Annuncio • Jun 13
Equity Commonwealth Files Form 15 Equity Commonwealth has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common shares of beneficial interest under the Securities Exchange Act of 1934, as amended. Annuncio • Jan 30
Equity Commonwealth to Report Q4, 2024 Results on Feb 27, 2025 Equity Commonwealth announced that they will report Q4, 2024 results Pre-Market on Feb 27, 2025 Annuncio • Nov 16
Equity Commonwealth Declares Initial Cash Liquidating Distribution, Payable on December 6, 2024 Equity Commonwealth announced that its Board of Trustees has authorized an initial cash liquidating distribution of $19.00 per common share (the Initial Liquidating Distribution) which will be paid on December 6, 2024 to shareholders of record on November 25, 2024. The Company is also updating the estimated aggregate shareholder liquidating distribution range of $19.50 to $21.00 per common share disclosed in its definitive proxy statement filed on October 2, 2024 (the Definitive Proxy) to an estimated aggregate shareholder liquidating distribution range of $20.00 to $21.00 per common share. In addition, the Company announced that, in connection with the Initial Liquidating Distribution, the New York Stock Exchange (“NYSE”) has determined that the ex-dividend date for the Initial Liquidating Distribution will be December 9, 2024 (the Ex-Dividend Date), the first business day after the payment date. Reported Earnings • Oct 24
Third quarter 2024 earnings released: US$0.26 loss per share (vs US$0.22 profit in 3Q 2023) Third quarter 2024 results: US$0.26 loss per share (down from US$0.22 profit in 3Q 2023). Revenue: US$14.0m (down 8.0% from 3Q 2023). Net loss: US$28.2m (down 217% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annuncio • Sep 26
Equity Commonwealth to Report Q3, 2024 Results on Oct 24, 2024 Equity Commonwealth announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: US$0.21 (vs US$0.13 in 2Q 2023) Second quarter 2024 results: EPS: US$0.21 (up from US$0.13 in 2Q 2023). Revenue: US$14.1m (down 3.3% from 2Q 2023). Net income: US$22.2m (up 61% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • Jul 27
Irenic Capital Calls on Equity Commonwealth to Pursue a Liquidation On July 26, 2024, Irenic Capital Management LP announced that it has issued a statement with Equity Commonwealth regarding the need for the Company’s Board of directors to heed shareholder feedback and pursue a liquidation of the Company. In addition, Irenic Capital stated that after a decade of underperformance, it is time for Company’s Board to focus exclusively on an orderly liquidation, this value-maximizing path offers certainty for shareholders, who are clearly opposed to gambling on any transformative acquisition, and agreed with Indaba Capital and Land & Buildings, and urged the Board to heed the clear shareholder feedback and commit to scheduling a vote on a prospective liquidation when 2nd quarter earnings are announced. Annuncio • Jul 23
Indaba Capital Issues an Opens Letter to Equity Commonwealth On July 22, 2024, Indaba Capital Management, L.P. issued an open letter to Equity Commonwealth’s Board of Trustees regarding the need to protect shareholders’ capital and prioritize their best interests following years of financial underperformance. In the letter, Indaba Capital Management makes clear that the Board’s arbitrary end-of-year deadline for deciding between a major transaction or liquidation incentivizes poor decision-making and reckless capital allocation. Indaba Capital Management also stated that it reminds the Board it has presided over a decade of poor financial performance and lacks any track record of effectively allocating capital to value-enhancing acquisitions. Indaba Capital Management added that it urges the Board to stop wasting Company resources and embrace shareholder-friendly governance by convening a vote on a prospective liquidation. Annuncio • Jul 04
Equity Commonwealth to Report Q2, 2024 Results on Jul 30, 2024 Equity Commonwealth announced that they will report Q2, 2024 results After-Market on Jul 30, 2024 Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$0.22 (vs US$0.19 in 1Q 2023) First quarter 2024 results: EPS: US$0.22 (up from US$0.19 in 1Q 2023). Revenue: US$15.2m (down 2.5% from 1Q 2023). Net income: US$23.4m (up 13% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annuncio • Mar 29
Equity Commonwealth to Report Q1, 2024 Results on May 01, 2024 Equity Commonwealth announced that they will report Q1, 2024 results After-Market on May 01, 2024 Reported Earnings • Feb 13
Full year 2023 earnings released: EPS: US$0.76 (vs US$0.26 in FY 2022) Full year 2023 results: EPS: US$0.76 (up from US$0.26 in FY 2022). Revenue: US$60.5m (down 4.1% from FY 2022). Net income: US$83.2m (up 184% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annuncio • Jan 12
Equity Commonwealth to Report Q4, 2023 Results on Feb 12, 2024 Equity Commonwealth announced that they will report Q4, 2023 results After-Market on Feb 12, 2024 New Risk • Dec 29
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: US$0.22 (vs US$0.092 in 3Q 2022) Third quarter 2023 results: EPS: US$0.22 (up from US$0.092 in 3Q 2022). Revenue: US$15.2m (flat on 3Q 2022). Net income: US$24.1m (up 137% from 3Q 2022). Revenue is forecast to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Annuncio • Sep 29
Equity Commonwealth to Report Q3, 2023 Results on Oct 30, 2023 Equity Commonwealth announced that they will report Q3, 2023 results on Oct 30, 2023 Recent Insider Transactions • Aug 11
Executive VP recently sold €874k worth of stock On the 10th of August, Orrin Shifrin sold around 50k shares on-market at roughly €17.48 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.2m more than they bought in the last 12 months. New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$0.13 (vs US$0.008 in 2Q 2022) Second quarter 2023 results: EPS: US$0.13 (up from US$0.008 in 2Q 2022). Revenue: US$14.6m (down 6.1% from 2Q 2022). Net income: US$13.8m (up US$12.9m from 2Q 2022). Profit margin: 95% (up from 5.8% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 1.3% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Annuncio • Jun 28
Equity Commonwealth to Report Q2, 2023 Results on Jul 26, 2023 Equity Commonwealth announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Jul 26, 2023 Annuncio • May 20
Equity Commonwealth Appoints David Helfand as Chair of the Board of Trustees Equity Commonwealth announced that its Board of Trustees has named David Helfand to serve as the Chair of the Board, effective immediately. Mr. Helfand has served as the company’s President and Chief Executive Officer since 2014 and will continue in those roles. Annuncio • May 19
Equity Commonwealth Announces Demise of Sam Zell as Chairman of the Board Equity Commonwealth announced that Sam Zell, its Chairman of the Board of Trustees, died on May 18, 2023 due to complications from a recent illness. Sam served as Chairman since took responsibility for EQC in May 2014. Sam also served as the chairman of Equity Group Investments, the private investment firm he founded more than 50 years ago, and chaired two other companies listed on the New York Stock Exchange: Equity Residential and Equity LifeStyle Properties. Reported Earnings • May 05
First quarter 2023 earnings released: FFO per share: US$0.2 (vs US$0.031 in 1Q 2022) First quarter 2023 results: FFO per share: US$0.2 (up from US$0.031 in 1Q 2022). Revenue: US$15.6m (down 6.7% from 1Q 2022). Funds from operations (FFO): US$25.1m (up US$21.4m from 1Q 2022). Revenue is forecast to stay flat during the next 2 years compared to a 2.2% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €19.50, the stock trades at a forward P/E ratio of 73x. Average forward P/E is 10x in the REITs industry in Europe. Total loss to shareholders of 5.5% over the past three years. Annuncio • Feb 14
Equity Commonwealth Declares Special Cash Distribution, Payable on March 9, 2023 Equity Commonwealth announced that its Board of Trustees has declared a special, one-time cash distribution of $4.25 per common share which will be paid on March 9, 2023 to shareholders of record on February 23, 2023. Reported Earnings • Feb 09
Full year 2022 earnings released: EPS: US$0.26 (vs US$0.20 loss in FY 2021) Full year 2022 results: EPS: US$0.26 (up from US$0.20 loss in FY 2021). Revenue: US$63.1m (up 8.9% from FY 2021). Net income: US$29.3m (up US$53.7m from FY 2021). Profit margin: 46% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Annuncio • Jan 11
Equity Commonwealth to Report Q4, 2022 Results on Feb 08, 2023 Equity Commonwealth announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 08, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 7 highly experienced directors. Independent Trustee Ellen-Blair Chube was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Third quarter 2022 earnings released: FFO per share: US$0.1 (vs US$0.002 loss in 3Q 2021) Third quarter 2022 results: FFO per share: US$0.1 (up from US$0.002 loss in 3Q 2021). Revenue: US$15.1m (up 9.0% from 3Q 2021). Funds from operations (FFO): US$14.5m (up US$14.8m from 3Q 2021). FFO margin: 96% (up from net loss in 3Q 2021). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 26% p.a. on average during the next 2 years, while revenues in the REITs industry in Europe are expected to grow by 4.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Sep 22
Executive VP recently sold €1.3m worth of stock On the 20th of September, Orrin Shifrin sold around 50k shares on-market at roughly €26.98 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Sep 21
Upcoming dividend of US$1.00 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 18 October 2022. The company last paid an ordinary dividend in October 2011. The average dividend yield among industry peers is 5.4%. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: US$0.008 (vs US$0.032 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.008 (up from US$0.032 loss in 2Q 2021). Revenue: US$15.5m (up 4.5% from 2Q 2021). Net income: US$899.0k (up US$4.83m from 2Q 2021). Profit margin: 5.8% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the next year, revenue is forecast to decline by 16% while the industry in Germany is not expected to grow. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • May 06
First quarter 2022 earnings released: FFO: US$16.7m per share (vs US$0.064 loss in 1Q 2021) First quarter 2022 results: FFO: US$16.7m per share (up from US$0.064 loss in 1Q 2021). Revenue: US$16.7m (up 12% from 1Q 2021). Funds from operations (FFO): US$3.68m (up US$11.4m from 1Q 2021). FFO margin: 22% (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower expenses. Over the next year, revenue is forecast to decline by 5.6% while the industry in Germany is not expected to grow. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Trustee Ellen-Blair Chube was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.20 loss per share (down from US$3.64 profit in FY 2020). Revenue: US$58.0m (down 13% from FY 2020). Net loss: US$24.4m (down 106% from profit in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is expected to shrink by 6.1% compared to a 5.5% growth forecast for the reits industry in Germany. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Trustee Ellen-Blair Chube was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2021 earnings released: US$0.039 loss per share (vs US$0.013 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$13.9m (down 16% from 3Q 2020). Net loss: US$4.81m (loss widened 195% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 29
Second quarter 2021 earnings released: US$0.032 loss per share (vs US$0.21 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$14.9m (down 8.5% from 2Q 2020). Net loss: US$3.93m (down 115% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • May 06
First quarter 2021 earnings released: US$0.064 FFO loss per share (vs US$0.072 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$14.9m (down 21% from 1Q 2020). Funds from operations (FFO) loss: US$7.73m (down 188% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Executive Departure • Apr 02
Executive VP, CFO & Treasurer has left the company On the 31st of March, Adam Markman's tenure as Executive VP, CFO & Treasurer ended after 6.7 years in the role. As of December 2020, Adam personally held 207.29k shares (€4.5m worth at the time). A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Mar 09
New 90-day high: €24.40 The company is up 12% from its price of €21.80 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 6.0% over the same period. Reported Earnings • Feb 12
Full year 2020 earnings released: FFO US$0.13 per share (vs US$0.73 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$66.3m (down 48% from FY 2019). Funds from operations (FFO): US$15.8m (down 82% from FY 2019). FFO margin: 24% (down from 70% in FY 2019). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is expected to shrink by 9.6% compared to a 59% growth forecast for the REITs industry in Germany. Is New 90 Day High Low • Feb 05
New 90-day high: €23.80 The company is up 8.0% from its price of €22.00 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 2.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: €23.20 The company is up 5.0% from its price of €22.20 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 3.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: €21.20 The company is down 15% from its price of €24.80 on 23 September 2020. The German market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 11% over the same period. Is New 90 Day High Low • Dec 03
New 90-day low: €21.60 The company is down 18% from its price of €26.20 on 04 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 12% over the same period. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 3.3% at US$16.5m. Revenue is expected to shrink by 18% over the next year, compared to a 128% growth forecast for the REITs industry in Germany. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total funds from operations (FFO) of US$89.7m, down 6.1% from the prior year. Total revenue was US$77.6m over the last 12 months, down 46% from the prior year. Is New 90 Day High Low • Oct 19
New 90-day low: €22.40 The company is down 18% from its price of €27.20 on 21 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: €25.20 The company is down 10.0% from its price of €28.00 on 19 June 2020. The German market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 2.0% over the same period.