NEWTON, Mass., Nov 04, 2009 (BUSINESS WIRE) -- Government Properties Income Trust (NYSE: GOV) today announced financial results for the quarter and nine months ended September 30, 2009. GOV completed its initial public offering on June 8, 2009. Accordingly, GOV's historical results of operations are not comparable to results which may be expected in future periods.

Results for the quarter ended September 30, 2009:

Net income available for common shareholders was $6.2 million for the quarter ended September 30, 2009, compared to $7.2 million for the same quarter last year. Net income per share (EPS) for the quarter ended September 30, 2009 was $0.29. For the quarter ended September 30, 2008, GOV did not have any outstanding shares.

Funds from operations (FFO) for the quarter ended September 30, 2009 was $10.2 million, or $0.48 per share compared to FFO for the quarter ended September 30, 2008 of $10.8 million.

The weighted average number of common shares outstanding was 21,455,111 for the quarter ended September 30, 2009.

Results for the nine months ended September 30, 2009:

Net income was $20.6 million for the nine months ended September 30, 2009, compared to $23.6 million for the same period last year. Net income per share (EPS) for the nine months ended September 30, 2009 was $1.60. For the nine months ended September 30, 2008, GOV did not have any outstanding shares.

Funds from operations (FFO) for the nine months ended September 30, 2009 was $32.0 million, or $2.49 per share, compared to FFO for the nine months ended September 30, 2008 of $34.2 million.

The weighted average number of common shares outstanding was 12,852,455 for the nine months ended September 30, 2009. If GOV's formation transaction and initial public offering had occurred on January 1, 2009, GOV's weighted average number of common shares outstanding would have been 21,451,723.

Conference Call:

On Wednesday, November 4, 2009, at 1:00 p.m. Eastern Time, Adam Portnoy, President and Managing Trustee, and David Blackman, Chief Financial Officer, will host a conference call to discuss the third quarter 2009 results.

The conference call telephone number is (888) 797-3001. Participants calling from outside the United States and Canada should dial (913) 312-0700. 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 8:00 p.m. Eastern Time on Wednesday, November 11^th. To hear the replay, dial (719) 457-0820. The replay pass code is 7042798.

A live audio webcast of the conference call will also be available in a listen only mode on GOV's website, which is located at www.govreit.com. Participants wanting to access the webcast should visit the company's web site about five minutes before the call. The archived webcast will be available for replay on GOV's web site for about one week after the call.

Supplemental Data:

A copy of GOV's Third Quarter 2009 Supplemental Operating and Financial Data is available for download at GOV's web site, www.govreit.com.

Government Properties Income Trust is a real estate investment trust, or REIT, which owns properties located throughout the United States leased primarily to the U.S. Government and several state government tenants. As of September 30, 2009, GOV owned 30 properties with 3.6 million square feet. GOV is headquartered in Newton, Massachusetts.

Please see the pages attached hereto for a more detailed statement of our operating results and financial condition, along with an explanation of our calculation of FFO.

⁽¹⁾ We compute FFO as shown in the calculations above. Our calculations of FFO differ from the National Association of Real Estate Investment Trusts, or NAREIT, definition because we exclude acquisition costs. We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO can facilitate a comparison of operating performance between historical periods and among REITs. FFO does not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO is one important factor considered by our Board of Trustees in determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our secured revolving credit facility, the availability of debt and equity capital to us and our expectations of future capital requirements and operating performance.

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

SOURCE: Government Properties Income Trust

Government Properties Income Trust
Timothy A. Bonang, 617-219-1440
Vice President, Investor Relations
or
Katherine L. Johnston, 617-219-1440
Manager, Investor Relations