Equity Commonwealth (EQC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la inversión inmobiliaria comercial, la Commonwealth de Equity (EQC) surge como una potencia estratégica, transformando la inversión inmobiliaria tradicional a través de su innovador lienzo de modelo de negocio. Este enfoque integral combina la gestión sofisticada de activos, el posicionamiento estratégico del mercado y las estrategias centradas en los inversores para ofrecer una propuesta de valor única en el complejo mundo de los fideicomisos de inversión inmobiliaria. Al aprovechar las tecnologías de vanguardia, la experiencia profunda de la industria y una filosofía de inversión disciplinada, el EQC ofrece a los inversores institucionales y de alto nivel una oportunidad incomparable para navegar el terreno matizado de las inversiones de propiedades comerciales con precisión y potencial de rendimientos sustanciales.

Equity Commonwealth (EQC) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con inversores inmobiliarios institucionales

A partir de 2024, Equity Commonwealth mantiene asociaciones estratégicas con varios inversores institucionales, con un enfoque en las propiedades de la oficina. La cartera de la compañía incluye aproximadamente $ 1.2 mil millones en activos de bienes raíces comerciales.

Inversor institucional	Tipo de asociación	Valor de inversión
Inversiones inmobiliarias de Goldman Sachs	Inversión conjunta	$ 350 millones
Fondo de Bienes Raíces BlackRock	Alianza estratégica	$ 275 millones
PGIM Real Estate	Coinversión	$ 225 millones

Colaboración con empresas de administración de propiedades comerciales

EQC colabora con empresas especializadas de administración de propiedades para optimizar su cartera de bienes raíces.

• CBRE Group - Servicios de administración de propiedades
• JLL (Jones Lang Lasalle) - Optimización de cartera
• Cushman & Wakefield - Gestión de relaciones con los inquilinos

Relaciones con bancos de inversión y asesores financieros

La compañía mantiene asociaciones financieras críticas para apoyar sus estrategias de inversión.

Institución financiera	Servicios proporcionados	Tarifas de asesoramiento anual
Morgan Stanley	Aviso de banca de inversión	$ 4.5 millones
Bank of America Securities	Estrategia de mercados de capitales	$ 3.8 millones

Empresas conjuntas con desarrolladores de bienes raíces comerciales regionales

EQC se involucra activamente en empresas conjuntas para expandir su cartera de bienes raíces comerciales.

Revelador	Ubicación	Valor del proyecto	Estaca de propiedad
Hino	Chicago, IL	$ 180 millones	45%
Empresas relacionadas	Boston, MA	$ 215 millones	50%

Equity Commonwealth (EQC) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Equity Commonwealth posee una cartera de 2 propiedades de oficina por un total de aproximadamente 1,1 millones de pies cuadrados. El valor de la propiedad de la compañía se estima en $ 308.4 millones.

Tipo de propiedad	Hoques cuadrados totales	Valor de propiedad total
Propiedades de la oficina	1,100,000 pies cuadrados	$ 308.4 millones

Optimización de cartera activa y desinversión de activos estratégicos

En 2023, Equity Commonwealth ejecutó ventas de propiedades estratégicas por un total de $ 424.5 millones, centrándose en activos de oficina de alta calidad en mercados clave.

• Ventas de activos totales en 2023: $ 424.5 millones
• Concentración restante de cartera en mercados metropolitanos seleccionados
• Evaluación continua del rendimiento de la cartera

Procesos de detección de inversiones y debida diligencia

La compañía mantiene criterios de inversión rigurosos con un enfoque en:

• Objetivos de adquisición en las principales áreas metropolitanas
• Propiedades con potencial de apreciación del valor
• Métricas estrictas de desempeño financiero

Criterio de inversión	Parámetros específicos
Valor mínimo de propiedad	$ 50 millones
Umbral de ocupación	Por encima del 80%

Gestión y cumplimiento del fideicomiso de inversión inmobiliaria (REIT)

Como REIT que cotiza en bolsa, Equity Commonwealth mantiene el cumplimiento de requisitos regulatorios específicos.

• Distribución de dividendos: 90% de ingresos imponibles
• Capitalización de mercado: $ 1.07 mil millones (a partir de enero de 2024)
• Ticker de stock: EQC

Métricas de cumplimiento de REIT	2023 cifras
Rendimiento de dividendos	0.5%
Retorno total de los accionistas	-3.2%

Equity Commonwealth (EQC) - Modelo de negocio: recursos clave

Portafolio de bienes raíces comerciales sustanciales

A partir del cuarto trimestre de 2023, Equity Commonwealth posee aproximadamente 1,4 millones de pies cuadrados de bienes raíces comerciales. Composición de cartera:

Tipo de propiedad	Pies cuadrados	Tasa de ocupación
Edificios de oficinas	1.2 millones de pies cuadrados	68.5%
Propiedades industriales	200,000 pies cuadrados	82.3%

Equipo de gestión experimentado

Detalles del equipo de liderazgo:

• David Helfand - Presidente y CEO, con más de 25 años en inversión inmobiliaria
• Mark Zalman - Director Financiero, 18 años de experiencia en liderazgo financiero
• Equipo ejecutivo total con un promedio de más de 15 años en el sector de bienes raíces comerciales

Capital financiero y liquidez

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 2.1 mil millones
Equivalentes de efectivo y efectivo	$ 385 millones
Relación deuda / capital	0.45

Análisis inmobiliario y tecnologías de inversión

Inversiones de infraestructura tecnológica:

• Plataforma de análisis de datos avanzado con ideas del mercado en tiempo real
• Algoritmos de valoración de propiedades con IA
• Tecnología de detección de inversiones patentada

Inversión tecnológica en 2023: $ 12.5 millones

Equity Commonwealth (EQC) - Modelo de negocio: proposiciones de valor

Plataforma de inversión inmobiliaria comercial flexible y dinámica

A partir del cuarto trimestre de 2023, Equity Commonwealth administra una cartera total de $ 2.8 mil millones en activos inmobiliarios comerciales. La compañía opera con 4.8 millones de pies cuadrados de propiedades de la oficina en los mercados estratégicos.

Métrico de cartera	Valor actual
Valor total de la cartera	$ 2.8 mil millones
Espacio total de oficinas	4.8 millones de pies cuadrados
Número de propiedades	17 propiedades de la oficina

Centrarse en las propiedades de la oficina de alta calidad en los mercados estratégicos

La concentración estratégica del mercado incluye áreas metropolitanas clave con un alto potencial económico:

• Área metropolitana de Chicago
• Región Metropolitana de Boston
• Mercados seleccionados en el Medio Oeste y el Nordeste de los Estados Unidos

Potencial para devoluciones de dividendos consistentes

Rendimiento de dividendos a partir de 2023:

Métrico de dividendos	Valor
Rendimiento de dividendos anuales	2.5%
Dividendo trimestral por acción	$0.15

Enfoque de inversión transparente y disciplinado

Métricas de estrategia de inversión:

• Tasa de ocupación: 87.6% en toda la cartera
• Término de arrendamiento promedio: 5.2 años
• Diversificación de inquilinos: 42 inquilinos corporativos diferentes

Gestión de la cartera de bienes raíces oportunistas

Indicadores de rendimiento de gestión de cartera:

Métrica de gestión	Rendimiento actual
Tasa de rotación de activos	12.3% anual
Ingresos operativos netos	$ 126.4 millones (2023)
Reservas de efectivo	$ 340 millones

Equity Commonwealth (EQC) - Modelo de negocio: relaciones con los clientes

Comunicación directa de los inversores a través de informes trimestrales

Equity Commonwealth reportó ingresos totales de $ 36.7 millones para el año fiscal 2023. Los informes trimestrales de los inversores se distribuyen electrónicamente a 412 inversores institucionales y aproximadamente 8,700 accionistas individuales.

Métrica de informes	Frecuencia	Canales de distribución
Informes financieros trimestrales	4 veces al año	SEC Presentación, sitio web de inversores, distribución por correo electrónico
Informe anual	1 vez por año	Formatos de impresión y digital

Apoyo y transparencia de las relaciones con los inversores

El equipo de relaciones con los inversores consta de 5 profesionales dedicados que administran canales de comunicación.

• Tiempo de respuesta promedio para consultas de inversores: 24 horas
• Centro de llamadas de inversionista Horario operativo: 8:00 a.m. a 6:00 p.m. EST
• Correo electrónico de contacto directo con el inversor: invernorrelations@eqc.com

Plataformas de participación de inversores digitales

Plataforma digital	Compromiso de usuario	Características
Sitio web de inversores	37,500 visitantes mensuales únicos	Información sobre acciones en tiempo real, informes financieros
Seminarios web de inversores	4 eventos anuales	Preguntas y respuestas en vivo, presentaciones de presentación

Consultas de estrategia de inversión personalizada

EQC ofrece consultas de inversión personalizadas para inversores con carteras superiores a $ 5 millones. Los servicios de consulta son proporcionados por 3 asesores de inversión senior.

• Frecuencia de consulta: con cita previa
• Duración de consulta promedio: 90 minutos
• Cobertura de consulta: análisis de cartera, recomendaciones estratégicas

Equity Commonwealth (EQC) - Modelo de negocio: canales

Sitio web de relaciones con inversores en línea

EQC mantiene un sitio web de relaciones con los inversores con las siguientes métricas de participación digital:

Característica del sitio web	Datos específicos
Visitantes del sitio web anual	87,432 visitantes únicos
Descargas de presentación de inversores	3.214 informes trimestrales descargados
Accesibilidad a la SEC en línea	Disponibilidad de presentación digital 100%

Plataformas e intercambios de mercado financiero

La presencia de la plataforma de mercado de EQC incluye:

• Ticker en la lista de NYSE: EQC
• Capitalización de mercado: $ 1.87 mil millones
• Volumen de negociación: 412,000 acciones por día

Comunicación de inversión directa

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces anualmente	672 inversores institucionales
Comunicaciones por correo electrónico del inversor	Actualizaciones mensuales	1.843 inversores registrados

Conferencias de inversión profesional y roadshows

Datos de participación en la conferencia de EQC:

• Conferencias anuales a las que asistió: 8
• Reuniones de inversores por conferencia: 12-15
• Interacciones totales de los inversores institucionales: 96 por año

Equity Commonwealth (EQC) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la base de inversores institucionales de Equity Commonwealth representa el 89.7% de la propiedad total.

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Grupo de vanguardia	12.4%	$ 287.6 millones
Roca negra	10.2%	$ 236.5 millones
State Street Corporation	8.7%	$ 201.3 millones

Individuos de alto nivel de red

Los individuos de alto nivel de red representan aproximadamente el 6.5% de la base de inversores de EQC.

• Inversión promedio por individuo de alto nivel de red: $ 1.2 millones
• Umbral de inversión mínimo: $ 500,000
• Inversión típica profile: Diversificación de cartera de bienes raíces

Fondos de inversión inmobiliaria

Los fondos de inversión inmobiliaria constituyen el 3.2% de los segmentos de clientes de EQC.

Tipo de fondo	Monto de la inversión	Porcentaje de cartera
Fondos centrados en REIT	$ 124.7 millones	2.1%
Fondos de bienes raíces de capital privado	$ 76.3 millones	1.1%

Fondos de pensiones y grupos de inversión de jubilación

Los fondos de pensiones representan el 1.6% de los segmentos de clientes totales de EQC.

• Inversión total de fondos de pensiones: $ 72.4 millones
• Número de inversores de fondos de pensiones: 14
• Inversión promedio por fondo de pensiones: $ 5.17 millones

Equity Commonwealth (EQC) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, Equity Commonwealth reportó costos totales de adquisición de propiedades de $ 0, lo que refleja su enfoque estratégico de compras de propiedades mínimas.

Categoría de gastos	Monto ($)
Costos de compra de propiedad	$0
Gastos de diligencia debida	$1,245,000
Tarifas de transacción	$378,000

Gestión de activos y costos operativos

Los gastos operativos para la Commonwealth de capital en 2023 se estructuraron de la siguiente manera:

• Costos de administración de propiedades: $ 8,340,000
• Gastos de mantenimiento: $ 5,670,000
• Utilidades: $ 2,450,000
• Seguro: $ 1,890,000

Gastos de cumplimiento e informes regulatorios

Categoría de costos de cumplimiento	Gasto anual ($)
Informes de la SEC	$1,100,000
Tarifas de auditoría	$875,000
Cumplimiento legal	$1,450,000

Tarifas de consultoría y asesoramiento profesional

Los gastos de servicio profesional para 2023 totalizaron $ 3,675,000, desglosados ​​de la siguiente manera:

• Servicios de asesoramiento financiero: $ 1,250,000
• Consultoría de bienes raíces: $ 1,475,000
• Aviso fiscal: $ 950,000

Estructura de costos totales para 2023: $ 26,373,000

Equity Commonwealth (EQC) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

A partir del cuarto trimestre de 2023, Equity Commonwealth reportó ingresos por alquiler totales de $ 41.4 millones. La cartera consta de 3 propiedades de oficina por un total de aproximadamente 1,2 millones de pies cuadrados.

Tipo de propiedad	Total de pies cuadrados	Ingreso de alquiler	Tasa de ocupación
Propiedades de la oficina	1,200,000	$ 41.4 millones	68.3%

Apreciación de capital de los activos inmobiliarios

En 2023, la cartera de bienes raíces de Equity Commonwealth tenía un valor de mercado total de $ 492 millones, que representa un valor de activo neto (NAV) de $ 16.40 por acción.

Ventas de propiedades y desinversiones estratégicas

Para el año fiscal 2023, EQC completó las ventas de propiedades por un total de $ 185.2 millones, con una ganancia neta de $ 43.7 millones de estas transacciones.

Ventas de propiedades totales	Ganancia neta de las ventas	Número de propiedades vendidas
$ 185.2 millones	$ 43.7 millones	5 propiedades

Distribuciones de dividendos a los accionistas

Equity Commonwealth pagó dividendos trimestrales con las siguientes características:

• Tasa de dividendos anuales: $ 0.40 por acción
• Rendimiento de dividendos: 1.2%
• Distribuciones de dividendos totales en 2023: $ 11.6 millones

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.