RMR Funds Announces That Certain Funds Have Suspended the Declaration and Payment of Common Share Dividends
16 Octubre 2008 - 4:27PM
Business Wire
RMR Funds today announced that the following funds, which have
historically paid monthly distributions, will suspend distributions
to common shareholders in October 2008 and until further notice:
RMR Real Estate Fund (AMEX: RMR) RMR Hospitality and Real Estate
Fund (AMEX: RHR) RMR F.I.R.E. Fund (AMEX: RFR) RMR Preferred
Dividend Fund (AMEX: RDR) RMR Dividend Capture Fund (AMEX: RCR)
Each of these funds use leverage by issuing auction rate preferred
shares. The terms of these auction rate preferred shares prohibit
the payment of distributions to common shareholders unless certain
financial ratios exist. The recent volatility and declines in the
market prices of securities in which each of these funds invests,
particularly the prices of common and preferred shares of real
estate investment trusts (REITs), have caused each of these funds
to not meet the asset coverage ratios which are pre-conditions to
the payment of common share distributions. A primary investment
objective of each of these funds is to earn income, and these funds
are continuing to earn income on their investments. In order to
meet the asset coverage ratios which are pre-conditions to the
payment of common share distributions, the funds may need to reduce
their leverage by selling investment securities and redeeming
preferred shares. In an effort to avoid selling securities at
distressed prices immediately and to preserve their ability to meet
long term investment objectives, each fund is suspending its
distributions to common shareholders to allow for a more orderly
repositioning of each fund�s investment portfolio as needed to
satisfy the required asset coverage ratios. Each fund may resume
common share distributions when its asset coverage ratios are
satisfied; however, the amount and frequency of any common share
distributions which may be declared in the future can not be
determined at this time. Each fund is a closed end investment
company advised by RMR Advisors, Inc., an affiliate of Reit
Management & Research LLC. Reit Management & Research LLC
and its affiliates have been in business since 1986.
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