Equity Commonwealth Discloses Additional $150M Share Buyback Program

Equity Commonwealth EQC disclosed share repurchase authorization of up to $150 million from July 1, 2023, through June 30, 2024.

The company has $120 million shares worth remaining under its previous share buyback authorization, expiring on June 30, 2023.

Year-to-date through June 13, 2023, the company has not repurchased any shares.

Last month, the company reported Q1 2023 revenues of $15.576 million, beating the consensus of $15.01 million, and normalized FFO per share rose to $0.23 from $0.03 a year ago.

As of March 31, 2023, the company's cash and cash equivalents stood at $2.1 billion.

Price Action: EQC shares are trading higher by 1.012% at $21.00 premarket on the last check Wednesday.