A proposed merger of Tremont Mortgage Trust into RMR Mortgage Trust that was previously announced is now going under consideration of the shareholders of both companies.
Three proxy advisory firms that advise institutional investors, Institutional Shareholder Services Inc., or ISS, Glass Lewis & Co., LLC, or Glass Lewis, and Egan-Jones Proxy Services, or Egan-Jones, have all recommended that shareholders vote in favor of the merger.
Shareholders for both firms will come together in special meetings later this month to consider the proposition.
In recommending that TRMT shareholders vote for the merger, the proxy advisory firms endorsed the strategic, corporate governance and financial merits of the transaction. The three advisory firms produced separate reports.
Tremont Mortgage Trust is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. TRMT is managed by an affiliate of The RMR Group Inc.
Substantially all of RMR’s business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $32 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate, according to a release filed by the proxy advisors.