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Government Properties Income Trust (GOV) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Government Properties Income Trust

CIK: 1456772 Ticker: GOV

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

Contact:

 

 

Joselyn Fine, Investor Relations Analyst

 

 

(617) 219-1410

 

 

Government Properties Income Trust Announces Fourth Quarter and

 

Year End 2015 Results

 

Normalized FFO Per Share for the Fourth Quarter Increases 5% Year over Year to $0.61

 

New and Renewal Leases Entered During the Fourth Quarter for 204,833 Square Feet

 

Occupancy Increases 100 bps Sequentially Compared to the Previous Quarter

 

 

 

 

Newton, MA (February 18, 2016): Government Properties Income Trust (NYSE: GOV) today announced its financial results for the quarter and year ended December 31, 2015.

 

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

 

“Government Properties Income Trust had an active fourth quarter of 2015.  We executed leases for almost 205,000 square feet, with approximately 93% of this leasing activity with government tenants.  Our leasing included approximately 110,000 square feet of positive absorption that increased occupancy by 100 bps from the third quarter of 2015.  As of the quarter end, over 93% of our rents came from government tenants.”

 

Results for the Quarter Ended December 31, 2015:

 

Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2015 were $43.6 million, or $0.61 per diluted share, compared to Normalized FFO for the quarter ended December 31, 2014 of $40.7 million, or $0.58 per diluted share. The increase in Normalized FFO per share for the quarter ended December 31, 2015 was primarily the result of an increase in Normalized FFO attributable to GOV’s investment in Select Income REIT (NYSE: SIR).

 

Net loss determined in accordance with U.S. generally accepted accounting principles, or GAAP, was $2.3 million, or $0.03 per diluted share, for the quarter ended December 31, 2015, compared to net income of $14.1 million, or $0.20 per diluted share, for the quarter ended December 31, 2014. The net loss for the quarter ended December 31, 2015 included non-cash loss on the distribution of shares of class A common stock of The RMR Group Inc. (NASDAQ: RMR) common stock to GOV’s shareholders totaling $12.4 million, or $0.17 per diluted share. The weighted average number of diluted common shares outstanding was 71.0 million for the quarter ended December 31, 2015, and 70.3 million for the quarter ended December 31, 2014.

 

Reconciliations of net income (loss) determined in accordance with GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended December 31, 2015 and 2014 appear later in this press release.

 

Results for the Year Ended December 31, 2015:

 

Normalized FFO for the year ended December 31, 2015 were $168.7 million, or $2.39 per diluted share, compared to Normalized FFO for the year ended December 31, 2014 of $140.8 million, or $2.29 per diluted share. The

 


The following information was filed by Government Properties Income Trust (GOV) on Thursday, February 18, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Shareholders' Equity
Concentration
Concentration (details)
Equity Investment In Select Income Reit
Equity Investment In Select Income Reit (details)
Equity Investment In Select Income Reit (tables)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (details)
Fair Value Of Assets And Liabilities (details)
Fair Value Of Assets And Liabilities (tables)
Indebtedness
Indebtedness (details)
Indebtedness (tables)
Organization
Organization (details)
Per Common Share Amounts (tables)
Real Estate Properties
Real Estate Properties (details)
Real Estate Properties (details)
Real Estate Properties (tables)
Real Estate Properties - Concentration Risk (details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (details)
Related Party Transactions
Related Party Transactions - Accounting For Investment In Rmr Inc (details)
Related Party Transactions - Management Agreements With Rmr Llc (details)
Related Party Transactions - Reits, For Which Rmr Llc Provides Management Services (details)
Related Party Transactions - Rmr Llc Management Fees And Reimbursements (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 (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Shareholders' Equity
Shareholders' Equity (details)
Shareholders' Equity (tables)
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
Ticker: GOV
CIK: 1456772
Form Type: 10-K Annual Report
Accession Number: 0001558370-16-003282
Submitted to the SEC: Thu Feb 18 2016 4:27:44 PM EST
Accepted by the SEC: Thu Feb 18 2016
Period: Thursday, December 31, 2015
Industry: Real Estate

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