The following is a summary of the Equity Commonwealth (EQC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Equity Commonwealth reported Q1 2024 funds from operations of $0.26 per share, up from $0.22 per share in Q1 2023 due to an increase in interest and other income, and a decrease in income tax expense.

• Same-property net operating income increased 4.3% compared to last year, influenced by lease termination fees and reduction of pre-leasing demolition costs, though impacted by a decrease in average commenced occupancy.

• The firm holds approximately $2.2 billion in cash, free of debt by the end of the first quarter.

Business Progress:

• The company executed dispositions worth $7.6 billion, including 164 properties, and repaid $3.3 billion of debt and preferred equity.

• It has repurchased $652 million of its own shares and is assessing potential investment avenues across sectors, particularly industrial and residential.

• Preparations are underway to sell its remaining properties, with three assets going on the market later in the month.

• If no attractive transactions emerge from the pipeline, the company aims to get shareholder clearance to wind-down the business and return its capital to the shareholders before the year ends.

More details: Equity Commonwealth IR

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