Th eRM Rtransactio nha sfurthe raligne dRMR’ sinterest swith HPT ,SNH ,GO Van dSI Rshareholders. • InJune2015H, PTS,NHG, OVandSIRacquiredapproxim transactionthaat lsoincludedamendmenttsot atelyhalof TfheRMRGroupfo$r 11.52pesrhareina heManagedREITsm’ anagemenct ontractws ithRMR. • ThefouMr anagedREITds istributedapproximatelyhalf Decembe1r 52, 015T,heRMRGroupbegantrad otfheiRr MRsharetsotheisrhareholderas ndo, n ingontheNasdaqundetrheticke“rRMR”. • OnDecembe3r 12, 017R, MR’cs losingpricewa$s 59.30pe ManagedREITps’urchaseprice. srharea, napproximately400%increaseovetrhe • Inadditions,inceDecembe1r 52, 015R, MRhaps a idaggregatedividendos $f 2.05pecr ommonshare. FurtheAr lignedInterests RMRsharews ereacquiredbytheManagedREITas t managemenat greementas ndpaymenwt as asignificandt iscounitnexchangefo2r 0year principallymadeinREIsThares. Thehistoricaol wneros Rf MRbecameow neros afsignificannt umb eor rfestrictedshareos Hf PTS,NHG, OVand SIRandthoseshareas resubjecttolockupagreementtshrough2025. HPTS,NHG, OVandSIRownRMRshareas ndbenefiwt henRMRdoews ell. WithRMRaaspubliccompanyt,hereigs reatetrransp managementi,ncludingRMR’cs ompensationprac arencyfoHr PTS,NHG, OVandSIRshareholderisntoRMR ticeas ndfinanciaal ndoperatingresults. 14 TheRMRtransactioncamesoonaftearsignificanpt riorrestructuringotfheRMRmanagemenat greementws ith HPTS,NHG, OVandSIRw, hichalsofurthear lignedinterestst:heagreementws erechangedtoprovidemonthly managemenfteebs asedontheloweor hf istoricacl osot freael stateotrotaml arkect apitalizationaws eall tso provideincentivefeebs asedontotaslhareholderreturncs omparedtorelevanbt enchmarkindiceos vearthree yeapr eriod.
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