Shareholders' Equity

9 Months Ended

Sep. 30, 2011

Shareholders' Equity

Shareholders' Equity

Note 7.  Shareholders’ Equity

On August 11, 2011, we paid a $0.37 per share, or $56,748, distribution to our common shareholders for the quarter ended June 30, 2011.  On October 4, 2011, we declared a distribution of $0.38 per share, or $61,805, to be paid to common shareholders of record on October 19, 2011, with respect to our results for the quarter ended September 30, 2011. We expect to pay this distribution on or about November 11, 2011.  On November 11, 2010, we paid a $0.37 per share, or $47,167, distribution to our common shareholders for the quarter ended September 30, 2010.

On September 16, 2011, pursuant to our equity compensation plan, we granted an aggregate of 72,450 common shares of beneficial interest, par value $.01 per share, valued at $23.90 per share, the closing price of our common shares on the New York Stock Exchange, or the NYSE, on that day, to our officers and certain employees of our manager, Reit Management & Research LLC, or RMR.  We made these grants pursuant to an exemption from registration contained in Section 4(2) of the Securities Act of 1933, as amended, or the Securities Act.

In July 2011, we issued 11,500,000 common shares in a public offering, raising net proceeds of approximately $247,500.  We used the net proceeds of this offering to repay borrowings outstanding on our revolving credit facility and for general business purposes, including the partial funding of the acquisitions described above.

In October 2011, we issued 9,200,000 common shares in a public offering, raising net proceeds of approximately $184,739.  We used the net proceeds of this offering to repay borrowings outstanding on our revolving credit facility.