EQUITY COMMONWEALTH (NYSE:EQC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 26, 2019, Equity Commonwealth, a Maryland real estate investment trust (the “Company”), by and through its primary operating subsidiary, EQC Operating Trust (the “Operating Trust”), and another subsidiary (collectively, “Sellers”), closed on the previously announced sale of 50% of the equity interests in the fee simple owner of 1735 Market Street in Philadelphia, Pennsylvania, to certain affiliates of Silverstein/Arden 1735 Market Holdco LP for a gross sale price of $451.6 million. Proceeds after credits for capital costs, contractual lease costs, and rent abatements were $435.4 million.
1735 Market Street is an approximately 1.3 million square foot, Class A, office property located in the Market West submarket of Philadelphia, Pennsylvania.
Item 7.01 Regulation FD Disclosure.
In addition to the required pro forma financial information presented below to Item 9.01, we have included calculations of the net operating income and cash basis net operating income for 1735 Market Street, as well as reconciliations of such numbers to operating income, in Exhibit 99.2 to this Current Report on Form 8-K, which are incorporated herein solely for purposes of this Item 7.01 disclosure.
The information in this Item 7.01 disclosure, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section. In addition, the information in this Item 7.01 disclosure, including Exhibit 99.2, shall not be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
We intend to use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.eqcre.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures.
Item 9.01 Financial Statements and Exhibits.
(b)Pro forma financial information
The pro forma financial information of the Company as adjusted to give effect to the sale of 1735 Market Street is presented in the unaudited pro forma condensed consolidated financial statements filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
(d) Exhibits
Equity Commonwealth Exhibit
EX-99.1 2 exhibit991proforma1735mark.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Unaudited Pro Forma Condensed Consolidated Financial StatementsOn January 29,…
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About EQUITY COMMONWEALTH (NYSE:EQC)
Equity Commonwealth is an internally managed and self-advised real estate investment trust (REIT). The Company is engaged in the ownership and operation of office buildings throughout the United States. It operates in central business district properties and suburban properties segment. The Company’s portfolio includes approximately 60 properties (over 130 buildings) with a combined of approximately 24 million square feet. It leases its properties to over 1,000 tenants. Its properties include Parkshore Plaza, Leased Land/Vineyards, Sky Park Centre, Georgetown-Green and Harris Buildings, Executive Park, Cabot Business Park Land, Danac Stiles Business Park, East Eisenhower Parkway, North Point Office Complex, Raintree Industrial Park, Cherrington Corporate Center, Foster Plaza, Bridgepoint Parkway, Lakewood on the Park and Research Park. Its properties are located in Alabama, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Hawaii and Illinois, among others.