Government Properties Income Trust (NYSE: GOV) today announced
financial results for the quarter and nine months ended September
30, 2009. GOV completed its initial public offering on June 8,
2009. Accordingly, GOV’s historical results of operations are not
comparable to results which may be expected in future periods.
Results for the quarter ended September 30, 2009:
Net income available for common shareholders was $6.2 million
for the quarter ended September 30, 2009, compared to $7.2 million
for the same quarter last year. Net income per share (EPS) for the
quarter ended September 30, 2009 was $0.29. For the quarter ended
September 30, 2008, GOV did not have any outstanding shares.
Funds from operations (FFO) for the quarter ended September 30,
2009 was $10.2 million, or $0.48 per share compared to FFO for the
quarter ended September 30, 2008 of $10.8 million.
The weighted average number of common shares outstanding was
21,455,111 for the quarter ended September 30, 2009.
Results for the nine months ended September 30, 2009:
Net income was $20.6 million for the nine months ended September
30, 2009, compared to $23.6 million for the same period last year.
Net income per share (EPS) for the nine months ended September 30,
2009 was $1.60. For the nine months ended September 30, 2008, GOV
did not have any outstanding shares.
Funds from operations (FFO) for the nine months ended September
30, 2009 was $32.0 million, or $2.49 per share, compared to FFO for
the nine months ended September 30, 2008 of $34.2 million.
The weighted average number of common shares outstanding was
12,852,455 for the nine months ended September 30, 2009. If GOV’s
formation transaction and initial public offering had occurred on
January 1, 2009, GOV’s weighted average number of common shares
outstanding would have been 21,451,723.
Conference Call:
On Wednesday, November 4, 2009, at 1:00 p.m. Eastern Time, Adam
Portnoy, President and Managing Trustee, and David Blackman, Chief
Financial Officer, will host a conference call to discuss the third
quarter 2009 results.
The conference call telephone number is (888) 797-3001.
Participants calling from outside the United States and Canada
should dial (913) 312-0700. 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 replay of the
conference call will be available through 8:00 p.m. Eastern Time on
Wednesday, November 11th. To hear the replay, dial (719) 457-0820.
The replay pass code is 7042798.
A live audio webcast of the conference call will also be
available in a listen only mode on GOV’s website, which is located
at www.govreit.com. Participants wanting to access the webcast
should visit the company’s web site about five minutes before the
call. The archived webcast will be available for replay on GOV’s
web site for about one week after the call.
Supplemental Data:
A copy of GOV’s Third Quarter 2009 Supplemental Operating and
Financial Data is available for download at GOV’s web site,
www.govreit.com.
Government Properties Income Trust is a real estate investment
trust, or REIT, which owns properties located throughout the United
States leased primarily to the U.S. Government and several state
government tenants. As of September 30, 2009, GOV owned 30
properties with 3.6 million square feet. GOV is headquartered in
Newton, Massachusetts.
Please see the pages attached hereto for a more detailed
statement of our operating results and financial condition, along
with an explanation of our calculation of FFO.
Government Properties Income
Trust
Condensed Consolidated
Statements of Income and Funds from Operations
(amounts in thousands, except
per share data)
(unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember 30,
2009 2008 2009 2008 Rental income $19,656
$18,438 $58,304 $55,957 Expenses: Real estate taxes 2,031
2,011 6,250 5,951 Utility expenses 1,799 1,787 4,843 4,696 Other
operating expenses 2,889 3,096 8,600 8,768 Depreciation and
amortization 3,828 3,552 11,189 10,570 Acquisition costs 207 - 207
- General and administrative 1,246 746 2,859 2,238 Total expenses
12,000 11,192 33,948 32,223
Operating income
7,656
7,246
24,356
23,734
Interest income 1 6 45 31 Interest expense (including
amortization
of deferred financing fees of
$562, $--,
$989 and $--, respectively)
(1,472)
(25)
(3,832)
(127)
Net income $6,185 $7,227 $20,569 $23,638
Calculation of Funds from
Operations, or FFO (1): Net income $6,185 $7,227 $20,569 $23,638
Plus: depreciation and amortization 3,828 3,552 11,189 10,570 Plus:
acquisition costs 207 - 207 - FFO $10,220 $10,779 $31,965 $34,208
Weighted average common shares outstanding 21,455 -- 12,852 --
Per
common share: Net income $0.29 -- $1.60 -- FFO $0.48 -- $2.49 --
(1) We compute FFO as shown in the calculations above. Our
calculations of FFO differ from the National Association of Real
Estate Investment Trusts, or NAREIT, definition because we exclude
acquisition costs. We consider FFO to be an appropriate measure of
performance for a REIT, along with net income and cash flow from
operating, investing and financing activities. We believe that FFO
provides useful information to investors because by excluding the
effects of certain historical amounts, such as depreciation
expense, FFO can facilitate a comparison of operating performance
between historical periods and among REITs. FFO does not represent
cash generated by operating activities in accordance with generally
accepted accounting principles, or GAAP, and should not be
considered an alternative to net income or cash flow from operating
activities as a measure of financial performance or liquidity. FFO
is one important factor considered by our Board of Trustees in
determining the amount of distributions to shareholders. Other
important factors include, but are not limited to, requirements to
maintain our status as a REIT, limitations in our secured revolving
credit facility, the availability of debt and equity capital to us
and our expectations of future capital requirements and operating
performance.
Government Properties Income
Trust
Condensed Consolidated Balance
Sheets
(amounts in thousands, except
share data)
(unaudited)
September 30, December 31, 2009
2008
ASSETS
Real estate properties: Land $ 68,719 $ 65,719 Buildings and
improvements 439,612 424,756 508,331 490,475 Accumulated
depreciation (109,484) (100,034) 398,847 390,441 Acquired real
estate leases, net 9,964 10,071 Cash and cash equivalents 2,294 97
Restricted cash - 1,334 Deferred leasing costs, net 1,431 1,757
Deferred financing costs, net 5,766 - Rents receivable 10,647
14,593 Due from affiliates 5,109 - Other assets, net 4,809 1,481
Total assets $ 438,867 $ 419,774
LIABILITIES AND SHAREHOLDERS
EQUITY
Mortgage notes payable $ - $ 134 Secured revolving credit facility
65,375 - Accounts payable and accrued expenses 3,150 3,036 Due to
affiliates 1,820 - Acquired real estate lease obligations, net
2,550 3,151 72,895 6,321 Shareholders’ equity: Common shares of
beneficial interest, $.01 par value: 21,481,350 shares issued and
outstanding 215 - Additional paid in capital 357,628 - Cumulative
net income 8,129 - Ownership interest - 413,453 Total shareholders’
equity 365,972 413,453 Total liabilities and shareholders
equity $ 438,867 $ 419,774
A Maryland Real Estate Investment
Trust with transferable shares of beneficial interest listed on the
New York Stock Exchange.No shareholder, Trustee or officer is
personally liable for any act or obligation of the Trust
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