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Shareholders' Equity
 9 Months Ended
Sep. 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 $659,496 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 August 20, 2015, we paid a distribution to common shareholders of $0.39 per share, or approximately $92,585, that was declared on July 13, 2015 and was payable to shareholders of record on July 24, 2015.

 

On October 12, 2015, we declared a distribution payable to common shareholders of record on October 23, 2015, of $0.39 per share, or approximately $92,614. We expect to pay this distribution on or about November 19, 2015 using cash on hand and borrowings under our revolving credit facility.

 

On May 19, 2015, we granted 2,500 of our common shares, valued at $20.14 per share, the closing price of our common shares on the New York Stock Exchange, or NYSE, on that day, to each of our five Trustees as part of their annual compensation. On September 26, 2015, we granted 2,500 of our common shares to a new Independent Trustee, who was elected to our Board that day. Those common shares were valued at $16.26 per share, the closing price of our common shares on the NYSE as of September 25, 2015, and were granted to her as part of her trustee compensation.

 

On June 5, 2015, we issued 2,345,000 of our common shares in connection with our acquisition of shares of The RMR Group Inc. (formerly Reit Management & Research Inc.), or RMR Inc., as further described in Note 10. RMR Inc. is the parent company of RMR LLC, our manager.

 

On September 2, 2015, pursuant to our 2012 Equity Compensation Plan, we granted an aggregate of 84,000 of our common shares to our officers and certain other employees of our manager, RMR LLC, valued at $15.73 per share, the closing price of our common shares on the NYSE on that day.

 

On September 24, 2015, we purchased an aggregate of 13,113 of our common shares for $16.19 per share, the closing price of our common shares on the NYSE on that day, from certain employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of restricted common shares.

 

During the nine months ended September 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.