Key Developments: Select Income REIT (SIR.N)
26.32USD
1 Aug 2013
$-0.66 (-2.45%)
$26.98
$27.54
$27.54
$26.22
127,184
168,540
$30.09
$23.88
Latest Key Developments (Source: Significant Developments)
Select Income REIT Announces Quarterly Common Dividend
Select Income REIT announced a regular quarterly common share distribution of $0.44 per common share ($1.76 per share per year). This distribution will be paid to holders of record of common shares as of the close of business on July 24, 2013, and will be distributed on or about August 20, 2013. Full Article
Select Income REIT's Foundry Park I, LLC Acquires Office Property-Form 8-K
Select Income REIT reported in its Form 8-K that on July 2, 2013, a subsidiary of Select Income REIT, or the Company, acquired an office property consisting of one building located at 501 South 5th Street, Richmond, VA, with approximately 310,950 square feet, or the Property, for a purchase price of approximately $143.6 million, excluding closing costs, from Foundry Park I, LLC. This purchase was funded using cash on hand and borrowings under the Company’s revolving credit facility. The Property is leased solely to MeadWestvaco Corporation pursuant to a triple net lease and, therefore, no financial statements are required to be filed in connection with this acquisition. Full Article
NewMarket Corp's Foundry Park I, LLC To Sell Certain Real Property To Select Income REIT-Form 8-K
NewMarket Corp reported in its Form 8-K that on June 21, 2013, Foundry Park I, LLC (Foundry Park), a wholly owned subsidiary of NewMarket Corporation (Company), entered into a Purchase and Sale Agreement with Select Income REIT (Buyer), pursuant to which Foundry Park will sell certain real property to Buyer for a total purchase price of $143,600,000. The transaction is expected to close on or about July 1, 2013, subject to customary closing conditions. The property to be sold consists of an office building located at 501 South 5th Street in Richmond, Virginia currently being leased by MeadWestvaco Corporation (Tenant) as its corporate headquarters. The facility is situated on 3.155 acres of land and contains approximately 310,950 net rentable square feet and a 1,050 space parking garage. To secure Foundry Park's surviving covenants, representations and warranties under the Sales Agreement, $2,500,000 of the Purchase Price will be held in escrow for 12 months from the Closing Date. Other than the Sales Agreement, there are no material relationships between Foundry Park and Buyer, nor any material relationships between the Company and Buyer. Full Article
Select Income REIT Proposed Public Offering of 8,000,000 Common Shares
Select Income REIT announced that it commenced a public offering of 8,000,000 common shares. SIR expects to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility and for general business purposes including property acquisitions. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 1,200,000 common shares. BofA Merrill Lynch, Citigroup, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and RBC Capital Markets are the joint book running managers for the offering. Full Article
Select Income REIT Declares Regular Quarterly Common Distribution
Select Income REIT announced it has raised its regular quarterly common distribution by $0.02 to $0.44 per common share ($1.76 per share per year). This distribution will be paid 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 20, 2013. Full Article
Select Income REIT Expands Credit Facility To $750 Million
Select Income REIT announced that it has increased its $500 million unsecured revolving credit facility to $750 million. The maturity date for the expanded facility remains unchanged at March 11, 2016 and the expanded facility retains a borrower`s option to extend the facility for one year. Interest paid on drawings under the facility also remains unchanged at LIBOR plus 130 basis points. Banks that participated in the $250 million expansion include the following: Wells Fargo Bank, N.A., Bank of America, N.A., Morgan Stanley Bank, N.A., Royal Bank of Canada, Citigroup Global Markets Inc., RBS Citizens, N.A., Regions Bank, UBS Loan Finance LLC, and Mizuho Corporate Bank, Ltd. Full Article
Select Income REIT Announces Quarterly Common Dividend
Select Income REIT announced that regular quarterly common share distribution of $0.42 per common share ($1.68 per share per year). This distribution will be paid to holders of record of common shares as of the close of business on January 22, 2013, and will be distributed on or about February 19, 2013. Full Article
Select Income REIT Announces Underwriters' Exercise of Option to Purchase Additional Shares
Select Income REIT announced that the underwriters of its public offering have exercised, in full, their option to purchase an additional 1,050,000 common shares. The sale of the additional common shares and the sale of the original 7,000,000 common shares are expected to close on December 11, 2012. The joint book running managers for the offering are Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities. The joint lead managers are Citigroup, Jefferies, RBC Capital Markets and UBS Investment Bank. The co-managers are Janney Montgomery Scott and Oppenheimer & Co. Full Article
Select Income REIT Announces Proposed Public Offering of 6,000,000 Common Shares
Select Income REIT announced that it commenced a public offering of 6,000,000 common shares. SIR expects to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 900,000 common shares. Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities are the joint book running managers for the offering. Citigroup, Jefferies, RBC Capital Markets and UBS Investment Bank are the joint lead managers. Janney Montgomery Scott and Oppenheimer & Co. are the co-managers. Full Article
Select Income REIT Raises Quarterly Common Dividend
Select Income REIT announced it has raised its regular quarterly common distribution by $0.02 to $0.42 per common share ($1.68 per share per year). This distribution will be paid to holders of record of common shares as of the close of business on October 22, 2012, and will be distributed on or about November 19, 2012. Full Article

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