Shareholders' Equity

9 Months Ended

Sep. 30, 2011

Shareholders' Equity

Shareholders' Equity

Note 5.  Shareholders’ Equity

Distributions

On January 14, 2011, April 15, 2011 and July 15, 2011, we paid a $0.5546875 per share distribution to our Series B preferred shareholders with respect to the periods ended January 14, 2011, April 14, 2011 and July 14, 2011, respectively. On September 1, 2011, we declared a $0.5546875 per share distribution to our Series B preferred shareholders of record on September 30, 2011, with respect to the period ended October 14, 2011. We paid this amount on October 17, 2011.

On February 15, 2011, May 16, 2011 and August 15, 2011, we paid a $0.4375 per share distribution to our Series C preferred shareholders with respect to the periods ended February 14, 2011, May 14, 2011 and August 14, 2011, respectively.  On October 3, 2011, we declared a $0.4375 per share distribution to our Series C preferred shareholders of record on October 31, 2011, with respect to the period ending November 14, 2011. We expect to pay this amount on or about November 15, 2011.

On February 23, 2011, May 24, 2011 and August 23, 2011, we paid a $0.45 per share distribution to our common shareholders.  On October 12, 2011, we declared a $0.45 per share distribution to our common shareholders of record on October 26, 2011.  We expect to pay this amount on or about November 23, 2011.

Common Share Issuances

On May 11, 2011, pursuant to our equity compensation plan, we granted 2,000 common shares, valued at $24.27 per share, the closing price of our common shares on the New York Stock Exchange, or NYSE, on that day, to each of our five Trustees as part of their annual compensation.

On September 16, 2011, pursuant to our equity compensation plan, we granted an aggregate of 67,300 common shares, valued at $24.19 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of our manager Reit Management & Research LLC, or RMR.

Comprehensive Income

The following is a reconciliation of net income to comprehensive income for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011			2010		2011			2010
Net income	$	47,531		$	50,232	$	152,222		$	114,307
Change in unrealized appreciation (depreciation) on TA common shares	(4,877		)	1,740		(2,531		)	(1,494		)
Increase in share of investee’s equity adjustments for other comprehensive income	15			—		58			—
Comprehensive income	$	42,669		$	51,972	$	149,749		$	112,813

Cumulative other comprehensive income represents the unrealized gain (loss) on the TA shares we own and our share of the comprehensive income of Affiliates Insurance Company, or AIC.  See Note 11 for a description of these investments.