CommonWealth REIT shares surged more than 50 percent after Corvex Management and Related Fund Management disclosed a near 10 percent stake and said they were prepared to acquire the operator of office buildings if management does not take steps to boost shareholder value.Hedge fund Corvex and Related Fund, an affiliate of privately-owned real estate firm Related Cos, asked that CommonWealth call off its offering of 27 million shares and debt repurchase and enter into discussions with them to maximize shareholder value.The firms said CommonWealth's portfolio of real estate assets trade at a substantial discount to fair value due to a misalignment of incentives between the real estate trust and its external adviser, REIT Management & Research LLC.REIT Management is a real estate management company that manages public investments in real estate. In addition to managing CommonWealth's investments, it also manages investments for Hospitality Properties Trust, Senior Housing Properties Trust and other publicly traded REITs.
CommonWealth REIT (CWH) is a real estate investment trust (REIT). Shares of CWH traded higher by 48.52% or $7.69/share to $23.54. In the past year, the shares have traded as low as $13.46 and as high as $19.48. On average, 684027 shares of CWH exchange hands on a given day and today's volume is recorded at 24514404.
Hospitality Properties Trust (HPT) is a real estate investment trust (REIT). Shares of HPT fell by 0.3% or $-0.079/share to $26.23. In the past year, the shares have traded as low as $21.13 and as high as $27.99. On average, 780790 shares of HPT exchange hands on a given day and today's volume is recorded at 496977.
Senior Housing Properties Trust (SNH) is a real estate investment trust (REIT). Shares of SNH traded higher by 0.76% or $0.1868/share to $24.77. In the past year, the shares have traded as low as $19.83 and as high as $25.21. On average, 1860320 shares of SNH exchange hands on a given day and today's volume is recorded at 970024.
Source
