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Equity Commonwealth

DB:HP5A
Snowflake Description

Flawless balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HP5A
DB
$4B
Imp Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. The last earnings update was 49 days ago. More info.


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HP5A Share Price and Events
7 Day Returns
2.6%
DB:HP5A
1.4%
DE REITs
0.2%
DE Market
1 Year Returns
12.9%
DB:HP5A
13.9%
DE REITs
-10.9%
DE Market
HP5A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Equity Commonwealth (HP5A) 2.6% 5.2% 5.4% 12.9% 17.7% 51.1%
DE REITs 1.4% 2% 6.8% 13.9% 2.2% 13.5%
DE Market 0.2% -2.5% -2% -10.9% 8.9% 6.3%
1 Year Return vs Industry and Market
  • HP5A underperformed the REITs industry which returned 13.9% over the past year.
  • HP5A outperformed the Market in Germany which returned -10.9% over the past year.
Price Volatility
HP5A
Industry
5yr Volatility vs Market

HP5A Value

 Is Equity Commonwealth undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Equity Commonwealth to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Equity Commonwealth.

DB:HP5A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:HP5A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 21%) (6.64%))
0.678
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:HP5A using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Equity Commonwealth is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Equity Commonwealth is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:HP5A DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 5%)
2019 62.18 Analyst x1 59.22
2020 30.44 Analyst x1 27.61
2021 30.99 Est @ 1.8% 26.77
2022 31.40 Est @ 1.33% 25.84
2023 31.71 Est @ 1% 24.85
2024 31.95 Est @ 0.77% 23.85
2025 32.15 Est @ 0.6% 22.85
2026 32.31 Est @ 0.49% 21.87
2027 32.44 Est @ 0.41% 20.92
2028 32.55 Est @ 0.36% 19.99
Present value of next 10 years cash flows $273.78
DB:HP5A DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $32.55 × (1 + 0.23%) ÷ (5% – 0.23%)
$684.32
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $684.32 ÷ (1 + 5%)10
$420.27
DB:HP5A Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $273.78 + $420.27
$694.05
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $694.05 / 121.94
$5.69
DB:HP5A Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HP5A represents 0.8866x of NYSE:EQC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8866x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 5.69 x 0.8866
€5.05
Value per share (EUR) From above. €5.05
Current discount Discount to share price of €30.10
= -1 x (€30.10 - €5.05) / €5.05
-496.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Equity Commonwealth is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Equity Commonwealth's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Equity Commonwealth's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HP5A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.36
NYSE:EQC Share Price ** NYSE (2019-06-18) in USD $33.95
Germany REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 12.77x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Equity Commonwealth.

DB:HP5A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:EQC Share Price ÷ EPS (both in USD)

= 33.95 ÷ 2.36

14.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equity Commonwealth is overvalued based on earnings compared to the DE REITs industry average.
  • Equity Commonwealth is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Equity Commonwealth's expected growth come at a high price?
Raw Data
DB:HP5A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-78.4%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.65x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:HP5A PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.38x ÷ -78.4%

-0.18x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equity Commonwealth earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Equity Commonwealth's assets?
Raw Data
DB:HP5A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $26.83
NYSE:EQC Share Price * NYSE (2019-06-18) in USD $33.95
Germany REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.35x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.77x
DB:HP5A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:EQC Share Price ÷ Book Value per Share (both in USD)

= 33.95 ÷ 26.83

1.27x

* Primary Listing of Equity Commonwealth.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equity Commonwealth is good value based on assets compared to the DE REITs industry average.
X
Value checks
We assess Equity Commonwealth's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Equity Commonwealth has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HP5A Future Performance

 How is Equity Commonwealth expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-78.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Equity Commonwealth expected to grow at an attractive rate?
  • Equity Commonwealth's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Equity Commonwealth's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Equity Commonwealth's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HP5A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HP5A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -78.4%
DB:HP5A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -7.7%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.1%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:HP5A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HP5A Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31
2020-12-31 153 36 2
2019-12-31 154 238 2
DB:HP5A Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 180 103 288
2018-12-31 197 90 265
2018-09-30 226 88 228
2018-06-30 257 80 228
2018-03-31 300 104 185
2017-12-31 341 100 22
2017-09-30 372 110 55
2017-06-30 409 114 109
2017-03-31 463 137 188
2016-12-31 501 164 205
2016-09-30 536 157 231
2016-06-30 581 152 170

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Equity Commonwealth's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Equity Commonwealth's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:HP5A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Equity Commonwealth Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HP5A Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 0.29 0.29 0.29 1.00
2019-12-31 1.91 1.91 1.91 1.00
DB:HP5A Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.36
2018-12-31 2.17
2018-09-30 1.85
2018-06-30 1.85
2018-03-31 1.49
2017-12-31 0.17
2017-09-30 0.45
2017-06-30 0.87
2017-03-31 1.50
2016-12-31 1.64
2016-09-30 1.84
2016-06-30 1.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Equity Commonwealth will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Equity Commonwealth's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Equity Commonwealth has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HP5A Past Performance

  How has Equity Commonwealth performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Equity Commonwealth's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Equity Commonwealth has delivered over 20% year on year earnings growth in the past 5 years.
  • Equity Commonwealth's 1-year earnings growth exceeds its 5-year average (55.2% vs 46.6%)
  • Equity Commonwealth's earnings growth has not exceeded the DE REITs industry average in the past year (55.2% vs 69.6%).
Earnings and Revenue History
Equity Commonwealth's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Equity Commonwealth Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HP5A Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 180.19 287.74 43.19
2018-12-31 197.02 264.83 44.44
2018-09-30 225.72 227.85 47.10
2018-06-30 256.65 228.30 47.88
2018-03-31 299.61 185.45 49.02
2017-12-31 340.57 21.67 47.76
2017-09-30 372.49 55.49 47.22
2017-06-30 409.33 108.67 47.11
2017-03-31 463.10 187.73 47.32
2016-12-31 500.68 205.33 50.26
2016-09-30 536.07 231.23 50.81
2016-06-30 580.64 170.32 55.48
2016-03-31 638.97 104.71 54.21
2015-12-31 714.89 71.93 57.46
2015-09-30 788.77 -129.94 60.48
2015-06-30 846.15 -3.89 91.68
2015-03-31 857.65 -26.02 103.37
2014-12-31 861.86 -27.09 107.76
2014-09-30 863.08 145.54 77.65
2014-06-30 860.68 -138.73 55.94
2014-03-31 907.68 -113.65 57.53
2013-12-31 953.03 -102.02 50.10
2013-09-30 949.66 -109.14 75.32
2013-06-30 965.13 23.01 62.14
2013-03-31 898.18 10.72 48.05
2012-12-31 961.09 20.58 49.31
2012-09-30 878.07 20.05 43.60
2012-06-30 892.95 28.63 42.72

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Equity Commonwealth has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Equity Commonwealth used its assets less efficiently than the DE REITs industry average last year based on Return on Assets.
  • Equity Commonwealth's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Equity Commonwealth's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Equity Commonwealth has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HP5A Health

 How is Equity Commonwealth's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Equity Commonwealth's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Equity Commonwealth is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Equity Commonwealth's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Equity Commonwealth's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 11.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Equity Commonwealth Company Filings, last reported 2 months ago.

DB:HP5A Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,391.56 274.98 3,069.50
2018-12-31 3,184.00 274.96 2,400.80
2018-09-30 3,169.51 279.90 2,673.33
2018-06-30 3,442.31 280.01 2,507.12
2018-03-31 3,401.48 679.03 2,837.76
2017-12-31 3,300.50 848.58 2,351.71
2017-09-30 3,324.70 851.79 2,233.09
2017-06-30 3,286.46 1,101.78 1,967.60
2017-03-31 3,286.53 1,143.26 1,888.70
2016-12-31 3,260.45 1,143.61 2,094.99
2016-09-30 3,289.04 1,560.11 2,405.29
2016-06-30 3,198.64 1,562.15 1,772.45
2016-03-31 3,387.37 1,564.31 1,742.49
2015-12-31 3,368.49 1,705.10 1,802.73
2015-09-30 3,327.21 1,838.11 1,649.16
2015-06-30 3,387.23 1,985.38 1,286.90
2015-03-31 3,311.18 2,236.22 421.74
2014-12-31 3,319.58 2,241.91 364.52
2014-09-30 3,489.00 2,480.17 597.41
2014-06-30 3,370.89 3,028.04 428.37
2014-03-31 3,359.07 3,033.71 177.56
2013-12-31 3,363.59 3,051.05 222.45
2013-09-30 3,421.03 3,165.52 165.99
2013-06-30 4,072.48 3,726.57 77.52
2013-03-31 4,126.73 3,740.36 48.69
2012-12-31 3,501.47 4,435.75 102.22
2012-09-30 3,500.12 4,239.41 72.68
2012-06-30 3,682.13 3,905.34 138.81
  • Equity Commonwealth's level of debt (8.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (90.3% vs 8.1% today).
  • Debt is well covered by operating cash flow (37.3%, greater than 20% of total debt).
  • Equity Commonwealth earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Equity Commonwealth's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Equity Commonwealth has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HP5A Dividends

 What is Equity Commonwealth's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Equity Commonwealth dividends. Estimated to be 0% next year.
If you bought €2,000 of Equity Commonwealth shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Equity Commonwealth's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Equity Commonwealth's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:HP5A Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:HP5A Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 1.00
2020-12-31 0.00 2.00
2019-12-31 0.00 1.00
DB:HP5A Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2015-11-05 0.000 0.000
2015-11-04 0.000 0.000
2015-08-06 0.000 0.000
2015-08-05 0.000 0.000
2015-05-07 0.000 0.000
2015-05-06 0.000 0.000
2015-02-19 0.000 0.000
2015-02-18 0.000 0.000
2014-11-04 0.000 0.000
2014-08-07 0.000 0.000
2014-08-06 0.000 0.000
2014-01-03 1.000 3.844
2013-10-09 1.000 4.217
2013-07-09 1.000 4.206
2013-04-08 1.000 4.629
2013-01-10 1.000 5.204
2012-10-09 1.000 6.654
2012-07-09 2.000 12.432
2012-04-05 2.000 10.930
2012-01-10 2.000 10.431
2011-10-05 2.000 11.477
2011-07-01 2.000 9.620
2011-04-05 2.000 7.754
2011-01-05 2.000 7.560
2010-10-05 2.000 7.854
2010-07-06 2.000 7.917
2010-04-06 1.920 6.732
2009-12-11 1.920 6.916
2009-10-09 1.920 7.132
2009-07-07 1.920 8.396

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Equity Commonwealth has not reported any payouts.
  • Unable to verify if Equity Commonwealth's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Equity Commonwealth's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Equity Commonwealth has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Equity Commonwealth's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Equity Commonwealth's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Equity Commonwealth afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Equity Commonwealth has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HP5A Management

 What is the CEO of Equity Commonwealth's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Helfand
COMPENSATION $6,260,516
AGE 53
TENURE AS CEO 5.1 years
CEO Bio

Mr. David A. Helfand has been the Chief Executive Officer and President at Equity Commonwealth since May 2014. Mr. Helfand has been a Co-President at Equity Group Investments since January 2012 where he has overseen Equity Group's real estate activities and all aspects of the Equity Group Investments and also devote a substantial amount of his time to the Zell Opportunities Funds. Prior to re-joining EGI in 2012, Mr. Helfand served as the President, Founder and Chief Executive Officer at Helix Funds. He oversaw the acquisition, management and disposition of more than $22 billion in real estate assets. While at Helix, Mr. Helfand also served as Chief Executive Officer for American Residential Communities. Mr. Helfand served as Interim Chief Financial Officer and Interim Treasurer of CommonWealth REIT until July 8, 2014. Mr. Helfand has worked with Sam Zell for more than 28 years in a variety of capacities. He served as the Chief Investment Officer and Executive Vice President at Equity Office Properties Trust from September 2001 to April 28, 2003. He joined Equity Office in 1998. He also served as an Executive Vice President of Business Development of Equity Office from February 2000 to September 2001, Senior Vice President of New Business Development of Equity Office from July 1998 to February 2000 and Managing Director of Equity International Properties, Ltd. from December 1997 to July 1998. He served as the President at Manufactured Home Communities Inc. from January 1995 to September 1997, Chief Executive Officer from August 1996 to December 1997, Chief Financial Officer from December 1992 to February 1995, Senior Vice President from March 1994 to January 1995. During his five-year tenure at Equity Office, he played an integral role in its growth and strategic redeployment of capital. Under his direction, Equity Office's investment team acquired more than $12 billion in property and sold more than $2 billion in non-core assets. He served as the President and Chief Executive Officer of Equity Lifestyle Properties, Inc. He serves as a Member of Advisory Board of Tur Partners LLC. He has been a Trustee of Equity CommonWealth since May 23, 2014. He is a Member of the Board of Trustees of National Louis University and serves as a Director of the Ann & Robert H. Lurie Children’s Hospital of Chicago and The Ounce of Prevention, and as a Commissioner for the Chicago Park District. He served as a Director of Equity Lifestyles Properties, Inc. (formerly, Manufactured Home Communities Inc.) from May 1995 to March 26, 2004. He is also the Board of Visitors at the Weinberg College of Arts and Sciences at Northwestern University. Mr. Helfand earned a Master's degree and MBA from the University Of Chicago Booth Graduate School Of Business and BA from Northwestern University’s Weinberg College of Arts and Sciences.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Equity Commonwealth management team in years:

5.1
Average Tenure
52
Average Age
  • The average tenure for the Equity Commonwealth management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Helfand

TITLE
President
COMPENSATION
$6M
AGE
53
TENURE
5.1 yrs

Adam Markman

TITLE
Executive VP
COMPENSATION
$3M
AGE
53
TENURE
4.9 yrs

David Weinberg

TITLE
Executive VP & COO
COMPENSATION
$3M
AGE
49
TENURE
5.1 yrs

Orrin Shifrin

TITLE
Executive VP
COMPENSATION
$3M
AGE
51
TENURE
5.1 yrs

Jeff Brown

TITLE
Chief Accounting Officer & Senior VP
AGE
52
TENURE
4.9 yrs

Sarah Byrnes

TITLE
Vice President of Investor Relations & Capital Markets
Board of Directors Tenure

Average tenure and age of the Equity Commonwealth board of directors in years:

5.1
Average Tenure
61.5
Average Age
  • The tenure for the Equity Commonwealth board of directors is about average.
Board of Directors

Sam Zell

TITLE
Chairman of the Board
COMPENSATION
$2M
AGE
76
TENURE
5.1 yrs

David Helfand

TITLE
President
COMPENSATION
$6M
AGE
53
TENURE
5.1 yrs

Kenneth Shea

TITLE
COMPENSATION
$175K
AGE
60
TENURE
5.1 yrs

Mary Robertson

TITLE
COMPENSATION
$180K
AGE
64
TENURE
4.9 yrs

James Star

TITLE
COMPENSATION
$175K
AGE
57
TENURE
4.9 yrs

Peter Linneman

TITLE
Lead Independent Trustee
COMPENSATION
$198K
AGE
67

Jim Corl

TITLE
COMPENSATION
$166K
AGE
51
TENURE
5.1 yrs

Ed Glickman

TITLE
COMPENSATION
$168K
AGE
61
TENURE
5.1 yrs

Jim Lozier

TITLE
COMPENSATION
$166K
AGE
62
TENURE
5.1 yrs

Marty Edelman

TITLE
COMPENSATION
$166K
AGE
76
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • Equity Commonwealth insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
13. May 19 Sell Adam Markman Individual 13. May 19 13. May 19 -12,500 €28.45 €-355,675
20. Feb 19 Sell James Lozier Individual 20. Feb 19 20. Feb 19 -6,000 €28.57 €-171,428
X
Management checks
We assess Equity Commonwealth's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Equity Commonwealth has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HP5A News

Simply Wall St News

HP5A Company Info

Description

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. As of April 29,2019, EQC’s portfolio comprised 8 properties and 3.6 million square feet.

Details
Name: Equity Commonwealth
HP5A
Exchange: DB
Founded: 1986
$3,695,797,810
$3,694,412,166
121,944,689
Website: http://www.eqcre.com
Address: Equity Commonwealth
Two North Riverside Plaza,
Suite 2100,
Chicago,
Illinois, 60606,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE EQC Common Shares New York Stock Exchange US USD 17. Dec 1986
DB HP5A Common Shares Deutsche Boerse AG DE EUR 17. Dec 1986
NYSE EQC.PRD CUM PFD S D 6.5% New York Stock Exchange US USD 10. Oct 2006
Number of employees
Current staff
Staff numbers
41
Equity Commonwealth employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 21:52
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/05/31
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.