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Government Properties Income Trust Announces 2012 First Quarter Results

Government Properties Income Trust (NYSE: GOV) today announced its financial results for the quarter ended March 31, 2012.

Results for the Quarter Ended March 31, 2012:

Normalized funds from operations, or Normalized FFO, for the quarter ended March 31, 2012 were $25.2 million, or $0.54 per share, compared to Normalized FFO for the quarter ended March 31, 2011 of $19.5 million, or $0.48 per share.

Net income was $13.1 million, or $0.28 per share, for the quarter ended March 31, 2012 compared to $10.3 million, or $0.25 per share, for the same quarter last year.

GOV’s weighted average number of common shares outstanding was 47.1 million and 40.5 million for the quarters ended March 31, 2012 and 2011, 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 March 31, 2012 and 2011 appears later in this press release.

Recent Investment Activities:

Since January 1, 2012, GOV has entered into agreements to acquire five properties for an aggregate purchase price of $61.5 million, including the assumption of $19.2 million of mortgage debt and excluding acquisition costs, as follows:

  • In March 2012, GOV entered into an agreement to acquire two office properties located in Everett, WA with 111,908 rentable square feet. These properties are 100% leased to the State of Washington and occupied by the Department of Social and Health Services. The contract purchase price is $20.9 million, excluding acquisition costs.
  • Also in March 2012, GOV entered into an agreement to acquire an office property located in Stockton, CA with 22,012 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the Department of Immigration and Customs Enforcement. The contract purchase price is $8.2 million, excluding acquisition costs.
  • In April 2012, GOV entered into an agreement to acquire an office property located in Albany, NY with 64,000 rentable square feet. This property is 100% leased to the State of New York and occupied by the Department of Agriculture. The contract purchase price is $8.5 million, excluding acquisition costs.
  • Also in April 2012, GOV entered into an agreement to acquire an office property located in Madison, WI with 56,889 rentable square feet. This property is 100% leased to the State of Wisconsin and occupied by the Department of Administration. The contract purchase price is $23.9 million, including the assumption of $19.2 million of mortgage debt and excluding acquisition costs.

These pending acquisitions are subject to GOV’s satisfactory completion of diligence and other customary closing conditions; accordingly, GOV can provide no assurance that it will acquire these properties.

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