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Even the Microcap REITs Are Getting Pushback from Shareholders

VIRGINIA BEACH, VA--SLKW Investments is pushing Wheeler REIT to adopt a new common stock dividend policy

A Wheeler REIT holding A Wheeler REIT holding

VIRGINIA BEACH, VA–Over the past few years activist shareholders have make their mark in the REIT community, forcing changes  – at times to dramatic effect — at several REITs. Jonathan Litt of Land and Buildings, for example, is seemingly everywhere, writing to Taubman Centers about its many mistakes  (per Litt’s view) and insisting that the would-be Colony Northstar amend its governance structure  — and that is just for this month. Activist shareholders were also instrumental in derailing New York REIT and JBG Cos.’ proposed merger earlier this year, to name another example.

Now the trend is moving down to the microcap space as evidenced by SLKW Investments’ push to get Wheeler REIT to adopt a new common stock dividend policy. The company argues that the dividend should be tied to actual cash flow as opposed to projections.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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