Shareholders’ Equity

Share Awards

On April 3, 2018, in accordance with our Trustee compensation arrangements, and in connection with the election of one of our Managing Trustees, we granted 3,000 of our common shares, valued at $13.59 per share, the closing price of our common shares on Nasdaq on that day, to the Managing Trustee who was elected as a Managing Trustee that day.

On May 24, 2018, in accordance with our Trustee compensation arrangements, we granted 3,000 of our common shares, valued at $14.10 per share, the closing price of our common shares on Nasdaq on that day, to each of our six Trustees as part of their annual compensation.

On September 13, 2018, we granted an aggregate of 58,700 of our common shares, valued at $16.95 per share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other employees of RMR LLC under our equity compensation plan.

Share Purchases

On January 1, 2018, we purchased 617 of our common shares valued at $18.54 per share, the closing price of our common shares on Nasdaq on December 29, 2017, from a former employee of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares.

On May 24, 2018, we purchased 450 of our common shares valued at $14.10 per share, the closing price of our common shares on Nasdaq on that day, from one of our Trustees in satisfaction of tax withholding and payment obligations in connection with the vesting of an award of our common shares.

On September 24, 2018, we purchased an aggregate of 18,875 of our common shares, valued at $11.35 per share, the closing price of our common shares on Nasdaq on that day, from our officers and certain other employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares.

Distributions

On February 26, 2018, we paid a regular quarterly distribution to common shareholders of record on January 29, 2018 of $0.43 per share, or $42,632. On May 21, 2018, we paid a regular quarterly distribution to common shareholders of record on April 30, 2018 of $0.43 per share, or $42,634. On August 20, 2018, we paid a regular quarterly distribution to common shareholders of record on July 30, 2018 of $0.43 per share, or $42,641. On October 18, 2018, we declared a regular quarterly distribution payable to common shareholders of record on October 29, 2018 of $0.43 per share, or $42,658. We expect to pay this distribution on or about November 19, 2018.

Cumulative Other Comprehensive Income

Cumulative other comprehensive income represents our share of the comprehensive income of our equity method investees, SIR and Affiliates Insurance Company, or AIC. See Notes 11 and 12 for further information regarding these investments. The following table presents changes in the amounts we recognized in cumulative other comprehensive income by component for the three and nine months ended September 30, 2018:



	Three Months Ended September 30, 2018
	Unrealized Gain		Equity in
	on Investment		Unrealized
	in Equity		Gain
	Securities		of Investees			Total
Balance at June 30, 2018	$	—	$	139		$	139
Other comprehensive income before reclassifications	—		143			143
Amounts reclassified from cumulative other comprehensive income to net income ⁽¹⁾	—		(17		)	(17		)
Net current period other comprehensive income	—		126			126
Balance at September 30, 2018	$	—	$	265		$	265



	Nine Months Ended September 30, 2018
	Unrealized Gain			Equity in
	on Investment			Unrealized
	in Equity			Gain (Loss)
	Securities			of Investees			Total
Balance at December 31, 2017	$	45,116		$	15,311		$	60,427
Amounts reclassified from cumulative other comprehensive income to cumulative net income	(45,116		)	(15,165		)	(60,281		)

Other comprehensive income before reclassifications	—			155			155
Amounts reclassified from cumulative other comprehensive income to net income ⁽¹⁾	—			(36		)	(36		)
Net current period other comprehensive income	—			119			119
Balance at September 30, 2018	$	—		$	265		$	265


(1)	Amounts reclassified from cumulative other comprehensive income to net income (loss) are included in equity in net earnings of investees in our condensed consolidated statements of comprehensive income.

Preferred Units of Limited Partnership

On May 1, 2018, one of our subsidiaries redeemed all 1,813,504 of its outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit plus accrued and unpaid distributions (an aggregate of $20,310).