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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.
- ◦Sale/Acquisition
