CommonWealth REIT announced that they have delivered consents from holders of over 70% of the outstanding shares approving the proposal to remove the entire Board of Trustees of CommonWealth effective immediately. As of date, Barry M. Portnoy, Adam D. Portnoy, Joseph L. Morea, William A. Lamkin, and Frederick N. Zeytoonjian are in view no longer trustees and have no authority to act as such or in any way direct or bind the company. The company will hold each former trustee personally accountable if they attempt to illegitimately usurp corporate authority they do not have.

The company advise third parties that do business with CommonWealth that reserve the right to challenge any corporate action that may be taken by these former trustees on or after as of date as invalid. The company demand that the officers of CommonWealth and RMR immediately take all actions necessary to promptly call and hold a special meeting of shareholders to elect new trustees, as mandated by CommonWealth's charter. Until the replacement board is elected, the company expects the continuing CommonWealth officers and RMR to discharge their fiduciary and contractual obligations to ensure a smooth transition process to a new duly elected board.

As the company have previously communicated, Jim Lozier, a 30+ year real estate industry veteran, and one of the world's large leading commercial real estate services firms stand ready to provide transitional managerial services and expertise if necessary or appropriate.