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RMR Mortgage Trust (Nasdaq: RMRM) has successfully closed a $19.7 million first mortgage floating-rate bridge loan for the acquisition of Laurel 42, a 100-unit apartment building in Portland, Oregon. This loan has a three-year initial term with two one-year extension options. With this transaction, RMRM's loan book expands to nearly $300 million of committed capital, diversifying its investment portfolio. RMRM aims to generate attractive returns for its shareholders as it continues to grow its business in the commercial mortgage sector.
RMR Mortgage Trust (Nasdaq: RMRM) announced a quarterly cash distribution of $0.15 per common share, equating to $0.60 annually. This payment will be allocated to shareholders on record by the close of business on July 26, 2021, and is scheduled for distribution around August 19, 2021. RMRM specializes in financing first mortgage loans backed by middle market and transitional commercial real estate, overseen by an affiliate of The RMR Group Inc., which manages $32 billion in assets.
RMR Mortgage Trust (Nasdaq: RMRM) has closed a $27.4 million floating-rate bridge loan to refinance a 237,000 square foot office property in Plano, Texas. The loan includes an initial funding of approximately $24.6 million and future advances of up to $2.8 million for improvements. The loan has a three-year term with two one-year extension options. RMRM’s President stated this loan aligns with their strategy to invest in quality loans backed by strong commercial real estate. RMRM aims for continued portfolio growth with promising opportunities and sufficient liquidity.
RMR Mortgage Trust (Nasdaq: RMRM) announced it will release its second quarter 2021 financial results after market close on Tuesday, August 3, 2021. A conference call led by President Tom Lorenzini and CFO Doug Lanois is scheduled for Wednesday, August 4, 2021, at 10:00 a.m. ET to discuss these results. Participants can access the call at (877) 270-2148 from the U.S., or (412) 902-6510 internationally. A live audio webcast will also be available on RMRM's website.
RMR Mortgage Trust (Nasdaq:RMRM) held its 2021 Annual Meeting, where Adam D. Portnoy and Jeffrey P. Somers were re-elected as Managing and Independent Trustees, respectively, with 74.8% and 77.5% support. Shareholders approved the 2021 Equity Compensation Plan (78.8%) and executive compensation (79.3%) via advisory votes. Notably, the frequency for future advisory votes on executive compensation was set at every 3 years, receiving only 47.9% approval. Additionally, Deloitte & Touche LLP was ratified as the independent auditors for the 2021 fiscal year (93.9%).
RMR Mortgage Trust (Nasdaq: RMRM) reported financial results for Q1 2021, highlighting a transition into a commercial mortgage REIT. RMRM closed two loans totaling $65.5 million in the quarter, with a total of nine loans and committed capital of approximately $250.0 million. Net income stood at $0.4 million or $0.03 per share. The company plans to merge with Tremont Mortgage Trust, aiming to enhance its scale. Additionally, RMRM declared a quarterly distribution of $0.15 per share, totaling around $1.5 million to be paid on May 20, 2021.
RMR Mortgage Trust (Nasdaq: RMRM) and Tremont Mortgage Trust (Nasdaq: TRMT) have entered into a merger agreement, with TRMT merging into RMRM. This strategic move aims to create a larger, more diversified commercial mortgage REIT, targeting nearly $1 billion in assets post-merger. The deal is projected to enhance distributable earnings and yield annual savings of $1.4 to $1.6 million. Shareholders of RMRM will own approximately 70% of the new entity, while TRMT shareholders will hold 30%. The merger is slated for Q3 2021, pending shareholder approvals.
RMR Mortgage Trust (Nasdaq: RMRM) has announced a quarterly cash distribution of $0.15 per common share, equating to $0.60 annually. This payment will benefit shareholders of record as of April 26, 2021, with distribution scheduled for approximately May 20, 2021. RMRM specializes in first mortgage loans for middle market and transitional commercial real estate, managed by The RMR Group Inc., which oversees $32 billion in assets. Future dividends may vary based on factors like income, cash needs, and overall financial health.
RMR Mortgage Trust (Nasdaq: RMRM) announced a $34.3 million first mortgage floating-rate bridge loan for refinancing a 191,000 square foot office and a 97,000 square foot industrial property in Colorado Springs, Colorado. An initial advance of approximately $29 million was funded at closing, with an option for further advances of up to $5.3 million. This marks RMRM's ninth loan closing, expanding its portfolio of committed capital to over $250 million. The loan is structured with a three-year term and a one-year extension option, contingent on borrower requirements.
RMR Mortgage Trust (Nasdaq: RMRM) has secured a $39.2 million first mortgage floating-rate bridge loan to fund the acquisition of two Class A cold storage industrial buildings in Londonderry, New Hampshire. This loan involves an initial advance of approximately $34.2 million, with up to $5 million available for tenant improvements. The three-year loan term includes two one-year extension options. This move diversifies RMRM's investment portfolio, emphasizing its capability to provide flexible financing in the middle market commercial real estate sector.
