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Mon, Oct. 26, 5:30 PM
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Tue, Oct. 13, 8:04 AM
Tue, Jul. 28, 7:37 AM
- Q2 normalized FFO of $62.2M or $0.70 per share vs. $39.2M and $0.72 one year ago. Float rose to 88.6M shares from 54.2M.
- Lease renewals of 165K square feet during quarter and new leases of 70K square feet. Combined average rental rates up 22.1%.
- 97.7% of total rentable square feet leased as of June 30 vs. 96.1% a year ago.
- Same-property cash NOI up 4.3%.
- Company acquired 3.2M shares of its manager - Reit Management & Research - for $36.5M in stock and cash, and now owns 10.2% of the company. SIR expects to distribute about half of its RMR stake to shareholders by year-end.
- Conference call at 10 ET
- Previously: Select Income REIT FFO in-line, beats on revenue (July 28)
- Shares flat premarket
Tue, Jul. 28, 7:14 AM
Thu, Jul. 23, 9:51 AM
- National Retail Properties (NNN -0.1%) and Store Capital Group (STOR +0.8%) are upgraded to Overweight from Equal Weight at Morgan Stanley. NNN is lower by 5.4% and STOR by 1.4% YTD.
- The team throws in the towel on Spirit Realty (SRC -2.1%), downgrading to Equal Weight from Overweight after a 14.4% YTD decline.
- In the office REIT space, Select Income REIT (SIR -1.6%) is cut to Underweight from Equal Weight after a 14% decline this year.
Mon, Jul. 13, 9:16 AM
Tue, Jun. 9, 9:40 AM
- With Select Income REIT (NYSE:SIR) COO David Blackman presenting at NAREIT's REITWeek conference, investors are taking the opportunity to ask about yesterday's deal for SIR (along with other Portnoy-managed REITs) to take a stake in the Portnoys' RMR.
- "Who set the price on RMR," is naturally the first question, and "Did any independent party do a valuation opinion" is naturally the second.
- RMR came to its REITs with a price, says Blackman, and the price was based upon 50% of the termination fees in the existing management contracts. As for question number two, Blackman says all the banks involved had a look, but it doesn't appear as if any outsiders were retained to help out.
- "Why not just internalize management," is another natural question, and Blackman says RMR's scale allows for lower costs.
- Other REITs involved: SNH, HPT, GOV
- Previously: Portnoys' RMR to go public; managed REITs now own about half (June 8)
Mon, Jun. 8, 8:32 AM
- Aiming to quell investor concerns by more-aligning the interests of RMR Management and the REITs it manages, Senior Housing Properties (NYSE:SNH), Hospitality Properties (NYSE:HPT), Select Income REIT (NYSE:SIR), and Government Properties Trust (NYSE:GOV) are now the owners of about half of Reit Management & Research (RMR).
- The management agreements will RMR are all extended for 20-year terms.
- The REITs plan to distribute about half of their RMR shares to their shareholders, a move that will be facilitated by RMR's plan for a public listing.
- The total purchase price was $172.8M, $46.4M of which was paid in cash and the rest in restricted common shares subject to 10-year lockups. The REITs now own 48.4% of RMR.
- Source: Press Release
Tue, Apr. 28, 8:17 AM
- Q1 normalized FFO of $56M or $0.70 per share vs. $36.4M and $0.73 one year ago. Float went to 79.5M shares from 49.9M.
- Occupancy for continuously owned properties (since Jan 2014) of 96.2% up from 95.7% a year ago.
- Lease renewals of 108K square feet entered into during quarter with combined weighted-average rental rates about 20.2% higher than prior rents.
- Conference call at 1 ET
- Previously: Select Income REIT beats by $0.04, beats on revenue (April 28)
- SIR flat premarket
Tue, Apr. 28, 8:06 AM
Mon, Apr. 13, 1:46 PM
- Select Income REIT (NYSE:SIR) hikes its quarterly dividend by $0.02/share to $0.50, resulting in an annual yield of 8.18%.
- The company declares pro-rata dividend of $0.344/share for the period Jan 29 to Mar 31, with Jan 29 being the effective date of merger with Cole Corporate Income Trust.
- The dividend is payable on May 21, to shareholders on record of Apr 24.
Mon, Mar. 2, 8:42 AM
- Government Properties Income Trust (NYSE:GOV) agrees to buy 3.4M shares of Select Income REIT (NYSE:SIR) from Lakewood Capital Management for $27.85 per share (vs. Friday's closing price of $24.69).
- The move will boost GOV's stake in SIR to about 28.8% of the company from 24.3%.
- Both GOV and SIR, of course, are run by the Portnoy's Reit Management & Research (RMR), and Lakewood had built a stake in Select income maybe with the intention of removing the Portnoys from power there as they had been removed from Commonwealth REIT (now renamed Equity Commonwealth).
- Source: Press Release
- Previously: Activist targets Select Income REIT (Jan. 14)
Wed, Feb. 18, 10:29 AM
- Q4 normalized FFO of $39M or $0.65 per share vs. $32.7M or $0.66 one year ago, and expectations of $0.67.
- 96.4% of properties leased, up 90 basis points from a year ago. Occupancy for properties owned continuously since Oct. 1, 2013 of 96.1% up 70 basis points.
- Same-property cash-basis NOI up 2.2% from a year ago.
- Conference call at 1 ET
- Previously: Select Income REIT misses by $0.02, misses on revenue (Feb. 18)
- SIR -2.4%
Wed, Feb. 18, 8:10 AM
Tue, Feb. 17, 5:30 PM
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