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Stock Market & Financial Investment News

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December 23, 2013
19:32 EDTGOVGovernment Properties amends management agreement with RMR
Government Properties Income Trust announced that it has amended its business management agreement with Reit Management & Research, or RMR, effective January 1. The new calculation of the base management fee will be based on approximately 0.5% multiplied by the lower of: the historical cost of GOVís real estate assets or GOVís total market capitalization. The general and administrative expenses level that GOV has historically enjoyed will continue, but with this change it is possible that G&A expenses may further decline if the market value of GOVís common shares declines. 10% of the base fee will be paid in GOVís common shares. As a result, managementís share ownership is expected to increase over time. The new incentive fee will be calculated based on total return per share realized by GOVís shareholders in comparison to the total return of the SNL U.S. REIT Equity Index. The measurement period for the new incentive fee will be a rolling, cumulative three year period starting January 1. The incentive fee will be paid in GOVís common shares. The previous incentive fee arrangement was based on a percentage of annual increases in FFO per share. The new incentive fee formula is intended to more directly align the fee paid with the total return realized by shareholders relative to GOVís Equity REIT peers.
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