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Government Properties Income Trust (GOV) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Government Properties Income Trust

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CIK: 1456772 Ticker: GOV

Exhibit 99.1

GRAPHIC

FOR IMMEDIATE RELEASE

 

Contacts:

 

 

Timothy A. Bonang, Vice President, Investor Relations

 

 

Elisabeth Heiss, Manager, Investor Relations

 

 

(617) 219-1440

 

Government Properties Income Trust Announces 2010 Fourth Quarter Results

 

Newton, MA (February 24, 2011): Government Properties Income Trust (NYSE: GOV) today announced its financial results for the quarter and year ended December 31, 2010.  GOV completed its initial public offering, or IPO, on June 8, 2009.  Prior to completing its IPO, GOV and its properties were wholly owned by CommonWealth REIT (NYSE: CWH); accordingly, GOV’s historical results of operations for the year ended December 31, 2009 are not comparable to results for the 2010 period.

 

Results for the Quarter Ended December 31, 2010:

 

Funds from operations (FFO) were $19.2 million for the quarter ended December 31, 2010, compared to $10.2 million for the same quarter last year.  FFO per share for the quarter ended December 31, 2010 was $0.47, compared to $0.48 for the same quarter last year.

 

Net income for the quarter ended December 31, 2010 was $6.5 million, or $0.16 per share, compared to $5.4 million, or $0.25 per share, for the quarter ended December 31, 2009.  Net income for the quarter ended December 31, 2010 included a $3.8 million, or $0.09 per share, non-cash loss on extinguishment of debt.

 

GOV’s weighted average number of common shares outstanding was 40,500,800 and 21,481,350 for the quarters ended December 31, 2010 and 2009, respectively.

 

A reconciliation of net income determined according to U.S. generally accepted accounting principles, or GAAP, to FFO for the quarters ended December 31, 2010 and 2009 appears later in this press release.

 

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.

 

The following information was filed by Government Properties Income Trust (GOV) on Thursday, February 24, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Government Properties Income Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2011 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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SEC Filing Tools
Ticker: GOV
CIK: 1456772
Form Type: 10-K Annual Report
Accession Number: 0001047469-11-001362
Submitted to the SEC: Fri Feb 25 2011 12:20:49 PM EST
Accepted by the SEC: Fri Feb 25 2011
Period: Friday, December 31, 2010
Industry: Real Estate

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