Government Properties Income Trust (Nasdaq:GOV) today announced
that its Board of Trustees has unanimously approved a definitive
merger agreement to acquire all of the outstanding common shares of
First Potomac Realty Trust (NYSE:FPO) for an aggregate transaction
value of approximately $1.4 billion, including $11.15 per FPO
common share in cash and the repayment or assumption of FPO debt.
This transaction is subject to the approval of at least a majority
of FPO’s common shareholders and other customary conditions and is
expected to close prior to year end 2017.
David Blackman, President and Chief Operating Officer of GOV,
made the following statement:
“The acquisition of FPO enables GOV to expand its business
strategy to include the acquisition, ownership and operation of
office properties leased to both government and private sector
tenants in the metropolitan Washington, D.C. market area. The
metropolitan Washington, D.C. market area is one of the largest
office markets in the U.S. and the nation’s largest beneficiary of
spending by the U.S. government. Outside of the metropolitan
Washington, D.C. market area, GOV will continue to focus on
acquiring, owning and operating office properties that are majority
leased to government tenants.”
“In addition to this transaction providing GOV with new
potential growth opportunities, we expect to realize approximately
$11 million of annual general and administrative expense savings
compared to FPO on a stand alone basis. We are also pleased that we
were able to achieve an attractive per share purchase price.”
GOV believes FPO has high quality office and industrial
properties that are well located primarily in the metropolitan
Washington, D.C. market area. FPO’s portfolio includes 39
properties (74 buildings) with approximately 6.5 million square
feet that was 92.2% leased as of March 31, 2017 (including two
joint venture properties which are 50% and 51% owned by FPO). As of
March 31, 2017, government and other investment grade rated tenants
represented approximately 43.9% of FPO’s total annualized rental
income.
As of March 31, 2017 and pro forma for GOV’s acquisition of FPO,
GOV’s portfolio and selected operating metrics would have been:
- $4.1 billion of consolidated gross
assets;
- 113 properties (170 buildings) with
approximately 18.0 million square feet that are 94.1% leased for
4.9 years based on weighted average annualized rental income;
- 71.7% of total annualized rental income
from government and other investment grade rated tenants;
- 59.9% of total annualized rental income
from government tenants;
- properties located in 31 states and
Washington, D.C.; and
- 54.3% of total annualized rental income
from the metropolitan Washington, D.C. market area.
Transaction Structure and Financing
The cash consideration to be paid to FPO shareholders will be
$11.15 per FPO common share, or approximately $683 million in
aggregate. The remaining transaction value includes the expected
repayment of approximately $418 million of FPO debt and assumption
of approximately $232 million of FPO mortgage debt, and the payment
of transaction fees and expenses, net of FPO cash on hand. FPO has
agreed that it will not pay any distributions to its shareholders
before the closing of the transaction. GOV’s distributions to its
shareholders will not be impacted by the transaction.
GOV expects to finance this transaction on a long term basis
with the sale of common shares, additional debt, including senior
unsecured notes, mortgage financing and/or bank debt, and/or with
proceeds from the sale of certain properties. Pending the
completion of GOV’s long term financing plan, GOV may use
borrowings under its existing revolving credit facility and under a
new 364 day, fully committed bridge loan facility (subject to
certain customary conditions) for up to $750 million to finance the
transaction.
Based on GOV’s preliminary estimate of 2018 net operating income
attributable to the FPO properties (including the estimated
pro-rata net operating income from two unconsolidated joint venture
properties) and subject to completion of GOV’s accounting analysis,
GOV believes that the estimated acquisition cap rate is
approximately 7.0%. GOV believes this transaction will be accretive
to GOV’s normalized funds from operations per share after 2018 and
approximately leverage neutral on a debt to gross assets basis
after completion of GOV’s long term financing plan.
This transaction is subject to the approval of at least a
majority of FPO’s common shareholders and other customary
conditions. As part of the agreed transaction terms, GOV has the
option to pursue the acquisition of FPO in a tender offer for all
of the outstanding FPO common shares, which may decrease the time
required to close the transaction. The transaction is expected to
close prior to year end 2017.
Advisors
Citigroup is acting as exclusive financial advisor to GOV and
Sullivan & Worcester LLP is serving as legal counsel to GOV.
Joint Lead Arrangers for the bridge loan facility are Citigroup,
Bank of America, N.A., Morgan Stanley and UBS Investment Bank.
Conference Call
GOV will host a conference call today at 10:00 a.m. Eastern Time
to discuss today’s announcement. This call will be accompanied by
an investor presentation that has been made available on GOV’s
website (www.govreit.com) and will be filed with the Securities and
Exchange Commission, or SEC.
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 live audio webcast of the conference call will also be
available in a listen-only mode on GOV’s website, www.govreit.com.
Participants wanting to access the webcast should visit GOV’s
website about five minutes before the call. The transcription,
recording and retransmission in any way of GOV’s conference call
are strictly prohibited without the prior written consent of
GOV.
About Government Properties Income Trust
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.
The expected offering of GOV’s common shares will be made
pursuant to GOV’s effective shelf registration statement filed with
the SEC. The offering will be made only by means of a prospectus
and a related preliminary prospectus supplement. Before you invest,
you should read the prospectus in that registration statement, the
related preliminary prospectus supplement and other documents GOV
has filed or will file with the SEC for more complete information
about GOV and the offering. You may get these documents for free by
visiting the SEC’s website at www.sec.gov. Alternatively, GOV or
any underwriter participating in the offering will arrange to send
you the prospectus and the related preliminary prospectus
supplement if you request it from Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: (800) 831-9146; BofA Merrill Lynch, Attention:
Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, email:
dg.prospectus_requests@baml.com; Morgan Stanley, Attention:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY
10014; or UBS Investment Bank, Attention: Prospectus Department,
1285 Avenue of the Americas, New York, NY, 10019 or by calling
(888) 827-7275.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of any
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
This press release is for informational purposes only and is
neither an offer to purchase nor a solicitation of an offer to sell
FPO common shares. We have not commenced a tender offer for FPO
common shares pursuant to the terms of the merger agreement
described herein or otherwise. If we commence a tender offer for
FPO common shares, we will file with the SEC a tender offer
statement on Schedule TO, and FPO will file with the SEC a
solicitation/recommendation statement on Schedule 14D-9 with
respect to such tender offer. ANY SUCH TENDER OFFER MATERIALS
(INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL
AND CERTAIN OTHER OFFER DOCUMENTS) AND THE
SOLICITATION/RECOMMENDATION STATEMENT OF FPO ON SCHEDULE 14D-9 WILL
CONTAIN IMPORTANT INFORMATION. HOLDERS OF FPO COMMON SHARES SHOULD
READ THESE DOCUMENTS CAREFULLY IF AND WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF FPO
COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING
TENDERING THEIR SECURITIES. Copies of these documents, if and when
filed with the SEC, will be available free of charge at the SEC’s
website at www.sec.gov. In addition to these documents, FPO files
annual, quarterly and current reports and other information with
the SEC. You may read and copy any reports or other information
filed by FPO at the SEC public reference room at 100 F Street,
N.E., Washington, D.C. 20549. FPO’s filings with the SEC are also
available for free at the SEC’s website at www.sec.gov.
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:
- THIS PRESS RELEASE STATES THAT GOV’S
BOARD OF TRUSTEES HAS UNANIMOUSLY APPROVED A DEFINITIVE MERGER
AGREEMENT TO ACQUIRE FPO AND THAT THE TRANSACTION IS EXPECTED TO
CLOSE BEFORE YEAR END 2017. THE TRANSACTION IS SUBJECT TO APPROVAL
BY AT LEAST A MAJORITY OF FPO’S COMMON SHAREHOLDERS AND OTHER
CUSTOMARY CONDITIONS. SOME OF THESE CONDITIONS MAY BE DELAYED OR
MAY NOT BE SATISFIED. ACCORDINGLY, THE TRANSACTION MAY NOT CLOSE
BEFORE YEAR END 2017 OR AT ALL, OR THE TERMS OF THE TRANSACTION MAY
CHANGE.
- IN THIS PRESS RELEASE, MR. BLACKMAN
STATES THAT THE ACQUISITION OF FPO WILL ENABLE GOV TO EXPAND ITS
BUSINESS STRATEGY TO INCLUDE THE ACQUISITION, OWNERSHIP AND
OPERATION OF OFFICE PROPERTIES LEASED TO BOTH GOVERNMENT AND
PRIVATE SECTOR TENANTS IN THE METROPOLITAN WASHINGTON, D.C. MARKET
AREA. AN IMPLICATION OF THIS STATEMENT MAY BE THAT GOV WILL ACQUIRE
ADDITIONAL PROPERTIES IN THE METROPOLITAN WASHINGTON, D.C. MARKET
AREA. IN FACT, GOV MAY BE UNABLE TO IDENTIFY PROPERTIES IT WANTS TO
BUY, TO AGREE WITH THE OWNERS OF THE IDENTIFIED PROPERTIES ON
PURCHASE TERMS OR TO ARRANGE NECESSARY PURCHASE FINANCING.
ACCORDINGLY, GOV MAY NOT BUY ANY ADDITIONAL OFFICE PROPERTIES IN
THE METROPOLITAN WASHINGTON, D.C. MARKET AREA.
- IN THIS PRESS RELEASE, MR. BLACKMAN
STATES THAT GOV WILL CONTINUE TO FOCUS ON ACQUIRING, OWNING AND
OPERATING OFFICE PROPERTIES THAT ARE MAJORITY LEASED TO GOVERNMENT
TENANTS OUTSIDE OF THE METROPOLITAN WASHINGTON, D.C. MARKET AREA.
AN IMPLICATION OF THIS STATEMENT MAY BE THAT GOV WILL ACQUIRE
ADDITIONAL OFFICE PROPERTIES THAT ARE MAJORITY LEASED TO GOVERNMENT
TENANTS OUTSIDE OF THE METROPOLITAN WASHINGTON, D.C. MARKET AREA.
IN FACT, GOV MAY BE UNABLE TO IDENTIFY OFFICE PROPERTIES THAT ARE
MAJORITY LEASED TO GOVERNMENT TENANTS THAT IT WANTS TO BUY, TO
AGREE WITH THE OWNERS OF THE IDENTIFIED PROPERTIES ON PURCHASE
TERMS OR TO ARRANGE NECESSARY PURCHASE FINANCING. ACCORDINGLY, GOV
MAY NOT ACQUIRE ANY ADDITIONAL PROPERTIES THAT ARE MAJORITY LEASED
TO GOVERNMENT TENANTS.
- IN THIS PRESS RELEASE, MR. BLACKMAN
STATES THAT GOV EXPECTS TO REALIZE APPROXIMATELY $11 MILLION OF
ANNUAL GENERAL AND ADMINISTRATIVE EXPENSE SAVINGS COMPARED TO FPO
ON A STAND ALONE BASIS. GOV’S MANAGEMENT AGREEMENT WITH THE RMR
GROUP LLC SETS THE FEES THAT GOV PAYS IN LIEU OF CERTAIN GENERAL
AND ADMINISTRATIVE EXPENSES PURSUANT TO A COMPLEX FORMULA BASED
UPON THE LOWER OF GOV’S MARKET CAPITALIZATION OR HISTORICAL COST OF
CERTAIN OF GOV’S ASSETS. ALSO, GOV MAY PAY INCENTIVE FEES TO THE
RMR GROUP LLC IN CERTAIN CIRCUMSTANCES BASED UPON TOTAL RETURNS
REALIZED BY GOV’S SHAREHOLDERS COMPARED TO AN INDEX OF TOTAL
RETURNS OF CERTAIN OTHER REITS. SOME OF THESE CALCULATIONS WILL
DEPEND UPON FUTURE MARKET PRICES OF GOV’S SECURITIES AND OTHER
REITS’ SECURITIES WHICH ARE BEYOND GOV’S CONTROL. ACCORDINGLY, THE
AMOUNT OF ANNUAL GENERAL AND ADMINISTRATIVE EXPENSE SAVINGS WHICH
GOV MAY REALIZE CANNOT BE PRECISELY CALCULATED; AND, IN FACT, GOV
MAY REALIZE MORE OR LESS SAVINGS OR NO SAVINGS, AND THE ANNUAL
GENERAL AND ADMINISTRATIVE EXPENSES GOV INCURS AS A RESULT OF THE
TRANSACTION MAY BE HIGHER THAN FPO INCURRED OR WOULD INCUR ON A
STAND ALONE BASIS.
- THIS PRESS RELEASE STATES THAT GOV
CURRENTLY EXPECTS TO REPAY APPROXIMATELY $418 MILLION OF FPO DEBT
AND ASSUME APPROXIMATELY $232 MILLION OF FPO MORTGAGE DEBT.
REPAYMENTS AND ASSUMPTIONS OF DEBT MAY REQUIRE THE CONSENT OF DEBT
HOLDERS UNDER CERTAIN CIRCUMSTANCES. GOV CAN PROVIDE NO ASSURANCE
THAT ANY CONSENTS OF DEBT HOLDERS REQUIRED IN CONNECTION WITH THE
TRANSACTION WILL BE OBTAINED. ACCORDINGLY, GOV MAY ASSUME FPO DEBT
THAT GOV CURRENTLY EXPECTS TO REPAY AND MAY REPAY FPO MORTGAGE DEBT
THAT GOV CURRENTLY EXPECTS TO ASSUME.
- THIS PRESS RELEASE STATES THAT GOV
EXPECTS TO FINANCE ITS ACQUISITION OF FPO ON A LONG TERM BASIS BY
THE SALE OF COMMON SHARES, THE ISSUANCE OF ADDITIONAL DEBT,
INCLUDING SENIOR UNSECURED NOTES, MORTGAGE FINANCINGS AND/OR BANK
DEBT, AND/OR THE SALE OF CERTAIN PROPERTIES. THE FINAL TYPES OF
FINANCING AND THE COSTS OF GOV’S FINANCING WILL DEPEND UPON MANY
FACTORS, INCLUDING MARKET CONDITIONS BEYOND GOV’S CONTROL. GOV CAN
PROVIDE NO ASSURANCES REGARDING THE TYPES OR COSTS OF FINANCINGS
THAT MAY RESULT FROM THE TRANSACTION.
- THIS PRESS RELEASE STATES THAT GOV
BELIEVES ITS ESTIMATED CAP RATE FOR THE FPO ACQUISITION IS
APPROXIMATELY 7.0%, BASED ON GOV’S PRELIMINARY ESTIMATE OF 2018 NET
OPERATING INCOME ATTRIBUTABLE TO THE FPO PROPERTIES. FOR THESE
PURPOSES, WE DEFINE CAP RATE AS THE GAAP EARNINGS FROM THE ACQUIRED
PROPERTIES (FOR BOTH CONSOLIDATED PROPERTIES AND A PRO RATA SHARE
OF UNCONSOLIDATED JOINT VENTURE PROPERTIES) BEFORE DEPRECIATION,
AMORTIZATION, INTEREST AND AN ALLOCABLE SHARE OF CORPORATE OFFICE
GENERAL AND ADMINISTRATIVE EXPENSE, DIVIDED BY THE AGGREGATE
TRANSACTION VALUE (INCLUDING A PRO RATA SHARE OF NON-RECOURSE
UNCONSOLIDATED JOINT VENTURE INDEBTEDNESS AND ADJUSTED FOR OTHER
TANGIBLE PROPERTIES AND LIABILITIES, BUT EXCLUDING TRANSACTION
COSTS). GOV’S CALCULATION OF ITS PRELIMINARY ESTIMATED ACQUISITION
CAP RATE FOR THE TRANSACTION RELIES UPON GOV’S PRELIMINARY ESTIMATE
OF THE 2018 NET OPERATING INCOME ATTRIBUTABLE TO THE FPO
PROPERTIES, WHICH IS INHERENTLY UNCERTAIN AND BASED UPON GOV’S
CURRENT ASSUMPTIONS REGARDING THE 2018 OPERATIONS OF THE FPO
PROPERTIES AND INFORMATION AVAILABLE IN FPO’S PUBLIC FILINGS AND
ADDITIONAL INFORMATION MADE AVAILABLE TO GOV BY FPO DURING THE
PROCESS LEADING TO SIGNING OF THE MERGER AGREEMENT. GOV HAS NOT
COMPLETED ITS OWN DETAILED ACCOUNTING ANALYSIS OF FPO’S PROPERTY
LEVEL EARNINGS, WHICH COULD RESULT IN REVISIONS THAT LOWER GOV’S
PRELIMINARY ESTIMATE OF 2018 NET OPERATING INCOME ATTRIBUTABLE TO
THE FPO PROPERTIES. ALSO, PROPERTY LEVEL EARNINGS FROM FPO’S
PROPERTIES MAY DECREASE BEFORE OR AFTER THE TRANSACTION CLOSES.
MOREOVER, ALTERNATIVE METHODS OF CALCULATING CAP RATES, SUCH AS
METHODS THAT UTILIZE CASH BASED ACCOUNTS, WOULD RESULT IN A
DIFFERENT CAP RATE. ACCORDINGLY, THE ACQUISITION CAP RATE
ULTIMATELY REALIZED BY GOV ON THE TRANSACTION MAY BE LOWER THAN THE
CAP RATE ESTIMATED IN THIS PRESS RELEASE.
- THIS PRESS RELEASE STATES THAT GOV
BELIEVES THAT THE TRANSACTION WILL BE ACCRETIVE TO GOV’S NORMALIZED
FUNDS FROM OPERATIONS PER SHARE AFTER 2018. NORMALIZED FUNDS FROM
OPERATIONS IS A NON-GAAP FINANCIAL MEASURE THAT HAS BEEN
HISTORICALLY REPORTED BY GOV. NORMALIZED FUNDS FROM OPERATIONS IS
CALCULATED BY ADJUSTING FUNDS FROM OPERATIONS (WHICH IS ALSO A
NON-GAAP FINANCIAL MEASURE), AS DEFINED BY THE NATIONAL ASSOCIATION
OF REAL ESTATE INVESTMENT TRUSTS, AS DESCRIBED IN GOV’S EARNINGS
REPORTS AND PERIODIC FILINGS WITH THE SEC. THE ACCRETION TO
NORMALIZED FUNDS FROM OPERATIONS PER SHARE THAT GOV CURRENTLY
EXPECTS TO REALIZE AFTER 2018 DEPENDS UPON MANY FACTORS, SUCH AS
THE TYPES AND COSTS OF LONG TERM FINANCING THAT GOV ULTIMATELY USES
TO FUND THE TRANSACTION, THE RENTS GOV WILL RECEIVE FROM ITS
EXISTING PROPERTIES AND FROM THE PROPERTIES NOW OWNED BY FPO,
OCCUPANCY AND OTHER FACTORS. MOST OF THESE FACTORS WILL BE
MATERIALLY IMPACTED BY MARKET CONDITIONS BEYOND GOV’S CONTROL.
ACCORDINGLY, GOV CAN PROVIDE NO ASSURANCE THAT THE TRANSACTION WILL
BE ACCRETIVE TO GOV’S NORMALIZED FUNDS FROM OPERATIONS PER SHARE
AFTER 2018, AND, IN FACT, GOV MAY EXPERIENCE DILUTION TO ITS
NORMALIZED FUNDS FROM OPERATIONS PER SHARE AS A RESULT OF THIS
TRANSACTION.
- GOV’S CURRENT EXPECTATION THAT THE
TRANSACTION WILL BE APPROXIMATELY LEVERAGE NEUTRAL ON A DEBT TO
GROSS ASSETS BASIS AFTER COMPLETION OF GOV’S LONG TERM FINANCING
PLAN IS BASED UPON GOV’S CURRENT BELIEFS REGARDING THE TYPES AND
COSTS OF GOV’S LONG TERM FINANCING FOR THE TRANSACTION. THE TYPES
AND COSTS OF THE LONG TERM FINANCING WHICH GOV USES FOR THE
TRANSACTION WILL DEPEND IN LARGE PART ON MARKET CONDITIONS WHICH
ARE BEYOND GOV’S CONTROL. ACCORDINGLY, INVESTORS ARE CAUTIONED TO
CONSIDER THIS STATEMENT SKEPTICALLY. IN FACT, GOV’S LEVERAGE MAY
INCREASE AS A RESULT OF THE TRANSACTION.
- THIS PRESS RELEASE STATES THAT GOV HAS
THE OPTION TO OFFER TO PURCHASE ALL OF FPO’S COMMON SHARES IN A
TENDER OFFER WHICH MAY DECREASE THE TIME REQUIRED TO CLOSE GOV’S
ACQUISITION OF FPO. THIS STATEMENT MAY IMPLY THAT GOV WILL MAKE A
TENDER OFFER FOR FPO COMMON SHARES AND, IF SO, THAT THE TENDER
OFFER WILL FACILITATE AN EARLIER CLOSING DATE FOR THE ACQUISITION.
GOV’S DECISION AS TO WHETHER TO MAKE A TENDER OFFER WILL DEPEND ON
CERTAIN FACTORS GOV DETERMINES TO BE RELEVANT TO THAT DECISION,
INCLUDING THE AVAILABILITY OF PERMANENT FINANCING, THE AGREEMENT OF
CERTAIN FPO DEBT HOLDERS TO ACCEPT EXPEDITED DEBT ASSUMPTION OR
REPAYMENT AND OTHER FACTORS. FURTHER, FACTORS BEYOND GOV’S CONTROL
COULD DELAY THE CLOSING OF ANY TENDER OFFER. THERE CAN BE NO
ASSURANCE THAT GOV WILL DECIDE TO MAKE A TENDER OFFER FOR FPO
SHARES, OR THAT IF IT DOES, SUCH TENDER OFFER WILL DECREASE THE
TIME REQUIRED FOR GOV TO COMPLETE ITS ACQUISITION OF FPO.
- IN THIS PRESS RELEASE, MR. BLACKMAN
STATES THAT GOV ACHIEVED AN ATTRACTIVE PER SHARE PURCHASE PRICE. IN
FACT, THE PURCHASE PRICE PER SHARE TO BE PAID BY GOV MAY NOT BE
ATTRACTIVE FOR A NUMBER OF FACTORS, INCLUDING CERTAIN OF THE
FACTORS DESCRIBED ABOVE.
THE INFORMATION CONTAINED IN GOV’S FILINGS WITH THE SEC,
INCLUDING UNDER THE CAPTION “RISK FACTORS” IN GOV’S PERIODIC
REPORTS, OR INCORPORATED BY REFERENCE 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.
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/20170628005460/en/
Government Properties Income TrustChristopher Ranjitkar,
617-219-1473Director, Investor Relations
Government Properties Income (NASDAQ:GOV)
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