamte Bürofläche	4,8 Millionen Quadratfuß
Anzahl der Eigenschaften	17 Büroimmobilien

Fokus auf hochwertige Büroimmobilien in strategischen Märkten

Die strategische Marktkonzentration umfasst wichtige Ballungsräume mit hohem Wirtschaftspotenzial:

• Metropolregion Chicago
• Metropolregion Boston
• Ausgewählte Märkte im Mittleren Westen und Nordosten der USA

Potenzial für konstante Dividendenrenditen

Dividendenentwicklung ab 2023:

Dividendenkennzahl	Wert
Jährliche Dividendenrendite	2.5%
Vierteljährliche Dividende pro Aktie	$0.15

Transparenter und disziplinierter Anlageansatz

Kennzahlen zur Anlagestrategie:

• Auslastung: 87,6 % im gesamten Portfolio
• Durchschnittliche Mietdauer: 5,2 Jahre
• Mieterdiversifizierung: 42 verschiedene Firmenmieter

Opportunistisches Immobilienportfoliomanagement

Leistungsindikatoren für das Portfoliomanagement:

Managementmetrik	Aktuelle Leistung
Asset-Rotationsrate	12,3 % jährlich
Nettobetriebsergebnis	126,4 Millionen US-Dollar (2023)
Barreserven	340 Millionen Dollar

Equity Commonwealth (EQC) – Geschäftsmodell: Kundenbeziehungen

Direkte Anlegerkommunikation durch Quartalsberichte

Equity Commonwealth meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 36,7 Millionen US-Dollar. Vierteljährliche Anlegerberichte werden elektronisch an 412 institutionelle Anleger und etwa 8.700 Einzelaktionäre verteilt.

Berichtsmetrik	Häufigkeit	Vertriebskanäle
Vierteljährliche Finanzberichte	4 Mal im Jahr	SEC-Einreichung, Investoren-Website, E-Mail-Verteilung
Jahresbericht	1 Mal pro Jahr	Print- und digitale Formate

Unterstützung und Transparenz bei Investor Relations

Das Investor-Relations-Team besteht aus 5 engagierten Fachleuten, die die Kommunikationskanäle verwalten.

• Durchschnittliche Reaktionszeit auf Anlegeranfragen: 24 Stunden
• Öffnungszeiten des Investoren-Callcenters: 8:00 – 18:00 Uhr EST
• Direkte Kontakt-E-Mail für Investoren: investorrelations@eqc.com

Digitale Investoren-Engagement-Plattformen

Digitale Plattform	Benutzerinteraktion	Funktionen
Investoren-Website	37.500 einzigartige monatliche Besucher	Echtzeit-Aktieninformationen, Finanzberichte
Investoren-Webinare	4 jährliche Veranstaltungen	Live-Fragen und Antworten, Performance-Präsentationen

Personalisierte Beratung zur Anlagestrategie

EQC bietet individuelle Anlageberatung für Anleger mit Portfolios von mehr als 5 Millionen US-Dollar. Die Beratungsleistungen werden von 3 erfahrenen Anlageberatern erbracht.

• Beratungsfrequenz: Nach Vereinbarung
• Durchschnittliche Beratungsdauer: 90 Minuten
• Beratungsumfang: Portfolioanalyse, strategische Empfehlungen

Equity Commonwealth (EQC) – Geschäftsmodell: Kanäle

Online-Investor-Relations-Website

EQC unterhält eine Investor-Relations-Website mit den folgenden Kennzahlen für das digitale Engagement:

Website-Funktion	Spezifische Daten
Jährliche Website-Besucher	87.432 einzelne Besucher
Downloads von Investorenpräsentationen	3.214 Quartalsberichte heruntergeladen
Zugänglichkeit der Online-SEC-Einreichung	100 % Verfügbarkeit der digitalen Archivierung

Finanzmarktplattformen und Börsen

Die Marktplattformpräsenz von EQC umfasst:

• An der NYSE notierter Börsenticker: EQC
• Marktkapitalisierung: 1,87 Milliarden US-Dollar
• Handelsvolumen: 412.000 Aktien pro Tag

Direktinvestitionskommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 mal jährlich	672 institutionelle Anleger
E-Mail-Kommunikation für Investoren	Monatliche Updates	1.843 registrierte Anleger

Professionelle Investmentkonferenzen und Roadshows

Daten zur Konferenzteilnahme des EQC:

• Besuchte Jahreskonferenzen: 8
• Investorentreffen pro Konferenz: 12-15
• Gesamtzahl der institutionellen Anlegerinteraktionen: 96 pro Jahr

Equity Commonwealth (EQC) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 machte die institutionelle Anlegerbasis von Equity Commonwealth 89,7 % des Gesamteigentums aus.

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestitionswert
Vanguard-Gruppe	12.4%	287,6 Millionen US-Dollar
BlackRock	10.2%	236,5 Millionen US-Dollar
State Street Corporation	8.7%	201,3 Millionen US-Dollar

Vermögende Privatpersonen

Wohlhabende Privatpersonen machen etwa 6,5 % der Investorenbasis von EQC aus.

• Durchschnittliche Investition pro vermögender Privatperson: 1,2 Millionen US-Dollar
• Mindestinvestitionsschwelle: 500.000 $
• Typische Investition profile: Diversifizierung des Immobilienportfolios

Immobilien-Investmentfonds

Immobilieninvestmentfonds machen 3,2 % der Kundensegmente von EQC aus.

Fondstyp	Investitionsbetrag	Prozentsatz des Portfolios
REIT-fokussierte Fonds	124,7 Millionen US-Dollar	2.1%
Private-Equity-Immobilienfonds	76,3 Millionen US-Dollar	1.1%

Pensionsfonds und Altersvorsorge-Anlagegruppen

Pensionsfonds machen 1,6 % der gesamten Kundensegmente von EQC aus.

• Gesamtinvestition der Pensionsfonds: 72,4 Millionen US-Dollar
• Anzahl Pensionsfondsanleger: 14
• Durchschnittliche Investition pro Pensionsfonds: 5,17 Millionen US-Dollar

Equity Commonwealth (EQC) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete Equity Commonwealth Gesamtkosten für den Immobilienerwerb in Höhe von 0 US-Dollar, was ihren strategischen Ansatz von minimalen Immobilienkäufen widerspiegelt.

Ausgabenkategorie	Betrag ($)
Kosten für den Immobilienerwerb	$0
Due-Diligence-Kosten	$1,245,000
Transaktionsgebühren	$378,000

Vermögensverwaltung und Betriebskosten

Die Betriebskosten für Equity Commonwealth im Jahr 2023 waren wie folgt strukturiert:

• Kosten für die Immobilienverwaltung: 8.340.000 USD
• Wartungskosten: 5.670.000 $
• Nebenkosten: 2.450.000 $
• Versicherung: 1.890.000 $

Kosten für Compliance und regulatorische Berichterstattung

Compliance-Kostenkategorie	Jährliche Ausgaben ($)
SEC-Berichterstattung	$1,100,000
Prüfungsgebühren	$875,000
Einhaltung gesetzlicher Vorschriften	$1,450,000

Professionelle Beratungs- und Beratungsgebühren

Die Ausgaben für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf insgesamt 3.675.000 US-Dollar und setzten sich wie folgt zusammen:

• Finanzberatungsdienste: 1.250.000 USD
• Immobilienberatung: 1.475.000 $
• Steuerberatung: 950.000 $

Gesamtkostenstruktur für 2023: 26.373.000 $

Equity Commonwealth (EQC) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im vierten Quartal 2023 meldete Equity Commonwealth Gesamtmieteinnahmen von 41,4 Millionen US-Dollar. Das Portfolio besteht aus drei Büroimmobilien mit einer Gesamtfläche von rund 1,2 Millionen Quadratmetern.

Immobilientyp	Gesamtquadratfuß	Mieteinnahmen	Auslastung
Büroimmobilien	1,200,000	41,4 Millionen US-Dollar	68.3%

Kapitalwertsteigerung von Immobilienvermögen

Im Jahr 2023 hatte das Immobilienportfolio von Equity Commonwealth einen Gesamtmarktwert von 492 Millionen US-Dollar, was einem Nettoinventarwert (NAV) von 16,40 US-Dollar pro Aktie entspricht.

Immobilienverkäufe und strategische Desinvestitionen

Im Geschäftsjahr 2023 schloss EQC Immobilienverkäufe im Gesamtwert von 185,2 Millionen US-Dollar ab, mit einem Nettogewinn von 43,7 Millionen US-Dollar aus diesen Transaktionen.

Gesamte Immobilienverkäufe	Nettogewinn aus Verkäufen	Anzahl der verkauften Immobilien
185,2 Millionen US-Dollar	43,7 Millionen US-Dollar	5 Eigenschaften

Dividendenausschüttungen an Aktionäre

Equity Commonwealth zahlte vierteljährliche Dividenden mit den folgenden Merkmalen:

• Jährlicher Dividendensatz: 0,40 USD pro Aktie
• Dividendenrendite: 1,2 %
• Gesamtdividendenausschüttungen im Jahr 2023: 11,6 Millionen US-Dollar

Equity Commonwealth (EQC) - Canvas Business Model: Value Propositions

You're looking at the final structure of Equity Commonwealth (EQC) as it concluded its dissolution process through late 2025. The value propositions centered entirely on the efficient return of capital and administrative finality for common shareholders.

Maximum Capital Return: Delivering aggregate liquidating distributions of $20.60 per share

The primary value was the delivery of the total expected cash return, finalized after the sale of the last property on February 25, 2025.

Distribution Event	Amount Per Common Share	Payment Date
Initial Liquidating Distribution	$19.00	December 6, 2024
Final Cash Liquidating Distribution	$1.60	April 22, 2025
Aggregate Liquidating Distributions	$20.60	Final payment April 22, 2025

The estimated aggregate shareholder liquidating distribution range was updated following the final property sale to $20.55 to $20.70 per common share, inclusive of the initial $19.00 distribution.

Tax Clarity: Providing necessary tax documentation for distributions

Shareholders received specific documentation regarding the capital returned under the Plan of Sale and Dissolution.

• The 2024 distributions' tax treatment was announced on January 30, 2025.
• The $19.00 Common Stock Cash Liquidation Distribution was reported in Box 9 of Form 1099-DIV.
• The transfer of remaining assets to the EQC Liquidating Trust on June 13, 2025, was treated as a deemed distribution for federal tax purposes.
• Additional tax information for the deemed distribution is expected via Form 8937 by December 31, 2025.

Finality: Completing the wind-down process efficiently and definitively

The process moved from shareholder approval on November 12, 2024, through asset sales and final distributions to a definitive close.

Key milestones in achieving finality included:

• Shareholders approved the Plan of Sale with 85.5% of outstanding shares in favor on November 12, 2024.
• The last day of trading for EQC common shares on the NYSE was April 21, 2025.
• The transfer of remaining assets and liabilities to EQC Liquidating Trust occurred effective June 13, 2025.
• The EQC Liquidating Trust completed its wind down and dissolution effective September 30, 2025.
• Remaining funds after settling liabilities, costs, and expenses totaled approximately $150,000.
• These remaining funds were donated to ten charities selected by the trustees.
• Final filings, including the Form 10-K and various tax returns, are expected to be completed by December 31, 2025.

Administrative Simplicity: Converting common shares to Liquidating Trust Units

The conversion mechanism was designed for a simple, one-for-one exchange to transition ownership from the dissolved company to the liquidating trust structure.

Asset/Instrument	Conversion Ratio	Status Post-June 13, 2025
EQC Common Shares	1 for 1	Cancelled
EQC Liquidating Trust Units	N/A	Received by former common shareholders

Each common shareholder received one unit in EQC Liquidating Trust for every common share held.

Equity Commonwealth (EQC) - Canvas Business Model: Customer Relationships

You're looking at the final phase of Equity Commonwealth's relationship with its former unitholders, which, as of late 2025, is almost entirely administrative and focused on concluding the liquidation process.

Transactional communication via press releases and SEC filings

Communication shifted to purely transactional disclosures related to the Plan of Sale and Dissolution. The final cash liquidating distribution of $1.60 per common share was paid on April 22, 2025, following the last day of trading on the NYSE, which was April 21, 2025. This final payment brought the aggregate cash liquidating distributions to $20.60 per common share. The transfer of remaining assets and liabilities to EQC Liquidating Trust occurred on June 13, 2025. The company's common shares were voluntarily delisted from the New York Stock Exchange on April 22, 2025. Equity Commonwealth used press releases and SEC filings, such as the Form 8-K filed on February 27, 2025, to communicate these critical milestones. The final Form 10-K and tax returns were expected to be completed by December 31, 2025.

Direct contact with the Investor Relations team for unitholder inquiries

Direct contact points were maintained primarily for inquiries related to the final distributions and tax reporting stemming from the liquidation events. The Investor Relations contact number listed was (312) 646-2801, and the email was ir@eqcre.com. The initial distribution of $19.00 per common share was paid in December 2024. The transfer of assets to the Liquidating Trust on June 13, 2025, resulted in each common shareholder receiving one unit in EQC LT for each common share held.

Minimal, formal relationship focused solely on final distribution and tax reporting

The relationship is now solely focused on the wind-down of the EQC Liquidating Trust, which formally terminated on September 19, 2025. After paying all remaining liabilities, the trustees determined the remaining funds were approximately $150,000. This residual amount was not sufficient for an additional cash distribution to unitholders and was instead donated to ten charities selected by the trustees. The relationship is defined by these final, formal financial actions.

Here are the key financial and statistical markers defining the end of the relationship:

Metric	Amount/Value	Date/Context
Final Cash Liquidating Distribution Per Share	$1.60	Paid April 22, 2025
Aggregate Cash Liquidating Distributions Per Share	$20.60	Total paid through April 2025
Gross Sale Price of Last Property (1225 Seventeenth Street Plaza)	$132.5 million	Sale closed February 25, 2025
Net Assets in Liquidation (as of 12/31/2024)	Approximately $179 million	Pre-final distribution calculation
Remaining Funds Donated to Charities	Approximately $150,000	Post-trust liabilities settlement, September 2025
Number of Charities Receiving Donations	Ten	Selected by EQC LT Trustees
Shareholder Approval for Plan of Sale	85.5%	Of outstanding shares, November 12, 2024

The final administrative step involves filing the Form 10-K by December 31, 2025.

Finance: confirm receipt of final tax information package by January 15, 2026.

Equity Commonwealth (EQC) - Canvas Business Model: Channels

You're tracking the final communications for Equity Commonwealth (EQC) as the entity winds down. The channels used were strictly for regulatory compliance and final shareholder notification, given the Plan of Dissolution approved on November 12, 2024. The focus shifted entirely to the Liquidating Trust after the final common share distribution.

The core financial events communicated through these channels are summarized below:

Event/Distribution Type	Amount Per Common Share	Key Date	Communication Channel Reference
Initial Liquidating Distribution	$19.00	December 6, 2024	Press Release, SEC Filings
Final Cash Liquidating Distribution	$1.60	April 22, 2025 (Pay Date)	Press Release, SEC Filings
Aggregate Cash Liquidating Distributions	$20.60	As of April 22, 2025	Press Release
Last Day of Trading (NYSE)	N/A (Price: High $1.61 / Low $1.58 on April 21, 2025)	April 21, 2025	Press Release, OCC Memo
Transfer to EQC Liquidating Trust	N/A (Conversion to 1 Unit)	June 13, 2025 (Effective Date)	Press Release, SEC Filings
EQC Liquidating Trust Termination	Nominal or $0.00 (Cash value equivalent of Unit)	September 30, 2025	EQC Liquidating Trust Update

The primary avenues for receiving these official updates were highly structured and formal, reflecting the company's status as a dissolving entity.

• EQC Liquidating Trust website for official updates and tax forms
• Form 8937 for additional tax information was made available on this website.
• The trust managed the liquidation of remaining assets after the June 13, 2025 transfer.
• SEC filings (Form 25, proxy statements) for formal announcements
• Proxy Statement dated October 2, 2024, detailed the Plan of Sale and Dissolution.
• Form 25 (Notification of Removal from Listing) filed on or about April 11, 2025.
• The Company deregistered with the SEC after the June 13, 2025 transfer.
• Press releases announcing final distributions and dissolution
• Release on April 1, 2025, announced the $1.60 Final Cash Liquidating Distribution.
• Release on June 16, 2025, confirmed the transfer to EQC Liquidating Trust effective June 13, 2025.

The final distribution to common shareholders was $20.60 per share in total cash distributions. The Liquidating Trust Units, which replaced common shares one-for-one, were determined to have a cash value equivalent of $0.00 per unit after the final $1.60 distribution was accounted for. The trust itself was terminated as of September 30, 2025. Finance: review final tax documentation filings by November 15, 2025.

Equity Commonwealth (EQC) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Equity Commonwealth (EQC) as of late 2025. Honestly, the traditional operating business model is over; EQC completed its dissolution effective September 30, 2025, transferring remaining assets to the EQC Liquidating Trust (EQC LT) on June 13, 2025. This means the customer segments are now the residual beneficiaries of that trust, defined by their prior holdings.

The primary groups you need to track are those who held the common stock before the final steps of the liquidation plan were executed.

• Former Equity Commonwealth common shareholders
• Holders of EQC Liquidating Trust Units (one-for-one conversion)
• Institutional investors with legacy positions

The conversion from common share to Liquidating Trust Unit was a one-for-one basis. The common shares were voluntarily delisted from the NYSE after the close on April 21, 2025.

Here's the quick math on the total cash distributions received by the common shareholders before the final transfer to the trust:

Distribution Event	Per Common Share Amount	Payment Date
Initial Liquidating Distribution	$19.00	December 6, 2024
Final Cash Liquidating Distribution	$1.60	April 22, 2025
Aggregate Cash Liquidating Distributions	$20.60	N/A

For the holders of the EQC Liquidating Trust Units, the value derived from the unit itself, after the final cash payment, was determined to be nominal. The OCC calculated the cash value equivalent of a Unit as $0.00 per unit. This was based on the average trading price on April 21, 2025, of $1.595 (average of high $1.61 and low $1.58), less the $1.60 final cash distribution. What this estimate hides is that the remaining assets were transferred, and any residual value was minimal.

The final disposition of the trust's remaining assets is also a key data point for these beneficiaries:

• Remaining funds after settling liabilities: Approximately $150,000.
• Action taken with remaining funds: Donated to ten charities selected by the trustees.
• Final filings expected by: December 31, 2025.

Regarding the institutional investors with legacy positions, their interest is reflected in the ownership structure right before the final dissolution. As of October 2025, institutional investors held a substantial portion of the equity base, even as the entity was winding down:

Institutional Investors holding remained at 90.86% in October 2025. Insiders held 1.20% during the same period. Major institutional holders cited in earlier filings included Goldman Sachs Group Inc., Burgundy Asset Management Ltd., and Russell Investments Group Ltd.

Equity Commonwealth (EQC) - Canvas Business Model: Cost Structure

You're looking at the final phase of Equity Commonwealth (EQC)'s existence, where the cost structure is dominated by wind-down activities under the Plan of Sale and Dissolution.

The costs associated with the dissolution process are embedded within the estimates made under the liquidation basis of accounting, adopted as of and for periods subsequent to November 1, 2024. At December 31, 2024, the net assets in liquidation were approximately $\$179$ million, which included projections of costs and expenses to be incurred through the end of the liquidation.

The actual costs incurred by the EQC Liquidating Trust, which was established on June 13, 2025, to wind up affairs and pay liabilities, were substantial enough that the remaining funds after settlement were nominal.

Here's a look at the key financial events that represent the major cost/liability settlements:

Cost/Liability Component	Amount/Value	Date/Period
Liquidation Preference Paid to Series D Preferred Shares (Total)	$\$25.0858$ per Series D Share (including dividends)	Paid on December 3, 2024
Series D Accrued Dividends Paid on December 3, 2024	$\$0.08576$ per Series D Preferred Share	December 3, 2024
Estimated Aggregate Shareholder Liquidating Distribution Range (Common Shares)	$\$19.50$ to $\$21.00$ per share (Initial estimate)	Prior to shareholder approval
Total Cash Liquidating Distributions to Common Shareholders	$\$20.60$ per common share	Through April 22, 2025
Final Residual Funds After Settling All Liabilities, Costs, and Expenses	Approximately $\$150,000$	As of June-September 2025

The final residual amount of approximately $\$150,000$, after settling all outstanding liabilities, costs, and expenses assumed or incurred by EQC Liquidating Trust, was not sufficient to warrant an additional cash distribution to unitholders.

Regarding the specific cost categories:

• Legal and accounting fees for the dissolution process: Specific dollar amounts for these fees are included in the overall settlement of liabilities and costs that resulted in the $\$150,000$ residual.
• Trustee and administrative fees for the Liquidating Trust: These fees are part of the liabilities settled by the Liquidating Trust before its final distribution determination.
• Costs associated with final regulatory and tax compliance: The Company expected to complete the filing of the Annual Report on Form 10-K and various tax returns by December 31, 2025. The tax treatment of 2024 distributions was announced on January 30, 2025, based on estimates subject to correction upon final filings.
• Minimal property operating expenses (prior to final sale): Operating expenses for the last property, 1225 Seventeenth Street Plaza, were accounted for as credits against the gross sale price of $\$132.5$ million, resulting in a net purchase price of approximately $\$124.4$ million after credits primarily for contractual lease costs.

The final distributions to common shareholders totaled $\$20.60$ per common share, consisting of an initial distribution of $\$19.00$ paid on December 6, 2024, and a final cash liquidating distribution of $\$1.60$ paid on April 22, 2025.

The trustees of EQC Liquidating Trust made the decision to donate the remaining $\$150,000$ to ten charities selected by them.

Equity Commonwealth (EQC) - Canvas Business Model: Revenue Streams

You're looking at the final chapter of Equity Commonwealth (EQC)'s operating life, so the revenue streams as of late 2025 are almost entirely residual, stemming from the successful execution of the Plan of Sale and Dissolution.

Final proceeds from the sale of the last remaining assets (completed by Q3 2025)

The primary revenue-generating activity concluded well before late 2025. The final property sale, 1225 Seventeenth Street, a 709,402 square foot office property in Denver, Colorado, closed on February 25, 2025. The gross sale price was $132.5 million, resulting in a net purchase price of approximately $124.4 million after credits for contractual lease costs. This sale marked the completion of the disposition of all properties. The aggregate cash liquidating distributions to common shareholders reached $20.60 per common share as of April 2025, inclusive of the final distribution of $1.60 per common share paid on April 22, 2025. The estimated aggregate final distribution range was set between $20.55 and $20.70 per common share. By June 13, 2025, all remaining assets and liabilities were transferred to the EQC Liquidating Trust to wind up affairs.

Here's a look at the final property disposition and distribution context:

Metric	Value/Date
Last Property Gross Sale Price	$132.5 million
Last Property Sale Date	February 25, 2025
Final Cash Liquidating Distribution Per Share	$1.60
Final Distribution Payment Date	April 22, 2025
Total Aggregate Cash Liquidating Distribution	$20.60 per common share
Estimated Final Distribution Range	$20.55 to $20.70 per common share

Interest income on the large cash balance held by the Trust (minimal)

Prior to the final distributions, the large cash balance generated significant income. For the fiscal year ended October 31, 2024, Interest & Investment Income was $118.36 million. In Q1 2024, this income component was $29.5 million. However, following the final liquidating distribution in April 2025 and the transfer of remaining assets to the Liquidating Trust in June 2025, the cash available for earning interest has been drastically reduced. Any income generated by the residual cash held by the EQC Liquidating Trust as of late 2025 is expected to be nominal.

Rental revenue from remaining properties (minimal, prior to final sale)

Rental revenue was a primary stream before the liquidation mandate, but it ceased upon the final asset sale in February 2025. For context on the scale before the wind-down, the Rental Revenue for the fiscal year ending October 31, 2024, was $52.34 million, which was part of a Total Revenue of $57.57 million for that period. By late 2025, with no properties remaining under Equity Commonwealth ownership, this revenue stream is effectively zero, as the entity is in the final stages of winding down via the Trust.

The revenue streams in late 2025 are defined by what's left:

• Final Proceeds Realization: Completion of the final property sale proceeds collection and reconciliation.
• Trust Interest Income: Minimal interest earned on the small reserve cash balance held by the Liquidating Trust.
• Zero Rental Operations: No active leasing or property management revenue generation.