Exhibit 99.2

Equity Commonwealth

Supplemental Operating

and Financial Information

Second Quarter 2023

Corporate Headquarters	Investor Relations
Two North Riverside Plaza	(312) 646-2801
Suite 2100	ir@eqcre.com
Chicago, IL 60606	www.eqcre.com
(312) 646-2800

TABLE OF CONTENTS

Corporate Information
	Company Profile and Investor Information	3
Financial Information
	Key Financial Data	4
	Condensed Consolidated Balance Sheets	5
	Additional Balance Sheet Information	6
	Condensed Consolidated Statements of Operations	7
	Calculation of Same Property Net Operating Income (NOI) and Same Property Cash Basis NOI	8
	Same Property Results of Operations	10
	Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre	11
	Calculation of Funds from Operations (FFO) and Normalized FFO	12
Portfolio Information
	Property Detail	13
	Leasing Summary	14
	Capital Summary - Expenditures & Same Property Leasing Commitments	15
	Tenants Representing 2.5% or More of Annualized Rental Revenue	16
	Same Property Lease Expiration Schedule	17
Additional Support
	Common & Potential Common Shares	18
	Definitions	19
Forward-Looking Statements
Some of the statements contained in this presentation constitute forward-looking statements within the meaning of the federal securities laws including, but not limited to, statements pertaining to our capital resources, portfolio performance, lease expirations schedules, results of operations or anticipated market conditions, including statements regarding the overall impact of COVID-19 and other external factors on the foregoing. Any forward-looking statements contained in this presentation are intended to be made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and 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.
Any forward-looking statements contained in this presentation 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.
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.

2

COMPANY PROFILE AND INVESTOR INFORMATION

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.

Same Property Statistics
No. of
Properties	Sq. Feet	% Leased	% Commenced
4	1,520,944	82.0%	78.2%

 NYSE Trading Symbols

 Common Stock: EQC

 Preferred Stock Series D: EQCpD

Board of Trustees
David Helfand (Chair)	Peter Linneman (Lead Independent Trustee)	James A. Star
Ellen-Blair Chube	Mary Jane Robertson
Martin L. Edelman	Gerald A. Spector

Senior Management
	David A. Helfand	David S. Weinberg
	President and Chief Executive Officer	Executive Vice President and
		Chief Operating Officer
	William H. Griffiths	Orrin S. Shifrin
	Executive Vice President,	Executive Vice President,
	Chief Financial Officer and Treasurer	General Counsel and Secretary

Equity Research Coverage (1)
Bank of America / Merrill Lynch	Camille Bonnel	(646) 855-5042	camille.bonnel@bofa.com
Citigroup	Nicholas Joseph	(212) 816-1909	nicholas.joseph@citi.com
Green Street Advisors	Daniel Ismail	(949) 640-8780	dismail@greenstreetadvisors.com

Certain terms are defined in the definitions section of this document. All financial data included herein is unaudited.
(1)	Any opinions, estimates or forecasts regarding EQC's performance made by these analysts do not represent opinions, forecasts or predictions of EQC or its management. EQC does not by its reference to the analysts above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts.

3

KEY FINANCIAL DATA

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

		As of and for the Three Months Ended
		6/30/2023			3/31/2023			12/31/2022			9/30/2022			6/30/2022
OPERATING INFORMATION
	Ending property count	4			4			4			4			4
	Ending square footage (1)	1,521			1,507			1,507			1,507			1,507
	Percent leased	82.0		%	81.6		%	82.8		%	83.4		%	84.8		%
	Percent commenced	78.2		%	77.0		%	78.7		%	80.8		%	82.9		%
	Net income attributable to EQC common shareholders	$	13,787		$	20,688		$	18,878		$	10,193		$	899
	Adjusted EBITDAre (2)	27,103			28,141			25,927			16,605			7,266
SAME PROPERTY OPERATING INFORMATION
	Ending square footage (1)	1,521			1,507			1,507			1,507			1,507
	Percent leased	82.0		%	81.6		%	82.8		%	83.4		%	84.8		%
	Percent commenced	78.2		%	77.0		%	78.7		%	80.8		%	82.9		%
	Same Property NOI (2)	$	7,644		$	8,316		$	8,815		$	9,101		$	8,976
	Same Property Cash Basis NOI (2)	7,884			8,418			8,461			8,781			8,699
	Same Property NOI margin	52.4		%	53.4		%	55.8		%	60.2		%	57.8		%
	Same Property Cash Basis NOI margin	53.2		%	53.7		%	54.8		%	59.3		%	57.0		%
SHARES OUTSTANDING AND PER SHARE DATA(3)
	Shares Outstanding at End of Period
	Common shares outstanding	109,730			109,702			109,428			110,652			111,242
	Dilutive restricted share units (RSUs), Operating Partnership Units, and LTIP Units (3)	1,891			2,068			1,842			1,657			1,741
	Preferred shares outstanding (4)	4,915			4,915			4,915			4,915			4,915
	Weighted Average Shares Outstanding - GAAP
	Basic (5)	109,839			109,720			109,695			111,305			112,005
	Diluted (5)	111,237			111,300			111,171			112,596			113,380
	Distributions Declared Per Common Share	$	—		$	4.25		$	—		$	1.00		$	—
BALANCE SHEET
	Total assets	$	2,421,843		$	2,399,324		$	2,854,885		$	2,968,520		$	2,968,480
	Total liabilities	30,016			30,252			31,153			137,925			22,658
MARKET CAPITALIZATION
	Market value of preferred shares	$	124,846		$	122,831		$	123,126		$	128,631		$	128,090
	Market value of diluted common shares	2,261,441			2,314,757			2,778,412			2,735,847			3,110,422
	Total market capitalization	$	2,386,287		$	2,437,588		$	2,901,538		$	2,864,478		$	3,238,512

(1)	Changes in total square footage result from remeasurement.
(2)	Non-GAAP financial measures are defined and reconciled to the most directly comparable GAAP measure herein.
(3)	Restricted share units (RSUs) and LTIP Units are equity awards that contain both service and market-based vesting components. Refer to the schedule of Common & Potential Common Shares for information regarding RSUs and LTIP Units and their impact on weighted average shares outstanding.
(4)	As of June 30, 2023, we had 4,915 series D preferred shares outstanding that were convertible into 4,032 common shares. The series D preferred shares are anti-dilutive for GAAP EPS for all periods presented. Refer to the schedule of Common & Potential Common Shares for information regarding the series D preferred shares and their impact on diluted weighted average shares outstanding for EPS, FFO per share and Normalized FFO per share.
(5)	Refer to the schedule of Common & Potential Common Shares for information regarding the components of our weighted average common shares outstanding.

4

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands, except share data)

	June 30, 2023		December 31, 2022
ASSETS
Real estate properties:
Land	$	44,060	$	44,060
Buildings and improvements	365,247		364,063
	409,307		408,123
Accumulated depreciation	(174,399)		(169,530)
	234,908		238,593
Cash and cash equivalents	2,153,047		2,582,222
Rents receivable	16,151		16,009
Other assets, net	17,737		18,061
Total assets	$	2,421,843	$	2,854,885
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other	$	20,016	$	25,935
Rent collected in advance	3,132		2,355
Distributions payable	6,868		2,863
Total liabilities	$	30,016	$	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; 109,730,457 and 109,428,252 shares issued and outstanding, respectively	1,097		1,094
Additional paid in capital	3,984,681		3,979,566
Cumulative net income	3,874,284		3,835,815
Cumulative common distributions	(4,865,668)		(4,393,522)
Cumulative preferred distributions	(729,682)		(725,688)
Total shareholders’ equity	2,383,975		2,816,528
Noncontrolling interest	7,852		7,204
Total equity	$	2,391,827	$	2,823,732
Total liabilities and equity	$	2,421,843	$	2,854,885

5

ADDITIONAL BALANCE SHEET INFORMATION

(Unaudited, amounts in thousands)

	June 30, 2023		December 31, 2022
Additional Balance Sheet Information
Straight-line rents receivable	$	14,349	$	14,901
Accounts receivable	1,802		1,108
Rents receivable	$	16,151	$	16,009
Capitalized lease incentives, net	$	1,294	$	1,479
Deferred leasing costs, net	11,267		10,714
Other	5,176		5,868
Other assets, net	$	17,737	$	18,061
Accounts payable	$	2,332	$	2,884
Accrued taxes	5,724		10,948
Accrued capital expenditures	1,697		934
Accrued leasing costs	540		389
Security deposits	2,554		2,652
Other accrued liabilities	7,169		8,128
Accounts payable, accrued expenses and other	$	20,016	$	25,935

6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Revenues:
Rental revenue	$	13,358	$	14,426	$	27,584	$	30,266
Other revenue (1)	1,232		1,115		2,582		1,961
Total revenues	$	14,590	$	15,541	$	30,166	$	32,227
Expenses:
Operating expenses	$	6,942	$	6,592	$	14,198	$	11,125
Depreciation and amortization	4,514		4,313		8,824		8,725
General and administrative	13,854		7,646		22,409		15,648
Total expenses	$	25,310	$	18,551	$	45,431	$	35,498
Interest and other income, net	27,352		5,963		55,728		7,537
Income before income taxes	16,632		2,953		40,463		4,266
Income tax expense	(796)		(50)		(1,876)		(58)
Net income	$	15,836	$	2,903	$	38,587	$	4,208
Net income attributable to noncontrolling interest	(52)		(7)		(118)		(10)
Net income attributable to Equity Commonwealth	$	15,784	$	2,896	$	38,469	$	4,198
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)
Net income attributable to Equity Commonwealth common shareholders	$	13,787	$	899	$	34,475	$	204

Weighted average common shares outstanding — basic (2)	109,839		112,005		109,779		112,868
Weighted average common shares outstanding — diluted (2)	111,237		113,380		111,269		113,785
Earnings per common share attributable to Equity Commonwealth common shareholders:
Basic	$	0.13	$	0.01	$	0.31	$	0.00
Diluted	$	0.12	$	0.01	$	0.31	$	0.00

(1)	Other revenue is primarily comprised of parking revenue that does not represent a component of a lease.
(2)	Refer to the schedule of Common & Potential Common Shares for information regarding the components of our weighted average common shares outstanding.

7

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

(Unaudited, amounts in thousands)

	For the Three Months Ended
	6/30/2023		3/31/2023		12/31/2022		9/30/2022		6/30/2022
Calculation of Same Property NOI and Same Property Cash Basis NOI:
Rental revenue	$	13,358	$	14,226	$	14,628	$	13,869	$	14,426
Other revenue (1)	1,232		1,350		1,159		1,257		1,115
Operating expenses	(6,942)		(7,256)		(6,986)		(6,073)		(6,592)
NOI	$	7,648	$	8,320	$	8,801	$	9,053	$	8,949
Straight-line rent adjustments	273		279		389		(61)		(100)
Lease termination fees	(33)		(177)		(743)		(259)		(177)
Cash Basis NOI	$	7,888	$	8,422	$	8,447	$	8,733	$	8,672
Cash Basis NOI from non-same properties (2)	(4)		(4)		14		48		27
Same Property Cash Basis NOI	$	7,884	$	8,418	$	8,461	$	8,781	$	8,699
Non-cash rental income and lease termination fees from same properties	(240)		(102)		354		320		277
Same Property NOI	$	7,644	$	8,316	$	8,815	$	9,101	$	8,976
Reconciliation of Same Property NOI to GAAP Net Income:
Same Property NOI	$	7,644	$	8,316	$	8,815	$	9,101	$	8,976
Non-cash rental income and lease termination fees from same properties	240		102		(354)		(320)		(277)
Same Property Cash Basis NOI	$	7,884	$	8,418	$	8,461	$	8,781	$	8,699
Cash Basis NOI from non-same properties (2)	4		4		(14)		(48)		(27)
Cash Basis NOI	$	7,888	$	8,422	$	8,447	$	8,733	$	8,672
Straight-line rent adjustments	(273)		(279)		(389)		61		100
Lease termination fees	33		177		743		259		177
NOI	$	7,648	$	8,320	$	8,801	$	9,053	$	8,949
Depreciation and amortization	(4,514)		(4,310)		(4,634)		(4,451)		(4,313)
General and administrative	(13,854)		(8,555)		(7,137)		(7,593)		(7,646)
Interest and other income, net	27,352		28,376		24,263		15,145		5,963
Gain on sale of properties, net	—		—		7		90		—
Income before income taxes	$	16,632	$	23,831	$	21,300	$	12,244	$	2,953
Income tax expense	(796)		(1,080)		(372)		(23)		(50)
Net income	$	15,836	$	22,751	$	20,928	$	12,221	$	2,903

(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.

8

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

(Unaudited, amounts in thousands)

	For the Six Months Ended June 30,
	2023		2022
Calculation of Same Property NOI and Same Property Cash Basis NOI:
Rental revenue	$	27,584	$	30,266
Other revenue (1)	2,582		1,961
Operating expenses	(14,198)		(11,125)
NOI	$	15,968	$	21,102
Straight-line rent adjustments	552		(90)
Lease termination fees	(210)		(502)
Cash Basis NOI	$	16,310	$	20,510
Cash Basis NOI from non-same properties (2)	(8)		(1,672)
Same Property Cash Basis NOI	$	16,302	$	18,838
Non-cash rental income and lease termination fees from same properties	(342)		592
Same Property NOI	$	15,960	$	19,430
Reconciliation of Same Property NOI to GAAP Net Income:
Same Property NOI	$	15,960	$	19,430
Non-cash rental income and lease termination fees from same properties	342		(592)
Same Property Cash Basis NOI	$	16,302	$	18,838
Cash Basis NOI from non-same properties (2)	8		1,672
Cash Basis NOI	$	16,310	$	20,510
Straight-line rent adjustments	(552)		90
Lease termination fees	210		502
NOI	$	15,968	$	21,102
Depreciation and amortization	(8,824)		(8,725)
General and administrative	(22,409)		(15,648)
Interest and other income, net	55,728		7,537
Income before income taxes	$	40,463	$	4,266
Income tax expense	(1,876)		(58)
Net income	$	38,587	$	4,208

(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.

9

SAME PROPERTY RESULTS OF OPERATIONS

(Unaudited, dollars and square feet in thousands)

	As of and for the Three Months Ended June 30,								As of and for the Six Months Ended June 30,
	2023			2022			% Change		2023			2022			% Change
Properties	4			4					4			4
Square Feet	1,521			1,507					1,521			1,507
% Leased	82.0		%	84.8		%	(2.8)	%	82.0		%	84.8		%	(2.8)	%
% Commenced	78.2		%	82.9		%	(4.7)	%	78.2		%	82.9		%	(4.7)	%
Rental revenue	$	13,598		$	14,149		(3.9)	%	$	27,926		$	29,823		(6.4)	%
Other revenue (1)	1,228			1,115			10.1	%	2,571			1,951			31.8	%
Straight-line rent adjustment	(273)			100					(552)			90
Lease termination fees	33			177					210			502
Total revenue	14,586			15,541			(6.1)	%	30,155			32,366			(6.8)	%
Operating expenses	(6,942)			(6,565)			5.7	%	(14,195)			(12,936)			9.7	%
NOI	$	7,644		$	8,976		(14.8)	%	$	15,960		$	19,430		(17.9)	%
NOI Margin	52.4		%	57.8		%			52.9		%	60.0		%
Straight-line rent adjustment	$	273		$	(100)				$	552		$	(90)
Lease termination fees	(33)			(177)					(210)			(502)
Cash Basis NOI	$	7,884		$	8,699		(9.4)	%	16,302			18,838			(13.5)	%
Cash Basis NOI Margin	53.2		%	57.0		%			53.5		%	59.3		%

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

10

CALCULATION OF EBITDA, EBITDAre, AND ADJUSTED EBITDAre

(Unaudited, amounts in thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	15,836	$	2,903	$	38,587	$	4,208
Income tax expense	796		50		1,876		58
Depreciation and amortization	4,514		4,313		8,824		8,725
EBITDA and EBITDAre	$	21,146	$	7,266	$	49,287	$	12,991
Adjustments to EBITDAre:
Former chairman accelerated compensation expense	5,957		—		5,957		—
Adjusted EBITDAre	$	27,103	$	7,266	$	55,244	$	12,991

11

CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Calculation of FFO
Net income	$	15,836	$	2,903	$	38,587	$	4,208
Real estate depreciation and amortization	4,503		4,273		8,802		8,646
FFO attributable to Equity Commonwealth	20,339		7,176		47,389		12,854
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)
FFO attributable to EQC common shareholders and unitholders	$	18,342	$	5,179	$	43,395	$	8,860
Calculation of Normalized FFO
FFO attributable to EQC common shareholders and unitholders	$	18,342	$	5,179	$	43,395	$	8,860
Straight-line rent adjustments	273		(100)		552		(90)
Former chairman accelerated compensation expense	5,957		—		5,957		—
Normalized FFO attributable to EQC common shareholders and unitholders	$	24,572	$	5,079	$	49,904	$	8,770
Weighted average common shares and units outstanding -- basic (1)	110,196		112,282		110,120		113,140
Weighted average common shares and units outstanding -- diluted (1)	111,594		113,657		111,610		114,057
FFO attributable to EQC common shareholders and unitholders per share and unit -- basic	$	0.17	$	0.05	$	0.39	$	0.08
FFO attributable to EQC common shareholders and unitholders per share and unit -- diluted	$	0.16	$	0.05	$	0.39	$	0.08
Normalized FFO attributable to EQC common shareholders and unitholders per share and unit -- basic	$	0.22	$	0.05	$	0.45	$	0.08
Normalized FFO attributable to EQC common shareholders and unitholders per share and unit -- diluted	$	0.22	$	0.04	$	0.45	$	0.08

(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 June 30, 2023 and 2022 include 357 and 277 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 six months ended June 30, 2023 and 2022 include 341 and 272 LTIP/Operating Partnership Units, respectively, that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only). Refer to the schedule of Common & Potential Common Shares for information regarding the components of our weighted average common shares and units outstanding.

12

PROPERTY DETAIL

As of June 30, 2023

(Unaudited, sorted by annualized rental revenue, dollars in thousands)

Same Property Portfolio(1)
	Property	City, State	Type	No. of Buildings	Square Feet	% Leased		% Commenced		Annualized Rental Revenue		Undepreciated Book Value		Net Book Value		Year Acquired
1	1225 Seventeenth Street	Denver, CO	Office	1	708,937	93.2	%	88.6	%	$	29,053	$	175,004	$	113,154	2009
	(17th Street Plaza)
2	Bridgepoint Square	Austin, TX	Office	5	440,007	74.7	%	71.5	%	13,367		105,173		46,444		1997
3	206 East 9th Street	Austin, TX	Office	1	175,510	77.0	%	70.6	%	7,779		53,587		40,453		2012
	(Capitol Tower)
4	1250 H Street, NW	Washington, D.C.	Office	1	196,490	62.2	%	62.2	%	7,379		75,543		34,857		1998
	Total Same Properties			8	1,520,944	82.0	%	78.2	%	$	57,578	$	409,307	$	234,908

(1) Refer to the definitions section of this document for a description of our same property portfolio.

13

LEASING SUMMARY

(Unaudited, dollars and square feet in thousands, except per square foot data)

	As of and for the Three Months Ended
	6/30/2023			3/31/2023			12/31/2022			9/30/2022			6/30/2022
Properties	4			4			4			4			4
Total square feet	1,521			1,507			1,507			1,507			1,507
Percentage leased	82.0		%	81.6		%	82.8		%	83.4		%	84.8		%
Percentage commenced	78.2		%	77.0		%	78.7		%	80.8		%	82.9		%
Total Leases
Square feet	68			60			76			55			34
Lease term (years)	4.9			5.8			6.1			4.4			6.0
Starting cash rent	$	48.34		$	61.15		$	47.43		$	46.88		$	42.28
Percent change in cash rent (1)	(0.7)		%	3.6		%	0.4		%	(3.3)		%	4.9		%
Percent change in GAAP rent (1)	15.3		%	13.8		%	3.6		%	2.2		%	9.6		%
Total TI & LC per square foot (2)	$	43.44		$	64.87		$	54.55		$	29.49		$	66.31
Total TI & LC per sq. ft. per year of lease term (2)	$	8.92		$	11.22		$	8.91		$	6.73		$	10.98
Renewal Leases
Square feet	54			37			30			30			6
Lease term (years)	4.7			5.3			3.2			3.5			1.3
Starting cash rent	$	49.63		$	63.26		$	45.11		$	49.67		$	41.14
Percent change in cash rent (1)	(0.7)		%	4.8		%	(2.9)		%	(3.3)		%	4.9		%
Percent change in GAAP rent (1)	15.3		%	16.8		%	(1.6)		%	2.2		%	9.6		%
Total TI & LC per square foot (2)	$	25.17		$	58.65		$	7.56		$	18.53		$	2.22
Total TI & LC per sq. ft. per year of lease term (2)	$	5.40		$	11.00		$	2.39		$	5.34		$	1.73
New Leases
Square feet	14			23			46			25			28
Lease term (years)	5.7			6.5			8.1			5.5			7.0
Starting cash rent	$	43.34		$	57.87		$	48.96		$	43.45		$	42.51
Percent change in cash rent (1)	—			1.5		%	3.4		%	—			—
Percent change in GAAP rent (1)	—			8.9		%	8.6		%	—			—
Total TI & LC per square foot (2)	$	114.17		$	74.56		$	85.43		$	42.92		$	79.53
Total TI & LC per sq. ft. per year of lease term (2)	$	20.15		$	11.50		$	10.59		$	7.81		$	11.33

The above leasing summary is based on leases executed during the periods indicated and excludes leasing activity for assets during the quarter in which the asset was sold or classified as held for sale. Our same property leasing activity is identical to the information above for all periods presented. Refer to the definitions section of this document for a description of our same property portfolio.
(1)	Percent change in GAAP and cash rents is a comparison of current rent, including estimated tenant expense reimbursements, if any, to the rent, including actual/projected tenant expense reimbursements, if any, last received for the same space on a GAAP and cash basis, respectively. Cash rent during the reporting period is calculated before deducting any initial period free rent. Leasing in suites vacant longer than two years was excluded from the calculation.
(2)	Includes tenant improvements (TI) and leasing commissions (LC).

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CAPITAL SUMMARY

EXPENDITURES & SAME PROPERTY LEASING COMMITMENTS

(Unaudited, dollars and square feet in thousands)

CAPITAL SUMMARY	Three Months Ended
EXPENDITURES	6/30/2023		3/31/2023		12/31/2022		9/30/2022		6/30/2022
Tenant improvements	$	1,351	$	1,757	$	822	$	557	$	1,447
Leasing costs	673		1,162		977		501		831
Building improvements (1)	533		195		231		59		42
Total capital expenditures	$	2,557	$	3,114	$	2,030	$	1,117	$	2,320
Average square feet during period	1,514		1,507		1,507		1,507		1,507
Building improvements per average total sq. ft. during period	$	0.35	$	0.13	$	0.15	$	0.04	$	0.03

CAPITAL SUMMARY	Three Months Ended
SAME PROPERTY LEASING COMMITMENTS	June 30, 2023
	New Leases		Renewal Leases		Total
Square feet leased during the period	14		54		68
Total TI & LC (2)	$	1,598	$	1,359	$	2,957
Total TI & LC per square foot (2)	$	114.17	$	25.17	$	43.44
Weighted average lease term by square foot (years)	5.7		4.7		4.9
Total TI & LC per square foot per year of lease term (2)	$	20.15	$	5.40	$	8.92

(1)	Tenant-funded capital expenditures are excluded.
(2)	Includes tenant improvements (TI) and leasing commissions (LC).

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TENANTS REPRESENTING 2.5% OR MORE OF ANNUALIZED RENTAL REVENUE

As of June 30, 2023

(Unaudited, square feet in thousands)

	Tenant	Square Feet (1)	% of Total Sq. Ft. (1)		% of Annualized Rental Revenue		Weighted Average Remaining Lease Term
1	Equinor Energy Services, Inc.	80	6.4	%	5.9	%	0.5
2	Salesforce.com, Inc.	66	5.3	%	5.4	%	2.4
3	KPMG, LLP	66	5.3	%	4.9	%	5.9
4	Crowdstrike, Inc.	48	3.8	%	3.8	%	6.7
5	CBRE, Inc.	41	3.3	%	3.7	%	4.8
6	RSM US LLP	32	2.6	%	3.3	%	8.9
7	SonarSource US, Inc.	28	2.2	%	3.0	%	4.2
8	Alden Torch Financial, LLC	35	2.8	%	2.7	%	3.7
9	Wunderman Thompson, LLC	24	1.9	%	2.5	%	4.1
	Total	420	33.6	%	35.2	%	4.2

(1) Square footage as of June 30, 2023 includes space subject to leases that have commenced for revenue recognition purposes in accordance with GAAP, space being fitted out for occupancy pursuant to existing leases, and space which is leased but is not occupied or is being offered for sublease by tenants.

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SAME PROPERTY LEASE EXPIRATION SCHEDULE

As of June 30, 2023

(Unaudited, dollars and sq. ft. in thousands)

Year	Number of Tenants Expiring	Leased Sq. Ft. Expiring (1)	% of Leased Sq. Ft. Expiring		Cumulative % of Leased Sq. Ft. Expiring		Annualized Rental Revenue Expiring (2)		% of Annualized Rental Revenue Expiring		Cumulative % of Annualized Rental Revenue Expiring
2023	8	48	3.8	%	3.8	%	$	2,219	3.9	%	3.9	%
2024	17	192	15.4	%	19.2	%	8,464		14.7	%	18.6	%
2025	12	178	14.3	%	33.5	%	8,404		14.6	%	33.2	%
2026	9	72	5.8	%	39.3	%	3,703		6.4	%	39.6	%
2027	16	226	18.0	%	57.3	%	11,043		19.2	%	58.8	%
2028	11	128	10.3	%	67.6	%	6,101		10.5	%	69.3	%
2029	8	142	11.4	%	79.0	%	6,114		10.6	%	79.9	%
2030	6	131	10.5	%	89.5	%	5,458		9.5	%	89.4	%
2031	3	38	3.0	%	92.5	%	1,702		3.0	%	92.4	%
2032	1	32	2.6	%	95.1	%	1,908		3.3	%	95.7	%
Thereafter	5	61	4.9	%	100.0	%	2,462		4.3	%	100.0	%
Total	96	1,248	100.0	%			$	57,578	100.0	%
Weighted average remaining
lease term (in years)		4.2					4.2

(1)

Leased square footage as of June 30, 2023 includes space subject to leases that have commenced for revenue recognition purposes in accordance with GAAP, space being fitted out for occupancy pursuant to existing leases, and space which is leased but is not occupied or is being offered for sublease by tenants. The year expiring corresponds to the latest-expiring signed lease for a given suite. Thus, backfilled suites expire in the year stipulated by the new lease.

(2)

Excludes the Annualized Rental Revenue of space that is leased but not commenced.

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COMMON & POTENTIAL COMMON SHARES

(Unaudited, share amounts in thousands)

	Three Months Ended		Six Months Ended
	June 30,		June 30,
Weighted Average Share Calculation - GAAP EPS	2023	2022	2023	2022
Weighted average common shares outstanding - basic (1)	109,839	112,005	109,779	112,868
Weighted average dilutive RSUs and maket-based LTIP Units (2)	1,398	1,375	1,490	917
Weighted average common shares outstanding - diluted (1)	111,237	113,380	111,269	113,785
	Three Months Ended		Six Months Ended
	June 30,		June 30,
Weighted Average Share and Unit Calculation - FFO and Normalized FFO per share and unit	2023	2022	2023	2022
Weighted average EQC common shares outstanding (1)	109,839	112,005	109,779	112,868
Weighted average Operating Partnership Units outstanding (3)	235	224	231	223
Weighted average time-based LTIP Units (2)(3)	122	53	110	49
Weighted average common shares and units outstanding - basic (1)	110,196	112,282	110,120	113,140
Weighted average dilutive RSUs and market-based LTIP Units (2)	1,398	1,375	1,490	917
Weighted average common shares and units outstanding - diluted (1)	111,594	113,657	111,610	114,057

Rollforward of Share Count to June 30, 2023	Series D Preferred Shares (4)	EQC Common Shares (5)
Outstanding on December 31, 2022	4,915	109,428
Share-based compensation grants and vesting, net (6)	—	302
Outstanding on June 30, 2023	4,915	109,730
Common shares issuable from RSUs, Operating Partnership Units, and LTIP Units as measured on June 30, 2023 (2)		1,891
Potential common shares as measured on June 30, 2023 (7)		111,621

(1)	Weighted average common shares outstanding for the three months ended June 30, 2023 and 2022 includes 131 and 86 unvested, earned RSUs, respectively. Weighted average common shares outstanding for the six months ended June 30, 2023 and 2022 includes 122 and 124 unvested, earned RSUs, respectively.
(2)	We have granted RSUs and LTIP Units to certain trustees, employees and eligible consultants. RSUs and market-based LTIP Units contain service and market-based vesting components. Time-based LTIP Units contain service-based vesting components. Each LTIP Unit will convert automatically into an OP Unit on a one-for-one basis when the LTIP Unit becomes vested and its capital account is equalized with the per-unit capital account of the OP Units.
(3)	Our calculations of FFO and Normalized FFO attributable to EQC common shareholders and unitholders per share and unit - basic include time-based LTIP Units and OP Units that are excluded from the calculation of basic earnings per common share attributable to EQC common shareholders (only).
(4)	As of June 30, 2023, we had 4,915 series D preferred shares that were convertible into 4,032 common shares. The series D preferred shares are anti-dilutive for GAAP EPS for all periods presented. The series D preferred shares are anti-dilutive for all periods presented with respect to FFO and Normalized FFO per common share and unit.
(5)	EQC common shares include unvested restricted shares.
(6)	This amount is net of forfeitures and shares surrendered to satisfy statutory tax withholding obligations.
(7)	Potential common shares as measured on June 30, 2023 include unvested earned RSUs. The 4,915 series D preferred shares outstanding that were convertible into 4,032 common shares as of June 30, 2023 are excluded.

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DEFINITIONS

Annualized Rental Revenue

Annualized Rental Revenue is annualized contractual rents from our tenants pursuant to leases which have commenced as of June 30, 2023, plus estimated recurring expense reimbursements; excludes lease value amortization, straight-line rent adjustments, abated (free) rent periods and parking revenue. We calculate annualized rental revenue by aggregating the recurring billings outlined above for the most recent month during the quarter reported, adding abated rent, and multiplying the sum by 12 to provide an estimation of near-term potentially-recurring revenues. The annualized rental revenue of disposed properties, if any, is presented for the quarter-ended preceding each disposition.

Annualized rental revenue is a forward-looking non-GAAP measure. Annualized rental revenue cannot be reconciled to a comparable GAAP measure without unreasonable efforts, primarily due to the fact that it is calculated from the billings of tenants in the most recent month at the most recent rental rates during the quarter reported, whereas historical GAAP measures include billings from a potentially different group of tenants over multiple months at potentially different rental rates.

Building Improvements

Building improvements are expenditures to replace obsolete building components or extend the useful life of existing assets. Tenant-funded capital expenditures are excluded.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDAre and Adjusted EBITDAre

We calculate EBITDA as net income (loss) excluding interest expense, income tax expense and depreciation and amortization.

We calculate EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts (Nareit). Nareit defines EBITDAre as net income (loss), calculated in accordance with GAAP, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. Our calculation of Adjusted EBITDAre differs from our calculations of EBITDA and EBITDAre because we exclude certain items that we view as nonrecurring or impacting comparability from period to period. EBITDA, EBITDAre and Adjusted EBITDAre are supplemental non-GAAP financial measures.

We consider EBITDA, EBITDAre and Adjusted EBITDAre to be appropriate measures of our operating performance, along with net income (loss), net income (loss) attributable to EQC common shareholders, and cash flow from operating activities. We believe that EBITDA, EBITDAre and Adjusted EBITDAre provide useful information to investors because by excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA, EBITDAre and Adjusted EBITDAre may facilitate a comparison of current operating performance with our past operating performance. EBITDA, EBITDAre and Adjusted EBITDAre do not represent cash generated by operating activities in accordance with GAAP and should not be considered 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 EBITDA, EBITDAre and Adjusted EBITDAre differently than we do.

Funds from Operations (FFO) and Normalized FFO

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.

Leasing Costs

Leasing costs include leasing commissions (LCs) and related legal expenses.

19

DEFINITIONS

LTIP Units

LTIP Units are a class of beneficial interests in EQC Operating Trust (the Operating Trust) that may be issued to employees, officers or trustees of the Operating Trust, EQC, or their subsidiaries.

Net Operating Income (NOI), Same Property NOI, Cash Basis NOI and Same Property Cash Basis NOI

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 April 1, 2022 through June 30, 2023. The year-to-date same property versions of these measures include the results of properties continuously owned from January 1, 2022 through June 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.

Net Book Value

Net book value represents the carrying value of real estate properties after depreciation and amortization, purchase price allocations and impairment write-downs, if any.

NOI Margin

NOI Margin is NOI (or the same property or cash basis derivations of NOI defined above) divided by the total revenues used to calculate NOI (or its derivation).

Operating Partnership Units

Operating Partnership Units are beneficial interests in the Operating Trust.

Other Revenue

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

Percentage Commenced

Percentage commenced is the percentage of space subject to leases that have commenced for revenue recognition purposes in accordance with GAAP, which includes the space of tenants in a free rent period.

Percentage Leased

Percentage leased is the percentage of space subject to signed leases.

Rental Revenue

Rental revenue is primarily comprised of minimum lease payments from tenants, including tenant reimbursements. In addition, rental revenue includes lease termination fees and straight-line rent adjustments.

Same Properties

Our quarter-to-date same property portfolio is comprised of those properties continuously owned from April 1, 2022 through June 30, 2023. Our year-to-date same property portfolio is comprised of those properties continuously owned from January 1, 2022 through June 30, 2023. Properties classified as held for sale within our condensed consolidated balance sheets are excluded.

Tenant Improvements

Tenant improvements are capital expenditures to improve tenant spaces.

20

DEFINITIONS

Total Market Capitalization

Total market capitalization is the market value of preferred shares plus the market value of diluted common shares. The market value of preferred shares is the product of the number of Series D preferred shares outstanding at the end of the period and the closing share price of the Series D preferred shares (EQCpD) at the end of the period. The market value of diluted common shares is the product of the number of diluted common shares outstanding at the end of the period and the closing share price of the common shares (EQC) at the end of the period.

Undepreciated Book Value

Undepreciated book value represents the carrying value of real estate properties after purchase price allocations, and impairment write-downs, if any.

21