On Wednesday, Senior Housing Properties Trust (NYSE:SNH)’s shares inclined 0.66% to $18.36.
Senior Housing Properties Trust (SNH), Hospitality Properties Trust (HPT), Select Income REIT (SIR) and Government Properties Income Trust (GOV) (each a “REIT” and, collectively, the “REITs”) recently declared that they have attained combined economic ownership of about half of Reit Administration & Research LLC (“RMR”). Each of the REITs is managed by RMR and, simultaneously with the REITs’ acquisition of ownership in RMR, the administration agreements with RMR were amended and extended for 20 year terms. The REITs’ ownership in RMR is held indirectly through a new holding company of RMR (“RMR INC”). Following the agreements entered for this transaction, the REITs have agreed to distribute about half of the RMR INC shares held by them to their shareholders as a special dividend, and RMR INC has agreed to facilitate this by filing a registration statement with the Securities and Exchange Commission (the “SEC”) to register the RMR INC shares to be distributed and by seeking a listing of those shares on a national stock exchange upon the registration statement being declared effective by the SEC.
In addition to the value of the RMR INC shares distributed to the REITs’ shareholders, the predictable benefits of these transactions to the REITs’ shareholders comprise:
- Further alignment of interests among RMR administration, the REITs and the REITs’ shareholders because the REITs and their shareholders own RMR INC shares.
- Further alignment of interests among RMR administration, the REITs and the REITs’ shareholders because the historical owners of RMR have become owners of a noteworthy number of restricted shares of each of the REITs and those shares are subject to 10 year lock up agreements.
- Providing greater transparency for the REITs’ shareholders into RMR administration, counting RMR’s financial and operating results.
- The REITs will continue to benefit from low general and administrative costs which RMR administration provides to each REIT.
Government Properties Income Trust is a real estate investment trust (REIT). The Company operates in two business segments: ownership of properties that are primarily leased to Government tenants and its equity method investment in Select Income REIT (SIR). The Company’s properties are located in Alabama, Arizona, California, Florida, Kentucky, Massachusetts, New Jersey, New York, Texas, Washington and Wyoming. The Company’s properties (64 buildings), with about 7.7 million rentable square feet, are primarily leased to the United States Government, 18 of those properties (24 buildings), with about 2.6 million rentable square feet primarily leased to 12 state governments, one of those properties (one building), with 187,060 Rentable square feet, is leased to the United Nations, an international intergovernmental organization, and three of those properties (three buildings), with 507,788 rentable square feet primarily leased to non-government tenants.
SolarCity Corp (NASDAQ:SCTY)’s shares gained 1.09% to $57.40.
SolarCity Corp (SCTY) the nation’s #1 solar power provider, and Minnetonka-based solar developer Sunrise Energy Ventures have partnered to create a new community solar program offering that allows renters, schools, municipalities and other current Xcel Energy customers to purchase renewable energy without installing solar panels on their properties. Minnesota’s new community solar program is mandated by law and is expected to be the largest in the nation when completed.
According to GTM Research and SEIA’s Q1 2015 U.S. Solar Market Insight Report, only 66MW(DC) of community solar projects are operating in the United States today. SolarCity’s new community solar program will develop a series of up to one-hundred 1MW(AC) community solar installations, or “gardens,” in Wright and Sherburne counties. SolarCity will then invite renters, low-income housing residents, schools, and others in the Minneapolis-St. Paul area to enter subscriber agreements to purchase the solar power the gardens produce at a rate of 13 cents per kWh. For up to 25 years, Xcel Energy will credit the subscribers at a rate of 14.7 kWh for each kWh of electricity that is purchased from SolarCity through a solar garden subscriber agreement. The anticipated 11.5 percent savings will be immediate for subscribers, who will remain Xcel Energy customers.
SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States. It offers solar energy systems; solar lease and power purchase agreement finance products; mounting hardware for photovoltaic panels; and related software, in addition to develops a proprietary battery administration system, which is designed to enable remote, bidirectional control of distributed energy storage that can provide benefits to customers, utilities, and grid operators.
At the end of Wednesday’s trade, Rock-Tenn Company (NYSE:RKT)‘s shares surged 1.89% to $64.06.
WestRock will start trading on July 1 upon the merger of RockTenn (RKT) and MWV (MWV). WestRock (NYSE:WRK) declared that it will host a conference call to talk about third quarter fiscal 2015 results and other topics on Thursday, July 30, 2015, at 9 a.m. EDT. WestRock will release its third quarter fiscal 2015 results after the market closes on Wednesday, July 29, 2015.
Rock-Tenn Company manufactures and sells containerboard and paperboard products in the Unites States, Canada, Mexico, Chile, Argentina, and Puerto Rico. The company operates through four segments: Corrugated Packaging, Consumer Packaging, Merchandising Displays, and Recycling. The Corrugated Packaging segment offers containerboard, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers; and converts corrugated sheets into corrugated products.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN), ended its Wednesday’s trading session with 0.29% gain, and closed at $20.93.
Patterson-UTI Energy, Inc. (PTEN) declared that its May 2015 drill rig count averaged at 123–122 rigs in the U.S. and 1 in Canada. This marks a steep decline from 133 rigs operational in April.
Patterson-UTI further added that for the two months ending May 31, its rig count averaged 126 in the U.S. and 2 in Canada.
The weak crude pricing environment has forced most drillers to cut back on the number of rigs. Also, fewer new contracts and declining day rates have made maintaining profitability a challenge. Retiring rigs is therefore an effective way to curb operating expenses.
Moreover, Patterson-UTI has been undertaking other measures like lowering capital spending to tackle the pricing woes. The company has declared a 29% cut in its 2015 spending.
Patterson-UTI is a major onshore contract driller in the U.S. with over 239 land-based rigs that operate primarily in the oil and natural gas producing regions of North America.
Patterson-UTI Energy, Inc., through its auxiliaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company operates through three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas.
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