|March 13, 2014|
- 89.6% occupancy vs. 83.4% for the nationwide office market.
- + 8.1% higher rents for space leased vs. prior leases for the same space.
- $0.63/share normalized funds from operations (FFO) 1 vs. $0.54 consensus expectation.
- Ratings downgrades and debt defaults are likely.
- CWH would be out of compliance with SEC and NYSE requirements for publicly traded securities.
- CWH dividends would not be declared or paid at least until a new Board can be elected at a special meeting which will not occur for 60-90 days.
- Jeff Blau of Related was chairman and CEO of American Mortgage Acceptance Company, a REIT which went bankrupt after non-recourse loans made to Related’s affiliates defaulted.
- The Related/Corvex apparent plan to increase debt and buy back CWH shares is the same plan which Keith Meister of Corvex pursued at ADT to make money for himself, while leaving longer term ADT shareholders with losses.
- Sam Zell lent his name to the Related/Corvex campaign only after receiving $17 million of “in the money” options from Related/Corvex; but, despite this special payment, Related/Corvex want you to believe Zell will look out for your interests.
- Management’s financial incentives have been further aligned with shareholder interests.
|The CWH Board of Trustees|
|Your Vote Is Important, No Matter How Many Shares You Own.|
|If you have questions about how to vote your shares on the|
|WHITE CONSENT REVOCATION CARD,|
|or need additional assistance, please contact the firm assisting us in the solicitation of consent revocations:|
|Morrow & Co., LLC|
|470 West Avenue|
|Stamford, CT 06902|
|Shareholders Call Toll Free: (800) 276-3011|
|(Banks and brokers call collect at (203) 658-9400)|
|1||Reconciliation available on CWH’s Fourth Quarter 2013 Supplemental Operating and Financial Data, filed on Form 8-K on February 27, 2014.|