Government Properties Income Trust (NYSE: GOV) announced its financial results for the quarter and year ended December 31, 2011.
Results for the Quarter Ended December 31, 2011:
Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2011 were $26.1 million, or $0.56 per share, compared to Normalized FFO of $19.2 million, or $0.47 per share, for the quarter ended December 31, 2010.
Net income for the quarter ended December 31, 2011 was $13.2 million, or $0.28 per share, compared to $6.5 million, or $0.16 per share, for the quarter ended December 31, 2010. Net income for the quarter ended December 31, 2010 included a $3.8 million, or $0.09 per share, loss on extinguishment of debt.
GOV’s weighted average number of common shares outstanding was 47,051,650 and 40,500,800 for the quarters ended December 31, 2011 and 2010, respectively.
A reconciliation of net income determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended December 31, 2011 and 2010 appears later in this press release.
Results for the Year Ended December 31, 2011:
Normalized FFO for the year ended December 31, 2011 were $89.6 million, or $2.07 per share, compared to $61.6 million, or $1.79 per share, for the year ended December 31, 2010.
Net income for the year ended December 31, 2011 was $46.0 million, or $1.06 per share, compared to $27.8 million, or $0.81 per share, for the year ended December 31, 2010. Net income for the year ended December 31, 2010 included a $3.8 million, or $0.11 per share, loss on extinguishment of debt.
GOV’s weighted average number of common shares outstanding was 43,368,364 and 34,340,677 for the years ended December 31, 2011 and 2010, respectively.
A reconciliation of net income determined according to GAAP to FFO and Normalized FFO for the years ended December 31, 2011 and 2010 appears later in this press release.
Recent Investment Activities:
Since October 1, 2011, GOV has acquired four properties for an aggregate purchase price of $115.9 million, including the assumption of $49.4 million of mortgage debt and excluding acquisition costs, as follows:
- In October 2011, GOV acquired three previously disclosed office properties located in Indianapolis, IN with 433,927 rentable square feet. These properties are 94% leased to 15 tenants, of which 56% is leased to the U.S. Government and occupied by the U.S. Customs and Border Protection Agency. The purchase price was $85 million, including the assumption of $49.4 of mortgage debt and excluding acquisition costs.
- In December 2011, GOV acquired a previously disclosed office property located in Salem, OR with 233,358 rentable square feet. This property is 84% leased to five tenants, of which 70% is leased to the State of Oregon and occupied by the Oregon Department of Human Services, the Oregon Department of Justice and the Oregon Employment Department. The purchase price was $30.9 million, excluding acquisition costs.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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