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RMR Real Estate plans conversion to commercial mortgage REIT

RMR Real Estate Income Fund filed a preliminary proxy statement with the SEC to hold a special meeting to convert the registered investment company into a commercial mortgage real estate investment trust.

The business change proposal has been unanimously approved by RMR Real Estate's board of trustees.

The company will focus on originating and acquiring first mortgage whole loans of $50.0 million or less, secured by middle-market and transitional commercial real estate.

If the business change proposal is approved by shareholders, the company will begin to realign its portfolio. It intends to sell its existing investments and transition the portfolio into commercial mortgages as opportunities arise.

The company's board believes the change will increase shareholder value by meaningfully increasing distributions paid to shareholders as well as the trading price of RMR Real Estate's common shares relative to net asset value.