Liquidation: Equity Commonwealth

Form Type: 10-Q

Filing Date: 2025-05-06

Corporate Action: Liquidation

Type: Update

Accession Number: 000080364925000044

Filing Summary: Equity Commonwealth, a real estate investment trust, filed a quarterly report indicating significant developments related to its ongoing liquidation process. The company reported net assets in liquidation of $176.5 million as of March 31, 2025, showing a decrease from previous figures due to various liquidation costs. In April 2025, the company announced final cash liquidating distributions of $1.60 per common share to be paid on April 22, 2025, significantly adding to the total cash distributions to $20.60 per common share in aggregate, reflecting the completion of a major phase in their liquidation plan approved by shareholders in November 2024. The company has ceased operations and has begun transitioning into a liquidating entity, expecting to complete this during the second quarter of 2025. The filing also included updates on financial performance and outlined net losses related to the liquidation accounting methodology imposed.

Form Type: 8-K

Filing Date: 2025-04-01

Corporate Action: Liquidation

Type: Update

Accession Number: 000080364925000039

Filing Summary: On April 1, 2025, Equity Commonwealth announced its intention to file a Form 25 with the SEC and NYSE for the delisting of its common shares. The last trading day on the NYSE is set for April 21, 2025. Additionally, the company's Board of Trustees has authorized a final cash liquidating distribution of $1.60 per common share. Following this distribution, the company will continue winding down operations, transferring remaining assets and liabilities to a Maryland liquidating trust, and deregistering with the SEC before the end of Q2 2025. Common shares will be converted into beneficial interest units in the liquidating trust on a one-for-one basis, with any potential distributions from the trust expected to be nominal.

Form Type: 8-K

Filing Date: 2025-01-27

Corporate Action: Liquidation

Type: New

Accession Number: 000080364925000003

Filing Summary: On January 27, 2025, Equity Commonwealth's Compensation Committee approved short-term incentive cash bonuses for its named executive officers as part of the company's Short-Term Incentive Program. The bonuses were evaluated based on subjective performance goals and acknowledged that previously established operational performance metrics were no longer valid due to the company's adoption of a Plan of Sale and Dissolution, which was approved by shareholders. This plan led to the sale of three of the company's four remaining properties in 2024 as a component of the planned liquidation process. Specific bonus amounts approved include $2,156,969 for David Helfand, $908,198 for Bill Griffiths, $1,023,142 for David Weinberg, and $900,364 for Orrin Shifrin.