Wed, Sep. 3, 10:49 AM
- Select Income REIT (SIR -1.1%) adds to yesterday's sharp decline as Bank of America downgrades to Underperform following SIR's deal to buy Cole Corporate Income Trust in a deal valued at about $3B.
- Cole shareholders will receive either $10.50 in cash of 0.36 shares of SIR for each share of Cole they own.
- The purchase would more than double Select Income's assets and enterprise value, and the company said the result should be a lower cost of capital and boosted shareholder value.
- Select Income is managed by the Portnoy family's RMR - the same team which was just ousted from CommonWealth REIT (now called Equity Commonwealth, ticker EQC) for maybe being too interested in boosting AUM at the expense of shareholder value.
Tue, Aug. 5, 6:47 PM
- Equity Commonwealth (NYSE:EQC): Q2 FFO of $0.68 beats by $0.10.
- Revenue of $215.19M (-17.9% Y/Y) misses by $1.29M.
Thu, Jul. 10, 7:33 AM
- The proceeds from the sale of its 22M shares in Select Income REIT should allow CommonWealth REIT (CWH) to pay down its $735M revolver, says Stifel, upgrading to Buy with $28.50 price target.
- Shares +6.9% premarket
- Previously: CommonWealth sells Select Income stake to Government Properties
Wed, Jul. 9, 4:13 PM
- Now under new management, CommonWealth REIT (CWH) sells its 22M shares of Select Income REIT (SIR) to Government Properties Income Trust (GOV) and Reit Management & Research (the Portnoys' management company) for $705M.
- GOV made the bulk of the purchase with 21.5M shares and RMR purchased the other 500K. Both GOV and SIR continue to be managed by RMR.
- Source: Press Release
- CWH +6.1%, SIR -1.6% AH
Tue, Jul. 8, 4:32 PM
Tue, Jun. 17, 7:31 AM
- The new board (headed by Sam Zell) at CommonWealth REIT (CWH) gets busy, hiring CBRE (CBG) as sub-manager for each of the company's properties. CBRE will provide customary management services, and additionally provide project management services as needed.
- The two are currently targeting October 1 as CBRE's start date.
- REIT Management & Research (RMR) - run by the no-longer-in-power at CommonWealth Portnoy family - is the current property management provider.
- SEC Form 8-K
Fri, Jun. 13, 7:26 AM
Thu, Jun. 12, 10:27 AM
- "During the past five weeks, we have witnessed a sickening series of events unfold whereby the Select Income REIT (SIR +2.3%) trustees have deliberately taken multiple steps to protect their own interests at the expense of shareholders," writes Lakewood Capital, a 5.8% owner of the company. "We have spoken with several other significant SIR shareholders and they share our outrage."
- Lakewood demands an immediate cessation of further equity offerings, an expansion of the board, and the repurchase of stock from CommonWealth REIT (CWH -1.2%), Select Income's largest shareholder (and no longer under Portnoy control).
- The Select Income board and management notes receipt of the letter.
Fri, May. 23, 11:12 AM
- Corvex and Related announce their entire slate of nominees has been elected to serve on the CommonWealth REIT (CWH +0.5%) board, getting about 85% of the votes.
- "Today is a historic milestone for CommonWealth and the REIT industry, and a tremendous victory for shareholder rights," says the two investors.
- Source: Press Release
Mon, May. 12, 2:57 PM
- Both ISS and Glass Lewis recommend CommonWealth REIT (CWH +1.3%) owners vote their shares for all seven board nominees put forward by dissident shareholders Corvex and Related.
- ISS: "As the seven nominees appear to have deep, relevant background in the industry, and were previously presented to and effectively ratified by shareholders as part of the consent solicitation, support for all seven nominees is warranted."
- The special meeting is set for May 23.
- Source: Press Release
Thu, May. 8, 12:30 PM
- Jefferies upgrades AmREIT (AMRE +1.5%) to Buy, and sets a $19 PT.
- First Financial Bankshares (FFIN +0.6%) is upgraded by Macquarie to Neutral.
- PennyMac Financial Services (PFSI +5.8%) is upgraded to Buy at Compass Point with $18.50 PT after Q1 results yesterday.
- Raymond James ups Main Street Capital (MAIN +0.3%) to Outperform with $34PT ahead of its quarterly earnings.
- CommonWealth REIT (CWH +1.2%) is downgraded to Sell by Stifel Nicolaus. Earlier: CommonWealth REIT beats by $0.01, beats on revenue
- UBS downgrades Deusteche Bank (DB +1.4%) to Neutral.
- Provident Financial Holdings (PROV -0.1%) is downgraded to Underperform by Raymond James.
- Evercore Partners downgrades Zion Bancorp (ZION +1.4%) to Equal Weight with $28 PT.
- Fidelity & Guaranty Life (FGL +0.3%) is cut to Neutral at Credit Suisse
Thu, May. 8, 9:31 AM| Comment!
Wed, Apr. 30, 9:13 AM
- Stifel Nicolaus makes a couple of moves in office-realted REITs, upgrading Highwoods Proprties (HIW) to a Buy after a nice run for the stock this year, and downgrading CommonWealth REIT (CWH) to a Sell.
- In typical buy the rumor, sell the fact action, CommonWealth had a nice run into the results of its consent solicitation, but has failed to make any headway since dissident shareholders claimed victory about six weeks ago. They now face the task of putting together a board and management to run the company. A special shareholder meeting to elect a board is set for May 23.
Tue, Apr. 1, 12:45 PM
- Commonwealth (CWH +0.2%) management says the NYSE has threatened action against the company's Big Board listing due to the fact that 81% of company shareholders have voted to boot the board, but Corvex & Related note the NYSE has also said it will hold off as long as a special meeting to elect a new board is held sometime in the area of May 23.
- C&R urge the company and its advisors to take action to move the process along by the close of business today.
- Press release
Tue, Mar. 25, 9:30 AM| Comment!
Wed, Mar. 19, 2:49 PM
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