Government Properties Income Trust Announces the Completion of its Merger with Select Income REIT
2019年1月1日 - 7:10AM
ビジネスワイヤ(英語)
The Combined Company, "Office Properties Income
Trust”, will Begin Trading on the Nasdaq under the Ticker Symbol
"OPI" on January 2nd
Announces a Change to the Comparative Index for
its Business Management Agreement
Government Properties Income Trust (Nasdaq: GOV) today announced
that it has completed its merger with Select Income REIT (Nasdaq:
SIR).
After the effective time of the merger, the combined company
changed its name to "Office Properties Income Trust” and effected a
1-for-4 reverse split of its outstanding common shares such that
every four common shares of the combined company will be converted
into one common share of the combined company. The company will
begin trading on the Nasdaq on a split adjusted basis under the
ticker symbol “OPI” on January 2, 2019.
GOV also announced that it amended its business management
agreement with its manager, The RMR Group LLC, the majority owned
operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), which the
Compensation Committee of GOV’s Board of Trustees approved.
Pursuant to the amendment, for periods beginning on and after
January 1, 2019, the business management agreement will use the SNL
U.S. Office REIT Index, rather than the SNL U.S. REIT Equity Index,
to calculate the benchmark return per share for purposes of
determining the incentive management fee, if any, payable to The
RMR Group LLC. Measurement periods prior to January 1, 2019 will
continue to use the SNL U.S. REIT Equity Index. Please see GOV’s
Annual Report on Form 10-K for its fiscal year ended December 31,
2017, for additional detail on the incentive management fee.
David Blackman, President and Chief Executive Officer of GOV
made the following statement about today’s announcement:
“We believe the successful completion of this merger results in
OPI becoming a leading national office REIT with increased scale,
enhanced tenant and geographic diversification, a well laddered
lease expiration schedule, a broader investment strategy and one of
the highest percentages of rent paid by investment grade rated
tenants in the public office sector. We look forward to advancing
OPI’s investment strategy of owning buildings leased to single
tenants and those with high credit quality characteristics like
government entities.”
“Also, as we move forward, based on feedback received from the
investment community, management believes, and the Compensation
Committee of the Board of Trustees agreed, that the SNL U.S. Office
REIT Index is a more appropriate benchmark comparison for OPI in
calculating the incentive management fee.”
Government Properties Income Trust is a real estate investment
trust, or REIT, which primarily owns properties located throughout
the United States that are majority leased to government tenants
and office properties in the metropolitan Washington, D.C. market
area that are leased to government and private sector tenants. GOV
is managed by the operating subsidiary of The RMR Group Inc.
(Nasdaq: RMR), an alternative asset management company that is
headquartered in Newton, MA.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER GOV USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE”, "WILL", “MAY” AND NEGATIVES OR
DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, GOV IS MAKING FORWARD
LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
GOV’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY GOV’S FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS.
- THIS NEWS RELEASE CITES SEVERAL
EXPECTED BENEFITS OF THE GOV-SIR MERGER THAT ARE EXPECTED TO
MANIFEST THEMSELVES IN OPI, INCLUDING INCREASED SCALE, ENHANCED
TENANT AND GEOGRAPHIC DIVERSIFICATION, A WELL LADDERED LEASE
EXPIRATION SCHEDULE, A BROADER INVESTMENT STRATEGY AND A PUBLIC
REIT WITH ONE OF THE HIGHEST PERCENTAGES OF RENT PAID BY INVESTMENT
GRADE RATED TENANTS IN THE OFFICE SECTOR. THERE CAN BE NO ASSURANCE
THAT THESE CHARACTERISTICS WILL BE MET OR SUSTAINED IN THE
FUTURE.
THE INFORMATION CONTAINED IN GOV’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION
“RISK FACTORS” IN GOV’S PERIODIC REPORTS, OR INCORPORATED BY
REFERENCE THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT
COULD CAUSE GOV’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
STATED IN OR IMPLIED BY GOV’S FORWARD LOOKING STATEMENTS. GOV’S
FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT
WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, GOV DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181231005141/en/
Brad Shepherd, Director, Investor Relations(617) 796-8234
Government Properties Income (NASDAQ:GOV)
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