L&B Calls on Equity Commonwealth (NYSE: EQC) to Liquidate Remaining Assets *Notes that the Company Currently Has More than 20% Upside to Consensus NAV, is Trading Below the Value of its $2.2 Billion in Cash and Has Materially Underperformed the REIT Index Over the Trailing 1, 3, 5 and 10 Years *Believes that the Current Board Has Allowed G&A Costs and Executive Compensation to Become Disproportionately Excessive, Spending $37 Million Last Year to Manage Just Four Properties *Land & Buildings Stands Ready to Take Any Actions Necessary to Maximize Value for Equity Commonwealth Shareholders L&B has position in EQC https://lnkd.in/dW6Ur7Zs
well said! Been waiting for a long time here
Nationally Recognized REIT Expert w/30 Years Experience: Boston Properties Director of Acq’s, Charles E Smith Resi, Dir/Acq, GOV REIT CEO, II REIT Academy II Georgetown 14+ yrs II Hoya Capital II $4.7b Deals, All Worked
9moJonathan Litt Agree with this 100%. The lever to get this portfolio from the prior “owner” via an activist-led lawsuit (activists won on appeal, 2014) was helped by installing REIT icon Sam Zell (RIP) as Chairman + members of his seasoned REIT team as executives. That was nearly 10 years ago. More recently, EQC attempted a takeover of Monmouth Industrial (ILPT, née MNR) a public industrial REIT, but shareholders said “no” (8/31/2021). (They’d like that vote back). In fact, if I recall correctly, Zell et al intended it to be a “liquidating REIT.” The cash alone is worth approximately $18.69/share, if distributed net ($2b/107mm). https://nypost.com/2014/03/10/well-fighting-to-lead-6-6b-reit/