Third Quarter Net Income of $0.16 Per
Share
Normalized FFO of $0.54 Per Share for the
Third Quarter
Same Property Occupancy was 95.2% at Third
Quarter End, Up 140 Basis Points Year Over Year
Completed 136,466 Square Feet of Leasing for
a 2.0% Increase in Rents
Government Properties Income Trust (Nasdaq: GOV) today announced
its financial results for the quarter and nine months ended
September 30, 2016.
David Blackman, President and Chief Operating Officer of GOV,
made the following statement:
"We continue to remain focused on leasing our properties and
managing our growth with quality property acquisitions. During the
quarter, we completed 136,466 square feet of leases for rents that
were 2.0% higher than previous rents for the same space, and we
increased consolidated occupancy by 150 basis points year over year
to 95.0% at quarter end. We also entered an agreement to acquire a
100% government occupied property for $13.2 million."
Results for the Quarter Ended September 30,
2016:
Net income determined in accordance with U.S. generally accepted
accounting principles, or GAAP, was $11.6 million, or $0.16 per
diluted share, for the quarter ended September 30, 2016, and
$16.9 million, or $0.24 per diluted share, for the quarter ended
September 30, 2015. The weighted average number of diluted
common shares outstanding was 71.1 million for the quarter ended
September 30, 2016, and 71.0 million for the quarter ended
September 30, 2015.
Normalized funds from operations, or Normalized FFO, for the
quarter ended September 30, 2016 were $38.6 million, or $0.54
per diluted share, compared to Normalized FFO for the quarter ended
September 30, 2015 of $41.9 million, or $0.59 per diluted
share.
Reconciliations of net income determined in accordance with GAAP
to funds from operations, or FFO, and Normalized FFO for the
quarters ended September 30, 2016 and 2015 appear later in
this press release.
Results for the Nine Months Ended September 30,
2016:
Net income determined in accordance with GAAP was $45.8 million,
or $0.64 per diluted share, for the nine months ended
September 30, 2016, compared to a net loss of $207.6 million,
or $2.94 per diluted share, for the nine months ended
September 30, 2015. The net loss for the nine months ended
September 30, 2015 included non-cash losses on impairment and
equity issuances by an investee totaling $245.4 million, or $3.48
per diluted share. The weighted average number of diluted common
shares outstanding was 71.1 million for the nine months ended
September 30, 2016, and 70.6 million for the nine months ended
September 30, 2015.
Normalized FFO for the nine months ended September 30, 2016
were $126.3 million, or $1.78 per diluted share, compared to
Normalized FFO for the nine months ended September 30, 2015 of
$125.1 million, or $1.77 per diluted share.
Reconciliations of net income (loss) determined in accordance
with GAAP to FFO and Normalized FFO for the nine months ended
September 30, 2016 and 2015 appear later in this press
release.
Leasing, Occupancy and Same Property Results:
During the quarter ended September 30, 2016, GOV entered
into new and renewal leases for 136,466 rentable square feet at
weighted (by rentable square feet) average rents that were 2.0%
above prior rents for the same space. The weighted average (by
rentable square feet) lease term for leases entered into during the
quarter ended September 30, 2016 was 6.8 years. Leasing
capital commitments for new and renewal leases entered into during
the quarter ended September 30, 2016 were $3.4 million, or
$3.71 per square foot, per weighted average lease year.
As of September 30, 2016, 95.0% of GOV’s rentable square
feet at properties classified as continuing operations was leased.
This compares with 94.2% as of June 30, 2016 and 93.5% as of
September 30, 2015. Occupancy for properties classified as
continuing operations and owned continuously since July 1,
2015, or same properties, was 95.2% as of September 30, 2016,
which compares with 94.4% as of June 30, 2016 and 93.8% as of
September 30, 2015. Same properties cash basis net operating
income, or Cash Basis NOI, decreased 2.7% for the quarter ended
September 30, 2016 compared to the same period in 2015.
Reconciliations of net income determined in accordance with GAAP
to net operating income, or NOI, and to Cash Basis NOI for the
quarters ended September 30, 2016 and 2015 appear later in
this press release.
Recent Acquisition Activities:
In July 2016, GOV entered an agreement to acquire an office
property (one building) located in Manassas, VA with 69,374
rentable square feet for a purchase price of $13.2 million,
excluding acquisition costs. This property is 100% leased to Prince
William County.
In August 2016, GOV entered an agreement to acquire transferable
development rights that would allow GOV to expand a property it
owns in Washington, D.C. for a purchase price of $2.0 million,
excluding acquisition costs.
Recent Disposition Activities:
As previously disclosed, GOV entered an agreement to sell an
office property (one building) located in Falls Church, VA with
164,746 rentable square feet and a net book value of $12.3 million
at September 30, 2016. The contract sales price is $13.0
million, excluding closing costs. This sale is subject to
conditions, including the purchaser obtaining certain zoning
entitlements, and is currently expected to occur in the first
quarter of 2017.
In July 2016, GOV sold a previously disclosed office property
(one building) located in Savannah, GA with 35,228 rentable square
feet and a net book value of $3.0 million, for $4.0 million,
excluding closing costs. In connection with this sale, GOV provided
$3.6 million of mortgage financing to the buyer.
Conference Call:
On Thursday, October 27, 2016, at 11:00 a.m. Eastern
Time, President and Chief Operating Officer, David Blackman, and
Chief Financial Officer and Treasurer, Mark Kleifges, will host a
conference call to discuss GOV’s third quarter 2016 results.
The conference call telephone number is (877) 328-1172.
Participants calling from outside the United States and Canada
should dial (412) 317-5418. No pass code is necessary to access the
call from either number. Participants should dial in about 15
minutes prior to the scheduled start of the call. A replay of the
conference call will be available through 5:00 p.m. Eastern Time on
Thursday, November 3, 2016. To hear the replay, dial (412)
317-0088. The replay pass code is 10092980. A live audio webcast of
the conference call will also be available in a listen only mode on
GOV’s website, at www.govreit.com. Participants wanting to access
the webcast should visit GOV’s website about five minutes before
the call. The archived webcast will be available for replay on
GOV’s website following the call for about one week. The
transcription, recording and retransmission in any way of GOV’s
third quarter conference call are strictly prohibited without the
prior written consent of GOV.
Supplemental Data:
A copy of GOV’s Third Quarter 2016 Supplemental Operating and
Financial Data is available for download at GOV’s website,
www.govreit.com. GOV’s website is not incorporated as part of
this press release.
GOV is a real estate investment trust, or REIT, which primarily
owns properties located throughout the United States that are
majority leased to the U.S. Government and other government
tenants. GOV is managed by the operating subsidiary of The RMR
Group Inc. (Nasdaq: RMR), an alternative asset management company
that is headquartered in Newton, Massachusetts.
Please see the pages attached to this news release for a
more detailed statement of GOV’s operating results and financial
condition and for an explanation of GOV’s calculation of FFO,
Normalized FFO, NOI and Cash Basis NOI.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER GOV USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE”, “WILL”, “MAY” AND NEGATIVES OR
DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, GOV IS MAKING FORWARD
LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
GOV’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY GOV’S FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- MR. BLACKMAN'S STATEMENTS REGARDING
GOV'S QUARTERLY LEASING ACTIVITY AND IMPROVED OCCUPANCY MAY IMPLY
THAT THESE MEASURES MAY CONTINUE TO INCREASE. HOWEVER, THERE CAN BE
NO ASSURANCE THAT GOV'S OCCUPANCY WILL INCREASE IN THE FUTURE OR
REMAIN AT CURRENT LEVELS OR THAT FUTURE LEASING ACTIVITY WILL
RESULT IN A HIGHER RENTAL RATES THAN PREVIOUS LEASES FOR THE SAME
SPACE. IN FACT, GOV'S FUTURE PROPERTY OCCUPANCIES MAY DECREASE AND
ANY FUTURE LEASING ACTIVITY MAY YIELD LOWER RENTAL RATES THAN
PREVIOUS LEASES FOR THE SAME SPACE.
- GOV HAS ENTERED INTO AGREEMENTS TO
ACQUIRE ONE PROPERTY AND CERTAIN TRANSFERABLE DEVELOPMENT RIGHTS.
THESE TRANSACTIONS ARE SUBJECT TO CONDITIONS. THESE CONDITIONS MAY
NOT BE MET AND THESE TRANSACTIONS MAY NOT OCCUR, MAY BE DELAYED OR
THE TERMS MAY CHANGE.
- GOV HAS ENTERED INTO AN AGREEMENT TO
SELL ONE PROPERTY. THIS TRANSACTION IS SUBJECT TO CONDITIONS. AS A
RESULT, THIS TRANSACTION MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS
MAY CHANGE.
THE INFORMATION CONTAINED IN GOV’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” IN
GOV’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE GOV’S ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE IN OR IMPLIED BY GOV’S FORWARD LOOKING
STATEMENTS. GOV’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S
WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, GOV DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
Government Properties Income
Trust
Condensed Consolidated Statements of
Income (Loss)
(amounts in thousands, except per share
data)
(unaudited)
Three Months Ended September 30, Nine
Months Ended September 30, 2016 2015 2016
2015 Rental income $ 64,478 $ 62,092 $
192,150 $ 186,864 Expenses: Real estate taxes
7,591 7,735 22,810 22,819 Utility expenses 5,483 5,194 13,330
13,788 Other operating expenses 13,854 12,281 40,031 36,659
Depreciation and amortization 18,404 17,161 54,713 51,675
Acquisition related costs 147 270 363 459 General and
administrative 3,816 3,714
11,350 11,431 Total expenses 49,295
46,355 142,597 136,831
Operating income 15,183 15,737 49,553 50,033 Dividend
income 304 — 667 — Interest income 47 2 63 14 Interest expense
(including net amortization of debt premiums and discounts and debt
issuance costs of $805, $360, $2,024, and $1,020, respectively)
(12,608 ) (9,137 ) (32,286 ) (27,894 ) Gain on early extinguishment
of debt — 34 104 34 Gain (loss) on issuance of shares by Select
Income REIT 72 (21 ) 88 (42,145 ) Loss on impairment of Select
Income REIT investment — — —
(203,297 ) Income (loss) from continuing operations
before income taxes and equity in earnings of investees 2,998 6,615
18,189 (223,255 ) Income tax (expense) benefit (13 ) 13 (63 ) (49 )
Equity in earnings of investees 8,668 10,294
28,002 16,072 Income (loss) from
continuing operations 11,653 16,922 46,128 (207,232 ) Loss from
discontinued operations (154 ) (11 ) (429 )
(390 ) Income (loss) before gain on sale of property 11,499
16,911 45,699 (207,622 ) Gain on sale of property 79
— 79 — Net income (loss)
$ 11,578 $ 16,911 $ 45,778 $ (207,622 )
Weighted average common shares outstanding (basic)
71,054 71,004 71,041
70,589 Weighted average common shares outstanding (diluted)
71,084 71,021 71,064
70,589 Per common share amounts (basic and
diluted): Income (loss) from continuing operations $ 0.16 $ 0.24 $
0.65 $ (2.94 ) Loss from discontinued operations $ — $ — $ (0.01 )
$ (0.01 ) Net income (loss) $ 0.16 $ 0.24 $ 0.64 $ (2.94 )
Government Properties Income
Trust
Funds from Operations and Normalized
Funds from Operations (1)
(amounts in thousands, except per share
data)
(unaudited)
Three Months Ended September 30, Nine
Months Ended September 30, 2016 2015 2016
2015 Calculation of Funds from Operations (FFO) and
Normalized FFO: Net income (loss) $ 11,578 $ 16,911 $ 45,778 $
(207,622 ) Add: Depreciation and amortization 18,404 17,161 54,713
51,675 FFO attributable to SIR investment 17,264 17,780 53,609
43,961 Less: Equity in earnings of SIR (8,655 ) (10,318 ) (27,895 )
(16,002 ) Gain on sale of property (79 ) —
(79 ) — FFO 38,512 41,534 126,126 (127,988 )
Add: Acquisition related costs 147 270 363 459 Loss on issuance of
shares by SIR — 21 — 42,145 Loss on impairment of SIR investment —
— — 203,297 Normalized FFO attributable to SIR investment 17,267
17,892 53,629 51,177 Less: FFO attributable to SIR investment
(17,264 ) (17,780 ) (53,609 ) (43,961 ) Gain on early
extinguishment of debt — (34 ) (104 ) (34 ) Gain on issuance of
shares by SIR (72 ) — (88 ) —
Normalized FFO $ 38,590 $ 41,903 $ 126,317
$ 125,095 Weighted average common shares
outstanding (basic) 71,054 71,004
71,041 70,589 Weighted average common
shares outstanding (diluted) 71,084 71,021
71,064 70,589 Per common
share amounts (basic and diluted): FFO $ 0.54 $ 0.58 $ 1.78 $ (1.81
) Normalized FFO $ 0.54 $ 0.59 $ 1.78 $ 1.77
(1) GOV calculates 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 (loss),
calculated in accordance with GAAP, plus real estate depreciation
and amortization and the difference between FFO attributable to an
equity investment and equity in earnings of an equity investee but
excluding impairment charges on real estate assets, any gain or
loss on sale of properties, as well as certain other adjustments
currently not applicable to GOV. GOV's calculation of Normalized
FFO differs from NAREIT's definition of FFO because GOV includes
the difference between FFO and Normalized FFO attributable to GOV’s
equity investment in Select Income REIT, or SIR, GOV includes
business management incentive fees, if any, only in the fourth
quarter versus the quarter when they are recognized as expense in
accordance with GAAP due to their quarterly volatility not
necessarily being indicative of GOV’s core operating performance
and the uncertainty as to whether any such business management
incentive fees will ultimately be payable when all contingencies
for determining any such fees are determined at the end of the
calendar year and GOV excludes acquisition related costs, gains or
losses on early extinguishment of debt, loss on impairment of SIR
investment and gains or losses on issuance of shares by SIR. GOV
considers FFO and Normalized FFO to be appropriate supplemental
measures of operating performance for a REIT, along with net income
(loss) and operating income. GOV believes 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 may facilitate a comparison of
GOV's operating performance between periods and with other REITs.
FFO and Normalized FFO are among the factors considered by GOV's
Board of Trustees when determining the amount of distributions to
its shareholders. Other factors include, but are not limited to,
requirements to maintain GOV's qualification for taxation as a
REIT, limitations in GOV’s credit agreement and public debt
covenants, the availability to GOV of debt and equity capital,
GOV's expectation of its future capital requirements and operating
performance, GOV’s receipt of distributions from SIR and GOV’S
expected needs and availability of cash to pay its obligations. 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 (loss) or operating income as an
indicator of GOV's operating performance or as a measure of GOV’s
liquidity. These measures should be considered in conjunction with
net income (loss) and operating income as presented in GOV's
Condensed Consolidated Statements of Income (Loss). Other REITs and
real estate companies may calculate FFO and Normalized FFO
differently than GOV does.
Government Properties Income
Trust
Calculation and Reconciliation of
Property Net Operating Income (NOI) and Cash Basis NOI
(1)
(amounts in thousands)
(unaudited)
Three Months Ended September 30, Nine
Months Ended September 30, 2016 2015 2016
2015 Calculation of NOI and Cash Basis NOI
(2): Rental income $ 64,478 $ 62,092 $ 192,150 $
186,864 Property operating expenses (26,928 ) (25,210
) (76,171 ) (73,266 ) Property net operating income
(NOI) 37,550 36,882 115,979 113,598 Non-cash straight line rent
adjustments included in rental income (3) (1,205 ) (613 ) (1,789 )
(2,820 ) Lease value amortization included in rental income (3) 370
298 1,103 862 Non-cash amortization included in property operating
expenses (4) (121 ) (125 ) (363 ) (125
) Cash Basis NOI $ 36,594 $ 36,442 $ 114,930 $
111,515
Reconciliation of NOI and Cash Basis NOI
to Net Income (Loss): Cash Basis NOI $ 36,594 $ 36,442 $
114,930 $ 111,515 Non-cash straight line rent adjustments included
in rental income (3) 1,205 613 1,789 2,820 Lease value amortization
included in rental income (3) (370 ) (298 ) (1,103 ) (862 )
Non-cash amortization included in property operating expenses (4)
121 125 363 125
NOI 37,550 36,882 115,979 113,598 Depreciation and
amortization (18,404 ) (17,161 ) (54,713 ) (51,675 ) Acquisition
related costs (147 ) (270 ) (363 ) (459 ) General and
administrative (3,816 ) (3,714 ) (11,350 )
(11,431 ) Operating income 15,183 15,737 49,553 50,033
Dividend income 304 — 667 — Interest income 47 2 63 14 Interest
expense (12,608 ) (9,137 ) (32,286 ) (27,894 ) Gain on early
extinguishment of debt — 34 104 34 Gain (loss) on issuance of
shares by SIR 72 (21 ) 88 (42,145 ) Loss on impairment of SIR
investment — — — (203,297 ) Income tax (expense) benefit (13 ) 13
(63 ) (49 ) Equity in earnings of investees 8,668
10,294 28,002 16,072
Income (loss) from continuing operations 11,653 16,922 46,128
(207,232 ) Loss from discontinued operations (154 )
(11 ) (429 ) (390 ) Income (loss) before gain on sale
of property 11,499 16,911 45,699 (207,622 ) Gain on sale of
property 79 — 79 —
Net income (loss) $ 11,578 $ 16,911 $ 45,778
$ (207,622 )
Reconciliation of NOI to Same
Property NOI (5): Rental income $ 64,478 $ 62,092
$ 192,150 $ 186,864 Property operating expenses (26,928 )
(25,210 ) (76,171 ) (73,266 ) Property NOI
37,550 36,882 115,979 113,598 Less: NOI of properties not included
in same property results (1,182 ) 38
(3,364 ) (970 ) Same property NOI $ 36,368 $ 36,920
$ 112,615 $ 112,628
Calculation of
Same Property Cash Basis NOI (5)(6): Same
property NOI $ 36,368 $ 36,920 $ 112,615 $ 112,628 Plus: Lease
value amortization included in rental income (3) 380 298 1,112 862
Less: Non-cash straight line rent adjustments included in rental
income (3) (1,143 ) (612 ) (1,612 ) (2,909 ) Non-cash amortization
included in property operating expenses (4) (121 )
(121 ) (363 ) (121 ) Same property Cash Basis NOI $
35,484 $ 36,485 $ 111,752 $ 110,460
(1) GOV calculates NOI and Cash Basis NOI as shown above. The
calculations of NOI and Cash Basis NOI exclude certain components
of net income (loss) in order to provide results that are more
closely related to GOV’s property level results of operations. GOV
defines NOI as income from its rental of real estate less its
property operating expenses. NOI excludes amortization of
capitalized tenant improvement costs and leasing commissions
because GOV records those amounts as depreciation and amortization.
GOV defines Cash Basis NOI as NOI excluding non-cash straight line
rent adjustments, lease value amortization and non-cash
amortization included in other operating expenses. GOV considers
NOI and Cash Basis NOI to be appropriate supplemental measures to
net income (loss) because they may help both investors and
management to understand the operations of GOV’s properties. GOV
uses NOI and Cash Basis NOI to evaluate individual and company wide
property level performance, and GOV believes that NOI and Cash
Basis NOI provide useful information to investors regarding GOV’s
results of operations because they reflect only those income and
expense items that are generated and incurred at the property level
and may facilitate comparisons of GOV’s operating performance
between periods and with other REITs. NOI and Cash Basis NOI do not
represent cash generated by operating activities in accordance with
GAAP and should not be considered as alternatives to net income
(loss) or operating income as an indicator of our operating
performance or as a measure of GOV’s liquidity. These measures
should be considered in conjunction with net income (loss) and
operating income as presented in GOV’s Condensed Consolidated
Statements of Income (Loss). Other REITs and real estate companies
may calculate NOI and Cash Basis NOI differently than GOV does.
(2) Excludes one property (one building) classified as
discontinued operations.
(3) GOV reports rental income on a straight line basis over the
terms of the respective leases; as a result, rental income includes
non-cash straight line rent adjustments. Rental income also
includes expense reimbursements, tax escalations, parking revenues,
service income and other fixed and variable charges paid to GOV by
its tenants, as well as the net effect of non-cash amortization of
intangible lease assets and liabilities.
(4) GOV recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price GOV
paid for its investment in RMR common stock in June 2015. A portion
of this liability is being amortized on a straight line basis
through December 31, 2035 as a reduction to property management
fees, which are included in property operating expenses.
(5) For the three months ended September 30, 2016, same property
NOI and same property Cash Basis NOI are based on properties GOV
owned as of September 30, 2016, and which it owned
continuously since July 1, 2015, excluding one property (one
building) classified as discontinued operations.
(6) For the nine months ended September 30, 2016, same
property NOI and same property Cash Basis NOI are based on
properties GOV owned as of September 30, 2016, and which it
owned continuously since January 1, 2015, excluding one
property (one building) classified as discontinued operations.
Government Properties Income
Trust
Condensed Consolidated Balance
Sheets
(amounts in thousands, except share
data)
(unaudited)
September 30, December 31, 2016
2015 ASSETS Real estate properties: Land $ 259,416 $ 253,058
Buildings and improvements 1,528,585 1,443,074
Total real estate properties, gross 1,788,001 1,696,132
Accumulated depreciation (285,974 ) (255,879 ) Total
real estate properties, net 1,502,027 1,440,253 Equity
investment in Select Income REIT 491,973 491,369 Assets of
discontinued operations 12,490 12,468 Assets of property held for
sale — 3,098 Acquired real estate leases, net 105,499 118,267 Cash
and cash equivalents 13,749 8,785 Restricted cash 514 1,022 Rents
receivable, net 49,350 45,269 Deferred leasing costs, net 20,012
14,299 Other assets, net 69,456 33,680
Total assets $ 2,265,070 $ 2,168,510
LIABILITIES AND SHAREHOLDERS' EQUITY Unsecured revolving credit
facility $ 25,000 $ 117,000 Unsecured term loans, net 547,000
546,490 Senior unsecured notes, net 646,551 345,809 Mortgage notes
payable, net 28,250 136,299 Liabilities of discontinued operations
61 54 Liabilities of property held for sale — 43 Accounts payable
and other liabilities 52,237 50,543 Due to related persons 3,974
2,886 Assumed real estate lease obligations, net 11,257
12,735 Total liabilities 1,314,330
1,211,859 Commitments and contingencies
Shareholders' equity: Common shares of beneficial interest,
$0.01 par value: 100,000,000 shares authorized, 71,178,999 and
71,126,308 issued and outstanding, respectively 712 711 Additional
paid in capital 1,473,557 1,472,482 Cumulative net income 84,264
38,486 Cumulative other comprehensive income (loss) 24,127 (14,867
) Cumulative common distributions (631,920 ) (540,161
) Total shareholders' equity 950,740 956,651
Total liabilities and shareholders' equity $ 2,265,070
$ 2,168,510
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161027005469/en/
Government Properties Income TrustChristopher Ranjitkar,
617-219-1410Director, Investor Relations
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