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February 26, 2013
11:16 EDTGOV, SIR, BDN, CWH, CUZCommonWealth REIT advances after stakeholders say shares undervalued
CommonWealth REIT (CWH), a Real Estate Investment Trust that focuses on office and industrial properties, is surging after investors with a sizable stake demanded that it cancel a planned stock offering and said the REIT's stock was significantly undervalued. Corvex Management and Related Fund Management, which announced that investment funds managed by them collectively obtained a 9.8% stake in Commonwealth, stated several demands in a letter to the REIT. Corvex and Related called on Commonwealth in the letter to cease a debt repurchase initiative and enter into talks about increasing shareholder value over the long-term. Commonwealth's stock is significantly undervalued, and could be worth more than $50 per share if the REIT implements more effective policies, the funds said. Corvex and Related added that they would be willing to acquire all of CommonWealth's shares at a significant premium to their market value as of yesterday. In mid-morning trading, CommonWelath's stock jumped 35% to $21.45. The shares of other REITs also climbed, with Select Income REIT (SIR) rising 2.50% to $26.20, Cousin Properties (CUZ) gaining 1.4% to $9.50, Brandywine Realty (BDN) adding 1% to $13.10 and Government Properties (GOV) rising 15 to $25.00.
News For CWH;SIR;CUZ;BDN;GOV From The Last 14 Days
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July 30, 2015
07:10 EDTGOVGovernment Properties reports Q2 normalized FFO 60c, consensus 59c
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July 28, 2015
16:08 EDTCUZCousins Properties sees FY15 FFO 83c-87c, consensus 84c
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16:07 EDTCUZCousins Properties reports Q2 FFO 21c, consensus 20c
Reports Q2 revenue $97.9M, consensus $92.65M.
07:14 EDTSIRSelect Income REIT reports Q2 FFO 70c, one estimate 40c
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July 23, 2015
10:00 EDTSIROn The Fly: Analyst Downgrade Summary
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06:20 EDTSIRSelect Income REIT downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley downgraded Select Income REIT to Underweight from Equal Weight with a $20 price target The firm downgraded shares due to premium valuation and high cost of capital.
July 22, 2015
16:26 EDTBDNBrandywine Realty maintains 2015 FFO outlook $1.40-$1.46, consensus $1.43
16:25 EDTBDNBrandywine Realty reports Q2 FFO 32c, consensus 32c
Reports Q2 revenue $145.6M, consensus $147.85M.
July 21, 2015
10:01 EDTSIROn The Fly: Analyst Initiation Summary
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07:12 EDTSIRSelect Income REIT initiated with a Market Perform at JMP Securities
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