Overview
Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT).
Management
In May 2014, a new Board of Trustees and management team were appointed to lead the company including Sam Zell, a pioneer in real estate who helped shape the modern REIT industry and who served as Board Chairman from May 2014 until his death in May 2023. After the new Board and management team took over responsibility for the company in 2014, the name was changed from CommonWealth REIT to Equity Commonwealth, and the company began trading under the ticker symbol “EQC”.
These changes in 2014 began a new chapter for the company – one focused on creating long term value and aligning the interests of all stakeholders. The Equity Commonwealth leadership team has a long track record of success managing billions in global real estate investments and stewarding companies towards the maximization of their potential. This experience, combined with strong discipline and an entrepreneurial culture, is the formula that has driven Equity Commonwealth.
Approach
Equity Commonwealth approach has combined deep real estate experience, a contrarian perspective and long-term view with rigorous risk management and a conservative balance sheet to create value for its stakeholders. In addition, the company has focused on maintaining best in class corporate governance and building a culture that encourages transparency and open communication based on our guiding principles.
The Equity Commonwealth team holds a superior track record in strategically balancing investment, asset management and operating decisions with a commitment to our shareholders and customers at the core of our day-to-day operations.
Strategy and Wind Down
After taking over responsibility for the company in 2014, the Board and the management team undertook a comprehensive review of the company’s portfolio and developed a strategy that focused on disposing of a significant portion of the company’s assets and repositioning its portfolio. The company completed over $7.7 billion of dispositions while evaluating over 100 potential investment opportunities in an effort to create long-term value for shareholders. After being unable to consummate a compelling transaction, on July 30, 2024, the Board of Trustees determined that it is advisable and in the best interests of the company’s shareholders to proceed with the wind down of the company’s operations and the liquidation of its assets in order to maximize shareholder value, and the management team is in the process of seeking shareholder approval to do so.