EQC Equity Commonwealth

Equity Commonwealth (NYSE: EQC) today reported financial results for the quarter ended September 30, 2023.

Financial results for the quarter ended September 30, 2023

Net income attributable to common shareholders was $24.1 million, or $0.22 per diluted share, for the quarter ended September 30, 2023. This compares to net income attributable to common shareholders of $10.2 million, or $0.09 per diluted share, for the quarter ended September 30, 2022. The increase in net income was primarily due to an increase in interest income from higher average interest rates.

Funds from Operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, for the quarter ended September 30, 2023, were $28.7 million, or $0.26 per diluted share. This compares to FFO for the quarter ended September 30, 2022 of $14.5 million, or $0.13 per diluted share. The following items impacted FFO for the quarter ended September 30, 2023, compared to the corresponding 2022 period:

• $0.13 per diluted share increase in interest and other income, net; and
• $(0.01) per diluted share decrease in same property NOI.

Normalized FFO was $28.6 million, or $0.26 per diluted share, for the quarter ended September 30, 2023. This compares to Normalized FFO for the quarter ended September 30, 2022 of $14.5 million, or $0.13 per diluted share. The following items impacted Normalized FFO for the quarter ended September 30, 2023, compared to the corresponding 2022 period:

• $0.13 per diluted share increase in interest and other income, net; and
• $(0.01) per diluted share decrease in same property NOI.

Normalized FFO begins with FFO and eliminates certain items that, by their nature, are not comparable from period to period, non-cash items, and items that obscure the company’s operating performance. Definitions of FFO, Normalized FFO and reconciliations to net income, determined in accordance with U.S. generally accepted accounting principles, or GAAP, are included at the end of this press release.

As of September 30, 2023, the company’s cash and cash equivalents balance was $2.1 billion.

Same property results for the quarter ended September 30, 2023

The company’s same property portfolio at the end of the quarter consisted of 4 properties totaling 1.5 million square feet. Operating results were as follows:

• The same property portfolio was 80.8% leased as of September 30, 2023, compared to 82.0% as of June 30, 2023, and 83.4% as of September 30, 2022.
• The same property portfolio commenced occupancy was 79.9% as of September 30, 2023, compared to 78.2% as of June 30, 2023, and 80.8% as of September 30, 2022.
• Same property NOI decreased 6.8% when compared to the same period in 2022, primarily due to a decrease in commenced occupancy and an increase in pre-leasing demolition costs.
• Same property cash NOI decreased 6.6% when compared to the same period in 2022, primarily due to a decrease in commenced occupancy and an increase in pre-leasing demolition costs.
• The company entered into leases for approximately 54,000 square feet, including renewal leases for approximately 39,000 square feet and new leases for approximately 15,000 square feet.
• The GAAP rental rate on new and renewal leases was 6.0% higher compared to the prior GAAP rental rate for the same space.
• The cash rental rate on new and renewal leases was 1.8% lower compared to the prior cash rental rate for the same space.

The definitions and reconciliations of same property NOI and same property cash NOI to net income, determined in accordance with GAAP, are included at the end of this press release. The same property portfolio at the end of the quarter included properties continuously owned from July 1, 2022 through September 30, 2023.

Significant events during the quarter ended September 30, 2023

During the quarter ended September 30, 2023, the company repurchased 3,018,411 of its common shares at a weighted average price of $18.78 for a total investment of $56.7 million. The company has $93.3 million of remaining authorization available under its share repurchase program, as of October 24, 2023.

Earnings Conference Call & Supplemental Operating and Financial Information

Equity Commonwealth will host a conference call to discuss third quarter results on Tuesday, October 31, 2023, at 9:00 A.M. CT. The conference call will be available via live audio webcast on the Investor Relations section of the company’s website (www.eqcre.com). A replay of the audio webcast will also be available following the call.

A copy of EQC’s Third Quarter 2023 Supplemental Operating and Financial Information is available in the Investor Relations section of EQC’s website at www.eqcre.com.

About Equity Commonwealth

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. EQC’s portfolio is comprised of four properties totaling 1.5 million square feet.

Regulation FD Disclosures

We 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.

Forward-Looking Statements

Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws. Any forward-looking statements contained in this press release are intended to be made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify forward-looking statements by the use of forward-looking terminology, including but not limited to, “may,” “will,” “should,” “could,” “would,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands, except share data)

 

 

September 30, 2023

 

December 31, 2022

ASSETS

 

 

 

Real estate properties:

 

 

 

Land

$

44,060

 

 

$

44,060

 

Buildings and improvements

 

366,908

 

 

 

364,063

 

 

 

410,968

 

 

 

408,123

 

Accumulated depreciation

 

(178,201

)

 

 

(169,530

)

 

 

232,767

 

 

 

238,593

 

Cash and cash equivalents

 

2,127,788

 

 

 

2,582,222

 

Rents receivable

 

15,174

 

 

 

16,009

 

Other assets, net

 

18,057

 

 

 

18,061

 

Total assets

$

2,393,786

 

 

$

2,854,885

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Accounts payable, accrued expenses and other

$

23,027

 

 

$

25,935

 

Rent collected in advance

 

2,133

 

 

 

2,355

 

Distributions payable

 

6,390

 

 

 

2,863

 

Total liabilities

$

31,550

 

 

$

31,153

 

 

 

 

 

Shareholders’ equity:

 

 

 

Preferred shares of beneficial interest, $0.01 par value: 50,000,000 shares authorized;

 

 

 

Series D preferred shares; 6.50% cumulative convertible; 4,915,196 shares issued and outstanding, aggregate liquidation preference of $122,880

$

119,263

 

 

$

119,263

 

Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 106,712,046 and 109,428,252 shares issued and outstanding, respectively

 

1,067

 

 

 

1,094

 

Additional paid in capital

 

3,930,372

 

 

 

3,979,566

 

Cumulative net income

 

3,900,430

 

 

 

3,835,815

 

Cumulative common distributions

 

(4,865,190

)

 

 

(4,393,522

)

Cumulative preferred distributions

 

(731,679

)

 

 

(725,688

)

Total shareholders’ equity

 

2,354,263

 

 

 

2,816,528

 

Noncontrolling interest

 

7,973

 

 

 

7,204

 

Total equity

$

2,362,236

 

 

$

2,823,732

 

Total liabilities and equity

$

2,393,786

 

 

$

2,854,885

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, amounts in thousands, except per share data)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

Rental revenue

$

13,928

 

 

$

13,869

 

 

$

41,512

 

 

$

44,135

 

Other revenue (1)

 

1,284

 

 

 

1,257

 

 

 

3,866

 

 

 

3,218

 

Total revenues

$

15,212

 

 

$

15,126

 

 

$

45,378

 

 

$

47,353

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

Operating expenses

$

6,722

 

 

$

6,073

 

 

$

20,920

 

 

$

17,198

 

Depreciation and amortization

 

4,436

 

 

 

4,451

 

 

 

13,260

 

 

 

13,176

 

General and administrative

 

7,061

 

 

 

7,593

 

 

 

29,470

 

 

 

23,241

 

Total expenses

$

18,219

 

 

$

18,117

 

 

$

63,650

 

 

$

53,615

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

29,269

 

 

 

15,145

 

 

 

84,997

 

 

 

22,682

 

Gain on sale of properties, net

 

—

 

 

 

90

 

 

 

—

 

 

 

90

 

Income before income taxes

 

26,262

 

 

 

12,244

 

 

 

66,725

 

 

 

16,510

 

Income tax expense

 

(30

)

 

 

(23

)

 

 

(1,906

)

 

 

(81

)

Net income

$

26,232

 

 

$

12,221

 

 

$

64,819

 

 

$

16,429

 

Net income attributable to noncontrolling interest

 

(86

)

 

 

(31

)

 

 

(204

)

 

 

(41

)

Net income attributable to Equity Commonwealth

$

26,146

 

 

$

12,190

 

 

$

64,615

 

 

$

16,388

 

Preferred distributions

 

(1,997

)

 

 

(1,997

)

 

 

(5,991

)

 

 

(5,991

)

Net income attributable to Equity Commonwealth common shareholders

$

24,149

 

 

$

10,193

 

 

$

58,624

 

 

$

10,397

 

 

Weighted average common shares outstanding — basic (2)

108,931

111,305

109,494

112,341

Weighted average common shares outstanding — diluted (2)(3)

110,217

112,596

110,916

113,383

 

Earnings per common share attributable to Equity Commonwealth common shareholders:

Basic

$

0.22

$

0.09

$

0.54

$

0.09

Diluted

$

0.22

$

0.09

$

0.53

$

0.09

 

(1)

 

Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.

(2)

 

Weighted average common shares outstanding for the three months ended September 30, 2023 and 2022 includes 131 and 86 unvested, earned RSUs, respectively. Weighted average common shares outstanding for the nine months ended September 30, 2023 and 2022 includes 125 and 111 unvested, earned RSUs, respectively.

(3)

 

As of September 30, 2023, we had 4,915 series D preferred shares outstanding. The series D preferred shares were convertible into 4,032 common shares as of September 30, 2023 and 3,365 common shares as of September 30, 2022. The series D preferred shares are anti-dilutive for GAAP EPS for all periods presented.

 

CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO

(Unaudited, amounts in thousands, except per share data)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Calculation of FFO

 

 

 

 

 

 

 

Net income

$

26,232

 

 

$

12,221

 

 

$

64,819

 

 

$

16,429

 

Real estate depreciation and amortization

 

4,429

 

 

 

4,412

 

 

 

13,231

 

 

 

13,058

 

Gain on sale of properties, net

 

—

 

 

 

(90

)

 

 

—

 

 

 

(90

)

FFO attributable to Equity Commonwealth

 

30,661

 

 

 

16,543

 

 

 

78,050

 

 

 

29,397

 

Preferred distributions

 

(1,997

)

 

 

(1,997

)

 

 

(5,991

)

 

 

(5,991

)

FFO attributable to EQC common shareholders and unitholders

$

28,664

 

 

$

14,546

 

 

$

72,059

 

 

$

23,406

 

 

 

 

 

 

 

 

 

Calculation of Normalized FFO

 

 

 

 

 

 

 

FFO attributable to EQC common shareholders and unitholders

$

28,664

 

 

$

14,546

 

 

$

72,059

 

 

$

23,406

 

Straight-line rent adjustments

 

(107

)

 

 

(61

)

 

 

445

 

 

 

(151

)

Former chairman accelerated compensation expense

 

—

 

 

 

—

 

 

 

5,957

 

 

 

—

 

Normalized FFO attributable to EQC common shareholders and unitholders

$

28,557

 

 

$

14,485

 

 

$

78,461

 

 

$

23,255

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding — basic (1)

 

109,292

 

 

 

111,585

 

 

 

109,842

 

 

 

112,616

 

Weighted average common shares and units outstanding — diluted (1)

 

110,578

 

 

 

112,876

 

 

 

111,264

 

 

 

113,658

 

 

 

 

 

 

 

 

 

FFO attributable to EQC common shareholders and unitholders per share and unit — basic

$

0.26

 

 

$

0.13

 

 

$

0.66

 

 

$

0.21

 

FFO attributable to EQC common shareholders and unitholders per share and unit — diluted

$

0.26

 

 

$

0.13

 

 

$

0.65

 

 

$

0.21

 

Normalized FFO attributable to EQC common shareholders and unitholders per share and unit — basic

$

0.26

 

 

$

0.13

 

 

$

0.71

 

 

$

0.21

 

Normalized FFO attributable to EQC common shareholders and unitholders per share and unit — diluted

$

0.26

 

 

$

0.13

 

 

$

0.71

 

 

$

0.20

 

(1)

 

Our calculations of FFO and Normalized FFO attributable to EQC common shareholders and unitholders per share and unit - basic for the three months ended September 30, 2023 and 2022 include 361 and 280 LTIP/Operating Partnership Units, respectively, that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only). Our calculations of FFO and Normalized FFO attributable to EQC common shareholders and unitholders per share and unit - basic for the nine months ended September 30, 2023 and 2022 include 348 and 275 LTIP/Operating Partnership Units, respectively, that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only).

We compute FFO in accordance with standards established by Nareit. Nareit defines FFO as net income (loss), calculated in accordance with GAAP, excluding real estate depreciation and amortization, gains (or losses) from sales of depreciable property, impairment of depreciable real estate and our portion of these items related to equity investees and noncontrolling interests. Our calculation of Normalized FFO differs from Nareit’s definition of FFO because we exclude certain items that we view as nonrecurring or impacting comparability from period to period. FFO and Normalized FFO are supplemental non-GAAP financial measures. We consider FFO and Normalized FFO to be appropriate measures of operating performance for a REIT, along with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities.

 

We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO may facilitate a comparison of our operating performance between periods and with other REITs. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income (loss), net income (loss) attributable to EQC common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do.

CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI

(Unaudited, amounts in thousands)

 

For the Three Months Ended

 

9/30/2023

 

6/30/2023

 

3/31/2023

 

12/31/2022

 

9/30/2022

Calculation of Same Property NOI and Same Property Cash Basis NOI:

 

 

 

 

 

 

 

 

 

Rental revenue

$

13,928

 

 

$

13,358

 

 

$

14,226

 

 

$

14,628

 

 

$

13,869

 

Other revenue (1)

 

1,284

 

 

 

1,232

 

 

 

1,350

 

 

 

1,159

 

 

 

1,257

 

Operating expenses

 

(6,722

)

 

 

(6,942

)

 

 

(7,256

)

 

 

(6,986

)

 

 

(6,073

)

NOI

$

8,490

 

 

$

7,648

 

 

$

8,320

 

 

$

8,801

 

 

$

9,053

 

Straight-line rent adjustments

 

(107

)

 

 

273

 

 

 

279

 

 

 

389

 

 

 

(61

)

Lease termination fees

 

(173

)

 

 

(33

)

 

 

(177

)

 

 

(743

)

 

 

(259

)

Cash Basis NOI

$

8,210

 

 

$

7,888

 

 

$

8,422

 

 

$

8,447

 

 

$

8,733

 

Cash Basis NOI from non-same properties (2)

 

(5

)

 

 

(4

)

 

 

(4

)

 

 

14

 

 

 

48

 

Same Property Cash Basis NOI

$

8,205

 

 

$

7,884

 

 

$

8,418

 

 

$

8,461

 

 

$

8,781

 

Non-cash rental income and lease termination fees from same properties

 

280

 

 

 

(240

)

 

 

(102

)

 

 

354

 

 

 

320

 

Same Property NOI

$

8,485

 

 

$

7,644

 

 

$

8,316

 

 

$

8,815

 

 

$

9,101

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Same Property NOI to GAAP Net Income:

 

 

 

 

 

 

 

 

 

Same Property NOI

$

8,485

 

 

$

7,644

 

 

$

8,316

 

 

$

8,815

 

 

$

9,101

 

Non-cash rental income and lease termination fees from same properties

 

(280

)

 

 

240

 

 

 

102

 

 

 

(354

)

 

 

(320

)

Same Property Cash Basis NOI

$

8,205

 

 

$

7,884

 

 

$

8,418

 

 

$

8,461

 

 

$

8,781

 

Cash Basis NOI from non-same properties (2)

 

5

 

 

 

4

 

 

 

4

 

 

 

(14

)

 

 

(48

)

Cash Basis NOI

$

8,210

 

 

$

7,888

 

 

$

8,422

 

 

$

8,447

 

 

$

8,733

 

Straight-line rent adjustments

 

107

 

 

 

(273

)

 

 

(279

)

 

 

(389

)

 

 

61

 

Lease termination fees

 

173

 

 

 

33

 

 

 

177

 

 

 

743

 

 

 

259

 

NOI

$

8,490

 

 

$

7,648

 

 

$

8,320

 

 

$

8,801

 

 

$

9,053

 

Depreciation and amortization

 

(4,436

)

 

 

(4,514

)

 

 

(4,310

)

 

 

(4,634

)

 

 

(4,451

)

General and administrative

 

(7,061

)

 

 

(13,854

)

 

 

(8,555

)

 

 

(7,137

)

 

 

(7,593

)

Interest and other income, net

 

29,269

 

 

 

27,352

 

 

 

28,376

 

 

 

24,263

 

 

 

15,145

 

Gain on sale of properties, net

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

 

 

90

 

Income before income taxes

$

26,262

 

 

$

16,632

 

 

$

23,831

 

 

$

21,300

 

 

$

12,244

 

Income tax expense

 

(30

)

 

 

(796

)

 

 

(1,080

)

 

 

(372

)

 

 

(23

)

Net income

$

26,232

 

 

$

15,836

 

 

$

22,751

 

 

$

20,928

 

 

$

12,221

 

 

 

 

 

 

 

 

 

 

 

(1)

 

Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.

(2)

 

Cash Basis NOI from non-same properties for all periods presented includes the operations of disposed properties.

 

CALCULATION OF SAME PROPERTY NET OPERATING INCOME (NOI) AND SAME PROPERTY CASH BASIS NOI

(Unaudited, amounts in thousands)

 

 

For the Nine Months Ended September 30,

 

 

2023

 

 

 

2022

 

Calculation of Same Property NOI and Same Property Cash Basis NOI:

 

 

 

Rental revenue

$

41,512

 

 

$

44,135

 

Other revenue (1)

 

3,866

 

 

 

3,218

 

Operating expenses

 

(20,920

)

 

 

(17,198

)

NOI

$

24,458

 

 

$

30,155

 

Straight-line rent adjustments

 

445

 

 

 

(151

)

Lease termination fees

 

(383

)

 

 

(761

)

Cash Basis NOI

$

24,520

 

 

$

29,243

 

Cash Basis NOI from non-same properties (2)

 

(13

)

 

 

(1,624

)

Same Property Cash Basis NOI

$

24,507

 

 

$

27,619

 

Non-cash rental income and lease termination fees from same properties

 

(62

)

 

 

912

 

Same Property NOI

$

24,445

 

 

$

28,531

 

 

 

 

 

Reconciliation of Same Property NOI to GAAP Net Income:

 

 

 

Same Property NOI

$

24,445

 

 

$

28,531

 

Non-cash rental income and lease termination fees from same properties

 

62

 

 

 

(912

)

Same Property Cash Basis NOI

$

24,507

 

 

$

27,619

 

Cash Basis NOI from non-same properties (2)

 

13

 

 

 

1,624

 

Cash Basis NOI

$

24,520

 

 

$

29,243

 

Straight-line rent adjustments

 

(445

)

 

 

151

 

Lease termination fees

 

383

 

 

 

761

 

NOI

$

24,458

 

 

$

30,155

 

Depreciation and amortization

 

(13,260

)

 

 

(13,176

)

General and administrative

 

(29,470

)

 

 

(23,241

)

Interest and other income, net

 

84,997

 

 

 

22,682

 

Gain on sale of properties, net

 

—

 

 

 

90

 

Income before income taxes

$

66,725

 

 

$

16,510

 

Income tax expense

 

(1,906

)

 

 

(81

)

Net income

$

64,819

 

 

$

16,429

 

(1)

 

Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.

(2)

 

Cash Basis NOI from non-same properties for all periods presented includes the operations of disposed properties.

NOI is income from our real estate including lease termination fees received from tenants less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions and corporate level expenses. Cash Basis NOI is NOI excluding the effects of straight-line rent adjustments, lease value amortization and lease termination fees. The quarter-to-date same property versions of these measures include the results of properties continuously owned from July 1, 2022 through September 30, 2023. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2022 through September 30, 2023. Properties classified as held for sale within our condensed consolidated balance sheets are excluded from the same property versions of these measures.

 

We consider these supplemental non-GAAP financial measures to be appropriate supplemental measures to net income (loss) because they may help to understand the operations of our properties. We use these measures internally to evaluate property level performance, and we believe that they provide useful information to investors regarding our results of operations because they reflect only those income and expense items that are incurred at the property level and may facilitate comparisons of our operating performance between periods and with other REITs. Cash Basis NOI is among the factors considered with respect to acquisition, disposition and financing decisions. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income (loss), net income (loss) attributable to Equity Commonwealth common shareholders or cash flow from operating activities, determined in accordance with GAAP, or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. These measures should be considered in conjunction with net income (loss), net income (loss) attributable to EQC common shareholders and cash flow from operating activities as presented in our condensed consolidated statements of operations and condensed consolidated statements of cash flows. Other REITs and real estate companies may calculate these measures differently than we do.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231030479231/en/

Bill Griffiths (312) 646-2801 ir@eqcre.com