Secondaries Announced 6.28.17

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Akebia Therapeutics, Inc.
Symbol: AKBA
Price: Last Trade $15.50
Trade Date: 6/29
Re-offer Range: $14.50-$15.00
Shares: 3.3 million ($50 million cash raise)
Underwriter(s) : Morgan Stanley
Rating = BUY

Company: Carrizo Oil & Gas, Inc.
Symbol: CRZO
Price: Last Trade $15.61
Trade Date: 6/29
Re-offer Range: TBD
Shares: 15.6 million
Underwriter(s) : Goldman Sachs & Co., Wells Fargo Securities
Rating = Neutral

Company: Government Properties Income Trust
Symbol: GOV
Price: Last trade $19.86
Trade Date: 6/29
Shares: 25 million
Underwriter(s) : Citigroup, BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank
Rating = Neutral

Company: Physicians Realty Trust
Symbol: DOC
Price: Last Trade $21.60
Trade Date: 6/29
Re-offer Range: $20.10-$20.90
Shares: 20 million
Underwriter(s) : KeyBanc Capital Markets, BofA Merrill Lynch, BMO Capital Markets, Morgan Stanley
Rating = Neutral