Key Developments: CommonWealth REIT (CWH)
20.75USD
22 May 2013
$-0.03 (-0.12%)
$20.77
$20.83
$21.00
$20.63
480,037
4,425,184
$25.25
$13.46
Latest Key Developments (Source: Significant Developments)
Commonwealth Reit Announces Quarterly Common And Preferred Dividends
Commonwealth Reit announced regular quarterly common and preferred dividend. A regular quarterly common dividend of $0.25 per Common Share will be paid with respect to the results of operations for the quarter ended March 31, 2013, to holders of record of Common Shares as of the close of business on April 23, 2013, and will be distributed on or about May 22, 2013. A distribution of $0.4063 per Series D Cumulative Convertible Preferred Share will be paid on or about May 15, 2013, to holders of record of Series D Preferred Shares at the close of business on May 1, 2013. A distribution of $0.4531 per Series E Cumulative Redeemable Preferred Share will be paid on or about May 15, 2013, to holders of record of Series E Preferred Shares at the close of business on May 1, 2013. Full Article
Commonwealth Reit Sells Remaining Position In Government Properties Income Trust
Commonwealth Reit announced that it has sold all of the 9,950,000 common shares it owned of its former subsidiary Government Properties Income Trust at a price of $25.20 per share for total net proceeds of $240.1 million. The settlement of this sale is expected to occur on March 15, 2013. The joint bookrunning managers for this offering are Citigroup, BofA Merrill Lynch and RBC Capital Markets. The joint lead managers are Jefferies, Morgan Stanley and UBS Investment Bank. The co-managers are BB&T Capital Markets, Janney Montgomery Scott, JMP Securities, MLV & Co. and Oppenheimer & Co. Full Article
Commonwealth Reit Announces Closing of Common Share Public Offering
Commonwealth Reit announced that its previously announced equity offering of 34,500,000 common shares closed. CommonWealth received net proceeds, after the underwriting discount, of approximately $627.6 million. Full Article
Commonwealth Reit Announces Underwriters' Exercise of Option to Purchase Additional Shares
Commonwealth Reit announced that the underwriters of its public offering have exercised their option to purchase an additional 4,500,000 common shares. The sale of the additional common shares and the sale of the original public offering of 30,000,000 common shares are expected to close on March 5, 2013. The joint bookrunning managers for this offering are Citigroup, BofA Merrill Lynch, UBS Investment Bank and Morgan Stanley. The joint lead managers are Jefferies and RBC Capital Markets. The co-managers are BB&T Capital Markets, Janney Montgomery Scott, JMP Securities, MLV & Co. and Oppenheimer & Co. Full Article
Commonwealth Reit Prices Offering of 30,000,000 Common Shares
Commonwealth Reit announced that it priced a public offering of 30,000,000 common shares at a price to the public of $19.00 per share. The settlement of this offering is expected to occur on March 5, 2013. CWH expects to use the net proceeds from this offering, cash on hand or borrowings from its revolving credit facility to fund the purchase price of up to $450 million of CWH`s senior notes due between 2014 and 2016 in a tender offer announced February 25. If such tender offer is terminated for any reason, or if any net proceeds remain after the tender offer, CWH intends to use such proceeds to reduce amounts outstanding on its revolving credit facility and for general business purposes. The underwriters have been granted a 30-day option to purchase up to an additional 4,500,000 common shares. The joint bookrunning managers for this offering are Citigroup, BofA Merrill Lynch, UBS Investment Bank and Morgan Stanley. The joint lead managers are Jefferies and RBC Capital Markets. The co-managers are BB&T Capital Markets, Janney Montgomery Scott, JMP Securities, MLV & Co. and Oppenheimer & Co. Full Article
Commonwealth Reit Proposes Public Offering Of 27,000,000 Common Shares
Commonwealth Reit announced that it has commenced a public offering of 27,000,000 common shares. CWH expects that the underwriters will also be granted a 30-day option to purchase up to an additional 4,050,000 common shares. CWH expects to use the proceeds of this offering to purchase up to $450 million of unsecured senior notes due between 2014 and 2016 in a tender offer CWH has also announced on February 25, 2013. The tender offer is conditioned upon this offering. However, the completion of the tender offer is not a condition of the sale of the common shares being sold in this equity offering. Proceeds from the sale of common shares not used to repurchase notes in the tender offer will be used to repay other debt and to fund general business purposes. The joint book running managers for the common share offering are Citigroup, BofA Merrill Lynch, UBS Investment Bank and Morgan Stanley. The joint lead managers are Jefferies and RBC Capital Markets. Full Article
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In Class Action Lawsuit Against CommonWealth REIT
Glancy Binkow & Goldberg LLP announced that purchasers of the common shares of CommonWealth REIT between January 10, 2012 and August 8, 2012, inclusive (the Class Period), have until February 25, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the District of Massachusetts. The Complaint alleges that throughout the Class Period the defendants issued materially false and misleading statements regarding the Company’s business and financial performance and prospects. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company was experiencing softness in the leasing market as the number of leased office spaces was below internal expectations, especially in the Company’s suburban office segment; (2) existing tenants were demanding and receiving significant concessions, which was further eroding the Company’s rental income; and (3) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s leverage ratio, occupancy rate and dividend payout. Full Article
Bernstein Liebhard LLP Announces Only Five Days Remain To File Motion For Lead Plaintiff In Class Action Against CommonWealth REIT
Bernstein Liebhard LLP announced that only five days remain - until February 25, 2013 - to file a motion for lead plaintiff in a class action against CommonWealth REIT. The action against CommonWealth was recently commenced in the United States District Court for the District of Massachusetts on behalf of a class of purchasers of CommonWealth REIT common shares between January 10, 2012 and August 8, 2012. The complaint charges CommonWealth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CommonWealth is a real estate investment trust, or REIT, which primarily owns office and industrial properties located throughout the United States. The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing softness in the leasing market as the number of leased office spaces, especially in the Company's suburban office segment, was below internal expectations; (b) that existing tenants were demanding and receiving significant concessions, which was further eroding the Company's rental income; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's leverage ratio, occupancy rate and dividend payout. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Commonwealth Reit
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of a class comprising all purchasers of the common shares of Commonwealth Reit between January 10, 2012 and August 8, 2012, inclusive (the "Class Period"). On August 8, 2012, the Company announced its financial results for second quarter 2012, and subsequently disclosed that CommonWealth's occupancy rate fell from 84.8% on March 31 to 84.5% as of June 30, and that the Company would likely reduce its dividend because, among other things, the Company's cash available for distribution payout ratio had increased to 108%. Following this news, CommonWealth common shares fell $1.57 per share, or 9%, on unusually heavy trading volume, and continued to decline over the next two trading days to a closing price of $15.67 per share on August 10, 2012. Full Article
Levi & Korsinsky Announces Class Action Lawsuit Against Commonwealth Reit
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased CommonWealth REIT (CommonWealth or the Company) stock between January 10, 2012 and August 8, 2012. The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing softness in the leasing market as the number of leased office spaces was below internal expectations; (b) that existing tenants were demanding and receiving significant concessions, thus further eroding the Company's rental income; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's leverage ratio, occupancy rate and dividend payout. Full Article
REFILE-CommonWealth rejects Related and Corvex offer, moves to protect board
April 15 - Office building operator CommonWealth REIT rejected a conditional buyout offer by Related Fund Management LLC and Corvex Management LP and adopted measures that make it more difficult to remove its board members.
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