Of course they are betting on the lawyers. Doubt that they are going to let rmr manage this reit. Get rid of rmr and the cash flow increases by $38m. Cap that at 5% and the mkt cap increases by $960M.
It is hard to know what this bldg portfolio is really worth. They are losing a drug tenant in downtown Philly occupying 600k sf. This portfolio will take 5 years to straighten out. Probably 50% is #$%$.
You must be referring to Glaxo. In the conference call last quarter, they were optimistic about refilling the space. I am not thrilled about the office market, national vacancy is around 15% or more but RMR is a valuable asset to them and probably represents a competitive G&A expense as most reits....yours is a tired argument.