0001047469-12-001342.txt : 20120223 0001047469-12-001342.hdr.sgml : 20120223 20120223124011 ACCESSION NUMBER: 0001047469-12-001342 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120223 DATE AS OF CHANGE: 20120223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Government Properties Income Trust CENTRAL INDEX KEY: 0001456772 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 264273474 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34364 FILM NUMBER: 12632853 BUSINESS ADDRESS: STREET 1: TWO NEWTON PLACE STREET 2: 255 WASHINGTON STREET CITY: NEWTON STATE: MA ZIP: 02458 BUSINESS PHONE: 617-219-1440 MAIL ADDRESS: STREET 1: TWO NEWTON PLACE STREET 2: 255 WASHINGTON STREET CITY: NEWTON STATE: MA ZIP: 02458 10-K 1 a2207378z10-k.htm 10-K

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Table of Contents
PART IV

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K


ý
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

or

o
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-34364

GOVERNMENT PROPERTIES INCOME TRUST
(Exact Name of Registrant as Specified in Its Charter)

Maryland   26-4273474
(State of Organization)   (IRS Employer Identification No.)

Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634
(Address of Principal Executive Offices)                                                                      (Zip Code)

Registrant's Telephone Number, Including Area Code: 617-219-1440

Securities registered pursuant to Section 12(b) of the Act:

Title Of Each Class   Name of Each Exchange On
Which Registered
Common Shares of Beneficial Interest   New York Stock Exchange

         Securities registered pursuant to Section 12(g) of the Act: None

         Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o    No ý

         Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o    No ý

         Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

         Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o

         Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

         Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ý   Accelerated filer o   Non-accelerated filer o
 (Do not check if a
smaller reporting company)		   Smaller reporting company o

         Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No ý

         The aggregate market value of the voting common shares of the registrant held by non-affiliates was $824,575,014 based on the $27.02 closing price per common share for such stock on the New York Stock Exchange on June 30, 2011. For purposes of this calculation, there were an aggregate 43,590 common shares, held directly or by affiliates of the trustees and the officers of the registrant, and 9,950,000 common shares held by CommonWealth REIT, included in the number of common shares held by affiliates.

         Number of the registrant's common shares outstanding as of February 22, 2012: 47,051,650.

         References in this Annual Report on Form 10-K to the "Company", "GOV", "we", "us" or "our" include consolidated subsidiaries, unless the context indicates otherwise.

DOCUMENTS INCORPORATED BY REFERENCE

         Certain Information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our to be filed definitive Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 16, 2012, or our definitive Proxy Statement.

   


WARNING CONCERNING FORWARD LOOKING STATEMENTS

        THIS ANNUAL REPORT ON FORM 10-K CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS "BELIEVE", "EXPECT", "ANTICIPATE", "INTEND", "PLAN", "ESTIMATE" OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS REPORT RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING:

    •
    OUR ABILITY TO PAY DISTRIBUTIONS AND THE AMOUNTS OF SUCH DISTRIBUTIONS,

    •
    OUR ACQUISITIONS OF PROPERTIES,

    •
    THE CREDIT QUALITY OF OUR TENANTS,

    •
    THE LIKELIHOOD THAT OUR TENANTS WILL PAY RENT, RENEW LEASES, ENTER INTO NEW LEASES, NOT EXERCISE EARLY TERMINATION OPTIONS PURSUANT TO THEIR LEASES OR BE AFFECTED BY CYCLICAL ECONOMIC CONDITIONS,

    •
    OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT,

    •
    OUR POLICIES AND PLANS REGARDING INVESTMENTS AND FINANCINGS,

    •
    THE FUTURE AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY,

    •
    OUR ABILITY TO COMPETE FOR ACQUISITIONS AND TENANCIES EFFECTIVELY,

    •
    OUR TAX STATUS AS A REAL ESTATE INVESTMENT TRUST, OR REIT,

    •
    OUR ABILITY TO RAISE EQUITY OR DEBT CAPITAL,

    •
    OUR EXPECTATIONS THAT THERE WILL BE INCREASED OPPORTUNITIES FOR US TO ACQUIRE, AND THAT WE WILL ACQUIRE, ADDITIONAL PROPERTIES THAT ARE MAJORITY LEASED TO GOVERNMENT TENANTS,

    •
    OUR EXPECTATIONS THAT THERE WILL BE AN INCREASE IN DEMAND FOR LEASED SPACE BY THE U.S. GOVERNMENT AND STATE AND LOCAL GOVERNMENTS,

    •
    OUR EXPECTATION THAT WE WILL BENEFIT FINANCIALLY BY PARTICIPATING IN AFFILIATES INSURANCE COMPANY, OR AIC, WITH REIT MANAGEMENT & RESEARCH LLC, OR RMR, AND COMPANIES TO WHICH RMR PROVIDES MANAGEMENT SERVICES, AND

    •
    OTHER MATTERS.

        OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, NORMALIZED

i

FUNDS FROM OPERATIONS, NET OPERATING INCOME, CASH FLOWS, LIQUIDITY AND PROSPECTS INCLUDE, BUT ARE NOT LIMITED TO:

    •
    THE IMPACT OF CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS,

    •
    COMPETITION WITHIN THE REAL ESTATE INDUSTRY,

    •
    ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES, COMMONWEALTH REIT AND RMR AND THEIR RELATED PERSONS AND ENTITIES,

    •
    THE IMPACT OF CHANGES IN THE REAL ESTATE NEEDS AND FINANCIAL CONDITIONS OF THE U.S. GOVERNMENT AND STATE AND LOCAL GOVERNMENTS,

    •
    COMPLIANCE WITH, AND CHANGES TO, FEDERAL, STATE AND LOCAL LAWS AND REGULATIONS, ACCOUNTING RULES, TAX LAWS AND SIMILAR MATTERS,

    •
    LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY AS A REIT FOR U.S. FEDERAL INCOME TAX PURPOSES, AND

    •
    ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL.

FOR EXAMPLE:

    •
    SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES,

    •
    SOME GOVERNMENT TENANTS MAY EXERCISE THEIR RIGHT TO VACATE THEIR SPACE BEFORE THE STATED EXPIRATION OF THEIR LEASES AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES,

    •
    RENTS THAT WE CAN CHARGE AT OUR PROPERTIES MAY DECLINE,

    •
    OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS. WE MAY BE UNABLE TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS AND FUTURE DISTRIBUTIONS MAY BE SUSPENDED OR PAID AT A LESSER RATE THAN THE DISTRIBUTIONS WE NOW PAY,

    •
    WE MAY BE UNABLE TO REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE,

    •
    CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS,

    •
    INCREASING THE MAXIMUM BORROWINGS UNDER OUR CREDIT FACILITY AND OUR TERM LOAN IS SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH MAY NOT OCCUR, AND

    •
    OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES AND LEASE THEM FOR RENTS, LESS PROPERTY OPERATING EXPENSES, WHICH EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT

ii

      TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING OR LEASE TERMS FOR NEW PROPERTIES.

        THESE RESULTS COULD OCCUR DUE TO MANY DIFFERENT CIRCUMSTANCES, SOME OF WHICH ARE BEYOND OUR CONTROL, SUCH AS GOVERNMENT TENANTS' NEEDS FOR LEASED SPACE, NATURAL DISASTERS OR CHANGES IN CAPITAL MARKETS OR THE ECONOMY GENERALLY.

        THE INFORMATION CONTAINED ELSEWHERE IN THIS ANNUAL REPORT ON FORM 10-K, INCLUDING UNDER THE CAPTION "RISK FACTORS", OR INCORPORATED HEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM OUR FORWARD LOOKING STATEMENTS. OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION ARE AVAILABLE ON ITS WEBSITE AT WWW.SEC.GOV.

        YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS.

        EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.


STATEMENT CONCERNING LIMITED LIABILITY

        THE AMENDED AND RESTATED DECLARATION OF TRUST ESTABLISHING GOVERNMENT PROPERTIES INCOME TRUST, DATED JUNE 8, 2009, AS AMENDED, AS FILED WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF GOVERNMENT PROPERTIES INCOME TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, GOVERNMENT PROPERTIES INCOME TRUST. ALL PERSONS DEALING WITH GOVERNMENT PROPERTIES INCOME TRUST IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF GOVERNMENT PROPERTIES INCOME TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

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GOVERNMENT PROPERTIES INCOME TRUST
2011 FORM 10-K ANNUAL REPORT

Table of Contents

 
    
   Page  
    Part I        
Item 1.   Business     1  
Item 1A.   Risk Factors     28  
Item 1B.   Unresolved Staff Comments     38  
Item 2.   Properties     38  
Item 3.   Legal Proceedings     39  
Item 4.   Mine Safety Disclosures     39  

 
 
Part II
 
 
 
 

Item 5.
 
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 
 
40
 
Item 6.   Selected Financial Data     41  
Item 7.   Management's Discussion and Analysis of Financial Condition and Results of Operations     42  
Item 7A.   Qualitative and Quantitative Disclosures About Market Risk     56  
Item 8.   Financial Statements and Supplementary Data     57  
Item 9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure     57  
Item 9A.   Controls and Procedures     57  
Item 9B.   Other Information     58  

 
 
Part III
 
 
 
 

Item 10.
 
Directors, Executive Officers and Corporate Governance
 
 
59
 
Item 11.   Executive Compensation     59  
Item 12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters     59  
Item 13.   Certain Relationships and Related Transactions, and Director Independence     59  
Item 14.   Principal Accountant Fees and Services     59  

 
 
Part IV
 
 
 
 

Item 15.
 
Exhibits and Financial Statement Schedules
 
 
60
 
    Signatures        


PART I

Item 1.    Business

        The Company.    We were organized as a real estate investment trust, or REIT, under Maryland law in February 2009 as a wholly owned subsidiary of CommonWealth REIT, or CWH. CWH is a REIT listed on the New York Stock Exchange, or the NYSE, which owns office and industrial properties. We were organized to concentrate the ownership of certain CWH properties that are majority leased to government tenants and to expand such investments. In April 2009, we acquired 100% ownership of the properties that we owned at the time of our initial public offering, or IPO, by means of a contribution from CWH to one of our subsidiaries. We subsequently issued an aggregate of 25,475,000 of our common shares of beneficial interest, $.01 par value per share, or common shares, in three public offerings. CWH currently owns 21.1% of our outstanding common shares.

        As of December 31, 2011, we owned 71 properties for a total investment of approximately $1.5 billion at cost, and a depreciated book value of $1.2 billion. These 71 properties have approximately 9.0 million rentable square feet.

        Our principal executive offices are located at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 219-1440.

        Our Business Plan.    Our business plan is to maintain our properties, seek to renew our leases or enter into new leases as they expire, selectively acquire additional properties that are majority leased to government tenants and pay distributions to our shareholders. As our current leases expire, we will attempt to renew our leases with existing tenants or to enter into leases with new tenants; in both circumstances at rents which we would seek to be equal to or higher than the rents we now receive. Our ability to renew leases with our existing tenants or to enter into new leases with new tenants and the rents we are able to charge will depend in large part upon market conditions which are generally beyond our control. Nonetheless, our historical experience is that government tenants frequently renew leases to avoid the costs and disruptions that may result from relocating government operations.

        Our Growth Strategy.    Our growth strategy with regard to our current properties is to attempt to increase the rents we receive from these properties. To achieve rent increases we may invest in our properties to make improvements requested by existing tenants or to induce lease renewals or new tenant leases when our current leases expire. However, as noted above, our ability to maintain or increase the rents we receive from our current properties will depend in large part upon market conditions which are beyond our control.

        In addition to the growth strategy applicable to our current properties, we expect to acquire additional properties, generally within the United States, that are majority leased to government tenants. We believe that the U.S. Government and state and local governments lease significant amounts of office space. Additionally, we believe that budgetary pressures may cause an increased demand for leased space by government tenants, as opposed to new buildings built on behalf of government tenants. However, these same budgetary pressures could also result in a decrease in government sector employment and consolidation into government owned properties thereby reducing the demand for leased space. If the U.S. Government and state and local governments increase the amount of space that they lease, we believe that there will be increased opportunities for us to acquire additional properties that are majority leased to government tenants. We expect to acquire additional properties primarily for purposes of income.

        Finally, we believe that the reduction in available capital, particularly debt capital, that resulted from the recent recession may cause acquisition opportunities to become available to us. During the height of the last economic expansion, the readily available debt capital contributed to an increase in real estate valuations. As debt capital has become less available, an increasing number of real estate

1

owners may need to raise capital to pay their lenders. Some of these owners may seek to sell properties that are majority leased to government tenants in order to raise capital to meet their debt obligations.

        In evaluating potential investments, we consider various factors including the following:

    •
    the historic and projected rents received and likely to be received from the property;

    •
    the historic and expected operating expenses, including real estate taxes, incurred and expected to be incurred at the property;

    •
    the growth, tax and regulatory environments of the market in which the property is located;

    •
    the quality, experience and credit worthiness of the property's tenants;

    •
    occupancy, demand for similar properties in the same or nearby markets and the likelihood of tenants renewing at lease maturity;

    •
    the construction quality, physical condition and design of the property;

    •
    the estimated replacement cost of the property;

    •
    our cost of capital;

    •
    the geographic area and type of property; and

    •
    the pricing of comparable properties as evidenced by recent arm's length market sales.

        From time to time, we consider the sale of properties or investments. However, we generally consider ourselves to be a long term investor and are more interested in the long term earnings potential of our properties than selling properties for short term gains. We make disposition decisions based on a number of factors including, but not limited to, the following:

    •
    the proposed sale price;

    •
    the strategic fit of the property or investment with the rest of our portfolio; and

    •
    the existence of alternative sources, uses or needs for capital.

        Our Board of Trustees may change our investment policies at any time without a vote of our shareholders. Although we have no current intention to do so, we could in the future adopt policies with respect to investments in real estate mortgages or securities of other persons, including persons engaged in real estate activities.

        Financing Policies.    To qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, or the IRC, we must distribute at least 90% of our annual REIT taxable income (excluding capital gains) and satisfy a number of organizational and operational requirements. Accordingly, we generally will not be able to retain sufficient cash from operations to repay debts, invest in properties or fund acquisitions. Instead, we expect to repay our debts, invest in our properties and fund acquisitions by borrowing and issuing equity securities. After our IPO, our growth was initially financed by borrowings under a $250 million secured revolving credit facility. We replaced our secured revolving credit facility in October 2010 with a $500 million unsecured revolving credit facility, or our revolving credit facility. We amended our revolving credit facility in October 2011 to, among other things, increase maximum borrowings under the facility to $550 million, reduce the interest rate on drawings under the facility and extend the maturity date. As we have utilized our revolving credit facility, we have refinanced or reduced amounts outstanding under this facility with term debt or equity issuances and we expect to continue this practice in the future. We will decide when and whether to issue new debt or equity depending upon market conditions. Because our ability to raise capital may depend, in large part, upon market conditions, we can provide you no assurance that we will be able to raise sufficient capital to repay our debt or to fund our growth strategy.

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        We have not in the past, but we may in the future, invest in the securities of other issuers for the purpose of exercising control, issue senior securities, make loans to other persons, engage in the sale of investments, offer securities in exchange for property or repurchase or reacquire our securities.

        Although there are no limitations in our organizational documents on the amount of indebtedness we may incur, the borrowing limitations established by the covenants in our term loan and revolving credit facility prohibit us from maintaining a debt to total asset value, as defined, of greater than 60%. We currently intend to pursue our growth strategies while limiting our debt to no more than 50% of the undepreciated book value of our properties. We may from time to time reevaluate and modify our financing policies in light of then current market conditions, relative availability and costs of debt and equity capital, market values of properties, growth and acquisition opportunities and other factors, and we may increase or decrease our ratio of debt to total capitalization accordingly. Our Board of Trustees may change our financing policies at any time without a vote of our shareholders.

        Manager.    Our day to day operations are conducted by Reit Management & Research LLC, or RMR. RMR originates and presents investment and divestment opportunities to our Board of Trustees and provides management and administrative services to us. RMR is a Delaware limited liability company beneficially owned by Barry M. Portnoy and Adam D. Portnoy, our Managing Trustees. RMR has a principal place of business at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and its telephone number is (617) 796-8390. RMR also acts as the manager to CWH, Hospitality Properties Trust, or HPT, and Senior Housing Properties Trust, or SNH, and provides management services to other private and public companies, including Five Star Quality Care, Inc., or FVE, TravelCenters of America LLC, or TA, and Sonesta International Hotels Corporation, or Sonesta. Barry M. Portnoy is the Chairman of RMR, and its other directors are Adam D. Portnoy, Gerard M. Martin and David J. Hegarty. As of the date of this Annual Report on Form 10-K, the executive officers of RMR are: Adam D. Portnoy, President and Chief Executive Officer; Jennifer B. Clark, Executive Vice President and General Counsel; David J. Hegarty, Executive Vice President and Secretary; Mark L. Kleifges, Executive Vice President; Bruce J. Mackey Jr., Executive Vice President; John A. Mannix, Executive Vice President; John G. Murray, Executive Vice President; Thomas M. O'Brien, Executive Vice President; John C. Popeo, Executive Vice President, Treasurer and Chief Financial Officer; David M. Blackman, Senior Vice President; Ethan S. Bornstein, Senior Vice President; Richard A. Doyle, Senior Vice President; Paul V. Hoagland, Senior Vice President; Vern D. Larkin, Senior Vice President; David M. Lepore, Senior Vice President; Andrew J. Rebholz, Senior Vice President; and Mark Young, Senior Vice President. David M. Blackman and Mark L. Kleifges are also our executive officers. Mr. Adam Portnoy was also our President from our formation in 2009 until January 2011 when David Blackman became our President. Mr. Kleifges and other executive officers of RMR also serve as officers of other companies to which RMR provides management services.

        Employees.    We have no employees. Services which would otherwise be provided by employees are provided by RMR and by our Managing Trustees and officers. As of February 22, 2012, RMR had approximately 740 full time employees in its headquarters and regional offices located throughout the United States.

        Competition.    Investing in and operating office buildings and maintaining relationships with government tenants and attracting new government tenants is a highly competitive business. We compete against other REITs, numerous financial institutions, individuals and public and private companies who are actively engaged in this business. Also, we compete for investments based on a number of factors including purchase prices, closing terms, underwriting criteria and our reputation. Our ability to successfully compete is also materially impacted by the availability and cost of capital to us. We do not believe we have a dominant position in any of the geographic markets in which we operate, but some of our competitors are dominant in selected markets. Many of our competitors have

3

greater financial resources than we have. We believe we have some competitive advantages in leasing to government tenants and purchasing government leased properties because of our experience and familiarity with government leasing procedures. We also believe the experience and abilities of our management and the quality of our properties may afford us some competitive advantages and allow us to operate our business successfully despite the competitive nature of our business.

        For additional information about competition and other risks associated with our business, please see "Risk Factors" in this Annual Report on Form 10-K.

        Environmental and Climate Change Matters.    Under various laws, owners as well as tenants and operators of real estate may be required to investigate and clean up or remove hazardous substances present at or migrating from properties they own, lease or operate and may be held liable for property damage or personal injuries that result from hazardous substances. These laws also expose us to the possibility that we may become liable to reimburse governments for damages and costs they incur in connection with hazardous substances. Since our formation, it has been our practice to obtain and review "Phase I" environmental surveys prior to the acquisition of properties in order to assess the possible presence of and cost of removing hazardous substances. Certain of our buildings contain asbestos. We believe any asbestos in our buildings is contained in accordance with current regulations, and we have no current plans to remove it. If we remove the asbestos or renovate or demolish these properties, certain environmental regulations govern the manner in which the asbestos must be handled and removed. We do not believe that there are environmental conditions at any of our properties that have had or will have a material adverse effect on us. However, no assurances can be given that conditions are not present at our properties or that costs we may be required to incur in the future to remediate contamination will not have a material adverse effect on our business or financial condition. For more information, see "Risk Factors—Risks Related to Our Business—Real estate ownership creates risks and liabilities."

        In recent years, in reaction to the Energy Policy Act of 2005, the U.S. Government has instituted "green lease" policies which include the "Promotion of Energy Efficiency and Use of Renewable Energy" as one of the factors it considers when leasing property. In reaction to these new policies, we have engaged an energy consultant to monitor and help improve energy use at our properties.

        In accord with the U.S. Government's general policy of preferring energy efficient buildings, the Energy Independence and Security Act of 2007 allows the General Services Administration, or GSA, to prefer buildings for lease that have received an "Energy Star" label. Buildings that reach a specified level of energy efficiency may receive this label. We have received ratings for many of our buildings, and 26 of them have qualified for Energy Star labels. We and RMR became participants in the Energy Star program in July 2008, and continuously study ways to improve the energy efficiency at all of our buildings to determine if we can obtain Energy Star labels for our buildings, which do not yet have them, at a reasonable cost. We do not yet know whether it will be possible to obtain Energy Star labels for all our properties, and we have not yet determined whether it will make economic sense to do so.

        The U.S. Government's "green lease" initiative also permits government tenants to require LEED®-CI certification in selecting new premises or renewing leases at existing premises. Obtaining such certification may be costly and time consuming. If we commit to a government tenant that we will obtain such certification in order to attract or retain such government tenant, our failure to receive such certification could result in the government tenant implementing corrective action, including deducting the costs of actions required for certification from its rent due to us. For more information, see "Risk Factors—Risks Related to Our Business—The U.S. Government's "green lease" policies may adversely affect us."

        The current political debate about world climate change has resulted in various treaties, laws and regulations which are intended to limit carbon emissions. We believe these laws being enacted or proposed may cause energy costs at our properties to increase, but we do not expect the direct impact

4

of these increases to be material to our results of operations because the increased costs either would be the responsibility of our tenants directly or in large part may be passed through by us to our tenants as additional lease payments. Although we do not believe it is likely in the foreseeable future, laws enacted to mitigate climate change may make some of our buildings obsolete or cause us to make material investments in our properties which could materially and adversely affect our financial condition and results of operations. For more information, see "Risk Factors—Risks Related to Our Business—Acquisition and ownership of real estate is subject to environmental and climate change risks."

        Internet Website.    Our internet website address is www.govreit.com. Copies of our governance guidelines, or Governance Guidelines, code of business conduct and ethics, or Code of Conduct, policy outlining procedures for handling concerns or complaints about accounting, internal accounting controls or auditing matters and the charters of our audit, compensation and nominating and governance committees are posted on our website and also may be obtained free of charge by writing to our Secretary, Government Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634 or at our website. We make available, free of charge, on our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, as soon as reasonably practicable after these forms are filed with, or furnished to, the Securities and Exchange Commission, or SEC. Any shareholder or other interested party who desires to communicate with our non-management Trustees, individually or as a group, may do so by filling out a report on our website. Our Board of Trustees also provides a process for security holders to send communications to the entire Board of Trustees. Information about the process for sending communications to our Board of Trustees can be found on our website. Our website address and the website addresses of one or more unrelated third parties are included several times in this Annual Report on Form 10-K as textual references only and the information in any such website is not incorporated by reference into this Annual Report on Form 10-K.

5


 FEDERAL INCOME TAX CONSIDERATIONS

        The following summary of federal income tax considerations is based on existing law, and is limited to investors who own our shares as investment assets rather than as inventory or as property used in a trade or business. The summary does not discuss all of the particular tax consequences that might be relevant to you if you are subject to special rules under federal income tax law, for example if you are:

    •
    a bank, insurance company, regulated investment company, REIT or other financial institution;

    •
    a broker, dealer or trader in securities or foreign currency;

    •
    a person who has a functional currency other than the U.S. dollar;

    •
    a person who acquires our shares in connection with employment or other performance of services;

    •
    a person subject to alternative minimum tax;

    •
    a person who owns our shares as part of a straddle, hedging transaction, constructive sale transaction, constructive ownership transaction, or conversion transaction; or

    •
    except as specifically described in the following summary, a tax-exempt entity or a foreign person.

        The sections of the IRC that govern federal income tax qualification and treatment of a REIT and its shareholders are complex. This presentation is a summary of applicable IRC provisions, related rules and regulations and administrative and judicial interpretations, all of which are subject to change, possibly with retroactive effect. Future legislative, judicial, or administrative actions or decisions could also affect the accuracy of statements made in this summary. We have not received a ruling from the Internal Revenue Service, or the IRS, with respect to any matter described in this summary, and we cannot assure you that the IRS or a court will agree with the statements made in this summary. The IRS or a court could, for example, take a different position from that described in this summary with respect to our acquisitions, operations, restructurings or other matters, which, if successful, could result in significant tax liabilities for applicable parties. In addition, this summary is not exhaustive of all possible tax consequences, and does not discuss any estate, gift, state, local, or foreign tax consequences. For all these reasons, we urge you and any prospective acquiror of our shares to consult with a tax advisor about the federal income tax and other tax consequences of the acquisition, ownership and disposition of our shares. Our intentions and beliefs described in this summary are based upon our understanding of applicable laws and regulations that are in effect as of the date of this Annual Report on Form 10-K. If new laws or regulations are enacted which impact us directly or indirectly, we may change our intentions or beliefs.

        Your federal income tax consequences may differ depending on whether or not you are a "U.S. shareholder." For purposes of this summary, a "U.S. shareholder" is:

    •
    a citizen or resident of the United States, including an alien individual who is a lawful permanent resident of the United States or meets the substantial presence residency test under the federal income tax laws;

    •
    an entity treated as a corporation for federal income tax purposes that is created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

    •
    an estate the income of which is subject to federal income taxation regardless of its source; or

    •
    a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control

6

      all substantial decisions of the trust, or an electing trust in existence on August 20, 1996, to the extent provided in Treasury regulations;

whose status as a U.S. shareholder is not overridden by an applicable tax treaty. Conversely, a "non-U.S. shareholder" is a beneficial owner of our shares who is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for federal income tax purposes) is a beneficial owner of our shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the partnership. A beneficial owner that is a partnership and partners in such a partnership should consult their tax advisors about the federal income tax consequences of the acquisition, ownership and disposition of our shares.

Taxation as a REIT

        For periods ending on or before the date we ceased to be wholly owned by CWH, each of us and any of our then existing subsidiaries was at all times either a qualified REIT subsidiary of CWH within the meaning of Section 856(i) of the IRC or a noncorporate entity that for federal income tax purposes was not treated as separate from CWH under regulations issued under Section 7701 of the IRC. During such periods, we and any of our then existing subsidiaries were not taxpayers separate from CWH for federal income tax purposes. For those periods, CWH remains, pursuant to the transaction agreement we entered into with CWH at the time of our IPO, which we refer to as the transaction agreement, solely responsible for the federal income tax with respect to our assets, liabilities and items of income, deduction and credit, as well as the federal income tax filings in respect of our and any of our then existing subsidiaries' operations. Our initial taxable year commenced upon our ceasing to be wholly owned by CWH.

        We have elected to be taxed as a REIT under Sections 856 through 860 of the IRC, commencing with our taxable year ending December 31, 2009. Our REIT election, assuming continuing compliance with the then applicable qualification tests, continues in effect for subsequent taxable years. Although no assurance can be given, we believe that we have been organized and have operated, and will continue to be organized and to operate, in a manner that qualified and will continue to qualify us to be taxed under the IRC as a REIT.

        As a REIT, we generally are not subject to federal income tax on our net income distributed as dividends to our shareholders. Distributions to our shareholders generally are included in their income as dividends to the extent of our current or accumulated earnings and profits. Our dividends are not generally entitled to the favorable 15% rate on qualified dividend income (scheduled to increase to ordinary income rates for taxable years beginning after December 31, 2012), but a portion of our dividends may be treated as capital gain dividends, all as explained below. No portion of any of our dividends is eligible for the dividends received deduction for corporate shareholders. Distributions in excess of current or accumulated earnings and profits generally are treated for federal income tax purposes as returns of capital to the extent of a recipient shareholder's basis in our shares, and will reduce this basis. Our current or accumulated earnings and profits are generally allocated first to distributions made on our preferred shares, if any, and thereafter to distributions made on our common shares. For all these purposes, our distributions include both cash distributions and any in kind distributions of property that we might make.

        Our counsel, Sullivan & Worcester LLP, has opined that we have been organized and have qualified as a REIT under the IRC for our 2009 through 2011 taxable years, and that our current investments and plan of operation enable us to continue to meet the requirements for qualification and taxation as a REIT under the IRC. Our continued qualification and taxation as a REIT will depend upon our compliance with various qualification tests imposed under the IRC and summarized below. While we believe that we will satisfy these tests, our counsel does not review compliance with these tests on a continuing basis. If we fail to qualify as a REIT, we will be subject to federal income taxation

7

as if we were a C corporation and our shareholders will be taxed like shareholders of C corporations. In this event, we could be subject to significant tax liabilities, and the amount of cash available for distribution to our shareholders could be reduced or eliminated.

        If we qualify as a REIT and meet the tests described below, we generally will not pay federal income tax on amounts we distribute to our shareholders. However, even if we qualify as a REIT, we may be subject to federal tax in the following circumstances:

    •
    We will be taxed at regular corporate rates on any undistributed "real estate investment trust taxable income," including our undistributed net capital gains.

    •
    If our alternative minimum taxable income exceeds our taxable income, we may be subject to the corporate alternative minimum tax on our items of tax preference.

    •
    If we have net income from the disposition of "foreclosure property" that is held primarily for sale to customers in the ordinary course of business or from other nonqualifying income from foreclosure property, we will be subject to tax on this income at the highest regular corporate rate, currently 35%.

    •
    If we have net income from prohibited transactions—that is, dispositions of inventory or property held primarily for sale to customers in the ordinary course of business other than dispositions of foreclosure property and other than dispositions excepted under a statutory safe harbor—we will be subject to tax on this income at a 100% rate.

    •
    If we fail to satisfy the 75% gross income test or the 95% gross income test discussed below, but nonetheless maintain our qualification as a REIT, we will be subject to tax at a 100% rate on the greater of the amount by which we fail the 75% or the 95% test, with adjustments, multiplied by a fraction intended to reflect our profitability.

    •
    If we fail to distribute for any calendar year at least the sum of 85% of our REIT ordinary income for that year, 95% of our REIT capital gain net income for that year, and any undistributed taxable income from prior periods, we will be subject to a 4% nondeductible excise tax on the excess of the required distribution over the amounts actually distributed.

    •
    If we acquire an asset from a corporation in a transaction in which our basis in the asset is determined by reference to the basis of the asset in the hands of a present or former C corporation, and if we subsequently recognize gain on the disposition of this asset during a specified period (generally, ten years) beginning on the date on which the asset ceased to be owned by the C corporation, then we will pay tax at the highest regular corporate tax rate, which is currently 35%, on the lesser of the excess of the fair market value of the asset over the C corporation's basis in the asset on the date the asset ceased to be owned by the C corporation, or the gain we recognize in the disposition.

    •
    If we acquire a corporation in a transaction where we succeed to its tax attributes, to preserve our status as a REIT we must generally distribute all of the C corporation earnings and profits inherited in that acquisition, if any, not later than the end of our taxable year of the acquisition. However, if we fail to do so, relief provisions would allow us to maintain our status as a REIT provided we distribute any subsequently discovered C corporation earnings and profits and pay an interest charge in respect of the period of delayed distribution.

    •
    As summarized below, REITs are permitted within limits to own stock and securities of a "taxable REIT subsidiary." A taxable REIT subsidiary is separately taxed on its net income as a C corporation, and is subject to limitations on the deductibility of interest expense paid to its REIT parent. In addition, its REIT parent is subject to a 100% tax on the difference between amounts charged and redetermined rents and deductions, including excess interest.

8

    •
    If and to the extent we invest in properties in foreign jurisdictions, our income from those properties will generally be subject to tax in those jurisdictions. If we continue to operate as we do, then we will distribute all of our taxable income to our shareholders such that we will generally not pay federal income tax. As a result, we cannot recover the cost of foreign income taxes imposed on our foreign investments by claiming foreign tax credits against our federal income tax liability. Also, we cannot pass through to our shareholders any foreign tax credits.

        If we fail to qualify or elect not to qualify as a REIT, we will be subject to federal income tax in the same manner as a C corporation. Distributions to our shareholders if we do not qualify as a REIT will not be deductible by us nor will distributions be required under the IRC. In that event, distributions to our shareholders will generally be taxable as ordinary dividends potentially eligible for the 15% income tax rate (scheduled to increase to ordinary income rates for taxable years beginning after December 31, 2012) discussed below in "Taxation of U.S. Shareholders" and, subject to limitations in the IRC, will be eligible for the dividends received deduction for corporate shareholders. Also, we will generally be disqualified from qualification as a REIT for the four taxable years following disqualification. Our failure to qualify as a REIT for even one year could result in reduction or elimination of distributions to our shareholders, or in our incurring substantial indebtedness or liquidating substantial investments in order to pay the resulting corporate-level taxes. The IRC provides certain relief provisions under which we might avoid automatically ceasing to be a REIT for failure to meet certain REIT requirements, all as discussed in more detail below.

REIT Qualification Requirements

        General Requirements.    Section 856(a) of the IRC defines a REIT as a corporation, trust or association:

    (1)
    that is managed by one or more trustees or directors;

    (2)
    the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;

    (3)
    that would be taxable, but for Sections 856 through 859 of the IRC, as a C corporation;

    (4)
    that is not a financial institution or an insurance company subject to special provisions of the IRC;

    (5)
    the beneficial ownership of which is held by 100 or more persons;

    (6)
    that is not "closely held" as defined under the personal holding company stock ownership test, as described below; and

    (7)
    that meets other tests regarding income, assets and distributions, all as described below.

Section 856(b) of the IRC provides that conditions (1) through (4) must be met during the entire taxable year and that condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a pro rata part of a taxable year of less than 12 months. Section 856(h)(2) of the IRC provides that neither condition (5) nor (6) need be met for our first taxable year as a REIT. We believe that we have met conditions (1) through (7) during each of the requisite periods ending on or before the close of our most recently completed taxable year, and that we can continue to meet these conditions in future taxable years. There can, however, be no assurance in this regard.

        By reason of condition (6), we will fail to qualify as a REIT for a taxable year if at any time during the last half of a year more than 50% in value of our outstanding shares is owned directly or indirectly by five or fewer individuals. To help comply with condition (6), our declaration of trust restricts transfers of our shares that would otherwise result in concentrated ownership positions. In addition, if we comply with applicable Treasury regulations to ascertain the ownership of our shares and

9

do not know, or by exercising reasonable diligence would not have known, that we failed condition (6), then we will be treated as having met condition (6). However, our failure to comply with these regulations for ascertaining ownership may result in a penalty of $25,000, or $50,000 for intentional violations. Accordingly, we have complied and will continue to comply with these regulations, including requesting annually from record holders of significant percentages of our shares information regarding the ownership of our shares. Under our declaration of trust, our shareholders are required to respond to these requests for information.

        For purposes of condition (6), the term "individuals" is defined in the IRC to include natural persons, supplemental unemployment compensation benefit plans, private foundations and portions of a trust permanently set aside or used exclusively for charitable purposes, but not other entities or qualified pension plans or profit-sharing trusts. As a result, REIT shares owned by an entity that is not an "individual" are considered to be owned by the direct and indirect owners of the entity that are individuals (as so defined), rather than to be owned by the entity itself. Similarly, REIT shares held by a qualified pension plan or profit-sharing trust are treated as held directly by the individual beneficiaries in proportion to their actuarial interests in such plan or trust. Consequently, five or fewer such trusts could own more than 50% of the interests in an entity without jeopardizing that entity's federal income tax qualification as a REIT. However, as discussed below, if a REIT is a "pension-held REIT," each qualified pension plan or profit-sharing pension trust owning more than 10% of the REIT's shares by value generally may be taxed on a portion of the dividends it receives from the REIT.

        The IRC provides that we will not automatically fail to be a REIT if we do not meet conditions (1) through (6), provided we can establish reasonable cause for any such failure. Each such excused failure will result in the imposition of a $50,000 penalty instead of REIT disqualification. It is impossible to state whether in all circumstances we would be entitled to the benefit of this relief provision. This relief provision applies to any failure of the applicable conditions, even if the failure first occurred in a prior taxable year.

        Our Wholly-Owned Subsidiaries and Our Investments through Partnerships.    Except in respect of taxable REIT subsidiaries as discussed below, Section 856(i) of the IRC provides that any corporation, 100% of whose stock is held by a REIT and its disregarded subsidiaries, is a qualified REIT subsidiary and shall not be treated as a separate corporation. The assets, liabilities and items of income, deduction and credit of a qualified REIT subsidiary are treated as the REIT's. We believe that each of our direct and indirect wholly-owned subsidiaries, other than the taxable REIT subsidiaries discussed below, will be either a qualified REIT subsidiary within the meaning of Section 856(i) of the IRC, or a noncorporate entity that for federal income tax purposes is not treated as separate from its owner under regulations issued under Section 7701 of the IRC. Thus, except for the taxable REIT subsidiaries discussed below, in applying all the federal income tax REIT qualification requirements described in this summary, all assets, liabilities and items of income, deduction and credit of our direct and indirect wholly-owned subsidiaries are treated as ours.

        We may invest in real estate both through one or more entities that are treated as partnerships for federal income tax purposes, including limited or general partnerships, limited liability companies, or foreign entities. In the case of a REIT that is a partner in a partnership, regulations under the IRC provide that, for purposes of the REIT qualification requirements regarding income and assets discussed below, the REIT is deemed to own its proportionate share of the assets of the partnership corresponding to the REIT's proportionate capital interest in the partnership and is deemed to be entitled to the income of the partnership attributable to this proportionate share. In addition, for these purposes, the character of the assets and gross income of the partnership generally retain the same character in the hands of the REIT. Accordingly, our proportionate share of the assets, liabilities, and items of income of each partnership in which we become a partner is treated as ours for purposes of the income tests and asset tests discussed below. In contrast, for purposes of the distribution requirement discussed below, we would take into account as a partner our share of the partnership's

10

income as determined under the general federal income tax rules governing partners and partnerships under Sections 701 through 777 of the IRC.

        Taxable REIT Subsidiaries.    We are permitted to own any or all of the securities of a "taxable REIT subsidiary" as defined in Section 856(l) of the IRC, provided that no more than 25% of the total value of our assets, at the close of each quarter, is comprised of our investments in the stock or securities of our taxable REIT subsidiaries. Among other requirements, a taxable REIT subsidiary of ours must:

    (1)
    be a non-REIT corporation for federal income tax purposes in which we directly or indirectly own shares;

    (2)
    join with us in making a taxable REIT subsidiary election;

    (3)
    not directly or indirectly operate or manage a lodging facility or a health care facility; and

    (4)
    not directly or indirectly provide to any person, under a franchise, license, or otherwise, rights to any brand name under which any lodging facility or health care facility is operated, except that in limited circumstances a subfranchise, sublicense or similar right can be granted to an independent contractor to operate or manage a lodging facility or a health care facility.

        In addition, a corporation other than a REIT in which a taxable REIT subsidiary directly or indirectly owns more than 35% of the voting power or value will automatically be treated as a taxable REIT subsidiary. Subject to the discussion below, we believe that we and each of our taxable REIT subsidiaries have complied with, and will continue to comply with, on a continuous basis, the requirements for taxable REIT subsidiary status at all times during which we intend for the subsidiary's taxable REIT subsidiary election to be in effect, and we believe that the same will be true for any taxable REIT subsidiary that we later form or acquire.

        Our ownership of stock and securities in taxable REIT subsidiaries is exempt from the 10% and 5% REIT asset tests discussed below. Also, as discussed below, taxable REIT subsidiaries can perform services for our tenants without disqualifying the rents we receive from those tenants under the 75% or 95% gross income tests discussed below. Moreover, because taxable REIT subsidiaries are taxed as C corporations that are separate from us, their assets, liabilities and items of income, deduction and credit generally are not imputed to us for purposes of the REIT qualification requirements described in this summary. Therefore, taxable REIT subsidiaries can generally undertake third-party management and development activities and activities not related to real estate.

        Restrictions are imposed on taxable REIT subsidiaries to ensure that they will be subject to an appropriate level of federal income taxation. For example, a taxable REIT subsidiary may not deduct interest paid in any year to an affiliated REIT to the extent that the interest payments exceed, generally, 50% of the taxable REIT subsidiary's adjusted taxable income for that year. However, the taxable REIT subsidiary may carry forward the disallowed interest expense to a succeeding year, and deduct the interest in that later year subject to that year's 50% adjusted taxable income limitation. In addition, if a taxable REIT subsidiary pays interest, rent, or other amounts to its affiliated REIT in an amount that exceeds what an unrelated third party would have paid in an arm's length transaction, then the REIT generally will be subject to an excise tax equal to 100% of the excessive portion of the payment. Finally, if in comparison to an arm's length transaction, a tenant has overpaid rent to the REIT in exchange for underpaying the taxable REIT subsidiary for services rendered, and if the REIT has not adequately compensated the taxable REIT subsidiary for services provided to or on behalf of a tenant, then the REIT may be subject to an excise tax equal to 100% of the undercompensation to the taxable REIT subsidiary. There can be no assurance that arrangements involving our taxable REIT subsidiaries will not result in the imposition of one or more of these deduction limitations or excise taxes, but we do not believe that we are or will be subject to these impositions.

11

        Income Tests.    There are two gross income requirements for qualification as a REIT under the IRC:

    •
    At least 75% of our gross income (excluding: (a) gross income from sales or other dispositions of property held primarily for sale; (b) any income arising from "clearly identified" hedging transactions that we enter into to manage interest rate or price changes or currency fluctuations with respect to borrowings we incur to acquire or carry real estate assets; (c) any income arising from "clearly identified" hedging transactions that we enter into primarily to manage risk of currency fluctuations relating to any item that qualifies under the 75% or 95% gross income tests (or any property which generates such income or gain); (d) real estate foreign exchange gain (as defined in Section 856(n)(2) of the IRC); and (e) income from the repurchase or discharge of indebtedness) must be derived from investments relating to real property, including "rents from real property" as defined under Section 856 of the IRC, interest and gain from mortgages on real property, income and gain from foreclosure property, gain from the sale or other disposition of real property other than dealer property, or dividends and gain from shares in other REITs. When we receive new capital in exchange for our shares or in a public offering of five-year or longer debt instruments, income attributable to the temporary investment of this new capital in stock or a debt instrument, if received or accrued within one year of our receipt of the new capital, is generally also qualifying income under the 75% gross income test.

    •
    At least 95% of our gross income (excluding: (a) gross income from sales or other dispositions of property held primarily for sale; (b) any income arising from "clearly identified" hedging transactions that we enter into to manage interest rate or price changes or currency fluctuations with respect to borrowings we incur to acquire or carry real estate assets; (c) any income arising from "clearly identified" hedging transactions that we enter into primarily to manage risk of currency fluctuations relating to any item that qualifies under the 75% or 95% gross income tests (or any property which generates such income or gain); (d) passive foreign exchange gain (as defined in Section 856(n)(3) of the IRC); and (e) income from the repurchase or discharge of indebtedness) must be derived from a combination of items of real property income that satisfy the 75% gross income test described above, dividends, interest, or gains from the sale or disposition of stock, securities, or real property.

For purposes of the 75% and 95% gross income tests outlined above, income derived from a "shared appreciation provision" in a mortgage loan is generally treated as gain recognized on the sale of the property to which it relates. Although we will use our best efforts to ensure that the income generated by our investments will be of a type that satisfies both the 75% and 95% gross income tests, there can be no assurance in this regard.

        In order to qualify as "rents from real property" under Section 856 of the IRC, several requirements must be met:

    •
    The amount of rent received generally must not be based on the income or profits of any person, but may be based on receipts or sales.

    •
    Rents do not qualify if the REIT owns 10% or more by vote or value of the tenant, whether directly or after application of attribution rules. While we intend not to lease property to any party if rents from that property would not qualify as rents from real property, application of the 10% ownership rule is dependent upon complex attribution rules and circumstances that may be beyond our control. For example, an unaffiliated third party's ownership directly or by attribution of 10% or more by value of our shares, as well as an ownership position in the stock of one of our tenants which, when added to our own ownership position in that tenant, totals 10% or more by vote or value of the stock of that tenant, would result in that tenant's rents not qualifying as rents from real property. Our declaration of trust disallows transfers or purported acquisitions, directly or by attribution, of our shares to the extent necessary to maintain our

12

      REIT status under the IRC. Similarly, for the purpose of CWH retaining its own REIT status under the IRC, CWH's organizational documents contain similar provisions to limit concentrated ownership of beneficial positions in CWH. Furthermore, for as long as CWH owns more than 9.8% of our outstanding shares, we and CWH have agreed to limit ownership in any of our tenants to no more than 4.9% by each party, so that our combined ownership will remain under 10%, and we have also agreed to take reasonable actions to facilitate the REIT status under the IRC of the other. Nevertheless, there can be no assurance that these provisions in our and CWH's organizational documents and in the transaction agreement with CWH will be effective to prevent our REIT status from being jeopardized under the 10% affiliated tenant rule. Furthermore, there can be no assurance that we will be able to monitor and enforce these restrictions, nor will our shareholders necessarily be aware of ownership of shares attributed to them under the IRC's attribution rules.

    •
    There is a limited exception to the above prohibition on earning "rents from real property" from a 10% affiliated tenant, if the tenant is a taxable REIT subsidiary. If at least 90% of the leased space of a property is leased to tenants other than taxable REIT subsidiaries and 10% affiliated tenants, and if the taxable REIT subsidiary's rent for space at that property is substantially comparable to the rents paid by nonaffiliated tenants for comparable space at the property, then otherwise qualifying rents paid by the taxable REIT subsidiary to the REIT will not be disqualified on account of the rule prohibiting 10% affiliated tenants.

    •
    In order for rents to qualify, we generally must not manage the property or furnish or render services to the tenants of the property, except through an independent contractor from whom we derive no income or through one of our taxable REIT subsidiaries. There is an exception to this rule permitting a REIT to perform customary tenant services of the sort that a tax-exempt organization could perform without being considered in receipt of "unrelated business taxable income" as defined in Section 512(b)(3) of the IRC. In addition, a de minimis amount of noncustomary services will not disqualify income as "rents from real property" so long as the value of the impermissible services does not exceed 1% of the gross income from the property.

    •
    If rent attributable to personal property leased in connection with a lease of real property is 15% or less of the total rent received under the lease, then the rent attributable to personal property will qualify as "rents from real property"; if this 15% threshold is exceeded, the rent attributable to personal property will not so qualify. The portion of rental income treated as attributable to personal property is determined according to the ratio of the fair market value of the personal property to the total fair market value of the real and personal property that is rented.

We believe that all or substantially all our rents have qualified and will qualify as rents from real property for purposes of Section 856 of the IRC.

        In order to qualify as mortgage interest on real property for purposes of the 75% test, interest must derive from a mortgage loan secured by real property with a fair market value, at the time the loan is made, at least equal to the amount of the loan. If the amount of the loan exceeds the fair market value of the real property, the interest will be treated as interest on a mortgage loan in a ratio equal to the ratio of the fair market value of the real property to the total amount of the mortgage loan.

        Absent the "foreclosure property" rules of Section 856(e) of the IRC, a REIT's receipt of business operating income from a property would not qualify under the 75% and 95% gross income tests. But as foreclosure property, gross income from such a business operation would so qualify. In the case of property leased by a REIT to a tenant, foreclosure property is defined under applicable Treasury regulations to include generally the real property and incidental personal property that the REIT reduces to possession upon a default or imminent default under the lease by the tenant, and as to

13

which a foreclosure property election is made by attaching an appropriate statement to the REIT's federal income tax return. Any gain that a REIT recognizes on the sale of foreclosure property held as inventory or primarily for sale to customers, plus any income it receives from foreclosure property that would not qualify under the 75% gross income test in the absence of foreclosure property treatment, reduced by expenses directly connected with the production of those items of income, would be subject to income tax at the maximum corporate rate, currently 35%, under the foreclosure property income tax rules of Section 857(b)(4) of the IRC. Thus, if a REIT should lease foreclosure property in exchange for rent that qualifies as "rents from real property" as described above, then that rental income is not subject to the foreclosure property income tax.

        Other than sales of foreclosure property, any gain we realize on the sale of property held as inventory or other property held primarily for sale to customers in the ordinary course of business will be treated as income from a prohibited transaction that is subject to a penalty tax at a 100% rate. This prohibited transaction income also may adversely affect our ability to satisfy the 75% and 95% gross income tests for federal income tax qualification as a REIT. We cannot provide assurances as to whether or not the IRS might successfully assert that one or more of our dispositions would be subject to the 100% penalty tax. However, we believe that dispositions of assets that we might make will not be subject to the 100% penalty tax, because we intend to:

    •
    own our assets for investment with a view to long-term income production and capital appreciation;

    •
    engage in the business of developing, owning, leasing and managing our existing properties and acquiring, developing, owning, leasing and managing new properties; and

    •
    make occasional dispositions of our assets consistent with our long-term investment objectives.

        If we fail to satisfy one or both of the 75% or the 95% gross income tests in any taxable year, we may nevertheless qualify as a REIT for that year if we satisfy the following requirements:

    •
    our failure to meet the test is due to reasonable cause and not due to willful neglect, and

    •
    after we identify the failure, we file a schedule describing each item of our gross income included in the 75% or 95% gross income tests for that taxable year.

It is impossible to state whether in all circumstances we would be entitled to the benefit of this relief provision for the 75% and 95% gross income tests. Even if this relief provision does apply, a 100% tax is imposed upon the greater of the amount by which we failed the 75% test or the 95% test, with adjustments, multiplied by a fraction intended to reflect our profitability. This relief provision applies to any failure of the applicable income tests, even if the failure first occurred in a year prior to the taxable year in which the failure was discovered.

        Asset Tests.    At the close of each quarter of each taxable year, we must also satisfy the following asset percentage tests in order to qualify as a REIT for federal income tax purposes:

    •
    At least 75% of our total assets must consist of real estate assets, cash and cash items, shares in other REITs, government securities, and temporary investments of new capital (that is, stock or debt instruments purchased with proceeds of a stock offering or a public offering of our debt with a term of at least five years, but only for the one-year period commencing with our receipt of the offering proceeds).

    •
    Not more than 25% of our total assets may be represented by securities other than those securities that count favorably toward the preceding 75% asset test.

    •
    Of the investments included in the preceding 25% asset class, the value of any one non-REIT issuer's securities that we own may not exceed 5% of the value of our total assets. In addition, we may not own more than 10% of the vote or value of any one non-REIT issuer's outstanding

14

      securities, unless that issuer is our taxable REIT subsidiary or the securities are "straight debt" securities or otherwise excepted as discussed below.

    •
    Our stock and securities in a taxable REIT subsidiary are exempted from the preceding 10% and 5% asset tests. However, no more than 25% of our total assets may be represented by stock or securities of taxable REIT subsidiaries.

        When a failure to satisfy the above asset tests results from an acquisition of securities or other property during a quarter, the failure can be cured by disposition of sufficient nonqualifying assets within 30 days after the close of that quarter.

        In addition, if we fail the 5% value test or the 10% vote or value tests at the close of any quarter and do not cure such failure within 30 days after the close of that quarter, that failure will nevertheless be excused if (a) the failure is de minimis and (b) within 6 months after the last day of the quarter in which we identify the failure, we either dispose of the assets causing the failure or otherwise satisfy the 5% value and 10% vote and value asset tests. For purposes of this relief provision, the failure will be "de minimis" if the value of the assets causing the failure does not exceed the lesser of (a) 1% of the total value of our assets at the end of the relevant quarter or (b) $10,000,000. If our failure is not de minimis, or if any of the other REIT asset tests have been violated, we may nevertheless qualify as a REIT if (a) we provide the IRS with a description of each asset causing the failure, (b) the failure was due to reasonable cause and not willful neglect, (c) we pay a tax equal to the greater of (1) $50,000 or (2) the highest rate of corporate tax imposed (currently 35%) on the net income generated by the assets causing the failure during the period of the failure, and (d) within 6 months after the last day of the quarter in which we identify the failure, we either dispose of the assets causing the failure or otherwise satisfy all of the REIT asset tests. These relief provisions apply to any failure of the applicable asset tests, even if the failure first occurred in a year prior to the taxable year in which the failure was discovered.

        The IRC also provides an excepted securities safe harbor to the 10% value test that includes among other items (a) "straight debt" securities, (b) certain rental agreements in which payment is to be made in subsequent years, (c) any obligation to pay rents from real property, (d) securities issued by governmental entities that are not dependent in whole or in part on the profits of or payments from a nongovernmental entity, and (e) any security issued by another REIT.

        We have maintained and will continue to maintain records of the value of our assets to document our compliance with the above asset tests, and intend to take actions as may be required to cure any failure to satisfy the tests within 30 days after the close of any quarter.

        Annual Distribution Requirements.    In order to qualify for taxation as a REIT under the IRC, we are required to make annual distributions other than capital gain dividends to our shareholders in an amount at least equal to the excess of:

            (A)  the sum of 90% of our "real estate investment trust taxable income," as defined in Section 857 of the IRC, computed by excluding any net capital gain and before taking into account any dividends paid deduction for which we are eligible, and 90% of our net income after tax, if any, from property received in foreclosure, over

            (B)  the sum of our qualifying noncash income, e.g., imputed rental income or income from transactions inadvertently failing to qualify as like-kind exchanges.

15

The distributions must be paid in the taxable year to which they relate, or in the following taxable year if declared before we timely file our federal income tax return for the earlier taxable year and if paid on or before the first regular distribution payment after that declaration. If a dividend is declared in October, November, or December to shareholders of record during one of those months, and is paid during the following January, then for federal income tax purposes the dividend will be treated as having been both paid and received on December 31 of the prior taxable year. A distribution which is not pro rata within a class of our beneficial interests entitled to a distribution, or which is not consistent with the rights to distributions among our classes of beneficial interests, is a preferential distribution that is not taken into consideration for purposes of the distribution requirements, and accordingly the payment of a preferential distribution could affect our ability to meet the distribution requirements. Taking into account our distribution policies, including the dividend reinvestment plan we have adopted, we do not believe that we have made or will make any preferential distributions. The distribution requirements may be waived by the IRS if a REIT establishes that it failed to meet them by reason of distributions previously made to meet the requirements of the 4% excise tax discussed below. To the extent that we do not distribute all of our net capital gain and all of our real estate investment trust taxable income, as adjusted, we will be subject to federal income tax on undistributed amounts.

        In addition, we will be subject to a 4% nondeductible excise tax to the extent we fail within a calendar year to make required distributions to our shareholders of 85% of our ordinary income and 95% of our capital gain net income plus the excess, if any, of the "grossed up required distribution" for the preceding calendar year over the amount treated as distributed for that preceding calendar year. For this purpose, the term "grossed up required distribution" for any calendar year is the sum of our taxable income for the calendar year without regard to the deduction for dividends paid and all amounts from earlier years that are not treated as having been distributed under the provision. We will be treated as having sufficient earnings and profits to treat as a dividend any distribution by us up to the amount required to be distributed in order to avoid imposition of the 4% excise tax.

        If we do not have enough cash or other liquid assets to meet the 90% distribution requirements, we may find it necessary and desirable to arrange for new debt or equity financing to provide funds for required distributions in order to maintain our REIT status. We can provide no assurance that financing would be available for these purposes on favorable terms.

        We may be able to rectify a failure to pay sufficient dividends for any year by paying "deficiency dividends" to shareholders in a later year. These deficiency dividends may be included in our deduction for dividends paid for the earlier year, but an interest charge would be imposed upon us for the delay in distribution.

        In addition to the other distribution requirements above, to preserve our status as a REIT we are required to timely distribute C corporation earnings and profits that we inherit from acquired corporations.

Depreciation and Federal Income Tax Treatment of Leases

        Our initial tax bases in our assets will generally be our acquisition cost. We will generally depreciate our real property on a straight-line basis over 40 years and our personal property over the applicable shorter periods. These depreciation schedules may vary for properties that we acquire through tax-free or carryover basis acquisitions, as for example our initial portfolio acquired from CWH as discussed below.

        The initial tax bases and depreciation schedules for the assets we held immediately after we separated from CWH in 2009 depend upon whether the deemed exchange that resulted from that separation was an exchange governed by Sections 351(a), 351(b) and 357(a) of the IRC. Our tax counsel, Sullivan & Worcester LLP, provided to us an opinion that the deemed exchange should be

16

treated as an exchange governed by Sections 351(a) and 357(a) of the IRC, except for up to approximately $6 million of gain recognized by CWH under Section 351(b) of the IRC in respect of our obligation to reimburse CWH for specified offering costs, and we have agreed to and will perform all our tax reporting accordingly. This opinion was conditioned upon the assumption that the transaction agreement had been and will be complied with by all parties thereto, upon the accuracy and completeness of the factual matters described in our Registration Statement on Form S-11 filed in connection with our IPO and upon representations made by us and CWH as to specified factual matters. Therefore, we carried over CWH's tax basis and depreciation schedule in each of the assets that we received from CWH, adjusted appropriately for the up to approximately $6 million of gain recognized by CWH under Section 351(b) of the IRC. This conclusion regarding the applicability of Sections 351(a), 351(b) and 357(a) depended upon favorable determinations with regard to each of the following three issues: (a) Section 351(e) of the IRC did not apply to the deemed exchange, or else it would have disqualified the deemed exchange from Sections 351(a) and 351(b) treatment altogether; (b) Section 357(a) rather than Section 357(b) applied to the deemed exchange, or else the liabilities assumed by us from CWH in the deemed exchange would have been taxable consideration (up to the amount of actually realized gains) to CWH; and (c) a judicial recharacterization rule, developed in Waterman Steamship v. Commissioner, 430 F.2d 1185 (5th Cir. 1970), and subsequent tax cases, did not apply to recharacterize our pre-transaction dividends paid to CWH as a taxable sale by CWH for cash. There can be no assurance that the IRS or a court would reach the same conclusion.

        If, contrary to our belief and the opinion of our tax counsel, the deemed exchange were taxable to CWH because Section 351(a), 351(b) or 357(a) of the IRC did not apply, then we would be treated as though we acquired our initial assets from CWH in a mostly or fully taxable acquisition, thereby acquiring aggregate tax bases in these assets greater than the amount that we believe carried over from CWH but also possibly depreciable over longer depreciable lives. In such event, we estimate that our aggregate depreciation deductions for our initial taxable year and many taxable years thereafter could be modestly lower. To address that possibility, we have complied and intend to continue to comply with the annual REIT distribution requirements regardless of whether or not the deemed exchange is treated as a tax free exchange to CWH under Sections 351(a), 351(b) and 357(a) of the IRC, i.e., we determine our distribution requirement assuming the lowest amount of depreciation that could apply. Nevertheless, we may be required to amend our tax reports, including those sent to our shareholders, or may be required to pay deficiency dividends, as discussed above, if the IRS successfully challenges our tax reporting positions.

        We are entitled to depreciation deductions from our facilities only if we are treated for federal income tax purposes as the owner of the facilities. This means that the leases of the facilities must be classified for federal income tax purposes as true leases, rather than as sales or financing arrangements, and we believe this to be the case. In the case of future sale-leaseback arrangements, the IRS could assert that we realize prepaid rental income in the year of purchase to the extent that the value of a leased property, at the time of purchase, exceeds the purchase price for that property. While we believe that the value of leased property at the time of any such purchase will not exceed the purchase price, because of the lack of clear precedent we cannot provide assurances as to whether the IRS might successfully assert the existence of prepaid rental income in any such sale-leaseback transaction.

Taxation of U.S. Shareholders

        For noncorporate U.S. shareholders, the maximum federal income tax rate for long-term capital gains is generally 15% (scheduled to increase to 20% for taxable years beginning after December 31, 2012) and for most corporate dividends is generally also 15% (scheduled to increase to ordinary income rates for taxable years beginning after December 31, 2012). However, because we are not generally subject to federal income tax on the portion of our REIT taxable income or capital gains distributed to our shareholders, dividends on our shares generally are not eligible for such 15% tax rate on dividends

17

while that rate is in effect. As a result, our ordinary dividends continue to be taxed at the higher federal income tax rates applicable to ordinary income. However, the favorable federal income tax rates for long-term capital gains, and while in effect, for dividends, generally apply to:

    (1)
    your long-term capital gains, if any, recognized on the disposition of our shares;

    (2)
    our distributions designated as long-term capital gain dividends (except to the extent attributable to real estate depreciation recapture, in which case the distributions are subject to a maximum 25% federal income tax rate);

    (3)
    our dividends attributable to dividends, if any, received by us from non-REIT corporations such as taxable REIT subsidiaries; and

    (4)
    our dividends to the extent attributable to income upon which we have paid federal corporate income tax.

        As long as we qualify as a REIT for federal income tax purposes, a distribution to our U.S. shareholders that we do not designate as a capital gain dividend will be treated as an ordinary income dividend to the extent of our current or accumulated earnings and profits. Distributions made out of our current or accumulated earnings and profits that we properly designate as capital gain dividends generally will be taxed as long-term capital gains, as discussed below, to the extent they do not exceed our actual net capital gain for the taxable year. However, corporate shareholders may be required to treat up to 20% of any capital gain dividend as ordinary income under Section 291 of the IRC.

        In addition, we may elect to retain net capital gain income and treat it as constructively distributed. In that case:

    (1)
    we will be taxed at regular corporate capital gains tax rates on retained amounts;

    (2)
    each U.S. shareholder will be taxed on its designated proportionate share of our retained net capital gains as though that amount were distributed and designated a capital gain dividend;

    (3)
    each U.S. shareholder will receive a credit for its designated proportionate share of the tax that we pay;

    (4)
    each U.S. shareholder will increase its adjusted basis in our shares by the excess of the amount of its proportionate share of these retained net capital gains over its proportionate share of the tax that we pay; and

    (5)
    both we and our corporate shareholders will make commensurate adjustments in our respective earnings and profits for federal income tax purposes.

If we elect to retain our net capital gains in this fashion, we will notify our U.S. shareholders of the relevant tax information within 60 days after the close of the affected taxable year.

        As discussed above, for noncorporate U.S. shareholders, long-term capital gains are generally taxed at maximum rates of 15% (scheduled to increase to 20% for taxable years beginning after December 31, 2012) or 25%, depending upon the type of property disposed of and the previously claimed depreciation with respect to this property. If for any taxable year we designate capital gain dividends for U.S. shareholders, then a portion of the capital gain dividends we designate will be allocated to the holders of a particular class of shares on a percentage basis equal to the ratio of the amount of the total dividends paid or made available for the year to the holders of that class of shares to the total dividends paid or made available for the year to holders of all classes of our shares. We will similarly designate the portion of any capital gain dividend that is to be taxed to noncorporate U.S. shareholders at the maximum rates of 15% (scheduled to increase to 20% for taxable years beginning after December 31, 2012) or 25% so that the designations will be proportionate among all classes of our shares.

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        Distributions in excess of current or accumulated earnings and profits will not be taxable to a U.S. shareholder to the extent that they do not exceed the shareholder's adjusted tax basis in the shareholder's shares, but will reduce the shareholder's basis in those shares. To the extent that these excess distributions exceed the adjusted basis of a U.S. shareholder's shares, they will be included in income as capital gain, with long-term gain generally taxed to noncorporate U.S. shareholders at a maximum rate of 15% (scheduled to increase to 20% for taxable years beginning after December 31, 2012). No U.S. shareholder may include on his federal income tax return any of our net operating losses or any of our capital losses.

        If a dividend is declared in October, November, or December to shareholders of record during one of those months, and is paid during the following January, then for federal income tax purposes the dividend will be treated as having been both paid and received on December 31 of the prior taxable year. Also, items that are treated differently for regular and alternative minimum tax purposes are to be allocated between a REIT and its shareholders under Treasury regulations which are to be prescribed. It is possible that these Treasury regulations will require tax preference items to be allocated to our shareholders with respect to any accelerated depreciation or other tax preference items that we claim.

        A U.S. shareholder will generally recognize gain or loss equal to the difference between the amount realized and the shareholder's adjusted basis in our shares that are sold or exchanged. This gain or loss will be capital gain or loss, and will be long-term capital gain or loss if the shareholder's holding period in the shares exceeds one year. In addition, any loss upon a sale or exchange of our shares held for six months or less will generally be treated as a long-term capital loss to the extent of our long-term capital gain dividends during the holding period.

        For taxable years beginning after December 31, 2012, U.S. holders who are individuals, estates or trusts will generally be required to pay a new 3.8% Medicare tax on their net investment income (including dividends on and gains from the sale or other disposition of our shares), or in the case of estates and trusts on their net investment income that is not distributed, in each case to the extent that their total adjusted income exceeds applicable thresholds.

        The IRC imposes a penalty for the failure to properly disclose a "reportable transaction." A reportable transaction currently includes, among other things, a sale or exchange of our shares resulting in a tax loss in excess of (a) $10 million in any single year or $20 million in any combination of years in the case of our shares held by a C corporation or by a partnership with only C corporation partners or (b) $2 million in any single year or $4 million in any combination of years in the case of our shares held by any other partnership or an S corporation, trust or individual, including losses that flow through pass through entities to individuals. A taxpayer discloses a reportable transaction by filing IRS Form 8886 with its federal income tax return and, in the first year of filing, a copy of Form 8886 must be sent to the IRS's Office of Tax Shelter Analysis. The penalty for failing to disclose a reportable transaction is generally $10,000 in the case of a natural person and $50,000 in any other case.

        Noncorporate U.S. shareholders who borrow funds to finance their acquisition of our shares could be limited in the amount of deductions allowed for the interest paid on the indebtedness incurred. Under Section 163(d) of the IRC, interest paid or accrued on indebtedness incurred or continued to purchase or carry property held for investment is generally deductible only to the extent of the investor's net investment income. A U.S. shareholder's net investment income will include ordinary income dividend distributions received from us and, if an appropriate election is made by the shareholder, capital gain dividend distributions and qualified dividends received from us; however, distributions treated as a nontaxable return of the shareholder's basis will not enter into the computation of net investment income.

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Taxation of Tax-Exempt Shareholders

        Subject to the pension-held REIT rules discussed below, our distributions made to shareholders that are tax-exempt pension plans, individual retirement accounts, or other qualifying tax-exempt entities should not constitute unrelated business taxable income, provided that the shareholder has not financed its acquisition of our shares with "acquisition indebtedness" within the meaning of the IRC, and provided further that, consistent with our present intent, we do not hold a residual interest in a real estate mortgage investment conduit.

        Tax-exempt pension trusts that own more than 10% by value of a "pension-held REIT" at any time during a taxable year may be required to treat a percentage of all dividends received from the pension-held REIT during the year as unrelated business taxable income. This percentage is equal to the ratio of:

    (1)
    the pension-held REIT's gross income derived from the conduct of unrelated trades or businesses, determined as if the pension-held REIT were a tax-exempt pension fund, less direct expenses related to that income, to

    (2)
    the pension-held REIT's gross income from all sources, less direct expenses related to that income,

except that this percentage shall be deemed to be zero unless it would otherwise equal or exceed 5%. A REIT is a pension-held REIT if:

    •
    the REIT is "predominantly held" by tax-exempt pension trusts; and

    •
    the REIT would fail to satisfy the "closely held" ownership requirement discussed above if the stock or beneficial interests in the REIT held by tax-exempt pension trusts were viewed as held by tax-exempt pension trusts rather than by their respective beneficiaries.

A REIT is predominantly held by tax-exempt pension trusts if at least one tax-exempt pension trust owns more than 25% by value of the REIT's stock or beneficial interests, or if one or more tax-exempt pension trusts, each owning more than 10% by value of the REIT's stock or beneficial interests, own in the aggregate more than 50% by value of the REIT's stock or beneficial interests. Because of the share ownership concentration restrictions in our declaration of trust, we believe that we are not and will not be a pension-held REIT. However, because our shares are publicly traded, we cannot completely control whether or not we are or will become a pension-held REIT.

        Social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts and qualified group legal services plans exempt from federal income taxation under Sections 501(c)(7), (c)(9), (c)(17) and (c)(20) of the IRC, respectively, are subject to different unrelated business taxable income rules, which generally will require them to characterize distributions from a REIT as unrelated business taxable income. In addition, these prospective investors should consult their own tax advisors concerning any "set aside" or reserve requirements applicable to them.

Taxation of Non-U.S. Shareholders

        The rules governing the United States federal income taxation of non-U.S. shareholders are complex, and the following discussion is intended only as a summary of these rules. If you are a non-U.S. shareholder, we urge you to consult with your own tax advisor to determine the impact of United States federal, state, local, and foreign tax laws, including any tax return filing and other reporting requirements, with respect to your investment in our shares.

        In general, a non-U.S. shareholder will be subject to regular United States federal income tax in the same manner as a U.S. shareholder with respect to its investment in our shares if that investment is effectively connected with the non-U.S. shareholder's conduct of a trade or business in the United

20

States (and, if provided by an applicable income tax treaty, is attributable to a permanent establishment or fixed base the non-U.S. shareholder maintains in the United States). In addition, a corporate non-U.S. shareholder that receives income that is or is deemed effectively connected with a trade or business in the United States may also be subject to the 30% branch profits tax under Section 884 of the IRC, which is payable in addition to regular United States federal corporate income tax. The balance of this discussion of the United States federal income taxation of non-U.S. shareholders addresses only those non-U.S. shareholders whose investment in our shares is not effectively connected with the conduct of a trade or business in the United States.

        A distribution by us to a non-U.S. shareholder that is not attributable to gain from the sale or exchange of a United States real property interest and that is not designated as a capital gain dividend will be treated as an ordinary income dividend to the extent that it is made out of current or accumulated earnings and profits. A distribution of this type will generally be subject to United States federal income tax and withholding at the rate of 30%, or at a lower rate if the non-U.S. shareholder has in the manner prescribed by the IRS demonstrated its entitlement to benefits under a tax treaty. In the case of any in kind distributions of property, we or other applicable withholding agents will collect the amount required to be withheld by reducing to cash for remittance to the IRS a sufficient portion of the property that the non-U.S. shareholder would otherwise receive, and the non-U.S. shareholder may bear brokerage or other costs for this withholding procedure. Because we cannot determine our current and accumulated earnings and profits until the end of the taxable year, withholding at the rate of 30% or applicable lower treaty rate will generally be imposed on the gross amount of any distribution to a non-U.S. shareholder that we make and do not designate a capital gain dividend. Notwithstanding this withholding on distributions in excess of our current and accumulated earnings and profits, these distributions are a nontaxable return of capital to the extent that they do not exceed the non-U.S. shareholder's adjusted basis in our shares, and the nontaxable return of capital will reduce the adjusted basis in these shares. To the extent that distributions in excess of current and accumulated earnings and profits exceed the non-U.S. shareholder's adjusted basis in our shares, the distributions will give rise to tax liability if the non-U.S. shareholder would otherwise be subject to tax on any gain from the sale or exchange of these shares, as discussed below. A non-U.S. shareholder may seek a refund from the IRS of amounts withheld on distributions to him in excess of our current and accumulated earnings and profits.

        From time to time, some of our distributions may be attributable to the sale or exchange of United States real property interests. However, capital gain dividends that are received by a non-U.S. shareholder, as well as dividends attributable to our sales of United States real property interests, will be subject to the taxation and withholding regime applicable to ordinary income dividends and the branch profits tax will not apply, provided that (1) these dividends are received with respect to a class of shares that is "regularly traded" on a domestic "established securities market" such as the New York Stock Exchange, or the NYSE, both as defined by applicable Treasury regulations, and (2) the non-U.S. shareholder does not own more than 5% of that class of shares at any time during the one-year period ending on the date of distribution of the capital gain dividends. If both of these provisions are satisfied, qualifying non-U.S. shareholders will not be subject to withholding either on capital gain dividends or on dividends that are attributable to our sales United States real property interests as though those amounts were effectively connected with a United States trade or business, and qualifying non-U.S. shareholders will not be required to file United States federal income tax returns or pay branch profits tax in respect of these dividends. Instead, these dividends will be subject to United States federal income tax and withholding as ordinary dividends, currently at a 30% tax rate unless reduced by applicable treaty, as discussed below. Although there can be no assurance in this regard, we believe that our common shares have been and will remain "regularly traded" on a domestic "established securities market" within the meaning of applicable Treasury regulations; however, we can provide no assurance that our shares will continue to be "regularly traded" on a domestic "established securities market" in future taxable years.

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        Except as discussed above, for any year in which we qualify as a REIT, distributions that are attributable to gain from the sale or exchange of a United States real property interest are taxed to a non-U.S. shareholder as if these distributions were gains effectively connected with a trade or business in the United States conducted by the non-U.S. shareholder. Accordingly, a non-U.S. shareholder that does not qualify for the special rule above will be taxed on these amounts at the normal capital gain and other tax rates applicable to a U.S. shareholder, subject to any applicable alternative minimum tax and to a special alternative minimum tax in the case of nonresident alien individuals; such a non-U.S. shareholder will be required to file a United States federal income tax return reporting these amounts, even if applicable withholding is imposed as described below; and such a non-U.S. shareholder that is also a corporation may owe the 30% branch profits tax under Section 884 of the IRC in respect of these amounts. We or other applicable withholding agents will be required to withhold from distributions to such non-U.S. shareholders, and remit to the IRS, 35% of the maximum amount of any distribution that could be designated as a capital gain dividend. In addition, for purposes of this withholding rule, if we designate prior distributions as capital gain dividends, then subsequent distributions up to the amount of the designated prior distributions will be treated as capital gain dividends. The amount of any tax withheld is creditable against the non-U.S. shareholder's United States federal income tax liability, and the non-U.S. shareholder may file for a refund from the IRS of any amount of withheld tax in excess of that tax liability.

        A special "wash sale" rule applies to a non-U.S. shareholder who owns any class of our shares if (1) the shareholder owns more than 5% of that class of shares at any time during the one-year period ending on the date of the distribution described below, or (2) that class of our shares is not, within the meaning of applicable Treasury regulations, "regularly traded" on a domestic "established securities market" such as the NYSE. Although there can be no assurance in this regard, we believe that our common shares have been and will remain "regularly traded" on a domestic "established securities market" within the meaning of applicable Treasury regulations, all as discussed above; however, we can provide no assurance that our shares will continue to be "regularly traded" on a domestic "established securities market" in future taxable years. We thus anticipate this wash sale rule to apply, if at all, only to a non-U.S. shareholder that owns more than 5% of either our common shares or any class of our preferred shares. Such a non-U.S. shareholder will be treated as having made a "wash sale" of our shares if it (1) disposes of an interest in our shares during the 30 days preceding the ex-dividend date of a distribution by us that, but for such disposition, would have been treated by the non-U.S. shareholder in whole or in part as gain from the sale or exchange of a United States real property interest, and then (2) acquires or enters into a contract to acquire a substantially identical interest in our shares, either actually or constructively through a related party, during the 61-day period beginning 30 days prior to the ex-dividend date. In the event of such a wash sale, the non-U.S. shareholder will have gain from the sale or exchange of a United States real property interest in an amount equal to the portion of the distribution that, but for the wash sale, would have been a gain from the sale or exchange of a United States real property interest. As discussed above, a non-U.S. shareholder's gain from the sale or exchange of a United States real property interest can trigger increased United States taxes, such as the branch profits tax applicable to non-U.S. corporations, and increased United States tax filing requirements.

        If for any taxable year we designate capital gain dividends for our shareholders, then a portion of the capital gain dividends we designate will be allocated to the holders of a particular class of shares on a percentage basis equal to the ratio of the amount of the total dividends paid or made available for the year to the holders of that class of shares to the total dividends paid or made available for the year to holders of all classes of our shares.

        Tax treaties may reduce the withholding obligations on our distributions. Under some treaties, however, rates below 30% that are applicable to ordinary income dividends from United States corporations may not apply to ordinary income dividends from a REIT or may apply only if the REIT

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meets certain additional conditions. You must generally use an applicable IRS Form W-8, or substantially similar form, to claim tax treaty benefits. If the amount of tax withheld with respect to a distribution to a non-U.S. shareholder exceeds the shareholder's United States federal income tax liability with respect to the distribution, the non-U.S. shareholder may file for a refund of the excess from the IRS. The 35% withholding tax rate discussed above on some capital gain dividends corresponds to the maximum income tax rate applicable to corporate non-U.S. shareholders but is higher than the current 15% and 25% maximum rates on capital gains generally applicable to noncorporate non-U.S. shareholders. Treasury regulations also provide special rules to determine whether, for purposes of determining the applicability of a tax treaty, our distributions to a non-U.S. shareholder that is an entity should be treated as paid to the entity or to those owning an interest in that entity, and whether the entity or its owners are entitled to benefits under the tax treaty. In the case of any in kind distributions of property, we or other applicable withholding agents will have to collect the amount required to be withheld by reducing to cash for remittance to the IRS a sufficient portion of the property that the non-U.S. shareholder would otherwise receive, and the non-U.S. shareholder may bear brokerage or other costs for this withholding procedure.

        Non-U.S. stockholders should generally be able to treat amounts we designate as retained but constructively distributed capital gains in the same manner as actual distributions of capital gain dividends by us. In addition, a non-U.S. stockholder should be able to offset as a credit against its federal income tax liability the proportionate share of the tax paid by us on such retained but constructively distributed capital gains. A non-U.S. stockholder may file for a refund from the IRS for the amount that the non-U.S. stockholder's proportionate share of tax paid by us exceeds its federal income tax liability on the constructively distributed capital gains.

        If our shares are not "United States real property interests" within the meaning of Section 897 of the IRC, then a non-U.S. shareholder's gain on sale of these shares generally will not be subject to United States federal income taxation, except that a nonresident alien individual who was in the United States for 183 days or more during the taxable year may be subject to a 30% tax on this gain. Our shares will not constitute a United States real property interest if we are a "domestically controlled REIT." A domestically controlled REIT is a REIT in which at all times during the preceding five-year period less than 50% in value of its shares is held directly or indirectly by foreign persons. We believe that we have been and will remain a domestically controlled REIT and thus a non-U.S. shareholder's gain on sale of our shares will not be subject to United States federal income taxation. However, because our shares are publicly traded, we can provide no assurance that we have been or will remain a domestically controlled REIT. If we are not a domestically controlled REIT, a non-U.S. shareholder's gain on sale of our shares will not be subject to United States federal income taxation as a sale of a United States real property interest if that class of shares is "regularly traded," as defined by applicable Treasury regulations, on an established securities market like the NYSE, and the non-U.S. shareholder has at all times during the preceding five years owned 5% or less by value of that class of shares. In this regard, because the shares of others may be redeemed, a non-U.S. shareholder's percentage interest in a class of our shares may increase even if it acquires no additional shares in that class. If the gain on the sale of our shares were subject to United States federal income taxation, the non-U.S. shareholder will generally be subject to the same treatment as a U.S. shareholder with respect to its gain, will be required to file a United States federal income tax return reporting that gain, and a corporate non-U.S. shareholder might owe branch profits tax under Section 884 of the IRC. A purchaser of our shares from a non-U.S. shareholder will not be required to withhold on the purchase price if the purchased shares are regularly traded on an established securities market or if we are a domestically controlled REIT. Otherwise, a purchaser of our shares from a non-U.S. shareholder may be required to withhold 10% of the purchase price paid to the non-U.S. shareholder and to remit the withheld amount to the IRS.

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Withholding and Information Reporting

        Information reporting and backup withholding may apply to distributions or proceeds paid to our shareholders under the circumstances discussed below. The backup withholding rate is currently 28% and is scheduled to increase to 31% after 2012. Amounts withheld under backup withholding are generally not an additional tax and may be refunded by the IRS or credited against the shareholder's federal income tax liability. In the case of any in kind distributions of property by us to a shareholder, we or other applicable withholding agents will have to collect any applicable backup withholding by reducing to cash for remittance to the IRS a sufficient portion of the property that our shareholder would otherwise receive, and the shareholder may bear brokerage or other costs for this withholding procedure.

        A U.S. shareholder will be subject to backup withholding when it receives distributions on our shares or proceeds upon the sale, exchange, redemption, retirement or other disposition of our shares, unless the U.S. shareholder properly executes, or has previously properly executed, under penalties of perjury an IRS Form W-9 or substantially similar form that:

    •
    provides the U.S. shareholder's correct taxpayer identification number; and

    •
    certifies that the U.S. shareholder is exempt from backup withholding because it comes within an enumerated exempt category, it has not been notified by the IRS that it is subject to backup withholding, or it has been notified by the IRS that it is no longer subject to backup withholding.

If the U.S. shareholder has not provided and does not provide its correct taxpayer identification number on the IRS Form W-9 or substantially similar form, it may be subject to penalties imposed by the IRS, and we or other applicable withholding agents may have to withhold a portion of any distributions or proceeds paid to such U.S. shareholder. Unless the U.S. shareholder has established on a properly executed IRS Form W-9 or substantially similar form that it comes within an enumerated exempt category, distributions or proceeds on our shares paid to it during the calendar year, and the amount of tax withheld, if any, will be reported to it and to the IRS.

        Distributions on our shares to a non-U.S. shareholder during each calendar year and the amount of tax withheld, if any, will generally be reported to the non-U.S. shareholder and to the IRS. This information reporting requirement applies regardless of whether the non-U.S. shareholder is subject to withholding on distributions on our shares or whether the withholding was reduced or eliminated by an applicable tax treaty. Also, distributions paid to a non-U.S. shareholder on our shares may be subject to backup withholding, unless the non-U.S. shareholder properly certifies its non-U.S. shareholder status on an IRS Form W-8 or substantially similar form in the manner described above. Similarly, information reporting and backup withholding will not apply to proceeds a non-U.S. shareholder receives upon the sale, exchange, redemption, retirement or other disposition of our shares, if the non-U.S. shareholder properly certifies its non-U.S. shareholder status on an IRS Form W-8 or substantially similar form. Even without having executed an IRS Form W-8 or substantially similar form, however, in some cases information reporting and backup withholding will not apply to proceeds that a non-U.S. shareholder receives upon the sale, exchange, redemption, retirement or other disposition of our shares if the non-U.S. shareholder receives those proceeds through a broker's foreign office.

        Increased reporting obligations are scheduled to be imposed on non-United States financial institutions and other non-United States entities for purposes of identifying accounts and investments held directly or indirectly by United States persons. The failure to comply with these additional information reporting, certification and other specified requirements could result in withholding tax being imposed on payments of dividends and sales proceeds to applicable shareholders or intermediaries. Specifically, a 30% withholding tax is imposed on dividends on and gross proceeds from

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the sale or other disposition of our shares paid to a foreign financial institution or to a foreign nonfinancial entity, unless (1) the foreign financial institution undertakes applicable diligence and reporting obligations or (2) the foreign nonfinancial entity either certifies it does not have any substantial United States owners or furnishes identifying information regarding each substantial United States owner. In addition, if the payee is a foreign financial institution, it generally must enter into an agreement with the United States Treasury that requires, among other things, that it undertake to identify accounts held by applicable United States persons or United States-owned foreign entities, annually report specified information about such accounts, and withhold 30% on payments to noncertified holders. Pursuant to IRS guidance, future regulations will provide that such withholding applies only to dividends paid on or after January 1, 2014, and to other "withholdable payments" (including payments of gross proceeds from a sale or other disposition of our shares) made on or after January 1, 2015. If you hold our shares through a non-United States intermediary or if you are a non-United States person, we urge you to consult your own tax advisor regarding foreign account tax compliance.

Other Tax Consequences

        Our tax treatment and that of our shareholders may be modified by legislative, judicial, or administrative actions at any time, which actions may be retroactive in effect. The rules dealing with federal income taxation are constantly under review by the Congress, the IRS and the Treasury Department, and statutory changes, new regulations, revisions to existing regulations, and revised interpretations of established concepts are issued frequently. Likewise, the rules regarding taxes other than federal income taxes may also be modified. No prediction can be made as to the likelihood of passage of new tax legislation or other provisions, or the direct or indirect effect on us and our shareholders. Revisions to tax laws and interpretations of these laws could adversely affect the tax or other consequences of an investment in our shares. We and our shareholders may also be subject to taxation by state, local or other jurisdictions, including those in which we or our shareholders transact business or reside. These tax consequences may not be comparable to the federal income tax consequences discussed above.

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 ERISA PLANS, KEOGH PLANS AND INDIVIDUAL RETIREMENT ACCOUNTS

General Fiduciary Obligations

        Fiduciaries of a pension, profit-sharing or other employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, or ERISA, must consider whether:

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    their investment in our shares satisfies the diversification requirements of ERISA;

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    the investment is prudent in light of possible limitations on the marketability of our shares;

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    they have authority to acquire our shares under the applicable governing instrument and Title I of ERISA; and

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    the investment is otherwise consistent with their fiduciary responsibilities.

        Trustees and other fiduciaries of an ERISA plan may incur personal liability for any loss suffered by the plan on account of a violation of their fiduciary responsibilities. In addition, these fiduciaries may be subject to a civil penalty of up to 20% of any amount recovered by the plan on account of a violation. Fiduciaries of any IRA, Roth IRA, tax-favored account (such as an Archer MSA, Coverdell education savings account or health savings account), Keogh Plan or other qualified retirement plan not subject to Title I of ERISA, or non-ERISA plans, should consider that a plan may only make investments that are authorized by the appropriate governing instrument.

        Fiduciaries considering an investment in our securities should consult their own legal advisors if they have any concern as to whether the investment is consistent with the foregoing criteria or is otherwise appropriate. The sale of our securities to a plan is in no respect a representation by us or any underwriter of the securities that the investment meets all relevant legal requirements with respect to investments by plans generally or any particular plan, or that the investment is appropriate for plans generally or any particular plan.

Prohibited Transactions

        Fiduciaries of ERISA plans and persons making the investment decision for an IRA or other non-ERISA plan should consider the application of the prohibited transaction provisions of ERISA and the IRC in making their investment decision. Sales and other transactions between an ERISA or non-ERISA plan, and persons related to it, are prohibited transactions. The particular facts concerning the sponsorship, operations and other investments of an ERISA plan or non-ERISA plan may cause a wide range of other persons to be treated as disqualified persons or parties in interest with respect to it. A prohibited transaction, in addition to imposing potential personal liability upon fiduciaries of ERISA plans, may also result in the imposition of an excise tax under the IRC or a penalty under ERISA upon the disqualified person or party in interest with respect to the plan. If the disqualified person who engages in the transaction is the individual on behalf of whom an IRA or Roth IRA is maintained or his beneficiary, the IRA or Roth IRA may lose its tax-exempt status and its assets may be deemed to have been distributed to the individual in a taxable distribution on account of the prohibited transaction, but no excise tax will be imposed. Fiduciaries considering an investment in our securities should consult their own legal advisors as to whether the ownership of our securities involves a prohibited transaction.

"Plan Assets" Considerations

        The U.S. Department of Labor, which has administrative responsibility over ERISA plans as well as non-ERISA plans, has issued a regulation defining "plan assets." The regulation generally provides that when an ERISA or non-ERISA plan acquires a security that is an equity interest in an entity and that security is neither a "publicly offered security" nor a security issued by an investment company registered under the Investment Company Act of 1940, as amended, the ERISA plan's or non-ERISA

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plan's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established either that the entity is an operating company or that equity participation in the entity by benefit plan investors is not significant.

        Each class of our shares (that is, our common shares and any class of preferred shares that we may issue) must be analyzed separately to ascertain whether it is a publicly offered security. The regulation defines a publicly offered security as a security that is "widely held," "freely transferable" and either part of a class of securities registered under the Exchange Act, or sold under an effective registration statement under the Securities Act of 1933, as amended, provided the securities are registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the offering occurred. Each class of our outstanding shares has been registered under the Exchange Act within the necessary time frame to satisfy the foregoing condition.

        The regulation provides that a security is "widely held" only if it is part of a class of securities that is owned by 100 or more investors independent of the issuer and of one another. However, a security will not fail to be "widely held" because the number of independent investors falls below 100 subsequent to the initial public offering as a result of events beyond the issuer's control. We believe our common shares have been and will remain widely held, and we expect the same to be true of any class of preferred shares that we may issue, but we can give no assurances in this regard.

        The regulation provides that whether a security is "freely transferable" is a factual question to be determined on the basis of all relevant facts and circumstances. The regulation further provides that, where a security is part of an offering in which the minimum investment is $10,000 or less, some restrictions on transfer ordinarily will not, alone or in combination, affect a finding that these securities are freely transferable. The restrictions on transfer enumerated in the regulation as not affecting that finding include:

    •
    any restriction on or prohibition against any transfer or assignment which would result in a termination or reclassification for federal or state tax purposes, or would otherwise violate any state or federal law or court order;

    •
    any requirement that advance notice of a transfer or assignment be given to the issuer and any requirement that either the transferor or transferee, or both, execute documentation setting forth representations as to compliance with any restrictions on transfer which are among those enumerated in the regulation as not affecting free transferability, including those described in the preceding clause of this sentence;

    •
    any administrative procedure which establishes an effective date, or an event prior to which a transfer or assignment will not be effective; and

    •
    any limitation or restriction on transfer or assignment that is not imposed by the issuer or a person acting on behalf of the issuer.

        We believe that the restrictions imposed under our declaration of trust on the transfer of shares do not result in the failure of our shares to be "freely transferable." Furthermore, we believe that there exist no other facts or circumstances limiting the transferability of our shares which are not included among those enumerated as not affecting their free transferability under the regulation, and we do not expect or intend to impose in the future, or to permit any person to impose on our behalf, any limitations or restrictions on transfer which would not be among the enumerated permissible limitations or restrictions.

        Assuming that each class of our shares will be "widely held" and that no other facts and circumstances exist which restrict transferability of these shares, we have received an opinion of our counsel, Sullivan & Worcester LLP, that our shares will not fail to be "freely transferable" for purposes of the regulation due to the restrictions on transfer of the shares under our declaration of trust and that under the regulation each class of our currently outstanding shares is publicly offered and our assets will not be deemed to be "plan assets" of any ERISA plan or non-ERISA plan that acquires our shares in a public offering.

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Item 1A.    Risk Factors

        Our business faces many risks. The risks described below may not be the only risks we face, but are the risks we know of that we believe may be material at this time. Additional risks that we do not yet know of, or that we currently think are immaterial, may also impair our business operations or financial results. If any of the events or circumstances described in the following risks occurs, our business, financial condition or results of operations could suffer and the trading price of our securities could decline. Investors and prospective investors should consider the following risks and the information contained under the heading "Warning Concerning Forward Looking Statements" before deciding whether to invest in our securities.

Risks Related to Our Business

We may be unable to lease our properties when our leases expire.

        The weighted average remaining term of our leases in effect as of December 31, 2011 is 4.9 years based upon annual rental income and 4.7 years based upon occupied square footage. As of December 31, 2011, leases representing approximately 51.4% of our rental income and 54.6% of our occupied square footage will expire by December 31, 2016. Although we typically will seek to renew our leases with current tenants when these leases expire, we can provide no assurance that we will be successful in doing so. If our tenants do not renew their leases, we may be unable to enter leases with substitute tenants.

When we renew leases or lease to new tenants our rents may decline and our expenses may increase.

        When we renew leases or lease to new tenants we may receive less rent than we received under the leases that expired. Laws and regulations applicable to government leasing often require public solicitations of bids when new or renewal leases are being considered. Market conditions may require us to lower our rents to retain government tenants. Some of our current rents include payments to amortize the cost of tenant improvements which government tenants may be unwilling to pay or contractually allowed to eliminate when leases are renewed. Also, whenever we renew leases or lease to new tenants we may have to spend substantial amounts for tenant fit out, leasing commissions and other tenant inducements. As a consequence of lower rents or increased expenses when we renew leases or lease to new tenants, our net income and cash available to pay distributions to our shareholders may decline.

We may be unable to identify additional properties to acquire and grow our business.

        Our business plan is to acquire additional properties that are majority leased to government tenants. There are a limited number of such properties, and we will have fewer opportunities to grow our investments than REITs that purchase properties that are leased to both government and non-government tenants or that are not leased when they are acquired. Accordingly, our business plan to acquire additional properties that are majority leased to government tenants may not succeed.

We may be unable to access the capital necessary to repay debts, invest in our properties or fund acquisitions.

        To retain our status as a REIT, we are required to distribute at least 90% of our annual REIT taxable income (excluding capital gains) and satisfy a number of organizational and operational requirements to which REITs are subject. Accordingly, we generally will not be able to retain sufficient cash from operations to repay debts, invest in our properties or fund acquisitions. Our business and growth strategies depend, in part, upon our ability to raise additional capital at reasonable costs to repay our debts, invest in our properties and fund new acquisitions. Recently, there has been a significant reduction in the amount of capital available for real estate investments on a global basis and increased volatility in most debt and equity markets. Our ability to raise reasonably priced capital is not

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guaranteed; we may be unable to raise reasonably priced capital because of reasons related to our business or for reasons beyond our control, such as market conditions. If we are unable to raise reasonably priced capital, our business and growth strategies may fail.

We face significant competition.

        We plan to acquire properties that are majority leased to government tenants whenever we are able to identify such investment opportunities we consider appropriate and have sufficient available financing to complete such acquisitions. We face competition for acquisition opportunities from other investors and this competition may subject us to the following risks:

    •
    we may be unable to acquire a desired property because of competition from other well capitalized real estate investors, including other REITs, financial institutions, individuals and public and private companies who are engaged in our business; and

    •
    competition from other real estate investors may significantly increase the purchase price we must pay to acquire properties, especially as access to debt capital becomes more readily available and lending terms become more lenient.

        In addition, substantially all of our properties face competition for tenants. Some competing properties may be newer, better located and more attractive to tenants. Competing properties may have lower rates of occupancy than our properties, which may result in competing owners leasing available space at lower rents than we offer at our properties. This competition may affect our ability to attract and retain tenants and may reduce the rents we are able to charge. Government tenants may be particularly difficult to attract and retain because they may be viewed as desirable tenants by other landlords.

Our acquisitions may not be successful.

        Our business strategy contemplates acquisitions of additional properties. We cannot assure you that acquisitions we make will prove to be successful. We might encounter unanticipated difficulties and expenditures relating to any acquired properties. Newly acquired properties might require significant management attention that would otherwise be devoted to our ongoing business. We might never realize the anticipated benefits of our acquisitions. Notwithstanding pre-acquisition due diligence, we do not believe that it is possible to fully understand a property before it is owned and operated for an extended period of time. For example, we could acquire a property that contains undisclosed defects in design or construction. In addition, after our acquisition of a property, the market in which the acquired property is located may experience unexpected changes that adversely affect the property's value. The occupancy of properties that we acquire may decline during our ownership, and rents that are in effect at the time a property is acquired may decline thereafter. Also, our property operating costs for acquisitions may be higher than we anticipate and acquisitions of properties may not yield the returns we expect and, if financed using debt or new equity issuances, may result in shareholder dilution. For these reasons, among others, our property acquisitions may cause us to experience losses.

The U.S. Government's "green lease" policies may adversely affect us.

        In recent years the U.S. Government has instituted "green lease" policies which allow a government tenant to require leadership in energy and environmental design for commercial interiors, or LEED®-CI, certification in selecting new premises or renewing leases at existing premises. In addition, the Energy Independence and Security Act of 2007 allows the GSA to prefer buildings for lease that have received an "Energy Star" label. Obtaining such certifications and labels may be costly and time consuming, but our failure to do so may result in our competitive disadvantage in acquiring new or retaining existing government tenants.

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Some government tenants have the right to terminate their leases prior to their lease expiration date.

        Almost all of our current rents come from government tenants. Some of our leases with government tenants allow the tenants to vacate the leased premises before the stated terms of the leases expire with little or no liability. In particular:

    •
    Tenants occupying approximately 12.6% of our rentable square feet and contributing approximately 8.7% of our annualized rental income as of December 31, 2011 have currently exercisable rights to terminate their leases before the stated term of their lease expires.

    •
    In 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020, early termination rights become exercisable by other tenants who currently occupy an additional approximately 3.4%, 4.0%, 2.6%, 0.2%, 6.1%, 0.6%, 1.2%, 1.0% and 0.6% of our rentable square feet, respectively, and contribute an additional approximately 3.1%, 3.7%, 2.8%, 0.3%, 8.9%, 0.7%, 1.5%, 1.7% and 0.7% of our annualized rental income, respectively, as of December 31, 2011.

    •
    Pursuant to eight leases with eight of our state government tenants, these tenants have currently exercisable rights to terminate their leases if these states do not appropriate rent amounts in their respective annual budgets. These eight leases represent approximately 7.7% of our rentable square feet and 7.7% of our annualized rental income as of December 31, 2011.

        For fiscal policy reasons, security concerns or other reasons, some or all of our government tenants may decide to vacate our properties. If a significant number of such vacancies occur, our rental income may materially decline and we may become unable to pay regular distributions to our shareholders or we may reduce the amounts of such distributions.

We currently have a concentration of properties in the Washington, D.C. metro area and are exposed to changes in market conditions in this area.

        Approximately 24.6% of our annualized rental income as of December 31, 2011 was received from properties located in the Washington, D.C. metro area. A downturn in economic conditions in this area could result in reduced demand from tenants for our properties or lower the rents that our government tenants in this area are willing to pay when our leases expire and renewal terms are negotiated. Additionally, within the past few years there has been a large number of speculative real estate developments in the Washington, D.C. metro area, and a surplus of newly developed space could adversely affect our ability to retain our government tenants when our leases expire.

Our failure or inability to meet certain terms of our term loan and revolving credit facility would adversely affect our business and may prevent our paying distributions to you.

        Both our term loan and revolving credit facility include various conditions to our borrowing and various financial and other covenants and events of default. We may not be able to satisfy all of these conditions or may default on some of these covenants for various reasons, including matters which are beyond our control. If we are unable to borrow under our revolving credit facility we may be unable to meet our business obligations or to grow by buying additional properties, or we may be required to sell some of our properties. If we default under our term loan or our revolving credit facility at a time when borrowed amounts are outstanding under these instruments, our lenders may demand immediate payment. Any default under our term loan or our revolving credit facility would likely have serious and adverse consequences to us and would likely cause the market price of our securities to materially decline and may prevent our paying distributions to our shareholders.

We have substantial debt obligations and may incur additional debt.

        As of December 31, 2011, we had $440.8 million in debt outstanding, which was 33.1% of our total book capitalization. Our revolving credit facility and term loan permit us and our subsidiaries to incur

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additional debt, including secured debt. If we default in paying any of our debts or honoring our debt covenants, it may create one or more cross defaults, our debts may be accelerated and we could be forced to liquidate our assets for less than the values we would receive in a more orderly process.

Amounts recoverable under our leases for increased operating costs may be less than the actual increased costs.

        Under most of our leases, the tenant's obligation to pay us adjusted rent for increased operating costs (e.g. the costs of cleaning services, supplies, materials, maintenance, trash removal, landscaping, water, sewer charges, heating, electricity and certain administrative expenses) is increased annually based on a cost of living index rather than the actual amount of our costs. Accordingly, the amount of any rent adjustment may not fully offset any increased costs we may incur in providing these services, including any increased energy costs which result from climate change laws designed to reduce carbon emissions.

Increasing interest rates may adversely affect us and the value of an investment in our securities.

        Interest rates are currently at historically low levels and may well increase. There are three principal ways that increasing interest rates may adversely affect us and the value of an investment in our securities:

    •
    Funds borrowed under our term loan and revolving credit facility bear interest at variable rates. As of December 31, 2011, we had approximately $345.5 million of debt outstanding at variable interest rates. If interest rates increase, so will our interest costs, which could adversely affect our cash flow, our ability to pay principal and interest on our debt, our cost of refinancing our debt when it becomes due and our ability to pay distributions.

    •
    An increase in interest rates could decrease the amount buyers may be willing to pay for our properties, thereby reducing the market value of our properties and limiting our ability to sell properties or to obtain mortgage financing secured by our properties.

    •
    We expect to pay regular distributions on our common shares. When interest rates on debt investments available to investors rise, the market prices of distribution paying securities often decline. Accordingly, if interest rates rise, the market price of our common shares may decline.

Real estate ownership creates risks and liabilities.

        Our business is subject to risks associated with real estate ownership, including:

    •
    property and casualty losses, some of which may be uninsured;

    •
    defaults by our tenants;

    •
    the illiquid nature of real estate markets which limits our ability to sell our assets rapidly to respond to changing market conditions;

    •
    costs that may be incurred relating to property maintenance and repair, and the need to make expenditures due to changes in governmental regulations, including the Americans with Disabilities Act; and

    •
    asbestos, lead and mold related liabilities and costs of containment or removal and other environmental hazards at our properties for which we may be liable, including those created by prior owners or occupants, existing tenants, adjacent properties or other parties.

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Acquisition and ownership of real estate is subject to environmental and climate change risks.

        Acquisition and ownership of real estate is subject to risks associated with environmental hazards. We may be liable for environmental hazards at, or migrating from, our properties, including those created by prior owners or occupants, existing tenants, abutters or other persons. Our properties may be subject to environmental laws for certain hazardous substances used to maintain these properties, such as chemicals used to clean, pesticides and lawn maintenance materials, and for other conditions, such as the presence of harmful mold. Various federal and state laws impose environmental liabilities upon property owners, such as us, for any environmental damages arising on properties they own or occupy, and we are not assured that we will not be held liable for environmental investigation and clean up at, or near, our properties, including environmental damages at sites we own and lease to our tenants. As an owner or previous owner of properties which contain environmental hazards, we also may be liable to pay damages to governmental agencies or third parties for costs and damages they incur arising from environmental hazards at such properties. Moreover, the costs and damages which may arise from environmental hazards are often difficult to project.

        The current political debate about climate change has resulted in various treaties, laws and regulations which are intended to limit carbon emissions. We believe these laws being enacted or proposed may cause energy costs at our properties to increase, but we do not expect the direct impact of these increases to be material to our results of operations because the increased costs either would be the responsibility of our tenants directly or in large part may be passed through by us to our tenants as additional lease payments. Although we do not believe it is likely in the foreseeable future, laws enacted to mitigate climate change may make some of our buildings obsolete or cause us to make material investments in our properties which could materially and adversely affect our financial condition and results of operations.

We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.

        We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, personal identifying information, tenant and lease data. Some of these systems are owned by RMR. We and RMR purchase some of our information technology from vendors, on whom our systems depend. We and RMR rely on commercially available systems, software, tools and monitoring to provide security for processing, transmission and storage of confidential tenant and other customer information, such as individually identifiable information, including information relating to financial accounts. Although we have taken steps to protect the security of our information systems and the data maintained in those systems, it is possible that our safety and security measures will not be able to prevent the systems' improper functioning or damage, or the improper access or disclosure of personally identifiable information such as in the event of cyber attacks. Security breaches, including physical or electronic break-ins, computer viruses, attacks by hackers and similar breaches, can create system disruptions, shutdowns or unauthorized disclosure of confidential information. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, damage our reputation, subject us to liability claims or regulatory penalties and could have a material adverse effect on our business, financial condition and results of operations.

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Risks Related to Our Relationships with CWH and RMR and its Affiliates

As long as CWH retains significant ownership of us, your ability to influence matters requiring shareholder approval will be limited.

        As of February 22, 2012, CWH owned approximately 21.1% of our outstanding common shares. For so long as CWH continues to retain a significant ownership stake in us, CWH may be able to effectively elect all of the members of our Board of Trustees, including our Independent Trustees, and may effectively control the outcome of shareholder actions. As a result, CWH may have the ability to effectively control all matters affecting us, including:

    •
    the composition of our Board of Trustees and, through our Board of Trustees, determinations with respect to our management, business plans and policies, including the appointment and removal of our officers;

    •
    determinations with respect to mergers and other business combinations;

    •
    our acquisition or disposition of assets;

    •
    our financing activities;

    •
    the payment of distributions on our common shares; and

    •
    the number of common shares available for issuance under our equity incentive plans.

        CWH's significant ownership in us and possible resulting ability to effectively control us may discourage transactions involving a change of control.

CWH's ability to sell its ownership stake in us and speculation about such possible sales may adversely affect the market price of our common shares.

        CWH is not generally prohibited from selling some or all of its common shares, and CWH may do so without our approval. CWH has advised us that it does not have any current plans to sell or otherwise dispose of its common shares. However, CWH has a history of contributing certain of its properties into new REITs in exchange for an ownership stake in the REIT and then selling or distributing its stake in such REITs over time. So long as CWH continues to retain significant ownership in us, the liquidity and market price of our common shares may be adversely impacted. In addition, speculation by the press, stock analysts, shareholders or others regarding CWH's intention to dispose of our common shares it owns could adversely affect the market price of our common shares. Accordingly, your common shares may be worth less than they would be if CWH did not have significant ownership in us.

We are dependent upon RMR to manage our business and implement our growth strategy.

        We have no employees. Personnel and services that we require are provided to us under contract by RMR. Our ability to achieve our business objectives depends on RMR and its ability to manage our properties, source and complete new acquisitions for us on favorable terms and to execute our financing strategy. Accordingly, our business is dependent upon RMR's business contacts, its ability to successfully hire, train, supervise and manage its personnel and its ability to maintain its operating systems. If we lose the services provided by RMR or its key personnel, our business and growth prospects may decline. We may be unable to duplicate the quality and depth of management available to us by becoming a self managed company or by hiring another manager. Also, in the event RMR is unwilling or unable to continue to provide management services to us, our cost of obtaining substitute services may be greater than the fees we pay RMR, and as a result our expenses may increase.

33

Our management structure and our manager's other activities may create conflicts of interest or create the perception of conflicts of interest.

        RMR is authorized to follow broad operating and investment guidelines and, therefore, has discretion in determining the types of properties that will be appropriate investments for us, as well as making our individual operating and investment decisions. Our Board of Trustees periodically reviews our operating and investment guidelines and our individual operating activities and investments, but it does not review or approve each decision made by RMR on our behalf. In addition, in conducting periodic reviews, our Board of Trustees relies primarily on information provided to it by RMR. RMR is beneficially owned by our Managing Trustees, Barry Portnoy and Adam Portnoy. Barry Portnoy is Chairman and an employee of RMR, and Adam Portnoy serves as President, Chief Executive Officer and a director of RMR. All of the members of our Board of Trustees, including our Independent Trustees, are members of one or more boards of trustees or directors of other companies managed by RMR. All of our executive officers are also executive officers of RMR. The foregoing individuals may hold equity in or positions with other companies managed by RMR. Such equity ownership and positions by our Trustees and officers could create, or appear to create, conflicts of interest with respect to matters involving us, RMR and its affiliates.

        RMR also acts as the manager for three other NYSE-listed REITs: CWH, which primarily owns and operates commercial office and industrial buildings and leased industrial land; HPT, which owns hotels and travel centers; and SNH, which primarily owns healthcare, senior living properties and medical office buildings. RMR also provides management services to other public and private companies, including FVE, which operates senior living communities, including independent living and congregate care communities, assisted living communities, nursing homes and hospitals; TA, which operates and franchises travel centers; and Sonesta, which operates, manages and franchises hotels. These multiple responsibilities to public companies and RMR's other businesses could create competition for the time and efforts of RMR and Messrs. Barry Portnoy and Adam Portnoy. Also, RMR's multiple responsibilities to us and CWH may create potential conflicts of interest, or the appearance of such conflicts of interest.

Our management agreements with RMR were negotiated between affiliated parties and may not be as favorable to us as they would have been if negotiated between unaffiliated parties.

        We pay RMR business management fees based in part upon the historical cost of our investments (including acquisition costs) which at any time may be more or less than the fair market value thereof, plus an incentive fee based upon certain increases in our FFO Per Share, as defined in our business management agreement with RMR. We also pay RMR property management fees based in part upon the gross rents we collect from tenants and the costs of construction we incur. For more information, see "Business—Manager." Our fee arrangements with RMR could encourage RMR to advocate acquisitions of properties, to undertake unnecessary construction activities or to overpay for acquisitions or construction. These arrangements may also encourage RMR to discourage our sales of properties. Our management agreements were negotiated between affiliated parties, and the terms, including the fees payable to RMR, may not be as favorable to us as they would have been were they negotiated on an arm's length basis between unaffiliated parties.

Our management agreements with RMR may discourage our change of control.

        Termination of our management agreements with RMR would be a default under both our term loan and our revolving credit facility unless approved by a majority of our lenders. RMR can terminate its management agreements with us if we experience a change of control. The quality and depth of management available to us by contracting with RMR may not be able to be duplicated by our being a self managed company or by our contracting with unrelated third parties, without considerable cost

34

increases. For these reasons, our management agreements may discourage a change of control of us, including a change of control which might result in payment of a premium for your common shares.

Provisions in our transaction agreement with CWH and our management agreements with RMR may restrict our investment activities and create conflicts of interest or the perception of conflicts of interest.

        The transaction agreement we entered with CWH at the time of our IPO and our management agreements with RMR restrict our ability to make investments in properties that are within the investment focus of another business now or in the future managed by RMR. In addition, RMR has discretion to determine whether a particular investment opportunity is within our investment focus or that of another business managed by RMR. Under our management agreements with RMR, we have also agreed to first offer any property within the principal investment focus of another REIT to which RMR provides management services to such REIT prior to entering into any sale or other disposition arrangement with respect to such property. As a result of these contractual provisions, we have limited ability to invest in properties that are within the investment focus of other businesses managed by RMR or properties that are not, at the time of our investment, properties majority leased to government tenants. These agreements do not restrict our ability, or the ability of other businesses managed by RMR, to lease properties to any particular tenant, but our management agreements afford RMR discretion to determine which leasing opportunities to present to us or to other businesses managed by RMR. There is no assurance that any conflicts created by these agreements will be resolved in our favor.

The potential for conflicts of interest as a result of our management structure may provoke dissident shareholder activities that result in significant costs.

        In the past, in particular following periods of volatility in the overall market or declines in the market price of a company's securities, shareholder litigation, dissident trustee nominations and dissident proposals have often been instituted against companies alleging conflicts of interest in business dealings with affiliated persons and entities. Our relationship with RMR, with the other businesses and entities to which RMR provides management services, with Messrs. Barry Portnoy and Adam Portnoy and with RMR affiliates may precipitate such activities. These activities, if instituted against us, could result in substantial costs and a diversion of our management's attention, even if the allegations are not substantiated.

We may experience losses from our business dealings with Affiliates Insurance Company.

        We have invested approximately $5.2 million in Affiliates Insurance Company, or AIC, we have purchased substantially all our property insurance in a program designed and reinsured in part by AIC, and we are currently investigating the possibilities to expand our relationship with AIC to other types of insurance. We, RMR, CWH and four other companies to which RMR provides management services each own approximately 14.29% of AIC, and we and those other AIC shareholders participate in a combined insurance program designed and reinsured in part by AIC. Our principal reason for investing in AIC and for purchasing insurance in these programs is to seek to improve our financial results by obtaining improved insurance coverages at lower costs than may be otherwise available to us or by participating in any profits which we may realize as an owner of AIC. These beneficial financial results may not occur and we may need to invest additional capital in order to continue to pursue these results. AIC's business involves the risks typical of an insurance business, including the risk that it may not operate profitably. Accordingly, our anticipated financial benefits from our business dealings with AIC may be delayed or not achieved, and we may experience losses from these dealings.

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Risks Related to Our Organization and Structure

Ownership limitations and anti-takeover provisions in our Declaration of Trust and Bylaws, as well as certain provisions of Maryland law, may prevent our shareholders from receiving a takeover premium or implementing changes.

        Our Declaration of Trust prohibits any shareholder other than CWH, RMR and their affiliates from owning more than 9.8% of the number or value of our common shares or of any other class or series of our outstanding shares. This provision of our Declaration of Trust is intended to assist with our REIT compliance under the IRC and otherwise to promote our orderly governance. However, this provision also inhibits acquisitions of a significant stake in us and may prevent a change in our control. Additionally, many provisions contained in our Declaration of Trust and Bylaws and under Maryland law may further deter persons from attempting to acquire control of us and implement changes that may be considered beneficial by some shareholders, including, for example, provisions relating to:

    •
    the division of our Trustees into three classes, with the term of one class expiring each year, and in each case, until a successor is elected and qualifies, which could delay a change in our control;

    •
    shareholder voting rights and standards for the election of trustees and other provisions which require larger majorities for approval of actions which are not approved by our Trustees than for actions which are approved by our Trustees;

    •
    required qualifications for an individual to serve as a trustee and a requirement that certain of our Trustees be "Managing Trustees" and other Trustees be "Independent Trustees";

    •
    limitations on the ability of, and various requirements that must be satisfied in order for, our shareholders to propose nominees for election as trustees and propose other business for a meeting of shareholders;

    •
    limitations on the ability of our shareholders to remove our Trustees;

    •
    the authority of our Board of Trustees, and not our shareholders, to adopt, amend or repeal our Bylaws;

    •
    the fact that only our Board of Trustees may call shareholder meetings and that shareholders are not entitled to act without a meeting;

    •
    because of our ownership of AIC, we are an insurance holding company under applicable state law; accordingly, anyone who intends to solicit proxies for a person to serve as one of our Trustees or for another proposal of business not approved by our Board of Trustees may be required to receive pre-clearance from the concerned insurance regulators; and

    •
    the authority of our Board of Trustees to adopt certain amendments to our Declaration of Trust without shareholder approval, including the authority to increase or decrease the aggregate number of authorized shares, to create new classes or series of shares (including a class or series of shares that could delay or prevent a transaction or a change in our control that might involve a premium for our shares or otherwise be in the best interests of our shareholders), to increase or decrease the authorized number of shares of any class or series, and to classify or reclassify any unissued shares from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of our shares or any new class or series of shares created by our Board of Trustees.

        In addition, certain provisions of Maryland law may have an anti-takeover effect. For all of these reasons, our shareholders may be unable to realize a change of control premium for any of our shares they own or otherwise effect a change of our policies.

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Our rights and the rights of our shareholders to take action against our Trustees and officers are limited.

        Our Declaration of Trust limits the liability of our trustees and officers to us and our shareholders for money damages to the maximum extent permitted under Maryland law. Under current Maryland law, our trustees and officers will not have any liability to us and our shareholders for money damages other than liability resulting from:

    •
    actual receipt of an improper benefit or profit in money, property or services; or

    •
    active and deliberate dishonesty by the trustee or officer that was established by a final judgment as being material to the cause of action adjudicated.

        Our Bylaws and indemnity contracts require us to indemnify any present or former trustee or officer, to the maximum extent permitted by Maryland law, who is made or threatened to be made a party to a proceeding by reason of his or her service in that capacity. However, except with respect to proceedings to enforce rights to indemnification, we will indemnify any person referenced in the previous sentence in connection with a proceeding initiated by such person against us only if such proceeding is authorized by our Board of Trustees or shareholders. In addition, we may be obligated to pay or reimburse the expenses incurred by our present and former Trustees and officers without requiring a preliminary determination of their ultimate entitlement to indemnification. As a result, we and our shareholders may have more limited rights against our present and former Trustees and officers than might otherwise exist absent the provisions in our Bylaws and indemnity contracts or that might exist with other companies, which could limit your recourse in the event of actions not in your best interest.

Disputes with CWH and RMR and shareholder litigation against us or our Trustees and officers may be referred to arbitration proceedings.

        Our contracts with CWH and RMR provide that any dispute arising under those contracts may be referred to binding arbitration. Similarly our Declaration of Trust and Bylaws provide that actions by our shareholders against us or against our Trustees and officers, including derivative and class actions, may be referred to binding arbitration. As a result, we and our shareholders would not be able to pursue litigation for these disputes in courts against CWH, RMR or our Trustees or officers. In addition, the ability to collect attorneys' fees or other damages may be limited in the arbitration, which may discourage attorneys from agreeing to represent parties wishing to commence such a proceeding.

We may change our operational and investment policies without shareholder approval.

        Our Board of Trustees determines our operational and investment policies and may amend or revise our policies, including our policies with respect to our intention to qualify for taxation as a REIT, acquisitions, dispositions, growth, operations, indebtedness, capitalization and distributions, or approve transactions that deviate from these policies, without a vote of, or notice to, our shareholders. Policy changes could adversely affect the market value of our common shares and our ability to make distributions to our shareholders.

Risks Related to Our Taxation

The loss of our tax status as a REIT for U.S. federal income tax purposes could have significant adverse consequences.

        As a REIT, we generally do not pay federal and state income taxes. However, actual qualification as a REIT under the IRC depends on satisfying complex statutory requirements, for which there are only limited judicial and administrative interpretations. We believe that we have been organized and have operated, and will continue to be organized and to operate, in a manner that qualified and will continue to qualify us to be taxed under the IRC as a REIT. However, we cannot be certain that, upon

37

review or audit, the IRS will agree with this conclusion. Furthermore, there is no guarantee that the federal government will not someday eliminate REITs under the IRC.

        Maintaining our status as a REIT will require us to continue to satisfy certain tests concerning, among other things, the nature of our assets, the sources of our income and the amounts we distribute to our shareholders. In order to meet these requirements, it may be necessary for us to sell or forego attractive investments. If we cease to be a REIT, then our ability to raise capital might be adversely affected, we will be in breach under both our term loan and our revolving credit facility, we may be subject to material amounts of federal and state income taxes and the value of our common shares likely would decline. In addition, if we lose or revoke our tax status as a REIT for a taxable year, we will generally be prevented from requalifying as a REIT for the next four taxable years.

Distributions to shareholders generally will not qualify for reduced tax rates.

        The maximum tax rate for dividends payable by U.S. corporations to individual stockholders is 15% through 2012. Distributions paid by REITs, however, generally are not eligible for this reduced rate. The more favorable rates for corporate dividends may cause investors to perceive that investment in REITs is less attractive than investment in non-REIT entities that pay dividends, thereby reducing the demand and market price of our common shares.

Risks Related to Our Securities

There is no assurance that we will continue to make distributions.

        We intend to continue to pay regular quarterly distributions to our shareholders. However:

    •
    our ability to pay distributions will be adversely affected if any of the risks described herein occur;

    •
    our payment of distributions is subject to compliance with restrictions contained in our term loan and our revolving credit facility; and

    •
    any distributions will be made at the discretion of our Board of Trustees and will depend upon various factors that our Board of Trustees deems relevant, including, but not limited to, requirements to maintain our status as a REIT, limitations in our revolving credit facility and our term loan, the availability of debt and equity capital to us, our normalized funds from operations, or Normalized FFO, and our expectation of our future capital requirements and operating performance. Differences between our income for financial reporting purposes and for applicable federal income tax purposes may also affect the determination of our common share distributions. There are no assurances of our ability to pay distributions in the future. In addition, our distributions in the past have included, and may in the future include, a return of capital.

        For these reasons, among others, our distribution rate may decline or we may cease making distributions.

Item 1B.    Unresolved Staff Comments

        None.

Item 2.    Properties

        General.    As of December 31, 2011, we owned 71 properties located in 29 states and the District of Columbia containing approximately 9.0 million rentable square feet. All of our properties are majority leased to government tenants: 55 properties, with approximately 6.8 million rentable square feet, are primarily leased to the U.S. Government; 15 properties, with approximately 2.0 million rentable square feet, are primarily leased to eight state governments; and one property, with 187,060 rentable square feet, is leased to the United Nations, an international intergovernmental organization.

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        The following table provides certain information about our properties as of December 31, 2011 (dollars in thousands):

Property Location
  Number of
Properties 		  Undepreciated
Carrying
Value(1) 		  Depreciated
Carrying
Value(1) 		  Rental
Income(2) 		 

Alabama

     1   $ 10,021   $ 9,908   $ 1,445  

Arizona

     3     30,620     25,498     5,304  

California

     8     195,710     164,877     26,140  

Colorado

     5     66,267     55,761     10,899  

District of Columbia

     2     147,774     113,895     21,153  

Florida

     2     48,297     47,419     6,644  

Georgia

     8     90,282     81,892     19,366  

Illinois

     1     14,649     13,991     2,007  

Indiana

     3     73,058     72,633     10,441  

Kansas

     1     10,862     10,489     2,558  

Maryland

     7     161,110     139,893     25,301  

Massachusetts

     4     79,658     77,250     13,619  

Michigan

     1     18,632     17,882     2,472  

Minnesota

     2     30,884     27,879     3,952  

Missouri

     1     11,399     8,064     1,724  

New Hampshire

     1     17,052     16,232     2,589  

New Jersey

     1     43,442     42,487     7,670  

New Mexico

     1     2,361     2,303     422  

New York

     3     152,541     143,793     18,530  

Oklahoma

     1     8,361     8,100     1,521  

Oregon

     1     24,567     24,567     4,088  

South Carolina

     3     13,111     12,140     2,112  

Tennessee

     1     7,453     7,274     3,769  

Texas

     1     11,526     8,272     2,261  

Vermont

     1     9,116     8,749     1,085  

Virginia

     3     32,302     24,796     4,559  

Washington

     2     21,839     15,269     2,896  

West Virginia

     1     5,010     3,519     795  

Wisconsin

     1     5,557     5,491     914  

Wyoming

     1     11,207     7,727     1,453  
                   

Total

     71   $ 1,354,668   $ 1,198,050   $ 207,689  
                   
(1)
Excludes value assigned to real estate intangibles in purchase price allocation.

(2)
Rental income is the annualized rents from our tenants pursuant to leases existing as of December 31, 2011, plus estimated expense reimbursements to be paid to us, and excludes lease value amortization.

        At December 31, 2011, five properties with an aggregate undepreciated varying value of $128.1 million were encumbered by mortgage notes payable totaling $92.8 million.

Item 3.    Legal Proceedings

        None.

Item 4.    Mine Safety Disclosures.

        Not applicable.

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 PART II

Item 5.    Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

        Our common shares are traded on the NYSE (symbol: GOV). The following table sets forth for the periods indicated the high and low sale prices for our common shares as reported on the NYSE composite transaction reports:

 
   High   Low  

2010

              

First Quarter

   $ 26.01   $ 21.64  

Second Quarter

     28.40     23.95  

Third Quarter

     28.53     24.65  

Fourth Quarter

     28.28     25.41  

2011

              

First Quarter

   $ 27.22   $ 25.46  

Second Quarter

     27.50     24.27  

Third Quarter

     27.80     20.50  

Fourth Quarter

     24.29     19.68  

        The closing price of our common shares on the NYSE on February 22, 2012, was $23.50 per common share.

        As of February 15, 2012, there were 69 shareholders of record, and we estimate that as of such date there were in excess of 27,713 beneficial owners of our common shares.

        Information about our distributions paid to common shareholders is summarized in the table below. Common share distributions are generally paid in the quarter following the quarter to which they relate.

 
   Dividends Paid
Per Common
Share 		 
 
   2010   2011  

First Quarter

   $ 0.40   $ 0.41  

Second Quarter

     0.40     0.42  

Third Quarter

     0.41     0.42  

Fourth Quarter

     0.41     0.42  
           

Total

   $ 1.62   $ 1.67  
           

        All common share distributions shown in the table above have been paid. We currently intend to continue to declare and pay common share distributions on a quarterly basis in cash. However, the timing, amount and form of distributions will be made at the discretion of our Board of Trustees and will depend upon various factors that our Board of Trustees deems relevant, including, but not limited to, requirements to maintain our status as a REIT, limitations in our revolving credit facility and our term loan, the availability of debt and equity capital to us, our Normalized FFO and our expectation of our future capital requirements and operating performance. Therefore, there can be no assurance that we will continue to pay distributions in the future or that the amount of any distributions we do pay will not decrease.

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Item 6.    Selected Financial Data

        The following table sets forth selected financial data for the periods and dates indicated. This data should be read in conjunction with, and is qualified in its entirety by reference to, Management's Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K. The consolidated operating information for the years ended, and the balance sheet information as of December 31, 2011, 2010 and 2009 have been derived from our audited consolidated financial statements for the period of time for which we have been a separate public company and from certain financial information of CWH for periods prior to our becoming a separate public company. The consolidated operating information for the years ended December 31, 2008 and 2007 and the balance sheet information as of December 31, 2008 and 2007 have been derived from the financial statements of CWH. The selected financial data below does not necessarily reflect what our results of operations and financial position would have been if we had operated as a stand alone company during all periods presented, and should not be relied upon as an indicator of our future performance. Amounts are in thousands, except per share data.

 
   2011   2010   2009   2008   2007  

Operating information

                                

Rental income

   $ 178,950   $ 117,219   $ 79,161   $ 75,517   $ 73,147  
                       

Expenses:

                                

Real estate taxes

     19,345     12,177     8,546     7,960     7,247  

Utility expenses

     15,316     9,064     6,325     6,229     5,555  

Other operating expenses

     31,784     19,937     12,436     12,251     11,237  

Depreciation and amortization

     40,089     24,239     15,172     14,182     13,832  

Acquisition related costs

     3,504     5,750     1,032     —     —  

General and administrative

     10,898     7,061     4,058     2,984     2,906  
                       

Total expenses

     120,936     78,228     47,569     43,606     40,777  
                       

Operating income

     58,014     38,991     31,592     31,911     32,370  

Interest and other income

     104     103     53     37     88  

Interest expense

     (12,057 )   (7,351 )   (5,556 )   (141 )   (359 )

Loss on extinguishment of debt

     —     (3,786 )   —     —     —  

Equity in earnings (losses) of an investee

     139     (1 )   (15 )   —     —  
                       

Income before income tax expense

     46,200     27,956     26,074     31,807     32,099  

Income tax expense

     (203 )   (161 )   (93 )   —     —  
                       

Net income

   $ 45,997   $ 27,795   $ 25,981   $ 31,807   $ 32,099  
                       

Net income per common share:

   $ 1.06   $ 0.81   $ 1.72     N/A     N/A  
                           

Common distributions paid per common share

   $ 1.67   $ 1.62   $ 0.50     N/A     N/A  
                           

 

 
   2011   2010   2009   2008   2007  

Balance sheet information

                                

Total real estate investments (before depreciation)

   $ 1,354,668   $ 977,493   $ 576,757   $ 490,475   $ 488,077  

Total assets (after depreciation)

     1,368,575     951,288     514,813     419,774     431,010  

Total debt

     440,883     164,428     144,375     134     3,592  

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Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

        The following information should be read in conjunction with our consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K.

OVERVIEW

        As of December 31, 2011, we owned 71 properties located in 29 states and the District of Columbia containing approximately 9.0 million rentable square feet, of which 68.2% was leased to the U.S. Government, 17.5% was leased to eight state governments, and 2.1% was leased to the United Nations, an international intergovernmental organization. The U.S. Government, eight state governments and the United Nations combined were responsible for 91.9% and 93.0% of our annualized rental income, as defined below, as of December 31, 2011 and 2010, respectively.

Property Operations

        As of December 31, 2011, 95.0% of our rentable square feet were leased, compared to 96.1% of our rentable square feet as of December 31, 2010. Occupancy data for our properties as of December 31, 2011 and 2010 is as follows (square feet in thousands):

 
   All Properties   Comparable
Properties(1) 		 
 
   December 31,   December 31,  
 
   2011   2010   2011   2010  

Total properties (end of period)

     71     55     33     33  

Total square feet

     8,953     6,804     3,958     3,958  

Percent leased(2)

     95.0 %   96.1 %   98.0 %   99.9 %
(1)
Based on properties we owned on December 31, 2011 and which we owned continuously since January 1, 2010.

(2)
Percent leased includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date.

        The average annualized effective rental rate per square foot, as defined below, for our properties for the years ended December 31, 2011 and 2010 are as follows:

 
   Year ended
December 31, 		 
 
   2011   2010  

Average annualized effective rental rate per square foot(1)

   $ 24.46   $ 23.58  
(1)
Average annualized effective rental rate per square foot represents total rental income during the period specified divided by the average rentable square feet occupied during the period specified.

        We currently believe that U.S. leasing market conditions are slowly improving, but remain weak in many U.S. markets. Our historical experience, including that of our predecessor, CWH, with respect to properties of the type we own that are majority leased to government tenants has been that government tenants frequently renew leases to avoid the costs and disruptions that may result from relocating their operations. We believe that current budgetary pressures may cause increased demand for leased space by government tenants, as opposed to new buildings built on behalf of government tenants. However, these same increased budgetary pressures faced by the U.S. Government and state governments could also result in a decrease in government sector employment and consolidation of operations into government owned properties thereby reducing their need for leased space.

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Accordingly, it is difficult for us to reasonably project what the financial impact of market conditions will be on our financial results for future periods.

        As of December 31, 2011, leases totaling 1,483,325 rentable square feet are scheduled to expire through December 31, 2012. Based upon current market conditions and tenant negotiations for leases scheduled to expire through December 31, 2012, we expect that rental rates we are likely to achieve on new or renewed leases will be, in the aggregate and on a weighted average basis, slightly lower than the rates currently being paid, thereby generally resulting in lower revenue from the same space. However, there can be no assurance that the changes in rental rates we expect will occur or that we will not experience material declines in our rental income due to vacancies upon lease expiration. Prevailing market conditions at the time our leases expire will generally determine lease renewals and rental rates for space in our properties. As of December 31, 2011, lease expirations at our properties by year are as follows (square feet and dollars in thousands):

Year(1)
  Expirations of
Occupied Square
Feet(2) 		  Percent
of Total 		  Cumulative
Percent
of Total 		  Rental
Income
Expiring(3) 		  Percent
of Total 		  Cumulative
Percent
of Total 		 

2012

     1,483     17.4 %   17.4 % $ 41,358     19.9 %   19.9 %

2013

     963     11.3 %   28.7 %   14,948     7.2 %   27.1 %

2014

     457     5.4 %   34.1 %   9,216     4.4 %   31.5 %

2015

     1,144     13.4 %   47.5 %   25,639     12.3 %   43.8 %

2016

     602     7.1 %   54.6 %   15,737     7.6 %   51.4 %

2017

     566     6.7 %   61.3 %   11,798     5.7 %   57.1 %

2018

     584     6.9 %   68.2 %   22,543     10.9 %   68.0 %

2019

     1,288     15.1 %   83.3 %   30,894     14.9 %   82.9 %

2020

     539     6.3 %   89.6 %   16,053     7.7 %   90.6 %

2021 and thereafter

     882     10.4 %   100.0 %   19,503     9.4 %   100.0 %
                               

Total

     8,508     100.0 %       $ 207,689     100.0 %      
                               

Weighted average remaining lease term (in years)

     4.7                 4.9              
                                   
(1)
The year of lease expiration is pursuant to current contract terms. Some government tenants have the right to vacate their space before the stated expirations of their leases. As of December 31, 2011, government tenants occupying approximately 12.6% of our rentable square feet and responsible for approximately 8.7% of our annualized rental income as of December 31, 2011 have currently exercisable rights to terminate their leases before the stated expirations. Also in 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020, early termination rights become exercisable by other tenants who currently occupy an additional approximately 3.4%, 4.0%, 2.6%, 0.2%, 6.1%, 0.6%, 1.2%, 1.0% and 0.6% of our rentable square feet, respectively, and contribute an additional approximately 3.1%, 3.7%, 2.8%, 0.3%, 8.9%, 0.7%, 1.5%, 1.7% and 0.7% of our annualized rental income, respectively, as of December 31, 2011. In addition as of December 31, 2011, eight of our state government tenants have the currently exercisable right to terminate their leases if these states do not appropriate rent in their respective annual budgets. These eight tenants occupy approximately 7.7% of our rentable square feet and contribute approximately 7.7% of our annualized rental income as of December 31, 2011.

(2)
Occupied square feet is pursuant to leases existing as of December 31, 2011, and includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any.

(3)
Rental income is the annualized rents from our tenants pursuant to leases existing as of December 31, 2011, plus estimated expense reimbursements to be paid to us, and excludes lease value amortization.

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Investment Activities (dollar amounts in thousands)

        In February 2011, we acquired an office property located in Quincy, MA with 92,549 rentable square feet. This property is 100% leased to four tenants, of which 90% is leased to the Commonwealth of Massachusetts and occupied by the Registry of Motor Vehicles as its headquarters. The purchase price was $14,000, excluding acquisition costs.

        Also in February 2011, we acquired two office properties located in Woodlawn, MD with 182,561 rentable square feet. These properties are 100% leased to two tenants, of which 94% is leased to the U.S. Government and occupied by the Social Security Administration. The purchase price was $28,000, excluding acquisition costs.

        In May 2011, we acquired an office property located in Plantation, FL with 135,819 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the Internal Revenue Service. The purchase price was $40,750, excluding acquisition costs.

        Also in May 2011, we acquired an office property located in New York, NY with 187,060 rentable square feet. This property is 100% leased to the United Nations. The purchase price was $114,050, excluding acquisition costs.

        In June 2011, we acquired an office property located in Milwaukee, WI with 29,297 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the Military Entrance Processing Station. The purchase price was $6,775, excluding acquisition costs.

        Also in June 2011, we acquired two office properties located in Stafford, VA with 64,488 rentable square feet. These properties are 100% leased to the U.S. Government and occupied by the Federal Bureau of Investigation. The purchase price was $11,550, excluding acquisition costs.

        Also in June 2011, we acquired an office property located in Montgomery, AL with 57,815 rentable square feet. This property is 100% leased to the U.S. Government and serves as the office of the U.S. Attorney for the Middle District of Alabama. The purchase price was $11,550, excluding acquisition costs.

        In August 2011, we acquired an office property located in Holtsville, NY with 264,482 rentable square feet. This property is 82% leased to three tenants, of which 72% is leased to the U.S. Government and occupied by the Internal Revenue Service and U.S. Citizenship and Immigration Services. The purchase price was $39,250, excluding acquisition costs.

        In September 2011, we acquired an office property located in Sacramento, CA with 87,863 rentable square feet. This property is 100% leased to the State of California and occupied by the California State Employment Development Department. The purchase price was $13,600, excluding acquisition costs.

        Also in September 2011, we acquired an office property located in Atlanta, GA with 375,805 rentable square feet. This property is 97% leased to 19 tenants, of which 78% is leased to the State of Georgia and occupied by the Georgia Department of Transportation. The purchase price was $48,600, excluding acquisition costs.

        In October 2011, we acquired three office properties located in Indianapolis, IN with 433,927 rentable square feet. These properties are 94% leased to 15 tenants, of which 56% is leased to the U.S. Government and occupied by the U.S. Customs and Border Protection Agency. The purchase price was $85,000, including the assumption of $49,395 of mortgage debt and excluding acquisition costs.

        In December 2011, we acquired an office property located in Salem, OR with 233,358 rentable square feet. This property is 84% leased to five tenants, of which 70% is leased to the State of Oregon and occupied by the Oregon Department of Human Services, the Oregon Department of Justice and the Oregon Employment Department. The purchase price was $30,925, excluding acquisition costs.

        The 16 properties we acquired during the year ended December 31, 2011 were acquired at a range of capitalization rates from 7.1% to 10.2% (weighted average capitalization rate of 8.3%). We calculate

44

the capitalization rate for property acquisitions as the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on leases then in effect at the acquisition date, less estimated annual property operating expenses, excluding depreciation and amortization expense, to (y) the acquisition purchase price, including assumed debt and excluding acquisition costs.

        Our strategy related to property acquisitions and dispositions is described in "Business—Our Growth Strategy" of this Annual Report on Form 10-K. Although we currently have no properties under contract to acquire, we continue to explore and evaluate for possible acquisition additional properties that are majority leased to government tenants; however, we can provide no assurance that we will reach agreements to acquire such properties.

        Although we may sell properties on occasion, we do not currently plan to dispose of any of our properties. Future changes in market conditions or property performance may change our disposition strategy.

Financing Activities (dollar amounts in thousands, except per share amounts)

        In July 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,870. We used the net proceeds from this offering to reduce amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

        In October 2011, we assumed an outstanding mortgage with a balance of $49,395 as part of our Indianapolis, IN office property acquisitions. This note is secured by two of the acquired properties, bears interest at 5.73% and is amortized on a 30 year schedule until maturity in October 2015. We recorded a $857 premium on this assumed debt, which reduced its effective interest rate to 5.24%, because we believed the interest rate payable under this mortgage was above the rate we would have had to pay for debt with the same maturity at the time we assumed this obligation.

        Also in October 2011, we amended our existing $500,000 revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest rate on drawings under the facility from LIBOR plus 210 basis points to LIBOR plus 150 basis points, subject to adjustment based on changes to our senior unsecured debt ratings, and extend the maturity date of the facility from October 28, 2013 to October 19, 2015. In addition, our amended revolving credit facility includes a conditional option to extend the stated maturity date by one year to October 19, 2016 as well as includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. Our revolving credit facility agreement contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our revolving credit facility agreement at December 31, 2011. The weighted average annual interest rate for our revolving credit facility was 2.19% for the year ended December 31, 2011. As of December 31, 2011, we had $345,500 outstanding under our revolving credit facility.

        In January 2012, we entered into a five year $350,000 unsecured term loan. The term loan matures on January 11, 2017, and is prepayable without penalty at any time. In addition, the term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. The term loan bears interest at a rate of LIBOR plus 175 basis points, subject to adjustment based upon changes to our senior unsecured debt ratings, and covenants identical to those contained in our revolving credit facility. We used the net proceeds of the term loan to repay amounts outstanding under our revolving credit facility and expect to use the balance to fund general business activities, including possible future acquisitions.

45

RESULTS OF OPERATIONS (dollar amounts in thousands, except per share amounts)

Year Ended December 31, 2011, Compared to Year Ended December 31, 2010

 
   Comparable Property Results(1)
Year Ended December 31, 		  Consolidated Results
Year Ended December 31, 		 
 
   2011   2010   $
Change 		  %
Change 		  2011   2010   $
Change 		  %
Change 		 

Rental income

   $ 87,248   $ 88,444   $ (1,196 )   (1.4 )% $ 178,950   $ 117,219   $ 61,731     52.7 %
                                   

Operating expenses:

                                                  

Real estate taxes

     8,878     9,157     (279 )   (3.0 )%   19,345     12,177     7,168     58.9 %

Utility expenses

     6,604     6,646     (42 )   (0.6 )%   15,316     9,064     6,252     69.0 %

Other operating expenses

     15,083     14,797     286     1.9 %   31,784     19,937     11,847     59.4 %
                                   

Total operating expenses

     30,565     30,600     (35 )   (0.1 )%   66,445     41,178     25,267     61.4 %
                                   

Net operating income(2)

   $ 56,683   $ 57,844   $ (1,161 )   (2.0 )%   112,505     76,041     36,464     48.0 %
                                           

Other expenses

                                                  

Depreciation and amortization

    40,089     24,239     15,850     65.4 %

Acquisition related costs

    3,504     5,750     (2,246 )   (39.1 )%

General and administrative

    10,898     7,061     3,837     54.3 %
                                           

Total other expenses

    54,491     37,050     17,441     47.1 %
                                           

Operating income

    58,014     38,991     19,023     48.8 %

Interest and other income

    104     103     1     1.0 %

Interest expense (including net amortization of debt premiums and deferred financing fees of $1,045 and $2,283, respectively)

    (12,057 )   (7,351 )   (4,706 )   64.0 %

Loss on extinguishment of debt

    —     (3,786 )   3,786     (100.0 )%

Equity in earnings (losses) of an investee

    139     (1 )   140     n/m  
                                           

Income before income tax expense

    46,200     27,956     18,244     65.3 %

Income tax expense

    (203 )   (161 )   (42 )   26.1 %
                                           

Net income

  $ 45,997   $ 27,795   $ 18,202     65.5 %
                                           

Weighted average common shares outstanding

    43,368     34,341     9,027     26.3 %
                                           

Net income per common share

  $ 1.06   $ 0.81   $ 0.25     30.9 %
                                           

Calculation of Funds From Operations and Normalized Funds From Operations(3)

                          

Net income

 
$
45,997		  
$
27,795		              

Depreciation and amortization

    40,089     24,239              
                                               

Funds from operations

    86,086     52,034              

Acquisition related costs

    3,504     5,750              

Loss on extinguishment of debt

    —     3,786              
                                               

Normalized funds from operations

  $ 89,590   $ 61,570              
                                               

Funds from operations per common share

  $ 1.99   $ 1.52              
                                               

Normalized funds from operations per common share

  $ 2.07   $ 1.79              
                                               
(1)
Comparable properties consist of 33 properties we owned on December 31, 2011 and which we owned continuously since January 1, 2010.

(2)
We calculate Net Operating Income, or NOI, as shown above. We define NOI as rental income from real estate less our property operating expenses. We consider NOI to be appropriate supplemental information to net income because it helps both investors and management to understand the operations of our properties. We use NOI internally to evaluate individual and company wide property level performance and believe NOI provides useful information to investors regarding our results of operations because it reflects only those income and expense items that are incurred at the property level and may facilitate comparisons of our operating performance between periods. The calculation of NOI excludes certain components of net income in order to provide results that are more closely related to our properties' results of operations. NOI does not represent cash generated by operating activities in accordance with U.S. generally accepted accounting principles, or GAAP and should not be considered as an alternative to net income or cash flow from

46

    operating activities, determined in accordance with GAAP, as an indicator of our financial performance or liquidity, nor is NOI necessarily indicative of sufficient cash flow to fund all of our needs. We believe that NOI may facilitate an understanding of our consolidated historical operating results. NOI should be considered in conjunction with net income and cash flow from operating activities as presented in our Consolidated Statements of Income and Consolidated Statements of Cash Flows. Other REITs and real estate companies may calculate NOI differently than we do.

(3)
We calculate Funds from Operations, or FFO, and Normalized FFO as shown above. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or NAREIT, which is net income, calculated in accordance with GAAP, plus real estate depreciation and amortization. Our calculation of Normalized FFO differs from NAREIT's definition of FFO because we exclude acquisition related costs and loss on early extinguishment of debt, if any. We consider FFO and Normalized FFO to be appropriate measures of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO can facilitate a comparison of operating performances between periods. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving credit facility, the availability of debt and equity capital to us and our expectation of our future capital requirements and operating performance. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income or cash flow from operating activities, determined in accordance with GAAP or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. We believe that FFO and Normalized FFO may facilitate an understanding of our consolidated historical operating results. These measures should be considered in conjunction with net income and cash flow from operating activities as presented in our Consolidated Statements of Income and Consolidated Statements of Cash Flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do.

        Rental income.    The increase in rental income primarily reflects the effects of our property acquisitions since January 1, 2010. Rental income includes non-cash straight line rent adjustments totaling approximately $1,729 in 2011 and ($5) in 2010 and amortization of acquired leases and assumed lease obligations totaling approximately ($498) in 2011 and ($34) in 2010. Rental income for the comparable properties decreased primarily due to a decrease in occupancy at one of our properties and lower real estate tax expense recoveries at certain of our properties.

        Real estate taxes.    The increase in real estate taxes primarily reflects the effects of property acquisitions since January 1, 2010. Real estate taxes for the comparable properties decreased primarily due to the effects of lower assessed values from successful property tax appeals at certain of our properties.

        Utility expenses.    The increase in utility expenses primarily reflects the effects of property acquisitions since January 1, 2010. Utility expenses for the comparable properties were essentially unchanged between 2011 and 2010.

        Other operating expenses.    The increase in other operating expenses primarily reflects the increase in property management costs, cleaning expenses and repair and maintenance expense as a result of our property acquisitions since January 1, 2010. Other operating expenses for the comparable properties increased primarily due to increased repair and maintenance costs at certain of our properties.

        Depreciation and amortization.    The increase in depreciation and amortization reflects the effect of our property acquisitions and improvements made to certain of our properties since January 1, 2010.

        Acquisition related costs.    Acquisition related costs represent legal and other due diligence costs incurred in connection with our acquisition activity during 2011 and 2010.

        General and administrative.    The increase in general and administrative expense primarily reflects the effect of our property acquisitions since January 1, 2010.

47

        Interest and other income.    Interest and other income is essentially unchanged between 2011 and 2010.

        Interest expense.    The increase in interest expense reflects a larger average outstanding balance under our revolving credit facility in 2011 compared to 2010 and interest expense related to the mortgage notes we assumed in connection with certain of our 2010 and 2011 acquisitions, partially offset by a lower weighted average interest rate for borrowings under our revolving credit facility in 2011.

        Loss on extinguishment of debt.    The loss on extinguishment of debt is the result of our write off of unamortized financing costs associated with the early termination of our $250,000 secured revolving credit facility in 2010.

        Equity in earnings (losses) of investee.    Equity in earnings (losses) of an investee represent our proportionate share of earnings (losses) from our investment in AIC.

        Income tax expense.    The increase in income tax expense is a result of our higher operating income in 2011 compared to 2010 which is subject to state income taxes in certain jurisdictions.

        Net income.    Our net income for the year ended December 31, 2011 increased as compared to the year ended December 31, 2010 as a result of the changes noted above. On a per share basis, the percentage increase in net income is lower due to our issuance of common shares in 2010 and 2011.

48

Year Ended December 31, 2010, Compared to Year Ended December 31, 2009

 
   Comparable Property Results(1)
Year Ended December 31, 		  Consolidated Results
Year Ended December 31, 		 
 
   2010   2009   $
Change 		  %
Change 		  2010   2009   $
Change 		  %
Change 		 

Rental income

   $ 76,498   $ 78,120   $ (1,622 )   (2.1 )% $ 117,219   $ 79,161   $ 38,058     48.1 %
                                   

Operating expenses:

                                                  

Real estate taxes

     7,663     8,402     (739 )   (8.8 )%   12,177     8,546     3,631     42.5 %

Utility expenses

     6,254     6,323     (69 )   (1.1 )%   9,064     6,325     2,739     43.3 %

Other operating expenses

     12,602     12,326     276     2.2 %   19,937     12,436     7,501     60.3 %
                                   

Total operating expenses

     26,519     27,051     (532 )   (2.0 )%   41,178     27,307     13,871     50.8 %
                                   

Net operating income

   $ 49,979   $ 51,069   $ (1,090 )   (2.1 )%   76,041     51,854     24,187     46.6 %
                                           

Other expenses

                                                  

Depreciation and amortization

    24,239     15,172     9,067     59.8 %

Acquisition related costs

    5,750     1,032     4,718     457.2 %

General and administrative

    7,061     4,058     3,003     74.0 %
                                           

Total other expenses

    37,050     20,262     16,788     82.9 %
                                           

Operating income

    38,991     31,592     7,399     69.6 %

Interest and other income

    103     53     50     350.0 %

Interest expense (including net amortization of debt premiums and deferred financing fees of $2,283 and $1,551, respectively)

    (7,351 )   (5,556 )   (1,795 )   32.3 %

Loss on extinguishment of debt

    (3,786 )   —     (3,786 )   n/m  

Equity in earnings of an investee

    (1 )   (15 )   14     (93.3 )%
                                           

Income before income tax expense

    27,956     26,074     1,882     7.2 %

Income tax expense

    (161 )   (93 )   (68 )   73.1 %
                                           

Net income

  $ 27,795   $ 25,981   $ 1,814     7.0 %
                                           

Weighted average common shares outstanding

    34,341     15,082     19,259     127.7 %
                                           

Net income per common share

  $ 0.81   $ 1.72   $ 0.08     43.6 %
                                           

Calculation of Funds From Operations and Normalized Funds From Operations

                          

Net income

 
$
27,795		  
$
25,981		              

Depreciation and amortization

    24,239     15,172              
                                               

Funds from operations

    52,034     41,153              

Acquisition related costs

    5,750     1,032              
                                               

Normalized funds from operations

  $ 57,784   $ 42,185              
                                               

Funds from operations per common share

  $ 1.52   $ 2.73              
                                               

Normalized funds from operations per common share

  $ 1.68   $ 2.80              
                                               
(1)
Comparable properties consist of 29 properties we owned on December 31, 2011 and which we or our predecessor owned continuously since January 1, 2009.

        Rental income.    The increase in rental income primarily reflects the effects of our property acquisitions since January 1, 2009. Rental income includes non-cash straight line rent adjustments totaling approximately ($5) in 2010 and ($452) in 2009 and amortization of acquired leases and assumed lease obligations totaling approximately ($34) in 2010 and $281 in 2009. Rental income for the comparable properties decreased primarily due to a decrease in construction fee income in 2010 and lower real estate tax expense recoveries at certain of our properties in 2010.

        Real estate taxes.    The increase in real estate taxes primarily reflects the effects of property acquisitions since January 1, 2009. Real estate taxes for the comparable properties decreased due

49

primarily to the effects of lower assessed values from successful property tax appeals at certain of our properties.

        Utility expenses.    The increase in utility expenses primarily reflects the effects of property acquisitions since January 1, 2009. Utility expenses for the comparable properties decreased primarily as a result of decreased tenant usage as a result of our energy initiatives at certain of our properties.

        Other operating expenses.    The increase in other operating expenses primarily reflects the increase in property management costs, cleaning expenses and repair and maintenance expense as a result of our property acquisitions since January 1, 2009. Other operating expenses for the comparable properties increased primarily as a result of higher cleaning and building repair costs at certain of our properties.

        Depreciation and amortization.    The increase in depreciation and amortization reflects the effect of our property acquisitions and improvements made to certain of our properties since January 1, 2009.

        Acquisition related costs.    Acquisition related costs represent legal and other due diligence costs incurred in connection with our acquisition activity during 2010 and 2009.

        General and administrative.    The increase in general and administrative expense primarily reflects the effect of our property acquisitions since January 1, 2009 and the difference between our costs for legal, accounting, trustees fees, internal audit expenses for the 2009 period, share grant awards and other administrative expenses during most of the first half of 2010 compared to our allocation of general and administrative expense from CWH prior to our becoming a separate public company in June 2009.

        Interest and other income.    The increase in interest and other income is the result of our having a higher average amount of investable cash during 2010.

        Interest expense.    The increase in interest expense reflects larger outstanding borrowings under our revolving credit facilities in 2010 compared to 2009 and interest expense related to the three mortgages we assumed in connection with certain of our 2010 acquisitions, partially offset by a lower weighted average interest rate for borrowings under our revolving credit facilities in 2010.

        Loss on extinguishment of debt.    The loss on extinguishment of debt is the result of our write off of unamortized financing costs associated with the early termination of our $250,000 secured revolving credit facility in 2010.

        Equity in losses of investee.    The equity in losses of investee represents our proportionate share of the losses from our investment in AIC.

        Income tax expense.    The increase in income tax expense is a result of our higher operating income in 2010 compared to 2009 which is subject to state income taxes in certain jurisdictions.

        Net income.    Our net income for the year ended December 31, 2010 increased as compared to the year ended December 31, 2009 as a result of the changes noted above. On a per share basis, the percentage increase in net income is lower due to our issuance of common shares in 2009 and 2010.

LIQUIDITY AND CAPITAL RESOURCES

Our Operating Liquidity and Resources (dollar amounts in thousands).

        Our principal source of funds to meet operating expenses and pay distributions on our common shares is rental income from our properties. We believe that our operating cash flow will be sufficient to pay our operating expenses, debt service and distributions on our common shares for the next

50

12 months and the foreseeable future thereafter. Our future cash flows from operating activities will depend primarily upon our ability to:

    •
    maintain or increase the occupancy of, and the rental rates at, our properties;

    •
    control operating cost increases at our properties; and

    •
    purchase additional properties which produce positive cash flows from operations.

        We generally do not intend to purchase "turn around" properties, or properties which do not generate positive cash flows. Our future purchases of properties which generate positive cash flow cannot be accurately projected because such purchases depend upon available opportunities which come to our attention and upon our ability to successfully acquire such properties.

        Our changes in cash flows in the year ended December 31, 2011 compared to the year ended December 31, 2010 were as follows: (i) cash flow provided by operating activities increased from $55,224 in 2010 to $80,487 in 2011; (ii) cash used in investment activities decreased from $390,768 in 2010 to $390,551 in 2011; and (iii) cash provided by financing activities decreased from $336,503 in 2010 to $310,899 in 2011.

        The increase in cash provided by operating activities for the year ended December 31, 2011 as compared to the corresponding prior year period was due primarily to increased operating cash flow from our acquisitions of properties after January 1, 2010 and changes in our working capital. The decrease in cash used in investing activities for the year ended December 31, 2011 as compared to the corresponding prior year period was due primarily to our acquisition of 22 properties during the 2010 period as compared to our acquisition of 16 properties during the 2011 period, partially offset by higher average purchase prices for our 2011 property acquisitions. The decrease in cash provided by financing activities for the year ended December 31, 2011 as compared to the corresponding prior year period was due primarily to decreased net proceeds we received from the public offering of our common shares during the 2011 period as compared to the corresponding prior year period, partially offset by our increased borrowings under our revolving credit facility to fund acquisitions and an increase in distributions paid to common shareholders during the 2011 period.

Our Investment and Financing Liquidity and Resources (dollar amounts in thousands, except per share amounts).

        In order to fund acquisitions and to accommodate cash needs that may result from timing differences between our receipt of rents and our desire or need to make distributions or pay operating or capital expenses, we maintain an revolving credit facility from a syndicate of financial institutions. In October 2011, we amended our revolving credit facility to, among other things, increase maximum borrowings under the facility from $500,000 to $550,000, reduce the interest rate on drawings under the facility and extend the maturity date of the facility from October 28, 2013 to October 19, 2015. In addition, our amended revolving credit facility includes a conditional option to extend the stated maturity date by one year to October 19, 2016 as well as includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. At December 31, 2011 and February 22, 2012, $345,500 and $0, respectively, was outstanding and $204,500 and $550,000, respectively, was available for borrowing under our revolving credit facility.

        We currently expect to use cash balances, borrowings under our revolving credit facility and net proceeds from offerings of equity or debt securities to fund our future operations, distributions to our shareholders and any future property acquisitions. When significant amounts are outstanding under our revolving credit facility or the maturity date of that credit facility or our other debts approach, we intend to explore alternatives for repaying or refinancing such amounts. Such alternatives may include incurring term debt, issuing new equity securities and extending the maturity date of our revolving credit facility. Although we can provide no assurance that we will be successful in consummating any

51

particular type of financing, we believe that we will have access to financing, such as debt and equity offerings, to fund future acquisitions and capital expenditures and to pay our obligations. We have an effective shelf registration statement that allows us to issue public securities on an expedited basis, but it does not assure that there will be buyers for such securities.

        In January 2012, we entered into a five year $350,000 unsecured term loan. The term loan matures on January 11, 2017, and is prepayable at any time. In addition, the term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. We used the net proceeds of the term loan to repay amounts outstanding under our revolving credit facility and expect to use the balance to fund general business activities, including possible future acquisitions.

        Our ability to obtain, and the costs of, our future financings will depend primarily on market conditions and our creditworthiness. We have no control over market conditions. Potential investors and lenders likely will evaluate our ability to pay distributions to shareholders, fund required debt service and repay debts when they become due by reviewing our business practices and plans to balance our use of debt and equity capital so that our financial profile and leverage ratios afford us flexibility to withstand any reasonably anticipated adverse changes. We intend to conduct our business activities in a manner which will afford us reasonable access to capital for investment and financing activities, but there can be no assurance that we will be able to successfully carry out this intention.

        On February 23, 2011 we paid a $0.41 per share distribution to our common shareholders. On May 24, 2011, August 24, 2011 and November 22, 2011 we paid a $0.42 per share distribution to our common shareholders. We funded these distributions using existing cash balances and borrowings under our revolving credit facility. On January 9, 2012, we declared a distribution payable to common shareholders of record on January 26, 2012, in the amount of $0.42 per share. We expect to pay this distribution on or about February 24, 2012.

        During the years ended December 31, 2011 and 2010, cash expenditures made and capitalized at our properties for tenant improvements, leasing costs, building improvements and development and redevelopment activities were as follows:

 
   Year Ended
December 31, 		 
 
   2011   2010  

Tenant improvements

   $ 1,151   $ 1,327  

Leasing costs

   $ 2,702   $ 137  

Building improvements(1)

   $ 2,473   $ 2,282  

Development, redevelopment and other activities(2)

   $ 2,945   $ 970  
(1)
Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of our properties.

(2)
Development, redevelopment and other activities generally include non-recurring expenditures that we believe increase the value of our properties.

        Leases totaling 739,530 rentable square feet expired during the year ended December 31, 2011. During the year ended December 31, 2011 we entered into leases totaling 679,300 rentable square feet, which includes lease renewals of 650,988 rentable square feet. The weighted average rental rates for leases of 629,754 rentable square feet entered into with government tenants during the year ended December 31, 2011 decreased by 0.3%, when compared to the weighted average rental rates previously charged for the same space. The weighted average rental rates for leases of 49,546 rentable square feet entered into with non-government tenants during the year ended December 31, 2011 decreased by 15.7% when compared to the weighted average rental rates previously charged for the same space.

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        In connection with leases entered into during the year ended December 31, 2011, we have committed to fund future expenditures as follows (dollars in thousands, except per square foot amounts):

 
   New
Leases 		  Lease
Renewals 		  Total  

Rentable square feet leased during the period

     28,312     650,988     679,300  

Total commitments for tenant improvements and leasing costs

   $ 570   $ 4,549   $ 5,119  

Leasing cost per rentable square foot

   $ 20.13   $ 6.99   $ 7.54  

Average lease term (years)

     5.9     9.6     9.4  

Leasing costs per rentable square foot per year

   $ 3.43   $ 0.73   $ 0.80  

        As of December 31, 2011, our contractual obligations were as follows (dollars in thousands):

 
   Payments Due by Period  
Contractual Obligations
  Total   Less than
1 Year 		  1 - 3
Years 		  3 - 5
Years 		  More than
5 Years 		 

Long term debt obligations

   $ 438,270   $ 1,793   $ 52,696   $ 372,931   $ 10,850  

Tenant related obligations(1)

     10,004     9,129     875     —     —  

Projected interest expense(2)

     56,551     12,100     35,001     9,026     424  
                       

Total

   $ 504,825   $ 23,022   $ 88,572   $ 381,957   $ 11,274  
                       
(1)
Committed tenant related obligations include leasing commissions and tenant improvements and are based on leases executed through December 31, 2011.

(2)
Projected interest expense is attributable to only our long term debt obligations as of December 31, 2011 at existing rates and is not intended to project future interest costs which may result from debt prepayments, new debt issuances or changes in interest rates.

Off Balance Sheet Arrangements

        As of December 31, 2011, we had no off balance sheet arrangements that have had or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Debt Covenants (dollars in thousands)

        Our principal debt obligations at December 31, 2011 were our $550,000 revolving credit facility and four secured mortgage loans assumed in connection with certain of our acquisitions. Our mortgage loans are non-recourse and do not contain any material financial covenants. Our revolving credit facility agreement and our term loan agreement, which we entered into on January 12, 2012, contains a number of covenants which restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. Our revolving credit facility provides for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default or upon a change of control, including a change in our management by RMR. We believe we were in compliance with all of our covenants under our revolving credit facility agreement at December 31, 2011.

53

Related Person Transactions (dollars in thousands)

        We have relationships among us, our Trustees, our executive officers, RMR, CWH, AIC and other companies to which RMR provides management services and others affiliated with or related to them. For example, we have no employees; personnel and various services we require to operate our business are provided to us by RMR pursuant to management agreements. Also, as a further example, we have relationships with other companies to which RMR provides management services and which have trustees, directors and officers who are also Trustees, directors or officers of ours or RMR, including CWH, our former parent, which is our largest shareholder and from which we have previously purchased properties that are majority leased to government tenants; and AIC, an Indiana insurance company, which we, RMR, CWH, HPT, SNH, FVE and TA each currently own approximately 14.29% of, and with respect to which we and the other shareholders of AIC have property insurance in place providing $500,000 of coverage pursuant to an insurance program arranged by AIC and with respect to which AIC is a reinsurer of certain coverage amounts. For further information about these and other such relationships and related person transactions and about the risks which may arise as a result of those and other related person transactions and relationships, see Note 5 to our Consolidated Financial Statements included in Item 15 of this Annual Report on Form 10-K, which is incorporated herein by reference. In addition, for more information about these transactions and relationships, see elsewhere in this report, including "Warning Concerning Forward Looking Statements" and the "Risk Factors" section for a description of risks which may arise from these transactions and relationships. Descriptions of our agreements with RMR, CWH and AIC in this Annual Report on Form 10-K are summaries and are qualified in their entirety by the terms of the agreements which are among the exhibits listed in Item 15 of this Annual Report on Form 10-K and incorporated herein by reference. In addition, copies of certain of those agreements are filed with the SEC and may be obtained from the SEC's website at www.sec.gov.

        We believe that our agreements with RMR, CWH and AIC are on commercially reasonable terms. We also believe that our relationships with RMR, CWH and AIC and their affiliated and related persons and entities benefit us, and, in fact, provide us with competitive advantages in operating and growing our business.

Critical Accounting Policies

        Our critical accounting policies are those that will have the most impact on the reporting of our financial condition and results of operations and those requiring significant judgments and estimates. We believe that our judgments and estimates are consistently applied and produce financial information that fairly presents our results of operations. Our most critical accounting policies involve our investments in real property. These policies affect our:

    •
    allocation of purchase prices among various asset categories and the related impact on the recognition of rental income and depreciation and amortization expenses; and

    •
    assessment of the carrying values and impairments of long lived assets.

        We allocate the acquisition cost of each property investment to various property components such as land, buildings and improvements and intangibles based on their fair values, and each component generally has a different useful life. For real estate acquired, we record building, land and improvements, and, if applicable, the value of in-place leases, the fair market value of above or below market leases and customer relationships at fair value. We allocate the excess, if any, of the consideration over the fair value of assets acquired to goodwill. We base purchase price allocations and the determination of useful lives on our estimates and, under some circumstances, studies from independent real estate appraisal firms to provide market information and evaluations that are relevant to management's purchase price allocations and determinations of useful lives; however, management is ultimately responsible for the purchase price allocations and determination of useful lives.

54

        We compute depreciation expense using the straight line method over estimated useful lives of up to 40 years for buildings and improvements, and up to 12 years for personal property. We do not depreciate the allocated cost of land. We amortize capitalized above market lease values as a reduction to rental income over the terms of the respective leases. We amortize capitalized below market lease values as an increase to rental income over the terms of the respective leases. We amortize the value of acquired in place leases exclusive of the value of above market and below market acquired in place leases to expense over the periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written off. Purchase price allocations require us to make certain assumptions and estimates. Incorrect assumptions and estimates may result in inaccurate depreciation and amortization charges over future periods.

        We periodically evaluate our properties for impairment. Impairment indicators may include declining tenant occupancy or our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows to be generated from that property. If the sum of these expected future cash flows is less than the carrying value, we reduce the net carrying value of the property to its fair value. This analysis requires us to judge whether indicators of impairment exist and to estimate likely future cash flows. If we misjudge or estimate incorrectly or if future tenant operations, market or industry factors differ from our expectations we may record an impairment charge that is inappropriate or fail to record a charge when we should have done so, or the amount of any such charges may be inaccurate.

        These policies involve significant judgments made based upon experience, including judgments about current valuations, ultimate realizable value, estimated useful lives, salvage or residual value, the ability and willingness of our tenants to perform their obligations to us, current and future economic conditions and competitive factors in the markets in which our properties are located. Competition, economic conditions, changing government priorities and other factors may cause occupancy declines in the future. In the future, we may need to revise our carrying value assessments to incorporate information which is not now known, and such revisions could increase or decrease our depreciation expense related to properties we own or decrease the carrying values of our assets.

Impact of Inflation

        Inflation might have both positive and negative impacts upon us. Inflation might cause the value of our real estate to increase. Inflation might also cause our costs of equity and debt capital and operating costs to increase. An increase in our capital costs or in our operating costs will result in decreased earnings unless it is offset by increased revenues. Our government leases generally provide for annual rent increases based on a cost of living index calculation which should offset any increased costs as a result of inflation.

        To mitigate the adverse impact of any increased cost of debt capital in the event of material inflation, we may enter into interest rate hedge arrangements in the future, but we have no present intention to do so. The decision to enter into these agreements will be based on various factors, including the amount of our floating rate debt outstanding, our belief that material interest rate increases are likely to occur, the costs of and our expected benefit from these agreements and upon requirements of our borrowing arrangements.

55

Impact of Climate Change

        The current political debate about climate change has resulted in various treaties, laws and regulations which are intended to limit carbon emissions. We believe these laws being enacted or proposed may cause energy costs at our properties to increase, but we do not expect the direct impact of these increases to be material to our results of operations because the increased costs either would be the responsibility of our tenants directly or in large part may be passed through by us to our tenants as additional lease payments. Although we do not believe it is likely in the foreseeable future, laws enacted to mitigate climate change may make some of our buildings obsolete or cause us to make material investments in our properties which could materially and adversely affect our financial condition and results of operations.

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk (dollar amounts in thousands)

        We are exposed to risks associated with market changes in interest rates. We manage our exposure to this market risk by monitoring available financing alternatives. Other than as described below, we do not foresee any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the near future.

        At December 31, 2011, our outstanding fixed rate debt included the following:

Debt
  Principal
Balance 		  Annual
Interest
Rate(1) 		  Annual
Interest
Expense 		  Maturity   Interest
Payments
Due

Mortgage

   $ 24,713     6.21 % $ 1,556     2016   Monthly

Mortgage

     9,210     8.15 %   751     2021   Monthly

Mortgage

     9,555     7.00 %   669     2019   Monthly

Mortgage

     49,292     5.73 %   2,864     2015   Monthly
                         

  $ 92,770         $ 5,840          
                         
(1)
The principal balances and interest rates are the amounts determined pursuant to the contracts. In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed these debts. For more information, see Note 7 to our Consolidated Financial Statements included in Item 15 of this Annual Report on Form 10-K.

        Because these debts bear interest at a fixed rate, changes in market interest rates during the term of these debts will not affect our operating results. If these debts are refinanced at interest rates which are 10% higher or lower than shown above, our per annum interest cost would increase or decrease by approximately $584.

        Changes in market interest rates also affect the fair value of our fixed rate debt obligations; increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt. Based on the balances outstanding at December 31, 2011, and discounted cash flow analysis through the maturity date of our fixed rate debt obligations, a hypothetical immediate 10% change in interest rates would change the fair value of those obligations by approximately $1,149.

        As of December 31, 2011, we had $345,500 drawn and $204,500 available under our revolving credit facility. Our revolving credit facility matures on October 19, 2015, and subject to meeting certain conditions and the payment of a fee, we may extend the facility for one year to October 19, 2016. We may make repayments and drawings under our revolving credit facility at any time without penalty. Borrowings under our revolving credit facility are in U.S. dollars and will accrue interest at LIBOR plus a spread which varies depending on our senior unsecured debt ratings. In addition, upon renewal

56

or refinancing of our revolving credit facility, we are vulnerable to increases in credit spreads due to market conditions. A change in interest rates generally would not affect the value of our floating rate debt but would affect our operating results. For example, the interest rate payable on our revolving credit facility at December 31, 2011 was 1.80%. The following table presents the impact a 10% change in interest rates would have on our annual floating rate interest expense at December 31, 2011:

 
   Impact of Changes in Interest Rates  
 
   Interest
Rate 		  Outstanding
Debt 		  Total
Interest
Expense
Per Year 		 

At December 31, 2011

     1.800 % $ 345,500   $ 6,305  

10% increase

     1.980 %   345,500     6,936  

10% reduction

     1.620 %   345,500     5,675  

        The following table presents the impact a 10% change in interest rates would have on our annual floating rate interest expense at December 31, 2011 if we were fully drawn on our revolving credit facility:

 
   Impact of Changes in Interest Rates  
 
   Interest
Rate 		  Outstanding
Debt 		  Total
Interest
Expense
Per Year 		 

At December 31, 2011

     1.800 % $ 550,000   $ 10,038  

10% increase

     1.980 %   550,000     11,041  

10% reduction

     1.620 %   550,000     9,034  

        The foregoing tables show the impact of an immediate change in floating interest rates. If interest rates were to change gradually over time, the impact would be spread over time. Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amount under our revolving credit facility or other floating rate debt.

        In January 2012, we entered into a $350,000 unsecured term loan that matures on January 11, 2017 and is prepayable without penalty at any time. Interest on the term loan is at LIBOR plus a spread based on our senior unsecured debt ratings, and therefore we are exposed to the same risks associated with market changes in interest rates with respect to our term loan as with our revolving credit facility.

Item 8.    Financial Statements and Supplementary Data

        The information required by this item is included in Item 15 of this Annual Report on Form 10-K.

Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

        None.

Item 9A.    Controls and Procedures

        As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, our President and our Treasurer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, our Managing

57

Trustees, our President and our Treasurer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.

        There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management Report on Assessment of Internal Control Over Financial Reporting

        We are responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is designed to provide reasonable assurance to our management and Board of Trustees regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

        Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2011. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework. Based on our assessment, we believe that, as of December 31, 2011, our internal control over financial reporting is effective.

        Ernst & Young LLP, the independent registered public accounting firm that audited our 2011 consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on our internal control over financial reporting. Its report appears elsewhere herein.

Item 9B.    Other Information

        On February 21, 2012, our Board of Trustees adopted amended and restated bylaws of the Company, effective that same day. The amended and restated bylaws now provide that in an uncontested election for Trustees, a plurality of all the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee. Prior to this amendment, the bylaws required a majority of all the votes cast at a meeting of shareholders duly called and at which a quorum is present to elect a Trustee in an uncontested election.

        A copy of the amended and restated bylaws is attached as Exhibit 3.2 and which amended and restated bylaws are incorporated herein by reference. In addition, a marked copy of the Company's amended and restated bylaws indicating changes made to the Company's bylaws as they existed immediately prior to the adoption of those amended and restated bylaws is attached as Exhibit 3.3.

58


 PART III

Item 10.    Directors, Executive Officers and Corporate Governance

        We have a Code of Conduct that applies to all our representatives, including our officers and trustees and employees of RMR. Our Code of Conduct is posted on our website, www.govreit.com. A printed copy of our Code of Conduct is also available free of charge to any person who requests a copy by writing to our Secretary, Government Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, MA 02458-1634. We intend to disclose any amendments or waivers to our Code of Conduct applicable to our principal executive officer, principal financial officer, principal accounting officer or controller (or any person performing similar functions) on our website.

        The remainder of the information required by Item 10 is incorporated by reference to our definitive Proxy Statement.

Item 11.    Executive Compensation

        The information required by Item 11 is incorporated by reference to our definitive Proxy Statement.

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

        Equity Compensation Plan Information.    We may grant our common shares to our officers and other employees of RMR under our equity compensation plan adopted in 2009, or the 2009 Plan. In addition, each of our trustees receives 2,000 common shares per year under the 2009 Plan as part of his or her annual compensation for serving as a trustee. The terms of grants made under the 2009 Plan are determined by our Board of Trustees, or a committee thereof, at the time of the grant. The following table is as of December 31, 2011.

Plan category
  Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights 		  Weighted-average
exercise price of
outstanding options,
warrants and rights 		  Number of securities
remaining available for
future issuance under
equity compensation
plans
(excluding securities
reflected in column (a))
 
   (a)
   (b)
   (c)

Equity compensation plans approved by security holders—2009 Plan

   None.   None.   1,873,350(1)

Equity compensation plans not approved by security holders

   None.   None.   None.

Total

   None.   None.   1,873,350(1)
(1)
Pursuant to the terms of the 2009 Plan, in no event shall the number of common shares issued under the 2009 Plan exceed 2,000,000. Since the 2009 Plan was established, 126,650 share awards have been granted.

        Payments by us to RMR are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Related Person Transactions". The remainder of the information required by Item 12 is incorporated by reference to our definitive Proxy Statement.

Item 13.    Certain Relationships and Related Transactions, and Director Independence

        The information required by Item 13 is incorporated by reference to our definitive Proxy Statement.

Item 14.    Principal Accountant Fees and Services

        The information required by Item 14 is incorporated by reference to our definitive Proxy Statement.

59


 PART IV

Item 15.    Exhibits and Financial Statement Schedules

(a)
Index to Financial Statements and Financial Statement Schedules

        The following consolidated financial statements and financial statement schedules of Government Properties Income Trust are included on the pages indicated:

        All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions, or are inapplicable, and therefore have been omitted.

(b)
Exhibits

Exhibit
Number 		  Description
  2.1   Real Estate Sale Contract, dated as of May 24, 2011, between 305 BRG-IMICO LLC (f/k/a 305 BRG-Intell LLC), as Seller, and the Company, as Purchaser. (Incorporated by reference to the Company's Current Report on Form 8-K dated May 31, 2011.)

 
3.1
 
Composite Copy of Amended and Restated Declaration of Trust, dated June 8, 2009, as amended to date. (Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.)

 
3.2
 
Amended and Restated Bylaws of the Company, adopted February 21, 2012. (Filed herewith.)

 
3.3
 
Amended and Restated Bylaws of the Company, adopted February 21, 2012 (marked copy). (Filed herewith.)

 
4.1
 
Form of Common Share Certificate. (Incorporated by reference to Amendment No. 2 to the Company's Registration Statement on Form S-11/A, File No. 333-157455.)

 
8.1
 
Opinion of Sullivan & Worcester LLP as to certain tax matters. (Filed herewith.)

 
10.1
 
Transaction Agreement, dated June 8, 2009, between HRPT Properties Trust (now known as CommonWealth REIT) and the Company. (Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.)

 
10.2
 
Credit Agreement dated as of October 28, 2010, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, and each of the other financial institutions initially a signatory thereto. (Incorporated by reference to the Company's Current Report on Form 8-K dated October 29, 2010.)

60

Exhibit
Number 		  Description
  10.3   First Amendment to Credit Agreement, dated as of October 18, 2011, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the other parties thereto. (Incorporated by reference to the Company's Current Report on Form 8-K dated October 19, 2011.)

 
10.4
 
Term Loan Agreement dated as of January 12, 2012, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, and each of the other financial institutions initially a signatory thereto. (Incorporated by reference to the Company's Current Report on Form 8-K dated January 19, 2012.)

 
10.5
 
Amended and Restated Business Management Agreement, dated as of October 31, 2011, between the Company and Reit Management & Research LLC.(+) (Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.)

 
10.6
 
Amended and Restated Property Management Agreement, dated as of January 11, 2011, between the Company and Reit Management & Research LLC.(+) (Incorporated by reference to the Company's Current Report on Form 8-K dated January 14, 2011.)

 
10.7
 
2009 Incentive Share Award Plan.(+) (Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.)

 
10.8
 
Form of Restricted Share Agreement.(+) (Incorporated by reference to the Company's Current Report on Form 8-K dated September 17, 2010.)

 
10.9
 
Representative form of Indemnification Agreement.(+) (Incorporated by reference to the Company's Current Report on Form 8-K dated January 10, 2011.)

 
10.10
 
Summary of Trustee Compensation.(+) (Incorporated by reference to the Company's Current Report on Form 8-K dated May 18, 2011.)

 
10.11
 
Amended and Restated Shareholders Agreement, dated December 16, 2009, among Affiliates Insurance Company, Five Star Quality Care, Inc., Hospitality Properties Trust, HRPT Properties Trust, Senior Housing Properties Trust, TravelCenters of America LLC, Reit Management & Research LLC and the Company. (Incorporated by reference to the Company's Current Report on Form 8-K dated December 17, 2009.)

 
10.12
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty Funding, Inc., as Seller (with respect to the property located at 711 S. 14th Avenue, Safford, AZ). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.13
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty Funding, Inc., as Seller (with respect to the property located at 400 State Avenue, Kansas City, KS). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.14
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Acquisition Trust, as Seller (with respect to the property located at One Montvale Avenue, Stoneham, MA). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

61

Exhibit
Number 		  Description
  10.15   Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Acquisition Trust, as Seller (with respect to the property located at 330 South Second Avenue, Minneapolis, MN). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.16
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Acquisition Trust, as Seller (with respect to the property located at 4181 Ruffin Road, San Diego, CA). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.17
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Properties Trust, as Seller (with respect to the property located at 101 Executive Center Drive, Columbia, SC). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.18
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Properties Trust, as Seller (with respect to the property located at 111 Executive Center Drive, Columbia, SC). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.19
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Acquisition Trust (with respect to the property located at 55 North Robinson Avenue, Oklahoma City, OK). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.20
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and HH Hub Properties LLC, as Seller (with respect to the property located at One Memphis Place, 200 Jefferson Avenue, Memphis, TN). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.21
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty Funding, Inc., as Seller (with respect to the property located at 3285 Hemisphere Loop, Tucson, AZ). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.22
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty Funding, Inc., as Seller (with respect to the property located at 625 Indiana Avenue NW, Washington, DC). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.23
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Causeway Holdings, Inc., as Seller (with respect to the property located at 251 Causeway Street, Boston, MA). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.24
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty Funding, Inc., as Seller (with respect to the property located at 435 Montano Road NE, Albuquerque, NM). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
10.25
 
Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty Funding, Inc., as Seller (with respect to the property located at 220 E. Bryan Street, Savannah, GA). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

62

Exhibit
Number 		  Description
  10.26   Purchase and Sale Agreement, dated June 14, 2010, between the Company, as Purchaser, and Hub Realty College Park I, LLC, as Seller (with respect to the property located at 4700 River Road, Riverdale, MD). (Incorporated by reference to the Company's Current Report on Form 8-K dated June 18, 2010.)

 
21.1
 
Subsidiaries of the Company. (Filed herewith.)

 
23.1
 
Consent of Ernst & Young LLP. (Filed herewith.)

 
23.2
 
Consent of Sullivan & Worcester LLP. (Contained in Exhibit 8.1.)

 
31.1
 
Rule 13a-14(a) Certification. (Filed herewith.)

 
31.2
 
Rule 13a-14(a) Certification. (Filed herewith.)

 
31.3
 
Rule 13a-14(a) Certification. (Filed herewith.)

 
31.4
 
Rule 13a-14(a) Certification. (Filed herewith.)

 
32.1
 
Section 1350 Certification. (Furnished herewith.)

 
101.1
 
The following materials from the Company's Annual Report on Form 10-K for the year ended December 31, 2011 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Shareholders' Equity, (iv) the Consolidated Statements of Cash Flows, and (v) related notes to these financial statements, tagged as blocks of text. (Furnished herewith.)
(+)
Management contract or compensatory plan or arrangement.

63


 Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Government Properties Income Trust

        We have audited the accompanying consolidated balance sheets of Government Properties Income Trust (the "Company") as of December 31, 2011 and 2010, and the related consolidated statements of income, shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2011. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

        We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Government Properties Income Trust at December 31, 2011 and 2010, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Government Properties Income Trust's internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 23, 2012 expressed an unqualified opinion thereon.

    /s/ Ernst & Young LLP

Boston, Massachusetts
February 23, 2012
 
 

F-1


 Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Government Properties Income Trust

        We have audited Government Properties Income Trust's internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Government Properties Income Trust's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report on Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company's internal control over financial reporting based on our audit.

        We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

        A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

        Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

        In our opinion, Government Properties Income Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria.

        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the 2011 consolidated financial statements of Government Properties Income Trust and our report dated February 23, 2012 expressed an unqualified opinion thereon.

    /s/ Ernst & Young LLP

Boston, Massachusetts
February 23, 2012
 
 

F-2


GOVERNMENT PROPERTIES INCOME TRUST

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

 
   December 31,  
 
   2011   2010  

ASSETS

              

Real estate properties:

              

Land

   $ 224,674   $ 143,774  

Buildings and improvements

     1,129,994     833,719  
           

    1,354,668     977,493  

Accumulated depreciation

     (156,618 )   (131,046 )
           

    1,198,050     846,447  

Acquired real estate leases, net

     117,596     60,097  

Cash and cash equivalents

     3,272     2,437  

Restricted cash

     1,736     1,548  

Rents receivable, net

     29,000     19,200  

Deferred leasing costs, net

     3,074     1,002  

Deferred financing costs, net

     5,550     3,935  

Other assets, net

     10,297     16,622  
           

Total assets

   $ 1,368,575   $ 951,288  
           

LIABILITIES AND SHAREHOLDERS' EQUITY

              

Revolving credit facility

   $ 345,500   $ 118,000  

Mortgage notes payable

     95,383     46,428  

Accounts payable and accrued expenses

     20,691     14,436  

Due to related persons

     4,071     1,348  

Assumed real estate lease obligations, net

     11,262     13,679  
           

Total liabilities

     476,907     193,891  
           

Commitments and contingencies

              

Shareholders' equity:

              

Common shares of beneficial interest, $.01 par value: 70,000,000 shares authorized, 47,051,650 and 40,500,800 shares issued and outstanding, respectively

     471     405  

Additional paid in capital

     935,438     776,913  

Cumulative net income

     87,333     41,336  

Cumulative other comprehensive income

     77     2  

Cumulative common distributions

     (131,651 )   (61,259 )
           

Total shareholders' equity

     891,668     757,397  
           

Total liabilities and shareholders' equity

   $ 1,368,575   $ 951,288  
           

   

See accompanying notes.

F-3


GOVERNMENT PROPERTIES INCOME TRUST

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

 
   Year Ended December 31,  
 
   2011   2010   2009  

Rental income

   $ 178,950   $ 117,219   $ 79,161  
               

Expenses:

                    

Real estate taxes

     19,345     12,177     8,546  

Utility expenses

     15,316     9,064     6,325  

Other operating expenses

     31,784     19,937     12,436  

Depreciation and amortization

     40,089     24,239     15,172  

Acquisition related costs

     3,504     5,750     1,032  

General and administrative

     10,898     7,061     4,058  
               

Total expenses

     120,936     78,228     47,569  
               

Operating income

    
58,014		    
38,991		    
31,592		  

Interest and other income

    
104		    
103		    
53		  

Interest expense (including net amortization of debt premiums and deferred financing fees of $1,045, $2,283 and $1,551, respectively)

     (12,057 )   (7,351 )   (5,556 )

Loss on extinguishment of debt

     —     (3,786 )   —  

Equity in earnings (losses) of an investee

     139     (1 )   (15 )
               

Income before income tax expense

     46,200     27,956     26,074  

Income tax expense

     (203 )   (161 )   (93 )
               

Net income

   $ 45,997   $ 27,795   $ 25,981  
               

Weighted average common shares outstanding

    
43,368		    
34,341		    
15,082		  
               

Net income per common share

  
$
1.06		  
$
0.81		  
$
1.72		  
               

   

See accompanying notes.

F-4


GOVERNMENT PROPERTIES INCOME TRUST

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(amounts in thousands, except share data)

 
   Ownership
Interest 		  Number of
Shares 		  Common
Shares 		  Cumulative
Common
Distributions 		  Additional
Paid In
Capital 		  Cumulative
Other
Comprehensive
Income 		  Cumulative
Net
Income 		  Total  

Balance at December 31, 2008

   $ 413,453     —   $ —   $ —   $ —   $ —   $ —   $ 413,453  

Issuance of shares, net

     —     21,450,000     215     —     357,377     —     —     357,592  

Share grants

     —     31,350     —     —     250     —     —     250  

Net income

     12,440     —     —     —     —     —     13,541     25,981  

Distributions to common shareholders

     (425,893 )   —     —     (19,333 )   —     —     —     (445,226 )
                                   

Balance at December 31, 2009

     —     21,481,350     215     (19,333 )   357,627     —     13,541     352,050  

Issuance of shares, net

     —     18,975,000     190     —     418,740     —     —     418,930  

Share grants

     —     44,450     —     —     546     —     —     546  

Unrealized gain on investment in AIC

     —     —     —     —     —     2     —     2  

Net income

     —     —     —     —     —     —     27,795     27,795  
                                                 

Total comprehensive income

     —     —     —     —     —     —     —     27,797  
                                                 

Distributions to common shareholders

     —     —     —     (41,926 )   —     —     —     (41,926 )
                                   

Balance at December 31, 2010

     —     40,500,800     405     (61,259 )   776,913     2     41,336     757,397  

Issuance of shares, net

     —     6,500,000     65     —     157,805     —     —     157,870  

Share grants

     —     50,850     1     —     720     —     —     721  

Unrealized gain on investment in AIC

     —     —     —     —     —     75     —     75  

Net income

     —     —     —     —     —     —     45,997     45,997  
                                                 

Total comprehensive income

     —     —     —     —     —     —     —     46,072  
                                                 

Distributions to common shareholders

     —     —     —     (70,392 )   —     —     —     (70,392 )
                                   

Balance at December 31, 2011

   $ —     47,051,650   $ 471   $ (131,651 ) $ 935,438   $ 77   $ 87,333   $ 891,668  
                                   

   

See accompanying notes.

F-5


GOVERNMENT PROPERTIES INCOME TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

 
   Year Ended December 31,  
 
   2011   2010   2009  

CASH FLOWS FROM OPERATING ACTIVITIES:

                    

Net income

   $ 45,997   $ 27,795   $ 25,981  

Adjustments to reconcile net income to cash provided by operating activities:

                    

Depreciation

     26,886     19,180     13,562  

Net amortization of debt premium and deferred financing fees

     1,045     2,283     1,551  

Straight line rental income

     (1,729 )   5     452  

Amortization of acquired real estate leases

     13,071     4,627     894  

Amortization of deferred leasing costs

     630     465     436  

Share based compensation expense

     763     742     357  

Loss on extinguishment of debt

     —     3,786     —  

Equity in (earnings) losses of an investee

     (139 )   1     15  

Change in assets and liabilities:

                    

(Increase) decrease in restricted cash

     (188 )   (1,548 )   1,334  

(Increase) decrease in deferred leasing costs

     (2,702 )   (137 )   (9 )

(Increase) decrease in rents receivable

     (8,071 )   (5,661 )   (7,450 )

(Increase) decrease in due from related persons

     —     103     (103 )

(Increase) decrease in other assets

     (1,708 )   (1,361 )   (214 )

Increase (decrease) in accounts payable and accrued expenses

     3,909     4,433     1,358  

Increase (decrease) in due to related persons

     2,723     511     837  
               

Cash provided by operating activities

     80,487     55,224     39,001  
               

CASH FLOWS FROM INVESTING ACTIVITIES:

                    

Real estate acquisitions

     (387,491 )   (384,375 )   (95,527 )

Real estate improvements

     (3,060 )   (6,317 )   (3,451 )

Investment in Affiliates Insurance Company

     —     (76 )   (5,134 )
               

Cash used in investing activities

     (390,551 )   (390,768 )   (104,112 )
               

CASH FLOWS FROM FINANCING ACTIVITIES:

                    

Proceeds from issuance of common shares, net

     157,870     418,930     205,510  

Repayment of mortgage notes payable

     (1,005 )   (571 )   (134 )

Borrowings on revolving credit facility

     472,500     335,000     382,000  

Repayments on revolving credit facility

     (245,000 )   (361,375 )   (237,625 )

Financing fees

     (3,074 )   (4,962 )   (6,755 )

Distributions to common shareholders

     (70,392 )   (50,519 )   (10,741 )

Equity distributions

     —     —     (265,763 )
               

Cash provided by financing activities

     310,899     336,503     66,492  
               

Increase in cash and cash equivalents

     835     959     1,381  

Cash and cash equivalents at beginning of year

     2,437     1,478     97  
               

Cash and cash equivalents at end of year

   $ 3,272   $ 2,437   $ 1,478  
               

Supplemental cash flow information

                    

Interest paid

   $ 10,309   $ 4,333   $ 3,918  

Income taxes paid

     72     145     —  

Non-cash operating activities

                    

Equity distributions

   $ —   $ —   $ 8,047  

Non-cash investing activities

                    

Real estate acquisitions funded with the assumption of mortgage debt

     (49,395 )   (44,951 )   —  

Non-cash financing activities

                    

Assumption of mortgage debt

   $ 49,395   $ 44,951   $ —  

Issuance of common shares under equity compensation plan

     (721 )   (546 )   (250 )

   

See accompanying notes.

F-6


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Note 1. Organization

        Government Properties Income Trust, or GOV, the Company, we or us, was organized as a real estate investment trust, or REIT, under Maryland law in February 2009 as a wholly owned subsidiary of CommonWealth REIT, or CWH. At the time of our organization, we issued 9.95 million of our common shares of beneficial interest, par value $.01 per share, or our common shares, to CWH. Although we did not exist until February 17, 2009 and thereafter we were a wholly owned consolidated subsidiary of CWH until June 8, 2009, these consolidated financial statements are presented as if we were a legal entity separate from CWH for those periods we were not in existence or were a subsidiary of CWH. As a result, for certain periods presented, we and our 29 initial properties, or the Initial Properties, were wholly owned by CWH. On April 24, 2009, we acquired 100% ownership of our Initial Properties by means of a contribution from CWH to one of our subsidiaries. On June 8, 2009, or the Closing Date, we closed on our initial public offering, or IPO, and we became a separate publicly owned company.

        As of December 31, 2011, we owned 71 properties, or the Properties, located in 29 states and the District of Columbia containing approximately 9.0 million rentable square feet.

Note 2. Summary of Significant Accounting Policies

        Basis of Presentation.    Prior to our IPO, CWH directly or indirectly wholly owned us, and we have presented applicable transactions at CWH's historical basis. Historically, substantially all of the rental income received by CWH from tenants at our properties were deposited in and commingled with CWH's general funds. CWH paid certain capital investments and other cash requirements of our properties and us, and CWH allocated general and administrative costs to our properties and us based on its historical costs of our properties as a percentage of CWH's historical cost of all of CWH's properties until the Closing Date. Thereafter, we have recorded general and administrative expenses at our direct cost. We believe that CWH's method for allocating general and administrative expenses prior to the Closing Date is reasonable.

        These consolidated financial statements include the accounts of GOV and its subsidiaries, all of which are 100% owned directly or indirectly by GOV. All intercompany transactions and balances have been eliminated.

        We account for our investment in Affiliates Insurance Company, or AIC, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. Our Managing Trustees are also owners of Reit Management & Research LLC, or RMR, which is the manager of us and AIC, and each of our Trustees is a director of AIC. See Note 5 for a further discussion of our investment in AIC.

        Real Estate Properties.    As required by U.S. generally accepted accounting principles, or GAAP, we have generally adopted the accounting treatment and policies for our properties and business which were previously employed by CWH. We record our Initial Properties at cost to CWH and our other properties at our cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives ranging up to 40 years. We and CWH estimated the purchase price allocations and the useful lives of our properties. In some circumstances, we and CWH engaged independent real estate appraisal firms to provide market information and evaluations which are relevant to our

F-7


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 2. Summary of Significant Accounting Policies (Continued)

purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.

        We and CWH allocated the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We and CWH determined the fair value of each property using methods similar to those used by independent appraisers. We and CWH allocated a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us or CWH) of the difference between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We and CWH allocated a portion of the purchase price to acquired in place leases and tenant relationships in an amount equal to the excess of (i) the purchase price paid for each property, after adjusting existing acquired in place leases to market rental rates, over (ii) the estimated fair value of the property, as if vacant. We and CWH allocated this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying financial statements. In making these allocations, we considered factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us or CWH. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.

        We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in (decreases)/increases to rental income of ($498), ($34), and $281 during the years ended December 31, 2011, 2010 and 2009, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization amounted to $12,573, $4,593 and $1,175 during the years ended December 31, 2011, 2010 and 2009, respectively. When a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease.

        Capitalized above market lease values were $38,415 and $17,215 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $7,083 and $4,133, respectively. Capitalized below market lease values were $20,818 and $20,203 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $9,556 and $6,524, respectively. The value of acquired in place leases, exclusive of the value of above and below market acquired in place leases, were $105,123 and $59,075 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $18,861 and $12,060, respectively. Future amortization of net intangible lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2011 are estimated to be

F-8


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 2. Summary of Significant Accounting Policies (Continued)

$18,161 in 2012, $17,200 in 2013, $16,568 in 2014, $14,412 in 2015, $12,507 in 2016 and $27,486 thereafter.

        Cash and Cash Equivalents.    We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.

        Restricted Cash.    Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.

        Deferred Leasing Costs.    Deferred leasing costs include brokerage, legal and other fees associated with the successful negotiation of leases and are amortized on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $5,684 and $3,416 at December 31, 2011 and 2010, respectively, and accumulated amortization of deferred leasing costs totaled $2,610 and $2,414 at December 31, 2011 and 2010, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases as of December 31, 2011, are estimated to be $633 in 2012, $396 in 2013, $335 in 2014, $306 in 2015, $274 in 2016 and $1,130 thereafter.

        Deferred Financing Fees.    Deferred financing fees include issuance or assumption costs related to borrowings and are capitalized and amortized on a straight line basis over the terms of the respective loans. At December 31, 2011 and 2010, deferred financing fees totaled $7,372 and $4,297, respectively, and accumulated amortization of deferred financing fees totaled $1,822 and $362, respectively. Future amortization of deferred financing fees to be recognized with respect to our loans as of December 31, 2011, are estimated to be $1,414 in 2012, $1,414 in 2013, $1,414 in 2014, $1,144 in 2015, $57 in 2016 and $107 thereafter.

        Revenue Recognition.    Rental income from operating leases is recognized on a straight line basis over the life of lease agreements. We increased (decreased) rental income by $1,729, ($5) and ($452) to record revenue on a straight line basis during the years ended December 31, 2011, 2010 and 2009, respectively. Rents receivable include $3,901 and $2,173 of straight line rent receivables at December 31, 2011 and 2010, respectively.

        Income Taxes.    Prior to the Closing Date, our operations were included in CWH's income tax returns. CWH is a REIT under the Internal Revenue Code of 1986, as amended, or the Code. Accordingly, CWH is generally not subject to federal income taxes and most state income taxes provided it distributes its taxable income and meets certain other requirements to qualify as a REIT. However, CWH is subject to certain state and local taxes.

        We have elected to be taxed as a REIT, under the Code and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify as a REIT. We are, however, subject to certain state and local taxes.

        Cumulative Other Comprehensive Income.    Accumulated other comprehensive income consists of the unrealized gains related to our investment in AIC, as described in Note 5.

        Reclassifications.    Certain reclassifications have been made to the prior years' financial statements to conform to the current year's presentation.

F-9


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 2. Summary of Significant Accounting Policies (Continued)

        Use of Estimates.    Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates.

        Net Income Per Share.    We compute net income per common share using the weighted average number of common shares outstanding. We had no common share equivalents during the periods presented.

        Segment Reporting.    We operate in one business segment: ownership of properties that are primarily leased to government tenants.

        Ownership Interest.    Prior to the Closing Date, CWH provided the funds used in our investment activities. Amounts invested in or advanced to us by CWH did not carry interest, and had no specific repayment terms. As of December 31, 2011, CWH owned 21.1% of our outstanding common shares. See Note 5 for further discussion of our relationship with CWH.

Note 3. New Accounting Pronouncements

        In May 2011, the Financial Accounting Standards Board, or FASB, issued an accounting standards update requiring additional disclosures regarding fair value measurements. The update clarifies the application of existing fair value measurement requirements. The update also requires reporting entities to disclose additional information regarding fair value measurements categorized within Level 3 of the fair value hierarchy. The update is effective for interim and annual reporting periods beginning after December 15, 2011. The adoption of this update is not expected to cause any material changes to the disclosures in or the presentation of our consolidated financial statements.

        In December 2011, FASB issued Accounting Standards Update No. 2011-12, Presentation of Comprehensive Income. This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders' equity. This standard is intended to enhance comparability between entities that report under GAAP and to provide a more consistent method of presenting non-owner transactions that affect an entity's equity. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update is not expected to cause any material changes to the disclosures in or the presentation of our consolidated financial statements.

Note 4. Real Estate Properties

        As of December 31, 2011, we owned 71 properties representing an aggregate investment of $1,494,684. We generally lease space in our properties on a gross lease or modified gross lease basis pursuant to fixed term operating leases expiring between 2012 and 2025. Certain of our government tenants have the right to cancel their leases before the lease term expires, although we currently expect that few will do so. Our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. We committed approximately $5,119 for leasing related costs relating to approximately 679,300 rentable square feet of leases entered into during 2011, which included lease renewals of 650,988 rentable square feet. We have unspent leasing related obligations of $10,004 as of December 31, 2011.

F-10


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 4. Real Estate Properties (Continued)

        During the year ended December 31, 2011, we acquired 16 office properties located in 11 states for an aggregate purchase price of $444,050, including the assumption of $49,395 of mortgage debt and excluding acquisition costs. We allocated the purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows:

Date
  Location   Square
Feet 		  Purchase
Price(1) 		  Land   Buildings and
Improvements 		  Acquired
Leases 		  Acquired
Lease
Obligations 		  Other
Assumed
Liabilities 		  Premium
on
Assumed
Debt 		 

February 2011

   Quincy, MA     92,549   $ 14,000   $ 2,700   $ 9,200   $ 2,113   $ (13 ) $ (24 ) $ —  

February 2011

   Woodlawn, MD     182,561     28,000     3,735     21,509     3,281     (525 )   —     —  

May 2011

   Plantation, FL     135,819     40,750     4,800     30,592     5,358     —     (3,306 )   —  

May 2011

   New York, NY     187,060     114,050     36,800     66,661     10,589     —     —     —  

June 2011

   Milwaukee, WI     29,297     6,775     945     4,539     1,291     —     —     —  

June 2011

   Stafford, VA     64,488     11,550     2,090     7,465     1,995     —     —     —  

June 2011

   Montgomery, AL     57,815     11,550     920     9,084     1,546     —     —     —  

August 2011

   Holtsville, NY     264,482     39,250     6,530     17,711     15,009     —     (2,250 )   —  

September 2011

   Sacramento, CA     87,863     13,600     1,450     9,465     2,685     —     (1,491 )   —  

September 2011

   Atlanta, GA     375,805     48,600     10,250     27,933     10,421     (4 )   —     —  

October 2011

   Indianapolis, IN(2)     433,927     85,000     4,170     68,888     12,894     (95 )   —     (857 )

December 2011

   Salem, OR     233,358     30,925     6,510     17,973     6,536     (94 )   (93 )   —  
                                       

        2,145,024   $ 444,050   $ 80,900   $ 291,020   $ 73,718   $ (731 ) $ (7,164 ) $ (857 )
                                       
(1)
Purchase price excludes acquisition related costs.

(2)
Purchase price includes the assumption of $49,395 of mortgage debt.

        Our future minimum lease payments related to our properties (excluding real estate tax and other expense reimbursements) scheduled to be received during the current terms of the existing leases as of December 31, 2011 are approximately $172,711 in 2012, $147,229 in 2013, $138,007 in 2014, $119,737 in 2015, $105,197 in 2016 and $279,547 thereafter. As of December 31, 2011, government tenants representing approximately 4.8% of our total future minimum lease payments have currently exercisable rights to terminate their leases before the stated expirations. Also in 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020, early termination rights become exercisable by other government tenants who currently represent an additional approximately 2.2%, 4.8%, 3.7%, 0.4%, 13.2%, 1.2%, 2.8%, 4.2% and 2.1% of our total future minimum lease payments, respectively. In addition as of December 31, 2011, eight of our state government tenants have the currently exercisable right to terminate their leases if these states do not appropriate rent in their respective annual budgets. These eight tenants represent approximately 8.4% of our total future minimum lease payments.

Note 5. Related Person Transactions

        We have adopted written Governance Guidelines which address, among other things, the consideration and approval of any related person transactions. Under these Governance Guidelines, we may not enter into any transaction in which any Trustee or executive officer, any member of the immediate family of any Trustee or executive officer or any other related person, has or will have a direct or indirect material interest unless that transaction has been disclosed or made known to our Board of Trustees and our Board of Trustees reviews, authorizes and approves or ratifies the

F-11


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 5. Related Person Transactions (Continued)

transaction by the affirmative vote of a majority of the disinterested Trustees, even if the disinterested Trustees constitute less than a quorum. If there are no disinterested Trustees, the transaction shall be reviewed, authorized and approved or ratified by both (1) the affirmative vote of a majority of our entire Board of Trustees and (2) the affirmative vote of a majority of our Independent Trustees. The Governance Guidelines further provide that, in determining whether to approve or ratify a transaction, our Board of Trustees, or disinterested Trustees or Independent Trustees, as the case may be, shall act in accordance with any applicable provisions of our declaration of trust, consider all of the relevant facts and circumstances, and approve only those transactions that are fair and reasonable to us. All related person transactions described below were reviewed and approved or ratified by a majority of the disinterested Trustees or otherwise in accordance with our policies described above. In the case of transactions with us by RMR employees (other than our Trustees and executive officers) subject to our Code of Business Conduct and Ethics, the employee must seek approval from an executive officer who has no interest in the matter for which approval is being requested.

        We have no employees. Personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management and administrative services to us: (1) a business management agreement and (2) a property management agreement. One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Our other Managing Trustee, Mr. Adam Portnoy, the son of Mr. Barry Portnoy, is an owner of RMR and serves as President and Chief Executive Officer and as a Director of RMR. Each of our executive officers is also an officer of RMR. Additionally, Mr. Barry Portnoy's son-in-law, who is Mr. Adam Portnoy's brother-in-law, is an officer of RMR. As of December 31, 2011, RMR has approximately 740 employees and provides management services to other companies in addition to us.

        Our Board of Trustees has given our Compensation Committee, which is comprised exclusively of our Independent Trustees, authority to act on our behalf with respect to our management agreements with RMR. The charter of our Compensation Committee requires the Committee annually to review the terms of these agreements, evaluate RMR's performance under the agreements and renew, amend, terminate or allow to expire the management agreements.

        On October 31, 2011, we and RMR entered into an amended and restated business management agreement, or the business management agreement. The business management agreement provides for compensation to RMR at an annual rate equal to the sum of (a) 0.5% of the historical cost to an RMR Managed REIT of any properties transferred to us by such RMR Managed REIT and (b) 0.7% of our cost of any other properties we acquire up to and including $250,000, plus 0.5% of our cost of any additional properties in excess of $250,000. In addition, RMR receives an incentive fee equal to 15% of the product of (i) the weighted average of our common shares outstanding on a fully diluted basis during a fiscal year and (ii) the excess if any of the FFO Per Share, as defined in the business management agreement, of such fiscal year over the FFO Per Share for the preceding fiscal year. The incentive fee is paid in our common shares and in any year shall not exceed $0.02 multiplied by the weighted average number of our common shares outstanding on a fully diluted basis during such fiscal year.

        In determining the fees payable by us to RMR under the business management agreement, the average invested capital of any assets we have acquired or may in the future acquire from another REIT to which RMR provides business management or property management services, or an RMR

F-12


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 5. Related Person Transactions (Continued)

Managed REIT, will be equal to the applicable selling RMR Managed REIT's historical costs for those properties, determined in the manner specified in the business management agreement, rather than our acquisition costs for those properties. The business management agreement also provides that, with certain exceptions, if we determine to offer for sale or other disposition any real property that, at such time, is of a type within the investment focus of another RMR Managed REIT, we will first offer that property for purchase or disposition to that RMR Managed REIT and negotiate in good faith for such purchase or disposition.

        The property management agreement provides for management fees equal to 3.0% of gross collected rents and construction supervision fees equal to 5.0% of construction costs.

        The aggregate business management and property management fees earned by RMR for 2011 and 2010 were $14,062, including $883 as an incentive fee which we expect to be paid in our common shares in March 2012, and $8,238, respectively. The aggregate business management and property management fees for 2009 were $5,601, which includes $2,390 of fees paid to RMR by CWH that were allocated to us by CWH before we became a separate company. Business management fees are included in general and administrative expense and property management fees are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. No incentive fees were earned by RMR in 2010 as the FFO Per Share for fiscal year 2010 did not exceed the FFO Per Share for fiscal year 2009.

        RMR also provides internal audit services to us in return for our pro rata share of the total internal audit costs incurred by RMR for us and other publicly owned companies managed by RMR and its affiliates, which amounts are subject to determination by our Compensation Committee. Our Audit Committee appoints our Director of Internal Audit. Our pro rata share of RMR's costs of providing this internal audit function, which are included in general and administrative expense in our consolidated financial statements, was approximately $240, $211 and $121 for 2011, 2010 and 2009, respectively. These allocated costs are in addition to the business and property management fees we paid to RMR. We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR on our behalf. We are not responsible for payment of RMR's employment, office or administration expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees who provide on site property management services and our pro rata share of the staff employed by RMR who perform our internal audit function.

        Both the business management agreement and the property management agreement automatically renew for successive one year terms unless we or RMR give notice of non-renewal before the end of an applicable term. We or RMR may terminate either agreement upon 60 days prior written notice, and RMR may also terminate either agreement upon five business days notice if we undergo a change of control, as defined in the applicable agreement. The current terms for these agreements expire on December 31, 2012, and will be subject to automatic renewal unless earlier terminated.

        Under our business management agreement with RMR, we acknowledge that RMR manages other businesses, including CWH, Hospitality Properties Trust, or HPT, Senior Housing Properties Trust, or SNH, Five Star Quality Care, Inc., or FVE, TravelCenters of America LLC, or TA, and Sonesta International Hotels Corporation, and will not be required to present us with opportunities to invest in properties that are primarily of a type that are within the investment focus of another business now or

F-13


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 5. Related Person Transactions (Continued)

in the future managed by RMR. Under our business management agreement, RMR has agreed not to present other businesses that it now or in the future manages with opportunities to invest in properties that are majority leased to government tenants unless our Independent Trustees have determined not to invest in the opportunity. RMR has also agreed not to provide business management services to any other business that is principally engaged in the business of owning properties that are majority leased or occupied to Governmental Authorities, as defined in the business management agreement, or that are reasonably expected to be majority leased to Governmental Authorities, without the consent of our Independent Trustees. Each of the business management agreement and the property management agreement also includes arbitration provisions for the resolution of certain disputes, claims and controversies.

        RMR also leases from us approximately 1,400 square feet of office space for one of its regional offices. We earned approximately $31 and $14 in rental income from RMR in 2011 and 2010, respectively, which we believe is commercially reasonable rent for such office space. We earned no rental income from RMR in 2009.

        Pursuant to our business management agreement, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR provides management services for the purpose of obtaining more favorable terms with such vendors and suppliers.

        As part of our annual restricted share grants under our equity compensation plan adopted in 2009, or the 2009 Plan, we typically grant restricted shares to certain employees of RMR, some of whom are our executive officers, in their capacities as RMR employees or executive officers of us. In 2011, 2010 and 2009, we granted a total of 40,850 restricted shares with an aggregate value of $922, 36,950 restricted shares with an aggregate value of $985 and 25,100 restricted shares with an aggregate value of $556, respectively, to such persons in such capacities, based upon the closing price of our common shares on the NYSE on the date of grant. One fifth of those restricted shares vested on the grant date and one fifth vests on each of the next four anniversaries of the grant date. These share grants to RMR employees are in addition to the fees we pay to RMR.

        CWH organized us as a 100% owned subsidiary in February 2009. In June 2009, we completed our IPO pursuant to which we ceased to be a majority owned subsidiary of CWH. In connection with this offering, we and CWH entered a transaction agreement, which governs our separation from and relationship with CWH. Pursuant to this transaction agreement, among other things, we and CWH agreed that, so long as CWH owns in excess of 10% of our outstanding common shares, we and CWH engage the same manager or we and CWH have any common managing trustees: (1) CWH will not acquire ownership of properties that are majority leased to government tenants, unless a majority of our Independent Trustees who are not also Trustees of CWH have determined not to make the acquisition, (2) we will not acquire ownership of office or industrial properties that are not majority leased to government tenants, unless a majority of CWH's Independent Trustees who are not also Trustees of ours have determined not to make the acquisition, and (3) we will have a right of first refusal to purchase any property owned by CWH that CWH determines to divest if the property is then majority leased to government tenants, which right of first refusal will also apply in the event of an indirect sale of any such properties resulting from a change of control of CWH. The provisions

F-14


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 5. Related Person Transactions (Continued)

described in (1) and (2) do not prevent us from continuing to own and lease our current properties or properties otherwise acquired by us that cease to be majority leased to government tenants following the termination of government tenancies; and, similarly, the provisions described in (1) and (2) also do not prohibit CWH from leasing its current or future properties to government tenants. We and CWH also agreed that certain disputes, claims and controversies arising under the transaction agreement may be referred to binding arbitration proceedings.

        In June 2010, we entered into a series of agreements to purchase 15 properties (approximately 1.9 million rentable square feet) from CWH which are majority leased to government tenants. We completed the purchase of all 15 of these properties in 2010 for an aggregate purchase price of $231,000, excluding acquisition costs. These 15 properties were subject to the right of first refusal CWH granted to us in the transaction agreement described above.

        CWH is our largest shareholder. As of February 22, 2012, CWH owned 9,950,000 of our common shares, which represented approximately 21.1% of our outstanding common shares. Both we and CWH are managed by RMR, and Mr. Barry Portnoy and Mr. Adam Portnoy are Managing Trustees of both us and CWH. Mr. Adam Portnoy was also our President from our formation in 2009 until January 2011 when David Blackman became our President. Mr. Adam Portnoy became President of CWH in January 2011. Also, all of our officers and CWH's officers are officers of RMR. Accordingly, the purchase agreements between us and CWH described above and the transactions contemplated by those agreements, which were entered after we became a separate public company, were negotiated and approved by special committees of each company's board of trustees, comprised solely of Independent Trustees who are not also Independent Trustees of the other party to these agreements.

        Our Independent Trustees also serve as directors or trustees of other public companies to which RMR provides management services. Mr. Barry Portnoy serves as a managing director or managing trustee of those companies, including CWH, HPT, SNH, FVE and TA, and Mr. Adam Portnoy serves as a managing trustee of some of those companies, including CWH, HPT and SNH. We understand that the other companies to which RMR provides management services also have certain other relationships with each other, including business and property management agreements and lease arrangements. In addition, officers of RMR serve as officers of those companies. Mr. Kleifges, our Treasurer and Chief Financial Officer, is an officer of RMR and also serves as Treasurer and Chief Financial Officer of HPT, which is a company to which RMR provides management services. We understand that further information regarding those relationships is provided in the applicable periodic reports and proxy statements filed by those other companies with the SEC.

        We, RMR, CWH, HPT, SNH, FVE and TA each currently own approximately 14.29% of AIC, an Indiana insurance company. All of our Trustees, all of the trustees and directors of the other publicly held AIC shareholders and nearly all of the directors of RMR currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. Our Governance Guidelines provide that any material transaction between us and AIC shall be reviewed, authorized and approved or ratified by both the affirmative vote of a majority of our entire Board of Trustees and the affirmative vote of a majority of our Independent Trustees. The shareholders agreement that we, the other shareholders of AIC and AIC are parties to includes arbitration provisions for the resolution of certain disputes, claims and controversies.

F-15


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 5. Related Person Transactions (Continued)

        As of February 22, 2012, we have invested approximately $5,194 in AIC since we became an equity owner of AIC in December 2009. We may invest additional amounts in AIC in the future if the expansion of this insurance business requires additional capital, but we are not obligated to do so. Our investment had a carrying value of $5,409 and $5,195 as of December 31, 2011 and 2010, respectively, which are included in other assets on our consolidated balance sheets. For 2011, we recognized income of $139 related to our investment in AIC. For 2010 and 2009, we recognized losses of $1 and $15, respectively, related to our investment in AIC. In June 2010, we and the other shareholders of AIC purchased property insurance providing $500,000 of coverage pursuant to an insurance program arranged by AIC and with respect to which AIC is a reinsurer of certain coverage amounts. This program was modified and extended in June 2011 for a one year term. Our total premiums paid under this program in 2011 and 2010 were approximately $1,286 and $415, respectively. We are currently investigating the possibilities to expand our insurance relationships with AIC to include other types of insurance. By participating in this insurance business with RMR and the other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro-rata share of any profits of this insurance business.

Note 6. Concentration

Tenant and Credit Concentration

        We define annualized rental income as the annualized rents from our tenants pursuant to our lease agreements with them as of the measurement date, plus estimated expense reimbursements to be paid to us, and excluding lease value amortization. The U.S. Government, eight state governments and the United Nations combined were responsible for approximately 91.9%, 93.0% and 93.7% of our annualized rental income as of December 31, 2011, 2010 and 2009, respectively. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 69.6%, 78.2% and 83.1% of our annualized rental income as of December 31, 2011, 2010 and 2009 respectively.

Geographic Concentration

        At December 31, 2011, our 71 properties were located in 29 states and the District of Columbia. Properties located in California, Maryland, the District of Columbia, Georgia, New York and Massachusetts were responsible for approximately 12.6%, 12.2%, 10.2%, 9.3%, 8.9% and 6.6% of our annualized rental income as of December 31, 2011, respectively.

F-16


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 7. Indebtedness

        At December 31, 2011 and 2010, our outstanding indebtedness consisted of the following:

 
   December 31,  
 
   2011   2010  

Unsecured revolving credit facility, due in 2015

   $ 345,500   $ 118,000  

Mortgage note payable, 5.73% interest rate, including unamortized premium of $825, due in 2015(1)

     50,118     —  

Mortgage note payable, 6.21% interest rate, due in 2016

     24,713     24,800  

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,005, due in 2019(1)

     10,559     10,856  

Mortgage note payable, 8.15% interest rate, including unamortized premium of $783, due in 2021(1)

     9,993     10,772  
           

  $ 440,883   $ 164,428  
           
(1)
We assumed these mortgages in connection with our acquisition of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates; we recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition.

        In October 2011, we assumed a mortgage with a balance of $49,395 as part of our Indianapolis, IN acquisitions. This note is secured by two of the acquired properties, bears interest at 5.73% and is amortized on a 30 year schedule until maturity in October 2015. We recorded a $857 premium on this assumed debt, which reduced its effective interest rate to 5.24%, because we believed the interest rate payable under this mortgage was above the rate we would have had to pay for debt with the same maturity at the time we assumed this obligation.

        Also in October 2011, we amended our existing $500,000 revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest rate on drawings under the facility from LIBOR plus 210 basis points to LIBOR plus 150 basis points, subject to adjustment based on changes to our senior unsecured debt ratings, and extend the maturity date of the facility from October 28, 2013 to October 19, 2015. In addition, our amended revolving credit facility included a conditional option to extend the stated maturity date by one year to October 19, 2016 as well as includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. Our revolving credit facility agreement contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our revolving credit facility agreement at December 31, 2011. The weighted average annual interest rate for our revolving credit facility was 2.19% for the year ended December 31, 2011. As of December 31, 2011, we had $345,500 outstanding under our revolving credit facility.

F-17


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 7. Indebtedness (Continued)

        In January 2012, we entered into a five year $350,000 unsecured term loan. The term loan matures on January 11, 2017, and is prepayable without penalty at any time. In addition, the term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. The term loan bears interest at a rate of LIBOR plus 175 basis points, subject to adjustment based upon changes to our senior unsecured debt ratings, and covenants identical to those contained in our revolving credit facility. We used the net proceeds of the term loan to repay amounts outstanding under our revolving credit facility and expect to use the balance to fund general business activities, including possible future acquisitions.

        At December 31, 2011, five of our properties with an aggregate net book value of $124,563 were secured by four mortgage notes we assumed in connection with certain of our acquisitions. Our mortgage notes are non-recourse and do not contain any material financial covenants.

        The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2011 are as follows:

2012

   $ 1,793  

2013

     1,933  

2014

     2,072  

2015

     394,191  

2016

     24,708  

Thereafter

     13,573  
       

  $ 438,270  
       

Note 8. Fair Value of Financial Instruments

        Our financial instruments at December 31, 2011, include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, due to related persons, our revolving credit facility, other accrued expenses and security deposits. At December 31, 2011, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, except as follows:

 
   Carrying
Amount 		  Fair
Value 		 

Mortgage note payable, 5.73% interest rate, including unamortized premium of $825, due in 2015

   $ 50,118   $ 50,810  

Mortgage note payable, 6.21% interest rate, due in 2016

     24,713     27,121  

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,005, due in 2019

     10,559     11,044  

Mortgage note payable, 8.15% interest rate, including unamortized premium of $783, due in 2021

     9,993     11,136  
           

  $ 95,383   $ 100,111  
           

F-18


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 8. Fair Value of Financial Instruments (Continued)

        We estimate the fair value of our indebtedness using discounted cash flow analysis and currently prevailing market interest rates (Level 3 inputs as defined in the fair value hierarchy under GAAP).

Note 9. Shareholders' Equity

Share Awards

        We have common shares available for issuance under the terms of our 2009 Plan. As described in Note 5, we awarded common shares to our officers and certain employees of RMR in 2009, 2010 and 2011. We also awarded each of our Trustees 2,000 common shares in 2011 with an aggregate market value of $256 ($51 per Trustee), 1,500 common shares in 2010 with an aggregate market value of $208 ($42 per Trustee), and 1,250 common shares in 2009 with an aggregate market value of $138 ($28 per Trustee) as part of their annual compensation, based upon the closing price of our common shares on the New York Stock Exchange, or the NYSE, on the date of grant. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain employees of RMR vest in five equal annual installments beginning on the date of grant. We include the value of awarded shares in general and administrative expenses at the time the awards vest.

        A summary of shares granted and vested under the terms of our 2009 Plan from June 8, 2009 (inception) to December 31, 2011 is as follows:

 
   Number
of
Shares 		  Weighted
Average
Grant Date
Fair Value 		 

Granted in 2009

     31,350   $ 22.14  

Vested in 2009

     (11,270 )   22.14  
             

Unvested shares at December 31, 2009

     20,080     22.14  

Granted in 2010

     44,450     26.92  

Vested in 2010

     (20,210 )   25.92  
             

Unvested shares at December 31, 2010

     44,320     25.21  

Granted in 2011

     50,850     23.16  

Vested in 2011

     (30,900 )   23.56  
             

Unvested shares at December 31, 2011

     64,270     23.92  
           

        The 64,270 unvested shares as of December 31, 2011 are scheduled to vest as follows: 20,320 shares in 2012, 20,320 shares in 2013, 15,460 shares in 2014 and 8,170 in 2014. As of December 31, 2011, the estimated future compensation expense for the unvested shares was $1,449 based on the closing share price of our common shares on the NYSE on December 30, 2011 of $22.55. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2011, 2010 and 2009, we recorded $763, $742 and $357, respectively, of compensation expense related to our 2009 Plan.

        At December 31, 2011, 1,873,350 of our common shares remain available for issuance under the 2009 Plan.

F-19


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 9. Shareholders' Equity (Continued)

Distributions

        On February 23, 2011 we paid a $0.41 per share distribution to our common shareholders. On May 24, 2011, August 24, 2011 and November 22, 2011 we paid a $0.42 per share distribution to our common shareholders. We funded these distributions using existing cash balances and borrowings under our revolving credit facility. On January 9, 2012, we declared a distribution payable to common shareholders of record on January 26, 2012, in the amount of $0.42 per share. We expect to pay this distribution on or about February 24, 2012.

        Cash distributions per share paid or payable by us to our common shareholders for the year ended December 31, 2011, 2010 and 2009 were $1.67, $1.21 and $0.90, respectively. The characterization of our distributions paid or accrued in 2011, 2010 and 2009 was 92.88%, 98.34% and 100% ordinary income, respectively, and 7.12%, 1.66% and 0.00% return of capital, respectively.

Share Sales

        On July 25, 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,870. We used the net proceeds from this offering to repay amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

Note 10. Selected Quarterly Financial Data (Unaudited)

        The following is a summary of our unaudited quarterly results of operations for 2011 and 2010:

 
   2011  
 
   First
Quarter 		  Second
Quarter 		  Third
Quarter 		  Fourth
Quarter 		 

Rental income

   $ 39,228   $ 42,107   $ 45,889   $ 51,726  

Net income

     10,254     10,932     11,563     13,263  

Net income per common share

     0.25     0.27     0.26     0.28  

Common distributions declared

     0.41     0.42     0.42     0.42  

 

 
   2010  
 
   First
Quarter 		  Second
Quarter 		  Third
Quarter 		  Fourth
Quarter 		 

Rental income

   $ 23,425   $ 26,039   $ 30,847   $ 36,908  

Net income

     6,851     7,735     6,669     6,540  

Net income per common share

     0.24     0.25     0.18     0.24  

Common distributions declared

     0.40     0.40     0.41     0.41  

Note 11. Pro Forma Information (Unaudited)

        During 2011, we purchased 16 properties for an aggregate purchase price of $444,050, including the assumption of $49,395 of mortgage debt and excluding acquisition costs. Also in 2011, we amended our $500,000 revolving credit facility, to, among other things, increase maximum borrowings under the facility to $550,000 and we issued 6,500,000 of our common shares. During 2010, we purchased 22

F-20


GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Note 11. Pro Forma Information (Unaudited) (Continued)

properties for an aggregate purchase price of $434,411, excluding acquisition costs and including the assumption of $44,951 of mortgage debt. Also in 2010, we replaced our $250,000 secured revolving credit facility with our $500,000 revolving credit facility, and we issued 18,975,000 of our common shares. The following table presents our pro forma results of operations as if these acquisitions and financing activities were completed on January 1, 2010. This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from various factors, including but not limited to, additional property acquisitions, property sales, changes in interest rates and changes in our debt or equity capital structure.

 
   For the Year Ended
December 31, 		 
 
   2011   2010  

Total revenues

   $ 208,512   $ 205,447  

Net income

     54,595     39,908  

Per share data:

              

Net income

   $ 1.16   $ 0.85  

        During the year ended December 31, 2011 and 2010, we recognized revenues of $91,702 and $28,775, respectively, and operating income of $55,821 and $18,197, respectively, arising from these acquisitions.

F-21


 GOVERNMENT PROPERTIES INCOME TRUST

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011

(dollars in thousands)

 
    
    
    
    
    
   Cost amount carried
at Close of Period 		   
    
    
  
 
    
    
   Initial Cost to Company    
    
    
    
  
 
    
    
   Costs
Capitalized
Subsequent to
Acquisition 		   
    
    
  
Location
  State   Encumbrances   Land   Buildings and
Equipment 		  Land   Buildings and
Equipment 		  Total(1)   Accumulated
Depreciation(2) 		  Date
Acquired 		  Original
Construction
Date 		 

Montgomery

   AL   $ —   $ 920   $ 9,084   $ 18   $ 920   $ 9,102   $ 10,022   $ (114 )   06/22/2011     2007  

Phoenix

   AZ     —     2,687     11,532     1,506     2,729     12,996     15,725     (4,600 )   05/15/1997     1997  

Safford

   AZ     —     460     11,708     —     460     11,708     12,168     (439 )   06/16/2010     1992  

Tucson

   AZ     —     375     2,351     —     375     2,351     2,726     (83 )   07/16/2010     1993  

Fresno

   CA     —     7,276     61,118     9     7,277     61,126     68,403     (14,326 )   08/29/2002     1971  

Sacramento

   CA     —     2,290     35,891     1,024     2,290     36,915     39,205     (1,821 )   12/17/2009     1988  

Sacramento

   CA     —     1,550     12,263     395     1,550     12,658     14,208     (623 )   12/23/2009     1988  

Sacramento

   CA     —     1,450     9,465     —     1,450     9,465     10,915     (79 )   09/14/2011     1992  

San Diego

   CA     —     2,916     12,456     1,281     2,967     13,686     16,653     (5,051 )   03/31/1997     1994  

San Diego

   CA     —     4,269     18,316     831     4,347     19,069     23,416     (7,086 )   03/31/1997     1996  

San Diego

   CA     —     685     5,530     423     685     5,953     6,638     (1,470 )   06/24/2002     1986  

San Diego

   CA     —     5,250     10,549     472     5,250     11,021     16,271     (378 )   07/16/2010     1981  

Golden

   CO     —     494     152     6,304     495     6,455     6,950     (2,166 )   03/31/1997     1997  

Lakewood

   CO     —     936     9,160     694     936     9,854     10,790     (2,460 )   10/11/2002     1981  

Lakewood

   CO     —     915     9,106     745     915     9,851     10,766     (2,438 )   10/11/2002     1981  

Lakewood

   CO     —     1,035     9,271     469     1,036     9,739     10,775     (2,246 )   10/11/2002     1981  

Lakewood

   CO     9,993     2,640     23,777     567     2,640     24,344     26,984     (1,195 )   01/15/2010     1997  

Washington

   DC     —     12,008     51,528     31,979     12,227     83,288     95,515     (33,009 )   03/31/1997     1996  

Washington

   DC     —     26,000     25,955     305     26,000     26,260     52,260     (870 )   08/17/2010     1989  

Plantation

   FL     —     4,800     30,592     31     4,800     30,623     35,423     (510 )   05/12/2011     1999  

Tampa

   FL     10,560     1,100     11,773     —     1,100     11,773     12,873     (368 )   10/15/2010     1994  

Atlanta

   GA     —     425     4,119     117     425     4,236     4,661     (805 )   07/16/2004     1967  

Atlanta

   GA     —     1,713     7,649     897     1,713     8,546     10,259     (1,586 )   07/16/2004     1967  

Atlanta

   GA     —     372     3,600     146     372     3,746     4,118     (706 )   07/16/2004     1967  

Atlanta

   GA     —     364     3,527     64     364     3,591     3,955     (664 )   07/16/2004     1967  

Atlanta

   GA     —     1,122     10,867     337     1,122     11,204     12,326     (2,164 )   07/16/2004     1967  

Atlanta

   GA     —     1,521     11,826     107     1,521     11,933     13,454     (2,206 )   07/16/2004     1972  

Atlanta

   GA     —     10,250     27,933     —     10,250     27,933     38,183     (175 )   09/30/2011     1968  

Savannah

   GA     —     950     2,376     —     950     2,376     3,326     (84 )   07/16/2010     1990  

Arlington Heights

   IL     —     1,450     13,160     39     1,450     13,199     14,649     (658 )   12/29/2009     2002  

Indianapolis

   IN     22,340     1,250     20,018     —     1,250     20,018     21,268     (120 )   10/14/2011     2000  

Indianapolis

   IN     27,777     1,460     24,984     —     1,460     24,984     26,444     (156 )   10/14/2011     2001  

Indianapolis

   IN     —     1,460     23,886     —     1,460     23,886     25,346     (149 )   10/14/2011     2008  

Kansas City

   KS     —     640     9,932     290     640     10,222     10,862     (372 )   06/16/2010     1990  

Boston

   MA     —     5,100     17,293     245     5,100     17,538     22,638     (576 )   08/17/2010     1988  

Malden

   MA     —     1,050     31,086     —     1,050     31,086     32,136     (1,224 )   05/24/2010     2008  

Quincy

   MA     —     2,700     9,199     97     2,700     9,296     11,996     (193 )   02/16/2011     1985  

Stoneham

   MA     —     1,670     11,035     182     1,670     11,217     12,887     (414 )   06/16/2010     1987  

Baltimore

   MD     —     900     8,097     1,043     901     9,139     10,040     (3,098 )   10/15/1998     1989  

Germantown

   MD     —     2,305     9,890     732     2,347     10,580     12,927     (3,778 )   03/31/1997     1995  

Landover

   MD     24,713     4,110     36,371     19     4,110     36,390     40,500     (1,667 )   02/26/2010     2004  

Riverdale

   MD     —     6,240     30,368     105     6,240     30,473     36,713     (950 )   09/17/2010     1994  

Rockville

   MD     —     3,251     29,258     3,178     3,251     32,436     35,687     (11,230 )   02/02/1998     1986  

S-1


 GOVERNMENT PROPERTIES INCOME TRUST

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2011

(dollars in thousands)

 
    
    
    
    
    
   Cost amount carried
at Close of Period 		   
    
    
  
 
    
    
   Initial Cost to Company    
    
    
    
  
 
    
    
   Costs
Capitalized
Subsequent to
Acquisition 		   
    
    
  
Location
  State   Encumbrances   Land   Buildings and
Equipment 		  Land   Buildings and
Equipment 		  Total(1)   Accumulated
Depreciation(2) 		  Date
Acquired 		  Original
Construction
Date 		 

Woodlawn

   MD     —     2,220     14,750     —     2,220     14,750     16,970     (338 )   02/15/2011     1973  

Woodlawn

   MD     —     1,515     6,759     —     1,515     6,759     8,274     (155 )   02/15/2011     1973  

Detroit

   MI     —     630     18,002     —     630     18,002     18,632     (750 )   04/23/2010     2009  

Minneapolis

   MN     —     3,990     18,186     829     3,990     19,015     23,005     (657 )   07/16/2010     1980  

Roseville

   MN     —     672     6,045     1,162     672     7,207     7,879     (2,348 )   12/01/1999     1987  

Kansas City

   MO     —     1,443     6,193     3,764     1,780     9,620     11,400     (3,336 )   03/31/1997     1995  

Nashua

   NH     —     3,000     14,052     —     3,000     14,052     17,052     (820 )   08/31/2009     1997  

Trenton

   NJ     —     5,000     38,203     239     5,000     38,442     43,442     (955 )   12/30/2010     1989  

Albuquerque

   NM     —     710     1,651     1     710     1,652     2,362     (58 )   07/16/2010     1984  

Buffalo

   NY     —     4,405     18,899     1,484     4,485     20,303     24,788     (7,628 )   03/31/1997     1994  

Holtsville

   NY     —     6,530     17,711     53     6,530     17,764     24,294     (148 )   08/31/2011     2000  

New York

   NY     —     36,800     66,661     —     36,800     66,661     103,461     (972 )   05/27/2011     2008  

Oklahoma City

   OK     —     740     7,354     267     740     7,621     8,361     (261 )   09/17/2010     1992  

Salem

   OR     —     6,510     17,973     84     6,510     18,057     24,567     —     12/20/2011     2007  

Columbia

   SC     —     659     5,622     214     659     5,836     6,495     (796 )   05/10/2006     1985  

Columbia

   SC     —     410     2,535     215     410     2,750     3,160     (81 )   09/17/2010     1982  

Columbia

   SC     —     370     2,986     100     370     3,086     3,456     (94 )   09/17/2010     1982  

Memphis

   TN     —     1,630     5,645     178     1,630     5,823     7,453     (179 )   09/17/2010     1985  

Waco

   TX     —     2,030     8,708     788     2,060     9,466     11,526     (3,254 )   12/23/1997     1997  

Falls Church

   VA     —     3,456     14,828     4,463     3,519     19,228     22,747     (7,413 )   03/31/1997     1993  

Stafford

   VA     —     1,431     3,344     —     1,431     3,344     4,775     (42 )   06/22/2011     1988  

Stafford

   VA     —     659     4,121     —     659     4,121     4,780     (52 )   06/22/2011     1999  

S. Burlington

   VT     —     700     8,416     —     700     8,416     9,116     (367 )   04/09/2010     2009  

Richland

   WA     —     2,515     10,790     673     2,587     11,391     13,978     (4,195 )   03/31/1997     1995  

Richland

   WA     —     1,455     6,245     161     1,455     6,406     7,861     (2,375 )   03/31/1997     1995  

Milwaukee

   WI     —     945     4,539     73     945     4,612     5,557     (66 )   06/09/2011     2006  

Falling Waters

   WV     —     906     3,886     217     922     4,087     5,009     (1,491 )   03/31/1997     1993  

Cheyenne

   WY     —     1,915     8,217     1,075     1,950     9,257     11,207     (3,480 )   03/31/1997     1995  
                                                   

      $ 95,383   $ 223,605   $ 1,060,372   $ 70,691   $ 224,674   $ 1,129,994   $ 1,354,668   $ (156,618 )            
                                                   
(1)
Excludes value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $1,212,604.

(2)
Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to 12 years.

S-2


GOVERNMENT PROPERTIES INCOME TRUST

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2011

(dollars in thousands)

        Analysis of the carrying amount of real estate properties and accumulated depreciation:

 
   Real Estate
Properties 		  Accumulated
Depreciation 		 

Balance at December 31, 2008

   $ 490,475   $ 100,034  

Additions

     86,799     13,510  

Disposals

     (517 )   (517 )
           

Balance at December 31, 2009

     576,757     113,027  

Additions

     400,736     18,019  
           

Balance at December 31, 2010

     977,493     131,046  

Additions

     378,489     26,886  

Disposals

     (1,314 )   (1,314 )
           

Balance at December 31, 2011

   $ 1,354,668   $ 156,618  
           

S-3


 SIGNATURES

        Pursuant to the requirements of Section 13 and 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    GOVERNMENT PROPERTIES INCOME TRUST

 
 
By:
 
/s/ DAVID M. BLACKMAN
 David M. Blackman
 President and Chief Operating Officer

 
 
Dated: February 23, 2012

        Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant, in the capacities and on the dates indicated.

Signature
 
Title
 
Date

 
 
 
 
 
/s/ DAVID M. BLACKMAN
 David M. Blackman		   President and Chief Operating Officer   February 23, 2012

/s/ MARK L. KLEIFGES
 Mark L. Kleifges
 
Treasurer and Chief Financial Officer (principal financial officer and principal accounting officer)
 
February 23, 2012

/s/ ADAM D. PORTNOY
 Adam D. Portnoy
 
Managing Trustee
 
February 23, 2012

/s/ BARRY M. PORTNOY
 Barry M. Portnoy
 
Managing Trustee
 
February 23, 2012

/s/ JOHN L. HARRINGTON
 John L. Harrington
 
Independent Trustee
 
February 23, 2012

/s/ BARBARA D. GILMORE
 Barbara D. Gilmore
 
Independent Trustee
 
February 23, 2012

/s/ JEFFREY P. SOMERS
 Jeffrey P. Somers
 
Independent Trustee
 
February 23, 2012


EX-3.2 2 a2207378zex-3_2.htm EX-3.2

Exhibit 3.2

 

 

GOVERNMENT PROPERTIES INCOME TRUST

 

 

AMENDED AND RESTATED BYLAWS

 

 

February 21, 2012

 

 


 

Table of Contents

 

ARTICLE I OFFICES

1

Section 1.1.

Principal Office

1

Section 1.2.

Additional Offices

1

 

 

 

ARTICLE II MEETINGS OF SHAREHOLDERS

1

Section 2.1.

Place

1

Section 2.2.

Annual Meeting

1

Section 2.3.

Special Meetings

1

Section 2.4.

Notice of Regular or Special Meetings

1

Section 2.5.

Notice of Adjourned Meetings

2

Section 2.6.

Scope of Meetings

2

Section 2.7.

Organization of Shareholder Meetings

2

Section 2.8.

Quorum

3

Section 2.9.

Voting

3

Section 2.10.

Proxies

4

Section 2.11.

Record Date

4

Section 2.12.

Voting of Shares by Certain Holders

4

Section 2.13.

Inspectors

4

Section 2.14.

Nominations and Other Proposals to be Considered at Meetings of Shareholders

5

Section 2.14.1.

Annual Meetings of Shareholders

5

Section 2.14.2.

Shareholder Nominations or Other Proposals Causing Covenant Breaches or Defaults

12

Section 2.14.3.

Shareholder Nominations or Other Proposals Requiring Governmental Action

13

Section 2.14.4.

Special Meetings of Shareholders

13

Section 2.14.5.

General

14

Section 2.15.

No Shareholder Actions by Written Consent

16

Section 2.16.

Voting by Ballot

16

Section 2.17.

Proposals of Business Which Are Not Proper Matters For Action By Shareholders

16

 

 

 

ARTICLE III TRUSTEES

16

Section 3.1.

General Powers; Qualifications; Trustees Holding Over

16

Section 3.2.

Independent Trustees and Managing Trustees

17

Section 3.3.

Number and Tenure

17

Section 3.4.

Annual and Regular Meetings

17

Section 3.5.

Special Meetings

17

Section 3.6.

Notice

18

Section 3.7.

Quorum

18

Section 3.8.

Voting

18

Section 3.9.

Telephone Meetings

18

Section 3.10.

Action by Written Consent of Trustees

18

Section 3.11.

Waiver of Notice

19

Section 3.12.

Vacancies

19

 

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Section 3.13.

Compensation

19

Section 3.14.

Removal of Trustees

19

Section 3.15.

Surety Bonds

19

Section 3.16.

Reliance

19

Section 3.17.

Interested Trustee Transactions

20

Section 3.18.

Qualifying Shares Not Required

20

Section 3.19.

Certain Rights of Trustees, Officers, Employees and Agents

20

Section 3.20.

Emergency Provisions

20

 

 

 

ARTICLE IV COMMITTEES

20

Section 4.1.

Number; Tenure and Qualifications

20

Section 4.2.

Powers

20

Section 4.3.

Meetings

21

Section 4.4.

Telephone Meetings

21

Section 4.5.

Action by Written Consent of Committees

21

Section 4.6.

Vacancies

21

 

 

 

ARTICLE V OFFICERS

21

Section 5.1.

General Provisions

21

Section 5.2.

Removal and Resignation

22

Section 5.3.

Vacancies

22

Section 5.4.

Chief Executive Officer

22

Section 5.5.

Chief Operating Officer

22

Section 5.6.

Chief Financial Officer

22

Section 5.7.

Chairman and Vice Chairman of the Board

22

Section 5.8.

President

22

Section 5.9.

Vice Presidents

23

Section 5.10.

Secretary

23

Section 5.11.

Treasurer

23

Section 5.12.

Assistant Secretaries and Assistant Treasurers

23

 

 

 

ARTICLE VI CONTRACTS, LOANS, CHECKS AND DEPOSITS

23

Section 6.1.

Contracts

23

Section 6.2.

Checks and Drafts

23

Section 6.3.

Deposits

24

 

 

 

ARTICLE VII SHARES

24

Section 7.1.

Certificates

24

Section 7.2.

Transfers

24

Section 7.3.

Lost Certificates

24

Section 7.4.

Closing of Transfer Books or Fixing of Record Date

24

Section 7.5.

Share Ledger

25

Section 7.6.

Fractional Shares; Issuance of Units

25

 

 

 

ARTICLE VIII INDEMNIFICATION AND ADVANCEMENT OF EXPENSES

25

Section 8.1.

Indemnification and Advancement of Expenses

25

 

 

 

ARTICLE IX REGULATORY COMPLIANCE AND DISCLOSURE

26

Section 9.1.

Actions Requiring Regulatory Compliance Implicating the Trust

26

 

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Section 9.2.

Compliance With Law

27

Section 9.3.

Limitation on Voting Shares or Proxies

27

Section 9.4.

Representations, Warranties and Covenants Made to Governmental or Regulatory Bodies

28

Section 9.5.

Board of Trustees’ Determinations

28

 

 

 

ARTICLE X ARBITRATION PROCEDURES FOR DISPUTES

28

Section 10.1.

Procedures for Arbitration of Disputes

28

Section 10.2.

Arbitrators

28

Section 10.3.

Place of Arbitration

29

Section 10.4.

Discovery

29

Section 10.5.

Awards

29

Section 10.6.

Costs and Expenses

29

Section 10.7.

Final and Binding

29

Section 10.8.

Beneficiaries

30

 

 

 

ARTICLE XI FISCAL YEAR

30

Section 11.1.

Fiscal Year

30

 

 

 

ARTICLE XII DIVIDENDS AND OTHER DISTRIBUTIONS

30

Section 12.1.

Dividends and Other Distributions

30

 

 

 

ARTICLE XIII SEAL

30

Section 13.1.

Seal

30

Section 13.2.

Affixing Seal

30

 

 

 

ARTICLE XIV WAIVER OF NOTICE

30

Section 14.1.

Waiver of Notice

30

 

 

 

ARTICLE XV AMENDMENT OF BYLAWS

31

Section 15.1.

Amendment of Bylaws

31

 

 

 

ARTICLE XVI MISCELLANEOUS

31

Section 16.1.

References to Declaration of Trust

31

Section 16.2.

Costs and Expenses

31

Section 16.3.

Ratification

31

Section 16.4.

Ambiguity

32

Section 16.5.

Inspection of Bylaws

32

Section 16.6.

Election to be Subject to Part of Title 3, Subtitle 8

32

Section 16.7.

Control Share Acquisition Act

32

 

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GOVERNMENT PROPERTIES INCOME TRUST

 

AMENDED AND RESTATED BYLAWS

 

These AMENDED AND RESTATED BYLAWS (the “Bylaws”) are made as of the date set forth above by the Trustees (as defined below).

 

ARTICLE I

 

OFFICES

 

Section 1.1.            Principal Office.  The principal office of the Trust shall be located at such place or places as the Board of Trustees may designate.

 

Section 1.2.            Additional Offices.  The Trust may have additional offices at such places as the Board of Trustees may from time to time determine or the business of the Trust may require.

 

ARTICLE II

 

MEETINGS OF SHAREHOLDERS

 

Section 2.1.            Place.  All meetings of shareholders shall be held at the principal office of the Trust or at such other place as is designated by the Trustees or the chairman of the board or president.

 

Section 2.2.            Annual Meeting.  An annual meeting of the shareholders for the election of Trustees and the transaction of any business within the powers of the Trust shall be held at such times as the Trustees may designate.  Failure to hold an annual meeting does not invalidate the Trust’s existence or affect any otherwise valid acts of the Trust.

 

Section 2.3.            Special Meetings.  Special meetings of shareholders may be called only by a majority of the Trustees then in office.  If there shall be no Trustees, the officers of the Trust shall promptly call a special meeting of the shareholders entitled to vote for the election of successor Trustees for the purpose of electing Trustees.

 

Section 2.4.            Notice of Regular or Special Meetings.  Notice given in writing or by electronic transmission specifying the place, day and hour of any regular or special meeting, the purposes of the meeting, to the extent required by law to be provided, and all other matters required by law shall be given to each shareholder of record entitled to vote, by mail, postage prepaid, sent to his or her address appearing on the books of the Trust or theretofore given by him or her to the Trust for the purpose of notice, by presenting it to such shareholder personally, by leaving it at the shareholder’s residence or usual place of business or by any other means permitted by Maryland law.  If mailed, such notice shall be deemed to be given once deposited in the U.S. mail addressed to the shareholder at his or her post office address as it appears on the

 


 

records of the Trust, with postage thereon prepaid.  If transmitted electronically, such notice shall be deemed to be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder receives electronic transmissions.It shall be the duty of the secretary to give notice of each meeting of the shareholders.  The Trust may give a single notice to all shareholders who share an address, which single notice shall be effective to any shareholder at such address, unless a shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice.  Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this ARTICLE II or the validity of any proceedings at any such meeting.

 

Section 2.5.            Notice of Adjourned Meetings.  It shall not be necessary to give notice of the time and place of any adjourned meeting or of the business to be transacted thereat other than by announcement at the meeting at which such adjournment is taken.

 

Section 2.6.            Scope of Meetings.  Except as otherwise expressly set forth elsewhere in these Bylaws, no business shall be transacted at an annual or special meeting of shareholders except as specifically designated in the notice or otherwise properly brought before the meeting of shareholders by or at the direction of the Board of Trustees.

 

Section 2.7.            Organization of Shareholder Meetings.  Every meeting of shareholders shall be conducted by an individual appointed by the Board of Trustees to be chairperson of the meeting or, in the absence of such appointment or the absence of the appointed individual, by the chairman of the board or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers present at the meeting in the following order: the vice chairman of the board, if there be one, the president, the vice presidents in their order of seniority, the secretary or, in the absence of such officers, a chairperson chosen by the shareholders by the vote of holders of shares of beneficial interest representing a majority of the votes cast on such appointment by shareholders present in person or represented by proxy.  The secretary, an assistant secretary or a person appointed by the Trustees or, in the absence of such appointment, a person appointed by the chairperson of the meeting shall act as secretary of the meeting and record the minutes of the meeting.  If the secretary presides as chairperson at a meeting of the shareholders, then the secretary shall not also act as secretary of the meeting and record the minutes of the meeting.  The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairperson of the meeting.  The chairperson of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairperson, are appropriate for the proper conduct of the meeting, including, without limitation: (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Trust, their duly authorized proxies or other such persons as the chairperson of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Trust entitled to vote on such matter, their duly authorized proxies or other such persons as the chairperson of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) determining when and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any shareholder or other person who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairperson of the meeting; (h) concluding a meeting or

 

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recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security.  Without limiting the generality of the powers of the chairperson of the meeting pursuant to the foregoing provisions, the chairperson may adjourn any meeting of shareholders for any reason deemed necessary by the chairperson, including, without limitation, if (i) no quorum is present for the transaction of the business, (ii) the Board of Trustees or the chairperson of the meeting determines that adjournment is necessary or appropriate to enable the shareholders to consider fully information that the Board of Trustees or the chairperson of the meeting determines has not been made sufficiently or timely available to shareholders or (iii) the Board of Trustees or the chairperson of the meeting determines that adjournment is otherwise in the best interests of the Trust.  Unless otherwise determined by the chairperson of the meeting, meetings of shareholders shall not be required to be held in accordance with the general rules of parliamentary procedure or any otherwise established rules of order.

 

Section 2.8.            Quorum.  At any meeting of shareholders, the presence in person or by proxy of shareholders entitled to cast a majority of all the votes entitled to be cast at such meeting shall constitute a quorum; but this section shall not affect any requirement under any statute or the Declaration of Trust for the vote necessary for the adoption of any measure.  If, however, such quorum shall not be present at any meeting of the shareholders, the chairperson of the meeting shall have the power to adjourn the meeting from time to time without the Trust having to set a new record date or provide any additional notice of such meeting, subject to any obligation of the Trust to give notice pursuant to Section 2.5.  At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.  The shareholders present, either in person or by proxy, at a meeting of shareholders which has been duly called and convened and at which a quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal of enough votes to leave less than a quorum then being present at the meeting.

 

Section 2.9.            Voting.

 

(a)           With regard to election of a Trustee, and except as may be mandated by applicable law or the listing requirements of the principal exchange on which the Trust’s common shares are listed: (i) a plurality of all the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee in an uncontested election; and (ii) a majority of all the votes entitled to be cast in the election of Trustees at a meeting of shareholders duly called and at which a quorum is present shall be required to elect a Trustee in a contested election (which, for purposes of these Bylaws, is an election at which the number of nominees exceeds the number of Trustees to be elected at the meeting).  Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted.

 

(b)           With regard to any other matter which may properly come before a meeting of shareholders duly called and at which a quorum is present, and except as may be mandated by applicable law, by the listing requirements of the principal exchange on which the Trust’s common shares are listed or by a specific provision of the Declaration of Trust, the vote required for approval shall be the affirmative vote of 75% of the votes entitled to be cast for each such matter unless such matter has been previously approved

 

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by the Board of Trustees, in which case the vote required for approval shall be a majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present.

 

Section 2.10.          Proxies.  A shareholder may cast the votes entitled to be cast by him or her either in person or by proxy executed by the shareholder or by his or her duly authorized agent in any manner permitted by law.  Such proxy shall be filed with such officer of the Trust or third party agent as the Board of Trustees shall have designated for such purpose for verification at or prior to such meeting.  Any proxy relating to the Trust’s shares of beneficial interest shall be valid until the expiration date therein or, if no expiration is so indicated, for such period as is permitted pursuant to Maryland law.  At a meeting of shareholders, all questions concerning the qualification of voters, the validity of proxies, and the acceptance or rejection of votes, shall be decided by or on behalf of the chairperson of the meeting, subject to Section 2.13.

 

Section 2.11.          Record Date.  The Board of Trustees may fix the date for determination of shareholders entitled to notice of and to vote at a meeting of shareholders.  If no date is fixed for the determination of the shareholders entitled to vote at any meeting of shareholders, only persons in whose names shares entitled to vote are recorded on the share records of the Trust at the opening of business on the day of any meeting of shareholders shall be entitled to vote at such meeting.

 

Section 2.12.          Voting of Shares by Certain Holders.  Shares of the Trust registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such shares pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or pursuant to an agreement of the partners of the partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such shares.  Any trustee or fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

 

Section 2.13.          Inspectors.

 

(a)           Before or at any meeting of shareholders, the chairperson of the meeting may appoint one or more persons as inspectors for such meeting.  Such inspectors, if any, shall (i) ascertain and report the number of shares of beneficial interest represented at the meeting, in person or by proxy and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chairperson of the meeting and (iv) perform such other acts as are proper to conduct the election or voting at the meeting.

 

(b)           Each report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting.  If there is more than one inspector, the report of a majority shall be the report of the inspectors.  The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

 

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Section 2.14.          Nominations and Other Proposals to be Considered at Meetings of Shareholders.  Nominations of individuals for election to the Board of Trustees and the proposal of other business to be considered by the shareholders at meetings of shareholders may be properly brought before the meeting only as set forth in this Section 2.14.  All judgments and determinations made by the Board of Trustees or the chairperson of the meeting, as applicable, under this Section 2.14 (including, without limitation, judgments and determinations as to the propriety of a proposed nomination or a proposal of other business for consideration by shareholders) shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

 

Section 2.14.1.                       Annual Meetings of Shareholders.

 

(a)           A shareholder of the Trust may recommend to the Nominating and Governance Committee of the Board of Trustees an individual as a nominee for election to the Board of Trustees.  Such recommendation shall be made by written notice to the Chair of such committee and the Secretary of the Trust, which notice should contain or be accompanied by the information and documents with respect to such recommended nominee and shareholder that such shareholder believes to be relevant or helpful to the Nominating and Governance Committee’s deliberations.  In considering such recommendation, the Nominating and Governance Committee may request additional information concerning the recommended nominee or the shareholder making the recommendation.  The Nominating and Governance Committee of the Board of Trustees will consider any such recommendation in its discretion.  A shareholder seeking to make a nomination of an individual for election to the Board of Trustees must make such nomination in accordance with Section 2.14.1(b)(ii).

 

(b)           Nominations of individuals for election to the Board of Trustees at an annual meeting of shareholders may be properly brought before the meeting (i) pursuant to the Trust’s notice of meeting by or at the direction of the Board of Trustees or (ii) by any one or more shareholders of the Trust who (A) (1) at the date of the giving of the notice provided for in this Section 2.14.1, individually or in the aggregate, hold at least 3% of the Trust’s shares of beneficial interest entitled to vote at the meeting on such election and have held such shares continuously for at least three years, and (2) continuously hold such shares through and including the time of the annual meeting (including any adjournment or postponement thereof), (B) are each a shareholder of record of the Trust at the time of giving the notice provided for in this Section 2.14.1 through and including the time of the annual meeting (including any adjournment or postponement thereof), (C) are each entitled to make nominations and to vote at the meeting on such election and (D) comply with the notice procedures set forth in this Section 2.14.1 as to such nomination.  Section 2.14.1(b)(ii) shall be the exclusive means for any shareholder to make nominations of individuals for election to the Board of Trustees.

 

(c)           The proposal of business to be considered by the shareholders at an annual meeting of shareholders, other than the nomination of individuals for election to the Board of Trustees, may be properly brought before the meeting (i) pursuant to the Trust’s notice of meeting by or at the direction of the Board of Trustees or (ii) by any shareholder

 

5


 

of the Trust who (A) has continuously held at least $2,000 in market value, or 1%, of the Trust’s shares entitled to vote at the meeting on the proposal for such business for at least one year from the date such shareholder gives the notice provided for in this Section 2.14.1, and continuously holds such shares through and including the time of the annual meeting (including any adjournment or postponement thereof), (B) is a shareholder of record at the time of giving the notice provided for in this Section 2.14.1 through and including the time of the annual meeting (including any adjournment or postponement thereof), (C) is entitled to propose such business and to vote at the meeting on the proposal for such business and (D) complies with the notice procedures set forth in this Section 2.14.1 as to such business.  Section 2.14.1(c)(ii) shall be the exclusive means for a shareholder to propose business before an annual meeting of shareholders, except (x) to the extent of matters which are required to be presented to shareholders by applicable law which have been properly presented in accordance with the requirements of such law and (y) nominations of individuals for election to the Board of Trustees shall be made in accordance with Section 2.14.1(b).  For purposes of determining compliance with the requirement in subclause (A) of Section 2.14.1(c)(ii), the market value of the Trust’s shares held by the applicable shareholder shall be determined by multiplying the number of shares such shareholder continuously held for that one-year period by the highest selling price of the Trust shares as reported on the principal exchange on which the Trust’s common shares are listed for trading during the 60 calendar days before the date such notice was submitted.

 

(d)           For nominations for election to the Board of Trustees or other business to be properly brought before an annual meeting by one or more shareholders pursuant to Section 2.14.1, such shareholder(s) shall have given timely notice thereof in writing to the secretary of the Trust in accordance with this Section 2.14 and such other business shall otherwise be a proper matter for action by shareholders.  To be timely, the notice of such shareholder(s) shall set forth all information required under this Section 2.14 and shall be delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern Time) on the 120th day nor earlier than the 150th day prior to the first anniversary of the date of the proxy statement for the preceding year’s annual meeting; provided, however, that in the event that the annual meeting is called for a date that is more than 30 days earlier or later than the first anniversary of the date of the preceding year’s annual meeting, notice by such shareholder(s) to be timely shall be so delivered not later than 5:00 p.m. (Eastern Time) on the 10th day following the earlier of the day on which (i) notice of the date of the annual meeting is mailed or otherwise made available or (ii) public announcement of the date of the annual meeting is first made by the Trust. Neither the postponement or adjournment of an annual meeting, nor the public announcement of such postponement or adjournment, shall commence a new time period for the giving of a notice of one or more shareholders as described above. No shareholder may give a notice to the secretary described in this Section 2.14.1(d) unless such shareholder holds a certificate for all shares of beneficial interest of the Trust owned by such shareholder during all times described in Section 2.14.1(b), in the case of a nomination of one or more individuals for election to the Board of Trustees, or Section 2.14.1(c), in the case of the proposal of other business, and a copy of each such certificate held by such shareholder at the time of giving such notice shall accompany such shareholder’s notice to the secretary in order for such notice to be effective.

 

6

 

A notice of one or more shareholders pursuant to this Section 2.14.1 shall set forth:

 

(A)                              separately as to each individual whom such shareholder(s) propose to nominate for election or reelection as a Trustee (a “Proposed Nominee”) and any Proposed Nominee Associated Person (as defined in Section 2.14.1(g)), (1) the name, age, business address and residence address of such Proposed Nominee and the name and address of such Proposed Nominee Associated Person, (2) a statement of whether such Proposed Nominee is proposed for nomination as an Independent Trustee (as defined in Section 3.2) or a Managing Trustee (as defined in Section 3.2) and a description of such Proposed Nominee’s qualifications to be an Independent Trustee or Managing Trustee, as the case may be, and such Proposed Nominee’s qualifications to be a Trustee pursuant to the criteria set forth in Section 3.1, (3) the class, series and number of any shares of beneficial interest of the Trust that are, directly or indirectly, beneficially owned or owned of record by such Proposed Nominee or by such Proposed Nominee Associated Person, (4) the date such shares were acquired and the investment intent of such acquisition, (5) a description of all purchases and sales of securities of the Trust by such Proposed Nominee or by such Proposed Nominee Associated Person during the previous 36 month period, including the date of the transactions, the class, series and number of securities involved in the transactions and the consideration involved, (6) a description of all Derivative Transactions (as defined in Section 2.14.1(g)) by such Proposed Nominee or by such Proposed Nominee Associated Person during the previous 36 month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, the transactions, such description to include, without limitation, all information that such Proposed Nominee or Proposed Nominee Associated Person would be required to report on an Insider Report (as defined in Section 2.14.1(g)) if such Proposed Nominee or Proposed Nominee Associated Person were a Trustee of the Trust or the beneficial owner of more than 10% of the shares of the Trust at the time of the transactions, (7) any performance related fees (other than an asset based fee) to which such Proposed Nominee or such Proposed Nominee Associated Person is entitled based on any increase or decrease in the value of any shares of beneficial interest of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative

 

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Transaction, if any, including, without limitation, any such interests held by members of such Proposed Nominee’s or such Proposed Nominee Associated Person’s immediate family sharing the same household with such Proposed Nominee or such Proposed Nominee Associated Person, (8) any proportionate interest in shares of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative Transaction held, directly or indirectly, by a general or limited partnership in which such Proposed Nominee or such Proposed Nominee Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner, (9) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among any shareholder making the nomination, any Proposed Nominee Associated Person, or any of their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each Proposed Nominee, or his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (the “S.E.C.”) (and any successor regulation), if any shareholder making the nomination and any Proposed Nominee Associated Person on whose behalf the nomination is made, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such rule and the Proposed Nominee were a director or executive officer of such registrant, (10) any rights to dividends on the shares of beneficial interest of the Trust owned beneficially by such Proposed Nominee or such Proposed Nominee Associated Person that are separated or separable from the underlying shares of the Trust, (11) to the extent known by such Proposed Nominee or such Proposed Nominee Associated Person, the name and address of any other person who owns, of record or beneficially, any shares of beneficial interest of the Trust and who supports the Proposed Nominee for election or reelection as a Trustee, and (12) all other information relating to such Proposed Nominee or such Proposed Nominee Associated Person that is required to be disclosed in solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case, pursuant

 

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to Section 14 (or any successor provision) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder;

 

(B)                                as to any other business that the shareholder proposes to bring before the meeting, (1) a description of such business, (2) the reasons for proposing such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined in Section 2.14.1(g)), including any anticipated benefit to such shareholder or any Shareholder Associated Person therefrom, (3) a description of all agreements, arrangements and understandings between such shareholder and Shareholder Associated Person amongst themselves or with any other person or persons (including their names) in connection with the proposal of such business by such shareholder and (4) a representation that such shareholder intends to appear in person or by proxy at the meeting to bring the business before the meeting;

 

(C)                                separately as to each shareholder giving the notice and any Shareholder Associated Person, (1) the class, series and number of all shares of the Trust that are owned of record by such shareholder or by such Shareholder Associated Person, if any, (2) the class, series and number of, and the nominee holder for, any shares of beneficial interests of the Trust that are owned, directly or indirectly, beneficially but not of record by such shareholder or by such Shareholder Associated Person, if any, (3) with respect to the shares referenced in the foregoing clauses (1) and (2), the date such shares were acquired and the investment intent of such acquisition, and (4) all information relating to such shareholder and Shareholder Associated Person that is required to be disclosed in connection with the solicitation of proxies for election of Trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case, pursuant to Section 14 (or any successor provision) of the Exchange Act and the rules and regulations promulgated thereunder;

 

(D)                               separately as to each shareholder giving the notice and any Shareholder Associated Person, (1) the name and address of such shareholder, as they appear on the Trust’s share ledger and the current name and address, if different, of

 

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such shareholder and Shareholder Associated Person and (2) the investment strategy or objective, if any, of such shareholder or Shareholder Associated Person and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such shareholder or Shareholder Associated Person;

 

(E)                                 separately as to each shareholder giving the notice and any Shareholder Associated Person, (1) a description of all purchases and sales of securities of the Trust by such shareholder or Shareholder Associated Person during the previous 36 month period, including the date of the transactions, the class, series and number of securities involved in the transactions and the consideration involved, (2) a description of all Derivative Transactions by such shareholder or Shareholder Associated Person during the previous 36 month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, the transactions, such description to include, without limitation, all information that such shareholder or Shareholder Associated Person would be required to report on an Insider Report if such shareholder or Shareholder Associated Person were a Trustee of the Trust or the beneficial owner of more than 10% of the shares of the Trust at the time of the transactions, (3) any performance related fees (other than an asset based fee) to which such shareholder or Shareholder Associated Person is entitled based on any increase or decrease in the value of shares of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative Transaction, if any, as of the date of such notice, including, without limitation, any such interests held by members of such shareholder’s or Shareholder Associated Person ‘s immediate family sharing the same household with such shareholder or Shareholder Associated Person, (4) any proportionate interest in shares of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative Transaction held, directly or indirectly, by a general or limited partnership in which such shareholder or Shareholder Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner and (5) any rights to dividends on the shares of the Trust owned beneficially by such shareholder or

 

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Shareholder Associated Person that are separated or separable from the underlying shares of the Trust;

 

(F)                                 to the extent known by the shareholder giving the notice, the name and address of any other person who owns, beneficially or of record, any shares of beneficial interest of the Trust and who supports the nominee for election or reelection as a Trustee or the proposal of other business; and

 

(G)                                if more than one class or series of beneficial interest in the Trust is outstanding, the class and series of shares of beneficial interest of the Trust entitled to vote for such Proposed Nominee and/or shareholder’s proposal, as applicable.

 

(e)           A notice of one or more shareholders making a nomination pursuant to Section 2.14.1(b)(ii) shall be accompanied by:

 

(i) a signed and notarized statement of each shareholder giving the notice certifying that (1) all information contained in the notice is true and complete in all respects, (2) the notice complies with this Section 2.14.1, and (3) such shareholder will continue to hold all shares referenced in Section 2.14.1(b)(ii)(A) through and including the time of the annual meeting (including any adjournment or postponement thereof); and

 

(ii) a signed and notarized certificate of each Proposed Nominee (1) certifying that the information contained in the notice regarding such Proposed Nominee and any Proposed Nominee Associated Person is true and complete and complies with this Section 2.14.1 and (2) consenting to being named in the shareholder’s proxy statement as a nominee and to serving as a Trustee if elected.

 

(f)            Notwithstanding anything in the second sentence of Section 2.14.1(d) to the contrary, in the event that the number of Trustees to be elected to the Board of Trustees is increased and there is no public announcement of such action at least 130 days prior to the first anniversary of the date of the proxy statement for the preceding year’s annual meeting, a shareholder’s notice required by this Section 2.14.1 also shall be considered timely, but only with respect to nominees for any new positions created by such increase, if the notice is delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern Time) on the 10th day immediately following the day on which such public announcement is first made by the Trust.

 

(g)           For purposes of this Section 2.14, (i) “Shareholder Associated Person” of any shareholder shall mean (A) any person acting in concert with, such shareholder, (B) any direct or indirect beneficial owner of shares of beneficial interest of the Trust owned

 

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of record or beneficially by such shareholder and (C) any person controlling, controlled by or under common control with such shareholder or a Shareholder Associated Person; (ii) “Proposed Nominee Associated Person” of any Proposed Nominee shall mean (A) any person acting in concert with such Proposed Nominee, (B) any direct or indirect beneficial owner of shares of beneficial interest of the Trust owned of record or beneficially by such Proposed Nominee and (C) any person controlling, controlled by or under common control with such Proposed Nominee or a Proposed Nominee Associated Person; (iii) “Derivative Transaction” by a person shall mean any (A) transaction in, or arrangement, agreement or understanding with respect to, any option, warrant, convertible security, stock appreciation right or similar right with an exercise, conversion or exchange privilege, or settlement payment or mechanism related to, any security of the Trust, or similar instrument with a value derived in whole or in part from the value of a security of the Trust, in any such case whether or not it is subject to settlement in a security of the Trust or otherwise or (B) any transaction, arrangement, agreement or understanding which included or includes an opportunity for such person, directly or indirectly, to profit or share in any profit derived from any increase or decrease in the value of any security of the Trust, to mitigate any loss or manage any risk associated with any increase or decrease in the value of any security of the Trust or to increase or decrease the number of securities of the Trust which such person was, is or will be entitled to vote, in any such case whether or not it is subject to settlement in a security of the Trust or otherwise; and (iv) “Insider Report” shall mean a statement required to be filed pursuant to Section 16 of the Exchange Act (or any successor provisions) by a person who is a Trustee of the Trust or who is directly or indirectly the beneficial owner of more than 10% of the shares of the Trust.

 

Section 2.14.2.                       Shareholder Nominations or Other Proposals Causing Covenant Breaches or Defaults.  At the same time as the submission of any shareholder nomination or proposal of other business to be considered at a shareholders meeting that, if approved and implemented by the Trust, would cause the Trust or any subsidiary (as defined in Section 2.14.5(c)) of the Trust  to be in breach of any covenant of the Trust or any subsidiary of the Trust or otherwise cause a default (in any case, with or without notice or lapse of time) in any existing debt instrument or agreement of the Trust or any subsidiary of the Trust or other material contract or agreement of the Trust or any subsidiary of the Trust, the proponent shareholder or shareholders shall submit to the secretary at the principal executive offices of the Trust (a) evidence satisfactory to the Board of Trustees of the lender’s or contracting party’s willingness to waive the breach of covenant or default or (b) a detailed plan for repayment of the indebtedness to the lender or curing the contractual breach or default and satisfying any resulting damage claim, specifically identifying the actions to be taken or the source of funds, which plan must be satisfactory to the Board of Trustees in its discretion, and evidence of the availability to the Trust of substitute credit or contractual arrangements similar to the credit or contractual arrangements which are implicated by the shareholder nomination or other proposal that are at least as favorable to the Trust, as determined by the Board of Trustees in its discretion.  As an example and not as a limitation, at the time these Bylaws are being amended and restated, the Trust is party to a bank credit facility that contains covenants which prohibit certain changes in the management and policies of the Trust without the approval of the lenders; accordingly, a shareholder nomination or proposal which implicates these covenants shall be accompanied by a waiver of these covenants duly executed by the banks or by evidence satisfactory to the Board of

 

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Trustees of the availability of funding to the Trust to repay outstanding indebtedness under this credit facility and of the availability of a new credit facility on terms as favorable to the Trust as the existing credit facility.

 

Section 2.14.3.                       Shareholder Nominations or Other Proposals Requiring Governmental Action.  If (a) submission of any shareholder nomination or proposal of other business to be considered at a shareholders meeting that could not be considered or, if approved, implemented by the Trust without the Trust, any subsidiary of the Trust, the proponent shareholder, any Proposed Nominee of such shareholder, any Proposed Nominee Associated Person of such Proposed Nominee, any Shareholder Associated Person of such shareholder, the holder of proxies or their respective affiliates or associates filing with or otherwise notifying or obtaining the consent, approval or other action of any federal, state, municipal or other governmental or regulatory body (a “Governmental Action”) or (b) such shareholder’s ownership of shares of the Trust or any solicitation of proxies or votes or holding or exercising proxies by such shareholder, any Proposed Nominee of such shareholder, any Proposed Nominee Associated Person of such Proposed Nominee, any Shareholder Associated Person of such shareholder, or their respective affiliates or associates would require Governmental Action, then, at the same time as the submission of any shareholder nomination or proposal of other business to be considered at a shareholders meeting, the proponent shareholder or shareholders shall submit to the secretary at the principal executive offices of the Trust (x) evidence satisfactory to the Board of Trustees that any and all Governmental Action has been given or obtained, including, without limitation, such evidence as the Board of Trustees may require so that any nominee may be determined to satisfy any suitability or other requirements or (y) if such evidence was not obtainable from a governmental or regulatory body by such time despite the shareholder’s diligent and best efforts, a detailed plan for making or obtaining the Governmental Action prior to the election of any such Proposed Nominee or the implementation of such proposal, which plan must be satisfactory to the Board of Trustees in its discretion.  As an example and not as a limitation, at the time these Bylaws are being amended and restated, the Trust holds a controlling ownership position in a company formed and licensed as an insurance company in the State of Indiana.  The laws of the State of Indiana have certain regulatory requirements for any person who seeks to control (as defined under Indiana law) a company which itself controls an insurance company domiciled in the State of Indiana, including by exercising proxies representing 10% or more of its voting securities.  Accordingly, a shareholder who seeks to exercise proxies for a nomination or a proposal affecting the governance of the Trust shall obtain any applicable approvals from the Indiana insurance regulatory authorities prior to exercising such proxies.

 

Section 2.14.4.                       Special Meetings of Shareholders.  As set forth in Section 2.6, only business brought before the meeting pursuant to the Trust’s notice of meeting shall be conducted at a special meeting of shareholders.  Nominations of individuals for election to the Board of Trustees only may be made at a special meeting of shareholders at which Trustees are to be elected: (a) pursuant to the Trust’s notice of meeting; (b) otherwise properly brought before the meeting by or at the direction of the Board of Trustees; or (c) provided that the Board of Trustees has determined that Trustees shall be elected at such special meeting, by any shareholder of the Trust who is a shareholder of record both at the time of giving of notice provided for in this Section 2.14.4 through and including the time of the special meeting, who is

 

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entitled to vote at the meeting on such election and who has complied with the notice procedures and other requirements set forth in this Section 2.14.4.  In the event the Trust calls a special meeting of shareholders for the purpose of electing one or more Trustees to the Board of Trustees, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust’s notice of meeting, if the shareholder satisfies the holding period and certificate requirements set forth in Section 2.14.1(b) and Section 2.14.1(d), the shareholder’s notice contains or is accompanied by the information and documents required by Section 2.14 and the shareholder has given timely notice thereof in writing to the secretary of the Trust at the principal executive offices of the Trust.  To be timely, a shareholder’s notice shall be delivered to the secretary of the Trust at the principal executive offices of the Trust not earlier than the 150th day prior to such special meeting and not later than 5:00 p.m. (Eastern Time) on the later of (i) the 120th day prior to such special meeting or (ii) the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Trustees to be elected at such meeting.  Neither the postponement or adjournment of a special meeting, nor the public announcement of such postponement or adjournment, shall commence a new time period for the giving of a shareholder’s notice as described above.

 

Section 2.14.5.                       General.

 

(a)           If information submitted pursuant to this Section 2.14 by any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall be deemed by the Board of Trustees incomplete or inaccurate, any authorized officer or the Board of Trustees or any committee thereof may treat such information as not having been provided in accordance with this Section 2.14.  Any notice submitted by a shareholder pursuant to this Section 2.14 that is deemed by the Board of Trustees inaccurate, incomplete or otherwise fails to satisfy completely any provision of this Section 2.14 shall be deemed defective and shall thereby render all proposals and nominations set forth in such notice defective.  Upon written request by the secretary of the Trust or the Board of Trustees or any committee thereof (which may be made from time to time), any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within three business days after such request (or such other period as may be specified in such request), (i) written verification, satisfactory to the secretary or any other authorized officer or the Board of Trustees or any committee thereof, in his, her or its discretion, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 2.14, (ii) written responses to information reasonably requested by the secretary, the Board of Trustees or any committee thereof and (iii) a written update, to a current date, of any information submitted by the shareholder pursuant to this Section 2.14 as of an earlier date.  If a shareholder fails to provide such written verification, information or update within such period, the secretary or any other authorized officer or the Board of Trustees may treat the information which was previously provided and to which the verification, request or update relates as not having been provided in accordance with this Section 2.14; provided, however, that no such written verification, response or update shall cure any incompleteness, inaccuracy or failure in any notice provided by a shareholder pursuant to this Section 2.14.  It is the responsibility of a

 

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shareholder who wishes to make a nomination or other proposal to comply with the requirements of Section 2.14; nothing in this Section 2.14.5(a) or otherwise shall create any duty of the Trust, the Board of Trustees or any committee thereof nor any officer of the Trust to inform a shareholder that the information submitted pursuant to this Section 2.14 by or on behalf of such shareholder is incomplete or inaccurate or not otherwise in accordance with this Section 2.14 nor require the Trust, the Board of Trustees, any committee of the Board of Trustees or any officer of the Trust to request clarification or updating of information provided by any shareholder, but the Board of Trustees, a committee thereof or the secretary acting on behalf of the Board of Trustees or a committee, may do so in its, his or her discretion.

 

(b)           Only such individuals who are nominated in accordance with this Section 2.14 shall be eligible for election by shareholders as Trustees and only such business shall be conducted at a meeting of shareholders as shall have been properly brought before the meeting in accordance with this Section 2.14.  The chairperson of the meeting and the Board of Trustees shall each have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 2.14 and, if any proposed nomination or other business is determined not to be in compliance with this Section 2.14, to declare that such defective nomination or proposal be disregarded.

 

(c)           For purposes of this Section 2.14:  (i) “public announcement” shall mean disclosure in (A) a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or any other widely circulated news or wire service or (B) a document publicly filed by the Trust with the S.E.C. pursuant to the Exchange Act; and (ii) “subsidiary” shall include, with respect to a person, any corporation, partnership, joint venture or other entity of which such person (A) owns, directly or indirectly, 10% or more of the outstanding voting securities or other interests or (B) has a person designated by such person serving on, or a right, contractual or otherwise, to designate a person, so to serve on, the board of directors (or analogous governing body).

 

(d)           Notwithstanding the foregoing provisions of this Section 2.14, a shareholder shall also comply with all applicable legal requirements, including, without limitation, applicable requirements of state law and the Exchange Act and the rules and regulations thereunder, with respect to the matters set forth in this Section 2.14.  Nothing in this Section 2.14 shall be deemed to require that a shareholder nomination of an individual for election to the Board of Trustees or a shareholder proposal relating to other business be included in the Trust’s proxy statement, except as may be required by law.

 

(e)           The Board of Trustees may from time to time require any individual nominated to serve as a Trustee to agree in writing with regard to matters of business ethics and confidentiality while such nominee serves as a Trustee, such agreement to be on the terms and in a form (the “Agreement”) determined satisfactory by the Board of Trustees, as amended and supplemented from time to time in the discretion of the Board of Trustees.  The terms of the Agreement may be substantially similar to the Code of Business Conduct and Ethics of the Trust or any similar code promulgated by the Trust

 

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(the “Code of Business Conduct”) or may differ from or supplement the Code of Business Conduct.

 

(f)            Determinations required or permitted to be made under this Section 2.14 by the Board of Trustees may be delegated by the Board of Trustees to a committee of the Board of Trustees, subject to applicable law.

 

Section 2.15.          No Shareholder Actions by Written Consent.  Shareholders shall not be authorized or permitted to take any action required or permitted to be taken at a meeting of shareholders by written consent, and may take such action only at a shareholders meeting of the Trust.

 

Section 2.16.          Voting by Ballot.  Voting on any question or in any election may be by voice vote unless the chairperson of the meeting or any shareholder shall demand that voting be by ballot.

 

Section 2.17.          Proposals of Business Which Are Not Proper Matters For Action By Shareholders.  Notwithstanding anything in these Bylaws to the contrary, subject to applicable law, any shareholder proposal for business the subject matter or effect of which would be within the exclusive purview of the Board of Trustees or would reasonably likely, if considered by the shareholders or approved or implemented by the Trust, result in an impairment of the limited liability status for the Trust’s shareholders, shall be deemed not to be a matter upon which the shareholders are entitled to vote.  The Board of Trustees in its discretion shall be entitled to determine whether a shareholder proposal for business is not a matter upon which the shareholders are entitled to vote pursuant to this Section 2.17, and its decision shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

 

ARTICLE III

 

TRUSTEES

 

Section 3.1.            General Powers; Qualifications; Trustees Holding Over.  The business and affairs of the Trust shall be managed under the direction of its Board of Trustees.  A Trustee shall be an individual at least 21 years of age who is not under legal disability.  To qualify for nomination or election as a Trustee, an individual, at the time of nomination and election, shall, without limitation, (a) have substantial expertise or experience relevant to the business of the Trust and its subsidiaries (as determined by the Board of Trustees), (b) not have been convicted of a felony, (c) meet the qualifications of an Independent Trustee or a Managing Trustee, each as defined in Section 3.2, as the case may be, depending upon the position for which such individual may be nominated and elected and (d) have been nominated for election to the Board of Trustees in accordance with Section 2.14.1(b).  In case of failure to elect Trustees at an annual meeting of the shareholders, the incumbent Trustees shall hold over and continue to direct the management of the business and affairs of the Trust until they may resign or until their successors are elected and qualify.

 

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Section 3.2.           Independent Trustees and Managing Trustees.  A majority of the Trustees holding office shall at all times be Independent Trustees; provided, however, that upon a failure to comply with this requirement as a result of the creation of a temporary vacancy which shall be filled by an Independent Trustee, whether as a result of enlargement of the Board of Trustees or the resignation, removal or death of a Trustee who is an Independent Trustee, such requirement shall not be applicable.  An “Independent Trustee” is one who is not an employee of the Manager (as defined in the Declaration of Trust), who is not involved in the Trust’s day to day activities and who meets the qualifications of an independent director (not including the specific independence requirements applicable only to members of the Audit Committee of the Board of Trustees) under the applicable rules of each securities exchange upon which shares of the Trust are listed for trading and the S.E.C., as those requirements may be amended from time to time.  If the number of Trustees, at any time, is set at less than five, at least one Trustee shall be a Managing Trustee.  So long as the number of Trustees shall be five or greater, at least two Trustees shall be Managing Trustees.  “Managing Trustees” shall mean Trustees who are not Independent Trustees and who have been employees, officers or directors of the Manager or involved in the day to day activities of the Trust for at least one year prior to their election.  If at any time the Board of Trustees shall not be comprised of a majority of Independent Trustees, the Board of Trustees shall take such actions as will cure such condition; provided that the fact that the Board of Trustees does not have a majority of Independent Trustees or has not taken such action at any time or from time to time shall not affect the validity of any action taken by the Board of Trustees.  If at any time the Board of Trustees shall not be comprised of a number of Managing Trustees as is required under this Section 3.2, the Board of Trustees shall take such actions as will cure such condition; provided that the fact that the Board of Trustees does not have the requisite number of Managing Trustees or has not taken such action at any time or from time to time shall not affect the validity of any action taken by the Board of Trustees.

 

Section 3.3.           Number and Tenure.  The number of Trustees constituting the entire Board of Trustees may be increased or decreased from time to time only by a vote of the Trustees; provided however that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees.  The number of Trustees shall be five until increased or decreased by the Board of Trustees.

 

Section 3.4.           Annual and Regular Meetings.  An annual meeting of the Trustees shall be held immediately after the annual meeting of shareholders, no notice other than this Bylaw being necessary.  The time and place of the annual meeting of the Trustees may be changed by the Board of Trustees.  The Trustees may provide, by resolution, the time and place, either within or without the State of Maryland, for the holding of regular meetings of the Trustees without other notice than such resolution.  In the event any such regular meeting is not so provided for, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Trustees.

 

Section 3.5.           Special Meetings.  Special meetings of the Trustees may be called at any time by any Managing Trustee, the president or pursuant to the request of any two Trustees then in office.  The person or persons authorized to call special meetings of the Trustees may fix any place, either within or without the State of Maryland, as the place for holding any special meeting of the Trustees called by them.

 

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Section 3.6.           Notice.  Notice of any special meeting shall be given by written notice delivered personally or by electronic mail, telephoned, facsimile transmitted, overnight couriered (with proof of delivery) or mailed to each Trustee at his or her business or residence address.  Personally delivered, telephoned, facsimile transmitted or electronically mailed notices shall be given at least 24 hours prior to the meeting.  Notice by mail shall be deposited in the U.S.  mail at least 72 hours prior to the meeting.  If mailed, such notice shall be deemed to be given when deposited in the U.S.  mail properly addressed, with postage thereon prepaid.  Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Trust by the Trustee.  Telephone notice shall be deemed given when the Trustee is personally given such notice in a telephone call to which he is a party.  Facsimile transmission notice shall be deemed given upon completion of the transmission of the message to the number given to the Trust by the Trustee and receipt of a completed answer back indicating receipt.  If sent by overnight courier, such notice shall be deemed given when delivered to the courier.  Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the Trustees need be stated in the notice, unless specifically required by statute or these Bylaws.

 

Section 3.7.           Quorum.  A majority of the Trustees shall constitute a quorum for transaction of business at any meeting of the Trustees, provided that, if less than a majority of such Trustees are present at a meeting, a majority of the Trustees present may adjourn the meeting from time to time without further notice, and provided further that if, pursuant to the Declaration of Trust or these Bylaws, the vote of a majority of a particular group of Trustees is required for action, a quorum for that action shall also include a majority of such group.  The Trustees present at a meeting of the Board of Trustees which has been duly called and convened and at which a quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of such number of Trustees as results in less than a quorum then being present at the meeting.

 

Section 3.8.           Voting.  The action of the majority of the Trustees present at a meeting at which a quorum is or was present shall be the action of the Trustees, unless the concurrence of a greater proportion is required for such action by specific provision of an applicable statute, the Declaration of Trust or these Bylaws.  If enough Trustees have withdrawn from a meeting to leave fewer than are required to establish a quorum, but the meeting is not adjourned, the action of the majority of that number of Trustees necessary to constitute a quorum at such meeting shall be the action of the Board of Trustees, unless the concurrence of a greater proportion is required for such action by applicable law, the Declaration of Trust or these Bylaws.

 

Section 3.9.           Telephone Meetings.  Trustees may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time.  Participation in a meeting by these means shall constitute presence in person at the meeting.  Such meeting shall be deemed to have been held at a place designated by the Trustees at the meeting.

 

Section 3.10.         Action by Written Consent of Trustees.  Unless specifically otherwise provided in the Declaration of Trust, any action required or permitted to be taken at any meeting of the Trustees may be taken without a meeting, if a majority of the Trustees shall individually or collectively consent in writing or by electronic transmission to such action.  Such written or

 

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electronic consent or consents shall be filed with the records of the Trust and shall have the same force and effect as the affirmative vote of such Trustees at a duly held meeting of the Trustees at which a quorum was present.

 

Section 3.11.         Waiver of Notice.  The actions taken at any meeting of the Trustees, however called and noticed or wherever held, shall be as valid as though taken at a meeting duly held after regular call and notice if a quorum is present and if, either before or after the meeting, each of the Trustees not present waives notice, consents to the holding of such meeting or approves the minutes thereof.

 

Section 3.12.         Vacancies.  If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or the powers of the remaining Trustees hereunder (even if fewer than three Trustees remain).  Any vacancy on the Board of Trustees may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum.  Any Trustee elected to fill a vacancy, whether occurring due to an increase in size of the Board of Trustees or by the death, resignation or removal of any Trustee, shall hold office for the remainder of the full term of the class of Trustees in which the vacancy occurred or was created and until a successor is elected and qualifies.

 

Section 3.13.         Compensation.  The Trustees shall be entitled to receive such reasonable compensation for their services as Trustees as the Trustees may determine from time to time.  Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Trustees or of any committee thereof; and for their expenses, if any, in connection with each property visit and any other service or activity performed or engaged in as Trustees.  The Trustees shall be entitled to receive remuneration for services rendered to the Trust in any other capacity, and such services may include, without limitation, services as an officer of the Trust, services as an employee of the manager (including Reit Management & Research LLC or its successor), legal, accounting or other professional services, or services as a broker, transfer agent or underwriter, whether performed by a Trustee or any person affiliated with a Trustee.

 

Section 3.14.         Removal of Trustees.  A Trustee may be removed at any time (a) solely with cause, at a meeting of the shareholders properly called for that purpose, by the affirmative vote of the holders of not less than 75% of the shares then outstanding and entitled to vote in the election of such Trustee or (b) with or without cause by the affirmative vote of not less than 75% of the remaining Trustees.

 

Section 3.15.         Surety Bonds.  Unless specifically required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

 

Section 3.16.         Reliance.  Each Trustee, officer, employee and agent of the Trust shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Trust or by the manager (including Reit Management & Research LLC or its successor), accountants, appraisers or other experts or consultants selected by the Board of Trustees or officers of the Trust, regardless of whether such counsel or expert may also be a Trustee.

 

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Section 3.17.         Interested Trustee Transactions.  Section 2-419 of the Maryland General Corporation Law shall be available for and apply to any contract or other transaction between the Trust and any of its Trustees or between the Trust and any other trust, corporation, firm or other entity in which any of its Trustees is a trustee or director or has a material financial interest.

 

Section 3.18.         Qualifying Shares Not Required.  Trustees need not be shareholders of the Trust.

 

Section 3.19.         Certain Rights of Trustees, Officers, Employees and Agents.  A Trustee shall have no responsibility to devote his or her full time to the affairs of the Trust.  Any Trustee or officer, employee or agent of the Trust, in his or her personal capacity or in a capacity as an affiliate, employee or agent of any other person, or otherwise, may have business interests and engage in business activities similar or in addition to those of or relating to the Trust.

 

Section 3.20.               Emergency Provisions.  Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 3.20 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Trustees under ARTICLE III cannot readily be obtained (an “Emergency”).  During any Emergency, unless otherwise provided by the Board of Trustees, (a) a meeting of the Board of Trustees may be called by any Managing Trustee or officer of the Trust by any means feasible under the circumstances and (b) notice of any meeting of the Board of Trustees during such an Emergency may be given less than 24 hours prior to the meeting to as many Trustees and by such means as it may be feasible at the time, including publication, television or radio.

 

ARTICLE IV

 

COMMITTEES

 

Section 4.1.           Number; Tenure and Qualifications.  The Board of Trustees shall appoint an Audit Committee, a Compensation Committee and a Nominating and Governance Committee.  Each of these committees shall be composed of three or more Trustees, to serve at the pleasure of the Board of Trustees.  The Board of Trustees may also appoint other committees from time to time composed of one or more members, at least one of which shall be a Trustee, to serve at the pleasure of the Board of Trustees.  The Board of Trustees shall adopt a charter with respect to the Audit Committee, the Compensation Committee and the Nominating and Governance Committee, which charter shall specify the purposes, the criteria for membership and the responsibility and duties and may specify other matters with respect to each committee.  The Board of Trustees may also adopt a charter with respect to other committees.

 

Section 4.2.           Powers.  The Trustees may delegate any of the powers of the Trustees to committees appointed under Section 4.1 and composed solely of Trustees, except as prohibited by law.  In the event that a charter has been adopted with respect to a committee composed solely of Trustees, the charter shall constitute a delegation by the Trustees of the powers of the Board of Trustees necessary to carry out the purposes, responsibilities and duties of a committee provided in the charter or reasonably related to those purposes, responsibilities and duties, to the extent permitted by law.

 

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Section 4.3.           Meetings.  Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Trustees.  One-third, but not less than one, of the members of any committee shall be present in person at any meeting of a committee in order to constitute a quorum for the transaction of business at a meeting, and the act of a majority present at a meeting at the time of a vote if a quorum is then present shall be the act of a committee.  The Board of Trustees or, if authorized by the Board in a committee charter or otherwise, the committee members may designate a chairman of any committee, and the chairman or, in the absence of a chairman, a majority of any committee may fix the time and place of its meetings unless the Board shall otherwise provide.  In the absence or disqualification of any member of any committee, the members thereof present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another Trustee to act at the meeting in the place of absent or disqualified members.

 

Each committee shall keep minutes of its proceedings and shall periodically report its activities to the full Board of Trustees and, except as otherwise provided by law or under the rules of the S.E.C. and applicable stock exchanges on which the Trust’s shares are listed, any action by any committee shall be subject to revision and alteration by the Board of Trustees, provided that no rights of third persons shall be affected by any such revision or alteration.

 

Section 4.4.           Telephone Meetings.  Members of a committee may participate in a meeting by means of a conference telephone or similar communications equipment and participation in a meeting by these means shall constitute presence in person at the meeting.

 

Section 4.5.           Action by Written Consent of Committees.  Any action required or permitted to be taken at any meeting of a committee of the Trustees may be taken without a meeting, if a consent in writing or by electronic transmission to such action is signed by a majority of the committee and such written or electronic consent is filed with the minutes of proceedings of such committee.

 

Section 4.6.           Vacancies.  Subject to the provisions hereof, the Board of Trustees shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.

 

ARTICLE V

 

OFFICERS

 

Section 5.1.           General Provisions.  The officers of the Trust shall include a president, a secretary and a treasurer and may include a chairman of the board, a vice chairman of the board, a chief executive officer, a chief operating officer, a chief financial officer, one or more vice presidents, one or more assistant secretaries and one or more assistant treasurers.  In addition, the Trustees may from time to time appoint such other officers with such powers and duties as they shall deem necessary or desirable.  The officers of the Trust shall be elected annually by the Trustees at the first meeting of the Trustees held after each annual meeting of shareholders.  If the election of officers shall not be held at such meeting, such election shall be held as soon

 

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thereafter as may be convenient.  Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal in the manner hereinafter provided.  Any two or more offices, except president and vice president, may be held by the same person.  In their discretion, the Trustees may leave unfilled any office except that of president and secretary.  Election of an officer or agent shall not of itself create contract rights between the Trust and such officer or agent.

 

Section 5.2.           Removal and Resignation.  Any officer or agent of the Trust may be removed by the Trustees if in their judgment the best interests of the Trust would be served thereby, but the removal shall be without prejudice to the contract rights, if any, of the person so removed.  Any officer of the Trust may resign at any time by giving notice in writing or by electronic transmission of his or her resignation to the Trustees, the chairman of the board, the president or the secretary.  Any resignation shall take effect at any time specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt.  The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.  A resignation shall be without prejudice to the contract rights, if any, of the Trust.

 

Section 5.3.           Vacancies.  A vacancy in any office may be filled by the Trustees for the balance of the term.

 

Section 5.4.           Chief Executive Officer.  The Trustees may designate a chief executive officer from among the Trustees or elected officers.  The chief executive officer shall have responsibility for implementation of the policies of the Trust, as determined by the Trustees, and for the administration of the business affairs of the Trust.  In the absence of both the chairman and vice chairman of the board, the chief executive officer shall preside over the meetings of the Board of Trustees at which he shall be present.  In the absence of a different designation, the Managing Trustees, or any of them, shall function as the chief executive officer of the Trust.

 

Section 5.5.           Chief Operating Officer.  The Trustees may designate a chief operating officer from among the elected officers.  Said officer will have the responsibilities and duties as set forth by the Trustees or the chief executive officer.

 

Section 5.6.           Chief Financial Officer.  The Trustees may designate a chief financial officer from among the elected officers.  Said officer will have the responsibilities and duties as set forth by the Trustees or the chief executive officer.

 

Section 5.7.           Chairman and Vice Chairman of the Board.  The chairman of the board, if any, and the vice chairman of the board, if any, shall perform such duties as may be assigned to him, her or them by the Trustees.  In the absence of a chairman and vice chairman of the board or if none are appointed, the Managing Trustees, or any of them, shall preside at meetings of the Board of Trustees.

 

Section 5.8.           President.  The president may execute any deed, mortgage, bond, lease, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed, and in general shall perform all duties incident to

 

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the office of president and such other duties as may be prescribed by the chief executive officer or the Trustees.

 

Section 5.9.           Vice Presidents.  In the absence or unavailability of the president, the vice president (or in the event there be more than one vice president, any vice president) shall perform the duties of the president and when so acting shall have all the powers of the president; and shall perform such other duties as from time to time may be assigned to him or her by the president, the chief executive officer or by the Trustees.  The Trustees may designate one or more vice presidents as executive vice presidents, senior vice presidents or as vice presidents for particular areas of responsibility.

 

Section 5.10.         Secretary.  The secretary (or his or her designee) shall (a) keep the minutes of the proceedings of the shareholders, the Trustees and committees of the Trustees in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the Trust records and of the seal of the Trust, if any; (d) maintain a share register, showing the ownership and transfers of ownership of all shares of the Trust, unless a transfer agent is employed to maintain and does maintain such a share register; and (e) in general perform such other duties as from time to time may be assigned to the secretary by the chief executive officer or the Trustees.

 

Section 5.11.         Treasurer.  The treasurer shall have the custody of the funds and securities of the Trust and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Trust and shall deposit all moneys and other valuable effects in the name and to the credit of the Trust in such depositories as may be authorized by the Trustees.  The treasurer shall also have such other responsibilities as may be assigned to him or her by the chief executive officer or the Trustees.

 

Section 5.12.         Assistant Secretaries and Assistant Treasurers.  The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer or the Trustees.

 

ARTICLE VI

 

CONTRACTS, LOANS, CHECKS AND DEPOSITS

 

Section 6.1.           Contracts.  The Board of Trustees may authorize any Trustee, officer or agent (including the Manager or any officer of the Manager) to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances.  Any agreement, deed, mortgage, lease or other document executed by an authorized Trustee, officer or agent shall be valid and binding upon the Trust when authorized or ratified by action of the Trustees.

 

Section 6.2.           Checks and Drafts.  All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Trust shall be signed by such officer or agent of the Trust in such manner as shall from time to time be determined by the treasurer, the chief executive officer or the Trustees.

 

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Section 6.3.           Deposits.  All funds of the Trust not otherwise employed shall be deposited from time to time to the credit of the Trust in such banks, trust companies or other depositories as the treasurer, the chief executive officer or the Trustees may designate.

 

ARTICLE VII

 

SHARES

 

Section 7.1.           Certificates.  Ownership of shares of any class of shares of beneficial ownership of the Trust shall be evidenced by certificates, or at the election of a shareholder in book entry form.  Unless otherwise determined by the Board of Trustees, any such certificates shall be signed by the chief executive officer, the president or a vice president and countersigned by the secretary or an assistant secretary or the treasurer or an assistant treasurer and may be sealed with the seal, if any, of the Trust.  The signatures may be either manual or facsimile.  Certificates shall be consecutively numbered and if the Trust shall from time to time issue several classes of shares, each class may have its own number series.  A certificate is valid and may be issued whether or not an officer who signed it is still an officer when it is issued.

 

Section 7.2.           Transfers.

 

(a)           Shares of the Trust shall be transferable in the manner provided by applicable law, the Declaration of Trust and these Bylaws.  Certificates shall be treated as negotiable and title thereto and to the shares they represent shall be transferred by delivery thereof to the same extent as those of a Maryland stock corporation.

 

(b)           The Trust shall be entitled to treat the holder of record of any share or shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided in these Bylaws or by the laws of the State of Maryland.

 

Section 7.3.           Lost Certificates.  For shares evidenced by certificates, any officer designated by the Trustees may direct a new certificate to be issued in place of any certificate previously issued by the Trust alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the person claiming the certificate to be lost, stolen or destroyed.  When authorizing the issuance of a new certificate, an officer designated by the Trustees may, in such officer’s discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or the owner’s legal representative to advertise the same in such manner as he shall require and/or to give bond, with sufficient surety, to the Trust to indemnify it against any loss or claim which may arise as a result of the issuance of a new certificate.

 

Section 7.4.           Closing of Transfer Books or Fixing of Record Date.

 

(a)           The Trustees may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or

 

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determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose.

 

(b)           In lieu of fixing a record date, the Trustees may provide that the share transfer books shall be closed for a stated period but not longer than 20 days.  If the share transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least 10 days before the date of such meeting.

 

(c)           If no record date is fixed and the share transfer books are not closed for the determination of shareholders, (i) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the 30th day before the meeting, whichever is the closer date to the meeting; and (ii) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

 

(d)           When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof unless the Board of Trustees shall set a new record date with respect thereto.

 

Section 7.5.           Share Ledger.  The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent a share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

 

Section 7.6.           Fractional Shares; Issuance of Units.  The Trustees may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine.  Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Trustees may issue units consisting of different securities of the Trust.  Any security issued in a unit shall have the same characteristics as any identical securities issued by the Trust, except that the Trustees may provide that for a specified period securities of the Trust issued in such unit may be transferred on the books of the Trust only in such unit.

 

ARTICLE VIII

 

INDEMNIFICATION AND ADVANCEMENT OF EXPENSES

 

Section 8.1.           Indemnification and Advancement of Expenses.

 

(a)           To the maximum extent permitted by Maryland law in effect from time to time, the Trust shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or

 

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former Trustee or officer of the Trust and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Trust and at the request of the Trust, serves or has served as a Trustee, director, officer or partner of another real estate investment trust, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity.  The rights to indemnification and advance of expenses provided by the Declaration of Trust of the Trust and these Bylaws shall vest immediately upon election of a Trustee or officer.  The Trust may, with the approval of its Board of Trustees, provide such indemnification and advance for expenses to an individual who served a predecessor of the Trust in any of the capacities described in (a)(i) or (ii) above and to any shareholder, employee or agent of the Trust or a predecessor of the Trust.

 

(b)           Notwithstanding anything in these Bylaws to the contrary, except with respect to proceedings to enforce rights to indemnification, the Trust shall indemnify any person referenced in Section 8.1(a)(i) or (ii) above in connection with an proceeding initiated by such person against the Trust only if such proceeding was authorized by the Board of Trustees.

 

(c)           The indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, regulation, insurance, agreement or otherwise.

 

(d)           Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Bylaws or Declaration of Trust of the Trust inconsistent with this ARTICLE VIII, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

 

ARTICLE IX

 

REGULATORY COMPLIANCE AND DISCLOSURE

 

Section 9.1.           Actions Requiring Regulatory Compliance Implicating the Trust.  If any shareholder (whether individually or constituting a group, as determined by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or actions taken by the shareholder affecting the Trust, triggers the application of any requirement or regulation of any federal, state, municipal or other governmental or regulatory body on the Trust or any subsidiary (for purposes of this ARTICLE IX, as defined in Section 2.14.5(c)) of the Trust or any of their respective businesses, assets or operations, including, without limitation, any obligations to make or obtain a Governmental Action (as defined in Section 2.14.3), such shareholder shall promptly take all actions necessary and fully cooperate with the Trust to ensure that such requirements or regulations are satisfied without restricting, imposing additional obligations on or in any way limiting the

 

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business, assets, operations or prospects of the Trust or any subsidiary of the Trust.  If the shareholder fails or is otherwise unable to promptly take such actions so to cause satisfaction of such requirements or regulations, the shareholder shall promptly divest a sufficient number of shares of the Trust necessary to cause the application of such requirement or regulation to not apply to the Trust or any subsidiary of the Trust.  If the shareholder fails to cause such satisfaction or divest itself of such sufficient number of shares of the Trust by not later than the 10th day after triggering such requirement or regulation referred to in this Section 9.1, then any shares of the Trust beneficially owned by such shareholder at and in excess of the level triggering the application of such requirement or regulation shall, to the fullest extent permitted by law, be deemed to constitute shares held in violation of the ownership limitations set forth in Article VII of the Declaration of Trust of the Trust and be subject to the provisions of Article VII of the Declaration of Trust of the Trust and any actions triggering the application of such a requirement or regulation may be deemed by the Trust to be of no force or effect.  Moreover, if the shareholder who triggers the application of any regulation or requirement fails to satisfy the requirements or regulations or to take curative actions within such 10 day period, the Trust may take all other actions which the Board of Trustees deems appropriate to require compliance or to preserve the value of the Trust’s assets; and the Trust may charge the offending shareholder for the Trust’s costs and expenses as well as any damages which may result to the Trust.

 

As an example and not as a limitation, at the time these Bylaws are being adopted, the Trust holds a controlling ownership position in a company formed and licensed as an insurance company in the State of Indiana.  The laws of the State of Indiana have certain regulatory requirements for any person who seeks to control (as defined under Indiana law) a company which itself controls an insurance company domiciled in the State of Indiana, including by exercising proxies representing 10% or more of the Trust’s voting securities.  Accordingly, if a shareholder seeks to exercise proxies for a matter to be voted upon at a meeting of the Trust’s shareholders without having obtained any applicable approvals from the Indiana insurance regulatory authorities, such proxies representing 10% or more of the Trust’s voting securities will, subject to Section 9.3, be void and of no further force or effect.

 

Section 9.2.           Compliance With Law.  Shareholders shall comply with all applicable requirements of federal and state laws, including all rules and regulations promulgated thereunder, in connection with such shareholder’s ownership interest in the Trust and all other laws which apply to the Trust or any subsidiary of the Trust or their respective businesses, assets or operations and which require action or inaction on the part of the shareholder.

 

Section 9.3.           Limitation on Voting Shares or Proxies.  Without limiting the provisions of Section 9.1, if a shareholder (whether individually or constituting a group, as determined by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or its receipt or exercise of proxies to vote shares owned by other shareholders, would not be permitted to vote the shareholder’s shares of the Trust or proxies for shares of the Trust in excess of a certain amount pursuant to applicable law (including by way of example, applicable state insurance regulations) but the Board of Trustees determines that the excess shares or shares represented by the excess proxies are necessary to obtain a quorum, then such shareholder shall

 

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not be entitled to vote any such excess shares or proxies, and instead such excess shares or proxies may, to the fullest extent permitted by law, be voted by the Manager (or by another person designated by the Trustees) in proportion to the total shares otherwise voted on such matter.

 

Section 9.4.           Representations, Warranties and Covenants Made to Governmental or Regulatory Bodies.  To the fullest extent permitted by law, any representation, warranty or covenant made by a shareholder with any governmental or regulatory body in connection with such shareholder’s interest in the Trust or any subsidiary of the Trust shall be deemed to be simultaneously made to, for the benefit of and enforceable by, the Trust and any applicable subsidiary of the Trust.

 

Section 9.5.           Board of Trustees’ Determinations.  The Board of Trustees shall be empowered to make all determinations regarding the interpretation, application, enforcement and compliance with any matters referred to or contemplated by this ARTICLE IX.

 

ARTICLE X

 

ARBITRATION PROCEDURES FOR DISPUTES

 

Section 10.1.         Procedures for Arbitration of Disputes.  Any disputes, claims or controversies brought by or on behalf of any shareholder of the Trust (which, for purposes of this ARTICLE X, shall mean any shareholder of record or any beneficial owner of shares of the Trust, or any former shareholder of record or beneficial owner of shares of the Trust), either on his, her or its own behalf, on behalf of the Trust or on behalf of any series or class of shares of the Trust or shareholders of the Trust against the Trust or any Trustee, officer, manager (including Reit Management & Research LLC or its successor), agent or employee of the Trust, including disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of the Declaration of Trust or these Bylaws (all of which are referred to as “Disputes”) or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this ARTICLE X. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against Trustees, officers or managers of the Trust and class actions by shareholders against those individuals or entities and the Trust. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.

 

Section 10.2.         Arbitrators.  There shall be three arbitrators.  If there are only two parties to the Dispute, each party shall select one arbitrator within 15 days after receipt by respondent of a copy of the demand for arbitration.  Such arbitrators may be affiliated or interested persons of such parties.  If either party fails to timely select an arbitrator, the other party to the Dispute shall select the second arbitrator who shall be neutral and impartial and shall not be affiliated with or an interested person of either party.  If there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one arbitrator. Such

 

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arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be.  If either all claimants or all respondents fail to timely select an arbitrator then such arbitrator (who shall be neutral, impartial and unaffiliated with any party) shall be appointed by the parties who have appointed the first arbitrator.  The two arbitrators so appointed shall jointly appoint the third and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within 15 days of the appointment of the second arbitrator.  If the third arbitrator has not been appointed within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

Section 10.3.         Place of Arbitration.  The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

Section 10.4.         Discovery.  There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.

 

Section 10.5.         Awards.  In rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of the State of Maryland.  Any arbitration proceedings or Award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.  The Award shall be in writing and may, but shall not be required to briefly state the findings of fact and conclusions of law on which it is based.  Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset.  The party against which the Award assesses a monetary obligation shall pay that obligation on or before the 30th day following the date of the Award or such other date as the Award may provide.

 

Section 10.6.         Costs and Expenses.  Except as otherwise set forth in the Declaration of Trust or these Bylaws, including Section 16.2 of these Bylaws, or as otherwise agreed between the parties, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of the Trust’s award to the claimant or the claimant’s attorneys.  Each party (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third appointed arbitrator.

 

Section 10.7.         Final and Binding.  An Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between such parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators.  Judgment upon the Award may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any

 

29


 

arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

Section 10.8.         Beneficiaries.  This ARTICLE X is intended to benefit and be enforceable by the shareholders, Trustees, officers, managers (including Reit Management & Research LLC or its successor), agents or employees of the Trust and the Trust and shall be binding on the shareholders of the Trust and the Trust, as applicable, and shall be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

ARTICLE XI

 

FISCAL YEAR

 

Section 11.1.         Fiscal Year.  The fiscal year of the Trust shall be the calendar year.

 

ARTICLE XII

 

DIVIDENDS AND OTHER DISTRIBUTIONS

 

Section 12.1.         Dividends and Other Distributions.  Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized and declared by the Trustees.  Dividends and other distributions may be paid in cash, property or shares of the Trust.

 

ARTICLE XIII

 

SEAL

 

Section 13.1.         Seal.  The Trustees may authorize the adoption of a seal by the Trust.  The Trustees may authorize one or more duplicate seals.

 

Section 13.2.         Affixing Seal.  Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word “(SEAL)” adjacent to the signature of the person authorized to execute the document on behalf of the Trust.

 

ARTICLE XIV

 

WAIVER OF NOTICE

 

Section 14.1.         Waiver of Notice.  Whenever any notice is required to be given pursuant to the Declaration of Trust, these Bylaws or applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, or a waiver by electronic transmission by the person or persons entitled to such notice, whether before or after the time stated therein, shall be

 

30


 

deemed equivalent to the giving of such notice.  Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice or waiver by electronic transmission, unless specifically required by statute.  The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

 

ARTICLE XV

 

AMENDMENT OF BYLAWS

 

Section 15.1.         Amendment of Bylaws.  Except for any change for which these Bylaws requires approval by more than a majority vote of the Trustees, these Bylaws may be amended or repealed or new or additional Bylaws may be adopted only by the vote or by written consent of a majority of the Trustees as specified in Section 3.10.

 

ARTICLE XVI

 

MISCELLANEOUS

 

Section 16.1.         References to Declaration of Trust.  All references to the Declaration of Trust shall include any amendments and supplements thereto.

 

Section 16.2.         Costs and Expenses.  In addition to, and as further clarification of each shareholder’s obligation to indemnify and hold the Trust harmless from and against all costs, expenses, penalties, fines or other amounts, including, without limitation, reasonable attorneys’ and other professional fees, whether third party or internal, arising from such shareholder’s breach of or failure to fully comply with any covenant, condition or provision of the Declaration of Trust or these Bylaws (including Section 2.14 of these Bylaws) or any action by or against the Trust in which such shareholder is not the prevailing party, pursuant to Section 8.6 of the Declaration of Trust, to the fullest extent permitted by law, each shareholder will be liable to the Trust (and any subsidiaries or affiliates thereof) for, and indemnify and hold harmless the Trust (and any subsidiaries or affiliates thereof) from and against, all costs, expenses, penalties, fines or other amounts, including, without limitation, reasonable attorneys’ and other professional fees, whether third party or internal, arising from such shareholder’s breach of or failure to fully comply with any covenant, condition or provision of these Bylaws or the Declaration of Trust (including Section 2.14 of these Bylaws) or any action by or against the Trust (or any subsidiaries or affiliates thereof) in which such shareholder is not the prevailing party, and shall pay such amounts to such indemnitee on demand, together with interest on such amounts, which interest will accrue at the lesser of 18% per annum and the maximum amount permitted by law, from the date such costs or the like are incurred until the receipt of payment.

 

Section 16.3.         Ratification.  The Board of Trustees or the shareholders may ratify and make binding on the Trust any action or inaction by the Trust or its officers to the extent that the Board of Trustees or the shareholders could have originally authorized the matter.  Moreover, any action or inaction questioned in any shareholder’s derivative proceeding or any other

 

31


 

proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified, before or after judgment, by the Board of Trustees or by the shareholders and, if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

 

Section 16.4.         Ambiguity.  In the case of an ambiguity in the application of any provision of these Bylaws or any definition contained in these Bylaws, the Board of Trustees shall have the sole power to determine the application of such provisions with respect to any situation based on the facts known to it and such determination shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

 

Section 16.5.         Inspection of Bylaws.  The Trustees shall keep at the principal office for the transaction of business of the Trust the original or a copy of the Bylaws as amended or otherwise altered to date, certified by the secretary, which shall be open to inspection by the shareholders at all reasonable times during office hours.

 

Section 16.6.         Election to be Subject to Part of Title 3, Subtitle 8.  Notwithstanding any other provision contained in the Declaration of Trust or these Bylaws, the Trust hereby elects to be subject to Section 3-804(b) and (c) of Title 3, Subtitle 8 of the Maryland General Corporation Law (the “MGCL”) (or any successor statute).  This Section 16.6 only may be repealed, in whole or in part, by a subsequent amendment to these Bylaws.

 

Section 16.7.         Control Share Acquisition Act. Notwithstanding any other provision contained in the Declaration of Trust or these Bylaws, Title 3, Subtitle 7 of the MGCL (or any successor statute) shall not apply to any acquisition by any person of shares of beneficial interest of the Trust.  This section may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor Bylaw or amendment hereto, apply to any prior or subsequent control share acquisition.

 

32


 EX-3.3 3 a2207378zex-3_3.htm EX-3.3

Exhibit 3.3

 

GOVERNMENT PROPERTIES INCOME TRUST

 

AMENDED AND RESTATED BYLAWS

 

January 18,February 21, 2012

 


 

Table of Contents

 

ARTICLE I OFFICES

1

 

Section 1.1.

Principal Office

1

 

Section 1.2.

Additional Offices

1

 

 

 

 

ARTICLE II MEETINGS OF SHAREHOLDERS

1

 

Section 2.1.

Place

1

 

Section 2.2.

Annual Meeting

1

 

Section 2.3.

Special Meetings

1

 

Section 2.4.

Notice of Regular or Special Meetings

1

 

Section 2.5.

Notice of Adjourned Meetings

2

 

Section 2.6.

Scope of Meetings

2

 

Section 2.7.

Organization of Shareholder Meetings

2

 

Section 2.8.

Quorum

3

 

Section 2.9.

Voting

3

 

Section 2.10.

Proxies

4

 

Section 2.11.

Record Date

4

 

Section 2.12.

Voting of Shares by Certain Holders

4

 

Section 2.13.

Inspectors

4

 

Section 2.14.

Nominations and Other Proposals to be Considered at Meetings of Shareholders

5

 

Section 2.14.1.

Annual Meetings of Shareholders

5

 

Section 2.14.2.

Shareholder Nominations or Other Proposals Causing Covenant Breaches or Defaults

12

 

Section 2.14.3.

Shareholder Nominations or Other Proposals Requiring Governmental Action

13

 

Section 2.14.4.

Special Meetings of Shareholders

13

 

Section 2.14.5.

General

14

 

Section 2.15.

No Shareholder Actions by Written Consent

16

 

Section 2.16.

Voting by Ballot

16

 

Section 2.17.

Proposals of Business Which Are Not Proper Matters For Action By Shareholders

16

 

 

 

 

ARTICLE III TRUSTEES

16

 

Section 3.1.

General Powers; Qualifications; Trustees Holding Over

16

 

Section 3.2.

Independent Trustees and Managing Trustees

17

 

Section 3.3.

Number and Tenure

17

 

Section 3.4.

Annual and Regular Meetings

17

 

Section 3.5.

Special Meetings

17

 

Section 3.6.

Notice

18

 

Section 3.7.

Quorum

18

 

Section 3.8.

Voting

18

 

Section 3.9.

Telephone Meetings

18

 

Section 3.10.

Action by Written Consent of Trustees

18

 

Section 3.11.

Waiver of Notice

19

 

Section 3.12.

Vacancies

19

 

i


 

 

Section 3.13.

Compensation

19

 

Section 3.14.

Removal of Trustees

19

 

Section 3.15.

Surety Bonds

19

 

Section 3.16.

Reliance

19

 

Section 3.17.

Interested Trustee Transactions

20

 

Section 3.18.

Qualifying Shares Not Required

20

 

Section 3.19.

Certain Rights of Trustees, Officers, Employees and Agents

20

 

Section 3.20.

Emergency Provisions

20

 

 

 

 

ARTICLE IV COMMITTEES

20

 

Section 4.1.

Number; Tenure and Qualifications

20

 

Section 4.2.

Powers

20

 

Section 4.3.

Meetings

21

 

Section 4.4.

Telephone Meetings

21

 

Section 4.5.

Action by Written Consent of Committees

21

 

Section 4.6.

Vacancies

21

 

 

 

 

ARTICLE V OFFICERS

21

 

Section 5.1.

General Provisions

21

 

Section 5.2.

Removal and Resignation

22

 

Section 5.3.

Vacancies

22

 

Section 5.4.

Chief Executive Officer

22

 

Section 5.5.

Chief Operating Officer

22

 

Section 5.6.

Chief Financial Officer

22

 

Section 5.7.

Chairman and Vice Chairman of the Board

22

 

Section 5.8.

President

22

 

Section 5.9.

Vice Presidents

23

 

Section 5.10.

Secretary

23

 

Section 5.11.

Treasurer

23

 

Section 5.12.

Assistant Secretaries and Assistant Treasurers

23

 

 

 

 

ARTICLE VI CONTRACTS, LOANS, CHECKS AND DEPOSITS

23

 

Section 6.1.

Contracts

23

 

Section 6.2.

Checks and Drafts

23

 

Section 6.3.

Deposits

24

 

 

 

 

ARTICLE VII SHARES

24

 

Section 7.1.

Certificates

24

 

Section 7.2.

Transfers

24

 

Section 7.3.

Lost Certificates

24

 

Section 7.4.

Closing of Transfer Books or Fixing of Record Date

24

 

Section 7.5.

Share Ledger

25

 

Section 7.6.

Fractional Shares; Issuance of Units

25

 

 

 

 

ARTICLE VIII INDEMNIFICATION AND ADVANCEMENT OF EXPENSES

25

 

Section 8.1.

Indemnification and Advancement of Expenses

25

 

 

 

 

ARTICLE IX REGULATORY COMPLIANCE AND DISCLOSURE

26

 

Section 9.1.

Actions Requiring Regulatory Compliance Implicating the Trust

26

 

ii


 

 

Section 9.2.

Compliance With Law

27

 

Section 9.3.

Limitation on Voting Shares or Proxies

27

 

Section 9.4.

Representations, Warranties and Covenants Made to Governmental or Regulatory Bodies

28

 

Section 9.5.

Board of Trustees’ Determinations

28

 

 

 

 

ARTICLE X ARBITRATION PROCEDURES FOR DISPUTES

28

 

Section 10.1.

Procedures for Arbitration of Disputes

28

 

Section 10.2.

Arbitrators

28

 

Section 10.3.

Place of Arbitration

29

 

Section 10.4.

Discovery

29

 

Section 10.5.

Awards

29

 

Section 10.6.

Costs and Expenses

29

 

Section 10.7.

Final and Binding

29

 

Section 10.8.

Beneficiaries

30

 

 

 

 

ARTICLE XI FISCAL YEAR

30

 

Section 11.1.

Fiscal Year

30

 

 

 

 

ARTICLE XII DIVIDENDS AND OTHER DISTRIBUTIONS

30

 

Section 12.1.

Dividends and Other Distributions

30

 

 

 

 

ARTICLE XIII SEAL

30

 

Section 13.1.

Seal

30

 

Section 13.2.

Affixing Seal

30

 

 

 

 

ARTICLE XIV WAIVER OF NOTICE

30

 

Section 14.1.

Waiver of Notice

30

 

 

 

 

ARTICLE XV AMENDMENT OF BYLAWS

31

 

Section 15.1.

Amendment of Bylaws

31

 

 

 

 

ARTICLE XVI MISCELLANEOUS

31

 

Section 16.1.

References to Declaration of Trust

31

 

Section 16.2.

Costs and Expenses

31

 

Section 16.3.

Ratification

31

 

Section 16.4.

Ambiguity

32

 

Section 16.5.

Inspection of Bylaws

32

 

Section 16.6.

Election to be Subject to Part of Title 3, Subtitle 8

32

 

Section 16.7.

Control Share Acquisition Act

32

 

iii


 

GOVERNMENT PROPERTIES INCOME TRUST

 

AMENDED AND RESTATED BYLAWS

 

These AMENDED AND RESTATED BYLAWS (the “Bylaws”) are made as of the date set forth above by the Trustees (as defined below).

 

ARTICLE I

 

OFFICES

 

Section 1.1.                                   Principal Office.  The principal office of the Trust shall be located at such place or places as the Board of Trustees may designate.

 

Section 1.2.                                   Additional Offices.  The Trust may have additional offices at such places as the Board of Trustees may from time to time determine or the business of the Trust may require.

 

ARTICLE II

 

MEETINGS OF SHAREHOLDERS

 

Section 2.1.                                   Place.  All meetings of shareholders shall be held at the principal office of the Trust or at such other place as is designated by the Trustees or the chairman of the board or president.

 

Section 2.2.                                   Annual Meeting.  An annual meeting of the shareholders for the election of Trustees and the transaction of any business within the powers of the Trust shall be held at such times as the Trustees may designate.  Failure to hold an annual meeting does not invalidate the Trust’s existence or affect any otherwise valid acts of the Trust.

 

Section 2.3.                                   Special Meetings.  Special meetings of shareholders may be called only by a majority of the Trustees then in office.  If there shall be no Trustees, the officers of the Trust shall promptly call a special meeting of the shareholders entitled to vote for the election of successor Trustees for the purpose of electing Trustees.

 

Section 2.4.                                   Notice of Regular or Special Meetings.  Notice given in writing or by electronic transmission specifying the place, day and hour of any regular or special meeting, the purposes of the meeting, to the extent required by law to be provided, and all other matters required by law shall be given to each shareholder of record entitled to vote, by mail, postage prepaid, sent to his or her address appearing on the books of the Trust or theretofore given by him or her to the Trust for the purpose of notice, by presenting it to such shareholder personally, by leaving it at the shareholder’s residence or usual place of business or by any other means permitted by Maryland law.  If mailed, such notice shall be deemed to be given once deposited in the U.S. mail addressed to the shareholder at his or her post office address as it appears on the records of the Trust, with postage thereon prepaid.  If transmitted electronically, such notice shall be deemed to

 


 

be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder receives electronic transmissions.  It shall be the duty of the secretary to give notice of each meeting of the shareholders. The Trust may give a single notice to all shareholders who share an address, which single notice shall be effective to any shareholder at such address, unless a shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this ARTICLE II or the validity of any proceedings at any such meeting.

 

Section 2.5.                                   Notice of Adjourned Meetings.  It shall not be necessary to give notice of the time and place of any adjourned meeting or of the business to be transacted thereat other than by announcement at the meeting at which such adjournment is taken.

 

Section 2.6.                                   Scope of Meetings.  Except as otherwise expressly set forth elsewhere in these Bylaws, no business shall be transacted at an annual or special meeting of shareholders except as specifically designated in the notice or otherwise properly brought before the meeting of shareholders by or at the direction of the Board of Trustees.

 

Section 2.7.                                   Organization of Shareholder Meetings.  Every meeting of shareholders shall be conducted by an individual appointed by the Board of Trustees to be chairperson of the meeting or, in the absence of such appointment or the absence of the appointed individual, by the chairman of the board or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers present at the meeting in the following order: the vice chairman of the board, if there be one, the president, the vice presidents in their order of seniority, the secretary or, in the absence of such officers, a chairperson chosen by the shareholders by the vote of holders of shares of beneficial interest representing a majority of the votes cast on such appointment by shareholders present in person or represented by proxy.  The secretary, an assistant secretary or a person appointed by the Trustees or, in the absence of such appointment, a person appointed by the chairperson of the meeting shall act as secretary of the meeting and record the minutes of the meeting.  If the secretary presides as chairperson at a meeting of the shareholders, then the secretary shall not also act as secretary of the meeting and record the minutes of the meeting.  The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairperson of the meeting.  The chairperson of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairperson, are appropriate for the proper conduct of the meeting, including, without limitation: (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Trust, their duly authorized proxies or other such persons as the chairperson of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Trust entitled to vote on such matter, their duly authorized proxies or other such persons as the chairperson of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) determining when and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any shareholder or other person who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairperson of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security.  Without limiting the generality of the powers of the

 

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chairperson of the meeting pursuant to the foregoing provisions, the chairperson may adjourn any meeting of shareholders for any reason deemed necessary by the chairperson, including, without limitation, if (i) no quorum is present for the transaction of the business, (ii) the Board of Trustees or the chairperson of the meeting determines that adjournment is necessary or appropriate to enable the shareholders to consider fully information that the Board of Trustees or the chairperson of the meeting determines has not been made sufficiently or timely available to shareholders or (iii) the Board of Trustees or the chairperson of the meeting determines that adjournment is otherwise in the best interests of the Trust.  Unless otherwise determined by the chairperson of the meeting, meetings of shareholders shall not be required to be held in accordance with the general rules of parliamentary procedure or any otherwise established rules of order.

 

Section 2.8.                                   Quorum.  At any meeting of shareholders, the presence in person or by proxy of shareholders entitled to cast a majority of all the votes entitled to be cast at such meeting shall constitute a quorum; but this section shall not affect any requirement under any statute or the Declaration of Trust for the vote necessary for the adoption of any measure.  If, however, such quorum shall not be present at any meeting of the shareholders, the chairperson of the meeting shall have the power to adjourn the meeting from time to time without the Trust having to set a new record date or provide any additional notice of such meeting, subject to any obligation of the Trust to give notice pursuant to Section 2.5.  At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.  The shareholders present, either in person or by proxy, at a meeting of shareholders which has been duly called and convened and at which a quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal of enough votes to leave less than a quorum then being present at the meeting.

 

Section 2.9.                                   Voting.

 

(a)                                  With regard to election of a Trustee, and except as may be mandated by applicable law or the listing requirements of the principal exchange on which the Trust’s common shares are listed: (i) a majorityplurality of all the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee in an uncontested election; and (ii) a majority of all the votes entitled to be cast in the election of Trustees at a meeting of shareholders duly called and at which a quorum is present shall be required to elect a Trustee in a contested election (which, for purposes of these Bylaws, is an election at which the number of nominees exceeds the number of Trustees to be elected at the meeting).  Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted.

 

(b)                                 With regard to any other matter which may properly come before a meeting of shareholders duly called and at which a quorum is present, and except as may be mandated by applicable law, by the listing requirements of the principal exchange on which the Trust’s common shares are listed or by a specific provision of the Declaration of Trust, the vote required for approval shall be the affirmative vote of 75% of the votes entitled to be cast for each such matter unless such matter has been previously approved by the Board of Trustees, in which case the vote required for approval shall be a majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present.

 

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Section 2.10.                             Proxies.  A shareholder may cast the votes entitled to be cast by him or her either in person or by proxy executed by the shareholder or by his or her duly authorized agent in any manner permitted by law.  Such proxy shall be filed with such officer of the Trust or third party agent as the Board of Trustees shall have designated for such purpose for verification at or prior to such meeting.  Any proxy relating to the Trust’s shares of beneficial interest shall be valid until the expiration date therein or, if no expiration is so indicated, for such period as is permitted pursuant to Maryland law.  At a meeting of shareholders, all questions concerning the qualification of voters, the validity of proxies, and the acceptance or rejection of votes, shall be decided by or on behalf of the chairperson of the meeting, subject to Section 2.13.

 

Section 2.11.                             Record Date.  The Board of Trustees may fix the date for determination of shareholders entitled to notice of and to vote at a meeting of shareholders.  If no date is fixed for the determination of the shareholders entitled to vote at any meeting of shareholders, only persons in whose names shares entitled to vote are recorded on the share records of the Trust at the opening of business on the day of any meeting of shareholders shall be entitled to vote at such meeting.

 

Section 2.12.                             Voting of Shares by Certain Holders.  Shares of the Trust registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such shares pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or pursuant to an agreement of the partners of the partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such shares.  Any trustee or fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

 

Section 2.13.                             Inspectors.

 

(a)                                  Before or at any meeting of shareholders, the chairperson of the meeting may appoint one or more persons as inspectors for such meeting.  Such inspectors, if any, shall (i) ascertain and report the number of shares of beneficial interest represented at the meeting, in person or by proxy and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chairperson of the meeting and (iv) perform such other acts as are proper to conduct the election or voting at the meeting.

 

(b)                                 Each report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting.  If there is more than one inspector, the report of a majority shall be the report of the inspectors.  The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

 

Section 2.14.                             Nominations and Other Proposals to be Considered at Meetings of Shareholders.  Nominations of individuals for election to the Board of Trustees and the proposal of other business to be considered by the shareholders at meetings of shareholders may be properly brought before the meeting only as set forth in this Section 2.14.  All judgments and determinations made by the Board of Trustees or the chairperson of the meeting, as applicable,

 

4


 

under this Section 2.14 (including, without limitation, judgments and determinations as to the propriety of a proposed nomination or a proposal of other business for consideration by shareholders) shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

 

Section 2.14.1.                                                                    Annual Meetings of Shareholders.

 

(a)                                  A shareholder of the Trust may recommend to the Nominating and Governance Committee of the Board of Trustees an individual as a nominee for election to the Board of Trustees.  Such recommendation shall be made by written notice to the Chair of such committee and the Secretary of the Trust, which notice should contain or be accompanied by the information and documents with respect to such recommended nominee and shareholder that such shareholder believes to be relevant or helpful to the Nominating and Governance Committee’s deliberations.  In considering such recommendation, the Nominating and Governance Committee may request additional information concerning the recommended nominee or the shareholder making the recommendation.  The Nominating and Governance Committee of the Board of Trustees will consider any such recommendation in its discretion.  A shareholder seeking to make a nomination of an individual for election to the Board of Trustees must make such nomination in accordance with Section 2.14.1(b)(ii).

 

(b)                                 Nominations of individuals for election to the Board of Trustees at an annual meeting of shareholders may be properly brought before the meeting (i) pursuant to the Trust’s notice of meeting by or at the direction of the Board of Trustees or (ii) by any one or more shareholders of the Trust who (A) (1) at the date of the giving of the notice provided for in this Section 2.14.1, individually or in the aggregate, hold at least 3% of the Trust’s shares of beneficial interest entitled to vote at the meeting on such election and have held such shares continuously for at least three years, and (2) continuously hold such shares through and including the time of the annual meeting (including any adjournment or postponement thereof), (B) are each a shareholder of record of the Trust at the time of giving the notice provided for in this Section 2.14.1 through and including the time of the annual meeting (including any adjournment or postponement thereof), (C) are each entitled to make nominations and to vote at the meeting on such election and (D) comply with the notice procedures set forth in this Section 2.14.1 as to such nomination.  Section 2.14.1(b)(ii) shall be the exclusive means for any shareholder to make nominations of individuals for election to the Board of Trustees.

 

(c)                                  The proposal of business to be considered by the shareholders at an annual meeting of shareholders, other than the nomination of individuals for election to the Board of Trustees, may be properly brought before the meeting (i) pursuant to the Trust’s notice of meeting by or at the direction of the Board of Trustees or (ii) by any shareholder of the Trust who (A) has continuously held at least $2,000 in market value, or 1%, of the Trust’s shares entitled to vote at the meeting on the proposal for such business for at least one year from the date such shareholder gives the notice provided for in this Section 2.14.1, and continuously holds such shares through and including the time of the annual meeting (including any adjournment or postponement thereof), (B) is a shareholder of record at the time of giving the notice provided for in this Section 2.14.1 through and including the time

 

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of the annual meeting (including any adjournment or postponement thereof), (C) is entitled to propose such business and to vote at the meeting on the proposal for such business and (D) complies with the notice procedures set forth in this Section 2.14.1 as to such business.  Section 2.14.1(c)(ii) shall be the exclusive means for a shareholder to propose business before an annual meeting of shareholders, except (x) to the extent of matters which are required to be presented to shareholders by applicable law which have been properly presented in accordance with the requirements of such law and (y) nominations of individuals for election to the Board of Trustees shall be made in accordance with Section 2.14.1(b).  For purposes of determining compliance with the requirement in subclause (A) of Section 2.14.1(c)(ii), the market value of the Trust’s shares held by the applicable shareholder shall be determined by multiplying the number of shares such shareholder continuously held for that one-year period by the highest selling price of the Trust shares as reported on the principal exchange on which the Trust’s common shares are listed for trading during the 60 calendar days before the date such notice was submitted.

 

(d)                                 For nominations for election to the Board of Trustees or other business to be properly brought before an annual meeting by one or more shareholders pursuant to Section 2.14.1, such shareholder(s) shall have given timely notice thereof in writing to the secretary of the Trust in accordance with this Section 2.14 and such other business shall otherwise be a proper matter for action by shareholders.  To be timely, the notice of such shareholder(s) shall set forth all information required under this Section 2.14 and shall be delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern Time) on the 120th day nor earlier than the 150th day prior to the first anniversary of the date of the proxy statement for the preceding year’s annual meeting; provided, however, that in the event that the annual meeting is called for a date that is more than 30 days earlier or later than the first anniversary of the date of the preceding year’s annual meeting, notice by such shareholder(s) to be timely shall be so delivered not later than 5:00 p.m. (Eastern Time) on the 10th day following the earlier of the day on which (i) notice of the date of the annual meeting is mailed or otherwise made available or (ii) public announcement of the date of the annual meeting is first made by the Trust. Neither the postponement or adjournment of an annual meeting, nor the public announcement of such postponement or adjournment, shall commence a new time period for the giving of a notice of one or more shareholders as described above. No shareholder may give a notice to the secretary described in this Section 2.14.1(d) unless such shareholder holds a certificate for all shares of beneficial interest of the Trust owned by such shareholder during all times described in Section 2.14.1(b), in the case of a nomination of one or more individuals for election to the Board of Trustees, or Section 2.14.1(c), in the case of the proposal of other business, and a copy of each such certificate held by such shareholder at the time of giving such notice shall accompany such shareholder’s notice to the secretary in order for such notice to be effective.

 

A notice of one or more shareholders pursuant to this Section 2.14.1 shall set forth:

 

(A)                              separately as to each individual whom such shareholder(s) propose to nominate for election or reelection as a Trustee (a “Proposed Nominee”) and any Proposed Nominee Associated Person (as defined in Section 2.14.1(g)), (1) the

 

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name, age, business address and residence address of such Proposed Nominee and the name and address of such Proposed Nominee Associated Person, (2) a statement of whether such Proposed Nominee is proposed for nomination as an Independent Trustee (as defined in Section 3.2) or a Managing Trustee (as defined in Section 3.2) and a description of such Proposed Nominee’s qualifications to be an Independent Trustee or Managing Trustee, as the case may be, and such Proposed Nominee’s qualifications to be a Trustee pursuant to the criteria set forth in Section 3.1, (3) the class, series and number of any shares of beneficial interest of the Trust that are, directly or indirectly, beneficially owned or owned of record by such Proposed Nominee or by such Proposed Nominee Associated Person, (4) the date such shares were acquired and the investment intent of such acquisition, (5) a description of all purchases and sales of securities of the Trust by such Proposed Nominee or by such Proposed Nominee Associated Person during the previous 36 month period, including the date of the transactions, the class, series and number of securities involved in the transactions and the consideration involved, (6) a description of all Derivative Transactions (as defined in Section 2.14.1(g)) by such Proposed Nominee or by such Proposed Nominee Associated Person during the previous 36 month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, the transactions, such description to include, without limitation, all information that such Proposed Nominee or Proposed Nominee Associated Person would be required to report on an Insider Report (as defined in Section 2.14.1(g)) if such Proposed Nominee or Proposed Nominee Associated Person were a Trustee of the Trust or the beneficial owner of more than 10% of the shares of the Trust at the time of the transactions, (7) any performance related fees (other than an asset based fee) to which such Proposed Nominee or such Proposed Nominee Associated Person is entitled based on any increase or decrease in the value of any shares of beneficial interest of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative Transaction, if any, including, without limitation, any such interests held by members of such Proposed Nominee’s or such Proposed Nominee Associated Person’s immediate family sharing the same household with such Proposed Nominee or such Proposed Nominee Associated Person, (8) any proportionate interest in shares of the Trust or

 

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instrument or arrangement of the type contemplated within the definition of Derivative Transaction held, directly or indirectly, by a general or limited partnership in which such Proposed Nominee or such Proposed Nominee Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner, (9) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among any shareholder making the nomination, any Proposed Nominee Associated Person, or any of their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each Proposed Nominee, or his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (the “S.E.C.”) (and any successor regulation), if any shareholder making the nomination and any Proposed Nominee Associated Person on whose behalf the nomination is made, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such rule and the Proposed Nominee were a director or executive officer of such registrant, (10) any rights to dividends on the shares of beneficial interest of the Trust owned beneficially by such Proposed Nominee or such Proposed Nominee Associated Person that are separated or separable from the underlying shares of the Trust, (11) to the extent known by such Proposed Nominee or such Proposed Nominee Associated Person, the name and address of any other person who owns, of record or beneficially, any shares of beneficial interest of the Trust and who supports the Proposed Nominee for election or reelection as a Trustee, and (12) all other information relating to such Proposed Nominee or such Proposed Nominee Associated Person that is required to be disclosed in solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case, pursuant to Section 14 (or any successor provision) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder;

 

(B)                                as to any other business that the shareholder proposes to bring before the meeting, (1) a description of such business,

 

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(2) the reasons for proposing such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined in Section 2.14.1(g)), including any anticipated benefit to such shareholder or any Shareholder Associated Person therefrom, (3) a description of all agreements, arrangements and understandings between such shareholder and Shareholder Associated Person amongst themselves or with any other person or persons (including their names) in connection with the proposal of such business by such shareholder and (4) a representation that such shareholder intends to appear in person or by proxy at the meeting to bring the business before the meeting;

 

(C)                                separately as to each shareholder giving the notice and any Shareholder Associated Person, (1) the class, series and number of all shares of the Trust that are owned of record by such shareholder or by such Shareholder Associated Person, if any, (2) the class, series and number of, and the nominee holder for, any shares of beneficial interests of the Trust that are owned, directly or indirectly, beneficially but not of record by such shareholder or by such Shareholder Associated Person, if any, (3) with respect to the shares referenced in the foregoing clauses (1) and (2), the date such shares were acquired and the investment intent of such acquisition, and (4) all information relating to such shareholder and Shareholder Associated Person that is required to be disclosed in connection with the solicitation of proxies for election of Trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case, pursuant to Section 14 (or any successor provision) of the Exchange Act and the rules and regulations promulgated thereunder;

 

(D)                               separately as to each shareholder giving the notice and any Shareholder Associated Person, (1) the name and address of such shareholder, as they appear on the Trust’s share ledger and the current name and address, if different, of such shareholder and Shareholder Associated Person and (2) the investment strategy or objective, if any, of such shareholder or Shareholder Associated Person and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such shareholder or Shareholder Associated Person;

 

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(E)                                 separately as to each shareholder giving the notice and any Shareholder Associated Person, (1) a description of all purchases and sales of securities of the Trust by such shareholder or Shareholder Associated Person during the previous 36 month period, including the date of the transactions, the class, series and number of securities involved in the transactions and the consideration involved, (2) a description of all Derivative Transactions by such shareholder or Shareholder Associated Person during the previous 36 month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, the transactions, such description to include, without limitation, all information that such shareholder or Shareholder Associated Person would be required to report on an Insider Report if such shareholder or Shareholder Associated Person were a Trustee of the Trust or the beneficial owner of more than 10% of the shares of the Trust at the time of the transactions, (3) any performance related fees (other than an asset based fee) to which such shareholder or Shareholder Associated Person is entitled based on any increase or decrease in the value of shares of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative Transaction, if any, as of the date of such notice, including, without limitation, any such interests held by members of such shareholder’s or Shareholder Associated Person ‘s immediate family sharing the same household with such shareholder or Shareholder Associated Person, (4) any proportionate interest in shares of the Trust or instrument or arrangement of the type contemplated within the definition of Derivative Transaction held, directly or indirectly, by a general or limited partnership in which such shareholder or Shareholder Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner and (5) any rights to dividends on the shares of the Trust owned beneficially by such shareholder or Shareholder Associated Person that are separated or separable from the underlying shares of the Trust;

 

(F)                                 to the extent known by the shareholder giving the notice, the name and address of any other person who owns, beneficially or of record, any shares of beneficial interest of the Trust and who supports the nominee for election or reelection as a Trustee or the proposal of other business; and

 

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(G)                                if more than one class or series of beneficial interest in the Trust is outstanding, the class and series of shares of beneficial interest of the Trust entitled to vote for such Proposed Nominee and/or shareholder’s proposal, as applicable.

 

(e)                                  A notice of one or more shareholders making a nomination pursuant to Section 2.14.1(b)(ii) shall be accompanied by:

 

(i) a signed and notarized statement of each shareholder giving the notice certifying that (1) all information contained in the notice is true and complete in all respects, (2) the notice complies with this Section 2.14.1, and (3) such shareholder will continue to hold all shares referenced in Section 2.14.1(b)(ii)(A) through and including the time of the annual meeting (including any adjournment or postponement thereof); and

 

(ii) a signed and notarized certificate of each Proposed Nominee (1) certifying that the information contained in the notice regarding such Proposed Nominee and any Proposed Nominee Associated Person is true and complete and complies with this Section 2.14.1 and (2) consenting to being named in the shareholder’s proxy statement as a nominee and to serving as a Trustee if elected.

 

(f)                                    Notwithstanding anything in the second sentence of Section 2.14.1(d) to the contrary, in the event that the number of Trustees to be elected to the Board of Trustees is increased and there is no public announcement of such action at least 130 days prior to the first anniversary of the date of the proxy statement for the preceding year’s annual meeting, a shareholder’s notice required by this Section 2.14.1 also shall be considered timely, but only with respect to nominees for any new positions created by such increase, if the notice is delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern Time) on the 10th day immediately following the day on which such public announcement is first made by the Trust.

 

(g)                                 For purposes of this Section 2.14, (i) “Shareholder Associated Person” of any shareholder shall mean (A) any person acting in concert with, such shareholder, (B) any direct or indirect beneficial owner of shares of beneficial interest of the Trust owned of record or beneficially by such shareholder and (C) any person controlling, controlled by or under common control with such shareholder or a Shareholder Associated Person; (ii) “Proposed Nominee Associated Person” of any Proposed Nominee shall mean (A) any person acting in concert with such Proposed Nominee, (B) any direct or indirect beneficial owner of shares of beneficial interest of the Trust owned of record or beneficially by such Proposed Nominee and (C) any person controlling, controlled by or under common control with such Proposed Nominee or a Proposed Nominee Associated Person; (iii) “Derivative Transaction” by a person shall mean any (A) transaction in, or arrangement, agreement or understanding with respect to, any option, warrant, convertible security, stock appreciation right or similar right with an exercise, conversion or exchange privilege, or settlement payment or mechanism related to, any security of the Trust, or similar instrument with a value derived in whole or in part from the value of a security of the Trust, in any such case

 

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whether or not it is subject to settlement in a security of the Trust or otherwise or (B) any transaction, arrangement, agreement or understanding which included or includes an opportunity for such person, directly or indirectly, to profit or share in any profit derived from any increase or decrease in the value of any security of the Trust, to mitigate any loss or manage any risk associated with any increase or decrease in the value of any security of the Trust or to increase or decrease the number of securities of the Trust which such person was, is or will be entitled to vote, in any such case whether or not it is subject to settlement in a security of the Trust or otherwise; and (iv) “Insider Report” shall mean a statement required to be filed pursuant to Section 16 of the Exchange Act (or any successor provisions) by a person who is a Trustee of the Trust or who is directly or indirectly the beneficial owner of more than 10% of the shares of the Trust.

 

Section 2.14.2.                                                                    Shareholder Nominations or Other Proposals Causing Covenant Breaches or Defaults.  At the same time as the submission of any shareholder nomination or proposal of other business to be considered at a shareholders meeting that, if approved and implemented by the Trust, would cause the Trust or any subsidiary (as defined in Section 2.14.5(c)) of the Trust  to be in breach of any covenant of the Trust or any subsidiary of the Trust or otherwise cause a default (in any case, with or without notice or lapse of time) in any existing debt instrument or agreement of the Trust or any subsidiary of the Trust or other material contract or agreement of the Trust or any subsidiary of the Trust, the proponent shareholder or shareholders shall submit to the secretary at the principal executive offices of the Trust (a) evidence satisfactory to the Board of Trustees of the lender’s or contracting party’s willingness to waive the breach of covenant or default or (b) a detailed plan for repayment of the indebtedness to the lender or curing the contractual breach or default and satisfying any resulting damage claim, specifically identifying the actions to be taken or the source of funds, which plan must be satisfactory to the Board of Trustees in its discretion, and evidence of the availability to the Trust of substitute credit or contractual arrangements similar to the credit or contractual arrangements which are implicated by the shareholder nomination or other proposal that are at least as favorable to the Trust, as determined by the Board of Trustees in its discretion.  As an example and not as a limitation, at the time these Bylaws are being amended and restated, the Trust is party to a bank credit facility that contains covenants which prohibit certain changes in the management and policies of the Trust without the approval of the lenders; accordingly, a shareholder nomination or proposal which implicates these covenants shall be accompanied by a waiver of these covenants duly executed by the banks or by evidence satisfactory to the Board of Trustees of the availability of funding to the Trust to repay outstanding indebtedness under this credit facility and of the availability of a new credit facility on terms as favorable to the Trust as the existing credit facility.

 

Section 2.14.3.                                                                    Shareholder Nominations or Other Proposals Requiring Governmental Action.  If (a) submission of any shareholder nomination or proposal of other business to be considered at a shareholders meeting that could not be considered or, if approved, implemented by the Trust without the Trust, any subsidiary of the Trust, the proponent shareholder, any Proposed Nominee of such shareholder, any Proposed Nominee Associated Person of such Proposed Nominee, any Shareholder Associated Person of such shareholder, the holder of proxies or their respective affiliates or associates filing with or otherwise notifying or obtaining the consent, approval or other action of any federal, state, municipal or other governmental or regulatory body (a “Governmental Action”) or (b) such shareholder’s ownership of shares of the Trust or any solicitation of proxies or votes or holding or exercising proxies by such shareholder,

 

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any Proposed Nominee of such shareholder, any Proposed Nominee Associated Person of such Proposed Nominee, any Shareholder Associated Person of such shareholder, or their respective affiliates or associates would require Governmental Action, then, at the same time as the submission of any shareholder nomination or proposal of other business to be considered at a shareholders meeting, the proponent shareholder or shareholders shall submit to the secretary at the principal executive offices of the Trust (x) evidence satisfactory to the Board of Trustees that any and all Governmental Action has been given or obtained, including, without limitation, such evidence as the Board of Trustees may require so that any nominee may be determined to satisfy any suitability or other requirements or (y) if such evidence was not obtainable from a governmental or regulatory body by such time despite the shareholder’s diligent and best efforts, a detailed plan for making or obtaining the Governmental Action prior to the election of any such Proposed Nominee or the implementation of such proposal, which plan must be satisfactory to the Board of Trustees in its discretion.  As an example and not as a limitation, at the time these Bylaws are being amended and restated, the Trust holds a controlling ownership position in a company formed and licensed as an insurance company in the State of Indiana.  The laws of the State of Indiana have certain regulatory requirements for any person who seeks to control (as defined under Indiana law) a company which itself controls an insurance company domiciled in the State of Indiana, including by exercising proxies representing 10% or more of its voting securities.  Accordingly, a shareholder who seeks to exercise proxies for a nomination or a proposal affecting the governance of the Trust shall obtain any applicable approvals from the Indiana insurance regulatory authorities prior to exercising such proxies.

 

Section 2.14.4.                                                                    Special Meetings of Shareholders.  As set forth in Section 2.6, only business brought before the meeting pursuant to the Trust’s notice of meeting shall be conducted at a special meeting of shareholders.  Nominations of individuals for election to the Board of Trustees only may be made at a special meeting of shareholders at which Trustees are to be elected: (a) pursuant to the Trust’s notice of meeting; (b) otherwise properly brought before the meeting by or at the direction of the Board of Trustees; or (c) provided that the Board of Trustees has determined that Trustees shall be elected at such special meeting, by any shareholder of the Trust who is a shareholder of record both at the time of giving of notice provided for in this Section 2.14.4 through and including the time of the special meeting, who is entitled to vote at the meeting on such election and who has complied with the notice procedures and other requirements set forth in this Section 2.14.4.  In the event the Trust calls a special meeting of shareholders for the purpose of electing one or more Trustees to the Board of Trustees, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust’s notice of meeting, if the shareholder satisfies the holding period and certificate requirements set forth in Section 2.14.1(b) and Section 2.14.1(d), the shareholder’s notice contains or is accompanied by the information and documents required by Section 2.14 and the shareholder has given timely notice thereof in writing to the secretary of the Trust at the principal executive offices of the Trust.  To be timely, a shareholder’s notice shall be delivered to the secretary of the Trust at the principal executive offices of the Trust not earlier than the 150th day prior to such special meeting and not later than 5:00 p.m. (Eastern Time) on the later of (i) the 120th day prior to such special meeting or (ii) the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Trustees to be elected at such meeting.  Neither the postponement or adjournment of a special meeting, nor the public

 

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announcement of such postponement or adjournment, shall commence a new time period for the giving of a shareholder’s notice as described above.

 

Section 2.14.5.                                                                    General.

 

(a)                                  If information submitted pursuant to this Section 2.14 by any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall be deemed by the Board of Trustees incomplete or inaccurate, any authorized officer or the Board of Trustees or any committee thereof may treat such information as not having been provided in accordance with this Section 2.14.  Any notice submitted by a shareholder pursuant to this Section 2.14 that is deemed by the Board of Trustees inaccurate, incomplete or otherwise fails to satisfy completely any provision of this Section 2.14 shall be deemed defective and shall thereby render all proposals and nominations set forth in such notice defective.  Upon written request by the secretary of the Trust or the Board of Trustees or any committee thereof (which may be made from time to time), any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within three business days after such request (or such other period as may be specified in such request), (i) written verification, satisfactory to the secretary or any other authorized officer or the Board of Trustees or any committee thereof, in his, her or its discretion, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 2.14, (ii) written responses to information reasonably requested by the secretary, the Board of Trustees or any committee thereof and (iii) a written update, to a current date, of any information submitted by the shareholder pursuant to this Section 2.14 as of an earlier date.  If a shareholder fails to provide such written verification, information or update within such period, the secretary or any other authorized officer or the Board of Trustees may treat the information which was previously provided and to which the verification, request or update relates as not having been provided in accordance with this Section 2.14; provided, however, that no such written verification, response or update shall cure any incompleteness, inaccuracy or failure in any notice provided by a shareholder pursuant to this Section 2.14.  It is the responsibility of a shareholder who wishes to make a nomination or other proposal to comply with the requirements of Section 2.14; nothing in this Section 2.14.5(a) or otherwise shall create any duty of the Trust, the Board of Trustees or any committee thereof nor any officer of the Trust to inform a shareholder that the information submitted pursuant to this Section 2.14 by or on behalf of such shareholder is incomplete or inaccurate or not otherwise in accordance with this Section 2.14 nor require the Trust, the Board of Trustees, any committee of the Board of Trustees or any officer of the Trust to request clarification or updating of information provided by any shareholder, but the Board of Trustees, a committee thereof or the secretary acting on behalf of the Board of Trustees or a committee, may do so in its, his or her discretion.

 

(b)                                 Only such individuals who are nominated in accordance with this Section 2.14 shall be eligible for election by shareholders as Trustees and only such business shall be conducted at a meeting of shareholders as shall have been properly brought before the meeting in accordance with this Section 2.14.  The chairperson of the meeting and the Board of Trustees shall each have the power to determine whether a nomination or any

 

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other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 2.14 and, if any proposed nomination or other business is determined not to be in compliance with this Section 2.14, to declare that such defective nomination or proposal be disregarded.

 

(c)                                  For purposes of this Section 2.14:  (i) “public announcement” shall mean disclosure in (A) a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or any other widely circulated news or wire service or (B) a document publicly filed by the Trust with the S.E.C. pursuant to the Exchange Act; and (ii) “subsidiary” shall include, with respect to a person, any corporation, partnership, joint venture or other entity of which such person (A) owns, directly or indirectly, 10% or more of the outstanding voting securities or other interests or (B) has a person designated by such person serving on, or a right, contractual or otherwise, to designate a person, so to serve on, the board of directors (or analogous governing body).

 

(d)                                 Notwithstanding the foregoing provisions of this Section 2.14, a shareholder shall also comply with all applicable legal requirements, including, without limitation, applicable requirements of state law and the Exchange Act and the rules and regulations thereunder, with respect to the matters set forth in this Section 2.14.  Nothing in this Section 2.14 shall be deemed to require that a shareholder nomination of an individual for election to the Board of Trustees or a shareholder proposal relating to other business be included in the Trust’s proxy statement, except as may be required by law.

 

(e)                                  The Board of Trustees may from time to time require any individual nominated to serve as a Trustee to agree in writing with regard to matters of business ethics and confidentiality while such nominee serves as a Trustee, such agreement to be on the terms and in a form (the “Agreement”) determined satisfactory by the Board of Trustees, as amended and supplemented from time to time in the discretion of the Board of Trustees.  The terms of the Agreement may be substantially similar to the Code of Business Conduct and Ethics of the Trust or any similar code promulgated by the Trust (the “Code of Business Conduct”) or may differ from or supplement the Code of Business Conduct.

 

(f)                                    Determinations required or permitted to be made under this Section 2.14 by the Board of Trustees may be delegated by the Board of Trustees to a committee of the Board of Trustees, subject to applicable law.

 

Section 2.15.                             No Shareholder Actions by Written Consent.  Shareholders shall not be authorized or permitted to take any action required or permitted to be taken at a meeting of shareholders by written consent, and may take such action only at a shareholders meeting of the Trust.

 

Section 2.16.                             Voting by Ballot.  Voting on any question or in any election may be by voice vote unless the chairperson of the meeting or any shareholder shall demand that voting be by ballot.

 

Section 2.17.                             Proposals of Business Which Are Not Proper Matters For Action By Shareholders.  Notwithstanding anything in these Bylaws to the contrary, subject to applicable law,

 

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any shareholder proposal for business the subject matter or effect of which would be within the exclusive purview of the Board of Trustees or would reasonably likely, if considered by the shareholders or approved or implemented by the Trust, result in an impairment of the limited liability status for the Trust’s shareholders, shall be deemed not to be a matter upon which the shareholders are entitled to vote.  The Board of Trustees in its discretion shall be entitled to determine whether a shareholder proposal for business is not a matter upon which the shareholders are entitled to vote pursuant to this Section 2.17, and its decision shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

 

ARTICLE III

 

TRUSTEES

 

Section 3.1.                                   General Powers; Qualifications; Trustees Holding Over.  The business and affairs of the Trust shall be managed under the direction of its Board of Trustees.  A Trustee shall be an individual at least 21 years of age who is not under legal disability.  To qualify for nomination or election as a Trustee, an individual, at the time of nomination and election, shall, without limitation, (a) have substantial expertise or experience relevant to the business of the Trust and its subsidiaries (as determined by the Board of Trustees), (b) not have been convicted of a felony, (c) meet the qualifications of an Independent Trustee or a Managing Trustee, each as defined in Section 3.2, as the case may be, depending upon the position for which such individual may be nominated and elected and (d) have been nominated for election to the Board of Trustees in accordance with Section 2.14.1(b).  In case of failure to elect Trustees at an annual meeting of the shareholders, the incumbent Trustees shall hold over and continue to direct the management of the business and affairs of the Trust until they may resign or until their successors are elected and qualify.

 

Section 3.2.                                   Independent Trustees and Managing Trustees.  A majority of the Trustees holding office shall at all times be Independent Trustees; provided, however, that upon a failure to comply with this requirement as a result of the creation of a temporary vacancy which shall be filled by an Independent Trustee, whether as a result of enlargement of the Board of Trustees or the resignation, removal or death of a Trustee who is an Independent Trustee, such requirement shall not be applicable.  An “Independent Trustee” is one who is not an employee of the Manager (as defined in the Declaration of Trust), who is not involved in the Trust’s day to day activities and who meets the qualifications of an independent director (not including the specific independence requirements applicable only to members of the Audit Committee of the Board of Trustees) under the applicable rules of each securities exchange upon which shares of the Trust are listed for trading and the S.E.C., as those requirements may be amended from time to time.  If the number of Trustees, at any time, is set at less than five, at least one Trustee shall be a Managing Trustee.  So long as the number of Trustees shall be five or greater, at least two Trustees shall be Managing Trustees.  “Managing Trustees” shall mean Trustees who are not Independent Trustees and who have been employees, officers or directors of the Manager or involved in the day to day activities of the Trust for at least one year prior to their election.  If at any time the Board of Trustees shall not be comprised of a majority of Independent Trustees, the Board of Trustees shall take such actions as will cure such condition; provided that the fact that the Board of Trustees does not have a majority of Independent Trustees or has not taken such action at any time or from time to time

 

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shall not affect the validity of any action taken by the Board of Trustees.  If at any time the Board of Trustees shall not be comprised of a number of Managing Trustees as is required under this Section 3.2, the Board of Trustees shall take such actions as will cure such condition; provided that the fact that the Board of Trustees does not have the requisite number of Managing Trustees or has not taken such action at any time or from time to time shall not affect the validity of any action taken by the Board of Trustees.

 

Section 3.3.            Number and Tenure.  The number of Trustees constituting the entire Board of Trustees may be increased or decreased from time to time only by a vote of the Trustees; provided however that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees.  The number of Trustees shall be five until increased or decreased by the Board of Trustees.

 

Section 3.4.            Annual and Regular Meetings.  An annual meeting of the Trustees shall be held immediately after the annual meeting of shareholders, no notice other than this Bylaw being necessary.  The time and place of the annual meeting of the Trustees may be changed by the Board of Trustees.  The Trustees may provide, by resolution, the time and place, either within or without the State of Maryland, for the holding of regular meetings of the Trustees without other notice than such resolution.  In the event any such regular meeting is not so provided for, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Trustees.

 

Section 3.5.            Special Meetings.  Special meetings of the Trustees may be called at any time by any Managing Trustee, the president or pursuant to the request of any two Trustees then in office.  The person or persons authorized to call special meetings of the Trustees may fix any place, either within or without the State of Maryland, as the place for holding any special meeting of the Trustees called by them.

 

Section 3.6.            Notice.  Notice of any special meeting shall be given by written notice delivered personally or by electronic mail, telephoned, facsimile transmitted, overnight couriered (with proof of delivery) or mailed to each Trustee at his or her business or residence address.  Personally delivered, telephoned, facsimile transmitted or electronically mailed notices shall be given at least 24 hours prior to the meeting.  Notice by mail shall be deposited in the U.S.  mail at least 72 hours prior to the meeting.  If mailed, such notice shall be deemed to be given when deposited in the U.S.  mail properly addressed, with postage thereon prepaid.  Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Trust by the Trustee.  Telephone notice shall be deemed given when the Trustee is personally given such notice in a telephone call to which he is a party.  Facsimile transmission notice shall be deemed given upon completion of the transmission of the message to the number given to the Trust by the Trustee and receipt of a completed answer back indicating receipt.  If sent by overnight courier, such notice shall be deemed given when delivered to the courier.  Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the Trustees need be stated in the notice, unless specifically required by statute or these Bylaws.

 

Section 3.7.            Quorum.  A majority of the Trustees shall constitute a quorum for transaction of business at any meeting of the Trustees, provided that, if less than a majority of such Trustees are present at a meeting, a majority of the Trustees present may adjourn the meeting from

 

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time to time without further notice, and provided further that if, pursuant to the Declaration of Trust or these Bylaws, the vote of a majority of a particular group of Trustees is required for action, a quorum for that action shall also include a majority of such group.  The Trustees present at a meeting of the Board of Trustees which has been duly called and convened and at which a quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of such number of Trustees as results in less than a quorum then being present at the meeting.

 

Section 3.8.            Voting.  The action of the majority of the Trustees present at a meeting at which a quorum is or was present shall be the action of the Trustees, unless the concurrence of a greater proportion is required for such action by specific provision of an applicable statute, the Declaration of Trust or these Bylaws.  If enough Trustees have withdrawn from a meeting to leave fewer than are required to establish a quorum, but the meeting is not adjourned, the action of the majority of that number of Trustees necessary to constitute a quorum at such meeting shall be the action of the Board of Trustees, unless the concurrence of a greater proportion is required for such action by applicable law, the Declaration of Trust or these Bylaws.

 

Section 3.9.            Telephone Meetings.  Trustees may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time.  Participation in a meeting by these means shall constitute presence in person at the meeting.  Such meeting shall be deemed to have been held at a place designated by the Trustees at the meeting.

 

Section 3.10.          Action by Written Consent of Trustees.  Unless specifically otherwise provided in the Declaration of Trust, any action required or permitted to be taken at any meeting of the Trustees may be taken without a meeting, if a majority of the Trustees shall individually or collectively consent in writing or by electronic transmission to such action.  Such written or electronic consent or consents shall be filed with the records of the Trust and shall have the same force and effect as the affirmative vote of such Trustees at a duly held meeting of the Trustees at which a quorum was present.

 

Section 3.11.          Waiver of Notice.  The actions taken at any meeting of the Trustees, however called and noticed or wherever held, shall be as valid as though taken at a meeting duly held after regular call and notice if a quorum is present and if, either before or after the meeting, each of the Trustees not present waives notice, consents to the holding of such meeting or approves the minutes thereof.

 

Section 3.12.          Vacancies.  If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or the powers of the remaining Trustees hereunder (even if fewer than three Trustees remain).  Any vacancy on the Board of Trustees may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum.  Any Trustee elected to fill a vacancy, whether occurring due to an increase in size of the Board of Trustees or by the death, resignation or removal of any Trustee, shall hold office for the remainder of the full term of the class of Trustees in which the vacancy occurred or was created and until a successor is elected and qualifies.

 

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Section 3.13.          Compensation.  The Trustees shall be entitled to receive such reasonable compensation for their services as Trustees as the Trustees may determine from time to time.  Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Trustees or of any committee thereof; and for their expenses, if any, in connection with each property visit and any other service or activity performed or engaged in as Trustees.  The Trustees shall be entitled to receive remuneration for services rendered to the Trust in any other capacity, and such services may include, without limitation, services as an officer of the Trust, services as an employee of the manager (including Reit Management & Research LLC or its successor), legal, accounting or other professional services, or services as a broker, transfer agent or underwriter, whether performed by a Trustee or any person affiliated with a Trustee.

 

Section 3.14.          Removal of Trustees.  A Trustee may be removed at any time (a) solely with cause, at a meeting of the shareholders properly called for that purpose, by the affirmative vote of the holders of not less than 75% of the shares then outstanding and entitled to vote in the election of such Trustee or (b) with or without cause by the affirmative vote of not less than 75% of the remaining Trustees.

 

Section 3.15.          Surety Bonds.  Unless specifically required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

 

Section 3.16.          Reliance.  Each Trustee, officer, employee and agent of the Trust shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Trust or by the manager (including Reit Management & Research LLC or its successor), accountants, appraisers or other experts or consultants selected by the Board of Trustees or officers of the Trust, regardless of whether such counsel or expert may also be a Trustee.

 

Section 3.17.          Interested Trustee Transactions.  Section 2-419 of the Maryland General Corporation Law shall be available for and apply to any contract or other transaction between the Trust and any of its Trustees or between the Trust and any other trust, corporation, firm or other entity in which any of its Trustees is a trustee or director or has a material financial interest.

 

Section 3.18.          Qualifying Shares Not Required.  Trustees need not be shareholders of the Trust.

 

Section 3.19.          Certain Rights of Trustees, Officers, Employees and Agents.  A Trustee shall have no responsibility to devote his or her full time to the affairs of the Trust.  Any Trustee or officer, employee or agent of the Trust, in his or her personal capacity or in a capacity as an affiliate, employee or agent of any other person, or otherwise, may have business interests and engage in business activities similar or in addition to those of or relating to the Trust.

 

Section 3.20.                Emergency Provisions.  Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 3.20 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Trustees under ARTICLE III cannot readily be obtained (an “Emergency”).  During any

 

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Emergency, unless otherwise provided by the Board of Trustees, (a) a meeting of the Board of Trustees may be called by any Managing Trustee or officer of the Trust by any means feasible under the circumstances and (b) notice of any meeting of the Board of Trustees during such an Emergency may be given less than 24 hours prior to the meeting to as many Trustees and by such means as it may be feasible at the time, including publication, television or radio.

 

ARTICLE IV

 

COMMITTEES

 

Section 4.1.            Number; Tenure and Qualifications.  The Board of Trustees shall appoint an Audit Committee, a Compensation Committee and a Nominating and Governance Committee.  Each of these committees shall be composed of three or more Trustees, to serve at the pleasure of the Board of Trustees.  The Board of Trustees may also appoint other committees from time to time composed of one or more members, at least one of which shall be a Trustee, to serve at the pleasure of the Board of Trustees.  The Board of Trustees shall adopt a charter with respect to the Audit Committee, the Compensation Committee and the Nominating and Governance Committee, which charter shall specify the purposes, the criteria for membership and the responsibility and duties and may specify other matters with respect to each committee.  The Board of Trustees may also adopt a charter with respect to other committees.

 

Section 4.2.            Powers.  The Trustees may delegate any of the powers of the Trustees to committees appointed under Section 4.1 and composed solely of Trustees, except as prohibited by law.  In the event that a charter has been adopted with respect to a committee composed solely of Trustees, the charter shall constitute a delegation by the Trustees of the powers of the Board of Trustees necessary to carry out the purposes, responsibilities and duties of a committee provided in the charter or reasonably related to those purposes, responsibilities and duties, to the extent permitted by law.

 

Section 4.3.            Meetings.  Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Trustees.  One-third, but not less than one, of the members of any committee shall be present in person at any meeting of a committee in order to constitute a quorum for the transaction of business at a meeting, and the act of a majority present at a meeting at the time of a vote if a quorum is then present shall be the act of a committee.  The Board of Trustees or, if authorized by the Board in a committee charter or otherwise, the committee members may designate a chairman of any committee, and the chairman or, in the absence of a chairman, a majority of any committee may fix the time and place of its meetings unless the Board shall otherwise provide.  In the absence or disqualification of any member of any committee, the members thereof present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another Trustee to act at the meeting in the place of absent or disqualified members.

 

Each committee shall keep minutes of its proceedings and shall periodically report its activities to the full Board of Trustees and, except as otherwise provided by law or under the rules of the S.E.C. and applicable stock exchanges on which the Trust’s shares are listed, any action by

 

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any committee shall be subject to revision and alteration by the Board of Trustees, provided that no rights of third persons shall be affected by any such revision or alteration.

 

Section 4.4.            Telephone Meetings.  Members of a committee may participate in a meeting by means of a conference telephone or similar communications equipment and participation in a meeting by these means shall constitute presence in person at the meeting.

 

Section 4.5.            Action by Written Consent of Committees.  Any action required or permitted to be taken at any meeting of a committee of the Trustees may be taken without a meeting, if a consent in writing or by electronic transmission to such action is signed by a majority of the committee and such written or electronic consent is filed with the minutes of proceedings of such committee.

 

Section 4.6.            Vacancies.  Subject to the provisions hereof, the Board of Trustees shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.

 

ARTICLE V

 

OFFICERS

 

Section 5.1.            General Provisions.  The officers of the Trust shall include a president, a secretary and a treasurer and may include a chairman of the board, a vice chairman of the board, a chief executive officer, a chief operating officer, a chief financial officer, one or more vice presidents, one or more assistant secretaries and one or more assistant treasurers.  In addition, the Trustees may from time to time appoint such other officers with such powers and duties as they shall deem necessary or desirable.  The officers of the Trust shall be elected annually by the Trustees at the first meeting of the Trustees held after each annual meeting of shareholders.  If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as may be convenient.  Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal in the manner hereinafter provided.  Any two or more offices, except president and vice president, may be held by the same person.  In their discretion, the Trustees may leave unfilled any office except that of president and secretary.  Election of an officer or agent shall not of itself create contract rights between the Trust and such officer or agent.

 

Section 5.2.            Removal and Resignation.  Any officer or agent of the Trust may be removed by the Trustees if in their judgment the best interests of the Trust would be served thereby, but the removal shall be without prejudice to the contract rights, if any, of the person so removed.  Any officer of the Trust may resign at any time by giving notice in writing or by electronic transmission of his or her resignation to the Trustees, the chairman of the board, the president or the secretary.  Any resignation shall take effect at any time specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt.  The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.  A resignation shall be without prejudice to the contract rights, if any, of the Trust.

 

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Section 5.3.            Vacancies.  A vacancy in any office may be filled by the Trustees for the balance of the term.

 

Section 5.4.            Chief Executive Officer.  The Trustees may designate a chief executive officer from among the Trustees or elected officers.  The chief executive officer shall have responsibility for implementation of the policies of the Trust, as determined by the Trustees, and for the administration of the business affairs of the Trust.  In the absence of both the chairman and vice chairman of the board, the chief executive officer shall preside over the meetings of the Board of Trustees at which he shall be present.  In the absence of a different designation, the Managing Trustees, or any of them, shall function as the chief executive officer of the Trust.

 

Section 5.5.            Chief Operating Officer.  The Trustees may designate a chief operating officer from among the elected officers.  Said officer will have the responsibilities and duties as set forth by the Trustees or the chief executive officer.

 

Section 5.6.            Chief Financial Officer.  The Trustees may designate a chief financial officer from among the elected officers.  Said officer will have the responsibilities and duties as set forth by the Trustees or the chief executive officer.

 

Section 5.7.            Chairman and Vice Chairman of the Board.  The chairman of the board, if any, and the vice chairman of the board, if any, shall perform such duties as may be assigned to him, her or them by the Trustees.  In the absence of a chairman and vice chairman of the board or if none are appointed, the Managing Trustees, or any of them, shall preside at meetings of the Board of Trustees.

 

Section 5.8.            President.  The president may execute any deed, mortgage, bond, lease, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the chief executive officer or the Trustees.

 

Section 5.9.            Vice Presidents.  In the absence or unavailability of the president, the vice president (or in the event there be more than one vice president, any vice president) shall perform the duties of the president and when so acting shall have all the powers of the president; and shall perform such other duties as from time to time may be assigned to him or her by the president, the chief executive officer or by the Trustees.  The Trustees may designate one or more vice presidents as executive vice presidents, senior vice presidents or as vice presidents for particular areas of responsibility.

 

Section 5.10.          Secretary.  The secretary (or his or her designee) shall (a) keep the minutes of the proceedings of the shareholders, the Trustees and committees of the Trustees in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the Trust records and of the seal of the Trust, if any; (d) maintain a share register, showing the ownership and transfers of ownership of all shares of the Trust, unless a transfer agent is employed to maintain and does

 

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maintain such a share register; and (e) in general perform such other duties as from time to time may be assigned to the secretary by the chief executive officer or the Trustees.

 

Section 5.11.          Treasurer.  The treasurer shall have the custody of the funds and securities of the Trust and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Trust and shall deposit all moneys and other valuable effects in the name and to the credit of the Trust in such depositories as may be authorized by the Trustees.  The treasurer shall also have such other responsibilities as may be assigned to him or her by the chief executive officer or the Trustees.

 

Section 5.12.          Assistant Secretaries and Assistant Treasurers.  The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer or the Trustees.

 

ARTICLE VI

 

CONTRACTS, LOANS, CHECKS AND DEPOSITS

 

Section 6.1.            Contracts.  The Board of Trustees may authorize any Trustee, officer or agent (including the Manager or any officer of the Manager) to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances.  Any agreement, deed, mortgage, lease or other document executed by an authorized Trustee, officer or agent shall be valid and binding upon the Trust when authorized or ratified by action of the Trustees.

 

Section 6.2.            Checks and Drafts.  All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Trust shall be signed by such officer or agent of the Trust in such manner as shall from time to time be determined by the treasurer, the chief executive officer or the Trustees.

 

Section 6.3.            Deposits.  All funds of the Trust not otherwise employed shall be deposited from time to time to the credit of the Trust in such banks, trust companies or other depositories as the treasurer, the chief executive officer or the Trustees may designate.

 

ARTICLE VII

 

SHARES

 

Section 7.1.            Certificates.  Ownership of shares of any class of shares of beneficial ownership of the Trust shall be evidenced by certificates, or at the election of a shareholder in book entry form.  Unless otherwise determined by the Board of Trustees, any such certificates shall be signed by the chief executive officer, the president or a vice president and countersigned by the secretary or an assistant secretary or the treasurer or an assistant treasurer and may be sealed with the seal, if any, of the Trust.  The signatures may be either manual or facsimile.  Certificates shall be consecutively numbered and if the Trust shall from time to time issue several classes of shares,

 

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each class may have its own number series.  A certificate is valid and may be issued whether or not an officer who signed it is still an officer when it is issued.

 

Section 7.2.            Transfers.

 

(a)           Shares of the Trust shall be transferable in the manner provided by applicable law, the Declaration of Trust and these Bylaws.  Certificates shall be treated as negotiable and title thereto and to the shares they represent shall be transferred by delivery thereof to the same extent as those of a Maryland stock corporation.

 

(b)           The Trust shall be entitled to treat the holder of record of any share or shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided in these Bylaws or by the laws of the State of Maryland.

 

Section 7.3.            Lost Certificates.  For shares evidenced by certificates, any officer designated by the Trustees may direct a new certificate to be issued in place of any certificate previously issued by the Trust alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the person claiming the certificate to be lost, stolen or destroyed.  When authorizing the issuance of a new certificate, an officer designated by the Trustees may, in such officer’s discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or the owner’s legal representative to advertise the same in such manner as he shall require and/or to give bond, with sufficient surety, to the Trust to indemnify it against any loss or claim which may arise as a result of the issuance of a new certificate.

 

Section 7.4.            Closing of Transfer Books or Fixing of Record Date.

 

(a)           The Trustees may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose.

 

(b)           In lieu of fixing a record date, the Trustees may provide that the share transfer books shall be closed for a stated period but not longer than 20 days.  If the share transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least 10 days before the date of such meeting.

 

(c)           If no record date is fixed and the share transfer books are not closed for the determination of shareholders, (i) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the 30th day before the meeting, whichever is the closer date to the meeting; and (ii) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights

 

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shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

 

(d)           When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof unless the Board of Trustees shall set a new record date with respect thereto.

 

Section 7.5.            Share Ledger.  The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent a share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

 

Section 7.6.            Fractional Shares; Issuance of Units.  The Trustees may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine.  Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Trustees may issue units consisting of different securities of the Trust.  Any security issued in a unit shall have the same characteristics as any identical securities issued by the Trust, except that the Trustees may provide that for a specified period securities of the Trust issued in such unit may be transferred on the books of the Trust only in such unit.

 

ARTICLE VIII

 

INDEMNIFICATION AND ADVANCEMENT OF EXPENSES

 

Section 8.1.            Indemnification and Advancement of Expenses.

 

(a)           To the maximum extent permitted by Maryland law in effect from time to time, the Trust shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Trustee or officer of the Trust and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Trust and at the request of the Trust, serves or has served as a Trustee, director, officer or partner of another real estate investment trust, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity.  The rights to indemnification and advance of expenses provided by the Declaration of Trust of the Trust and these Bylaws shall vest immediately upon election of a Trustee or officer.  The Trust may, with the approval of its Board of Trustees, provide such indemnification and advance for expenses to an individual who served a predecessor of the Trust in any of the capacities described in (a)(i) or (ii) above and to any shareholder, employee or agent of the Trust or a predecessor of the Trust.

 

(b)           Notwithstanding anything in these Bylaws to the contrary, except with respect to proceedings to enforce rights to indemnification, the Trust shall indemnify any person referenced in Section 8.1(a)(i) or (ii) above in connection with an proceeding

 

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initiated by such person against the Trust only if such proceeding was authorized by the Board of Trustees.

 

(c)           The indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, regulation, insurance, agreement or otherwise.

 

(d)           Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Bylaws or Declaration of Trust of the Trust inconsistent with this ARTICLE VIII, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

 

ARTICLE IX

 

REGULATORY COMPLIANCE AND DISCLOSURE

 

Section 9.1.            Actions Requiring Regulatory Compliance Implicating the Trust.  If any shareholder (whether individually or constituting a group, as determined by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or actions taken by the shareholder affecting the Trust, triggers the application of any requirement or regulation of any federal, state, municipal or other governmental or regulatory body on the Trust or any subsidiary (for purposes of this ARTICLE IX, as defined in Section 2.14.5(c)) of the Trust or any of their respective businesses, assets or operations, including, without limitation, any obligations to make or obtain a Governmental Action (as defined in Section 2.14.3), such shareholder shall promptly take all actions necessary and fully cooperate with the Trust to ensure that such requirements or regulations are satisfied without restricting, imposing additional obligations on or in any way limiting the business, assets, operations or prospects of the Trust or any subsidiary of the Trust.  If the shareholder fails or is otherwise unable to promptly take such actions so to cause satisfaction of such requirements or regulations, the shareholder shall promptly divest a sufficient number of shares of the Trust necessary to cause the application of such requirement or regulation to not apply to the Trust or any subsidiary of the Trust.  If the shareholder fails to cause such satisfaction or divest itself of such sufficient number of shares of the Trust by not later than the 10th day after triggering such requirement or regulation referred to in this Section 9.1, then any shares of the Trust beneficially owned by such shareholder at and in excess of the level triggering the application of such requirement or regulation shall, to the fullest extent permitted by law, be deemed to constitute shares held in violation of the ownership limitations set forth in Article VII of the Declaration of Trust of the Trust and be subject to the provisions of Article VII of the Declaration of Trust of the Trust and any actions triggering the application of such a requirement or regulation may be deemed by the Trust to be of no force or effect.  Moreover, if the shareholder who triggers the application of any regulation or requirement fails to satisfy the requirements or regulations or to take curative actions within such 10 day period, the Trust may take all other actions which the Board of Trustees deems appropriate to require compliance or to preserve the value of the Trust’s

 

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assets; and the Trust may charge the offending shareholder for the Trust’s costs and expenses as well as any damages which may result to the Trust.

 

As an example and not as a limitation, at the time these Bylaws are being adopted, the Trust holds a controlling ownership position in a company formed and licensed as an insurance company in the State of Indiana.  The laws of the State of Indiana have certain regulatory requirements for any person who seeks to control (as defined under Indiana law) a company which itself controls an insurance company domiciled in the State of Indiana, including by exercising proxies representing 10% or more of the Trust’s voting securities.  Accordingly, if a shareholder seeks to exercise proxies for a matter to be voted upon at a meeting of the Trust’s shareholders without having obtained any applicable approvals from the Indiana insurance regulatory authorities, such proxies representing 10% or more of the Trust’s voting securities will, subject to Section 9.3, be void and of no further force or effect.

 

Section 9.2.            Compliance With Law.  Shareholders shall comply with all applicable requirements of federal and state laws, including all rules and regulations promulgated thereunder, in connection with such shareholder’s ownership interest in the Trust and all other laws which apply to the Trust or any subsidiary of the Trust or their respective businesses, assets or operations and which require action or inaction on the part of the shareholder.

 

Section 9.3.            Limitation on Voting Shares or Proxies.  Without limiting the provisions of Section 9.1, if a shareholder (whether individually or constituting a group, as determined by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or its receipt or exercise of proxies to vote shares owned by other shareholders, would not be permitted to vote the shareholder’s shares of the Trust or proxies for shares of the Trust in excess of a certain amount pursuant to applicable law (including by way of example, applicable state insurance regulations) but the Board of Trustees determines that the excess shares or shares represented by the excess proxies are necessary to obtain a quorum, then such shareholder shall not be entitled to vote any such excess shares or proxies, and instead such excess shares or proxies may, to the fullest extent permitted by law, be voted by the Manager (or by another person designated by the Trustees) in proportion to the total shares otherwise voted on such matter.

 

Section 9.4.            Representations, Warranties and Covenants Made to Governmental or Regulatory Bodies.  To the fullest extent permitted by law, any representation, warranty or covenant made by a shareholder with any governmental or regulatory body in connection with such shareholder’s interest in the Trust or any subsidiary of the Trust shall be deemed to be simultaneously made to, for the benefit of and enforceable by, the Trust and any applicable subsidiary of the Trust.

 

Section 9.5.            Board of Trustees’ Determinations.  The Board of Trustees shall be empowered to make all determinations regarding the interpretation, application, enforcement and compliance with any matters referred to or contemplated by this ARTICLE IX.

 

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ARTICLE X

 

ARBITRATION PROCEDURES FOR DISPUTES

 

Section 10.1.          Procedures for Arbitration of Disputes.  Any disputes, claims or controversies brought by or on behalf of any shareholder of the Trust (which, for purposes of this ARTICLE X, shall mean any shareholder of record or any beneficial owner of shares of the Trust, or any former shareholder of record or beneficial owner of shares of the Trust), either on his, her or its own behalf, on behalf of the Trust or on behalf of any series or class of shares of the Trust or shareholders of the Trust against the Trust or any Trustee, officer, manager (including Reit Management & Research LLC or its successor), agent or employee of the Trust, including disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of the Declaration of Trust or these Bylaws (all of which are referred to as “Disputes”) or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this ARTICLE X. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against Trustees, officers or managers of the Trust and class actions by shareholders against those individuals or entities and the Trust. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.

 

Section 10.2.          Arbitrators.  There shall be three arbitrators.  If there are only two parties to the Dispute, each party shall select one arbitrator within 15 days after receipt by respondent of a copy of the demand for arbitration.  Such arbitrators may be affiliated or interested persons of such parties.  If either party fails to timely select an arbitrator, the other party to the Dispute shall select the second arbitrator who shall be neutral and impartial and shall not be affiliated with or an interested person of either party.  If there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one arbitrator. Such arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be.  If either all claimants or all respondents fail to timely select an arbitrator then such arbitrator (who shall be neutral, impartial and unaffiliated with any party) shall be appointed by the parties who have appointed the first arbitrator.  The two arbitrators so appointed shall jointly appoint the third and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within 15 days of the appointment of the second arbitrator.  If the third arbitrator has not been appointed within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

Section 10.3.          Place of Arbitration.  The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

Section 10.4.          Discovery.  There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.

 

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Section 10.5.          Awards.  In rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of the State of Maryland.  Any arbitration proceedings or Award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.  The Award shall be in writing and may, but shall not be required to briefly state the findings of fact and conclusions of law on which it is based.  Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset.  The party against which the Award assesses a monetary obligation shall pay that obligation on or before the 30th day following the date of the Award or such other date as the Award may provide.

 

Section 10.6.          Costs and Expenses.  Except as otherwise set forth in the Declaration of Trust or these Bylaws, including Section 16.2 of these Bylaws, or as otherwise agreed between the parties, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of the Trust’s award to the claimant or the claimant’s attorneys.  Each party (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third appointed arbitrator.

 

Section 10.7.          Final and Binding.  An Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between such parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators.  Judgment upon the Award may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

Section 10.8.          Beneficiaries.  This ARTICLE X is intended to benefit and be enforceable by the shareholders, Trustees, officers, managers (including Reit Management & Research LLC or its successor), agents or employees of the Trust and the Trust and shall be binding on the shareholders of the Trust and the Trust, as applicable, and shall be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

ARTICLE XI

 

FISCAL YEAR

 

Section 11.1.          Fiscal Year.  The fiscal year of the Trust shall be the calendar year.

 

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ARTICLE XII

 

DIVIDENDS AND OTHER DISTRIBUTIONS

 

Section 12.1.          Dividends and Other Distributions.  Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized and declared by the Trustees.  Dividends and other distributions may be paid in cash, property or shares of the Trust.

 

ARTICLE XIII

 

SEAL

 

Section 13.1.          Seal.  The Trustees may authorize the adoption of a seal by the Trust.  The Trustees may authorize one or more duplicate seals.

 

Section 13.2.          Affixing Seal.  Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word “(SEAL)” adjacent to the signature of the person authorized to execute the document on behalf of the Trust.

 

ARTICLE XIV

 

WAIVER OF NOTICE

 

Section 14.1.          Waiver of Notice.  Whenever any notice is required to be given pursuant to the Declaration of Trust, these Bylaws or applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, or a waiver by electronic transmission by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.  Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice or waiver by electronic transmission, unless specifically required by statute.  The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

 

ARTICLE XV

 

AMENDMENT OF BYLAWS

 

Section 15.1.          Amendment of Bylaws.  Except for any change for which these Bylaws requires approval by more than a majority vote of the Trustees, these Bylaws may be amended or repealed or new or additional Bylaws may be adopted only by the vote or by written consent of a majority of the Trustees as specified in Section 3.10.

 

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ARTICLE XVI

 

MISCELLANEOUS

 

Section 16.1.          References to Declaration of Trust.  All references to the Declaration of Trust shall include any amendments and supplements thereto.

 

Section 16.2.          Costs and Expenses.  In addition to, and as further clarification of each shareholder’s obligation to indemnify and hold the Trust harmless from and against all costs, expenses, penalties, fines or other amounts, including, without limitation, reasonable attorneys’ and other professional fees, whether third party or internal, arising from such shareholder’s breach of or failure to fully comply with any covenant, condition or provision of the Declaration of Trust or these Bylaws (including Section 2.14 of these Bylaws) or any action by or against the Trust in which such shareholder is not the prevailing party, pursuant to Section 8.6 of the Declaration of Trust, to the fullest extent permitted by law, each shareholder will be liable to the Trust (and any subsidiaries or affiliates thereof) for, and indemnify and hold harmless the Trust (and any subsidiaries or affiliates thereof) from and against, all costs, expenses, penalties, fines or other amounts, including, without limitation, reasonable attorneys’ and other professional fees, whether third party or internal, arising from such shareholder’s breach of or failure to fully comply with any covenant, condition or provision of these Bylaws or the Declaration of Trust (including Section 2.14 of these Bylaws) or any action by or against the Trust (or any subsidiaries or affiliates thereof) in which such shareholder is not the prevailing party, and shall pay such amounts to such indemnitee on demand, together with interest on such amounts, which interest will accrue at the lesser of 18% per annum and the maximum amount permitted by law, from the date such costs or the like are incurred until the receipt of payment.

 

Section 16.3.          Ratification.  The Board of Trustees or the shareholders may ratify and make binding on the Trust any action or inaction by the Trust or its officers to the extent that the Board of Trustees or the shareholders could have originally authorized the matter.  Moreover, any action or inaction questioned in any shareholder’s derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified, before or after judgment, by the Board of Trustees or by the shareholders and, if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

 

Section 16.4.          Ambiguity.  In the case of an ambiguity in the application of any provision of these Bylaws or any definition contained in these Bylaws, the Board of Trustees shall have the sole power to determine the application of such provisions with respect to any situation based on the facts known to it and such determination shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

 

Section 16.5.          Inspection of Bylaws.  The Trustees shall keep at the principal office for the transaction of business of the Trust the original or a copy of the Bylaws as amended or otherwise

 

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altered to date, certified by the secretary, which shall be open to inspection by the shareholders at all reasonable times during office hours.

 

Section 16.6.          Election to be Subject to Part of Title 3, Subtitle 8.  Notwithstanding any other provision contained in the Declaration of Trust or these Bylaws, the Trust hereby elects to be subject to Section 3-804(b) and (c) of Title 3, Subtitle 8 of the Maryland General Corporation Law (the “MGCL”) (or any successor statute).  This Section 16.6 only may be repealed, in whole or in part, by a subsequent amendment to these Bylaws.

 

Section 16.7.          Control Share Acquisition Act. Notwithstanding any other provision contained in the Declaration of Trust or these Bylaws, Title 3, Subtitle 7 of the MGCL (or any successor statute) shall not apply to any acquisition by any person of shares of beneficial interest of the Trust.  This section may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor Bylaw or amendment hereto, apply to any prior or subsequent control share acquisition.

 

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 EX-8.1 4 a2207378zex-8_1.htm EX-8.1

Exhibit 8.1

 

 

 

February 23, 2012

 

Government Properties Income Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts  02458

 

Ladies and Gentlemen:

 

The following opinion is furnished to Government Properties Income Trust, a Maryland real estate investment trust (the “Company”), to be filed with the Securities and Exchange Commission (the “SEC”) as Exhibit 8.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Form 10-K”) under the Securities Exchange Act of 1934, as amended.

 

We have acted as counsel for the Company in connection with the preparation of the Form 10-K. We have reviewed originals or copies of such corporate records, such certificates and statements of officers of the Company and of public officials, and such other documents as we have considered relevant and necessary in order to furnish the opinion hereinafter set forth.  In doing so, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, and the authenticity of the originals of such documents.  Specifically, and without limiting the generality of the foregoing, we have reviewed:  (i) the Company’s amended and restated declaration of trust, as amended, and its amended and restated bylaws; and (ii) the Form 10-K.

 

The opinion set forth below is based upon the Internal Revenue Code of 1986, as amended, the Treasury Regulations issued thereunder, published administrative interpretations thereof, and judicial decisions with respect thereto, all as of the date hereof (collectively, “Tax Laws”), and upon the Employee Retirement Income Security Act of 1974, as amended, the Department of Labor regulations issued thereunder, published administrative interpretations thereof, and judicial decisions with respect thereto, all as of the date hereof (collectively, “ERISA Laws”).  No assurance can be given that Tax Laws or ERISA Laws will not change.  In preparing the discussions with respect to Tax Laws matters and ERISA Laws matters in the sections of Item 1 of the Form 10-K captioned “Federal Income Tax Considerations” and “ERISA Plans, Keogh Plans and Individual Retirement Accounts”, we have made certain

 


 

assumptions therein and expressed certain conditions and qualifications therein, all of which assumptions, conditions and qualifications are incorporated herein by reference.  With respect to all questions of fact on which our opinion is based, we have assumed the initial and continuing truth, accuracy and completeness of:  (i) the information set forth in the Form 10-K and in the exhibits thereto; and (ii) representations made to us by officers of the Company or contained in the Form 10-K and in the exhibits thereto, in each such instance without regard to qualifications such as “to the best knowledge of” or “in the belief of”.  We have not independently verified such information.

 

We have relied upon, but not independently verified, the foregoing assumptions.  If any of the foregoing assumptions are inaccurate or incomplete for any reason, or if the transactions described in the Form 10-K or the exhibits thereto have been consummated in a manner that is inconsistent with the manner contemplated therein, our opinion as expressed below may be adversely affected and may not be relied upon.

 

Based upon and subject to the foregoing: (A) we are of the opinion that the discussions with respect to Tax Laws matters and ERISA Laws matters in the sections of Item 1 of the Form 10-K captioned “Federal Income Tax Considerations” and “ERISA Plans, Keogh Plans and Individual Retirement Accounts”, in all material respects are, subject to the limitations set forth therein, the material Tax Laws consequences and the material ERISA Laws consequences relevant to owners of the securities of the Company discussed therein (the “Securities”), and (B) we hereby confirm that the opinions of counsel referred to in said sections represent our opinions on the subject matter thereof.

 

Our opinion above is limited to the matters specifically covered hereby, and we have not been asked to address, nor have we addressed, any other matters or any other transactions.  Further, we disclaim any undertaking to advise you of any subsequent changes of the matters stated, represented or assumed herein or any subsequent changes in Tax Laws or ERISA Laws.

 

This opinion is rendered to you in connection with the filing of the Form 10-K.  This opinion may not be relied upon for any other purpose, or furnished to, quoted or relied upon by any other person, firm or corporation for any other purpose, without our prior written consent, except that (A) this opinion may be furnished or quoted to judicial or regulatory authorities having jurisdiction over you, and (B) this opinion may be relied upon by purchasers and owners of the Securities currently entitled to rely on it pursuant to applicable provisions of federal securities law.  Purchasers and owners of the Securities are urged to consult their own tax advisors or counsel, particularly with respect to their particular tax consequences of acquiring, owning and disposing of the Securities, which may vary for investors in different tax situations.  We hereby consent to the filing of a copy of this opinion as an exhibit to the Form 10-K, which is incorporated by reference in the Company’s Registration Statement on Form S-3 (File No. 333-167982) under the Securities Act of 1933, as amended (the “Act”), and to the references to our firm in the Form 10-K and such Registration Statement.  In giving such consent, we do not

 

2


 

thereby admit that we come within the category of persons whose consent is required under Section 7 of the Act or under the rules and regulations of the SEC promulgated thereunder.

 

 

Very truly yours,

 

 

 

/s/ Sullivan & Worcester LLP

 

 

 

SULLIVAN & WORCESTER LLP

 

3


 EX-21.1 5 a2207378zex-21_1.htm EX-21.1
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EXHIBIT 21.1


GOVERNMENT PROPERTIES INCOME TRUST
SUBSIDIARIES OF THE REGISTRANT

Name
 
State of Formation, Organization or Incorporation
Government Properties Income Trust LLC   Delaware

GPT Properties Trust
 
Maryland

3300 75th Avenue LLC
 
Delaware

GPT Properties LLC
 
Delaware

GPT Realty Trust (Nominee Trust)
 
Massachusetts

GOV Grand Oak Properties Trust
 
Maryland

GOV Lakewood Properties Trust
 
Maryland

GOV TRS, Inc.
 
Maryland

One State Street Square Urban Renewal L.L.C.
 
New Jersey

GOV Intech LLC
 
Delaware



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GOVERNMENT PROPERTIES INCOME TRUST SUBSIDIARIES OF THE REGISTRANT
 EX-23.1 6 a2207378zex-23_1.htm EX-23.1
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EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

        We consent to the incorporation by reference in the Registration Statement (Form S-3 No. 333-167982) of Government Properties Income Trust and in the related Prospectus of our reports dated February 23, 2012, with respect to the consolidated financial statements and schedule of Government Properties Income Trust, and the effectiveness of internal control over financial reporting of Government Properties Income Trust, included in this Annual Report (Form 10-K) for the year ended December 31, 2011.

    /s/ Ernst & Young LLP

Boston, Massachusetts
February 23, 2012



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 EX-31.1 7 a2207378zex-31_1.htm EX-31.1
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EXHIBIT 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, Barry M. Portnoy, certify that:

1.
I have reviewed this annual report on Form 10-K of Government Properties Income Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
  Date:   February 23, 2012   /s/ BARRY M. PORTNOY
 Barry M. Portnoy
 Managing Trustee



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CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
 EX-31.2 8 a2207378zex-31_2.htm EX-31.2
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EXHIBIT 31.2

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, Adam D. Portnoy, certify that:

1.
I have reviewed this annual report on Form 10-K of Government Properties Income Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
  Date:   February 23, 2012   /s/ ADAM D. PORTNOY
 Adam D. Portnoy
 Managing Trustee



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CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
 EX-31.3 9 a2207378zex-31_3.htm EX-31.3
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EXHIBIT 31.3

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, David M. Blackman, certify that:

1.
I have reviewed this annual report on Form 10-K of Government Properties Income Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2012   /s/ DAVID M. BLACKMAN
 David M. Blackman
 President and Chief Operating Officer



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CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
 EX-31.4 10 a2207378zex-31_4.htm EX-31.4
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EXHIBIT 31.4

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, Mark L. Kleifges, certify that:

1.
I have reviewed this annual report on Form 10-K of Government Properties Income Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
  Date:   February 23, 2012   /s/ MARK L. KLEIFGES
 Mark L. Kleifges
 Treasurer and Chief Financial Officer



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CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
 EX-32.1 11 a2207378zex-32_1.htm EX-32.1
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EXHIBIT 32.1

Certification Pursuant to 18 U.S.C. Sec. 1350
(Section 906 of the Sarbanes—Oxley Act of 2002)

        In connection with the filing by Government Properties Income Trust (the "Company") of the Annual Report on Form 10-K for the year ended December 31, 2011 (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

    1.
    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

    2.
    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ BARRY M. PORTNOY
 Barry M. Portnoy
 Managing Trustee		   /s/ DAVID M. BLACKMAN
 David M. Blackman
 President and Chief Operating Officer

/s/ ADAM D. PORTNOY
 Adam D. Portnoy
 Managing Trustee
 
/s/ MARK L. KLEIFGES
 Mark L. Kleifges
 Treasurer and Chief Financial Officer

Date:    February 23, 2012



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Certification Pursuant to 18 U.S.C. Sec. 1350 (Section 906 of the Sarbanes—Oxley Act of 2002)
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The aggregate business management and property management fees for 2009 were $5,601, which includes $2,390 of fees paid to RMR by CWH that were allocated to us by CWH before we became a separate company. Business management fees are included in general and administrative expense and property management fees are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. No incentive fees were earned by RMR in 2010 as the FFO Per Share for fiscal year 2010 did not exceed the FFO Per Share for fiscal year 2009. </font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RMR also provides internal audit services to us in return for our pro rata share of the total internal audit costs incurred by RMR for us and other publicly owned companies managed by RMR and its affiliates, which amounts are subject to determination by our Compensation Committee. Our Audit Committee appoints our Director of Internal Audit. Our pro rata share of RMR's costs of providing this internal audit function, which are included in general and administrative expense in our consolidated financial statements, was approximately $240, $211 and $121 for 2011, 2010 and 2009, respectively. These allocated costs are in addition to the business and property management fees we paid to RMR. We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR on our behalf. 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Under our business management agreement, RMR has agreed not to present other businesses that it now or in the future manages with opportunities to invest in properties that are majority leased to government tenants unless our Independent Trustees have determined not to invest in the opportunity. RMR has also agreed not to provide business management services to any other business that is principally engaged in the business of owning properties that are majority leased or occupied to Governmental Authorities, as defined in the business management agreement, or that are reasonably expected to be majority leased to Governmental Authorities, without the consent of our Independent Trustees. 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The provisions described in (1)&#160;and (2)&#160;do not prevent us from continuing to own and lease our current properties or properties otherwise acquired by us that cease to be majority leased to government tenants following the termination of government tenancies; and, similarly, the provisions described in (1)&#160;and (2)&#160;also do not prohibit CWH from leasing its current or future properties to government tenants. We and CWH also agreed that certain disputes, claims and controversies arising under the transaction agreement may be referred to binding arbitration proceedings. </font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In June 2010, we entered into a series of agreements to purchase 15 properties (approximately 1.9&#160;million rentable square feet) from CWH which are majority leased to government tenants. 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Mortgage Note 8.15 Percent Due in 2021 [Member] Fair Value of Financial Instruments Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Debt Instrument, Interest Rate, Stated Percentage Interest rate (as a percent) Debt Instrument, Unamortized Premium Unamortized fair value premium included in mortgage notes Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Restricted Cash Deferred Charges, Policy [Policy Text Block] Deferred leasing costs Deferred Financing Fees [Policy Text Block] Disclosure of accounting policy for costs incurred to obtain or issue debt, method of amortizing deferred financing costs and original issue discount. Deferred financing fees Other Assets [Policy Text Block] Disclosure of accounting policy for other assets. Other assets Due from Affiliates [Policy Text Block] Due From Affiliates Disclosure of accounting policy for the amount of receivables due from affiliates. Disclosure of accounting policy for the amount due to affiliates. Due To Affiliates Due to Affiliates [Policy Text Block] Revenue Recognition Leases, Operating [Policy Text Block] Revenue Recognition Income Tax, Policy [Policy Text Block] Income Taxes Use of Estimates, Policy [Policy Text Block] Use of Estimates Earnings Per Share, Policy [Policy Text Block] Net Income Per Share Segment Reporting, Policy [Policy Text Block] Segment Reporting Schedule of Finite-Lived Intangible Assets by Major Class [Table] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Leases, Acquired-in-Place [Member] In place leases Above market lease This element represents the identifiable intangible asset established for an assumed above market lease acquired in an acquisition. Leases Acquired in Place above Market Lease [Member] Leases Acquired in Place below Market Lease [Member] This element represents the identifiable intangible liability established for an assumed below market lease acquired in an acquisition. Below market lease Finite-Lived Intangible Assets [Line Items] Real Estate Properties Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization of capitalized lease values Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] Projected future amortization of net intangible lease assets and liabilities Future Amortization Expense, Year One 2012 Future Amortization Expense, Year Two 2013 Future Amortization Expense, Year Three 2014 Future Amortization Expense, Year Four 2015 Future Amortization Expense, Year Five 2016 Future Amortization Expense, after Year Five Thereafter Deferred Costs, Leasing, Net [Abstract] Deferred Leasing Costs Deferred Costs, Leasing, Gross Deferred leasing costs, gross Deferred Costs, Leasing, Accumulated Amortization Accumulated amortization of deferred leasing costs Deferred Costs, Leasing, Future Amortization Expense [Abstract] Future amortization of deferred leasing costs Deferred Costs, Leasing, Future Amortization Expense Year One Represents the amount of amortization of deferred leasing costs expected to be recognized during year one of the five succeeding fiscal years. 2012 Deferred Costs, Leasing, Future Amortization Expense Year Two Represents the amount of amortization of deferred leasing costs expected to be recognized during year two of the five succeeding fiscal years. 2013 Deferred Costs, Leasing, Future Amortization Expense Year Three Represents the amount of amortization of deferred leasing costs expected to be recognized during year three of the five succeeding fiscal years. 2014 Deferred Costs, Leasing, Future Amortization Expense Year Four Represents the amount of amortization of deferred leasing costs expected to be recognized during year four of the five succeeding fiscal years. 2015 Deferred Costs, Leasing, Future Amortization Expense Year Five Represents the amount of amortization of deferred leasing costs expected to be recognized during year five of the five succeeding fiscal years. 2016 Deferred Costs, Leasing, Future Amortization Expense after Year Five Thereafter Represents the amount of amortization of deferred leasing costs expected to be recognized after the fifth succeeding fiscal year. Deferred Finance Costs, Net [Abstract] Deferred Financing Fees Deferred Finance Costs, Gross Deferred financing fees, gross Accumulated Amortization, Deferred Finance Costs Accumulated amortization of deferred financing fees Deferred Finance Costs, Future Amortization Expense [Abstract] Future amortization of deferred financing fees Deferred Finance Costs, Future Amortization Expense Year One Represents the amount of amortization of deferred financing fees expected to be recognized during year one of the five succeeding fiscal years. 2012 2013 Represents the amount of amortization of deferred financing fees expected to be recognized during year two of the five succeeding fiscal years. Deferred Finance Costs, Future Amortization Expense Year Two 2014 Represents the amount of amortization of deferred financing fees expected to be recognized during year three of the five succeeding fiscal years. Deferred Finance Costs, Future Amortization Expense Year Three 2015 Represents the amount of amortization of deferred financing fees expected to be recognized during year four of the five succeeding fiscal years. Deferred Finance Costs, Future Amortization Expense Year Four 2016 Represents the amount of amortization of deferred financing fees expected to be recognized during year five of the five succeeding fiscal years. Deferred Finance Costs, Future Amortization Expense Year Five Thereafter Represents the amount of amortization of deferred financing fees expected to be recognized after the fifth succeeding fiscal year. Deferred Finance Costs, Future Amortization Expense after Year Five Increase (Decrease) in Deferred Rent Receivables Increase (decrease) in rental income to record Straight line rental income Schedule of Quarterly Financial Information [Table Text Block] Summary of unaudited quarterly results of operations Schedule of Long-term Debt Instruments [Table Text Block] Composition of outstanding indebtness Schedule of Maturities of Long-term Debt [Table Text Block] Schedule of the principal payments due of the outstanding debt Line of Credit [Member] Unsecured revolving credit facility due in 2015 Unsecured revolving credit facility Prior Secured Line of Credit [Member] Prior secured revolving credit facility Details pertaining to the prior secured revolving credit facility which was replaced in October, 2010 with a new facility. Debt Instrument [Line Items] Indebtedness Line of Credit Facility, Maximum Borrowing Capacity Maximum borrowing capacity on revolving credit facility Line of Credit Facility, Interest Rate Description Revolving credit facility, interest rate basis Line of Credit Facility Maximum Potential Borrowing Capacity Maximum borrowing capacity on credit facility may be increased under certain conditions Represents maximum borrowing capacity under the credit facility that may be increased under certain conditions. Long-term Debt, Weighted Average Interest Rate The weighted average annual interest rate for revolving credit facilities (as a percent) Line of Credit Facility, Remaining Borrowing Capacity Amount available to be drawn Long-term Debt, by Maturity [Abstract] Repayment of debt Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months 2012 Long-term Debt, Maturities, Repayments of Principal in Year Two 2013 Long-term Debt, Maturities, Repayments of Principal in Year Three 2014 Long-term Debt, Maturities, Repayments of Principal in Year Four 2015 Long-term Debt, Maturities, Repayments of Principal in Year Five 2016 Long-term Debt, Maturities, Repayments of Principal after Year Five Thereafter Long-term Debt Aggregate outstanding debt Real Estate by Location [Axis] Represents details pertaining to the locations of real estate properties of the entity. Represents various geographic locations of real estate properties of the entity. Real Estate by Location [Domain] Quincy MA [Member] Quincy MA Represents details pertaining to Quincy, MA. Woodlawn MD [Member] Woodlawn, MD Represents details pertaining to Woodlawn, MD. Plantation FL [Member] Plantation FL Represents details pertaining to Plantation, FL. New York NY [Member] New York, NY Represents details pertaining to New York, NY. Indianapolis IN [Member] Indianapolis, IN Represents details pertaining to Indianapolis, IN. Milwaukee WI [Member] Milwaukee WI Represents details pertaining to Milwaukee, WI. Stafford VA [Member] Stafford, VA Represents details pertaining to Stafford, VA. Montgomery AL [Member] Montgomery, AL Represents details pertaining to Montgomery, AL. Holtsville NY [Member] Holtsville, NY Represents details pertaining to Holtsville, NY. Acquisition [Member] Acquisition Agreement to Acquire [Member] Agreement to acquire Represents details pertaining to agreements to acquire properties. Real Estate By Type [Axis] Represents properties segregated by major types of properties. Real Estate By Type [Domain] Represents types of properties owned, managed and developed by the entity. Office [Member] Office Represents information pertaining to office properties. Real Estate Properties [Line Items] Real estate properties Organization Number of Properties Acquired Number of properties acquired or agreed to be acquired Represents the number of properties acquired or agreed to be acquired by the entity. Number of acquisitions Number of properties purchased Real Estate Aggregate Purchase Price Purchase Price Represents the aggregate purchase price excluding acquisition costs of real estate properties acquired or agreed to be acquired by the entity. Aggregate purchase price of properties purchased, excluding acquisition costs Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets Acquired Leases Office properties leased to tenants (as a percent) Represents the percentage of units leased to tenants in a real estate property or group of real estate properties. Real Estate Property Percentage Leased Real Estate Property Lease Number of Tenants Number of tenants Represents the number of tenants to whom a real estate property or a group of real estate properties is leased. Related Party Transactions Number of Agreements Number of agreements entered for the purpose of management and administrative services Represents the number of agreements. Schedule of Related Party Transactions, by Related Party [Table] Reit Management and Research LLC [Member] RMR Represents details pertaining to Reit Management and Research LLC, or RMR. Common Wealth REIT [Member] CWH Represents details pertaining to CommonWealth REIT. Affiliates Insurance Company [Member] AIC Represents details pertaining to Affiliates Insurance Company, also referred to as AIC in which the entity has an investment in shares accounted for under the equity method of accounting and for which certain information is required or determined to be disclosed. Related Party Transaction [Line Items] Related Party Transaction Number of Mutual Funds Number of mutual funds managed Represents the number of mutual funds managed by an entity. Related Party Transaction Property Management Agreement Construction Supervision Fees as Percentage of Construction Costs Construction supervision fees payable under property management agreement as a percentage of construction costs Represents the construction supervision fees payable to related parties under property management agreement expressed as a percentage of construction costs. Period by Which Term of Service Agreements is Automatically Renewed Period by which business management agreement and property management agreement get automatically renewed (in years) Represents the period by which the term of service agreements (i.e. business management and property management agreement) gets automatically renewed unless a notice for non-renewal is given. Period before Which Written Notice Required for Termination of Service Agreements Period before which the written notice is required to be given for cancellation of business management agreement and the property management agreement (in days) Represents the period before which the written notice is required to be given for cancellation of service agreements. Revenue from Related Parties Rental income earned Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Awards granted (in shares) Number of shares granted under the Award Plan Granted (in shares) Number of properties, rights of first refusal to purchase Related Party Transactions Number of Real Estate Properties Rights of First Refusal The number of real estate properties owned which related parties have the right of first refusal to purchase. Equity Method Investment, Aggregate Cost Amount invested in equity investee Equity Method Investment, Property Insurance Annual Premium Amount This element represents the amount of annual premiums for property insurance pursuant to an insurance program arranged by the equity method investee. Premium for property insurance Related Party Transactions, by Related Party [Axis] Related Party [Domain] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share Awards Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Shares available for issuance under the Award Plan Dividends, Common Stock [Abstract] Distributions Common Stock, Dividends, Per Share, Cash Paid Cash distribution to common shareholders (in dollars per share) Common Stock Dividends Per Share Cash Paid Increase (Decrease) Increase in distribution to common shareholders (in dollars per share) Represents the increase or decrease in dividends paid during the period for each share of common stock outstanding. Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Real Estate Accumulated Depreciation Balance at the beginning of the period Balance at the end of the period Real Estate Accumulated Depreciation, Other Additions Additions Real Estate Accumulated Depreciation, Real Estate Sold Disposals Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] Accumulated Depreciation Real Estate, Cost of Real Estate Sold Disposals Real Estate, Other Acquisitions Additions Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] Real Estate Properties Real Estate and Accumulated Depreciation Equipment Life used for Depreciation Useful life of equipment (in years) Represents the estimated economic life of equipment on which depreciation in the latest income statement was computed. Useful life of buildings and improvements (in years) Real Estate and Accumulated Depreciation Buildings and Improvements Life Used for Depreciation Represents the estimated economic life of buildings and improvements on which depreciation in the latest income statement was computed. Real Estate, Federal Income Tax Basis Aggregate cost for federal income tax purposes Real Estate and Accumulated Depreciation, Accumulated Depreciation Accumulated Depreciation Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements Total Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements Buildings and Equipment Real Estate and Accumulated Depreciation, Carrying Amount of Land Land Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements Costs Capitalized Subsequent to Acquisition Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements Buildings and Equipment Real Estate and Accumulated Depreciation, Initial Cost of Land Land Real Estate and Accumulated Depreciation, Amount of Encumbrances Encumbrances Real Estate and Accumulated Depreciation [Line Items] Real estate and accumulated depreciation Cheyenne WY [Member] Cheyenne WY Represents the location, Cheyenne, WY. Falling Waters WV [Member] Falling Waters WV Represents the location, Falling Waters, WV. Richland WA [Member] Richland WA Represents the location, Richland, WA. Burlington VT [Member] S. Burlington VT Represents the location, Burlington, VT. Falls Church VA [Member] Falls Church VA Represents the location, Falls Church, VA. Waco TX [Member] Waco TX Represents the location, Waco, TX. Memphis TN [Member] Memphis TN Represents the location, Memphis, TN. Columbia SC Location 1 [Member] Columbia SC, location 1 Represents the location 1 of Columbia, SC. Oklahoma City OK [Member] Oklahoma City OK Represents the location, Oklahoma City, OK. Nashua NH [Member] Nashua NH Represents the location, Nashua, NH. Trenton NJ [Member] Trenton NJ Represents the location, Trenton, NJ. Albuquerque NM [Member] Albuquerque NM Represents the location, Albuquerque, NM. Buffalo NY [Member] Buffalo NY Represents the location, Buffalo, NY. Kansas City KS [Member] Kansas City KS Represents the location, Kansas City, KS. Roseville MN [Member] Roseville MN Represents the location, Roseville, MN. Landover MD [Member] Landover MD Represents the location, Landover, MD. Riverdale MD [Member] Riverdale MD Represents the location, Riverdale, MD. Rockville MD [Member] Rockville MD Represents the location, Rockville, MD. Detroit MI [Member] Detroit MI Represents the location, Detroit, MI. Minneapolis MN [Member] Minneapolis MN Represents the location, Minneapolis, MN. Germantown MD [Member] Germantown MD Represents the location, Germantown, MD. Baltimore MD [Member] Baltimore MD Represents the location, Baltimore, MD. Stoneham MA [Member] Stoneham MA Represents the location, Stoneham, MA. Malden MA [Member] Malden MA Represents the location, Malden, MA. Boston MA [Member] Boston MA Represents the location, Boston, MA. Arlington Heights IL [Member] Arlington Heights IL Represents the location, Arlington Heights, IL. Savannah GA [Member] Savannah GA Represents the location, Savannah, GA. Atlanta GA Location 1 [Member] Atlanta GA, location 1 Represents the location 1 of Atlanta, GA. Tampa FL [Member] Tampa FL Represents the location, Tampa, FL. Washington DC Location 1 [Member] Washington DC, location 1 Represents the location 1 of Washington, DC. Lakewood CO Location 1 [Member] Lakewood CO, location 1 Represents the location 1 of Lakewood, CO. Golden CO [Member] Golden CO Represents the location, Golden, CO. San Diego CA Location 1 [Member] San Diego CA, location 1 Represents the location 1 of San Diego CA. Phoenix AZ [Member] Phoenix AZ Represents the location, Phoenix, AZ. Safford AZ [Member] Safford AZ Represents the location, Safford, AZ. Tucson AZ [Member] Tucson AZ Represents the location, Tucson, AZ. Fresno CA [Member] Fresno CA Represents the location, Fresno, CA. Sacramento CA Location 1 [Member] Sacramento CA, location 1 Represents the location 1 of Sacramento, CA. Real Estate, Gross Balance at the beginning of the period Balance at the end of the period Total Long-term Debt, Gross Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Grants in Period Aggregate Market Value Aggregate market value of shares granted under the Award Plan Represents the aggregate market value at grant date for nonvested equity-based awards during the period on other than stock (or unit) options plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Aggregate market value of shares awarded Real Estate and Accumulated Depreciation, by Property [Table] Real Estate and Accumulated Depreciation, Description of Property [Axis] Sacramento CA Location 2 [Member] Sacramento CA, location 2 Represents the location 2 of Sacramento, CA. San Diego CA Location 2 [Member] San Diego CA, location 2 Represents the location 2 of San Diego, CA. San Diego CA Location 3 [Member] San Diego CA, location 3 Represents the location 3 of San Diego, CA. San Diego CA Location 4 [Member] San Diego CA, location 4 Represents the location 4 of San Diego, CA. Lakewood CO Location 2 [Member] Lakewood CO, location 2 Represents the location 2 of Lakewood, CO. Lakewood CO Location 3 [Member] Lakewood CO, location 3 Represents the location 3 of Lakewood, CO. Lakewood CO Location 4 [Member] Lakewood CO, location 4 Represents the location 4 of Lakewood, CO. Washington DC Location 2 [Member] Washington DC, location 2 Represents the location 2 of Washington, DC. Atlanta GA Location 2 [Member] Atlanta GA, location 2 Represents the location 2 of Atlanta, GA. Atlanta GA Location 3 [Member] Atlanta GA, location 3 Represents the location 3 of Atlanta, GA. Atlanta GA Location 4 [Member] Atlanta GA, location 4 Represents the location 4 of Atlanta, GA. Atlanta GA Location 5 [Member] Atlanta GA, location 5 Represents the location 5 of Atlanta, GA. Atlanta GA Location 6 [Member] Atlanta GA, location 6 Represents the location 6 of Atlanta, GA. Kansas City MO [Member] Kansas City MO Represents the location, Kansas City, MO. Columbia SC Location 2 [Member] Columbia SC, location 2 Represents the location 2 of Columbia, SC. Columbia SC Location 3 [Member] Columbia SC, location 3 Represents the location 3 of Columbia, SC. Real Estate and Accumulated Depreciation, Initial Cost [Abstract] Initial Cost to Company Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] Cost Amount Carried at Close of Period Real Estate and Accumulated Depreciation, Name of Property [Domain] Related Party Transaction, Compensation to Related Party, Percentage of Historical Cost Compensation at percentage of the historical cost to CWH of properties transferred Represents the compensation as specified percentage of the historical cost to related party of properties transferred. Related Party Transaction Business Management and Property Management Fees Aggregate business management and property management fees Represents the business and property management fees incurred pursuant to business and property management agreements with related parties. Schedule of Real Estate Properties [Table] Basis of Presentation [Policy Text Block] Basis of Presentation The entire disclosure for the basis of presentation. Real Estate, Policy [Policy Text Block] Real Estate Properties Percentage of Ownership in Subsidiaries Percentage of interest in subsidiaries Represents the percentage of ownership in the subsidiary. CWH previous ownership percentage in the entity Maximum estimated useful lives (in years) Property, Plant and Equipment, Useful Life, Maximum Increase (Decrease) to Rental Income from Amortization in Capitalized above and below Market Leases (Decreases)/increases to rental income from amortization of capitalized above market and below market leases Represents the increase or decrease in rental income from amortization of capitalized above market and below market leases. Finite-Lived Intangible Assets, Amortization Expense Amortization of the value of leases Stockholders' Equity, Policy [Policy Text Block] Cumulative Other Comprehensive Income Maximum original maturity period of cash and short term investments (in months) Represents the maximum original maturity period of cash and short term investments. Maximum Term of Original Maturity to Classify Instruments as Cash and Cash Equivalents Percentage of Common Shares Owned by Affiliates Percentage of entity's outstanding shares owned by CWH Represents the percentage of the entity's common shares held by affiliates. Percentage of outstanding shares owned Represents the aggregate investment in properties. Real Estate Investment Property Aggregate Aggregate investment in properties Land Real Estate Purchase Price Allocation Land The amount of purchase price allocated to land. Buildings and Improvements Real Estate Purchase Price Allocation Building and Building Improvements The amount of purchase price allocated to building and building improvements. Acquired Lease Obligations Real Estate Purchase Price Allocation Acquired Real Estate Lease Obligations The amount of purchase price allocated to real estate leases obligations. Business Acquisition, Purchase Price Allocation, Notes Payable and Long-term Debt Assumption of mortgage debt Assumption of debt Related Party Transaction Compensation for upto Threshold Limit Percentage of Cost of any other Properties Acquired Represents the percentage of the cost of additional properties acquired up to a certain threshold. Compensation at percentage of cost of any other properties acquired Related Party Transaction Compensation Value of Properties Acquired Threshold Limit Represents the threshold limit of amount of property acquired, which is taken into account for the purpose of calculating compensation under management agreement. Amount of cost of any other properties acquired, first layer Related Party Transaction above Threshhold Limit Percentage of Cost of any Additional Properties Acquired Represents the additional percentage of the cost of additional properties acquired beyond the threshold. Compensation at percentage of cost of any additional properties acquired Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights Restricted shares vesting terms Minimum [Member] Minimum Equity Method Investment, Ownership Percentage Percentage of interest Percentage of outstanding shares owned Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Net Cash Provided by (Used in) Investing Activities [Abstract] Net Cash Provided by (Used in) Financing Activities [Abstract] Schedule of Long-term Debt Instruments [Table] Significant Acquisitions and Disposals by Transaction [Axis] Significant Acquisitions and Disposals, Transaction [Domain] Range [Axis] Range [Domain] Schedule of Share-based Compensation Arrangement, Share-based Payment Award by Title of Individual [Axis] Reflects the pertinent provisions pertaining to an equity-based compensation arrangement with personnel, by individual. Schedule of Share-based Compensation Arrangement, Share-based Payment Award, Title of Individual with Relationship to Entity [Domain] Title of the individual (or the nature of the entity's relationship with the individual) who is party to the equity-based compensation arrangement. Officers and employees Represents officers and employees of the entity. Officers and Employees [Member] Trustees [Member] Represents trustees of the entity. Trustees Share-based Compensation Arrangement by Share-based Payment Award, Market Value of Shares Issued in Period to Each Individual Market value of common shares awarded to each trustee (in dollars) Market value of shares, newly issued during the reporting period under the plan, to each individual. Cash distribution per common share paid or accrued (in dollars per share) Common Stock, Dividends, Per Share, Declared Common distributions declared (in dollars per share) Common Stock Dividends, Ordinary Income Distribution Percentage Characterization of distributions paid or accrued as a percentage of ordinary income Represents the percentage of ordinary income distributed as dividend on common stock. Common Stock Dividends, Return of Capital Distribution Percentage Characterization of distributions paid or accrued as a percentage of return of capital Represents the percentage of return of capital distributed as dividend on common stock. Common Stock Shares Issued Per Share Price Price per share of shares sold Represents the per share price of the shares issued by the entity. Significant Acquisitions and Disposals Pro Forma Information [Table Text Block] Schedule of pro forma results of operations Tabular disclosure of pro forma results of operations for significant acquisitions or disposals. Schedule of Significant Acquisitions and Disposals [Table] Pro Forma Information Significant Acquisitions and Disposals [Line Items] Significant Acquisitions and Disposals Pro Forma Information [Abstract] Pro forma results of operations Significant Acquisitions and Disposals Pro Forma Revenue Total Revenues The pro forma revenue for a period as if the significant acquisitions or disposals had been completed at the beginning of the period. Significant Acquisitions and Disposals Net Income Loss Net Income The pro forma net income or loss for the period as if the significant acquisitions or disposals had been completed at the beginning of the period. Significant Acquisitions and Disposals Pro Forma Earnings Per Share [Abstract] Per Share data: Significant Acquisitions and Disposals, Pro Forma Earnings Per Share Basic Net Income (in dollars per share) The pro forma basic net income per share for a period as if the significant acquisitions or disposals had been completed at the beginning of the period. Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Number of shares issued Operating Leases Committed Expenditures on Leases Executed in Period Committed but Unspent Tenant Related Obligations Represents committed but unspent tenant related obligations based on executed operating leases as of the balance sheet date. Committed but unspent tenant related obligations based on executed leases as of December 31, 2011 Operating Leases Committed Expenditures on Leases Executed in Period Represents committed expenditures for operating leases executed during the period. Expenditures committed on leases entered into during 2011 Operating Leases Committed Expenditures on Leases Executed in Period Area of Leased Property Represents the area of leased property related to operating leases executed during the period. Square Feet Reclassifications Comparability of Prior Year Financial Data, Policy [Policy Text Block] Common shares of beneficial interest issued Sale of Stock, Number of Shares Issued in Transaction Number of Subsidiaries Initial Real Estate Properties Number of subsidiaries receiving a contribution from CWH Represents the number of subsidiaries receiving a contribution from the parent in the entity's acquisition of initial real estate properties. Number of Real Estate Properties Collateralized The number of real estate properties serving as collateral for debt as of the balance sheet date. Properties Mortgage Loans on Real Estate Assumed in Acquisitions Number of Loans Represents the number of mortgage loans on real estate assumed in acquisitions during the period. Number of assumed secured mortgage loans Amount drawn Line of Credit Facility, Amount Outstanding Concentration Risk [Table] Concentration Risk by Benchmark [Axis] Concentration Risk Benchmark [Domain] Real Estate Revenue Net [Member] Annualized rental income The revenue from real estate operations during the reporting period in the normal course of business, after deducting returns, allowances and discounts, when it serves as a benchmark in a concentration of risk calculation. Concentration Risk by Type [Axis] Concentration Risk Type [Domain] Tenant concentration Customer Concentration Risk [Member] Major Customers [Axis] Name of Major Customer [Domain] US Government [Member] U.S. Government Represents information pertaining to the government of United States of America. Government Concentration Risk [Line Items] Concentration Concentration risk relating to future minimum lease payments Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Award Type and Plan Name [Axis] Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain] Share Award Plan [Member] Share Award Plan Represents the share award plan adopted in 2009, or the Award Plan. 2009 Plan Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Award vesting period (in years) Number of Service Agreements Number of agreements to avail management and administrative services Represents the service agreements entered into by the entity for availing services from other entities. Related Party Employees Number Represents the number of persons employed by a related party of the entity. Number of employees Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights to be Vested on Each of Next Four Anniversaries Represents the portion of awards granted which will vest on each of the next four anniversaries of the grant date. Portion of the awards granted which will vest on each of the next four anniversaries of the grant date Number of Business Days before Which Notice Required for Termination of Property Management Agreement Upon Change in Control Represents the number of business days before which the notice is required to be given for termination of property management agreement. Number of business days before which the notice is required to be given for termination of property management agreement Related Party Transaction Pro Rata Share of Internal Audit Costs Represents the pro rata share of the internal audit costs borne by the entity pursuant to arrangements with related parties. Pro rata share of RMR's internal audit costs Related Party Transaction Property Management Agreement Aggregate Incentive Fee Represents aggregate incentive fee earned by a related party pursuant to business and property management agreements with related parties. Aggregate incentive fee earned Related Party Transaction Business Management and Property Management Fees Allocated by Former Parent Aggregate business management and property management fees allocated to the Company by CWH Represents the portion of business and property management fees incurred pursuant to business and property management agreements with related parties allocated by the former parent. Related Party Transaction Property Management Agreement Management Fees as Percentage of Gross Rents Represents the management fees payable to related parties under property management agreement expressed as a percentage of gross rents. Management fees payable under property management agreement as a percentage of gross rents Legal Entity [Axis] Entity [Domain] Comprehensive Income [Member] Comprehensive Income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Total comprehensive income Sacramento CA Location 3 [Member] Sacramento CA, location 3 Represents the location 3 of Sacramento, CA. Atlanta GA Location 7 [Member] Atlanta GA, location 7 Represents the location 7 of Atlanta, GA. Indianapolis IN Location 1 [Member] Indianapolis IN, location 1 Represents the location 1 of Indianapolis, IN. Indianapolis IN Location 2 [Member] Indianapolis IN, location 2 Represents the location 2 of Indianapolis, IN. Indianapolis IN Location 3 [Member] Indianapolis IN, location 3 Represents the location 3 of Indianapolis, IN. Woodlawn MD Location 1 [Member] Woodlawn MD, location 1 Represents the location 1 of Woodlawn, MD. Woodlawn MD Location 2 [Member] Woodlawn MD, location 2 Represents the location 2 of Woodlawn, MD. Salem OR [Member] Salem OR Represents the location, Salem, OR. Stafford VA Location 1 [Member] Stafford VA, location 1 Represents the location 1 of Stafford, VA. Stafford VA Location 2 [Member] Stafford VA, location 2 Represents the location 2 of Stafford, VA. Richland WA Location 1 [Member] Richland WA, location 1 Represents the location 1 of Richland, WA. Richland WA Location 2 [Member] Richland WA, location 2 Represents the location 2 of Richland, WA. Maximum [Member] Maximum Related Party Transaction Incentive Fee as Percentage of Product of Weighted Average Diluted Shares and Excess of FFO Per Share Incentive fee as a percentage of product of weighted average diluted outstanding common shares and excess of FFO per share Represents the incentive fee paid to a related party expressed as a a percentage of product of weighted average diluted outstanding common shares and excess of FFO per share. Related Party Transaction Incentive Fee Per Diluted Share Incentive fee per diluted share Represents the incentive fee paid to related parties expressed as an amount per share, to be multiplied with the total weighted average outstanding diluted shares. Related Party Transaction Number of Regional Offices Leased Number of regional offices leased Represents the number of regional offices which the entity leases to related parties. Related Party Transaction Property Insurance Coverage Amount Coverage of purchased property insurance Represents the insurance coverage of the property insurance purchased from related parties. Mortgage Note 5.73 Percent Due in 2015 [Member] 5.73% Mortgage notes due in 2015 Represents the mortgage note bearing an interest rate of 5.73 percent due in 2015. Debt Instrument, Interest Rate, Effective Percentage Effective interest rate (as a percent) Unsecured Debt [Member] Unsecured term loan Debt Instrument Amortization Period Amortization schedule of note (in years) Represents the amortization period of the debt instrument. Debt Instrument, Description of Variable Rate Basis Term loan, interest rate basis Debt Instrument, Basis Spread on Variable Rate Interest rate margin (as a percent) Debt Instrument Term Term of loan (in years) The term of the debt instrument. Debt Instrument, Increase, Additional Borrowings Term loan Aggregate Net Book Value of Real Estate Properties Collateralized Aggregate net book value of secured properties The aggregate net book value of real estate properties serving as collateral for debt as of the balance sheet date. Debt Instrument Contingent Option to Extend Maturity Date Option to extend the maturity date subject to certain conditions and the payment of a fee (in years) The option to extend the maturity date subject to certain conditions and the payment of a fee under the credit facility. Sacramento CA [Member] Sacramento, CA Represents the location, Sacramento, CA. Atlanta GA [Member] Atlanta, GA Represents the location,Atlanta, GA. Number of States in Which Real Estate Properties Held Number of states in which acquired properties located The number of states in which real estate owned by the entity is located as of the balance sheet date. Number of states in which owned properties located Schedule of Purchase Price Allocation [Table Text Block] Purchase price of acquisitions allocated based on the estimated fair values of the acquired assets and assumed liabilities Business Acquisition, Purchase Price Allocation [Abstract] Purchase price of acquisitions allocated based on the estimated fair values of the acquired assets and assumed liabilities Business Acquisition Purchase Price Allocation Premium on Assumed Debt Premium on Assumed Debt The amount of purchase price allocated to premium on assumed debt. Operating Leases, Future Minimum Payments Receivable [Abstract] Future minimum lease payments related to properties scheduled to be received during the current terms of the existing leases Operating Leases, Future Minimum Payments Receivable, Current 2012 Operating Leases, Future Minimum Payments Receivable, in Two Years 2013 Operating Leases, Future Minimum Payments Receivable, in Three Years 2014 Operating Leases, Future Minimum Payments Receivable, in Four Years 2015 Operating Leases, Future Minimum Payments Receivable, in Five Years 2016 Operating Leases, Future Minimum Payments Receivable, Thereafter Thereafter Deferred Rent Receivables, Net Straight line rent receivables US Government State Governments and United Nations [Member] U.S. Government, state governments and the United Nations Represents the U.S. Government, state governments and the United Nations, combined. Number of State Governments Number of state governments Represents the number of state governments that are tenants of the entity. Schedule of Nonvested Share Activity [Table Text Block] Summary of shares granted and vested under the terms of the entity's 2009 Plan Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] Number of Shares Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Unvested shares at the beginning of the period Unvested shares at the end of the period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Vested (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Abstract] Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Unvested shares at the beginning of the period (in dollars per share) Unvested shares at the end of the period (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Granted (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Vested (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Shares Scheduled to Vest [Abstract] Vesting schedule of unvested shares Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Shares Scheduled to Vest in Year One 2012 (in shares) The number of non-vested shares that are scheduled to vest in year one. Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Shares Scheduled to Vest in Year Two 2013 (in shares) The number of non-vested shares that are scheduled to vest in year two. Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Shares Scheduled to Vest in Year Three 2014 (in shares) The number of non-vested shares that are scheduled to vest in year three. Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Shares Scheduled to Vest in Year Four 2015 (in shares) The number of non-vested shares that are scheduled to vest in year four. Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] Share Awards, additional disclosures Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized Estimated future compensation expense for the unvested shares Share Price Closing share price of the entity's common shares (in dollars per share) Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition Weighted average period of recognition of compensation expenses (in months) Allocated Share-based Compensation Expense Compensation expense Real Estate Revenue, Percent Annualized Rental income percent This element represents the percentage of rental income in each state. CALIFORNIA California MARYLAND Maryland DISTRICT OF COLUMBIA District of Columbia GEORGIA Georgia NEW YORK New York MASSACHUSETTS Massachusetts Statement, Geographical [Axis] Segment, Geographical [Domain] Operating Leases, Future Minimum Payments Receivable [Member] Future minimum lease payments Represents the future minimum rental payments under operating leases, when it serves as a benchmark in a concentration of risk calculation. State Government [Member] State government Represents the information pertaining to the state government. Concentration Risk Percentage for Termination Right, Exercisable in Year One Represents the percentage as a concentration risk for termination right exercisable in year one from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2012 Concentration Risk Percentage for Termination Right, Exercisable in Year Two Represents the percentage as a concentration risk for termination right exercisable in year two from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2013 Concentration Risk Percentage for Termination Right, Exercisable in Year Three Represents the percentage as a concentration risk for termination right exercisable in year three from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2014 Concentration Risk Percentage for Termination Right, Exercisable in Year Four Represents the percentage as a concentration risk for termination right exercisable in year four from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2015 Concentration Risk Percentage for Termination Right Exercisable in Year Five Represents the percentage as a concentration risk for termination right exercisable in year five from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2016 Concentration Risk Percentage for Termination Right Exercisable in Year Six Represents the percentage as a concentration risk for termination right exercisable in year six from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2017 Concentration Risk Percentage for Termination Right Exercisable in Year Seven Represents the percentage as a concentration risk for termination right exercisable in year seven from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2018 Concentration Risk Percentage for Termination Right Exercisable in Year Eight Represents the percentage as a concentration risk for termination right exercisable in year eight from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2019 Concentration Risk Percentage for Termination Right Exercisable in Year Nine Represents the percentage as a concentration risk for termination right exercisable in year nine from the balance sheet date. Concentration risk, percentage for termination right exercisable in 2020 Investment at carrying value Investments Number of Reportable Segments Number of business segment The number of reportable segments of the entity. Operating Leases, Committed Expenditures on Leases Executed in Period, Area of Renewed Leased Property Rentable area of renewed lease (in square feet) Represents the area of renewed leased property related to operating leases executed during the period. Business Acquisition, Purchase Price Allocation, Other Liabilities Assumed Other Assumed Liabilities The amount of acquisition cost of a business combination allocated to other liabilities assumed. Real estate acquisitions Payments to Acquire Real Estate Real estate improvements Real Estate, Improvements Dividends Payable, Amount Per Share Distribution payable declared Ownership Interest [Policy Text Block] Ownership Interest Disclosure of accounting policy for ownership interest EX-101.PRE 17 gov-20111231_pre.xml EX-101.PRE GRAPHIC 18 g13363kgi001.jpg G13363KGI001.JPG begin 644 g13363kgi001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! 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Pro Forma Information (Unaudited) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2011
property
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
property
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Acquisition
Dec. 31, 2010
Acquisition
property
Oct. 31, 2011
Acquisition
Dec. 31, 2009
Acquisition
property
Dec. 31, 2011
Unsecured revolving credit facility
Oct. 31, 2011
Unsecured revolving credit facility
Dec. 31, 2010
Unsecured revolving credit facility
Dec. 31, 2010
Prior secured revolving credit facility
Pro Forma Information                                      
Number of properties purchased 16               16       22   4        
Aggregate purchase price of properties purchased, excluding acquisition costs                 $ 444,050     $ 444,050 $ 434,411            
Assumption of debt                       49,395 44,951 49,395          
Maximum borrowing capacity on revolving credit facility                               550,000 500,000 500,000 250,000
Number of shares issued                       6,500,000 18,975,000            
Pro forma results of operations                                      
Total Revenues                 208,512 205,447                  
Net Income                 54,595 39,908                  
Per Share data:                                      
Net Income (in dollars per share)                 $ 1.16 $ 0.85                  
Recognized revenues 51,726 45,889 42,107 39,228 36,908 30,847 26,039 23,425 178,950 117,219 79,161 91,702 28,775            
Operating income                 $ 58,014 $ 38,991 $ 31,592 $ 55,821 $ 18,197            
XML 20 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Concentration (Details) (USD $)
 12 Months Ended
Dec. 31, 2011
government
state
property
Dec. 31, 2011
Annualized rental income
California
Dec. 31, 2011
Annualized rental income
Maryland
Dec. 31, 2011
Annualized rental income
District of Columbia
Dec. 31, 2011
Annualized rental income
Georgia
Dec. 31, 2011
Annualized rental income
New York
Dec. 31, 2011
Annualized rental income
Massachusetts
Dec. 31, 2011
Annualized rental income
Tenant concentration
U.S. Government, state governments and the United Nations
Dec. 31, 2010
Annualized rental income
Tenant concentration
U.S. Government, state governments and the United Nations
Dec. 31, 2009
Annualized rental income
Tenant concentration
U.S. Government, state governments and the United Nations
Dec. 31, 2011
Annualized rental income
Tenant concentration
U.S. Government
Dec. 31, 2010
Annualized rental income
Tenant concentration
U.S. Government
Dec. 31, 2009
Annualized rental income
Tenant concentration
U.S. Government
Concentration                          
Number of properties owned 71                        
Number of states in which acquired properties located 29                        
Concentration                          
Number of state governments 8                        
Concentration risk, percentage               91.90% 93.00% 93.70% 69.60% 78.20% 83.10%
Annualized Rental income percent   $ 0.126 $ 0.122 $ 0.102 $ 0.093 $ 0.089 $ 0.066            
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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2011
Selected Quarterly Financial Data (Unaudited)  
Summary of unaudited quarterly results of operations

 

 

 
   2011  
 
   First
Quarter 		  Second
Quarter 		  Third
Quarter 		  Fourth
Quarter 		 

Rental income

   $ 39,228   $ 42,107   $ 45,889   $ 51,726  

Net income

     10,254     10,932     11,563     13,263  

Net income per common share

     0.25     0.27     0.26     0.28  

Common distributions declared

     0.41     0.42     0.42     0.42  


 

 
   2010  
 
   First
Quarter 		  Second
Quarter 		  Third
Quarter 		  Fourth
Quarter 		 

Rental income

   $ 23,425   $ 26,039   $ 30,847   $ 36,908  

Net income

     6,851     7,735     6,669     6,540  

Net income per common share

     0.24     0.25     0.18     0.24  

Common distributions declared

     0.40     0.40     0.41     0.41  
XML 23 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Details 2) (USD $)
In Thousands, except Share data, unless otherwise specified
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 29, 2012
Nov. 30, 2011
Aug. 31, 2011
Jul. 31, 2011
May 31, 2011
Feb. 28, 2011
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Jan. 09, 2012
Jul. 25, 2011
Distributions                                      
Cash distribution to common shareholders (in dollars per share) $ 0.42 $ 0.42 $ 0.42   $ 0.42 $ 0.41                          
Cash distribution per common share paid or accrued (in dollars per share)             $ 0.42 $ 0.42 $ 0.42 $ 0.41 $ 0.41 $ 0.41 $ 0.40 $ 0.40 $ 1.67 $ 1.21 $ 0.90    
Characterization of distributions paid or accrued as a percentage of ordinary income                             92.88% 98.34% 100.00%    
Characterization of distributions paid or accrued as a percentage of return of capital                             7.12% 1.66% 0.00%    
Distribution payable declared                                   $ 0.42  
Share Sales                                      
Number of shares sold       6,500,000                              
Price per share of shares sold                                     $ 25.40
Net proceeds on sale of shares       $ 157,870                     $ 157,870 $ 418,930 $ 205,510    
XML 24 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2011
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

        Basis of Presentation.    Prior to our IPO, CWH directly or indirectly wholly owned us, and we have presented applicable transactions at CWH's historical basis. Historically, substantially all of the rental income received by CWH from tenants at our properties were deposited in and commingled with CWH's general funds. CWH paid certain capital investments and other cash requirements of our properties and us, and CWH allocated general and administrative costs to our properties and us based on its historical costs of our properties as a percentage of CWH's historical cost of all of CWH's properties until the Closing Date. Thereafter, we have recorded general and administrative expenses at our direct cost. We believe that CWH's method for allocating general and administrative expenses prior to the Closing Date is reasonable.

        These consolidated financial statements include the accounts of GOV and its subsidiaries, all of which are 100% owned directly or indirectly by GOV. All intercompany transactions and balances have been eliminated.

        We account for our investment in Affiliates Insurance Company, or AIC, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. Our Managing Trustees are also owners of Reit Management & Research LLC, or RMR, which is the manager of us and AIC, and each of our Trustees is a director of AIC. See Note 5 for a further discussion of our investment in AIC.

        Real Estate Properties.    As required by U.S. generally accepted accounting principles, or GAAP, we have generally adopted the accounting treatment and policies for our properties and business which were previously employed by CWH. We record our Initial Properties at cost to CWH and our other properties at our cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives ranging up to 40 years. We and CWH estimated the purchase price allocations and the useful lives of our properties. In some circumstances, we and CWH engaged independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.

        We and CWH allocated the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We and CWH determined the fair value of each property using methods similar to those used by independent appraisers. We and CWH allocated a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us or CWH) of the difference between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We and CWH allocated a portion of the purchase price to acquired in place leases and tenant relationships in an amount equal to the excess of (i) the purchase price paid for each property, after adjusting existing acquired in place leases to market rental rates, over (ii) the estimated fair value of the property, as if vacant. We and CWH allocated this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying financial statements. In making these allocations, we considered factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us or CWH. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.

        We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in (decreases)/increases to rental income of ($498), ($34), and $281 during the years ended December 31, 2011, 2010 and 2009, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization amounted to $12,573, $4,593 and $1,175 during the years ended December 31, 2011, 2010 and 2009, respectively. When a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease.

        Capitalized above market lease values were $38,415 and $17,215 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $7,083 and $4,133, respectively. Capitalized below market lease values were $20,818 and $20,203 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $9,556 and $6,524, respectively. The value of acquired in place leases, exclusive of the value of above and below market acquired in place leases, were $105,123 and $59,075 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $18,861 and $12,060, respectively. Future amortization of net intangible lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2011 are estimated to be $18,161 in 2012, $17,200 in 2013, $16,568 in 2014, $14,412 in 2015, $12,507 in 2016 and $27,486 thereafter.

        Cash and Cash Equivalents.    We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.

        Restricted Cash.    Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.

        Deferred Leasing Costs.    Deferred leasing costs include brokerage, legal and other fees associated with the successful negotiation of leases and are amortized on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $5,684 and $3,416 at December 31, 2011 and 2010, respectively, and accumulated amortization of deferred leasing costs totaled $2,610 and $2,414 at December 31, 2011 and 2010, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases as of December 31, 2011, are estimated to be $633 in 2012, $396 in 2013, $335 in 2014, $306 in 2015, $274 in 2016 and $1,130 thereafter.

        Deferred Financing Fees.    Deferred financing fees include issuance or assumption costs related to borrowings and are capitalized and amortized on a straight line basis over the terms of the respective loans. At December 31, 2011 and 2010, deferred financing fees totaled $7,372 and $4,297, respectively, and accumulated amortization of deferred financing fees totaled $1,822 and $362, respectively. Future amortization of deferred financing fees to be recognized with respect to our loans as of December 31, 2011, are estimated to be $1,414 in 2012, $1,414 in 2013, $1,414 in 2014, $1,144 in 2015, $57 in 2016 and $107 thereafter.

        Revenue Recognition.    Rental income from operating leases is recognized on a straight line basis over the life of lease agreements. We increased (decreased) rental income by $1,729, ($5) and ($452) to record revenue on a straight line basis during the years ended December 31, 2011, 2010 and 2009, respectively. Rents receivable include $3,901 and $2,173 of straight line rent receivables at December 31, 2011 and 2010, respectively.

        Income Taxes.    Prior to the Closing Date, our operations were included in CWH's income tax returns. CWH is a REIT under the Internal Revenue Code of 1986, as amended, or the Code. Accordingly, CWH is generally not subject to federal income taxes and most state income taxes provided it distributes its taxable income and meets certain other requirements to qualify as a REIT. However, CWH is subject to certain state and local taxes.

        We have elected to be taxed as a REIT, under the Code and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify as a REIT. We are, however, subject to certain state and local taxes.

        Cumulative Other Comprehensive Income.    Accumulated other comprehensive income consists of the unrealized gains related to our investment in AIC, as described in Note 5.

        Reclassifications.    Certain reclassifications have been made to the prior years' financial statements to conform to the current year's presentation.

        Use of Estimates.    Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates.

        Net Income Per Share.    We compute net income per common share using the weighted average number of common shares outstanding. We had no common share equivalents during the periods presented.

        Segment Reporting.    We operate in one business segment: ownership of properties that are primarily leased to government tenants.

        Ownership Interest.    Prior to the Closing Date, CWH provided the funds used in our investment activities. Amounts invested in or advanced to us by CWH did not carry interest, and had no specific repayment terms. As of December 31, 2011, CWH owned 21.1% of our outstanding common shares. See Note 5 for further discussion of our relationship with CWH.
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v2.4.0.6
Summary of Significant Accounting Policies (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
M
segment
Y
Dec. 31, 2010
Dec. 31, 2009
Summary of Significant Accounting Policies      
Percentage of interest in subsidiaries 100.00%    
Maximum estimated useful lives (in years) 40    
Maximum original maturity period of cash and short term investments (in months) 3    
Real Estate Properties      
(Decreases)/increases to rental income from amortization of capitalized above market and below market leases $ (498) $ (34) $ 281
Capitalized value of leases 117,596 60,097  
Projected future amortization of net intangible lease assets and liabilities      
2012 18,161    
2013 17,200    
2014 16,568    
2015 14,412    
2016 12,507    
Thereafter 27,486    
Deferred Leasing Costs      
Deferred leasing costs, gross 5,684 3,184  
Accumulated amortization of deferred leasing costs 2,610 2,182  
Future amortization of deferred leasing costs      
2012 633    
2013 396    
2014 335    
2015 306    
2016 274    
Thereafter 1,130    
Deferred Financing Fees      
Deferred financing fees, gross 7,372 4,297  
Accumulated amortization of deferred financing fees 1,822 362  
Future amortization of deferred financing fees      
2012 1,414    
2013 1,414    
2014 1,414    
2015 1,144    
2016 57    
Thereafter 107    
Increase (decrease) in rental income to record (1,729) 5 452
Straight line rent receivables 3,901 2,173  
Number of business segment 1    
Percentage of entity's outstanding shares owned by CWH 21.10%    
In place leases
      
Real Estate Properties      
Amortization of the value of leases 12,573 4,593 1,175
Capitalized value of leases 105,123 59,075  
Accumulated amortization of capitalized lease values 18,861 12,060  
Above market lease
      
Real Estate Properties      
Capitalized value of leases 38,415 17,215  
Accumulated amortization of capitalized lease values 7,083 4,133  
Below market lease
      
Real Estate Properties      
Capitalized value of leases 20,818 20,203  
Accumulated amortization of capitalized lease values $ 9,556 $ 6,524  

XML 27 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization (Details 2)
 12 Months Ended
Dec. 31, 2011
sqft
state
property
Jun. 08, 2009
CWH
property
Organization    
Number of properties owned 71 29
Number of states in which owned properties located 29  
Rentable area of properties (in square feet) 9,000,000  
XML 28 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Real Estate Properties (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 1 Months Ended 1 Months Ended
Dec. 31, 2011
sqft
property
state
Dec. 31, 2011
Acquisition
sqft
property
Dec. 31, 2010
Acquisition
property
Oct. 31, 2011
Acquisition
Dec. 31, 2009
Acquisition
property
Dec. 31, 2011
Acquisition
Office
property
state
Feb. 28, 2011
Quincy MA
Acquisition
Office
sqft
Feb. 28, 2011
Woodlawn, MD
Acquisition
Office
sqft
property
May 31, 2011
Plantation FL
Acquisition
Office
sqft
May 31, 2011
New York, NY
Acquisition
Office
sqft
Oct. 31, 2011
Indianapolis, IN
Acquisition
Office
sqft
property
Sep. 30, 2011
Indianapolis, IN
Acquisition
Office
property
Jun. 30, 2011
Milwaukee WI
Acquisition
Office
sqft
Jun. 30, 2011
Stafford, VA
Acquisition
Office
sqft
property
Jun. 30, 2011
Montgomery, AL
Acquisition
Office
sqft
Aug. 31, 2011
Holtsville, NY
Agreement to acquire
Office
sqft
Sep. 30, 2011
Sacramento, CA
Acquisition
Office
sqft
Sep. 30, 2011
Atlanta, GA
Acquisition
Office
sqft
Dec. 31, 2011
Salem OR
Acquisition
Office
sqft
Real estate properties                                      
Number of properties owned 71                                    
Number of states in which acquired properties located 29         11                          
Aggregate investment in properties $ 1,494,684                                    
Expenditures committed on leases entered into during 2011 5,119                                    
Committed but unspent tenant related obligations based on executed leases as of December 31, 2011 10,004                                    
Number of properties acquired or agreed to be acquired 16   22   4 16   2       3   2          
Assumption of mortgage debt   49,395 44,951 49,395             49,395                
Purchase price of acquisitions allocated based on the estimated fair values of the acquired assets and assumed liabilities                                      
Square Feet 2,145,024 679,300         92,549 182,561 135,819 187,060 433,927   29,297 64,488 57,815 264,482 87,863 375,805 233,358
Rentable area of renewed lease (in square feet)   650,988                                  
Purchase Price 444,050 444,050 434,411       14,000 28,000 40,750 114,050 85,000   6,775 11,550 11,550 39,250 13,600 48,600 30,925
Land 80,900           2,700 3,735 4,800 36,800 4,170   945 2,090 920 6,530 1,450 10,250 6,510
Buildings and Improvements 291,020           9,200 21,509 30,592 66,661 68,888   4,539 7,465 9,084 17,711 9,465 27,933 17,973
Acquired Leases 73,718           2,113 3,281 5,358 10,589 12,894   1,291 1,995 1,546 15,009 2,685 10,421 6,536
Acquired Lease Obligations (731)           (13) (525)       (95)           (4) (94)
Other Assumed Liabilities (7,164)           (24)   (3,306)             (2,250) (1,491)   (93)
Premium on Assumed Debt (857)                     (857)              
Future minimum lease payments related to properties scheduled to be received during the current terms of the existing leases                                      
2012 172,711                                    
2013 147,229                                    
2014 138,007                                    
2015 119,737                                    
2016 105,197                                    
Thereafter $ 279,547                                    
XML 29 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Real Estate Properties (Details 2)
Dec. 31, 2011
government
Concentration risk relating to future minimum lease payments  
Number of state governments 8
State government
  
Concentration risk relating to future minimum lease payments  
Number of state governments 8
Future minimum lease payments | Tenant concentration | State government
  
Concentration risk relating to future minimum lease payments  
Concentration risk, percentage 8.40%
Future minimum lease payments | Tenant concentration | Government
  
Concentration risk relating to future minimum lease payments  
Concentration risk, percentage 4.80%
Concentration risk, percentage for termination right exercisable in 2012 2.20%
Concentration risk, percentage for termination right exercisable in 2013 4.80%
Concentration risk, percentage for termination right exercisable in 2014 3.70%
Concentration risk, percentage for termination right exercisable in 2015 0.40%
Concentration risk, percentage for termination right exercisable in 2016 13.20%
Concentration risk, percentage for termination right exercisable in 2017 1.20%
Concentration risk, percentage for termination right exercisable in 2018 2.80%
Concentration risk, percentage for termination right exercisable in 2019 4.20%
Concentration risk, percentage for termination right exercisable in 2020 2.10%
XML 30 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization
 12 Months Ended
Dec. 31, 2011
Organization  
Organization

Note 1. Organization

        Government Properties Income Trust, or GOV, the Company, we or us, was organized as a real estate investment trust, or REIT, under Maryland law in February 2009 as a wholly owned subsidiary of CommonWealth REIT, or CWH. At the time of our organization, we issued 9.95 million of our common shares of beneficial interest, par value $.01 per share, or our common shares, to CWH. Although we did not exist until February 17, 2009 and thereafter we were a wholly owned consolidated subsidiary of CWH until June 8, 2009, these consolidated financial statements are presented as if we were a legal entity separate from CWH for those periods we were not in existence or were a subsidiary of CWH. As a result, for certain periods presented, we and our 29 initial properties, or the Initial Properties, were wholly owned by CWH. On April 24, 2009, we acquired 100% ownership of our Initial Properties by means of a contribution from CWH to one of our subsidiaries. On June 8, 2009, or the Closing Date, we closed on our initial public offering, or IPO, and we became a separate publicly owned company.

        As of December 31, 2011, we owned 71 properties, or the Properties, located in 29 states and the District of Columbia containing approximately 9.0 million rentable square feet.

XML 31 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Person Transactions (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2011
sqft
property
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Acquisition
Dec. 31, 2010
Acquisition
property
Dec. 31, 2009
Acquisition
property
Dec. 31, 2011
Share Award Plan
Dec. 31, 2010
Share Award Plan
Dec. 31, 2009
Share Award Plan
Dec. 31, 2011
Office
Acquisition
property
Dec. 31, 2011
RMR
office
Employee
Agreement
D
Y
Dec. 31, 2010
RMR
Dec. 31, 2009
RMR
Dec. 31, 2011
RMR
Share Award Plan
Officers and employees
Dec. 31, 2010
RMR
Share Award Plan
Officers and employees
Dec. 31, 2009
RMR
Share Award Plan
Officers and employees
Dec. 31, 2011
RMR
Maximum
Dec. 31, 2011
RMR
Office
sqft
Dec. 31, 2011
CWH
Feb. 28, 2009
CWH
Dec. 31, 2010
CWH
Acquisition
property
Jun. 30, 2010
CWH
Agreement to acquire
sqft
property
Dec. 31, 2011
CWH
Minimum
Jun. 30, 2010
AIC
Dec. 31, 2011
AIC
Dec. 31, 2010
AIC
Dec. 31, 2009
AIC
Feb. 23, 2012
AIC
Related Party Transaction                                                        
Number of agreements to avail management and administrative services                     2                                  
Number of employees                     740                                  
Compensation at percentage of the historical cost to CWH of properties transferred                     0.50%                                  
Compensation at percentage of cost of any other properties acquired                     0.70%                                  
Amount of cost of any other properties acquired, first layer                     $ 250,000                                  
CWH previous ownership percentage in the entity 100.00%                                                      
Percentage of outstanding shares owned 21.10%                                   21.10% 1.00%     10.00%          
Percentage of outstanding shares owned                                                 14.29%      
Compensation at percentage of cost of any additional properties acquired                     0.50%                                  
Incentive fee as a percentage of product of weighted average diluted outstanding common shares and excess of FFO per share                     15.00%                                  
Incentive fee per diluted share                                 $ 0.02                      
Management fees payable under property management agreement as a percentage of gross rents                     3.00%                                  
Construction supervision fees payable under property management agreement as a percentage of construction costs                     5.00%                                  
Aggregate business management and property management fees allocated to the Company by CWH                         2,390                              
Aggregate business management and property management fees                     14,062 8,238 5,601           2,390                  
Aggregate incentive fee earned                     883                                  
Pro rata share of RMR's internal audit costs                     240 211 121                              
Period by which business management agreement and property management agreement get automatically renewed (in years)                     1                                  
Period before which the written notice is required to be given for cancellation of business management agreement and the property management agreement (in days)                     60                                  
Number of business days before which the notice is required to be given for termination of property management agreement                     5                                  
Rentable square feet of Properties 9,000,000                                 1,400       1,900,000            
Number of regional offices leased                     1                                  
Rental income earned                     31 14                                
Awards granted (in shares)             50,850 44,450 31,350         40,850 36,950 25,100                        
Aggregate market value of shares awarded                           922 985 556                        
Restricted shares vesting terms                           One fifth                            
Portion of the awards granted which will vest on each of the next four anniversaries of the grant date                           One fifth                            
Number of properties acquired or agreed to be acquired 16       22 4       16                     15 15            
Purchase Price 444,050     444,050 434,411                               231,000              
Number of properties, rights of first refusal to purchase                                         15              
Common shares owned 47,051,650 40,500,800                                 9,950,000                  
Amount invested in equity investee                                                       5,194
Investment at carrying value 5,409 5,195                                                    
Recognized income (loss) related to investment in AIC 139 (1) (15)                                           50 (1) (15)  
Coverage of purchased property insurance                                               500,000        
Premium for property insurance                                                 $ 1,286 $ 415    
Percentage of interest                                                 14.29%      
XML 32 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Y
Real estate and accumulated depreciation  
Encumbrances $ 95,383
Initial Cost to Company  
Land 223,605
Buildings and Equipment 1,060,372
Costs Capitalized Subsequent to Acquisition 70,691
Cost Amount Carried at Close of Period  
Land 224,674
Buildings and Equipment 1,129,994
Total 1,354,668
Accumulated Depreciation (156,618)
Aggregate cost for federal income tax purposes 1,212,604
Useful life of buildings and improvements (in years) 40
Useful life of equipment (in years) 12
Montgomery, AL
  
Initial Cost to Company  
Land 920
Buildings and Equipment 9,084
Costs Capitalized Subsequent to Acquisition 18
Cost Amount Carried at Close of Period  
Land 920
Buildings and Equipment 9,102
Total 10,022
Accumulated Depreciation (114)
Phoenix AZ
  
Initial Cost to Company  
Land 2,687
Buildings and Equipment 11,532
Costs Capitalized Subsequent to Acquisition 1,506
Cost Amount Carried at Close of Period  
Land 2,729
Buildings and Equipment 12,996
Total 15,725
Accumulated Depreciation (4,600)
Safford AZ
  
Initial Cost to Company  
Land 460
Buildings and Equipment 11,708
Cost Amount Carried at Close of Period  
Land 460
Buildings and Equipment 11,708
Total 12,168
Accumulated Depreciation (439)
Tucson AZ
  
Initial Cost to Company  
Land 375
Buildings and Equipment 2,351
Cost Amount Carried at Close of Period  
Land 375
Buildings and Equipment 2,351
Total 2,726
Accumulated Depreciation (83)
Fresno CA
  
Initial Cost to Company  
Land 7,276
Buildings and Equipment 61,118
Costs Capitalized Subsequent to Acquisition 9
Cost Amount Carried at Close of Period  
Land 7,277
Buildings and Equipment 61,126
Total 68,403
Accumulated Depreciation (14,326)
Sacramento CA, location 1
  
Initial Cost to Company  
Land 2,290
Buildings and Equipment 35,891
Costs Capitalized Subsequent to Acquisition 1,024
Cost Amount Carried at Close of Period  
Land 2,290
Buildings and Equipment 36,915
Total 39,205
Accumulated Depreciation (1,821)
Sacramento CA, location 2
  
Initial Cost to Company  
Land 1,550
Buildings and Equipment 12,263
Costs Capitalized Subsequent to Acquisition 395
Cost Amount Carried at Close of Period  
Land 1,550
Buildings and Equipment 12,658
Total 14,208
Accumulated Depreciation (623)
Sacramento CA, location 3
  
Initial Cost to Company  
Land 1,450
Buildings and Equipment 9,465
Cost Amount Carried at Close of Period  
Land 1,450
Buildings and Equipment 9,465
Total 10,915
Accumulated Depreciation (79)
San Diego CA, location 1
  
Initial Cost to Company  
Land 2,916
Buildings and Equipment 12,456
Costs Capitalized Subsequent to Acquisition 1,281
Cost Amount Carried at Close of Period  
Land 2,967
Buildings and Equipment 13,686
Total 16,653
Accumulated Depreciation (5,051)
San Diego CA, location 2
  
Initial Cost to Company  
Land 4,269
Buildings and Equipment 18,316
Costs Capitalized Subsequent to Acquisition 831
Cost Amount Carried at Close of Period  
Land 4,347
Buildings and Equipment 19,069
Total 23,416
Accumulated Depreciation (7,086)
San Diego CA, location 3
  
Initial Cost to Company  
Land 685
Buildings and Equipment 5,530
Costs Capitalized Subsequent to Acquisition 423
Cost Amount Carried at Close of Period  
Land 685
Buildings and Equipment 5,953
Total 6,638
Accumulated Depreciation (1,470)
San Diego CA, location 4
  
Initial Cost to Company  
Land 5,250
Buildings and Equipment 10,549
Costs Capitalized Subsequent to Acquisition 472
Cost Amount Carried at Close of Period  
Land 5,250
Buildings and Equipment 11,021
Total 16,271
Accumulated Depreciation (378)
Golden CO
  
Initial Cost to Company  
Land 494
Buildings and Equipment 152
Costs Capitalized Subsequent to Acquisition 6,304
Cost Amount Carried at Close of Period  
Land 495
Buildings and Equipment 6,455
Total 6,950
Accumulated Depreciation (2,166)
Lakewood CO, location 1
  
Initial Cost to Company  
Land 936
Buildings and Equipment 9,160
Costs Capitalized Subsequent to Acquisition 694
Cost Amount Carried at Close of Period  
Land 936
Buildings and Equipment 9,854
Total 10,790
Accumulated Depreciation (2,460)
Lakewood CO, location 2
  
Initial Cost to Company  
Land 915
Buildings and Equipment 9,106
Costs Capitalized Subsequent to Acquisition 745
Cost Amount Carried at Close of Period  
Land 915
Buildings and Equipment 9,851
Total 10,766
Accumulated Depreciation (2,438)
Lakewood CO, location 3
  
Initial Cost to Company  
Land 1,035
Buildings and Equipment 9,271
Costs Capitalized Subsequent to Acquisition 469
Cost Amount Carried at Close of Period  
Land 1,036
Buildings and Equipment 9,739
Total 10,775
Accumulated Depreciation (2,246)
Lakewood CO, location 4
  
Real estate and accumulated depreciation  
Encumbrances 9,993
Initial Cost to Company  
Land 2,640
Buildings and Equipment 23,777
Costs Capitalized Subsequent to Acquisition 567
Cost Amount Carried at Close of Period  
Land 2,640
Buildings and Equipment 24,344
Total 26,984
Accumulated Depreciation (1,195)
Washington DC, location 1
  
Initial Cost to Company  
Land 12,008
Buildings and Equipment 51,528
Costs Capitalized Subsequent to Acquisition 31,979
Cost Amount Carried at Close of Period  
Land 12,227
Buildings and Equipment 83,288
Total 95,515
Accumulated Depreciation (33,009)
Washington DC, location 2
  
Initial Cost to Company  
Land 26,000
Buildings and Equipment 25,955
Costs Capitalized Subsequent to Acquisition 305
Cost Amount Carried at Close of Period  
Land 26,000
Buildings and Equipment 26,260
Total 52,260
Accumulated Depreciation (870)
Plantation FL
  
Initial Cost to Company  
Land 4,800
Buildings and Equipment 30,592
Costs Capitalized Subsequent to Acquisition 31
Cost Amount Carried at Close of Period  
Land 4,800
Buildings and Equipment 30,623
Total 35,423
Accumulated Depreciation (510)
Tampa FL
  
Real estate and accumulated depreciation  
Encumbrances 10,560
Initial Cost to Company  
Land 1,100
Buildings and Equipment 11,773
Cost Amount Carried at Close of Period  
Land 1,100
Buildings and Equipment 11,773
Total 12,873
Accumulated Depreciation (368)
Atlanta GA, location 1
  
Initial Cost to Company  
Land 425
Buildings and Equipment 4,119
Costs Capitalized Subsequent to Acquisition 117
Cost Amount Carried at Close of Period  
Land 425
Buildings and Equipment 4,236
Total 4,661
Accumulated Depreciation (805)
Atlanta GA, location 2
  
Initial Cost to Company  
Land 1,713
Buildings and Equipment 7,649
Costs Capitalized Subsequent to Acquisition 897
Cost Amount Carried at Close of Period  
Land 1,713
Buildings and Equipment 8,546
Total 10,259
Accumulated Depreciation (1,586)
Atlanta GA, location 3
  
Initial Cost to Company  
Land 372
Buildings and Equipment 3,600
Costs Capitalized Subsequent to Acquisition 146
Cost Amount Carried at Close of Period  
Land 372
Buildings and Equipment 3,746
Total 4,118
Accumulated Depreciation (706)
Atlanta GA, location 4
  
Initial Cost to Company  
Land 364
Buildings and Equipment 3,527
Costs Capitalized Subsequent to Acquisition 64
Cost Amount Carried at Close of Period  
Land 364
Buildings and Equipment 3,591
Total 3,955
Accumulated Depreciation (664)
Atlanta GA, location 5
  
Initial Cost to Company  
Land 1,122
Buildings and Equipment 10,867
Costs Capitalized Subsequent to Acquisition 337
Cost Amount Carried at Close of Period  
Land 1,122
Buildings and Equipment 11,204
Total 12,326
Accumulated Depreciation (2,164)
Atlanta GA, location 6
  
Initial Cost to Company  
Land 1,521
Buildings and Equipment 11,826
Costs Capitalized Subsequent to Acquisition 107
Cost Amount Carried at Close of Period  
Land 1,521
Buildings and Equipment 11,933
Total 13,454
Accumulated Depreciation (2,206)
Atlanta GA, location 7
  
Initial Cost to Company  
Land 10,250
Buildings and Equipment 27,933
Cost Amount Carried at Close of Period  
Land 10,250
Buildings and Equipment 27,933
Total 38,183
Accumulated Depreciation (175)
Savannah GA
  
Initial Cost to Company  
Land 950
Buildings and Equipment 2,376
Cost Amount Carried at Close of Period  
Land 950
Buildings and Equipment 2,376
Total 3,326
Accumulated Depreciation (84)
Arlington Heights IL
  
Initial Cost to Company  
Land 1,450
Buildings and Equipment 13,160
Costs Capitalized Subsequent to Acquisition 39
Cost Amount Carried at Close of Period  
Land 1,450
Buildings and Equipment 13,199
Total 14,649
Accumulated Depreciation (658)
Indianapolis IN, location 1
  
Real estate and accumulated depreciation  
Encumbrances 22,340
Initial Cost to Company  
Land 1,250
Buildings and Equipment 20,018
Cost Amount Carried at Close of Period  
Land 1,250
Buildings and Equipment 20,018
Total 21,268
Accumulated Depreciation (120)
Indianapolis IN, location 2
  
Real estate and accumulated depreciation  
Encumbrances 27,777
Initial Cost to Company  
Land 1,460
Buildings and Equipment 24,984
Cost Amount Carried at Close of Period  
Land 1,460
Buildings and Equipment 24,984
Total 26,444
Accumulated Depreciation (156)
Indianapolis IN, location 3
  
Initial Cost to Company  
Land 1,460
Buildings and Equipment 23,886
Cost Amount Carried at Close of Period  
Land 1,460
Buildings and Equipment 23,886
Total 25,346
Accumulated Depreciation (149)
Kansas City KS
  
Initial Cost to Company  
Land 640
Buildings and Equipment 9,932
Costs Capitalized Subsequent to Acquisition 290
Cost Amount Carried at Close of Period  
Land 640
Buildings and Equipment 10,222
Total 10,862
Accumulated Depreciation (372)
Boston MA
  
Initial Cost to Company  
Land 5,100
Buildings and Equipment 17,293
Costs Capitalized Subsequent to Acquisition 245
Cost Amount Carried at Close of Period  
Land 5,100
Buildings and Equipment 17,538
Total 22,638
Accumulated Depreciation (576)
Malden MA
  
Initial Cost to Company  
Land 1,050
Buildings and Equipment 31,086
Cost Amount Carried at Close of Period  
Land 1,050
Buildings and Equipment 31,086
Total 32,136
Accumulated Depreciation (1,224)
Quincy MA
  
Initial Cost to Company  
Land 2,700
Buildings and Equipment 9,199
Costs Capitalized Subsequent to Acquisition 97
Cost Amount Carried at Close of Period  
Land 2,700
Buildings and Equipment 9,296
Total 11,996
Accumulated Depreciation (193)
Stoneham MA
  
Initial Cost to Company  
Land 1,670
Buildings and Equipment 11,035
Costs Capitalized Subsequent to Acquisition 182
Cost Amount Carried at Close of Period  
Land 1,670
Buildings and Equipment 11,217
Total 12,887
Accumulated Depreciation (414)
Baltimore MD
  
Initial Cost to Company  
Land 900
Buildings and Equipment 8,097
Costs Capitalized Subsequent to Acquisition 1,043
Cost Amount Carried at Close of Period  
Land 901
Buildings and Equipment 9,139
Total 10,040
Accumulated Depreciation (3,098)
Germantown MD
  
Initial Cost to Company  
Land 2,305
Buildings and Equipment 9,890
Costs Capitalized Subsequent to Acquisition 732
Cost Amount Carried at Close of Period  
Land 2,347
Buildings and Equipment 10,580
Total 12,927
Accumulated Depreciation (3,778)
Landover MD
  
Real estate and accumulated depreciation  
Encumbrances 24,713
Initial Cost to Company  
Land 4,110
Buildings and Equipment 36,371
Costs Capitalized Subsequent to Acquisition 19
Cost Amount Carried at Close of Period  
Land 4,110
Buildings and Equipment 36,390
Total 40,500
Accumulated Depreciation (1,667)
Riverdale MD
  
Initial Cost to Company  
Land 6,240
Buildings and Equipment 30,368
Costs Capitalized Subsequent to Acquisition 105
Cost Amount Carried at Close of Period  
Land 6,240
Buildings and Equipment 30,473
Total 36,713
Accumulated Depreciation (950)
Rockville MD
  
Initial Cost to Company  
Land 3,251
Buildings and Equipment 29,258
Costs Capitalized Subsequent to Acquisition 3,178
Cost Amount Carried at Close of Period  
Land 3,251
Buildings and Equipment 32,436
Total 35,687
Accumulated Depreciation (11,230)
Woodlawn MD, location 1
  
Initial Cost to Company  
Land 2,220
Buildings and Equipment 14,750
Cost Amount Carried at Close of Period  
Land 2,220
Buildings and Equipment 14,750
Total 16,970
Accumulated Depreciation (338)
Woodlawn MD, location 2
  
Initial Cost to Company  
Land 1,515
Buildings and Equipment 6,759
Cost Amount Carried at Close of Period  
Land 1,515
Buildings and Equipment 6,759
Total 8,274
Accumulated Depreciation (155)
Detroit MI
  
Initial Cost to Company  
Land 630
Buildings and Equipment 18,002
Cost Amount Carried at Close of Period  
Land 630
Buildings and Equipment 18,002
Total 18,632
Accumulated Depreciation (750)
Minneapolis MN
  
Initial Cost to Company  
Land 3,990
Buildings and Equipment 18,186
Costs Capitalized Subsequent to Acquisition 829
Cost Amount Carried at Close of Period  
Land 3,990
Buildings and Equipment 19,015
Total 23,005
Accumulated Depreciation (657)
Roseville MN
  
Initial Cost to Company  
Land 672
Buildings and Equipment 6,045
Costs Capitalized Subsequent to Acquisition 1,162
Cost Amount Carried at Close of Period  
Land 672
Buildings and Equipment 7,207
Total 7,879
Accumulated Depreciation (2,348)
Kansas City MO
  
Initial Cost to Company  
Land 1,443
Buildings and Equipment 6,193
Costs Capitalized Subsequent to Acquisition 3,764
Cost Amount Carried at Close of Period  
Land 1,780
Buildings and Equipment 9,620
Total 11,400
Accumulated Depreciation (3,336)
Nashua NH
  
Initial Cost to Company  
Land 3,000
Buildings and Equipment 14,052
Cost Amount Carried at Close of Period  
Land 3,000
Buildings and Equipment 14,052
Total 17,052
Accumulated Depreciation (820)
Trenton NJ
  
Initial Cost to Company  
Land 5,000
Buildings and Equipment 38,203
Costs Capitalized Subsequent to Acquisition 239
Cost Amount Carried at Close of Period  
Land 5,000
Buildings and Equipment 38,442
Total 43,442
Accumulated Depreciation (955)
Albuquerque NM
  
Initial Cost to Company  
Land 710
Buildings and Equipment 1,651
Costs Capitalized Subsequent to Acquisition 1
Cost Amount Carried at Close of Period  
Land 710
Buildings and Equipment 1,652
Total 2,362
Accumulated Depreciation (58)
Buffalo NY
  
Initial Cost to Company  
Land 4,405
Buildings and Equipment 18,899
Costs Capitalized Subsequent to Acquisition 1,484
Cost Amount Carried at Close of Period  
Land 4,485
Buildings and Equipment 20,303
Total 24,788
Accumulated Depreciation (7,628)
Holtsville, NY
  
Initial Cost to Company  
Land 6,530
Buildings and Equipment 17,711
Costs Capitalized Subsequent to Acquisition 53
Cost Amount Carried at Close of Period  
Land 6,530
Buildings and Equipment 17,764
Total 24,294
Accumulated Depreciation (148)
New York, NY
  
Initial Cost to Company  
Land 36,800
Buildings and Equipment 66,661
Cost Amount Carried at Close of Period  
Land 36,800
Buildings and Equipment 66,661
Total 103,461
Accumulated Depreciation (972)
Oklahoma City OK
  
Initial Cost to Company  
Land 740
Buildings and Equipment 7,354
Costs Capitalized Subsequent to Acquisition 267
Cost Amount Carried at Close of Period  
Land 740
Buildings and Equipment 7,621
Total 8,361
Accumulated Depreciation (261)
Salem OR
  
Initial Cost to Company  
Land 6,510
Buildings and Equipment 17,973
Costs Capitalized Subsequent to Acquisition 84
Cost Amount Carried at Close of Period  
Land 6,510
Buildings and Equipment 18,057
Total 24,567
Columbia SC, location 1
  
Initial Cost to Company  
Land 659
Buildings and Equipment 5,622
Costs Capitalized Subsequent to Acquisition 214
Cost Amount Carried at Close of Period  
Land 659
Buildings and Equipment 5,836
Total 6,495
Accumulated Depreciation (796)
Columbia SC, location 2
  
Initial Cost to Company  
Land 410
Buildings and Equipment 2,535
Costs Capitalized Subsequent to Acquisition 215
Cost Amount Carried at Close of Period  
Land 410
Buildings and Equipment 2,750
Total 3,160
Accumulated Depreciation (81)
Columbia SC, location 3
  
Initial Cost to Company  
Land 370
Buildings and Equipment 2,986
Costs Capitalized Subsequent to Acquisition 100
Cost Amount Carried at Close of Period  
Land 370
Buildings and Equipment 3,086
Total 3,456
Accumulated Depreciation (94)
Memphis TN
  
Initial Cost to Company  
Land 1,630
Buildings and Equipment 5,645
Costs Capitalized Subsequent to Acquisition 178
Cost Amount Carried at Close of Period  
Land 1,630
Buildings and Equipment 5,823
Total 7,453
Accumulated Depreciation (179)
Waco TX
  
Initial Cost to Company  
Land 2,030
Buildings and Equipment 8,708
Costs Capitalized Subsequent to Acquisition 788
Cost Amount Carried at Close of Period  
Land 2,060
Buildings and Equipment 9,466
Total 11,526
Accumulated Depreciation (3,254)
Falls Church VA
  
Initial Cost to Company  
Land 3,456
Buildings and Equipment 14,828
Costs Capitalized Subsequent to Acquisition 4,463
Cost Amount Carried at Close of Period  
Land 3,519
Buildings and Equipment 19,228
Total 22,747
Accumulated Depreciation (7,413)
Stafford VA, location 1
  
Initial Cost to Company  
Land 1,431
Buildings and Equipment 3,344
Cost Amount Carried at Close of Period  
Land 1,431
Buildings and Equipment 3,344
Total 4,775
Accumulated Depreciation (42)
Stafford VA, location 2
  
Initial Cost to Company  
Land 659
Buildings and Equipment 4,121
Cost Amount Carried at Close of Period  
Land 659
Buildings and Equipment 4,121
Total 4,780
Accumulated Depreciation (52)
S. Burlington VT
  
Initial Cost to Company  
Land 700
Buildings and Equipment 8,416
Cost Amount Carried at Close of Period  
Land 700
Buildings and Equipment 8,416
Total 9,116
Accumulated Depreciation (367)
Richland WA, location 1
  
Initial Cost to Company  
Land 2,515
Buildings and Equipment 10,790
Costs Capitalized Subsequent to Acquisition 673
Cost Amount Carried at Close of Period  
Land 2,587
Buildings and Equipment 11,391
Total 13,978
Accumulated Depreciation (4,195)
Richland WA, location 2
  
Initial Cost to Company  
Land 1,455
Buildings and Equipment 6,245
Costs Capitalized Subsequent to Acquisition 161
Cost Amount Carried at Close of Period  
Land 1,455
Buildings and Equipment 6,406
Total 7,861
Accumulated Depreciation (2,375)
Milwaukee WI
  
Initial Cost to Company  
Land 945
Buildings and Equipment 4,539
Costs Capitalized Subsequent to Acquisition 73
Cost Amount Carried at Close of Period  
Land 945
Buildings and Equipment 4,612
Total 5,557
Accumulated Depreciation (66)
Falling Waters WV
  
Initial Cost to Company  
Land 906
Buildings and Equipment 3,886
Costs Capitalized Subsequent to Acquisition 217
Cost Amount Carried at Close of Period  
Land 922
Buildings and Equipment 4,087
Total 5,009
Accumulated Depreciation (1,491)
Cheyenne WY
  
Initial Cost to Company  
Land 1,915
Buildings and Equipment 8,217
Costs Capitalized Subsequent to Acquisition 1,075
Cost Amount Carried at Close of Period  
Land 1,950
Buildings and Equipment 9,257
Total 11,207
Accumulated Depreciation $ (3,480)
XML 33 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Real estate properties:    
Land $ 224,674 $ 143,774
Buildings and improvements 1,129,994 833,719
Total real estate properties, at cost, gross 1,354,668 977,493
Accumulated depreciation (156,618) (131,046)
Total real estate properties, at cost, net 1,198,050 846,447
Acquired real estate leases, net 117,596 60,097
Cash and cash equivalents 3,272 2,437
Restricted cash 1,736 1,548
Rents receivable, net 29,000 19,200
Deferred leasing costs, net 3,074 1,002
Deferred financing costs, net 5,550 3,935
Other assets, net 10,297 16,622
Total assets 1,368,575 951,288
LIABILITIES AND SHAREHOLDERS' EQUITY    
Revolving credit facility 345,500 118,000
Mortgage notes payable 95,383 46,428
Accounts payable and accrued expenses 20,691 14,436
Due to related persons 4,071 1,348
Assumed real estate lease obligations, net 11,262 13,679
Total liabilities 476,907 193,891
Commitments and contingencies      
Shareholders' equity:    
Common shares of beneficial interest, $.01 par value: 70,000,000 shares authorized, 47,051,650 and 40,500,800 shares issued and outstanding, respectively 471 405
Additional paid in capital 935,438 776,913
Cumulative net income 87,333 41,336
Cumulative other comprehensive income 77 2
Cumulative common distributions (131,651) (61,259)
Total shareholders' equity 891,668 757,397
Total liabilities and shareholders' equity $ 1,368,575 $ 951,288
XML 34 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Ownership Interest
Common Shares
Cumulative Common Distributions
Additional Paid In Capital
Cumulative Other Comprehensive Income
Cumulative Net Income
Comprehensive Income
Balance at Dec. 31, 2008 $ 413,453 $ 413,453            
Increase (Decrease) in Shareholders' Equity                
Issuance of shares, net 357,592   215   357,377      
Issuance of shares, net (in shares)     21,450,000          
Share grants 250       250      
Share grants (in shares)     31,350          
Net income 25,981 12,440         13,541  
Distributions to common shareholders (445,226) (425,893)   (19,333)        
Balance at Dec. 31, 2009 352,050   215 (19,333) 357,627   13,541  
Balance (in shares) at Dec. 31, 2009     21,481,350          
Increase (Decrease) in Shareholders' Equity                
Issuance of shares, net 418,930   190   418,740      
Issuance of shares, net (in shares)     18,975,000          
Share grants 546       546      
Share grants (in shares)     44,450          
Unrealized gain on investment in AIC 2         2   2
Net income 27,795           27,795 27,795
Total comprehensive income 27,797             27,797
Distributions to common shareholders (41,926)     (41,926)        
Balance at Dec. 31, 2010 757,397   405 (61,259) 776,913 2 41,336  
Balance (in shares) at Dec. 31, 2010     40,500,800          
Increase (Decrease) in Shareholders' Equity                
Issuance of shares, net 157,870   65   157,805      
Issuance of shares, net (in shares)     6,500,000          
Share grants 721   1   720      
Share grants (in shares)     50,850          
Unrealized gain on investment in AIC 75         75   75
Net income 45,997           45,997 45,997
Total comprehensive income 46,072             46,072
Distributions to common shareholders (70,392)     (70,392)        
Balance at Dec. 31, 2011 $ 891,668   $ 471 $ (131,651) $ 935,438 $ 77 $ 87,333  
Balance (in shares) at Dec. 31, 2011     47,051,650          
XML 35 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Fair Value of Financial Instruments    
Mortgage notes payable $ 95,383 $ 46,428
5.73% Mortgage notes due in 2015
    
Fair Value of Financial Instruments    
Mortgage notes payable 50,118  
Interest rate (as a percent) 5.73%  
Unamortized fair value premium included in mortgage notes 825  
6.21% Mortgage notes due in 2016
    
Fair Value of Financial Instruments    
Mortgage notes payable 24,713 24,800
Interest rate (as a percent) 6.21%  
7% Mortgage notes due in 2019
    
Fair Value of Financial Instruments    
Mortgage notes payable 10,559 10,856
Interest rate (as a percent) 7.00%  
Unamortized fair value premium included in mortgage notes 1,005  
8.15% Mortgage notes due in 2021
    
Fair Value of Financial Instruments    
Mortgage notes payable 9,993 10,772
Interest rate (as a percent) 8.15%  
Unamortized fair value premium included in mortgage notes 783  
Carrying Amount
    
Fair Value of Financial Instruments    
Mortgage notes payable 95,383  
Carrying Amount | 5.73% Mortgage notes due in 2015
    
Fair Value of Financial Instruments    
Mortgage notes payable 50,118  
Carrying Amount | 6.21% Mortgage notes due in 2016
    
Fair Value of Financial Instruments    
Mortgage notes payable 24,713  
Carrying Amount | 7% Mortgage notes due in 2019
    
Fair Value of Financial Instruments    
Mortgage notes payable 10,559  
Carrying Amount | 8.15% Mortgage notes due in 2021
    
Fair Value of Financial Instruments    
Mortgage notes payable 9,993  
Fair Value
    
Fair Value of Financial Instruments    
Mortgage notes payable 100,111  
Fair Value | 5.73% Mortgage notes due in 2015
    
Fair Value of Financial Instruments    
Mortgage notes payable 50,810  
Fair Value | 6.21% Mortgage notes due in 2016
    
Fair Value of Financial Instruments    
Mortgage notes payable 27,121  
Fair Value | 7% Mortgage notes due in 2019
    
Fair Value of Financial Instruments    
Mortgage notes payable 11,044  
Fair Value | 8.15% Mortgage notes due in 2021
    
Fair Value of Financial Instruments    
Mortgage notes payable $ 11,136  
XML 36 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2011
Indebtedness  
Composition of outstanding indebtness

 

 

 
   December 31,  
 
   2011   2010  

Unsecured revolving credit facility, due in 2015

   $ 345,500   $ 118,000  

Mortgage note payable, 5.73% interest rate, including unamortized premium of $825, due in 2015(1)

     50,118     —  

Mortgage note payable, 6.21% interest rate, due in 2016

     24,713     24,800  

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,005, due in 2019(1)

     10,559     10,856  

Mortgage note payable, 8.15% interest rate, including unamortized premium of $783, due in 2021(1)

     9,993     10,772  
           

 

   $ 440,883   $ 164,428  
           
(1)
We assumed these mortgages in connection with our acquisition of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates; we recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition.

        
Schedule of the principal payments due of the outstanding debt

 

 

2012

   $ 1,793  

2013

     1,933  

2014

     2,072  

2015

     394,191  

2016

     24,708  

Thereafter

     13,573  
       

 

   $ 438,270  
       
XML 37 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Details) (2009 Plan, USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
M
Dec. 31, 2010
Dec. 31, 2009
Share Awards      
Number of shares granted under the Award Plan 50,850 44,450 31,350
Shares available for issuance under the Award Plan 1,873,350    
Number of Shares      
Unvested shares at the beginning of the period 44,320 20,080  
Granted (in shares) 50,850 44,450 31,350
Vested (in shares) (30,900) (20,210) (11,270)
Unvested shares at the end of the period 64,270 44,320 20,080
Weighted Average Grant Date Fair Value      
Unvested shares at the beginning of the period (in dollars per share) $ 25.21 $ 22.14  
Granted (in dollars per share) $ 23.16 $ 26.92 $ 22.14
Vested (in dollars per share) $ 23.56 $ 25.92 $ 22.14
Unvested shares at the end of the period (in dollars per share) $ 23.92 $ 25.21 $ 22.14
Vesting schedule of unvested shares      
2012 (in shares) 20,320    
2013 (in shares) 20,320    
2014 (in shares) 15,460    
2015 (in shares) 8,170    
Share Awards, additional disclosures      
Estimated future compensation expense for the unvested shares $ 1,449    
Closing share price of the entity's common shares (in dollars per share) $ 22.55    
Weighted average period of recognition of compensation expenses (in months) 23    
Compensation expense 763 742 357
Officers and employees | RMR
      
Share Awards      
Number of shares granted under the Award Plan 40,850 36,950 25,100
Aggregate market value of shares granted under the Award Plan 922 985 556
Award vesting period (in years) 5Y    
Number of Shares      
Granted (in shares) 40,850 36,950 25,100
Trustees
      
Share Awards      
Number of shares granted under the Award Plan 2,000 1,500 1,250
Aggregate market value of shares granted under the Award Plan 256 208 138
Market value of common shares awarded to each trustee (in dollars) $ 51 $ 42 $ 28
Number of Shares      
Granted (in shares) 2,000 1,500 1,250
XML 38 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2011
Shareholders' Equity  
Summary of shares granted and vested under the terms of the entity's 2009 Plan

 

 

 
   Number
of
Shares 		  Weighted
Average
Grant Date
Fair Value 		 

Granted in 2009

     31,350   $ 22.14  

Vested in 2009

     (11,270 )   22.14  
             

Unvested shares at December 31, 2009

     20,080     22.14  

Granted in 2010

     44,450     26.92  

Vested in 2010

     (20,210 )   25.92  
             

Unvested shares at December 31, 2010

     44,320     25.21  

Granted in 2011

     50,850     23.16  

Vested in 2011

     (30,900 )   23.56  
             

Unvested shares at December 31, 2011

     64,270     23.92  
           
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 45,997 $ 27,795 $ 25,981
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 26,886 19,180 13,562
Net amortization of debt premium and deferred financing fees 1,045 2,283 1,551
Straight line rental income (1,729) 5 452
Amortization of acquired real estate leases 13,071 4,627 894
Amortization of deferred leasing costs 630 465 436
Share based compensation expense 763 742 357
Loss on extinguishment of debt   3,786  
Equity in (earnings) losses of an investee (139) 1 15
Change in assets and liabilities:      
(Increase) decrease in restricted cash (188) (1,548) 1,334
(Increase) decrease in deferred leasing costs (2,702) (137) (9)
(Increase) decrease in rents receivable (8,071) (5,661) (7,450)
(Increase) decrease in due from related persons   103 (103)
(Increase) decrease in other assets (1,708) (1,361) (214)
Increase (decrease) in accounts payable and accrued expenses 3,909 4,433 1,358
Increase (decrease) in due to related persons 2,723 511 837
Cash provided by operating activities 80,487 55,224 39,001
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions (387,491) (384,375) (95,527)
Real estate improvements (3,060) (6,317) (3,451)
Investment in Affiliates Insurance Company   (76) (5,134)
Cash used in investing activities (390,551) (390,768) (104,112)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common shares, net 157,870 418,930 205,510
Repayment of mortgage notes payable (1,005) (571) (134)
Borrowings on revolving credit facility 472,500 335,000 382,000
Repayments on revolving credit facility (245,000) (361,375) (237,625)
Financing fees (3,074) (4,962) (6,755)
Distributions to common shareholders (70,392) (50,519) (10,741)
Equity distributions     (265,763)
Cash provided by financing activities 310,899 336,503 66,492
Increase in cash and cash equivalents 835 959 1,381
Cash and cash equivalents at beginning of year 2,437 1,478 97
Cash and cash equivalents at end of year 3,272 2,437 1,478
Supplemental cash flow information      
Interest paid 10,309 4,333 3,918
Income taxes paid 72 145  
Non-cash operating activities      
Equity distributions     8,047
Non-cash investing activities      
Real estate acquisitions funded with the assumption of mortgage debt (49,395) (44,951)  
Non-cash financing activities      
Assumption of mortgage debt 49,395 44,951  
Issuance of common shares under equity compensation plan $ (721) $ (546) $ (250)
XML 41 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2011
Dec. 31, 2010
CONSOLIDATED BALANCE SHEETS    
Common shares of beneficial interest, par value (in dollars per share) $ 0.01 $ 0.01
Common shares of beneficial interest, shares authorized 70,000,000 70,000,000
Common shares of beneficial interest, shares issued 47,051,650 40,500,800
Common shares of beneficial interest, shares outstanding 47,051,650 40,500,800
XML 42 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2011
Selected Quarterly Financial Data (Unaudited)  
Selected Quarterly Financial Data (Unaudited)

Note 10. Selected Quarterly Financial Data (Unaudited)

        The following is a summary of our unaudited quarterly results of operations for 2011 and 2010:

 
   2011  
 
   First
Quarter 		  Second
Quarter 		  Third
Quarter 		  Fourth
Quarter 		 

Rental income

   $ 39,228   $ 42,107   $ 45,889   $ 51,726  

Net income

     10,254     10,932     11,563     13,263  

Net income per common share

     0.25     0.27     0.26     0.28  

Common distributions declared

     0.41     0.42     0.42     0.42  


 

 
   2010  
 
   First
Quarter 		  Second
Quarter 		  Third
Quarter 		  Fourth
Quarter 		 

Rental income

   $ 23,425   $ 26,039   $ 30,847   $ 36,908  

Net income

     6,851     7,735     6,669     6,540  

Net income per common share

     0.24     0.25     0.18     0.24  

Common distributions declared

     0.40     0.40     0.41     0.41  
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Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Jun. 30, 2011
Feb. 22, 2011
Document and Entity Information      
Entity Registrant Name Government Properties Income Trust    
Entity Central Index Key 0001456772    
Document Type 10-K    
Document Period End Date Dec. 31, 2011    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Public Float   $ 824,575,014  
Entity Common Stock, Shares Outstanding     47,051,650
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
XML 44 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pro Forma Information (Unaudited)
 12 Months Ended
Dec. 31, 2011
Pro Forma Information (Unaudited)  
Pro Forma Information (Unaudited)

Note 11. Pro Forma Information (Unaudited)

        During 2011, we purchased 16 properties for an aggregate purchase price of $444,050, including the assumption of $49,395 of mortgage debt and excluding acquisition costs. Also in 2011, we amended our $500,000 revolving credit facility, to, among other things, increase maximum borrowings under the facility to $550,000 and we issued 6,500,000 of our common shares. During 2010, we purchased 22 properties for an aggregate purchase price of $434,411, excluding acquisition costs and including the assumption of $44,951 of mortgage debt. Also in 2010, we replaced our $250,000 secured revolving credit facility with our $500,000 revolving credit facility, and we issued 18,975,000 of our common shares. The following table presents our pro forma results of operations as if these acquisitions and financing activities were completed on January 1, 2010. This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from various factors, including but not limited to, additional property acquisitions, property sales, changes in interest rates and changes in our debt or equity capital structure.

 
   For the Year Ended
December 31, 		 
 
   2011   2010  

Total revenues

   $ 208,512   $ 205,447  

Net income

     54,595     39,908  

Per share data:

              

Net income

   $ 1.16   $ 0.85  

        During the year ended December 31, 2011 and 2010, we recognized revenues of $91,702 and $28,775, respectively, and operating income of $55,821 and $18,197, respectively, arising from these acquisitions.

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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Rental income $ 178,950 $ 117,219 $ 79,161
Expenses:      
Real estate taxes 19,345 12,177 8,546
Utility expenses 15,316 9,064 6,325
Other operating expenses 31,784 19,937 12,436
Depreciation and amortization 40,089 24,239 15,172
Acquisition related costs 3,504 5,750 1,032
General and administrative 10,898 7,061 4,058
Total expenses 120,936 78,228 47,569
Operating income 58,014 38,991 31,592
Interest and other income 104 103 53
Interest expense (including net amortization of debt premiums and deferred financing fees of $1,045, $2,283 and $1,551, respectively) (12,057) (7,351) (5,556)
Loss on extinguishment of debt   (3,786)  
Equity in earnings (losses) of an investee 139 (1) (15)
Income before income tax expense 46,200 27,956 26,074
Income tax expense (203) (161) (93)
Net income $ 45,997 $ 27,795 $ 25,981
Weighted average common shares outstanding (in shares) 43,368 34,341 15,082
Net income per common share (in dollars per share) $ 1.06 $ 0.81 $ 1.72

XML 47 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Person Transactions
 12 Months Ended
Dec. 31, 2011
Related Person Transactions  
Related Person Transactions

Note 5. Related Person Transactions

        We have adopted written Governance Guidelines which address, among other things, the consideration and approval of any related person transactions. Under these Governance Guidelines, we may not enter into any transaction in which any Trustee or executive officer, any member of the immediate family of any Trustee or executive officer or any other related person, has or will have a direct or indirect material interest unless that transaction has been disclosed or made known to our Board of Trustees and our Board of Trustees reviews, authorizes and approves or ratifies the transaction by the affirmative vote of a majority of the disinterested Trustees, even if the disinterested Trustees constitute less than a quorum. If there are no disinterested Trustees, the transaction shall be reviewed, authorized and approved or ratified by both (1) the affirmative vote of a majority of our entire Board of Trustees and (2) the affirmative vote of a majority of our Independent Trustees. The Governance Guidelines further provide that, in determining whether to approve or ratify a transaction, our Board of Trustees, or disinterested Trustees or Independent Trustees, as the case may be, shall act in accordance with any applicable provisions of our declaration of trust, consider all of the relevant facts and circumstances, and approve only those transactions that are fair and reasonable to us. All related person transactions described below were reviewed and approved or ratified by a majority of the disinterested Trustees or otherwise in accordance with our policies described above. In the case of transactions with us by RMR employees (other than our Trustees and executive officers) subject to our Code of Business Conduct and Ethics, the employee must seek approval from an executive officer who has no interest in the matter for which approval is being requested.

        We have no employees. Personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management and administrative services to us: (1) a business management agreement and (2) a property management agreement. One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Our other Managing Trustee, Mr. Adam Portnoy, the son of Mr. Barry Portnoy, is an owner of RMR and serves as President and Chief Executive Officer and as a Director of RMR. Each of our executive officers is also an officer of RMR. Additionally, Mr. Barry Portnoy's son-in-law, who is Mr. Adam Portnoy's brother-in-law, is an officer of RMR. As of December 31, 2011, RMR has approximately 740 employees and provides management services to other companies in addition to us.

        Our Board of Trustees has given our Compensation Committee, which is comprised exclusively of our Independent Trustees, authority to act on our behalf with respect to our management agreements with RMR. The charter of our Compensation Committee requires the Committee annually to review the terms of these agreements, evaluate RMR's performance under the agreements and renew, amend, terminate or allow to expire the management agreements.

        On October 31, 2011, we and RMR entered into an amended and restated business management agreement, or the business management agreement. The business management agreement provides for compensation to RMR at an annual rate equal to the sum of (a) 0.5% of the historical cost to an RMR Managed REIT of any properties transferred to us by such RMR Managed REIT and (b) 0.7% of our cost of any other properties we acquire up to and including $250,000, plus 0.5% of our cost of any additional properties in excess of $250,000. In addition, RMR receives an incentive fee equal to 15% of the product of (i) the weighted average of our common shares outstanding on a fully diluted basis during a fiscal year and (ii) the excess if any of the FFO Per Share, as defined in the business management agreement, of such fiscal year over the FFO Per Share for the preceding fiscal year. The incentive fee is paid in our common shares and in any year shall not exceed $0.02 multiplied by the weighted average number of our common shares outstanding on a fully diluted basis during such fiscal year.

        In determining the fees payable by us to RMR under the business management agreement, the average invested capital of any assets we have acquired or may in the future acquire from another REIT to which RMR provides business management or property management services, or an RMR Managed REIT, will be equal to the applicable selling RMR Managed REIT's historical costs for those properties, determined in the manner specified in the business management agreement, rather than our acquisition costs for those properties. The business management agreement also provides that, with certain exceptions, if we determine to offer for sale or other disposition any real property that, at such time, is of a type within the investment focus of another RMR Managed REIT, we will first offer that property for purchase or disposition to that RMR Managed REIT and negotiate in good faith for such purchase or disposition.

        The property management agreement provides for management fees equal to 3.0% of gross collected rents and construction supervision fees equal to 5.0% of construction costs.

        The aggregate business management and property management fees earned by RMR for 2011 and 2010 were $14,062, including $883 as an incentive fee which we expect to be paid in our common shares in March 2012, and $8,238, respectively. The aggregate business management and property management fees for 2009 were $5,601, which includes $2,390 of fees paid to RMR by CWH that were allocated to us by CWH before we became a separate company. Business management fees are included in general and administrative expense and property management fees are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. No incentive fees were earned by RMR in 2010 as the FFO Per Share for fiscal year 2010 did not exceed the FFO Per Share for fiscal year 2009.

        RMR also provides internal audit services to us in return for our pro rata share of the total internal audit costs incurred by RMR for us and other publicly owned companies managed by RMR and its affiliates, which amounts are subject to determination by our Compensation Committee. Our Audit Committee appoints our Director of Internal Audit. Our pro rata share of RMR's costs of providing this internal audit function, which are included in general and administrative expense in our consolidated financial statements, was approximately $240, $211 and $121 for 2011, 2010 and 2009, respectively. These allocated costs are in addition to the business and property management fees we paid to RMR. We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR on our behalf. We are not responsible for payment of RMR's employment, office or administration expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees who provide on site property management services and our pro rata share of the staff employed by RMR who perform our internal audit function.

        Both the business management agreement and the property management agreement automatically renew for successive one year terms unless we or RMR give notice of non-renewal before the end of an applicable term. We or RMR may terminate either agreement upon 60 days prior written notice, and RMR may also terminate either agreement upon five business days notice if we undergo a change of control, as defined in the applicable agreement. The current terms for these agreements expire on December 31, 2012, and will be subject to automatic renewal unless earlier terminated.

        Under our business management agreement with RMR, we acknowledge that RMR manages other businesses, including CWH, Hospitality Properties Trust, or HPT, Senior Housing Properties Trust, or SNH, Five Star Quality Care, Inc., or FVE, TravelCenters of America LLC, or TA, and Sonesta International Hotels Corporation, and will not be required to present us with opportunities to invest in properties that are primarily of a type that are within the investment focus of another business now or in the future managed by RMR. Under our business management agreement, RMR has agreed not to present other businesses that it now or in the future manages with opportunities to invest in properties that are majority leased to government tenants unless our Independent Trustees have determined not to invest in the opportunity. RMR has also agreed not to provide business management services to any other business that is principally engaged in the business of owning properties that are majority leased or occupied to Governmental Authorities, as defined in the business management agreement, or that are reasonably expected to be majority leased to Governmental Authorities, without the consent of our Independent Trustees. Each of the business management agreement and the property management agreement also includes arbitration provisions for the resolution of certain disputes, claims and controversies.

        RMR also leases from us approximately 1,400 square feet of office space for one of its regional offices. We earned approximately $31 and $14 in rental income from RMR in 2011 and 2010, respectively, which we believe is commercially reasonable rent for such office space. We earned no rental income from RMR in 2009.

        Pursuant to our business management agreement, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR provides management services for the purpose of obtaining more favorable terms with such vendors and suppliers.

        As part of our annual restricted share grants under our equity compensation plan adopted in 2009, or the 2009 Plan, we typically grant restricted shares to certain employees of RMR, some of whom are our executive officers, in their capacities as RMR employees or executive officers of us. In 2011, 2010 and 2009, we granted a total of 40,850 restricted shares with an aggregate value of $922, 36,950 restricted shares with an aggregate value of $985 and 25,100 restricted shares with an aggregate value of $556, respectively, to such persons in such capacities, based upon the closing price of our common shares on the NYSE on the date of grant. One fifth of those restricted shares vested on the grant date and one fifth vests on each of the next four anniversaries of the grant date. These share grants to RMR employees are in addition to the fees we pay to RMR.

        CWH organized us as a 100% owned subsidiary in February 2009. In June 2009, we completed our IPO pursuant to which we ceased to be a majority owned subsidiary of CWH. In connection with this offering, we and CWH entered a transaction agreement, which governs our separation from and relationship with CWH. Pursuant to this transaction agreement, among other things, we and CWH agreed that, so long as CWH owns in excess of 10% of our outstanding common shares, we and CWH engage the same manager or we and CWH have any common managing trustees: (1) CWH will not acquire ownership of properties that are majority leased to government tenants, unless a majority of our Independent Trustees who are not also Trustees of CWH have determined not to make the acquisition, (2) we will not acquire ownership of office or industrial properties that are not majority leased to government tenants, unless a majority of CWH's Independent Trustees who are not also Trustees of ours have determined not to make the acquisition, and (3) we will have a right of first refusal to purchase any property owned by CWH that CWH determines to divest if the property is then majority leased to government tenants, which right of first refusal will also apply in the event of an indirect sale of any such properties resulting from a change of control of CWH. The provisions described in (1) and (2) do not prevent us from continuing to own and lease our current properties or properties otherwise acquired by us that cease to be majority leased to government tenants following the termination of government tenancies; and, similarly, the provisions described in (1) and (2) also do not prohibit CWH from leasing its current or future properties to government tenants. We and CWH also agreed that certain disputes, claims and controversies arising under the transaction agreement may be referred to binding arbitration proceedings.

        In June 2010, we entered into a series of agreements to purchase 15 properties (approximately 1.9 million rentable square feet) from CWH which are majority leased to government tenants. We completed the purchase of all 15 of these properties in 2010 for an aggregate purchase price of $231,000, excluding acquisition costs. These 15 properties were subject to the right of first refusal CWH granted to us in the transaction agreement described above.

        CWH is our largest shareholder. As of February 22, 2012, CWH owned 9,950,000 of our common shares, which represented approximately 21.1% of our outstanding common shares. Both we and CWH are managed by RMR, and Mr. Barry Portnoy and Mr. Adam Portnoy are Managing Trustees of both us and CWH. Mr. Adam Portnoy was also our President from our formation in 2009 until January 2011 when David Blackman became our President. Mr. Adam Portnoy became President of CWH in January 2011. Also, all of our officers and CWH's officers are officers of RMR. Accordingly, the purchase agreements between us and CWH described above and the transactions contemplated by those agreements, which were entered after we became a separate public company, were negotiated and approved by special committees of each company's board of trustees, comprised solely of Independent Trustees who are not also Independent Trustees of the other party to these agreements.

        Our Independent Trustees also serve as directors or trustees of other public companies to which RMR provides management services. Mr. Barry Portnoy serves as a managing director or managing trustee of those companies, including CWH, HPT, SNH, FVE and TA, and Mr. Adam Portnoy serves as a managing trustee of some of those companies, including CWH, HPT and SNH. We understand that the other companies to which RMR provides management services also have certain other relationships with each other, including business and property management agreements and lease arrangements. In addition, officers of RMR serve as officers of those companies. Mr. Kleifges, our Treasurer and Chief Financial Officer, is an officer of RMR and also serves as Treasurer and Chief Financial Officer of HPT, which is a company to which RMR provides management services. We understand that further information regarding those relationships is provided in the applicable periodic reports and proxy statements filed by those other companies with the SEC.

        We, RMR, CWH, HPT, SNH, FVE and TA each currently own approximately 14.29% of AIC, an Indiana insurance company. All of our Trustees, all of the trustees and directors of the other publicly held AIC shareholders and nearly all of the directors of RMR currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. Our Governance Guidelines provide that any material transaction between us and AIC shall be reviewed, authorized and approved or ratified by both the affirmative vote of a majority of our entire Board of Trustees and the affirmative vote of a majority of our Independent Trustees. The shareholders agreement that we, the other shareholders of AIC and AIC are parties to includes arbitration provisions for the resolution of certain disputes, claims and controversies.

        As of February 22, 2012, we have invested approximately $5,194 in AIC since we became an equity owner of AIC in December 2009. We may invest additional amounts in AIC in the future if the expansion of this insurance business requires additional capital, but we are not obligated to do so. Our investment had a carrying value of $5,409 and $5,195 as of December 31, 2011 and 2010, respectively, which are included in other assets on our consolidated balance sheets. For 2011, we recognized income of $139 related to our investment in AIC. For 2010 and 2009, we recognized losses of $1 and $15, respectively, related to our investment in AIC. In June 2010, we and the other shareholders of AIC purchased property insurance providing $500,000 of coverage pursuant to an insurance program arranged by AIC and with respect to which AIC is a reinsurer of certain coverage amounts. This program was modified and extended in June 2011 for a one year term. Our total premiums paid under this program in 2011 and 2010 were approximately $1,286 and $415, respectively. We are currently investigating the possibilities to expand our insurance relationships with AIC to include other types of insurance. By participating in this insurance business with RMR and the other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro-rata share of any profits of this insurance business.

XML 48 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Real Estate Properties
 12 Months Ended
Dec. 31, 2011
Real Estate Properties  
Real Estate Properties

Note 4. Real Estate Properties

        As of December 31, 2011, we owned 71 properties representing an aggregate investment of $1,494,684. We generally lease space in our properties on a gross lease or modified gross lease basis pursuant to fixed term operating leases expiring between 2012 and 2025. Certain of our government tenants have the right to cancel their leases before the lease term expires, although we currently expect that few will do so. Our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. We committed approximately $5,119 for leasing related costs relating to approximately 679,300 rentable square feet of leases entered into during 2011, which included lease renewals of 650,988 rentable square feet. We have unspent leasing related obligations of $10,004 as of December 31, 2011.

        During the year ended December 31, 2011, we acquired 16 office properties located in 11 states for an aggregate purchase price of $444,050, including the assumption of $49,395 of mortgage debt and excluding acquisition costs. We allocated the purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows:

Date
  Location   Square
Feet 		  Purchase
Price(1) 		  Land   Buildings and
Improvements 		  Acquired
Leases 		  Acquired
Lease
Obligations 		  Other
Assumed
Liabilities 		  Premium
on
Assumed
Debt 		 

February 2011

   Quincy, MA     92,549   $ 14,000   $ 2,700   $ 9,200   $ 2,113   $ (13 ) $ (24 ) $ —  

February 2011

   Woodlawn, MD     182,561     28,000     3,735     21,509     3,281     (525 )   —     —  

May 2011

   Plantation, FL     135,819     40,750     4,800     30,592     5,358     —     (3,306 )   —  

May 2011

   New York, NY     187,060     114,050     36,800     66,661     10,589     —     —     —  

June 2011

   Milwaukee, WI     29,297     6,775     945     4,539     1,291     —     —     —  

June 2011

   Stafford, VA     64,488     11,550     2,090     7,465     1,995     —     —     —  

June 2011

   Montgomery, AL     57,815     11,550     920     9,084     1,546     —     —     —  

August 2011

   Holtsville, NY     264,482     39,250     6,530     17,711     15,009     —     (2,250 )   —  

September 2011

   Sacramento, CA     87,863     13,600     1,450     9,465     2,685     —     (1,491 )   —  

September 2011

   Atlanta, GA     375,805     48,600     10,250     27,933     10,421     (4 )   —     —  

October 2011

   Indianapolis, IN(2)     433,927     85,000     4,170     68,888     12,894     (95 )   —     (857 )

December 2011

   Salem, OR     233,358     30,925     6,510     17,973     6,536     (94 )   (93 )   —  
                                       

 

         2,145,024   $ 444,050   $ 80,900   $ 291,020   $ 73,718   $ (731 ) $ (7,164 ) $ (857 )
                                       
(1)
Purchase price excludes acquisition related costs.

(2)
Purchase price includes the assumption of $49,395 of mortgage debt.

        Our future minimum lease payments related to our properties (excluding real estate tax and other expense reimbursements) scheduled to be received during the current terms of the existing leases as of December 31, 2011 are approximately $172,711 in 2012, $147,229 in 2013, $138,007 in 2014, $119,737 in 2015, $105,197 in 2016 and $279,547 thereafter. As of December 31, 2011, government tenants representing approximately 4.8% of our total future minimum lease payments have currently exercisable rights to terminate their leases before the stated expirations. Also in 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020, early termination rights become exercisable by other government tenants who currently represent an additional approximately 2.2%, 4.8%, 3.7%, 0.4%, 13.2%, 1.2%, 2.8%, 4.2% and 2.1% of our total future minimum lease payments, respectively. In addition as of December 31, 2011, eight of our state government tenants have the currently exercisable right to terminate their leases if these states do not appropriate rent in their respective annual budgets. These eight tenants represent approximately 8.4% of our total future minimum lease payments.

XML 49 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2011
Fair Value of Financial Instruments  
Schedule of fair value and carrying value of financial instruments

 

 

 
   Carrying
Amount 		  Fair
Value 		 

Mortgage note payable, 5.73% interest rate, including unamortized premium of $825, due in 2015

   $ 50,118   $ 50,810  

Mortgage note payable, 6.21% interest rate, due in 2016

     24,713     27,121  

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,005, due in 2019

     10,559     11,044  

Mortgage note payable, 8.15% interest rate, including unamortized premium of $783, due in 2021

     9,993     11,136  
           

 

   $ 95,383   $ 100,111  
           
XML 50 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2011
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION  
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011

(dollars in thousands)

 
    
    
    
    
    
   Cost amount carried
at Close of Period 		   
    
    
  
 
    
    
   Initial Cost to Company    
    
    
    
  
 
    
    
   Costs
Capitalized
Subsequent to
Acquisition 		   
    
    
  
Location
  State   Encumbrances   Land   Buildings and
Equipment 		  Land   Buildings and
Equipment 		  Total(1)   Accumulated
Depreciation(2) 		  Date
Acquired 		  Original
Construction
Date 		 

Montgomery

   AL   $ —   $ 920   $ 9,084   $ 18   $ 920   $ 9,102   $ 10,022   $ (114 )   06/22/2011     2007  

Phoenix

   AZ     —     2,687     11,532     1,506     2,729     12,996     15,725     (4,600 )   05/15/1997     1997  

Safford

   AZ     —     460     11,708     —     460     11,708     12,168     (439 )   06/16/2010     1992  

Tucson

   AZ     —     375     2,351     —     375     2,351     2,726     (83 )   07/16/2010     1993  

Fresno

   CA     —     7,276     61,118     9     7,277     61,126     68,403     (14,326 )   08/29/2002     1971  

Sacramento

   CA     —     2,290     35,891     1,024     2,290     36,915     39,205     (1,821 )   12/17/2009     1988  

Sacramento

   CA     —     1,550     12,263     395     1,550     12,658     14,208     (623 )   12/23/2009     1988  

Sacramento

   CA     —     1,450     9,465     —     1,450     9,465     10,915     (79 )   09/14/2011     1992  

San Diego

   CA     —     2,916     12,456     1,281     2,967     13,686     16,653     (5,051 )   03/31/1997     1994  

San Diego

   CA     —     4,269     18,316     831     4,347     19,069     23,416     (7,086 )   03/31/1997     1996  

San Diego

   CA     —     685     5,530     423     685     5,953     6,638     (1,470 )   06/24/2002     1986  

San Diego

   CA     —     5,250     10,549     472     5,250     11,021     16,271     (378 )   07/16/2010     1981  

Golden

   CO     —     494     152     6,304     495     6,455     6,950     (2,166 )   03/31/1997     1997  

Lakewood

   CO     —     936     9,160     694     936     9,854     10,790     (2,460 )   10/11/2002     1981  

Lakewood

   CO     —     915     9,106     745     915     9,851     10,766     (2,438 )   10/11/2002     1981  

Lakewood

   CO     —     1,035     9,271     469     1,036     9,739     10,775     (2,246 )   10/11/2002     1981  

Lakewood

   CO     9,993     2,640     23,777     567     2,640     24,344     26,984     (1,195 )   01/15/2010     1997  

Washington

   DC     —     12,008     51,528     31,979     12,227     83,288     95,515     (33,009 )   03/31/1997     1996  

Washington

   DC     —     26,000     25,955     305     26,000     26,260     52,260     (870 )   08/17/2010     1989  

Plantation

   FL     —     4,800     30,592     31     4,800     30,623     35,423     (510 )   05/12/2011     1999  

Tampa

   FL     10,560     1,100     11,773     —     1,100     11,773     12,873     (368 )   10/15/2010     1994  

Atlanta

   GA     —     425     4,119     117     425     4,236     4,661     (805 )   07/16/2004     1967  

Atlanta

   GA     —     1,713     7,649     897     1,713     8,546     10,259     (1,586 )   07/16/2004     1967  

Atlanta

   GA     —     372     3,600     146     372     3,746     4,118     (706 )   07/16/2004     1967  

Atlanta

   GA     —     364     3,527     64     364     3,591     3,955     (664 )   07/16/2004     1967  

Atlanta

   GA     —     1,122     10,867     337     1,122     11,204     12,326     (2,164 )   07/16/2004     1967  

Atlanta

   GA     —     1,521     11,826     107     1,521     11,933     13,454     (2,206 )   07/16/2004     1972  

Atlanta

   GA     —     10,250     27,933     —     10,250     27,933     38,183     (175 )   09/30/2011     1968  

Savannah

   GA     —     950     2,376     —     950     2,376     3,326     (84 )   07/16/2010     1990  

Arlington Heights

   IL     —     1,450     13,160     39     1,450     13,199     14,649     (658 )   12/29/2009     2002  

Indianapolis

   IN     22,340     1,250     20,018     —     1,250     20,018     21,268     (120 )   10/14/2011     2000  

Indianapolis

   IN     27,777     1,460     24,984     —     1,460     24,984     26,444     (156 )   10/14/2011     2001  

Indianapolis

   IN     —     1,460     23,886     —     1,460     23,886     25,346     (149 )   10/14/2011     2008  

Kansas City

   KS     —     640     9,932     290     640     10,222     10,862     (372 )   06/16/2010     1990  

Boston

   MA     —     5,100     17,293     245     5,100     17,538     22,638     (576 )   08/17/2010     1988  

Malden

   MA     —     1,050     31,086     —     1,050     31,086     32,136     (1,224 )   05/24/2010     2008  

Quincy

   MA     —     2,700     9,199     97     2,700     9,296     11,996     (193 )   02/16/2011     1985  

Stoneham

   MA     —     1,670     11,035     182     1,670     11,217     12,887     (414 )   06/16/2010     1987  

Baltimore

   MD     —     900     8,097     1,043     901     9,139     10,040     (3,098 )   10/15/1998     1989  

Germantown

   MD     —     2,305     9,890     732     2,347     10,580     12,927     (3,778 )   03/31/1997     1995  

Landover

   MD     24,713     4,110     36,371     19     4,110     36,390     40,500     (1,667 )   02/26/2010     2004  

Riverdale

   MD     —     6,240     30,368     105     6,240     30,473     36,713     (950 )   09/17/2010     1994  

Rockville

   MD     —     3,251     29,258     3,178     3,251     32,436     35,687     (11,230 )   02/02/1998     1986  


GOVERNMENT PROPERTIES INCOME TRUST

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2011

(dollars in thousands)

 
    
    
    
    
    
   Cost amount carried
at Close of Period 		   
    
    
  
 
    
    
   Initial Cost to Company    
    
    
    
  
 
    
    
   Costs
Capitalized
Subsequent to
Acquisition 		   
    
    
  
Location
  State   Encumbrances   Land   Buildings and
Equipment 		  Land   Buildings and
Equipment 		  Total(1)   Accumulated
Depreciation(2) 		  Date
Acquired 		  Original
Construction
Date 		 

Woodlawn

   MD     —     2,220     14,750     —     2,220     14,750     16,970     (338 )   02/15/2011     1973  

Woodlawn

   MD     —     1,515     6,759     —     1,515     6,759     8,274     (155 )   02/15/2011     1973  

Detroit

   MI     —     630     18,002     —     630     18,002     18,632     (750 )   04/23/2010     2009  

Minneapolis

   MN     —     3,990     18,186     829     3,990     19,015     23,005     (657 )   07/16/2010     1980  

Roseville

   MN     —     672     6,045     1,162     672     7,207     7,879     (2,348 )   12/01/1999     1987  

Kansas City

   MO     —     1,443     6,193     3,764     1,780     9,620     11,400     (3,336 )   03/31/1997     1995  

Nashua

   NH     —     3,000     14,052     —     3,000     14,052     17,052     (820 )   08/31/2009     1997  

Trenton

   NJ     —     5,000     38,203     239     5,000     38,442     43,442     (955 )   12/30/2010     1989  

Albuquerque

   NM     —     710     1,651     1     710     1,652     2,362     (58 )   07/16/2010     1984  

Buffalo

   NY     —     4,405     18,899     1,484     4,485     20,303     24,788     (7,628 )   03/31/1997     1994  

Holtsville

   NY     —     6,530     17,711     53     6,530     17,764     24,294     (148 )   08/31/2011     2000  

New York

   NY     —     36,800     66,661     —     36,800     66,661     103,461     (972 )   05/27/2011     2008  

Oklahoma City

   OK     —     740     7,354     267     740     7,621     8,361     (261 )   09/17/2010     1992  

Salem

   OR     —     6,510     17,973     84     6,510     18,057     24,567     —     12/20/2011     2007  

Columbia

   SC     —     659     5,622     214     659     5,836     6,495     (796 )   05/10/2006     1985  

Columbia

   SC     —     410     2,535     215     410     2,750     3,160     (81 )   09/17/2010     1982  

Columbia

   SC     —     370     2,986     100     370     3,086     3,456     (94 )   09/17/2010     1982  

Memphis

   TN     —     1,630     5,645     178     1,630     5,823     7,453     (179 )   09/17/2010     1985  

Waco

   TX     —     2,030     8,708     788     2,060     9,466     11,526     (3,254 )   12/23/1997     1997  

Falls Church

   VA     —     3,456     14,828     4,463     3,519     19,228     22,747     (7,413 )   03/31/1997     1993  

Stafford

   VA     —     1,431     3,344     —     1,431     3,344     4,775     (42 )   06/22/2011     1988  

Stafford

   VA     —     659     4,121     —     659     4,121     4,780     (52 )   06/22/2011     1999  

S. Burlington

   VT     —     700     8,416     —     700     8,416     9,116     (367 )   04/09/2010     2009  

Richland

   WA     —     2,515     10,790     673     2,587     11,391     13,978     (4,195 )   03/31/1997     1995  

Richland

   WA     —     1,455     6,245     161     1,455     6,406     7,861     (2,375 )   03/31/1997     1995  

Milwaukee

   WI     —     945     4,539     73     945     4,612     5,557     (66 )   06/09/2011     2006  

Falling Waters

   WV     —     906     3,886     217     922     4,087     5,009     (1,491 )   03/31/1997     1993  

Cheyenne

   WY     —     1,915     8,217     1,075     1,950     9,257     11,207     (3,480 )   03/31/1997     1995  
                                                   

 

       $ 95,383   $ 223,605   $ 1,060,372   $ 70,691   $ 224,674   $ 1,129,994   $ 1,354,668   $ (156,618 )            
                                                   
(1)
Excludes value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $1,212,604.

(2)
Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to 12 years.

        Analysis of the carrying amount of real estate properties and accumulated depreciation:

 
   Real Estate
Properties 		  Accumulated
Depreciation 		 

Balance at December 31, 2008

   $ 490,475   $ 100,034  

Additions

     86,799     13,510  

Disposals

     (517 )   (517 )
           

Balance at December 31, 2009

     576,757     113,027  

Additions

     400,736     18,019  
           

Balance at December 31, 2010

     977,493     131,046  

Additions

     378,489     26,886  

Disposals

     (1,314 )   (1,314 )
           

Balance at December 31, 2011

   $ 1,354,668   $ 156,618  
           
XML 51 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2011
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

Note 8. Fair Value of Financial Instruments

        Our financial instruments at December 31, 2011, include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, due to related persons, our revolving credit facility, other accrued expenses and security deposits. At December 31, 2011, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, except as follows:

 
   Carrying
Amount 		  Fair
Value 		 

Mortgage note payable, 5.73% interest rate, including unamortized premium of $825, due in 2015

   $ 50,118   $ 50,810  

Mortgage note payable, 6.21% interest rate, due in 2016

     24,713     27,121  

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,005, due in 2019

     10,559     11,044  

Mortgage note payable, 8.15% interest rate, including unamortized premium of $783, due in 2021

     9,993     11,136  
           

 

   $ 95,383   $ 100,111  
           

        We estimate the fair value of our indebtedness using discounted cash flow analysis and currently prevailing market interest rates (Level 3 inputs as defined in the fair value hierarchy under GAAP).
XML 52 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Concentration
 12 Months Ended
Dec. 31, 2011
Concentration  
Concentration

Note 6. Concentration

Tenant and Credit Concentration

        We define annualized rental income as the annualized rents from our tenants pursuant to our lease agreements with them as of the measurement date, plus estimated expense reimbursements to be paid to us, and excluding lease value amortization. The U.S. Government, eight state governments and the United Nations combined were responsible for approximately 91.9%, 93.0% and 93.7% of our annualized rental income as of December 31, 2011, 2010 and 2009, respectively. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 69.6%, 78.2% and 83.1% of our annualized rental income as of December 31, 2011, 2010 and 2009 respectively.

Geographic Concentration

        At December 31, 2011, our 71 properties were located in 29 states and the District of Columbia. Properties located in California, Maryland, the District of Columbia, Georgia, New York and Massachusetts were responsible for approximately 12.6%, 12.2%, 10.2%, 9.3%, 8.9% and 6.6% of our annualized rental income as of December 31, 2011, respectively.

XML 53 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Indebtedness
 12 Months Ended
Dec. 31, 2011
Indebtedness  
Indebtedness

Note 7. Indebtedness

        At December 31, 2011 and 2010, our outstanding indebtedness consisted of the following:

 
   December 31,  
 
   2011   2010  

Unsecured revolving credit facility, due in 2015

   $ 345,500   $ 118,000  

Mortgage note payable, 5.73% interest rate, including unamortized premium of $825, due in 2015(1)

     50,118     —  

Mortgage note payable, 6.21% interest rate, due in 2016

     24,713     24,800  

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,005, due in 2019(1)

     10,559     10,856  

Mortgage note payable, 8.15% interest rate, including unamortized premium of $783, due in 2021(1)

     9,993     10,772  
           

 

   $ 440,883   $ 164,428  
           
(1)
We assumed these mortgages in connection with our acquisition of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates; we recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition.

        In October 2011, we assumed a mortgage with a balance of $49,395 as part of our Indianapolis, IN acquisitions. This note is secured by two of the acquired properties, bears interest at 5.73% and is amortized on a 30 year schedule until maturity in October 2015. We recorded a $857 premium on this assumed debt, which reduced its effective interest rate to 5.24%, because we believed the interest rate payable under this mortgage was above the rate we would have had to pay for debt with the same maturity at the time we assumed this obligation.

        Also in October 2011, we amended our existing $500,000 revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest rate on drawings under the facility from LIBOR plus 210 basis points to LIBOR plus 150 basis points, subject to adjustment based on changes to our senior unsecured debt ratings, and extend the maturity date of the facility from October 28, 2013 to October 19, 2015. In addition, our amended revolving credit facility included a conditional option to extend the stated maturity date by one year to October 19, 2016 as well as includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. Our revolving credit facility agreement contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our revolving credit facility agreement at December 31, 2011. The weighted average annual interest rate for our revolving credit facility was 2.19% for the year ended December 31, 2011. As of December 31, 2011, we had $345,500 outstanding under our revolving credit facility.

        In January 2012, we entered into a five year $350,000 unsecured term loan. The term loan matures on January 11, 2017, and is prepayable without penalty at any time. In addition, the term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. The term loan bears interest at a rate of LIBOR plus 175 basis points, subject to adjustment based upon changes to our senior unsecured debt ratings, and covenants identical to those contained in our revolving credit facility. We used the net proceeds of the term loan to repay amounts outstanding under our revolving credit facility and expect to use the balance to fund general business activities, including possible future acquisitions.

        At December 31, 2011, five of our properties with an aggregate net book value of $124,563 were secured by four mortgage notes we assumed in connection with certain of our acquisitions. Our mortgage notes are non-recourse and do not contain any material financial covenants.

        The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2011 are as follows:

2012

   $ 1,793  

2013

     1,933  

2014

     2,072  

2015

     394,191  

2016

     24,708  

Thereafter

     13,573  
       

 

   $ 438,270  
       
XML 54 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity
 12 Months Ended
Dec. 31, 2011
Shareholders' Equity  
Shareholders' Equity

Note 9. Shareholders' Equity

Share Awards

        We have common shares available for issuance under the terms of our 2009 Plan. As described in Note 5, we awarded common shares to our officers and certain employees of RMR in 2009, 2010 and 2011. We also awarded each of our Trustees 2,000 common shares in 2011 with an aggregate market value of $256 ($51 per Trustee), 1,500 common shares in 2010 with an aggregate market value of $208 ($42 per Trustee), and 1,250 common shares in 2009 with an aggregate market value of $138 ($28 per Trustee) as part of their annual compensation, based upon the closing price of our common shares on the New York Stock Exchange, or the NYSE, on the date of grant. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain employees of RMR vest in five equal annual installments beginning on the date of grant. We include the value of awarded shares in general and administrative expenses at the time the awards vest.

        A summary of shares granted and vested under the terms of our 2009 Plan from June 8, 2009 (inception) to December 31, 2011 is as follows:

 
   Number
of
Shares 		  Weighted
Average
Grant Date
Fair Value 		 

Granted in 2009

     31,350   $ 22.14  

Vested in 2009

     (11,270 )   22.14  
             

Unvested shares at December 31, 2009

     20,080     22.14  

Granted in 2010

     44,450     26.92  

Vested in 2010

     (20,210 )   25.92  
             

Unvested shares at December 31, 2010

     44,320     25.21  

Granted in 2011

     50,850     23.16  

Vested in 2011

     (30,900 )   23.56  
             

Unvested shares at December 31, 2011

     64,270     23.92  
           

        The 64,270 unvested shares as of December 31, 2011 are scheduled to vest as follows: 20,320 shares in 2012, 20,320 shares in 2013, 15,460 shares in 2014 and 8,170 in 2014. As of December 31, 2011, the estimated future compensation expense for the unvested shares was $1,449 based on the closing share price of our common shares on the NYSE on December 30, 2011 of $22.55. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2011, 2010 and 2009, we recorded $763, $742 and $357, respectively, of compensation expense related to our 2009 Plan.

        At December 31, 2011, 1,873,350 of our common shares remain available for issuance under the 2009 Plan.

Distributions

        On February 23, 2011 we paid a $0.41 per share distribution to our common shareholders. On May 24, 2011, August 24, 2011 and November 22, 2011 we paid a $0.42 per share distribution to our common shareholders. We funded these distributions using existing cash balances and borrowings under our revolving credit facility. On January 9, 2012, we declared a distribution payable to common shareholders of record on January 26, 2012, in the amount of $0.42 per share. We expect to pay this distribution on or about February 24, 2012.

        Cash distributions per share paid or payable by us to our common shareholders for the year ended December 31, 2011, 2010 and 2009 were $1.67, $1.21 and $0.90, respectively. The characterization of our distributions paid or accrued in 2011, 2010 and 2009 was 92.88%, 98.34% and 100% ordinary income, respectively, and 7.12%, 1.66% and 0.00% return of capital, respectively.

Share Sales

        On July 25, 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,870. We used the net proceeds from this offering to repay amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

XML 55 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Indebtedness (Details) (USD $)
In Thousands, unless otherwise specified
 1 Months Ended 12 Months Ended
Oct. 31, 2011
Y
Dec. 31, 2011
Dec. 31, 2010
Indebtedness      
Revolving credit facility   $ 345,500 $ 118,000
Mortgage notes payable   95,383 46,428
Total   440,883 164,428
Number of assumed secured mortgage loans   4  
Aggregate net book value of secured properties   124,563  
Properties   5  
Repayment of debt      
2012   1,793  
2013   1,933  
2014   2,072  
2015   394,191  
2016   24,708  
Thereafter   13,573  
Aggregate outstanding debt   438,270  
Acquisition
      
Indebtedness      
Assumption of mortgage debt 49,395 49,395 44,951
Properties 2    
Unsecured revolving credit facility due in 2015
      
Indebtedness      
Revolving credit facility   345,500 118,000
Maximum borrowing capacity on revolving credit facility 500,000 550,000 500,000
Revolving credit facility, interest rate basis   LIBOR  
Maximum borrowing capacity on credit facility may be increased under certain conditions 500,000 1,100,000  
Option to extend the maturity date subject to certain conditions and the payment of a fee (in years) 1    
Interest rate margin (as a percent) 1.50%    
The weighted average annual interest rate for revolving credit facilities (as a percent)   2.19%  
Prior secured revolving credit facility
      
Indebtedness      
Maximum borrowing capacity on revolving credit facility     250,000
Interest rate margin (as a percent) 2.10%    
5.73% Mortgage notes due in 2015
      
Indebtedness      
Mortgage notes payable   50,118  
Interest rate (as a percent)   5.73%  
Unamortized fair value premium included in mortgage notes   825  
5.73% Mortgage notes due in 2015 | Acquisition
      
Indebtedness      
Interest rate (as a percent) 5.73%    
Unamortized fair value premium included in mortgage notes 857    
Amortization schedule of note (in years) 30    
Effective interest rate (as a percent) 5.24%    
6.21% Mortgage notes due in 2016
      
Indebtedness      
Mortgage notes payable   24,713 24,800
Interest rate (as a percent)   6.21%  
7% Mortgage notes due in 2019
      
Indebtedness      
Mortgage notes payable   10,559 10,856
Interest rate (as a percent)   7.00%  
Unamortized fair value premium included in mortgage notes   1,005  
8.15% Mortgage notes due in 2021
      
Indebtedness      
Mortgage notes payable   9,993 10,772
Interest rate (as a percent)   8.15%  
Unamortized fair value premium included in mortgage notes   783  
Unsecured term loan
      
Indebtedness      
Maximum borrowing capacity on credit facility may be increased under certain conditions   700,000  
Term loan, interest rate basis   LIBOR  
Interest rate margin (as a percent)   1.75%  
Term of loan (in years)   5  
Term loan   $ 350,000  
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Real Estate Properties (Tables)
 12 Months Ended
Dec. 31, 2011
Real Estate Properties  
Purchase price of acquisitions allocated based on the estimated fair values of the acquired assets and assumed liabilities

 

 

Date
  Location   Square
Feet 		  Purchase
Price(1) 		  Land   Buildings and
Improvements 		  Acquired
Leases 		  Acquired
Lease
Obligations 		  Other
Assumed
Liabilities 		  Premium
on
Assumed
Debt 		 

February 2011

   Quincy, MA     92,549   $ 14,000   $ 2,700   $ 9,200   $ 2,113   $ (13 ) $ (24 ) $ —  

February 2011

   Woodlawn, MD     182,561     28,000     3,735     21,509     3,281     (525 )   —     —  

May 2011

   Plantation, FL     135,819     40,750     4,800     30,592     5,358     —     (3,306 )   —  

May 2011

   New York, NY     187,060     114,050     36,800     66,661     10,589     —     —     —  

June 2011

   Milwaukee, WI     29,297     6,775     945     4,539     1,291     —     —     —  

June 2011

   Stafford, VA     64,488     11,550     2,090     7,465     1,995     —     —     —  

June 2011

   Montgomery, AL     57,815     11,550     920     9,084     1,546     —     —     —  

August 2011

   Holtsville, NY     264,482     39,250     6,530     17,711     15,009     —     (2,250 )   —  

September 2011

   Sacramento, CA     87,863     13,600     1,450     9,465     2,685     —     (1,491 )   —  

September 2011

   Atlanta, GA     375,805     48,600     10,250     27,933     10,421     (4 )   —     —  

October 2011

   Indianapolis, IN(2)     433,927     85,000     4,170     68,888     12,894     (95 )   —     (857 )

December 2011

   Salem, OR     233,358     30,925     6,510     17,973     6,536     (94 )   (93 )   —  
                                       

 

         2,145,024   $ 444,050   $ 80,900   $ 291,020   $ 73,718   $ (731 ) $ (7,164 ) $ (857 )
                                       
(1)
Purchase price excludes acquisition related costs.

(2)
Purchase price includes the assumption of $49,395 of mortgage debt.

        
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Pro Forma Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2011
Pro Forma Information (Unaudited)  
Schedule of pro forma results of operations

 

 

 
   For the Year Ended
December 31, 		 
 
   2011   2010  

Total revenues

   $ 208,512   $ 205,447  

Net income

     54,595     39,908  

Per share data:

              

Net income

   $ 1.16   $ 0.85  

        
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SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Real Estate Properties      
Balance at the beginning of the period $ 977,493 $ 576,757 $ 490,475
Additions 378,489 400,736 86,799
Disposals (1,314)   (517)
Balance at the end of the period 1,354,668 977,493 576,757
Accumulated Depreciation      
Balance at the beginning of the period 131,046 113,027 100,034
Additions 26,886 18,019 13,510
Disposals (1,314)   (517)
Balance at the end of the period $ 156,618 $ 131,046 $ 113,027
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CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CONSOLIDATED STATEMENTS OF INCOME      
Amortization of debt premiums and deferred financing fees $ 1,045 $ 2,283 $ 1,551
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New Accounting Pronouncements
 12 Months Ended
Dec. 31, 2011
New Accounting Pronouncements  
New Accounting Pronouncements

Note 3. New Accounting Pronouncements

        In May 2011, the Financial Accounting Standards Board, or FASB, issued an accounting standards update requiring additional disclosures regarding fair value measurements. The update clarifies the application of existing fair value measurement requirements. The update also requires reporting entities to disclose additional information regarding fair value measurements categorized within Level 3 of the fair value hierarchy. The update is effective for interim and annual reporting periods beginning after December 15, 2011. The adoption of this update is not expected to cause any material changes to the disclosures in or the presentation of our consolidated financial statements.

        In December 2011, FASB issued Accounting Standards Update No. 2011-12, Presentation of Comprehensive Income. This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders' equity. This standard is intended to enhance comparability between entities that report under GAAP and to provide a more consistent method of presenting non-owner transactions that affect an entity's equity. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update is not expected to cause any material changes to the disclosures in or the presentation of our consolidated financial statements.

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Organization (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
 1 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Feb. 28, 2009
CWH
Apr. 24, 2009
CWH
Subsidiary
Feb. 17, 2009
CWH
Related Party Transaction          
Common shares of beneficial interest issued     9.95    
Common shares of beneficial interest, par value (in dollars per share) $ 0.01 $ 0.01     $ 0.01
Percentage of ownership of Initial Properties acquired by means of contribution from CWH to one of the Company's subsidiaries       100.00%  
Number of subsidiaries receiving a contribution from CWH       1  
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Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
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Rental income $ 51,726 $ 45,889 $ 42,107 $ 39,228 $ 36,908 $ 30,847 $ 26,039 $ 23,425 $ 178,950 $ 117,219 $ 79,161
Net income $ 13,263 $ 11,563 $ 10,932 $ 10,254 $ 6,540 $ 6,669 $ 7,735 $ 6,851 $ 45,997 $ 27,795 $ 25,981
Per Share data:                      
Weighted average common shares outstanding (in shares)                 43,368 34,341 15,082
Net income per common share (in dollars per share) $ 0.28 $ 0.26 $ 0.27 $ 0.25 $ 0.24 $ 0.18 $ 0.25 $ 0.24 $ 1.06 $ 0.81 $ 1.72
Common distributions declared (in dollars per share) $ 0.42 $ 0.42 $ 0.42 $ 0.41 $ 0.41 $ 0.41 $ 0.40 $ 0.40 $ 1.67 $ 1.21 $ 0.90
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 12 Months Ended
Dec. 31, 2011
Summary of Significant Accounting Policies  
Basis of Presentation

Basis of Presentation.    Prior to our IPO, CWH directly or indirectly wholly owned us, and we have presented applicable transactions at CWH's historical basis. Historically, substantially all of the rental income received by CWH from tenants at our properties were deposited in and commingled with CWH's general funds. CWH paid certain capital investments and other cash requirements of our properties and us, and CWH allocated general and administrative costs to our properties and us based on its historical costs of our properties as a percentage of CWH's historical cost of all of CWH's properties until the Closing Date. Thereafter, we have recorded general and administrative expenses at our direct cost. We believe that CWH's method for allocating general and administrative expenses prior to the Closing Date is reasonable.

        These consolidated financial statements include the accounts of GOV and its subsidiaries, all of which are 100% owned directly or indirectly by GOV. All intercompany transactions and balances have been eliminated.

        We account for our investment in Affiliates Insurance Company, or AIC, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. Our Managing Trustees are also owners of Reit Management & Research LLC, or RMR, which is the manager of us and AIC, and each of our Trustees is a director of AIC. See Note 5 for a further discussion of our investment in AIC.

Real Estate Properties

Real Estate Properties.    As required by U.S. generally accepted accounting principles, or GAAP, we have generally adopted the accounting treatment and policies for our properties and business which were previously employed by CWH. We record our Initial Properties at cost to CWH and our other properties at our cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives ranging up to 40 years. We and CWH estimated the purchase price allocations and the useful lives of our properties. In some circumstances, we and CWH engaged independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.

        We and CWH allocated the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We and CWH determined the fair value of each property using methods similar to those used by independent appraisers. We and CWH allocated a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us or CWH) of the difference between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We and CWH allocated a portion of the purchase price to acquired in place leases and tenant relationships in an amount equal to the excess of (i) the purchase price paid for each property, after adjusting existing acquired in place leases to market rental rates, over (ii) the estimated fair value of the property, as if vacant. We and CWH allocated this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying financial statements. In making these allocations, we considered factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us or CWH. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.

        We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in (decreases)/increases to rental income of ($498), ($34), and $281 during the years ended December 31, 2011, 2010 and 2009, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization amounted to $12,573, $4,593 and $1,175 during the years ended December 31, 2011, 2010 and 2009, respectively. When a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease.

        Capitalized above market lease values were $38,415 and $17,215 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $7,083 and $4,133, respectively. Capitalized below market lease values were $20,818 and $20,203 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $9,556 and $6,524, respectively. The value of acquired in place leases, exclusive of the value of above and below market acquired in place leases, were $105,123 and $59,075 as of December 31, 2011 and 2010, respectively, net of accumulated amortization of $18,861 and $12,060, respectively. Future amortization of net intangible lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2011 are estimated to be $18,161 in 2012, $17,200 in 2013, $16,568 in 2014, $14,412 in 2015, $12,507 in 2016 and $27,486 thereafter.

Cash and Cash Equivalents
Cash and Cash Equivalents.    We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash
Restricted Cash.    Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.
Deferred leasing costs
Deferred Leasing Costs.    Deferred leasing costs include brokerage, legal and other fees associated with the successful negotiation of leases and are amortized on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $5,684 and $3,416 at December 31, 2011 and 2010, respectively, and accumulated amortization of deferred leasing costs totaled $2,610 and $2,414 at December 31, 2011 and 2010, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases as of December 31, 2011, are estimated to be $633 in 2012, $396 in 2013, $335 in 2014, $306 in 2015, $274 in 2016 and $1,130 thereafter.
Deferred financing fees
 Deferred Financing Fees.    Deferred financing fees include issuance or assumption costs related to borrowings and are capitalized and amortized on a straight line basis over the terms of the respective loans. At December 31, 2011 and 2010, deferred financing fees totaled $7,372 and $4,297, respectively, and accumulated amortization of deferred financing fees totaled $1,822 and $362, respectively. Future amortization of deferred financing fees to be recognized with respect to our loans as of December 31, 2011, are estimated to be $1,414 in 2012, $1,414 in 2013, $1,414 in 2014, $1,144 in 2015, $57 in 2016 and $107 thereafter.
Revenue Recognition
Revenue Recognition.    Rental income from operating leases is recognized on a straight line basis over the life of lease agreements. We increased (decreased) rental income by $1,729, ($5) and ($452) to record revenue on a straight line basis during the years ended December 31, 2011, 2010 and 2009, respectively. Rents receivable include $3,901 and $2,173 of straight line rent receivables at December 31, 2011 and 2010, respectively.
Income Taxes

Income Taxes.    Prior to the Closing Date, our operations were included in CWH's income tax returns. CWH is a REIT under the Internal Revenue Code of 1986, as amended, or the Code. Accordingly, CWH is generally not subject to federal income taxes and most state income taxes provided it distributes its taxable income and meets certain other requirements to qualify as a REIT. However, CWH is subject to certain state and local taxes.

        We have elected to be taxed as a REIT, under the Code and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify as a REIT. We are, however, subject to certain state and local taxes.

Cumulative Other Comprehensive Income
Cumulative Other Comprehensive Income.    Accumulated other comprehensive income consists of the unrealized gains related to our investment in AIC, as described in Note 5.
Reclassifications
Reclassifications.    Certain reclassifications have been made to the prior years' financial statements to conform to the current year's presentation.
Use of Estimates
Use of Estimates.    Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates.
Net Income Per Share
Net Income Per Share.    We compute net income per common share using the weighted average number of common shares outstanding. We had no common share equivalents during the periods presented.
Segment Reporting
Segment Reporting.    We operate in one business segment: ownership of properties that are primarily leased to government tenants.
Ownership Interest
 Ownership Interest.    Prior to the Closing Date, CWH provided the funds used in our investment activities. Amounts invested in or advanced to us by CWH did not carry interest, and had no specific repayment terms. As of December 31, 2011, CWH owned 21.1% of our outstanding common shares. See Note 5 for further discussion of our relationship with CWH.