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Shareholders' Equity
 6 Months Ended
Jun. 30, 2015
Shareholders' Equity  
Shareholders' Equity

Note 6.  Shareholders’ Equity

 

In February 2015, we issued 31,050,000 common shares in a public offering, raising net proceeds of approximately $659,502 after underwriting discounts and expenses. We used the net proceeds from this offering to repay borrowings outstanding under our revolving credit facility and for general business purposes.

 

On February 24, 2015, we paid a distribution to common shareholders of $0.39 per share, or approximately $79,530, that was declared on January 12, 2015 and was payable to shareholders of record on January 23, 2015.

 

On May 21, 2015, we paid a distribution to common shareholders of $0.39 per share, or approximately $91,655, that was declared on April 13, 2015 and was payable to shareholders of record on April 24, 2015.

 

On July 13, 2015, we declared a distribution payable to common shareholders of record on July 24, 2015, of $0.39 per share, or approximately $92,585. We expect to pay this distribution on or about August 20, 2015 using cash on hand and borrowings under our revolving credit facility.

 

We issued 2,345,000 of our common shares in June 2015 in connection with our acquisition of an interest in Reit Management & Research Inc., or RMR Inc., as described in Note 10. RMR Inc. is the parent company of RMR LLC, our manager.

 

During the six months ended June 30, 2015, we issued 81,557 of our common shares to RMR LLC as part of the business management fee payable by us under our business management agreement. See Note 10 for further information regarding and recent amendments to this agreement.