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Government Properties Income Trust Announces 2011 Fourth Quarter And Year End Results

Stocks in this article: GOV

Government Properties Income Trust (NYSE: GOV) today announced its financial results for the quarter and year ended December 31, 2011.

Results for the Quarter Ended December 31, 2011:

Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2011 were $26.1 million, or $0.56 per share, compared to Normalized FFO of $19.2 million, or $0.47 per share, for the quarter ended December 31, 2010.

Net income for the quarter ended December 31, 2011 was $13.2 million, or $0.28 per share, compared to $6.5 million, or $0.16 per share, for the quarter ended December 31, 2010. Net income for the quarter ended December 31, 2010 included a $3.8 million, or $0.09 per share, loss on extinguishment of debt.

GOV’s weighted average number of common shares outstanding was 47,051,650 and 40,500,800 for the quarters ended December 31, 2011 and 2010, respectively.

A reconciliation of net income determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended December 31, 2011 and 2010 appears later in this press release.

Results for the Year Ended December 31, 2011:

Normalized FFO for the year ended December 31, 2011 were $89.6 million, or $2.07 per share, compared to $61.6 million, or $1.79 per share, for the year ended December 31, 2010.

Net income for the year ended December 31, 2011 was $46.0 million, or $1.06 per share, compared to $27.8 million, or $0.81 per share, for the year ended December 31, 2010. Net income for the year ended December 31, 2010 included a $3.8 million, or $0.11 per share, loss on extinguishment of debt.

GOV’s weighted average number of common shares outstanding was 43,368,364 and 34,340,677 for the years ended December 31, 2011 and 2010, respectively.

A reconciliation of net income determined according to GAAP to FFO and Normalized FFO for the years ended December 31, 2011 and 2010 appears later in this press release.

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