Government Properties Income Trust Announces 2013 Third Quarter Results

Government Properties Income Trust (NYSE: GOV) today announced its financial results for the quarter and nine months ended September 30, 2013.

Results for the Quarter Ended September 30, 2013:

Normalized funds from operations, or Normalized FFO, for the quarter ended September 30, 2013 were $27.9 million, or $0.51 per share, compared to Normalized FFO for the quarter ended September 30, 2012 of $25.6 million, or $0.54 per share.

Net income was $2.0 million, or $0.04 per share, for the quarter ended September 30, 2013 compared to $11.8 million, or $0.25 per share, for the quarter ended September 30, 2012. Net income for the quarter ended September 30, 2013 includes a loss on asset impairment from discontinued operations of $10.1 million, or $0.19 per share.

The weighted average number of common shares outstanding was 54.7 million and 47.1 million for the quarters ended September 30, 2013 and 2012, 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 September 30, 2013 and 2012 appears later in this press release.

Results for the Nine Months Ended September 30, 2013:

Normalized FFO for the nine months ended September 30, 2013 were $87.6 million, or $1.60 per share, compared to Normalized FFO for the nine months ended September 30, 2012 of $75.1 million, or $1.60 per share.

Net income was $41.9 million, or $0.77 per share, for the nine months ended September 30, 2013 compared to $36.8 million, or $0.78 per share, for the nine months ended September 30, 2012. Net income for the nine months ended September 30, 2013 includes a net gain on sale of properties from discontinued operations of $8.2 million, or $0.15 per share, and a loss on asset impairment from discontinued operations of $10.1 million, or $0.19 per share.

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