Shareholders' Equity

3 Months Ended

Mar. 31, 2012

Shareholders' Equity

Shareholders' Equity

Note 7. Shareholders’ Equity

Distributions

On February 24, 2012, we paid a distribution to common shareholders in the amount of $0.42 per share, or $19,762, that was declared on January 9, 2012 and was payable to shareholders of record on January 26, 2012.

On April 9, 2012, we declared a distribution payable to common shareholders of record on April 26, 2012, in the amount of $0.42 per share, or $19,778.  We expect to pay this distribution on or about May 24, 2012.

Share Issuances

As further described in Note 8, under the terms of our business management agreement with Reit Management & Research LLC, or RMR, on March 29, 2012 we issued 39,141 of our common shares of beneficial interest, $.01 par value per share, or our common shares, to RMR in payment of an incentive fee for services rendered to us by RMR during 2011.

We have no dilutive securities.