Business
RMR Mortgage Trust Announces Results of Special Meeting of Shareholders
Shareholders Approve the Issuance of Common Shares in the Merger with Tremont Mortgage Trust to Form a Combined Company Named Seven Hills Realty Capital
About this update from Seven Hills Realty Trust
[{"type":"text","content":"\nShareholders Approve the Issuance of Common Shares in the Merger with Tremont Mortgage Trust to Form a Combined Company Named Seven Hills Realty Capital\n\nMerger Expected to Create a Diversified Commercial Mortgage REIT with Fully Invested Total Assets Expected to Approach $1 Billion\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Mortgage Trust (Nasdaq: RMRM) announced the results of its special meeting of shareholders held on Friday, September 17, 2021, as follows.\n\nShareholders approved the issuance of RMRM common shares in the merger with Tremont Mortgage Trust (Nasdaq: TRMT), with 92.3% of the shares that voted voting in favor. RMRM expects the merger to become effective on September 30, 2021, subject to the satisfaction or waiver of the closing conditions specified in the Agreement and Plan of Merger between RMRM and TRMT, dated April 26, 2021. As part of the merger, the combined company will change its name to Seven Hills Realty Capital and will trade on the Nasdaq under the ticker “SHRC”.\n\nThe merger is expected to create a more diversified commercial mortgage real estate investment trust, or REIT, focused on middle market transitional bridge loans with assets expected to approach $1 billion when fully invested. With increased scale and an expanded capital base, the combined company is expected to be better positioned to access capital markets, increase operating efficiency, and deliver more attractive risk-adjusted returns for shareholders.\n\nRMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. RMRM is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR). 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. For more information about RMRM, please visit www.rmrmortgagetrust.com.\n\nWARNING CONCERNING FORWARD-LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever R...