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GOV

Government Properties

$8.58

-0.2 (-2.28%)

, SIR

Select Income REIT

$19.18

-0.22 (-1.13%)

08:06
12/10/18
12/10
08:06
12/10/18
08:06

Government Properties says ISS recommends vote for Select Income REIT merger

Government Properties Income Trust (GOV) announced that proxy advisory firm Institutional Shareholder Services recommends that GOV shareholders vote "FOR" the issuance of GOV common shares in connection with the merger with Select Income REIT (SIR) at the Special Meeting of GOV Shareholders to be held on December 20, 2018. In a separate report, ISS also recommended that SIR shareholders vote "FOR" the merger. In recommending that GOV shareholders vote "FOR" the merger and merger related proposals, ISS stated in its December 7, 2018 report:"...the strategic rationale appears sound as the proposed combination with SIR provides an avenue for GOV to establish a combined company with manageable laddered lease expirations through asset and tenant diversification, additional capital via asset sales to recycle and refresh its portfolio, and improved cash available for distribution to implement a sustainable dividend payout policy going forward. In light of the aforementioned factors, a vote FOR this proposed merger is warranted...there appears to be substantial downside risk to GOV on a standalone basis going forward given that shareholders would face an even steeper dividend cut in case the company remains independent". The GOV board of trustees recommends that GOV shareholders vote "FOR" the proposal to approve the issuance of GOV common shares in the merger, which approval is necessary to consummate the Merger, and "FOR" the proposal to approve the adjournment of the GOV special meeting to solicit additional votes in favor of the issuance if there are insufficient votes at the time of the special meeting. GOV is managed by the operating subsidiary of The RMR Group (RMR).

GOV

Government Properties

$8.58

-0.2 (-2.28%)

SIR

Select Income REIT

$19.18

-0.22 (-1.13%)

RMR

RMR Group

$62.60

-2.24 (-3.45%)

GOV Government Properties
$8.58

-0.2 (-2.28%)

10/16/18
10/16/18
UPGRADE
Target $10.25

Equal Weight
Government Properties upgraded to Equal Weight after pullback at Morgan Stanley
As previously reported, Morgan Stanley analyst Vikram Malhotra upgraded Government Properties (GOV) to Equal Weight from Underweight following the stock's 37% pullback since the announcement of the merger with Select Income REIT (SIR). The company recently sold its stake in Select Income to generate $435M, which will be used to pay down debt, and management plans to sell additional assets to reduce leverage post the merger, Malhotra noted. However, he lowered his price target on Government Properties to $10.25 from $11.50, stating that the merger proxy reveals higher capex and a potentially slower NOI ramp for the combined company.
10/16/18
MSCO
10/16/18
UPGRADE
MSCO
Equal Weight
Government Properties upgraded to Equal Weight at Morgan Stanley
09/19/18
MSCO
09/19/18
UPGRADE
MSCO
Equal Weight
Morgan Stanley upgrades Select Income to Equal Weight after deal announcement
As previously reported, Morgan Stanley analyst Vikram Malhotra upgraded Select Income REIT (SIR) to Equal Weight from Underweight citing the announcement of its plans to merge with Government Properties Income Trust (GOV) to create a REIT focused on owning and operating office buildings primarily leased to single tenants, including government entities. The deal also aims to reduce the complicated ownership structure between Government Properties, Select Income and Industrial Logistics Property Trust (ILPT), Malhotra noted. While he raised his price target on Select Income to $24, he lowered his price target on Government Properties to $11.50 from $13 and keeps an Underweight rating on its shares. The analyst continues to see ongoing risks to growth, driven by lower renewal rates and limited pricing power, and risks to its debt reduction plans, noting that the company intends to sell over $1B in assets during the next 6-9 months to reduce leverage.
09/17/18
JMPS
09/17/18
DOWNGRADE
JMPS
Market Perform
Select Income REIT downgraded to Market Perform at JMP Securities
JMP Securities analyst Mitchell Germain downgraded Select Income REIT (SIR) to Market Perform from Outperform following the announcement of its agreement to merge with Government Properties Income Trust (GOV).
SIR Select Income REIT
$19.18

-0.22 (-1.13%)

09/19/18
MSCO
09/19/18
UPGRADE
MSCO
Equal Weight
Select Income REIT upgraded to Equal Weight from Underweight at Morgan Stanley
RMR RMR Group
$62.60

-2.24 (-3.45%)

12/04/18
12/04/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Waste Management (WM) double upgraded to Buy from Sell at Goldman Sachs with analyst Brian Maguire saying given the age of the current business cycle and expectations for slowing economic growth, now is the right time to own Waste stocks. 2. RMR Group (RMR) upgraded to Buy from Neutral at B. Riley FBR with analyst Bryan Maher citing valuation. 3. Keurig Dr Pepper (KDP) upgraded to Outperform from Neutral at Macquarie. 4. First Solar (FSLR) upgraded to Buy from Hold at Argus with analyst David Coleman citing the company's position in the solar industry with "positive cash flow, solid balance sheet, and focus on cadmium telluride technology, which should provide a cost advantage relative to more commoditized technologies." 5. Sherwin-Williams (SHW) upgraded to Buy from Hold at Deutsche Bank with analyst Nishu Sood saying he believes the paths for housing construction and remodeling "could diverge," which leaves him preferring remodeling focused names versus new construction exposed names. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/04/18
RILY
12/04/18
UPGRADE
Target $82
RILY
Buy
RMR Group upgraded to Buy from Neutral at B. Riley FBR
B. Riley FBR analyst Bryan Maher upgraded RMR Group to Buy while lowering his price target for the shares to $82 from $89. The analyst cites valuation for the upgrade following the company's "solid" earnings beat in Q4.

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Hanesbrands

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