Third Quarter Net Income of $0.11 Per
Share
Third Quarter Normalized FFO of $0.41 Per
Share
Completed 436,102 Square Feet of Leasing in
the Third Quarter
Third Quarter Same Property Cash Basis NOI
increased 4.5%
Acquired First Potomac Realty Trust for
Approximately $1.4 Billion After Quarter End
Government Properties Income Trust (Nasdaq: GOV) today announced
its financial results for the quarter and nine months ended
September 30, 2017.
David Blackman, President and Chief Operating Officer of GOV,
made the following statement:
“Government Properties Income Trust remained active in its
leasing during the third quarter of 2017, entering into new and
renewal leases for over 436,000 square feet of space. We also had
solid property level operating results with third quarter Same
Property NOI and Cash Basis NOI up 2.6% and 4.5%, respectively, as
compared to the third quarter of 2016. In addition, we completed
our acquisition of First Potomac Realty Trust just after quarter
end, expanding our business strategy and providing increased scale,
which we expect will have enduring benefits for us and our
shareholders. However, despite the foregoing positive activities,
the $789 million in capital we raised at the beginning of the
quarter negatively impacted our consolidated results as those
proceeds were substantially unutilized until the closing of the FPO
acquisition on October 2nd.”
Results for the Quarter Ended September 30,
2017:
Net income determined in accordance with U.S. generally accepted
accounting principles, or GAAP, was $11.0 million, or $0.11 per
diluted share, for the quarter ended September 30, 2017,
compared to net income of $11.6 million, or $0.16 per diluted
share, for the quarter ended September 30, 2016. The weighted
average number of diluted common shares outstanding was 97.0
million for the quarter ended September 30, 2017 and 71.1
million for the quarter ended September 30, 2016.
Normalized funds from operations, or Normalized FFO, for the
quarter ended September 30, 2017 were $39.6 million, or $0.41
per diluted share, compared to Normalized FFO for the quarter ended
September 30, 2016 of $38.6 million, or $0.54 per diluted
share.
Reconciliations of net income determined in accordance with GAAP
to funds from operations, or FFO, and Normalized FFO for the
quarters ended September 30, 2017 and 2016 appear later in
this press release.
Results for the Nine Months Ended September 30, 2017:
Net income determined in accordance with GAAP was $30.1 million,
or $0.38 per diluted share, for the nine months ended September 30,
2017, compared to net income of $45.8 million, or $0.64 per diluted
share, for the nine months ended September 30, 2016. The weighted
average number of diluted common shares outstanding was 79.9
million for the nine months ended September 30, 2017 and 71.1
million for the nine months ended September 30, 2016.
Normalized FFO for the nine months ended September 30, 2017 were
$121.9 million, or $1.53 per diluted share, compared to Normalized
FFO for the nine months ended September 30, 2016 of $126.3 million,
or $1.78 per diluted share.
Reconciliations of net income determined in accordance with GAAP
to FFO and Normalized FFO for the nine months ended September 30,
2017 and 2016 appear later in this press release.
Leasing, Occupancy and Same Property Results:
During the quarter ended September 30, 2017, GOV entered
into aggregate new and renewal leases for 436,102 rentable square
feet at weighted (by rentable square feet) average rents that were
0.6% below prior rents for the same space. The weighted average (by
rentable square feet) lease term for leases entered into during the
quarter ended September 30, 2017 was 8.4 years. Leasing
concessions and capital commitments for new and renewal leases
entered into during the quarter ended September 30, 2017 were
$7.9 million, or $2.16 per square foot, per lease year. GOV's
leasing during the quarter ended September 30, 2017 included
approximately 393,000 square feet executed with government tenants
for a weighted average (by rentable square feet) lease term of 8.5
years, weighted average (by rentable square feet) rents that were
0.2% higher than prior rents for the same space and leasing
concessions and capital commitments of $1.98 per square foot per
weighted average lease year.
As of each of September 30, 2017 and September 30,
2016, 95.0% of GOV’s rentable square feet at properties classified
as continuing operations was leased. Occupancy for properties
classified as continuing operations and owned continuously since
July 1, 2016, or same properties, was 94.8% as of
September 30, 2017, which compares with 95.0% as of
September 30, 2016. Same properties net operating income, or
NOI, increased 2.6% and same properties cash basis NOI, or Cash
Basis NOI, increased 4.5% for the quarter ended September 30,
2017 compared to the same period in 2016.
Reconciliations of net income determined in accordance with GAAP
to NOI and to Cash Basis NOI for the quarters ended
September 30, 2017 and 2016 appear later in this press
release.
Recent Acquisition Activities:
In September 2017, GOV acquired transferable development rights
that will allow GOV to expand a property it owns in Washington,
D.C. for a purchase price of $2.0 million, excluding acquisition
costs.
On October 2, 2017, GOV completed its previously announced
acquisition of First Potomac Realty Trust (NYSE: FPO), or FPO,
including 39 office properties (74 buildings) with approximately
6.5 million rentable square feet that were 93.3% occupied as of
September 30, 2017 (including two properties owned by
joint ventures in which GOV acquired FPO's 50% and 51% interests).
GOV acquired FPO for an aggregate transaction value of
approximately $1.4 billion.
Recent Disposition Activities:
In August 2017, GOV sold a vacant office property (one building)
located in Falls Church, VA with 164,746 rentable square feet for
$13.5 million, excluding closing costs.
In October 2017, GOV sold a vacant office property (one
building) located in Albuquerque, NM with 29,045 rentable square
feet for $2.0 million, excluding closing costs.
Recent Financing Activities:
In July and August 2017, GOV sold an aggregate of 27,907,029 of
its common shares in an underwritten public offering at a price to
the public of $18.50 per share. The aggregate net proceeds from
these sales were $493.9 million, after payment of the underwriters'
discount and other offering expenses. GOV used part of the proceeds
from these sales to repay amounts outstanding under its revolving
credit facility and used the remaining proceeds to finance, in
part, the acquisition of FPO.
In July 2017, GOV issued $300.0 million of 4.000% senior
unsecured notes due 2022 in an underwritten public offering. GOV
used the approximately $295.4 million of net proceeds from this
offering after payment of the underwriters' discount and other
offering expenses, to finance, in part, the acquisition of FPO.
Conference Call:
On Tuesday, October 31, 2017, at 11:00 a.m. Eastern
Time, President and Chief Operating Officer, David Blackman, and
Chief Financial Officer and Treasurer, Mark Kleifges, will host a
conference call to discuss GOV’s third quarter 2017 results.
The conference call telephone number is (877) 328-1172.
Participants calling from outside the United States and Canada
should dial (412) 317-5418. 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 Tuesday, November 7,
2017. To hear the replay, dial (412) 317-0088. The replay pass code
is 10113394. A live audio webcast of the conference call will also
be available in a listen only mode on GOV’s website, at
www.govreit.com. Participants wanting to access the webcast should
visit GOV’s website about five minutes before the call. The
archived webcast will be available for replay on GOV’s website
following the call for about one week. The transcription,
recording and retransmission in any way of GOV’s third quarter
conference call are strictly prohibited without the prior written
consent of GOV.
Supplemental Data:
A copy of GOV’s Third Quarter 2017 Supplemental Operating and
Financial Data is available for download at GOV’s website,
www.govreit.com. GOV’s website is not incorporated as part of
this press release.
GOV is a real estate investment trust, or REIT, which owns
properties leased primarily to the U.S. Government and state
governments located throughout the United States. GOV is managed by
the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an
alternative asset management company that is headquartered in
Newton, Massachusetts.
Please see the pages attached to this news release for a
more detailed statement of GOV’s operating results and financial
condition and for an explanation of GOV’s calculation of FFO,
Normalized FFO, NOI and Cash Basis NOI and a reconciliation of
those amounts to amounts determined according to GAAP.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER GOV USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE”, “WILL”, “MAY” AND NEGATIVES OR
DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, GOV IS MAKING FORWARD
LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
GOV’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY GOV’S FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- MR. BLACKMAN'S STATEMENTS REGARDING
GOV'S QUARTERLY LEASING ACTIVITIES AND OPERATING RESULTS MAY IMPLY
THAT SIMILAR RESULTS WILL BE ACHIEVED IN THE FUTURE. HOWEVER, GOV
CANNOT BE SURE THAT IT WILL REALIZE SIMILAR OR IMPROVED LEASING OR
OPERATING RESULTS IN THE FUTURE. FURTHER, MR. BLACKMAN STATES THAT
THE FPO ACQUISITION EXPANDS GOV’S BUSINESS STRATEGY AND PROVIDES
INCREASED SCALE, WHICH GOV EXPECTS WILL HAVE ENDURING BENEFITS FOR
IT AND ITS SHAREHOLDERS. HOWEVER, GOV MAY FAIL TO EXECUTE
SUCCESSFULLY ON ITS EXPANDED BUSINESS STRATEGY OR THAT STRATEGY MAY
NOT OTHERWISE BENEFIT GOV AND GOV’S INCREASED SCALE MAY NOT BENEFIT
GOV; AS A RESULT, GOV AND ITS SHAREHOLDERS MAY NOT REALIZE ENDURING
OR ANY BENEFITS FROM THE FPO ACQUISITION.
THE INFORMATION CONTAINED IN GOV’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” IN
GOV’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE GOV’S ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE STATED IN OR IMPLIED BY GOV’S FORWARD LOOKING
STATEMENTS. GOV’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S
WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, GOV DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
Government Properties Income
Trust
Condensed Consolidated Statements of
Income
(amounts in thousands, except per share
data)
(unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016 2017 2016
Rental income $ 70,179 $ 64,478 $ 209,362
$ 192,150 Expenses: Real estate taxes 8,862
7,591 24,980 22,810 Utility expenses 5,408 5,483 14,186 13,330
Other operating expenses 14,867 13,854 44,046 40,031 Depreciation
and amortization 20,781 18,404 61,949 54,713 Loss on impairment of
real estate 230 — 230 — Acquisition related costs — 147 — 363
General and administrative (1) 3,266 3,816 12,314
11,350 Total expenses 53,414 49,295 157,705 142,597
Operating income 16,765 15,183 51,657 49,553 Dividend income
304 304 911 667 Interest income 1,715 47 1,843 63 Interest expense
(including net amortization of debt premiums and discounts and debt
issuance costs of $990, $805, $2,605 and $2,024, respectively)
(16,055 ) (12,608 ) (43,599 ) (32,286 ) (Loss) gain on early
extinguishment of debt (1,715 ) — (1,715 ) 104 Gain on issuance of
shares by Select Income REIT 51 72 72 88
Income from continuing operations before income taxes and
equity in earnings of investees 1,065 2,998 9,169 18,189 Income tax
expense (22 ) (13 ) (65 ) (63 ) Equity in earnings of investees
9,484 8,668 20,804 28,002 Income from
continuing operations 10,527 11,653 29,908 46,128 Income (loss)
from discontinued operations 462 (154 ) 173 (429 )
Income before gain on sale of property 10,989 11,499 30,081 45,699
Gain on sale of property — 79 — 79 Net
income $ 10,989 $ 11,578 $ 30,081 $ 45,778
Weighted average common shares outstanding (basic)
96,883 71,054 79,778 71,041 Weighted
average common shares outstanding (diluted) 96,958 71,084
79,852 71,064 Per common share amounts
(basic and diluted): Income from continuing operations $ 0.11 $
0.16 $ 0.37 $ 0.65 Income (loss) from discontinued operations $ — $
— $ — $ (0.01 ) Net income $ 0.11 $ 0.16 $ 0.38 $ 0.64
(1) General and administrative expenses for the three months
ended September 30, 2017 include the reversal of $893 of
previously accrued estimated business management incentive
fees.
Government Properties Income
Trust
Funds from Operations and Normalized
Funds from Operations (1)
(amounts in thousands, except per share
data)
(unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016 2017 2016
Calculation of Funds from Operations (FFO) and Normalized FFO: Net
income $ 10,989 $ 11,578 $ 30,081 $ 45,778 Add: Depreciation and
amortization 20,781 18,404 61,949 54,713 FFO attributable to SIR
investment 18,429 17,264 47,982 53,609 Loss on impairment of real
estate 230 — 230 — Less: Equity in earnings of SIR (9,453 ) (8,655
) (20,271 ) (27,895 ) Increase in carrying value of property
included in discontinued operations (619 ) — (619 ) — Gain on sale
of property — (79 ) — (79 ) FFO 40,357 38,512 119,352
126,126 Add (less): Acquisition related costs — 147 — 363 Loss
(gain) on early extinguishment of debt 1,715 — 1,715 (104 )
Normalized FFO attributable to SIR investment 16,903 17,267 48,900
53,629 FFO attributable to SIR investment (18,429 ) (17,264 )
(47,982 ) (53,609 ) Gain on issuance of shares by SIR (51 ) (72 )
(72 ) (88 ) Estimated business management incentive fees (2) (893 )
— — — Normalized FFO $ 39,602 $ 38,590
$ 121,913 $ 126,317 Weighted average
common shares outstanding (basic) 96,883 71,054 79,778 71,041
Weighted average common shares outstanding (diluted) 96,958 71,084
79,852 71,064 Per common share amounts: Net income (basic
and diluted) $ 0.11 $ 0.16 $ 0.38 $ 0.64
FFO (basic) $ 0.42 $ 0.54 $ 1.50 $ 1.78
FFO (diluted) $ 0.42 $ 0.54 $ 1.49 $
1.77 Normalized FFO (basic and diluted) $ 0.41 $ 0.54
$ 1.53 $ 1.78 Distributions declared per share
$ 0.43 $ 0.43 $ 1.29 $ 1.29
(1) GOV calculates FFO and Normalized FFO as shown above. FFO is
calculated on the basis defined by The National Association of Real
Estate Investment Trusts, or NAREIT, which is net income,
calculated in accordance with GAAP, plus real estate depreciation
and amortization and the difference between FFO attributable to an
equity investment and equity in earnings of an equity investee but
excluding impairment charges on and increases in the carrying value
of real estate assets, any gain or loss on sale of properties, as
well as certain other adjustments currently not applicable to GOV.
GOV's calculation of Normalized FFO differs from NAREIT's
definition of FFO because GOV includes Select Income REIT's, or
SIR's, Normalized FFO attributable to GOV's equity investment in
SIR (net of FFO attributable to GOV's equity investment in SIR).
includes business management incentive fees, if any, only in the
fourth quarter versus the quarter when they are recognized as
expense in accordance with GAAP due to their quarterly volatility
not necessarily being indicative of GOV’s core operating
performance and the uncertainty as to whether any such business
management incentive fees will be payable when all contingencies
for determining such fees are known at the end of the calendar
year, and GOV excludes acquisition related costs expensed under
GAAP, gains and losses on issuance of shares by SIR and gains and
losses on early extinguishment of debt. GOV considers FFO and
Normalized FFO to be appropriate supplemental measures of operating
performance for a REIT, along with net income and operating income.
GOV believes that FFO and Normalized FFO provide useful information
to investors because by excluding the effects of certain historical
amounts, such as depreciation expense, FFO and Normalized FFO may
facilitate a comparison of GOV's operating performance between
periods and with other REITs. FFO and Normalized FFO are among the
factors considered by GOV's Board of Trustees when determining the
amount of distributions to its shareholders. Other factors include,
but are not limited to, requirements to maintain GOV's
qualification for taxation as a REIT, limitations in GOV’s credit
agreement and public debt covenants, the availability to GOV of
debt and equity capital, GOV's expectation of its future capital
requirements and operating performance, GOV’s receipt of
distributions from SIR and GOV’s expected needs and availability of
cash to pay its obligations. FFO and Normalized FFO do not
represent cash generated by operating activities in accordance with
GAAP and should not be considered alternatives to net income or
operating income as indicators of GOV's operating performance or as
measures of GOV’s liquidity. These measures should be considered in
conjunction with net income and operating income as presented in
GOV's Condensed Consolidated Statements of Income. Other REITs and
real estate companies may calculate FFO and Normalized FFO
differently than GOV does.
(2) Incentive fees under GOV’s business management agreement
with The RMR Group LLC are payable after the end of each calendar
year, are calculated based on common share total return, as
defined, and are included in general and administrative expenses in
GOV’s condensed consolidated statements of income. In calculating
net income in accordance with GAAP, GOV recognizes estimated
business management incentive fee expense, if any, in the first,
second and third quarters. Although GOV recognizes this expense, if
any, in the first, second and third quarters for purposes of
calculating net income, GOV does not include such expense in the
calculation of Normalized FFO until the fourth quarter, when the
amount of the business management incentive fee expense for the
calendar year, if any, is determined. Net income for the three
months ended September 30, 2017 includes an $893 reversal of
estimated business management incentive fee expense accrued in the
three months ended June 30, 2017.
Government Properties Income
Trust
Calculation and Reconciliation of
Property Net Operating Income (NOI) and Cash Basis NOI
(1)
(amounts in thousands)
(unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016 2017 2016
Calculation of NOI and Cash Basis NOI (2):
Rental income (3) $ 70,179 $ 64,478 $ 209,362 $ 192,150 Property
operating expenses (29,137 ) (26,928 ) (83,212 ) (76,171 ) Property
net operating income (NOI) 41,042 37,550 126,150 115,979 Non-cash
straight line rent adjustments included in rental income (3) (711 )
(1,205 ) (3,115 ) (1,789 ) Lease value amortization included in
rental income (3) 619 370 1,863 1,103 Non-cash amortization
included in property operating expenses (4) (121 ) (121 ) (363 )
(363 ) Cash Basis NOI $ 40,829 $ 36,594 $ 124,535
$ 114,930
Reconciliation of Net Income to
NOI and Cash Basis NOI: Net income $ 10,989 $ 11,578 $ 30,081 $
45,778 Gain on sale of property — (79 ) — (79 )
Income before gain on sale of property 10,989 11,499 30,081 45,699
(Income) loss from discontinued operations (462 ) 154 (173 )
429 Income from continuing operations 10,527 11,653 29,908
46,128 Equity in earnings of investees (9,484 ) (8,668 ) (20,804 )
(28,002 ) Income tax expense 22 13 65 63 Gain on issuance of shares
by SIR (51 ) (72 ) (72 ) (88 ) Loss (gain) on early extinguishment
of debt 1,715 — 1,715 (104 ) Interest expense 16,055 12,608 43,599
32,286 Interest income (1,715 ) (47 ) (1,843 ) (63 ) Dividend
income (304 ) (304 ) (911 ) (667 ) Operating income 16,765 15,183
51,657 49,553 General and administrative 3,266 3,816 12,314 11,350
Acquisition related costs — 147 — 363 Loss on impairment of real
estate 230 — 230 — Depreciation and amortization 20,781
18,404 61,949 54,713 NOI 41,042 37,550 126,150
115,979 Non-cash amortization included in property operating
expenses (4) (121 ) (121 ) (363 ) (363 ) Lease value amortization
included in rental income (3) 619 370 1,863 1,103 Non-cash straight
line rent adjustments included in rental income (3) (711 ) (1,205 )
(3,115 ) (1,789 ) Cash Basis NOI $ 40,829 $ 36,594 $
124,535 $ 114,930
Reconciliation of
NOI to Same Property NOI (5)(6): Rental income $
70,179 $ 64,478 $ 209,362 $ 192,150 Property operating expenses
(29,137 ) (26,928 ) (83,212 ) (76,171 ) Property NOI 41,042 37,550
126,150 115,979 Less: NOI of properties not included in same
property results (2,529 ) — (12,720 ) (3,364 ) Same property
NOI $ 38,513 $ 37,550 $ 113,430 $ 112,615
Calculation of Same Property Cash Basis NOI
(5)(6): Same property NOI $ 38,513 $ 37,550 $ 113,430
$ 112,615 Add: Lease value amortization included in rental income
(3) 392 370 1,271 1,112 Less: Non-cash straight line rent
adjustments included in rental income (3) (549 ) (1,205 ) (2,349 )
(1,612 ) Non-cash amortization included in property operating
expenses (4) (121 ) (121 ) (363 ) (363 ) Same property Cash Basis
NOI $ 38,235 $ 36,594 $ 111,989 $ 111,752
(1) GOV calculates NOI and Cash Basis NOI as shown above. The
calculations of NOI and Cash Basis NOI exclude certain components
of net income in order to provide results that are more closely
related to GOV’s property level results of operations. GOV defines
NOI as income from its rental of real estate less its property
operating expenses. NOI excludes amortization of capitalized tenant
improvement costs and leasing commissions that GOV records as
depreciation and amortization. GOV defines Cash Basis NOI as NOI
excluding non-cash straight line rent adjustments, lease value
amortization and non-cash amortization included in other operating
expenses. GOV considers NOI and Cash Basis NOI to be appropriate
supplemental measures to net income because they may help both
investors and management to understand the operations of GOV’s
properties. GOV uses NOI and Cash Basis NOI to evaluate individual
and company wide property level performance, and GOV believes that
NOI and Cash Basis NOI provide useful information to investors
regarding GOV’s results of operations because they reflect only
those income and expense items that are generated and incurred at
the property level and may facilitate comparisons of GOV’s
operating performance between periods and with other REITs. NOI and
Cash Basis NOI do not represent cash generated by operating
activities in accordance with GAAP and should not be considered
alternatives to net income or operating income as indicators of our
operating performance or as measures of GOV’s liquidity. These
measures should be considered in conjunction with net income and
operating income as presented in GOV’s Condensed Consolidated
Statements of Income. Other REITs and real estate companies may
calculate NOI and Cash Basis NOI differently than GOV does.
(2) Excludes one property (one building) classified as
discontinued operations which was sold on August 31, 2017.
(3) GOV reports rental income on a straight line basis over the
terms of the respective leases; as a result, rental income includes
non-cash straight line rent adjustments. Rental income also
includes expense reimbursements, tax escalations, parking revenues,
service income and other fixed and variable charges paid to GOV by
its tenants, as well as the net effect of non-cash amortization of
intangible lease assets and liabilities.
(4) GOV recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price GOV
paid for its investment in The RMR Group Inc. common stock in June
2015. A portion of this liability is being amortized on a straight
line basis through December 31, 2035 as a reduction to property
management fees expense, which are included in property operating
expenses.
(5) For the three months ended September 30, 2017 and 2016,
same property NOI and same property cash basis NOI are based on
properties GOV owned as of September 30, 2017 and which it
owned continuously since July 1, 2016.
(6) For the nine months ended September 30, 2017 and 2016, same
property NOI and same property cash basis NOI are based on
properties GOV owned as of September 30, 2017 and which it
owned continuously since January 1, 2016.
Government Properties Income
Trust
Condensed Consolidated Balance
Sheets
(amounts in thousands, except share
data)
(unaudited)
September 30, 2017 December 31,
2016 ASSETS Real estate properties: Land $ 269,332 $ 267,855
Buildings and improvements 1,660,379 1,620,905 Total
real estate properties, gross 1,929,711 1,888,760 Accumulated
depreciation (331,069 ) (296,804 ) Total real estate properties,
net 1,598,642 1,591,956 Equity investment in Select Income REIT
475,265 487,708 Assets of discontinued operations — 12,541 Acquired
real estate leases, net 99,953 124,848 Deposit escrow for FPO
acquisition 651,696 — Cash and cash equivalents 551,707 29,941
Restricted cash 509 530 Rents receivable, net 47,461 48,458
Deferred leasing costs, net 22,250 21,079 Other assets, net 89,484
68,005 Total assets $ 3,536,967 $ 2,385,066
LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured
revolving credit facility $ 565,000 $ 160,000 Unsecured term loans,
net 547,682 547,171 Senior unsecured notes, net 943,543 646,844
Mortgage notes payable, net 26,561 27,837 Liabilities of
discontinued operations — 45 Accounts payable and other liabilities
63,525 54,019 Due to related persons 4,297 3,520 Assumed real
estate lease obligations, net 8,832 10,626 Total
liabilities 2,159,440 1,450,062 Commitments
and contingencies Shareholders’ equity: Common shares of
beneficial interest, $.01 par value: 150,000,000 and 100,000,000
shares authorized, respectively, 99,145,921 and 71,177,906 shares
issued and outstanding, respectively 991 712 Additional paid in
capital 1,968,249 1,473,533 Cumulative net income 126,410 96,329
Cumulative other comprehensive income 46,980 26,957 Cumulative
common distributions (765,103 ) (662,527 ) Total shareholders’
equity 1,377,527 935,004 Total liabilities and
shareholders’ equity $ 3,536,967 $ 2,385,066
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171031005480/en/
Government Properties Income TrustChristopher Ranjitkar,
617-219-1410Director, Investor Relations
Government Properties Income (NASDAQ:GOV)
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