Shareholders' Equity

9 Months Ended

Sep. 30, 2013

Shareholders' Equity

Shareholders' Equity

Note 8. Shareholders’ Equity

Distributions

On February 22, 2013, we paid a distribution to common shareholders in the amount of $0.43 per share, or $23,497, that was declared on January 10, 2013 and was payable to shareholders of record on January 25, 2013.

On May 24, 2013, we paid a distribution to common shareholders in the amount of $0.43 per share, or $23,505, that was declared on April 10, 2013 and was payable to shareholders of record on April 26, 2013.

On August 23, 2013, we paid a distribution to common shareholders in the amount of $0.43 per share, or $23,510, that was declared on July 10, 2013 and was payable to shareholders of record on July 26, 2013.

On October 9, 2013, we declared a distribution payable to common shareholders of record on October 25, 2013, in the amount of $0.43 per share, or $23,531.  We expect to pay this distribution on or about November 22, 2013 using cash on hand and borrowings under our revolving credit facility.

Share Issuances

As further described in Note 9, on March 27, 2013, under the terms of our business management agreement with RMR, we issued 20,230 of our common shares of beneficial interest, $.01 par value per share, or common shares, to RMR in payment of an incentive fee of approximately $485 for services rendered to us by RMR during 2012.

On May 21, 2013, we granted 2,000 of our common shares, valued at $26.60 per share, the closing price of our common shares on the New York Stock Exchange, or the NYSE, on that day, to each of our five Trustees as part of their annual compensation.

On September 13, 2013, pursuant to our equity compensation plan, we granted an aggregate of 48,350 of our common shares to our officers and certain employees of our manager, RMR, valued at $23.61 per share, the closing price of our common shares on the NYSE, on that day.

We have no dilutive securities.