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Government Properties Income Trust (GOV) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Government Properties Income Trust

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CIK: 1456772 Ticker: GOV


Exhibit 99.1
gova02.jpg

FOR IMMEDIATE RELEASE
Contact:
 
Christopher Ranjitkar, Director, Investor Relations
 
(617) 219-1410
 
Government Properties Income Trust Announces Fourth Quarter and Year End 2017 Results
Fourth Quarter Net Loss Available for Common Shareholders of $0.18 Per Share
Fourth Quarter Normalized FFO Available for Common Shareholders of $0.50 Per Share
Completed 520,150 Square Feet of Leasing in the Fourth Quarter
Fourth Quarter Same Property Cash Basis NOI Increased 2.9%
Acquired First Potomac Realty Trust for Approximately $1.4 Billion on October 2, 2017
 
 

Newton, MA (February 26, 2018): Government Properties Income Trust (Nasdaq: GOV) today announced its financial results for the quarter and year ended December 31, 2017.

David Blackman, President and Chief Operating Officer of GOV, made the following statement:

“Government Properties Income Trust completed significant leasing volume in the fourth quarter of 2017, entering new and renewal leases for over 520,000 square feet with a 3.3% average roll up in rent. We also experienced solid operating results as evidenced by our 2.9% increase in Same Property Cash Basis NOI compared to the fourth quarter of 2016. As previously announced, we completed our acquisition of First Potomac Realty Trust during the quarter. The integration is complete and initial property level operating results relating to that acquisition have exceeded expectations. We also continued to advance our long term financing plan for the acquisition; certain properties have been placed under agreements for sale, marketing of others is progressing, and we have identified additional properties to market for potential sale.”
Results for the Quarter Ended December 31, 2017:
 
Net loss available for common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, was $18.3 million, or $0.18 per diluted share, for the quarter ended December 31, 2017, compared to net income available for common shareholders of $12.1 million, or $0.17 per diluted share, for the quarter ended December 31, 2016. Net loss available for common shareholders for the quarter ended December 31, 2017 includes a $9.3 million, or $0.09 per diluted share, loss on impairment of real estate. The weighted average number of diluted common shares outstanding was 99.0 million for the quarter ended December 31, 2017 and 71.1 million for the quarter ended December 31, 2016.

Normalized funds from operations, or Normalized FFO, available for common shareholders for the quarter ended December 31, 2017 were $49.2 million, or $0.50 per diluted share, compared to Normalized FFO available for common shareholders for the quarter ended December 31, 2016 of $41.5 million, or $0.58 per diluted share.


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.
The following information was filed by Government Properties Income Trust (GOV) on Monday, February 26, 2018 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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Inside Government Properties Income Trust's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Shareholders' Equity
Business And Property Management Agreements With Rmr Llc
Business And Property Management Agreements With Rmr Llc (details)
Concentration
Concentration (details)
Equity Investment In Select Income Reit
Equity Investment In Select Income Reit (details)
Equity Investment In Select Income Reit (tables)
Equity Investment In Select Income Reit - Balance Sheet Information (details)
Equity Investment In Select Income Reit - Income Statement Information (details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (tables)
Fair Value Of Assets And Liabilities - Additional Information (details)
Fair Value Of Assets And Liabilities - Asset Measured At Fair Value (details)
Fair Value Of Assets And Liabilities - Financial Instruments (details)
Indebtedness
Indebtedness (tables)
Indebtedness - Additional Information (details)
Indebtedness - Future Principal Payments (details)
New Accounting Pronouncements
New Accounting Pronouncements (details)
Organization
Organization (details)
Real Estate Properties
Real Estate Properties (tables)
Real Estate Properties - 2016 Acquisition Activities (details)
Real Estate Properties - 2016 Dispositions (details)
Real Estate Properties - 2018/2017 Disposition Activities (details)
Real Estate Properties - Acquisition Activities (details)
Real Estate Properties - Additional Information (details)
Real Estate Properties - Balance Sheet Information For Disposal Of Property (details)
Real Estate Properties - Fpo Assets And Liabilities (details)
Real Estate Properties - Fpo Transaction (details)
Real Estate Properties - Future Minimum Lease Payments (details)
Real Estate Properties - Future Minimum Rental Payments (details)
Real Estate Properties - Income Statement Information For Disposal Of Property (details)
Real Estate Properties - Operating Leases (details)
Real Estate Properties - Pro Forma (details)
Real Estate Properties - Schedule Of Joint Ventures (details)
Related Party Transactions
Related Party Transactions - Reits, For Which Rmr Llc Provides Management Services (details)
Related Party Transactions - Up-c Transaction (details)
Schedule Iii Real Estate And Accumulated Depreciation
Schedule Iii Real Estate And Accumulated Depreciation (details)
Schedule Iii Real Estate And Accumulated Depreciation - Additional Information (details)
Schedule Iii Real Estate And Accumulated Depreciation - Carrying Amount And Accumulated Depreciation (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Shareholders' Equity
Shareholders' Equity (details)
Shareholders' Equity (tables)
Shareholders' Equity - Cumulative Other Comprehensive Income (loss) (details)
Shareholders' Equity - Distributions (details)
Shareholders' Equity - Sale Of Shares/share Repurchases (details)
Shareholders' Equity - Unvested Shares Activity (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Weighted Average Common Share Amounts (details)
Weighted Average Common Shares
Weighted Average Common Shares (tables)
Ticker: GOV
CIK: 1456772
Form Type: 10-K Annual Report
Accession Number: 0001456772-18-000008
Submitted to the SEC: Mon Feb 26 2018 8:44:27 PM EST
Accepted by the SEC: Tue Feb 27 2018
Period: Sunday, December 31, 2017
Industry: Real Estate

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