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SIR

Select Income REIT

$19.18

-0.22 (-1.13%)

, GOV

Government Properties

$8.58

-0.2 (-2.28%)

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

Select Income REIT says ISS recommends vote for Government Properties merger

Select Income REIT (SIR) announced that proxy advisory firm Institutional Shareholder Services recommends that SIR shareholders vote "FOR" the merger with Government Properties Income Trust (GOV) at the Special Meeting of SIR shareholders to be held on December 20, 2018. In a separate report, ISS also recommended that GOV shareholders vote "FOR" the issuance of GOV common shares in the merger. In recommending that SIR shareholders vote "FOR" the merger, ISS stated in its December 7, 2018 report: "...the transaction has sound strategic rationale as it would allow SIR to create shareholder value by simplifying its corporate structure and unlocking ILPT's growth potential....the combination of SIR and GOV will create a more sustainable company with manageable laddered lease expirations through asset and tenant diversification, additional capital available via asset sales to recycle and refresh its portfolio, and a sustainable dividend payout policy going forward." The SIR board of trustees recommends that SIR shareholders vote "FOR" the proposal to approve the GOV/SIR merger, which approval is necessary to consummate the Merger, and "FOR" the proposal to approve the adjournment of the SIR special meeting to solicit additional votes in favor of the merger if there are insufficient votes at the time of the special meeting. SIR is managed by the operating subsidiary of The RMR Group (RMR).

SIR

Select Income REIT

$19.18

-0.22 (-1.13%)

GOV

Government Properties

$8.58

-0.2 (-2.28%)

RMR

RMR Group

$62.60

-2.24 (-3.45%)

SIR Select Income REIT
$19.18

-0.22 (-1.13%)

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).
09/19/18
MSCO
09/19/18
UPGRADE
MSCO
Equal Weight
Select Income REIT upgraded to Equal Weight from Underweight 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.
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.
GOV Government Properties
$8.58

-0.2 (-2.28%)

10/16/18
MSCO
10/16/18
UPGRADE
MSCO
Equal Weight
Government Properties upgraded to Equal Weight at Morgan Stanley
RMR RMR Group
$62.60

-2.24 (-3.45%)

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.
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.

TODAY'S FREE FLY STORIES

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SNNA

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FTNT

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PRSP

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SRPT

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XNET

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HEXO

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BUD

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UBER

Uber

$26.70

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WMT

Walmart

$121.06

1.93 (1.62%)

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  • 14

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PUFXF

Agraflora Organics

$0.00

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REED

Reed's

$0.72

0.0221 (3.17%)

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FCN

FTI Consulting

$105.68

0.095 (0.09%)

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Conference/Events
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  • 15

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TIXC

Tix Corp

$0.00

(0.00%)

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NTAP

NetApp

$60.04

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ENPH

Enphase Energy

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IMMP

Immutep

$1.77

-0.135 (-7.11%)

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CTSO

CytoSorbents

$4.44

0.05 (1.14%)

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Conference/Events
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CCMP

Cabot Microelectronics

$156.67

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RMBL

RumbleON

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  • 21

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LINC

Lincoln Educational

$1.90

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LINC

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AMPY

Amplify Energy

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08:34
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