Select Income REIT Completes Its Distribution of 45 Million Common Shares of Industrial Logistics Properties Trust
27 Dezembro 2018 - 7:45PM
Business Wire
Industrial Logistics Properties Trust Announces
Agreement to Change the Comparative Index for Determining the
Incentive Fee Payable to its Manager under its Business Management
Agreement
Industrial Logistics Properties Trust (Nasdaq: ILPT) today
announced that Select Income REIT (Nasdaq: SIR) has informed it
that SIR has completed the distribution of 45,000,000 common shares
of ILPT that SIR owned. SIR has announced that it completed this
distribution on December 27, 2018 and that it paid the distribution
to the holders of SIR’s common shares outstanding as of the close
of business on December 20, 2018.
ILPT also announced that the Compensation Committee of its Board
of Trustees has approved an amendment to ILPT’s business management
agreement with The RMR Group LLC, the operating subsidiary of The
RMR Group Inc. (Nasdaq: RMR). Pursuant to the amendment, for
periods beginning on and after January 1, 2019, the business
management agreement will use the SNL U.S. Industrial REIT Index,
rather than the SNL U.S. REIT Equity Index, to calculate the
benchmark return per share for purposes of determining the
incentive management fee, if any, payable to RMR. Measurement
periods prior to January 1, 2019 will continue to use the legacy
benchmark index. Please see ILPT’s 2017 Annual Report on Form 10-K
for the year-ended December 31, 2017 for additional detail on the
incentive management fee.
John Murray, ILPT’s President and Chief Executive Officer, made
the following statement about today’s announcement:
“We believe that the elimination of SIR’s ownership control will
improve liquidity in ILPT’s common shares and improve its trading
multiple. Also, based on feedback from analysts and investors that
we have received over the past year, management is of the view, and
the Compensation Committee of the Board of Trustees agreed, that
the SNL U.S. Industrial REIT Index is a more appropriate benchmark
comparison for ILPT.”
Industrial Logistics Properties Trust is a real estate
investment trust, or REIT, that owns and leases industrial and
logistics properties throughout the United States. ILPT is managed
by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an
alternative asset management company that is headquartered in
Newton, MA.
WARNING REGARDING FORWARD LOOKING
STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN
THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON ILPT'S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE
STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS ARE NOT
GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, SOME OF
WHICH ARE BEYOND ILPT'S CONTROL. FOR EXAMPLE:
- THIS NEWS RELEASE STATES ILPT’S BELIEF
THAT THE ELIMINATION OF SIR’S OWNERSHIP CONTROL WILL IMPROVE ILPT’S
LIQUIDITY AND TRADING MULTIPLE IN ITS COMMON SHARES. HOWEVER, THE
LIQUIDITY AND TRADING MULTIPLE FOR ILPT’S COMMON SHARES WILL DEPEND
ON NUMEROUS FACTORS, INCLUDING MARKET CONDITIONS AND OTHER FACTORS
BEYOND ILPT’S CONTROL. THERE CAN BE NO ASSURANCE THAT ILPT’S COMMON
SHARES WILL TRADE WITH IMPROVED LIQUIDITY OR WITH A HIGHER MULTIPLE
AND THE TRADING LIQUIDITY AND MULTIPLE FOR ILPT’S COMMON SHARES MAY
DECLINE.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO
PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS IN THIS
PRESS RELEASE. EXCEPT AS REQUIRED BY LAW, ILPT DOES NOT INTEND TO
UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181227005340/en/
Olivia Snyder, Manager, Investor Relations(617)
219-1489www.ilptreit.com
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