CWH: CommonWealth REIT Instablogs

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Thursday, May 16, 12:18 PM The Portnoys do it again. After Hospitality Properties Trust (HPT) director Bill Lamkin fails to win enough votes to stay on and resigns, the board immediately reappoints him, calling his defeat a result of CalPERS' activism. HPT is managed by Portnoy-controlled Reit Management & Research, the operator of CommonWealth REIT (CWH). Yesterday: Tragicomedy at CommonWealth. 11 Comments [Financials]
Wednesday, May 15, 1:26 PM "It is alarming that CommonWealth's (CWH +1.5%) board would take a mulligan," says Corvex and Related, commenting on the immediate re-appointment of a director after he failed to receive enough shareholder votes to remain. "They have complete and utter disregard for (shareholder) rights and will stop at nothing to further the Portnoy's self-serving agenda." The stock has turned nicely higher. Is it possible this act of chutzpah by the board was the last straw? 3 Comments [Financials, On the Move]
Wednesday, May 15, 10:31 AM Classic stuff. CommonWealth REIT (CWH) reappoints Joseph Morea to the board after he's forced to resign following his not getting enough votes to stay on at the annual meeting. "Tragicomedy in REIT land," tweets an observer. 5 Comments [Financials]
Thursday, May 9, 9:03 AM Responding to yesterday's court ruling on CommonWealth REIT (CWH) going against them, Corvex and Related call it a technicality and look forward to the beginning of arbitration. They remind the ruling does not involve the consent solicitation, which the two are continuing with as they attempt to unseat the entire board. (PR) Comment! [Financials]
Wednesday, May 8, 9:10 PM In a blow to investors seeking to oust the CommonWealth REIT (CWH) board, a Maryland judge rules the dispute must be resolved through arbitration. Corvex and Related sued after the Board rejected their $27/share buyout offer and instead went ahead with a secondary offering at $19. CommonWealth then filed for arbitration as allowed by its bylaws - a process stacked against shareholders, say the plaintiffs. CommonWealth reported earnings today, but the CC dialogue was strictly limited to operations. 9 Comments [Financials]
Wednesday, May 8, 7:49 AM More on CommonWealth REIT (CWH) Q1 earnings: The conference call may be where the action is on this one, and it's set for 1 ET (webcast). Normalized FFO/share of $0.78 down from $0.90 a year ago. No acquisitions or agreements to acquire made during quarter. Company reports a 90% occupancy rate, flat from a year ago. (PR) 2 Comments [Financials, Earnings]
Wednesday, May 8, 7:05 AM CommonWealth REIT (CWH): Q1 FFO of $0.78 beats by $0.05. Revenue of $275M. (PR) Comment! [Earnings, Breaking News, Financials]
Wednesday, May 8, 12:05 AM Notable earnings before Wednesday’s open: AOL, ARQL, CTSH, CWH, DTEGY.PK, ENB, EZCH, FSYS, FUN, KRO, LMCA, LSE, MPEL, NAVB, NICE, POZN, SODA, STWD, THI, TTI, VVUS, WEN, WMC Comment! [Earnings]
Tuesday, May 7, 5:30 PM Notable earnings before Wednesday’s open: AOL, ARQL, CTSH, CWH, DTEGY.PK, ENB, EZCH, FSYS, FUN, KRO, LMCA, LSE, MPEL, NAVB, NICE, POZN, SODA, STWD, THI, TTI, VVUS, WEN, WMC Comment! [Earnings]
Tuesday, April 30, 1:27 PM CommonWealth REIT (CWH) is issued a governance score of 8 by ISS (1-10 scale with 10 being the riskiest), and a shareholder rights score of 10. The influential proxy advisory firm also suggests shareholders vote against board of trustee member Joe Morea who is up for re-election. Hedge funds Corvex and Related are attempting to oust the entire board, but CommonWealth is attempting to squash even a vote being taken. 6 Comments [Financials]
Monday, April 22, 5:24 PM "We knew we were in for a fight before we bought the first share," says Corvex managing partner Keith Meister (formally of Icahn Enterprises) of his activist role in CommonWealth REIT (CWH). He's gaining allies - Perry Capital has joined Corvex and Related, with the three accounting for 21% of the shares. Another 20 hedge funds - owning maybe another 4% of the company - have contacted him about joining the team. (earlier) 6 Comments [Financials]
Monday, April 22, 10:25 AM CommonWealth REIT (CWH +1.2%) presents its rebuttal to "inaccurate assertions" by Corvex and Related. Meanwhile, Corvex continues to try and make its case, telling the Active-Passive Investor Summit the company - with a new board - is worth 33% more than today's share price. In attendance is SA Pro's Chris DeMuth who believes Corvex will win the battle and CWH could be a $35 stock. 1 Comment [Financials]
Thursday, April 18, 8:51 AM "The case for change now," goes the title of a new presentation by Corvex and Related as they attempt to win shareholder approval (letter) to remove the board at CommonWealth REIT (CWH). The firm's outdated structure "creates inherent conflicts," claims the duo, noting more than $2B of related party transactions in the last 5 years. CommonWealth complains C&R is trying to force management into selling the company at a price they know to be less than fair value. 4 Comments [Financials]
Monday, April 15, 1:23 PM "It is disgraceful that CWH would unilaterally attempt to take away a right shareholders have had since 1986 solely in an effort to further entrench its underperforming leadership team," write Corvex and Related, responding to the board's efforts to ward off a takeover. The two fund managers will move forward with efforts to remove the entire board. 3 Comments [Financials, M&A]
Monday, April 15, 10:47 AM No surprise, CommonWealth REIT (CWH) rejects a $24.50/share takeover bid from Corvex Management and Related Fund Management, calling the offer conditional, without financing, and (essentially) an attempt to steal the company. The board also adopts rules designed to thwart a takeover. (PR) 1 Comment [Financials, M&A]
Monday, April 8, 5:00 PM After-hours top gainers, as of 5:15 p.m.: STAA +13%. JCP +12%. HIMX +2%. GLUU +1%. EBR +1%.
After-hours top losers: CWH -3%. CUZ -3%. SHLM -3%. STWD -3%. CECO -2%. 1 Comment [On the Move]

CWH CommonWealth REIT

CWH

CommonWealth REIT