Fourth Quarter Net Income of $0.17 Per
Share
Fourth Quarter Normalized FFO of $0.58 Per
Share
Same Property Occupancy was 95.1% at Year
End, Up 30 Basis Points Year Over Year
Completed 386,972 Square Feet of Leasing in
the Fourth Quarter for a 4.3% Increase in Rents
Government Properties Income Trust (Nasdaq: GOV) today announced
its financial results for the quarter and year ended
December 31, 2016.
David Blackman, President and Chief Operating Officer of GOV,
made the following statement:
"During the fourth quarter, Government Properties Income Trust
continued to focus on leasing activity, which resulted in an
increase in same property NOI. We completed leases for 386,972
square feet at rents that were 4.3% higher than previous rents for
the same space, and we increased consolidated occupancy by 60 basis
points year over year to 95.1% at year end. We also acquired three
properties totaling approximately 562,000 square feet for $131.3
million since the end of the previous quarter."
Results for the Quarter Ended December 31, 2016:
Net income determined in accordance with U.S. generally accepted
accounting principles, or GAAP, was $12.1 million, or $0.17 per
diluted share, for the quarter ended December 31, 2016,
compared to a net loss of $2.3 million, or $0.03 per diluted share,
for the quarter ended December 31, 2015. The net loss for the
quarter ended December 31, 2015 included a non-cash loss on
the distribution of The RMR Group Inc. (Nasdaq: RMR) common stock
to GOV's shareholders of $12.4 million, or $0.17 per diluted share.
The weighted average number of diluted common shares outstanding
was 71.1 million for the quarter ended December 31, 2016, and
71.0 million for the quarter ended December 31, 2015.
Normalized funds from operations, or Normalized FFO, for the
quarter ended December 31, 2016 were $41.5 million, or $0.58
per diluted share, compared to Normalized FFO for the quarter ended
December 31, 2015 of $43.6 million, or $0.61 per diluted
share.
Reconciliations of net income (loss) determined in accordance
with GAAP to funds from operations, or FFO, and Normalized FFO for
the quarters ended December 31, 2016 and 2015 appear later in
this press release.
Results for the Year Ended December 31, 2016:
Net income determined in accordance with GAAP was $57.8 million,
or $0.81 per diluted share, for the year ended December 31,
2016, compared to a net loss of $210.0 million, or $2.97 per
diluted share, for the year ended December 31, 2015. The net
loss for the year ended December 31, 2015 included non-cash
losses on impairment and equity issuances by an investee totaling
$245.4 million, or $3.48 per diluted share, and a non-cash loss on
the distribution of The RMR Group Inc. (Nasdaq: RMR) common stock
to GOV's shareholders of $12.4 million, or $0.18 per diluted share.
The weighted average number of diluted common shares outstanding
was 71.1 million for the year ended December 31, 2016, and
70.7 million for the year ended December 31, 2015.
Normalized FFO for the year ended December 31, 2016 were
$167.9 million, or $2.36 per diluted share, compared to Normalized
FFO for the year ended December 31, 2015 of $168.7 million, or
$2.39 per diluted share.
Reconciliations of net income (loss) determined in accordance
with GAAP to FFO and Normalized FFO for the years ended
December 31, 2016 and 2015 appear later in this press
release.
Leasing, Occupancy and Same Property Results:
During the quarter ended December 31, 2016, GOV entered
into new and renewal leases for 386,972 rentable square feet at
weighted (by rentable square feet) average rents that were 4.3%
above prior rents for the same space. The weighted average (by
rentable square feet) lease term for leases entered into during the
quarter ended December 31, 2016 was 3.3 years. Leasing capital
commitments for new and renewal leases entered into during the
quarter ended December 31, 2016 were $3.5 million, or $2.70
per square foot, per weighted average lease year.
As of December 31, 2016, 95.1% of GOV’s rentable square
feet at properties classified as continuing operations was leased.
This compares with 95.0% as of September 30, 2016 and 94.5% as
of December 31, 2015. Occupancy for properties classified as
continuing operations and owned continuously since October 1,
2015, or same properties, was 95.1% as of December 31, 2016,
which compares with 95.2% as of September 30, 2016 and 94.8%
as of December 31, 2015. Same properties cash basis net
operating income, or Cash Basis NOI, increased 5.5% for the quarter
ended December 31, 2016 compared to the same period in
2015.
Reconciliations of net income (loss) determined in accordance
with GAAP to net operating income, or NOI, and to Cash Basis NOI
for the quarters and years ended December 31, 2016 and 2015
appear later in this press release.
Recent Acquisition Activities:
As previously disclosed, in August 2016, GOV entered an
agreement to acquire transferable development rights that would
allow GOV to expand a property that it owns in Washington, D.C. for
a purchase price of $2.0 million, excluding acquisition costs. This
acquisition is currently expected to occur in the third quarter of
2017.
In December 2016, GOV acquired an office property (one building)
located in Rancho Cordova, CA with 82,896 rentable square feet for
a purchase price of $13.9 million, excluding acquisition costs.
This property is 100% leased, including 77% leased to the State of
California with a remaining lease term of 7.2 years as of the date
of acquisition.
Also in December 2016, GOV acquired an office property (three
buildings) located in Chantilly, VA with 409,478 rentable square
feet for a purchase price of $104.2 million, excluding acquisition
costs. This property is 98% leased to three government contractors
with a remaining average lease term of 6.1 years as of the date of
acquisition.
In January 2017, GOV acquired 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 with a remaining
lease term of 9.1 years as of the date of acquisition.
Recent Disposition Activities:
As previously disclosed, in March 2016, GOV has 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 December 31, 2016. The contract
sales price is $13.1 million, excluding closing costs. This sale is
currently expected to occur in the first quarter of 2017.
Conference Call:
On Wednesday, February 22, 2017, 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 fourth quarter and full year 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 Wednesday, March 1, 2017.
To hear the replay, dial (412) 317-0088. The replay pass code is
10099875. 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 fourth quarter
conference call are strictly prohibited without the prior written
consent of GOV.
Supplemental Data:
A copy of GOV’s Fourth 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 AND SAME
PROPERTY NOI MAY IMPLY THAT THESE MEASURES MAY CONTINUE TO
INCREASE. HOWEVER, THERE CAN BE NO ASSURANCE THAT GOV'S OCCUPANCY
OR SAME PROPERTY NOI WILL INCREASE IN THE FUTURE OR REMAIN AT
CURRENT LEVELS OR THAT FUTURE LEASING ACTIVITY WILL RESULT IN
HIGHER RENTAL RATES THAN PREVIOUS LEASES FOR THE SAME SPACE OR
INCREASED SAME PROPERTY NOI. IN FACT, GOV'S FUTURE PROPERTY
OCCUPANCIES AND SAME PROPERTY NOI MAY DECREASE AND ANY FUTURE
LEASING ACTIVITY MAY YIELD LOWER RENTAL RATES THAN PREVIOUS LEASES
FOR THE SAME SPACE.
- GOV HAS ENTERED INTO AN AGREEMENT TO
ACQUIRE CERTAIN TRANSFERABLE DEVELOPMENT RIGHTS. THIS TRANSACTION
IS SUBJECT TO CONDITIONS. THESE CONDITIONS MAY NOT BE MET AND THIS
TRANSACTION 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. THESE
CONDITIONS MAY NOT BE MET AND 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 Consolidated
Statements of Income (Loss) (amounts in thousands, except
per share data) (unaudited)
Three Months Ended December 31, Year
Ended December 31, 2016 2015
2016 2015 Rental income $
66,030 $ 61,685 $ 258,180 $ 248,549
Expenses: Real estate taxes 7,893 7,087 30,703 29,906
Utility expenses 3,939 4,128 17,269 17,916 Other operating expenses
14,259 13,766 54,290 50,425 Depreciation and amortization 18,440
17,021 73,153 68,696 Acquisition related costs 828 352 1,191 811
General and administrative 3,547 3,395 14,897
14,826
Total expenses
48,906 45,749 191,503 182,580 Operating income 17,124 15,936
66,677 65,969 Dividend income 304 811 971 811 Interest income 95 —
158 14 Interest expense (including net amortization of debt premium
and discounts and debt issuance costs of $808, $355, $2,832 and
$1,376, respectively) (12,774 ) (9,114 ) (45,060 ) (37,008 ) Gain
on early extinguishment of debt — — 104 34 Loss on distribution to
common shareholders of The RMR Group Inc. common stock — (12,368 )
— (12,368 ) Net gain (loss) on issuance of shares by Select Income
REIT (2 ) — 86 (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 4,747 (4,735 ) 22,936 (227,990 ) Income tax expense (38 )
(37 ) (101 ) (86 ) Equity in earnings of investees 7,516
2,568 35,518 18,640 Income (loss) from
continuing operations 12,225 (2,204 ) 58,353 (209,436 ) Loss from
discontinued operations (160 ) (135 ) (589 ) (525 ) Income (loss)
before gain on sale of property 12,065 (2,339 ) 57,764 (209,961 )
Gain on sale of property — — 79 — Net
income (loss) $ 12,065 $ (2,339 ) $ 57,843 $ (209,961
) Weighted average common shares outstanding (basic) 71,079
71,030 71,050 70,700 Weighted average
common shares outstanding (diluted) 71,079 71,030
71,071 70,700 Per common share amounts (basic
and diluted): Income (loss) from continuing operations $ 0.17 $
(0.03 ) $ 0.82 $ (2.96 ) Loss from discontinued operations $ — $ —
$ (0.01 ) $ (0.01 ) Net income (loss) $ 0.17 $ (0.03 ) $ 0.81 $
(2.97 )
Government Properties Income Trust
Funds from Operations and Normalized
Funds from Operations (1)
(amounts in thousands, except per share data)
(unaudited) Three Months
Ended December 31, Year Ended December
31, 2016 2015 2016
2015 Calculation of Funds from
Operations (FFO) and Normalized FFO: Net income (loss) $ 12,065 $
(2,339 ) $ 57,843 $ (209,961 ) Add: Depreciation and amortization
18,440 17,021 73,153 68,696 FFO attributable to SIR investment
17,618 12,144 71,227 56,105 Less: Equity in earnings of SIR (7,486
) (2,618 ) (35,381 ) (18,620 ) Gain on sale of property — —
(79 ) — FFO 40,637 24,208 166,763 (103,780 ) Add:
Acquisition related costs 828 352 1,191 811 Loss on distribution to
common shareholders of RMR common stock — 12,368 — 12,368 Loss on
issuance of shares by SIR 2 — 2 42,145 Loss on impairment of SIR
investment — — — 203,297 Normalized FFO attributable to SIR
investment 17,684 18,835 71,313 70,012 Less: FFO attributable to
SIR investment (17,618 ) (12,144 ) (71,227 ) (56,105 ) Gain on
early extinguishment of debt — — (104 ) (34 ) Gain on issuance of
shares by SIR — — (88 ) — Normalized FFO $
41,533 $ 43,619 $ 167,850 $ 168,714
Weighted average common shares outstanding (basic) 71,079
71,030 71,050 70,700 Weighted average
common shares outstanding (diluted) 71,079 71,030
71,071 70,700 Per common share amounts (basic
and diluted): Net income (loss) $ 0.17 $ (0.03 ) $ 0.81
$ (2.97 ) FFO $ 0.57 $ 0.34 $ 2.35 $
(1.47 ) Normalized FFO $ 0.58 $ 0.61 $ 2.36 $
2.39 Distributions declared per share $ 0.43 $ 0.43
$ 1.72 $ 1.72
(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, gains or losses on issuance of shares
by SIR and loss on distribution to common shareholders of RMR
common stock. 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 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 December 31,
Year Ended December 31, 2016
2015 2016 2015
Calculation of NOI and Cash Basis NOI (2):
Rental income $ 66,030 $ 61,685 $ 258,180 $ 248,549 Property
operating expenses (26,091 ) (24,981 ) (102,262 ) (98,247 )
Property net operating income (NOI) 39,939 36,704 155,918 150,302
Non-cash straight line rent adjustments included in rental income
(3) (902 ) (1,159 ) (2,691 ) (3,978 ) Lease value amortization
included in rental income (3) 355 293 1,457 1,155 Non-cash
amortization included in property operating expenses (4) (121 )
(121 ) (484 ) (246 ) Cash Basis NOI $ 39,271 $ 35,717
$ 154,200 $ 147,233
Reconciliation of NOI
and Cash Basis NOI to Net Income (Loss): Cash Basis NOI $
39,271 $ 35,717 $ 154,200 $ 147,233 Non-cash straight line rent
adjustments included in rental income (3) 902 1,159 2,691 3,978
Lease value amortization included in rental income (3) (355 ) (293
) (1,457 ) (1,155 ) Non-cash amortization included in property
operating expenses (4) 121 121 484 246
NOI 39,939 36,704 155,918 150,302 Depreciation and amortization
(18,440 ) (17,021 ) (73,153 ) (68,696 ) Acquisition related costs
(828 ) (352 ) (1,191 ) (811 ) General and administrative (3,547 )
(3,395 ) (14,897 ) (14,826 ) Operating income 17,124 15,936 66,677
65,969 Dividend income 304 811 971 811 Interest income 95 — 158 14
Interest expense (12,774 ) (9,114 ) (45,060 ) (37,008 ) Gain on
early extinguishment of debt — — 104 34 Loss on distribution to
common shareholders of RMR common stock (5) — (12,368 ) — (12,368 )
Net gain (loss) on issuance of shares by SIR (2 ) — 86 (42,145 )
Loss on impairment of SIR investment — — — (203,297 ) Income tax
expense (38 ) (37 ) (101 ) (86 ) Equity in earnings of investees
7,516 2,568 35,518 18,640 Income (loss)
from continuing operations 12,225 (2,204 ) 58,353 (209,436 ) Loss
from discontinued operations (160 ) (135 ) (589 ) (525 ) Income
(loss) before gain on sale of property 12,065 (2,339 ) 57,764
(209,961 ) Gain on sale of property — — 79 —
Net income (loss) $ 12,065 $ (2,339 ) $ 57,843
$ (209,961 )
Reconciliation of NOI
to Same Property NOI (6) (7): Rental income $
66,030 $ 61,685 $ 258,180 $ 248,549 Property operating expenses
(26,091 ) (24,981 ) (102,262 ) (98,247 ) Property NOI 39,939 36,704
155,918 150,302 Less: NOI of properties not included in same
property results (1,759 ) — (5,124 ) (884 ) Same property
NOI $ 38,180 $ 36,704 $ 150,794 $ 149,418
Calculation of Same Property Cash Basis NOI
(6) (7): Same property NOI $ 38,180 $ 36,704 $
150,794 $ 149,418 Plus: Lease value amortization included in rental
income (3) 384 293 1,496 1,155 Less: Non-cash straight line rent
adjustments included in rental income (3) (749 ) (1,159 ) (2,362 )
(4,067 ) Non-cash amortization included in property operating
expenses (4) (121 ) (121 ) (483 ) (241 ) Same property Cash Basis
NOI $ 37,694 $ 35,717 $ 149,445 $ 146,265
(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 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) Amount represents a non-cash loss
recorded as a result of the closing price of RMR common stock being
lower than GOV's carrying amount per share on the day RMR common
stock was distributed to GOV's shareholders.
(6) For the three months ended December
31, 2016 and 2015, same property NOI and same property cash basis
NOI are based on properties GOV owned as of December 31, 2016
and which it owned continuously since October 1, 2015,
excluding one property (one building) classified as discontinued
operations.
(7) For the years ended December 31, 2016
and 2015, same property NOI and same property cash basis NOI are
based on properties GOV owned as of December 31, 2016 and
which it owned continuously since January 1, 2015, excluding
one property (one building) classified as discontinued
operations.
Government Properties Income Trust Consolidated
Balance Sheets (amounts in thousands, except share data)
(unaudited) As of December
31, 2016 2015 ASSETS Real
estate properties: Land $ 267,855 $ 253,058 Buildings and
improvements 1,620,905 1,443,074 Total real estate
properties, gross 1,888,760 1,696,132 Accumulated depreciation
(296,804 ) (255,879 ) Total real estate properties, net 1,591,956
1,440,253 Equity investment in Select Income REIT 487,708 491,369
Assets of discontinued operations 12,541 12,468 Assets of property
held for sale — 3,098 Acquired real estate leases, net 124,848
118,267 Cash and cash equivalents 29,941 8,785 Restricted cash 530
1,022 Rents receivable, net 48,458 45,269 Deferred leasing costs,
net 21,079 14,299 Other assets, net 68,005 33,680
Total assets $ 2,385,066 $ 2,168,510
LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured revolving credit
facility $ 160,000 $ 117,000 Unsecured term loans, net 547,171
546,490 Senior unsecured notes, net 646,844 345,809 Mortgage notes
payable, net 27,837 136,299 Liabilities of discontinued operations
45 54 Liabilities of property held for sale — 43 Accounts payable
and other liabilities 54,019 50,543 Due to related persons 3,520
2,886 Assumed real estate lease obligations, net 10,626
12,735 Total liabilities 1,450,062 1,211,859
Commitments and contingencies Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 100,000,000
shares authorized, 71,177,906 and 71,126,308 shares issued and
outstanding, respectively 712 711 Additional paid in capital
1,473,533 1,472,482 Cumulative net income 96,329 38,486 Cumulative
other comprehensive income (loss) 26,957 (14,867 ) Cumulative
common distributions (662,527 ) (540,161 ) Total shareholders’
equity 935,004 956,651
Total liabilities and shareholders’
equity
$ 2,385,066 $ 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/20170222005509/en/
Government Properties Income TrustChristopher Ranjitkar,
617-219-1410Director, Investor Relations
Government Properties Income (NASDAQ:GOV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Government Properties Income (NASDAQ:GOV)
Historical Stock Chart
From Jul 2023 to Jul 2024