On August 25, 2021, Equity Commonwealth announced that its Chairman of the Board, Sam Zell, and Chief Executive Officer, David Helfand, sent a letter to the shareholders of Monmouth Real Estate Investment Corporation reiterating the merits of the pending transaction. Equity Commonwealth expressed its view that there are significant merits of a combination of Equity Commonwealth and the Company for the following reasons: (1) industrial fundamentals have never been stronger – more e-commerce means more warehouses; it is not the right time to sell and (2) it is offering the Company shareholders the opportunity to partner with us in a tax efficient manner by offering the option to receive Equity Commonwealth shares, as we build a leading industrial platform.