Welcome to the website devoted to Corvex Management LP and Related Fund Management, LLC’s consent solicitation for CommonWealth REIT (NYSE: CWH).
On April 10, 2013 Corvex and Related filed a definitive consent solicitation statement with the U.S. Securities and Exchange Commission for shareholders to act by written consent to remove the entire board of trustees of CWH.
We believe change is desperately needed at CWH. CommonWealth is one of the few remaining externally managed equity REITs in the public markets. We believe CWH’s external manager, Reit Management and Research, LLC (“RMR”), has sought to maximize management fees while mismanaging CWH’s assets – CWH has paid out $209 million in management fees over the last 3 years while CWH’s market cap has declined by $647 million during the same period.
RMR has in our view crossed the limits of corporate governance and related party transactions in order to maintain control of CWH and maximize RMR’s financial benefits. In addition, the Company has significant governance issues, including a classified board, poison pill with “slow hand” provision and questionable “independent” trustees.
Additionally, the Company has taken extraordinary steps in an effort to disenfranchise shareholders, including completing a highly dilutive equity offering, passing shareholder disenfranchising amendments to governance documents, engaging in eleventh-hour lobbying efforts to change a Maryland law and considering a sale of its controlling interest in Select Income REIT at a presumably discounted price.
Our consent solicitation presents a clear path for shareholders of CWH to remove the current board, bring change to CWH, and unlock significant value for ALL shareholders. We are urging CWH shareholders to sign, date and return our WHITE consent card or vote online by following the instructions on the voting materials you will be receiving.
We encourage you to read the materials on this website carefully and continue to visit often for any updates.
Thank you for your continued support.