Business
RMR Real Estate Income Fund Announces Name Change to “RMR Mortgage Trust”
Common Shares Will be Listed on the Nasdaq Stock Exchange Under the New Ticker “RMRM” Beginning on July 30th NEWTON, Mass.--(BUSINESS WIRE)-- RMR Real Estate
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nCommon Shares Will be Listed on the Nasdaq Stock Exchange Under the New Ticker “RMRM” Beginning on July 30th\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Real Estate Income Fund (NYSE American: RIF) today announced that it will change its name to “RMR Mortgage Trust” effective July 30, 2020 at 12:01 a.m. RIF will also change its ticker to “RMRM”, and its common shares will begin trading on the Nasdaq Stock Exchange on July 30, 2020. The company’s new website will be “www.rmrmortgagetrust.com”.\n\n\nAdam Portnoy, Managing Trustee of RIF, made the following statement about today’s announcement: “We are excited to change our name to RMR Mortgage Trust. Our shareholders approved the transition of RIF from a closed end investment company to a commercial mortgage REIT in April. As we continue to proceed with this transition, we believe that now is the right time to change our name, ticker and exchange to reflect RIF’s new business strategy. We are in the process of realigning our portfolio and have filed an application with the SEC to deregister as an investment company under the Investment Company Act of 1940.”\n\n\nAbout RMR Real Estate Income Fund (NYSE American: RIF)\n\n\nRIF has historically operated as closed end investment company advised by RMR Advisors LLC (the “Advisor”). The Advisor is a wholly owned subsidiary of The RMR Group LLC, an alternative asset management company. The RMR Group LLC is the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), which is headquartered in Newton, MA. On April 16, 2020, shareholders approved RIF’s conversion from a registered investment company to a commercial mortgage REIT and amended RIF’s fundamental investment policies and restrictions to permit RIF to pursue its new business. RIF will begin to realign its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 (the “1940 Act”) and has applied to the Securities and Exchange Commission (the “SEC”) for an order under the 1940 Act declaring that RIF has ceased to be a registered investment company (the “Deregistration Order”). RIF intends to sell its existing investments and transition its portfolio into commercial mortgages as opportunities within the new investment scope arise and subject to applicable compliance requirements and other business considerations. If the SEC iss...