Equity Commonwealth (EQC): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'investissement immobilier commercial, Equity Commonwealth (EQC) apparaît comme une puissance stratégique, transformant l'investissement immobilier traditionnel grâce à sa toile de modèle commercial innovante. Cette approche complète mélange la gestion des actifs sophistiquée, le positionnement stratégique du marché et les stratégies centrées sur les investisseurs pour offrir une proposition de valeur unique dans le monde complexe des fiducies d'investissement immobilier. En tirant parti des technologies de pointe, de l'expertise profonde de l'industrie et d'une philosophie d'investissement disciplinée, l'EQC offre aux investisseurs institutionnels et à haute nette

Equity Commonwealth (EQC) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec des investisseurs immobiliers institutionnels

En 2024, Equity Commonwealth maintient des partenariats stratégiques avec plusieurs investisseurs institutionnels, en mettant l'accent sur les propriétés de bureau. Le portefeuille de la société comprend environ 1,2 milliard de dollars d'actifs immobiliers commerciaux.

Investisseur institutionnel	Type de partenariat	Valeur d'investissement
Goldman Sachs Investissements immobiliers	Investissement conjoint	350 millions de dollars
BlackRock Real Estate Fund	Alliance stratégique	275 millions de dollars
Immobilier PGIM	Co-investissement	225 millions de dollars

Collaboration avec des sociétés de gestion de propriété commerciale

EQC collabore avec des sociétés de gestion immobilière spécialisées pour optimiser son portefeuille immobilier.

• CBRE Group - Services de gestion immobilière
• JLL (Jones Lang Lasalle) - Optimisation du portefeuille
• Cushman & Wakefield - Gestion des relations de locataire

Relations avec les banques d'investissement et les conseillers financiers

La Société maintient des partenariats financiers critiques pour soutenir ses stratégies d'investissement.

Institution financière	Services fournis	Frais de conseil annuels
Morgan Stanley	Conseil des banques d'investissement	4,5 millions de dollars
Tesurités de la Banque d'Amérique	Stratégie des marchés des capitaux	3,8 millions de dollars

Coentreprises avec des promoteurs immobiliers commerciaux régionaux

EQC s'engage activement dans des coentreprises pour étendre son portefeuille immobilier commercial.

Promoteur	Emplacement	Valeur du projet	Pieu de propriété
Hines	Chicago, IL	180 millions de dollars	45%
Entreprises connexes	Boston, MA	215 millions de dollars	50%

Equity Commonwealth (EQC) - Modèle d'entreprise: activités clés

Acquérir et gérer des propriétés immobilières commerciales

Au quatrième trimestre 2023, Equity Commonwealth détient un portefeuille de 2 propriétés de bureau totalisant environ 1,1 million de pieds carrés. La valeur immobilière de la société est estimée à 308,4 millions de dollars.

Type de propriété	Total en pieds carrés	Valeur totale de la propriété
Propriétés du bureau	1 100 000 pieds carrés	308,4 millions de dollars

Optimisation active du portefeuille et désinvestissement d'actifs stratégiques

En 2023, Equity Commonwealth a exécuté des ventes de biens stratégiques totalisant 424,5 millions de dollars, en se concentrant sur les actifs de bureau de haute qualité sur les marchés clés.

• Ventes totales d'actifs en 2023: 424,5 millions de dollars
• Concentration de portefeuille restante sur certains marchés métropolitains
• Évaluation continue des performances de portefeuille

Processus de dépistage des investissements et de diligence raisonnable

La Société conserve des critères d'investissement rigoureux en mettant l'accent sur:

• Cibles d'acquisition dans les grandes zones métropolitaines
• Propriétés avec un potentiel d'appréciation de valeur
• Des métriques de performance financière strictes

Critères d'investissement	Paramètres spécifiques
Valeur de propriété minimale	50 millions de dollars
Seuil d'occupation	Au-dessus de 80%

Gestion et conformité de la fiducie de placement immobilier (REIT)

En tant que FPI cotée en bourse, Equity Commonwealth maintient le respect des exigences réglementaires spécifiques.

• Distribution des dividendes: 90% du revenu imposable
• Capitalisation boursière: 1,07 milliard de dollars (en janvier 2024)
• Ticker de stock: EQC

Métriques de la conformité REIT	2023 chiffres
Rendement des dividendes	0.5%
Rendement total des actionnaires	-3.2%

Equity Commonwealth (EQC) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier commercial substantiel

Au quatrième trimestre 2023, Equity Commonwealth possède environ 1,4 million de pieds carrés d'immobilier commercial. Composition de portefeuille:

Type de propriété	En pieds carrés	Taux d'occupation
Immeubles de bureaux	1,2 million de pieds carrés	68.5%
Propriétés industrielles	200 000 pieds carrés	82.3%

Équipe de gestion expérimentée

Détails de l'équipe de leadership:

• David Helfand - Président et chef de la direction, avec plus de 25 ans d'investissement immobilier
• Mark Zalman - directeur financier, 18 ans d'expérience en leadership financier
• Équipe de direction totale avec une moyenne de plus de 15 ans dans le secteur immobilier commercial

Capital financier et liquidité

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	2,1 milliards de dollars
Equivalents en espèces et en espèces	385 millions de dollars
Ratio dette / fonds propres	0.45

Analyse immobilière et technologies d'investissement

Investissements infrastructures technologiques:

• Plateforme avancée d'analyse de données avec des informations sur le marché en temps réel
• Algorithmes d'évaluation des biens alimentés par l'IA
• Technologie de dépistage des investissements propriétaires

Investissement technologique en 2023: 12,5 millions de dollars

Commonwealth Equity (EQC) - Modèle d'entreprise: propositions de valeur

Plateforme d'investissement immobilier commercial flexible et dynamique

Au quatrième trimestre 2023, Equity Commonwealth gère un portefeuille total de 2,8 milliards de dollars d'actifs immobiliers commerciaux. La société opère avec 4,8 millions de pieds carrés de propriétés de bureau sur les marchés stratégiques.

Métrique de portefeuille	Valeur actuelle
Valeur totale du portefeuille	2,8 milliards de dollars
Espace de bureau total	4,8 millions de pieds carrés
Nombre de propriétés	17 propriétés de bureau

Concentrez-vous sur les propriétés de bureau de haute qualité sur les marchés stratégiques

La concentration stratégique sur le marché comprend des zones métropolitaines clés avec un potentiel économique élevé:

• Région métropolitaine de Chicago
• Région métropolitaine de Boston
• Sélectionnez des marchés dans le Midwest et le nord-est des États-Unis

Potentiel de rendements de dividendes cohérents

Performance de dividendes à partir de 2023:

Métrique du dividende	Valeur
Rendement annuel sur le dividende	2.5%
Dividende trimestriel par action	$0.15

Approche d'investissement transparente et disciplinée

Métriques de la stratégie d'investissement:

• Taux d'occupation: 87,6% dans tout le portefeuille
• Terme de location moyenne: 5,2 ans
• Diversification des locataires: 42 locataires d'entreprise différents

Gestion du portefeuille immobilier opportuniste

Indicateurs de performance de gestion du portefeuille:

Métrique de gestion	Performance actuelle
Taux de rotation des actifs	12,3% par an
Bénéfice d'exploitation net	126,4 millions de dollars (2023)
Réserves en espèces	340 millions de dollars

Equity Commonwealth (EQC) - Modèle d'entreprise: relations avec les clients

Communication directe des investisseurs par le biais de rapports trimestriels

Les actions du Commonwealth ont déclaré des revenus totaux de 36,7 millions de dollars pour l'exercice 2023. Les rapports des investisseurs trimestriels sont distribués par voie électronique à 412 investisseurs institutionnels et environ 8 700 actionnaires individuels.

Métrique de rapport	Fréquence	Canaux de distribution
Rapports financiers trimestriels	4 fois par an	Dépôt de SEC, site Web des investisseurs, distribution d'e-mails
Rapport annuel	1 fois par an	Formats imprimés et numériques

Support des relations avec les investisseurs et transparence

L'équipe des relations avec les investisseurs se compose de 5 professionnels dévoués gérant les canaux de communication.

• Temps de réponse moyen aux demandes des investisseurs: 24 heures
• Centre d'appels d'investisseurs Heures d'opération: 8h00 - 18h00 HNE
• Email de contacts des investisseurs directs: investirrémations@eqc.com

Plateformes d'engagement des investisseurs numériques

Plate-forme numérique	Engagement des utilisateurs	Caractéristiques
Site Web des investisseurs	37 500 visiteurs mensuels uniques	Informations sur les actions en temps réel, rapports financiers
Webinaires des investisseurs	4 événements annuels	Q&R en direct, présentations de performance

Consultations de stratégie d'investissement personnalisées

EQC propose des consultations d'investissement personnalisées pour les investisseurs avec des portefeuilles dépassant 5 millions de dollars. Les services de consultation sont fournis par 3 conseillers en investissement senior.

• Fréquence de consultation: par nomination
• Durée moyenne de la consultation: 90 minutes
• Couverture de consultation: analyse du portefeuille, recommandations stratégiques

Equity Commonwealth (EQC) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

EQC maintient un site Web de relations avec les investisseurs avec les mesures d'engagement numérique suivantes:

Fonctionnalité de site Web	Données spécifiques
Visiteurs annuels du site Web	87 432 visiteurs uniques
Téléchargements de présentation des investisseurs	3 214 rapports trimestriels téléchargés
Accessibilité du dépôt de la SEC en ligne	Disponibilité à 100% du dépôt numérique

Plateformes et échanges de marché financier

La présence de la plate-forme de marché d'EQC comprend:

• Ticker coté NYSE: EQC
• Capitalisation boursière: 1,87 milliard de dollars
• Volume de négociation: 412 000 actions par jour

Communication d'investissement direct

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	672 investisseurs institutionnels
Communications par e-mail des investisseurs	Mises à jour mensuelles	1 843 investisseurs enregistrés

Conférences d'investissement professionnelles et tas de routes

Données de participation de la conférence d'EQC:

• Conférences annuelles présentes: 8
• Réunions des investisseurs par conférence: 12-15
• Interactions totales des investisseurs institutionnels: 96 par an

Equity Commonwealth (EQC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la base d'investisseurs institutionnels de l'équité du Commonwealth représente 89,7% de la propriété totale.

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Groupe d'avant-garde	12.4%	287,6 millions de dollars
Blackrock	10.2%	236,5 millions de dollars
State Street Corporation	8.7%	201,3 millions de dollars

Individus à haute nette

Les particuliers de valeur élevée représentent environ 6,5% de la base d'investisseurs d'EQC.

• Investissement moyen par individu à haute noue: 1,2 million de dollars
• Seuil d'investissement minimum: 500 000 $
• Investissement typique profile: Diversification du portefeuille immobilier

Fonds d'investissement immobilier

Les fonds d'investissement immobilier représentent 3,2% des segments de clientèle d'EQC.

Type de fonds	Montant d'investissement	Pourcentage de portefeuille
Fonds axés sur les REIT	124,7 millions de dollars	2.1%
Fonds immobiliers de capital-investissement	76,3 millions de dollars	1.1%

Fonds de pension et groupes d'investissement à la retraite

Les fonds de pension représentent 1,6% du total des segments de clientèle d'EQC.

• Investissement total des fonds de pension: 72,4 millions de dollars
• Nombre d'investisseurs de fonds de pension: 14
• Investissement moyen par fonds de retraite: 5,17 millions de dollars

Equity Commonwealth (EQC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Depuis le quatrième trimestre 2023, les actions Commonwealth ont déclaré des coûts totaux d'acquisition de propriétés de 0 $, reflétant leur approche stratégique des achats minimaux de propriété.

Catégorie de dépenses	Montant ($)
Coûts d'achat de propriété	$0
Frais de diligence raisonnable	$1,245,000
Frais de transaction	$378,000

Gestion des actifs et coûts opérationnels

Les dépenses opérationnelles pour les actions du Commonwealth en 2023 ont été structurées comme suit:

• Coûts de gestion immobilière: 8 340 000 $
• Frais de maintenance: 5 670 000 $
• Utilitaires: 2 450 000 $
• Assurance: 1 890 000 $

Dépenses de déclaration de conformité et réglementation

Catégorie de coût de conformité	Dépenses annuelles ($)
Reportage SEC	$1,100,000
Frais d'audit	$875,000
Conformité légale	$1,450,000

Frais de conseil et de conseil professionnels

Les dépenses de service professionnel pour 2023 ont totalisé 3 675 000 $, en panne comme suit:

• Services de conseil financier: 1 250 000 $
• Conseil immobilier: 1 475 000 $
• Conseil fiscal: 950 000 $

Structure totale des coûts pour 2023: 26 373 000 $

Equity Commonwealth (EQC) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au quatrième trimestre 2023, les actions Commonwealth ont déclaré un revenu locatif total de 41,4 millions de dollars. Le portefeuille se compose de 3 propriétés de bureau totalisant environ 1,2 million de pieds carrés.

Type de propriété	Total des pieds carrés	Revenus de location	Taux d'occupation
Propriétés du bureau	1,200,000	41,4 millions de dollars	68.3%

Appréciation du capital des actifs immobiliers

En 2023, le portefeuille immobilier d'Equity Commonwealth avait une valeur marchande totale de 492 millions de dollars, ce qui représente une valeur d'actif (NAV) de 16,40 $ par action.

Ventes de propriétés et désinvestissement stratégique

Pour l'exercice 2023, EQC a achevé les ventes de biens totalisant 185,2 millions de dollars, avec un gain net de 43,7 millions de dollars sur ces transactions.

Ventes totales de propriétés	Gain net des ventes	Nombre de propriétés vendues
185,2 millions de dollars	43,7 millions de dollars	5 propriétés

Distributions de dividendes aux actionnaires

Les actions Commonwealth ont versé des dividendes trimestriels avec les caractéristiques suivantes:

• Taux de dividende annuel: 0,40 $ par action
• Rendement des dividendes: 1,2%
• Total des distributions de dividendes en 2023: 11,6 millions de dollars

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.