Proxy Advisory Firms Endorse Merger of RMR, Tremont Mortgage REITs
Tremont Mortgage Trust and RMR Mortgage Trust announced separately Monday that proxy advisory firms ISS, Glass Lewis and Egan-Jones all have recommended that shareholders approve the previously-announced merger of the two mortgage REITs. Both are managed by an affiliate of the Newton, MA-based RMR Group.
Special meetings of shareholders of both REITs are slated for Friday, Sept. 17. The merger agreement was originally announced on April 26.
Post-merger, RMR Mortgage Trust would continue as the surviving company. The merger is expected to create a more diversified commercial mortgage REIT focused on middle market transitional bridge loans with assets expected to approach $1 billion when fully invested.
”We believe that with increased scale and an expanded capital base the combined company will be much better positioned to access capital markets, increase operating efficiency, and deliver more attractive risk-adjusted returns for our shareholders,” Tom Lorenzini, president of both REITs, said in April.
Pictured: RMR Group headquarters in Newton, MA. Photo courtesy of Glacon Contracting.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).