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12	member 3/13/24 12:34PM Re: Re: Re: Worth Revisiting 11
Surprisingly mild reaction today in response to an activist showing up: https://www.businesswire.com/news/home/20240313833721/en/Land-Buildings-Calls-on-Equity-Commonwealth-to-Take-Long-Overdue-Step-of-Liquidating-Remaining-Assets-and-Returning-Capital-to-Shareholders From $19.25, I still see a mid-to-high-teens one-year IRR to liquidation. NCAV just under $19. Upside isn't crazy, but very attractive for the risk, IMO. 1 view available tags
11	member 12/14/23 1:12PM Re: Re: Worth Revisiting 10
I think it's more nuanced than that. First, they are unlikely to buy office, so I think the strict inverse correlation there doesn't quite make sense. They are most likely to buy industrial or residential. So... login to read the rest view available tags
10	member 12/14/23 11:55AM Re: Worth Revisiting 9
It's odd how this trades - it moves in line with office REITs when it should move inversely. view available tags
9	member 9/26/23 9:16PM Worth Revisiting
For most of the last five years, we have found EQC to have an unattractive asymmetry: not much upside if it liquidates, and a likely negative market reaction if it finds a deal in a... login to read the rest 2 view available tags
8	member 3/07/23 6:11PM Re: Re: Re: dividend/opportunities 7
This entity exists to pay management and for Sam Zell to keep his overhead off-balance sheet. It does $35mm in NOI and has $30mm in G&A. CEO pays himself >$5mm/year in that $30mm G&A number. What do... login to read the rest 3 view available tags
7	member 3/07/23 5:41PM Re: Re: dividend/opportunities 5
At least according to EQC's press release, the distribution is, as blaueskobalt says, driven primarily by REIT taxation requirements. Regarding acquisition targets, I think that multifamily and office should both be on the table. Multifamily is... login to read the rest view available tags
6	member 3/07/23 5:17PM Re: Re: dividend/opportunities 5
Thanks, that makes sense on tax/REIT rule. Office is getting sold off pretty hard. Maybe this is the market slowly realizing that these big office players are hosed because the world has changed, but it seems... login to read the rest view available tags
5	member 3/07/23 2:02PM Re: dividend/opportunities 4
I think the distribution is mainly driven by tax/REIT rule requirements. Another interesting point here is that the AFFO yield is north of 4%, given how much they can make on their cash now. Thus, the... login to read the rest view available tags
4	member 3/07/23 12:02PM dividend/opportunities 3
What's with the $4.25/share dividend? Seems odd. If you are going to liquidate this thing, then liquidate it. There is finally starting to be some real carnage in the RE space, ironically, given the history here. ... login to read the rest view available tags
3	member 9/23/22 5:47PM Congrats!
EQC might be the best performing REIT since your write-up. 2 view available tags
1	member 12/29/20 9:14PM NOI
Thanks for the write-up Felton. 1) What is NOI on the remaining properties? 2) What is cash G&A burn annualizing now? 3) Do you get any sense they are finding things to do? Real estate market hit the... login to read the rest view available tags

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			2012	2013
Price:	98.00	EPS	$2.64	$3.35
Shares Out. (in M):	65	P/E	37.0x	29.3x
Market Cap (in $M):	6,435	P/FCF	nm	nm
Net Debt (in $M):	-191	EBIT	368	467
TEV (in $M):	6,245	TEV/EBIT	17.0x	13.5x
Borrow Cost:	NA

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