On March 13, 2024, Land & Buildings Investment Management LLC announced that it has sent a letter to Equity Commonwealth board, stating that on the Company?s recent earnings call, management stated that if transformative investments for Company could not be found soon, it would need to look longer and harder at perhaps selling the 4 remaining properties and liquidating the Company, Company?s executives have been making similar promises for years while shareholders continue to suffer, and Land & Buildings Investment Management believes the evidence is overwhelming that the time for action is now. In addition, Land & Buildings Investment Management stated that 1) with greater than 20% upside to consensus NAV, and trading below the value of its cash, it is highly unlikely Company can execute on a transaction that will create more value relative to a full liquidation of the Company, 2) Company has materially underperformed the REIT Index over the trailing 1, 3, 5, and 10 years, 3) G&A costs remain excessive and are a black eye for the Company, 4) interest income is set to decline, materially reducing earnings power, 5) office asset values and fundamentals have no imminent recovery in sight. Further, Land & Buildings Investment Management stated that based on the foregoing, it believes Company should immediately announce a complete liquidation of its remaining assets and return the cash to shareholders, and it hopes the board will take immediate action, it will not hesitate to do whatever is necessary to maximize value for all shareholders of the Company.