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FOR IMMEDIATE RELEASE
Contact:
Timothy A. Bonang
Manager of Investor Relations
(617) 332-9530
www.rmrfunds.com
RMR Funds Announce Results of Annual Meeting
Newton, MA (May 8, 2007): RMR Real Estate Fund (AMEX: RMR), RMR F.I.R.E.
Fund (AMEX: RFR), RMR Preferred Dividend Fund (AMEX: RDR) and RMR
Asia Pacific Real Estate Fund (AMEX: RAP) (hereinafter RMR, RFR, RDR and RAP are
collectively referred to as the "RMR Funds") announced the results of their
annual meetings of shareholders held today as follows:
Election of Trustees. Arthur G. Koumantzelis and Barry M. Portnoy were
elected as Class III trustees of each of the RMR Funds to serve three year terms
until the annual meetings in 2010. The preliminary tabulations of the
percentages of shareholders' votes cast for each of these trustees are as
follows:
Percentage Of
Fund Trustee Votes Cast
RMR Real Estate Fund Arthur G. Koumantzelis 93.08%
Barry M. Portnoy 99.00%
RMR F.I.R.E. Fund Arthur G. Koumantzelis 97.03%
Barry M. Portnoy 97.50%
RMR Preferred Dividend Fund Arthur G. Koumantzelis 97.59%
Barry M. Portnoy 95.00%
RMR Asia Pacific Real Estate Fund Arthur G. Koumantzelis 88.73%
Barry M. Portnoy 88.17%
Other Matters. In addition to the elections of trustees, this year's
meetings of shareholders also considered an amendment to each of the RMR Funds'
declarations of trusts to provide explicitly that any shareholder that breaches
a fund's declaration of trust or bylaws will indemnify and hold harmless the
fund from any cost or other damages (including attorneys fees) arising from the
shareholder's breach. This proposed amendment was adopted by each of the RMR
Funds, as follows:
Percentage
Of Votes
Cast In Favor Of
Fund The Amendment
- ---- ---------------
RMR Real Estate Fund 89.56%
RMR F.I.R.E. Fund 93.87%
RMR Preferred Dividend Fund 93.52%
RMR Asia Pacific Real Estate Fund 92.28%
The RMR Funds believe that applicable law may allow them to recoup
costs and damages which arise from breaches of their declarations of trusts or
bylaws. However, the RMR Funds determined to amend the declarations of the
trusts to make these rights explicit after an affiliated fund incurred
substantial costs as a result of an apparently intentional breach of that
affiliated fund's declaration of trust and bylaws by Phillip Goldstein and his
Bulldog Investors hedge fund. That RMR affiliated fund, RMR Hospitality and Real
Estate Fund (AMEX: RHR), previously held its 2007 annual meeting of shareholders
in March when Goldstein's nominations and proposals were defeated, and RHR
currently is pursuing litigation against Goldstein and his hedge fund to enforce
its declaration of trust.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THE FOREGOING PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN
THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE
FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON THE RMR
FUNDS' PRESENT BELIEFS AND EXPECTATIONS, BUT THEY MAY NOT OCCUR. FOR EXAMPLE:
o THIS PRESS RELEASE REPORTS THE PRELIMINARY TABULATIONS OF VOTES OF
SHAREHOLDERS AND IMPLIES THAT THE FINAL RESULTS OF THE TABULATIONS
OF VOTES MAY BE THE SAME. IN FACT, THE PRELIMINARY TABULATIONS ARE
SUBJECT TO FINAL COUNTINGS OF VOTES AND VERIFICATIONS THEREOF BY
THE APPOINTED INSPECTOR OF ELECTIONS. THE FINAL VOTES MAY BE
DIFFERENT FROM THE RESULTS IMPLIED BY THE PRELIMINARY TABULATIONS.
o THIS PRESS RELEASE STATES THAT THE RMR FUNDS BELIEVE THAT APPLICABLE
LAW MAY ALLOW THEM TO RECOUP COSTS AND DAMAGES WHICH ARISE FROM
BREACHES OF THEIR DECLARATIONS OF TRUSTS AND BYLAWS AND THAT RMR
HOSPITALITY AND REAL ESTATE FUND IS CURRENTLY PURSUING LITIGATION
AGAINST PHILLIP GOLDSTEIN AND HIS HEDGE FUND TO ENFORCE ITS DECLARATION
OF TRUST. THE IMPLICATION OF THESE STATEMENTS MAY BE THAT RHR WILL
RECOVER ITS COSTS AND DAMAGES FROM GOLDSTEIN AND HIS HEDGE FUND. IN
FACT, RESULTS OF LITIGATION ARE IMPOSSIBLE TO PREDICT. GOLDSTEIN IS
DEFENDING THIS LITIGATION BY ASSERTING THAT THE COURT IN WHICH IT
IS PENDING LACKS JURISDICTION AND HIS ATTORNEYS HAVE STATED THAT HE MAY
ASSERT COUNTERCLAIMS AGAINST RHR IF HIS JURISDICTION DEFENSE FAILS. IF
RHR ACHIEVES RECOUPMENT FROM GOLDSTEIN, SUCH RECOUPMENT MAY ONLY BE
AWARDED AFTER CONSIDERABLY MORE COSTS ARE INCURRED AND THE AMOUNT OF
THAT RECOUPMENT MAY NOT EQUAL RHR'S TOTAL COSTS. ALSO, RHR MAY DECIDE
THAT A COST BENENFIT ANALYSIS OF THE LITIGATION MAKES SETTLEMENT
APPROPRIATE.
INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD
LOOKING STATEMENTS IN THIS PRESS RELEASE.