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Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Common Share Awards
We have common shares available for issuance under the terms of our Amended and Restated 2021 Equity Compensation Plan, or the 2021 Plan. During the years ended December 31, 2024 and 2023, we awarded to our officers and certain other employees of Tremont and of RMR annual share awards of 91,118 and 80,000 of our common shares, respectively, valued at $1,236 and $876, in aggregate, respectively. In accordance with our Trustee compensation arrangements, during the years ended December 31, 2024 and 2023, we awarded each of our then Trustees 4,735 and 6,000 of our common shares, respectively, valued at $360 and $387, respectively, as part of their annual compensation. The values of the share awards are based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. The common shares that we award to our Trustees as trustee compensation vest immediately. The common shares we award to our officers and certain other employees of Tremont and of RMR vest in five equal annual installments beginning on the date of award. We recognize any share forfeitures as they occur. We include the value of awarded shares in general and administrative expenses ratably over the vesting period.
A summary of shares granted, forfeited, vested and unvested under the terms of the 2021 Plan for the years ended December 31, 2024 and 2023 is as follows:
20242023
Number of
Shares		Weighted Average Grant
Date Fair Value		Number of
Shares		Weighted Average Grant
Date Fair Value
Unvested shares, beginning of year136,421 $10.57 129,680 $10.24 
Shares granted119,528 $13.35 122,000 $10.35 
Shares forfeited— $— (2,334)$10.19 
Shares vested(108,887)$11.58 (112,925)$9.96 
Unvested shares, end of year147,062 $12.07 136,421 $10.57 
The 147,062 unvested shares as of December 31, 2024 are scheduled to vest as follows: 53,822 shares in 2025, 43,316 shares in 2026, 31,722 shares in 2027 and 18,202 shares in 2028.
As of December 31, 2024, the estimated future compensation expense for the unvested shares was $1,594. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2024 and 2023, we recorded $1,359 and $1,121, respectively, of compensation expense related to the 2021 Plan. At December 31, 2024, 57,466 of our common shares remained available for issuance under the 2021 Plan.
Common Share Purchases
During the years ended December 31, 2024 and 2023, we purchased 28,165 and 17,421 of our common shares, respectively, from certain of our current and former officers and current and former officers and employees of Tremont and/or RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the applicable purchase date. The aggregate value of common shares purchased during the years ended December 31, 2024 and 2023 was $377 and $183, respectively.
Distributions
During the years ended December 31, 2024 and 2023, we declared and paid regular quarterly distributions to common shareholders, using cash on hand, as follows:
Characterization of Distributions
YearAnnual Per Share DistributionTotal DistributionReturn of CapitalOrdinary IncomeQualified Dividend
2024$1.40 $20,772 — %100 %— %
2023$1.40 $20,639 — %100 %— %
On January 16, 2025, we declared a quarterly distribution of $0.35 per common share, or $5,216, to shareholders of record on January 27, 2025, and we expect to pay this distribution on February 20, 2025 using cash on hand.