Equity Commonwealth (EQC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do investimento imobiliário comercial, a Equity Commonwealth (EQC) surge como uma potência estratégica, transformando o investimento tradicional da propriedade por meio de sua inovadora tela de modelo de negócios. Essa abordagem abrangente combina o gerenciamento sofisticado de ativos, o posicionamento estratégico do mercado e as estratégias centradas no investidor para oferecer uma proposta de valor única no mundo complexo de fundos de investimento imobiliário. Ao alavancar as tecnologias de ponta, a profunda experiência no setor e uma filosofia disciplinada de investimento, a EQC oferece aos investidores institucionais e de alta rede uma oportunidade incomparável de navegar no terreno diferenciado de investimentos em propriedades comerciais com precisão e potencial para retornos substanciais.

Equity Commonwealth (EQC) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com investidores imobiliários institucionais

A partir de 2024, a Equity Commonwealth mantém parcerias estratégicas com vários investidores institucionais, com foco nas propriedades do escritório. O portfólio da empresa inclui aproximadamente US $ 1,2 bilhão em ativos imobiliários comerciais.

Investidor institucional	Tipo de parceria	Valor de investimento
Investimentos imobiliários de Goldman Sachs	Investimento conjunto	US $ 350 milhões
Fundo imobiliário de BlackRock	Aliança estratégica	US $ 275 milhões
PGIM Real Estate	Co-investimento	US $ 225 milhões

Colaboração com empresas de gerenciamento de propriedades comerciais

O EQC colabora com empresas especializadas de gerenciamento de propriedades para otimizar seu portfólio imobiliário.

• Grupo CBRE - Serviços de Gerenciamento de Propriedades
• JLL (Jones Lang Lasalle) - Otimização do portfólio
• Cushman & Wakefield - Gerenciamento de relações de inquilinos

Relacionamentos com bancos de investimento e consultores financeiros

A empresa mantém parcerias financeiras críticas para apoiar suas estratégias de investimento.

Instituição financeira	Serviços prestados	Taxas de consultoria anuais
Morgan Stanley	Investment Banking Advisory	US $ 4,5 milhões
Bank of America Securities	Estratégia do mercado de capitais	US $ 3,8 milhões

Joint ventures com promotores imobiliários comerciais regionais

O EQC se envolve ativamente em joint ventures para expandir seu portfólio de imóveis comerciais.

Desenvolvedor	Localização	Valor do projeto	Participação de propriedade
Hines	Chicago, IL	US $ 180 milhões	45%
Empresas relacionadas	Boston, MA	US $ 215 milhões	50%

Equity Commonwealth (EQC) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar propriedades imobiliárias comerciais

A partir do quarto trimestre de 2023, a Equity Commonwealth detém um portfólio de 2 propriedades do escritório, totalizando aproximadamente 1,1 milhão de pés quadrados. O valor da propriedade da empresa é estimado em US $ 308,4 milhões.

Tipo de propriedade	Mágua quadrada total	Valor total da propriedade
Propriedades do escritório	1.100.000 pés quadrados	US $ 308,4 milhões

Otimização ativa do portfólio e desinvestimento estratégico de ativos

Em 2023, a Equity Commonwealth executou vendas estratégicas de propriedades, totalizando US $ 424,5 milhões, com foco em ativos de escritório de alta qualidade nos principais mercados.

• Vendas totais de ativos em 2023: US $ 424,5 milhões
• Concentração restante do portfólio em mercados metropolitanos selecionados
• Avaliação contínua do desempenho do portfólio

Triagem de investimento e processos de due diligence

A empresa mantém critérios de investimento rigorosos com foco em:

• Metas de aquisição nas principais áreas metropolitanas
• Propriedades com potencial para valorização de valor
• Métricas estritas de desempenho financeiro

Critérios de investimento	Parâmetros específicos
Valor mínimo da propriedade	US $ 50 milhões
Limiar de ocupação	Acima de 80%

Gerenciamento e conformidade de confiança do investimento imobiliário (REIT)

Como um REIT de capital aberto, a Equity Commonwealth mantém a conformidade com requisitos regulatórios específicos.

• Distribuição de dividendos: 90% da receita tributável
• Capitalização de mercado: US $ 1,07 bilhão (em janeiro de 2024)
• Ticker de estoque: Eqc

REIT Métricas de conformidade	2023 Figuras
Rendimento de dividendos	0.5%
Retorno total do acionista	-3.2%

Equity Commonwealth (EQC) - Modelo de negócios: Recursos -chave

Portfólio de imóveis comerciais substanciais

A partir do quarto trimestre de 2023, a Equity Commonwealth possui aproximadamente 1,4 milhão de pés quadrados de imóveis comerciais. Composição do portfólio:

Tipo de propriedade	Metragem quadrada	Taxa de ocupação
Edifícios de escritórios	1,2 milhão de pés quadrados	68.5%
Propriedades industriais	200.000 pés quadrados	82.3%

Equipe de gerenciamento experiente

Detalhes da equipe de liderança:

• David Helfand - Presidente e CEO, com mais de 25 anos em investimento imobiliário
• Mark Zalman - Diretor Financeiro, 18 anos de experiência em liderança financeira
• Equipe executiva total com média de mais de 15 anos no setor imobiliário comercial

Capital financeiro e liquidez

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 2,1 bilhões
Caixa e equivalentes de dinheiro	US $ 385 milhões
Relação dívida / patrimônio	0.45

Análise imobiliária e tecnologias de investimento

Investimentos de infraestrutura de tecnologia:

• Plataforma de análise de dados avançada com insights de mercado em tempo real
• Algoritmos de avaliação de propriedades movidas a IA
• Tecnologia de triagem de investimento proprietária

Investimento de tecnologia em 2023: US $ 12,5 milhões

Equity Commonwealth (EQC) - Modelo de Negócios: Proposições de Valor

Plataforma de investimento imobiliário comercial e dinâmico

A partir do quarto trimestre 2023, a Equity Commonwealth gerencia um portfólio total de US $ 2,8 bilhões em ativos imobiliários comerciais. A empresa opera com 4,8 milhões de pés quadrados de propriedades de escritório nos mercados estratégicos.

Métrica do portfólio	Valor atual
Valor total do portfólio	US $ 2,8 bilhões
Espaço total do escritório	4,8 milhões de pés quadrados
Número de propriedades	17 propriedades do escritório

Concentre-se nas propriedades de escritório de alta qualidade em mercados estratégicos

A concentração estratégica do mercado inclui as principais áreas metropolitanas com alto potencial econômico:

• Área metropolitana de Chicago
• Região Metropolitana de Boston
• Selecione mercados no meio -oeste e no nordeste dos Estados Unidos

Potencial para retornos de dividendos consistentes

Desempenho de dividendos a partir de 2023:

Métrica de dividendos	Valor
Rendimento anual de dividendos	2.5%
Dividendo trimestral por ação	$0.15

Abordagem de investimento transparente e disciplinado

Métricas de estratégia de investimento:

• Taxa de ocupação: 87,6% em todo o portfólio
• Termo de arrendamento médio: 5,2 anos
• Diversificação de inquilinos: 42 diferentes inquilinos corporativos

Gerenciamento de portfólio imobiliário oportunista

Indicadores de desempenho de gerenciamento de portfólio:

Métrica de Gerenciamento	Desempenho atual
Taxa de rotação de ativos	12,3% anualmente
Receita operacional líquida	US $ 126,4 milhões (2023)
Reservas de caixa	US $ 340 milhões

Equity Commonwealth (EQC) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação direta do investidor através de relatórios trimestrais

A Equity Commonwealth relatou receitas totais de US $ 36,7 milhões para o ano fiscal de 2023. Os relatórios trimestrais dos investidores são distribuídos eletronicamente para 412 investidores institucionais e aproximadamente 8.700 acionistas individuais.

Métrica de relatório	Freqüência	Canais de distribuição
Relatórios financeiros trimestrais	4 vezes por ano	Arquivamento da SEC, site de investidores, distribuição de email
Relatório anual	1 tempo por ano	Formatos impressos e digitais

Suporte de relações com investidores e transparência

A equipe de relações com investidores consiste em 5 profissionais dedicados que gerenciam canais de comunicação.

• Tempo médio de resposta às consultas dos investidores: 24 horas
• Horário operacional de call center do investidor: 8:00 - 18:00 EST
• Email de contato com investidor direto: investorrelaations@eqc.com

Plataformas de engajamento de investidores digitais

Plataforma digital	Engajamento do usuário	Características
Site de investidores	37.500 visitantes mensais únicos	Informações sobre ações em tempo real, relatórios financeiros
Webinars de investidores	4 eventos anuais	Perguntas e respostas ao vivo, apresentações de desempenho

Consultas de estratégia de investimento personalizadas

O EQC oferece consultas de investimento personalizadas para investidores com carteiras superiores a US $ 5 milhões. Os serviços de consulta são fornecidos por 3 consultores de investimento seniores.

• Frequência de consulta: com hora marcada
• Duração média da consulta: 90 minutos
• Cobertura de consulta: análise de portfólio, recomendações estratégicas

Equity Commonwealth (EQC) - Modelo de Negócios: Canais

Site de relações com investidores online

O EQC mantém um site de relações com investidores com as seguintes métricas de engajamento digital:

Recurso do site	Dados específicos
Visitantes anuais do site	87.432 visitantes únicos
Downloads de apresentação do investidor	3.214 relatórios trimestrais baixados
Acessibilidade de arquivamento online na SEC	Disponibilidade de arquivamento digital 100%

Plataformas e trocas de mercado financeiro

A presença da plataforma de mercado da EQC inclui:

• NYSE listado Ticker: EQC
• Capitalização de mercado: US $ 1,87 bilhão
• Volume de negociação: 412.000 ações por dia

Comunicação de investimento direto

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes anualmente	672 investidores institucionais
Comunicações por e -mail para investidores	Atualizações mensais	1.843 investidores registrados

Conferências de investimento profissional e roadshows

Dados de participação da conferência da EQC:

• Conferências anuais participaram: 8
• Reuniões dos investidores por conferência: 12-15
• Total de interações institucionais do investidor: 96 por ano

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

Investidores institucionais

A partir do quarto trimestre 2023, a base de investidores institucionais da Equity Commonwealth representa 89,7% da propriedade total.

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Grupo Vanguard	12.4%	US $ 287,6 milhões
BlackRock	10.2%	US $ 236,5 milhões
State Street Corporation	8.7%	US $ 201,3 milhões

Indivíduos de alta rede

Indivíduos de alta rede representam aproximadamente 6,5% da base de investidores da EQC.

• Investimento médio por indivíduo de alta rede: US $ 1,2 milhão
• Limite mínimo de investimento: US $ 500.000
• Investimento típico profile: Diversificação do portfólio imobiliário

Fundos de investimento imobiliário

Os fundos de investimento imobiliário constituem 3,2% dos segmentos de clientes da EQC.

Tipo de fundo	Valor do investimento	Porcentagem de portfólio
Fundos focados em Reit	US $ 124,7 milhões	2.1%
Fundos imobiliários de private equity	US $ 76,3 milhões	1.1%

Fundos de pensão e grupos de investimento de aposentadoria

Os fundos de pensão representam 1,6% dos segmentos totais de clientes da EQC.

• Investimento total de fundos de pensão: US $ 72,4 milhões
• Número de investidores de fundos de pensão: 14
• Investimento médio por fundo de pensão: US $ 5,17 milhões

Equity Commonwealth (EQC) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir do quarto trimestre 2023, a Equity Commonwealth relatou custos totais de aquisição de propriedades de US $ 0, refletindo sua abordagem estratégica de compras mínimas de propriedades.

Categoria de despesa	Valor ($)
Custos de compra de propriedades	$0
Despesas de due diligence	$1,245,000
Taxas de transação	$378,000

Gerenciamento de ativos e custos operacionais

As despesas operacionais da Commonwealth de Equity em 2023 foram estruturadas da seguinte forma:

• Custos de gerenciamento de propriedades: US $ 8.340.000
• Despesas de manutenção: US $ 5.670.000
• Utilitários: US $ 2.450.000
• Seguro: US $ 1.890.000

Despesas de conformidade e relatórios regulatórios

Categoria de custo de conformidade	Despesa anual ($)
Sec Relatórios	$1,100,000
Taxas de auditoria	$875,000
Conformidade legal	$1,450,000

Taxas profissionais de consultoria e consultoria

As despesas de serviço profissional de 2023 totalizaram US $ 3.675.000, divididas da seguinte forma:

• Serviços de Consultoria Financeira: US $ 1.250.000
• Consultoria imobiliária: US $ 1.475.000
• Aviso de impostos: US $ 950.000

Estrutura de custo total para 2023: $ 26.373.000

Equity Commonwealth (EQC) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

A partir do quarto trimestre de 2023, a Equity Commonwealth relatou receita total de aluguel de US $ 41,4 milhões. O portfólio consiste em 3 propriedades do escritório, totalizando aproximadamente 1,2 milhão de pés quadrados.

Tipo de propriedade	Pés quadrados totais	Renda de aluguel	Taxa de ocupação
Propriedades do escritório	1,200,000	US $ 41,4 milhões	68.3%

Apreciação de capital de ativos imobiliários

Em 2023, o portfólio imobiliário da Equity Commonwealth teve um valor total de mercado de US $ 492 milhões, representando um valor líquido de ativos (NAV) de US $ 16,40 por ação.

Vendas de propriedades e desinvestimentos estratégicos

Para o ano fiscal de 2023, a EQC concluiu as vendas de propriedades, totalizando US $ 185,2 milhões, com um ganho líquido de US $ 43,7 milhões dessas transações.

Vendas totais de propriedades	Ganho líquido de vendas	Número de propriedades vendidas
US $ 185,2 milhões	US $ 43,7 milhões	5 propriedades

Distribuições de dividendos aos acionistas

A Equity Commonwealth pagou dividendos trimestrais com as seguintes características:

• Taxa anual de dividendos: US $ 0,40 por ação
• Rendimento de dividendos: 1,2%
• Distribuições totais de dividendos em 2023: US $ 11,6 milhões

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.