Management

Government Properties Income Trust is managed by Reit Management & Research LLC (RMR). RMR is a private company which was founded in 1986 to manage public investments in real estate. As of December 31, 2011, RMR manages a large portfolio of publicly owned real estate in North America, including over 1,470 properties, located in 46 states, Washington, DC, Puerto Rico and Ontario, Canada. RMR has over 750 employees in its headquarters and regional offices located throughout the country.

In addition to managing GOV, RMR also manages CommonWealth REIT (CWH), a publicly traded REIT that primarily owns and leases office buildings, Hospitality Properties Trust (HPT), a publicly traded REIT that owns hotels and travel centers and Senior Housing Properties Trust (SNH), a publicly traded REIT that primarily owns healthcare properties. RMR also provides management services to Five Star Quality Care, Inc., a healthcare services company which is a tenant of SNH, and to Travel Centers of America, LLC, an operator of travel centers which is a tenant of HPT. An affiliate of RMR, RMR Advisors, Inc., is the investment manager of a publicly offered mutual fund, which principally invests in securities of unaffiliated real estate companies. The public companies managed by RMR and its affiliates had combined total gross assets of over $20.0 billion as of September 31, 2011.

We believe that RMR management provides a competitive advantage to GOV because RMR has a depth of management and experience which may be unequaled in the real estate industry. We also believe RMR is also able to provide management services to GOV at costs that are lower than we would have to pay for comparable services.