Government Properties Trust reiterated Underperform at Wells


The company's deal to purchase CommonWealth REIT's stake in Select Income REIT (SIR) supports "long-held concerns" that Reit Management & Research's (RMR) incentives aren't aligned with shareholders. Wells cuts the price target on GOV to $20-$22 from $21-$23.

To review, RMR - which was recently ousted from power at CommonWealth after an ugly fight - continues as the external manager of both GOV and SIR.

Previously: CommonWealth sells Select Income stake to Government Properties

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