RMR Real Estate Income Fund (NYSE American: RIF) today announced the results of its 2020 Annual Meeting of Shareholders which was held earlier today as follows:
John L. Harrington was re-elected as an Independent Trustee. The final tabulation of the percentage of shareholders’ votes cast for this Trustee is as follows:
Trustee | Percentage of Shares Voted For* | |
John L. Harrington | 86.8% | |
* All common and preferred shareholders of the Fund voting as a single class. | ||
The proposal for all investment advisory and management agreements between RMR Real Estate Income Fund and RMR Advisors to be terminated by the Fund was not properly presented at the meeting. Had it been, it would have been rejected by shareholders.
Proposal | Percentage of Shares Outstanding
| |
Termination of RMR Agreements | 21.1% | |
*All common and preferred shareholders of the Fund voting as a single class. | ||
In addition, Joseph L. Morea resigned from his position as an Independent Trustee, effective immediately. Mr. Morea advised the Board that the reasons for his resignation were not the result of any disagreement with RIF. The Board of Trustees, based on the recommendation of RIF’s Nominating Committee, elected Barbara D. Gilmore as an Independent Trustee, effective immediately.
Ms. Gilmore served as a professional law clerk at the United State Bankruptcy Court, Eastern Division of the District of Massachusetts, from 2015 until her retirement in 2018, and prior to that, at the United States Bankruptcy Court, Central Division of the District of Massachusetts, from 2001 to 2015. Ms. Gilmore was a partner of the law firm of Sullivan & Worcester LLP from 1993 to 2000.
About RMR Real Estate Income Fund (NYSE American: RIF)
RIF has historically operated as closed end investment company advised by RMR Advisors LLC. RMR Advisors LLC is a wholly owned subsidiary of The RMR Group LLC, an alternative asset management company. The RMR Group LLC is the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), which is headquartered in Newton, MA. On April 16, 2020, shareholders approved RIF’s conversion from a registered investment company to a commercial mortgage REIT and amended RIF’s fundamental investment policies and restrictions to permit RIF to pursue its new business. RIF will begin to realign its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 and file an application with the SEC for a Deregistration Order in due course. RIF intends to sell its existing investments and transition its portfolio into commercial mortgages as opportunities within the new investment scope arise and subject to applicable compliance requirements and other business considerations. If the SEC issues a deregistration order, the Board of Trustees anticipates RIF would thereafter terminate its existing investment advisory agreement and enter into a new management agreement with its Advisor or an affiliate of the Advisor to provide day-to-day management.
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Contacts:
(617) 796-8253
www.rmrfunds.com
