Perry Capital Decreases Exposure to CommonWealth REIT (CWH)

Richard Perry‘s  Perry Capital has decreased its activist stake in CommonWealth REIT (NYSE:CWH). According to a recent filing, the fund revealed a position of 5.50 million shares of the company’s stock, 500,000 shares less than the previous holding. The current stake represents 4.65% of CommonWealth’s common stock.

Richard Perry

In the 13D filing, it is also noted that on March 19, 2014, CommonWealth REIT (NYSE:CWH) issued a press release acknowledging the receipt of documentation from Keith Meister‘s Corvex Capital concerning the latter urging the shareholders to remove the Board of Directors. Perry Capital asserted that they are pleased that holders of over 81% of the outstanding shares voted for Corvex’ proposal to remove the entire Board of Trustees, planning to support Corvex’ nominees at the upcoming special meeting of shareholders.

CommonWealth REIT (NYSE:CWH) is a real estate investment trust, managing a $6.60 billion portfolio of properties located in North America and Australia. The REIT also manages public companies with combined total gross assets of around $23 billion. In summer 2010 CommonWealth’s price spiked from $6.xx to more than $25.00 per share, a price at which the company trades today. In 2013, the company generated earnings per share of $0.11, with a respective net income of $55.77 million, approximately 30% lower than in the previous year. CommonWealth is expected to produce earnings of $2.34 per share in the current year, analysts recommending that investors hold the company’s stock.

Corvex Capital holds a $132.29 million position of 5.6 million shares of  CommonWealth REIT (NYSE:CWH). Another fund that owns stock of the company is Jeffrey Tannenbaum‘s Fir Tree, having a position of 6.25 million shares worth $145.76 million.

Richard Perry manages an equity portfolio of 3.42 billion, roughly half of its value invested in the Financial, Technology, and Basic Materials Sectors. American International Group Inc (NYSE:AIG) represents 10.76% of the portfolio, with a respective position of 11.2 million shares worth $571.76 million.

Disclosure: none

Recommended Reading:

Hedge Fund News: Jamie Zimmerman, Perry Capital & Paul Singer

Corvex Capital, Related Fund Management to Nominate New Board of Trustees at CommonWealth REIT

Himanshu H. Shah Ups Stake in Corinthian Colleges Inc (COCO); Sends Letter to the Board

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