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Government Properties Income Trust Announces 2012 Second Quarter Results

Stocks in this article: GOV

Government Properties Income Trust (NYSE: GOV) today announced its financial results for the quarter and six months ended June 30, 2012.

Results for the Quarter Ended June 30, 2012:

Normalized funds from operations, or Normalized FFO, for the quarter ended June 30, 2012 were $24.4 million, or $0.52 per share, compared to Normalized FFO for the quarter ended June 30, 2011 of $21.0 million, or $0.52 per share.

Net income was $12.0 million, or $0.25 per share, for the quarter ended June 30, 2012 compared to $10.9 million, or $0.27 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 June 30, 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 June 30, 2012 and 2011 appears later in this press release.

Results for the Six Months Ended June 30, 2012:

Normalized FFO for the six months ended June 30, 2012 were $49.5 million, or $1.05 per share, compared to Normalized FFO for the six months ended June 30, 2011 of $40.5 million, or $1.00 per share.

Net income was $25.0 million, or $0.53 per share, for the six months ended June 30, 2012 compared to $21.2 million, or $0.52 per share, for the same period last year.

GOV’s weighted average number of common shares outstanding was 47.1 million and 40.5 million for the six months ended June 30, 2012 and 2011, respectively.

A reconciliation of net income determined according to GAAP to FFO and Normalized FFO for the six months ended June 30, 2012 and 2011 appears later in this press release.

Recent Investment Activities:

Since April 1, 2012, GOV has acquired seven properties for an aggregate purchase price of $125.2 million, excluding acquisition costs, as follows:

  • In June 2012, GOV acquired two previously disclosed 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 purchase price was $20.4 million, excluding acquisition costs.
  • Also in June 2012, GOV acquired a previously disclosed 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 purchase price was $8.5 million, excluding acquisition costs.
  • In July 2012, GOV acquired a previously disclosed 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 purchase price was $8.3 million, excluding acquisition costs.
  • Also in July 2012, GOV acquired office properties located in each of Atlanta, GA and Jackson, MS and an office warehouse property located in Ellenwood, GA with a combined total of 552,571 rentable square feet. These properties are 100% leased to the U.S. Government and occupied by the Department of Homeland Security, Immigration and Customs Enforcement, the Federal Bureau of Investigation and the National Archives and Records Administration, respectively. The aggregate purchase price was $88.0 million, excluding acquisition costs.
  • As previously disclosed, in May 2012, GOV entered into an agreement to acquire an office property located in Madison, WI with 56,889 rentable square feet. This acquisition was subject to GOV’s satisfactory completion of diligence and in May 2012 GOV terminated the acquisition agreement.

Conference Call:

On Thursday, August 2, 2012, at 1:00 p.m. Eastern Time, David Blackman, President and Chief Operating Officer, and Mark Kleifges, Treasurer and Chief Financial Officer, will host a conference call to discuss the second quarter 2012 results.

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