EX-99.2 3 gov093018exhibit992.htm EXHIBIT 99.2 gov093018exhibit992
Exhibit 99.2 Exhibit Government Properties Income Trust Ex ExhibitExhibit99.2 99.299.2 Fourth Quarter 2016 Supplemental Operating and Financial Data All amounts in this report are unaudited.

 
TABLE OF CONTENTS PAGE CORPORATE INFORMATION Company Profile 6 Investor Information 7 Research Coverage 8 FINANCIALS Key Financial Data 10 Condensed Consolidated Balance Sheets 11 Condensed Consolidated Statements of Income (Loss) 12 TABLE OF CONTENTS TABLE Notes to Condensed Consolidated Statements of Income (Loss) 13 Condensed Consolidated Statements of Cash Flows 14 Debt Summary 15 Debt Maturity Schedule 16 Leverage Ratios, Coverage Ratios and Public Debt Covenants 17 Summary of Capital Expenditures 18 Property Acquisition and Disposition Information Since January 1, 2018 19 Investment In Unconsolidated Joint Ventures 20 Calculation of Consolidated Property Net Operating Income (NOI) and Consolidated Property Cash Basis NOI 21 Calculation of Same Property NOI and Cash Basis NOI 22 Calculation of EBITDA and Adjusted EBITDA 23 Calculation of Funds from Operations (FFO) and Normalized FFO Available for Common Shareholders 24 Definitions of Certain Non-GAAP Financial Measures 25 PORTFOLIO INFORMATION Portfolio Summary 27 Summary Consolidated and Same Property Results 28 Occupancy and Leasing Summary 30 Leasing Analysis by Tenant Type 31 Tenant List 32 Lease Expiration Schedule 33 EXHIBIT Consolidated Property Detail 35 As previously announced, Government Properties Income Trust, or GOV, a wholly owned subsidiary of GOV and Select Income REIT, or SIR, entered into an agreement and plan of merger, dated as of September 14, 2018, or the Merger Agreement, whereby SIR will merge with and into GOV’s wholly owned subsidiary. These historical results of operations and financial position include certain related transaction and acquisition expenses that we incurred in connection with the Merger Agreement and the other transactions contemplated by the Merger Agreement. Government Properties Income Trust 2 Supplemental Operating and Financial Data, September 30, 2018

 
WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, “WILL”, “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS REPORT RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING: • THE LIKELIHOOD THAT WE WILL COMPLETE THE PENDING MERGER OF SELECT INCOME REIT, OR SIR, WITH AND INTO OUR WHOLLY OWNED SUBSIDIARY, OR THE MERGER, • OUR SALES AND ACQUISITIONS OF PROPERTIES, • OUR ABILITY TO COMPETE FOR ACQUISITIONS AND TENANCIES EFFECTIVELY, • THE LIKELIHOOD THAT OUR TENANTS WILL PAY RENT OR BE NEGATIVELY AFFECTED BY CYCLICAL ECONOMIC CONDITIONS OR GOVERNMENT BUDGET CONSTRAINTS, • THE LIKELIHOOD THAT OUR TENANTS WILL RENEW OR EXTEND THEIR LEASES AND NOT EXERCISE EARLY TERMINATION OPTIONS PURSUANT TO THEIR LEASES OR THAT WE WILL OBTAIN REPLACEMENT TENANTS, • THE LIKELIHOOD THAT OUR RENTS WILL INCREASE WHEN WE RENEW OR EXTEND OUR LEASES OR ENTER NEW LEASES, • OUR ABILITY TO PAY DISTRIBUTIONS TO OUR SHAREHOLDERS AND TO SUSTAIN THE AMOUNT OF SUCH DISTRIBUTIONS, • OUR POLICIES AND PLANS REGARDING INVESTMENTS, FINANCINGS AND DISPOSITIONS, • THE FUTURE AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY, • OUR EXPECTATION THAT THERE WILL BE OPPORTUNITIES FOR US TO ACQUIRE, AND THAT WE WILL ACQUIRE, ADDITIONAL PROPERTIES IN THE METROPOLITAN WASHINGTON, D.C. MARKET AREA OR ELSEWHERE, INCLUDING PROPERTIES THAT ARE MAJORITY LEASED TO GOVERNMENT TENANTS, GOVERNMENT CONTRACTOR TENANTS OR OTHER PRIVATE TENANTS, • OUR EXPECTATIONS REGARDING DEMAND FOR LEASED SPACE BY GOVERNMENT TENANTS, • OUR ABILITY TO RAISE DEBT OR EQUITY CAPITAL, • OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT, • OUR ABILITY TO APPROPRIATELY BALANCE OUR USE OF DEBT AND EQUITY CAPITAL, • OUR CREDIT RATINGS, • OUR EXPECTATION THAT OUR SHAREHOLDERS WILL BENEFIT FROM THE MERGER, • OUR EXPECTATION THAT WE BENEFIT FROM OUR OWNERSHIP INTEREST IN AND OTHER RELATIONSHIPS WITH THE RMR GROUP INC., OR RMR INC., • OUR EXPECTATION THAT WE BENEFIT FROM OUR OWNERSHIP INTEREST IN AND OTHER RELATIONSHIPS WITH AFFILIATES INSURANCE COMPANY, OR AIC, AND FROM OUR PARTICIPATION IN INSURANCE PROGRAMS ARRANGED BY AIC, • THE CREDIT QUALITIES OF OUR TENANTS, • OUR QUALIFICATION FOR TAXATION AS A REAL ESTATE INVESTMENT TRUST, OR REIT, AND • OTHER MATTERS. OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, OR FFO, AVAILABLE FOR COMMON SHAREHOLDERS, NORMALIZED FUNDS FROM OPERATIONS, OR NORMALIZED FFO, AVAILABLE FOR COMMON SHAREHOLDERS, CONSOLIDATED PROPERTY NET OPERATING INCOME, OR NOI, CONSOLIDATED PROPERTY CASH BASIS NOI, EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION, OR EBITDA, EBITDA AS ADJUSTED, OR ADJUSTED EBITDA, CASH FLOWS, LIQUIDITY AND PROSPECTS INCLUDE, BUT ARE NOT LIMITED TO: • THE IMPACT OF CONDITIONS AND CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS ON US AND OUR TENANTS, • COMPETITION WITHIN THE REAL ESTATE INDUSTRY, PARTICULARLY IN THOSE MARKETS IN WHICH OUR PROPERTIES ARE LOCATED AND WITH RESPECT TO GOVERNMENT TENANCIES, • THE IMPACT OF CHANGES IN THE REAL ESTATE NEEDS AND FINANCIAL CONDITIONS OF GOVERNMENT TENANTS, • COMPLIANCE WITH, AND CHANGES TO, FEDERAL, STATE AND LOCAL LAWS AND REGULATIONS, ACCOUNTING RULES, TAX LAWS AND SIMILAR MATTERS, • ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR RELATED PARTIES, INCLUDING OUR MANAGING TRUSTEES, THE RMR GROUP LLC, OR RMR LLC, RMR INC., SIR, AIC AND OTHERS AFFILIATED WITH THEM, • LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY FOR TAXATION AS A REIT FOR U.S. FEDERAL INCOME TAX PURPOSES, AND • ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DISASTERS BEYOND OUR CONTROL. WARNING CONCERNING FORWARD LOOKING STATEMENTS CONCERNING FORWARD WARNING FOR EXAMPLE: • OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS TO OUR SHAREHOLDERS AND TO MAKE PAYMENTS OF PRINCIPAL AND INTEREST ON OUR INDEBTEDNESS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS, THE CAPITAL COSTS WE INCUR TO LEASE OUR PROPERTIES AND OUR WORKING CAPITAL REQUIREMENTS. WE MAY BE UNABLE TO PAY OUR DEBT OBLIGATIONS OR TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS ON OUR COMMON SHARES AND FUTURE DISTRIBUTIONS MAY BE REDUCED OR ELIMINATED, • OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES AND LEASE THEM FOR RENTS, LESS THEIR PROPERTY OPERATING COSTS, THAT EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING OR LEASE TERMS FOR NEW PROPERTIES, Government Properties Income Trust 3 Supplemental Operating and Financial Data, September 30, 2018

 
• AS PART OF OUR LONG TERM FINANCING PLANS TO REDUCE OUR LEVERAGE, WE EXPECT TO DISPOSE OF CERTAIN OF OUR PROPERTIES. CURRENTLY, WE ARE MARKETING OR PLAN TO MARKET FOR SALE THREE PROPERTIES. WE CANNOT BE SURE WE WILL SELL ANY OF THESE PROPERTIES OR WHAT THE TERMS OF ANY SALE MAY BE. WE MAY SELL SOME OR ALL OF THESE PROPERTIES AT PRICES THAT ARE LESS THAN OUR CARRYING VALUES AND WE MAY OTHERWISE INCUR LOSSES AS A RESULT OF CONSIDERING AND PURSUING THESE SALES. FURTHER, WE MAY ELECT TO CHANGE WHICH PROPERTIES WE MAY TO SEEK TO SELL, WHICH COULD RESULT IN DIFFERENT PROPERTIES AND FEWER OR GREATER NUMBER OF PROPERTIES BEING SOLD OR MARKETED FOR SALE, • SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO OBTAIN NEW TENANTS TO MAINTAIN OR INCREASE THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES, • SOME GOVERNMENT TENANTS MAY EXERCISE THEIR RIGHTS TO VACATE THEIR SPACE BEFORE THE STATED EXPIRATIONS OF THEIR LEASES, AND WE MAY BE UNABLE TO OBTAIN NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES, • RENTS THAT WE CAN CHARGE AT OUR PROPERTIES MAY DECLINE BECAUSE OF CHANGING MARKET CONDITIONS OR OTHERWISE, • CONTINGENCIES IN OUR ACQUISITION AND SALE AGREEMENTS MAY NOT BE SATISFIED AND OUR PENDING ACQUISITIONS AND SALES MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS OF SUCH TRANSACTIONS MAY CHANGE, • WE INTEND TO CONDUCT OUR BUSINESS ACTIVITIES IN A MANNER THAT WILL AFFORD US REASONABLE ACCESS TO CAPITAL FOR INVESTMENT AND FINANCING ACTIVITIES. HOWEVER, WE MAY NOT SUCCEED IN THIS REGARD AND WE MAY NOT HAVE REASONABLE ACCESS TO CAPITAL, • CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CREDIT FACILITY CONDITIONS THAT WE MAY BE UNABLE TO SATISFY, • ACTUAL COSTS UNDER OUR REVOLVING CREDIT FACILITY OR OTHER FLOATING RATE DEBT WILL BE HIGHER THAN LIBOR PLUS A PREMIUM BECAUSE OF FEES AND EXPENSES ASSOCIATED WITH SUCH DEBT, • THE INTEREST RATES PAYABLE UNDER OUR FLOATING RATE DEBT OBLIGATIONS DEPEND UPON OUR CREDIT RATINGS. WE CURRENTLY HAVE A NEGATIVE CREDIT RATINGS OUTLOOK BY MOODY'S INVESTORS SERVICE WHICH MAY IMPLY THAT OUR CREDIT RATINGS MAY BE DOWNGRADED. IF OUR CREDIT RATINGS ARE DOWNGRADED, OUR BORROWING COSTS WILL INCREASE, • OUR ABILITY TO ACCESS DEBT CAPITAL AND THE COST OF OUR DEBT CAPITAL WILL DEPEND IN PART ON OUR CREDIT RATINGS. IF OUR CREDIT RATINGS ARE DOWNGRADED, WE MAY NOT BE ABLE TO ACCESS DEBT CAPITAL OR THE DEBT CAPITAL WE CAN ACCESS MAY BE EXPENSIVE, • WE MAY BE UNABLE TO REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE, • THE MAXIMUM BORROWING AVAILABILITY UNDER OUR REVOLVING CREDIT FACILITY AND TERM LOANS MAY BE INCREASED TO UP TO $2.5 BILLION ON A COMBINED BASIS IN CERTAIN CIRCUMSTANCES; HOWEVER, INCREASING THE MAXIMUM BORROWING AVAILABILITY UNDER OUR REVOLVING CREDIT FACILITY AND TERM LOANS IS SUBJECT TO OUR OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH MAY NOT OCCUR, • WE HAVE THE OPTION TO EXTEND THE MATURITY DATE OF OUR REVOLVING CREDIT FACILITY UPON PAYMENT OF A FEE AND MEETING OTHER CONDITIONS; HOWEVER, THE APPLICABLE CONDITIONS MAY NOT BE MET, • THE BUSINESS AND PROPERTY MANAGEMENT AGREEMENTS BETWEEN US AND RMR LLC HAVE CONTINUING 20 YEAR TERMS.  HOWEVER, THOSE AGREEMENTS PERMIT EARLY TERMINATION IN CERTAIN CIRCUMSTANCES.  ACCORDINGLY, WE CANNOT BE SURE THAT THESE AGREEMENTS WILL REMAIN IN EFFECT FOR CONTINUING 20 YEAR TERMS, • WE BELIEVE THAT OUR RELATIONSHIPS WITH OUR RELATED PARTIES, INCLUDING RMR LLC, RMR INC., SIR, AIC AND OTHERS AFFILIATED WITH THEM MAY BENEFIT US AND PROVIDE US WITH COMPETITIVE ADVANTAGES IN OPERATING AND GROWING OUR BUSINESS. HOWEVER, THE ADVANTAGES WE BELIEVE WE MAY REALIZE FROM THESE RELATIONSHIPS MAY NOT MATERIALIZE, • WE MAY FAIL TO EXECUTE SUCCESSFULLY ON OUR EXPANDED BUSINESS STRATEGY OR INCREASED SCALE OF OUR BUSINESS RESULTING FROM THE FPO TRANSACTION AND THEREFORE MAY NOT REALIZE THE BENEFITS WE EXPECT FROM THE FPO TRANSACTION, • AS OF SEPTEMBER 30, 2018, WE HAD ESTIMATED UNSPENT LEASING RELATED OBLIGATIONS OF $34.0 MILLION. OUR UNSPENT LEASING RELATED OBLIGATIONS MAY COST MORE OR LESS AND MAY TAKE LONGER TO COMPLETE THAN WE CURRENTLY EXPECT, AND WE MAY INCUR INCREASED AMOUNTS FOR THESE AND SIMILAR PURPOSES IN THE FUTURE, • WE, OUR WHOLLY OWNED SUBSIDIARY AND SIR HAVE ENTERED INTO A MERGER AGREEMENT, OR THE MERGER AGREEMENT. THE CLOSING OF THE MERGER IS SUBJECT TO THE SATISFACTION OR WAIVER OF CONDITIONS, INCLUDING THE RECEIPT OF REQUISITE APPROVALS BY OUR AND SIR’S SHAREHOLDERS. WE CANNOT BE SURE THAT ANY OR ALL OF SUCH CONDITIONS WILL BE SATISFIED OR WAIVED. ACCORDINGLY, THE MERGER MAY NOT CLOSE WHEN EXPECTED OR AT ALL, OR THE TERMS OF THE MERGER OR OTHER TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT MAY CHANGE, AND • THE MERGER REQUIRES APPROVAL OF SIR’S SHAREHOLDERS AND THE ISSUANCE OF OUR COMMON SHARES IN THE MERGER REQUIRES THE APPROVAL OF OUR SHAREHOLDERS. SUCH APPROVALS WILL BE SOLICITED BY A JOINT PROXY STATEMENT/PROSPECTUS, A PRELIMINARY VERSION OF WHICH WAS INCLUDED AS PART OF THE REGISTRATION STATEMENT ON FORM S-4, AS AMENDED, OR THE FORM S-4, THAT WE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC. THE FORM S-4 MUST BE DECLARED EFFECTIVE BY THE SEC, BEFORE THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS CAN BE MAILED TO OUR SHAREHOLDERS AND SIR’S SHAREHOLDERS. THE AMOUNT OF TIME IT TAKES FOR THE SEC TO DECLARE THE FORM S-4 EFFECTIVE IS BEYOND OUR AND SIR’S CONTROL. ACCORDINGLY, WE CANNOT BE SURE THAT THE MERGER AND THE OTHER TRANSACTIONS WILL BE CONSUMMATED WITHIN A SPECIFIED TIME PERIOD OR AT ALL OR THAT THE TERMS OF THE MERGER AND THE OTHER TRANSACTIONS WILL NOT CHANGE. CURRENTLY UNEXPECTED RESULTS COULD OCCUR DUE TO MANY DIFFERENT CIRCUMSTANCES, SOME OF WHICH ARE BEYOND OUR CONTROL, SUCH AS CHANGES IN OUR TENANTS’ NEEDS FOR LEASED SPACE, ACTS OF TERRORISM, NATURAL DISASTERS OR CHANGES IN CAPITAL MARKETS OR THE ECONOMY GENERALLY. THE INFORMATION CONTAINED IN THE FORM S-4 AND IN OUR FILINGS WITH THE SEC INCLUDING UNDER THE CAPTION "RISK FACTORS" IN OUR PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM OUR FORWARD LOOKING STATEMENTS. OUR FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS. EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. Government Properties Income Trust 4 WARNING CONCERNING FORWARD LOOKING STATEMENTS (continued) LOOKING STATEMENTS CONCERNING FORWARD WARNING Supplemental Operating and Financial Data, September 30, 2018

 
One Memphis Place, Memphis, TN Square Feet: 204,694 Primary Agency Occupant: U.S. Courts Government Properties Income Trust 5 Supplemental Operating and Financial Data, September 30,CORPORATE 2018 INFORMATION

 
COMPANY PROFILE The Company: Corporate Headquarters: Government Properties Income Trust, or GOV, we or us, is a real estate investment trust, or REIT, that primarily Two Newton Place owns properties located throughout the United States that are majority leased to government tenants and 255 Washington Street, Suite 300 office properties in the metropolitan Washington, D.C. market area that are leased to government and private Newton, MA 02458-1634 sector tenants. The majority of our properties are office buildings. As of September 30, 2018, we owned 24.9 (617) 219-1440 million common shares, or approximately 27.8% of the then outstanding common shares, of Select Income REIT (Nasdaq: SIR), or SIR, a REIT that owns properties that are primarily net leased to single tenants. In COMPANY PROFILE COMPANY October 2018, we sold our entire investment in SIR in a public offering. We have been investment grade rated Stock Exchange Listing: since 2010, and we are included in the S&P Small Cap 600 Index, the Russell 2000® index and the MSCI Nasdaq US REIT index. Trading Symbols: Management: Common Shares: GOV GOV is managed by The RMR Group LLC, or RMR, the majority owned operating subsidiary of The RMR Senior Unsecured Notes due 2046: GOVNI Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company that was founded in 1986 to manage real estate companies and related businesses. RMR primarily provides management services Issuer Ratings: to five publicly traded equity REITs and three real estate related operating businesses. In addition to managing Moody’s: Baa3 GOV, RMR manages Hospitality Properties Trust, a REIT that owns hotels and travel centers, Senior Housing Standard & Poor’s: BBB- Properties Trust, a REIT that primarily owns healthcare, senior living and medical office buildings, SIR and Key data (as of 9/30/2018): Industrial Logistics Properties Trust, a REIT that owns and leases industrial and logistics properties. RMR (dollars and sq. ft. in 000s) also provides management services to TravelCenters of America LLC, a publicly traded operator and franchisor of travel centers along the U.S. Interstate Highway System, convenience stores and restaurants, Total consolidated properties (1) 105 (164 buildings) Five Star Senior Living Inc., a publicly traded operator of senior living communities, and Sonesta International Total sq. ft. (1) 17,046 Hotels Corporation, a privately owned operator and franchisor of hotels and cruise ships. RMR also advises Percent leased (1) 93.3% a closed end fund that invests in publicly traded securities of real estate companies, a publicly traded mortgage Q3 2018 total rental income $ 106,102 REIT and private commercial real estate debt funds through wholly owned SEC registered investment Q3 2018 net loss available for common advisory subsidiaries, as well as manages a private, open end core plus fund focused on the acquisition, shareholders $ (449) ownership and leasing of a diverse portfolio of office properties throughout the U.S. As of September 30, Q3 2018 Normalized FFO available for $ 52,967 2018, RMR had $30.1 billion of real estate assets under management and the combined RMR managed common shareholders (2) companies had approximately $12 billion of annual revenues, over 1,700 properties and over 52,000 (1) Excludes two properties (three buildings) owned by employees. We believe that being managed by RMR is a competitive advantage for GOV because of RMR’s unconsolidated joint ventures. depth of management and experience in the real estate industry. We also believe RMR provides management (2) See page 24 for the calculation of Normalized FFO available for services to us at costs that are lower than we would have to pay for similar quality services. common shareholders and a reconciliation of net income (loss) available for common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to this amount. Government Properties Income Trust 6 Supplemental Operating and Financial Data, September 30, 2018

 
INVESTOR INFORMATION Board of Trustees Barbara D. Gilmore John L. Harrington Elena Poptodorova Independent Trustee Independent Trustee Independent Trustee Jeffrey P. Somers Mark L. Kleifges Adam D. Portnoy Independent Trustee Managing Trustee Managing Trustee INVESTOR INFORMATION INVESTOR Senior Management David M. Blackman Mark L. Kleifges President and Chief Executive Officer Chief Financial Officer and Treasurer Contact Information Investor Relations Inquiries Government Properties Income Trust Financial inquiries should be directed to Mark L. Kleifges, Two Newton Place Chief Financial Officer and Treasurer, at (617) 219-1440 255 Washington Street, Suite 300 or mkleifges@rmrgroup.com. Newton, MA 02458-1634 (617) 219-1440 Investor and media inquiries should be directed to (e-mail) info@govreit.com Brad Shepherd, Senior Director, Investor Relations, at (617) 219-1410 or (website) www.govreit.com bshepherd@rmrgroup.com. Government Properties Income Trust 7 Supplemental Operating and Financial Data, September 30, 2018

 
RESEARCH COVERAGE Equity Research Coverage Bank of America Merrill Lynch Research D.A. Davidson & Co. James Feldman James Lykins James.Feldman@baml.com jlykins@dadco.com (646) 855-5808 503-603-3041 FBR & Co. Jeffries & Company, Inc. RESEARCH COVERAGE Bryan Maher Jonathan Petersen bmaher@fbr.com jpetersen@jefferies.com (646) 885-5423 (212) 284-1705 JMP Securities Morgan Stanley Mitch Germain Vikram Malhotra mgermain@jmpsecurities.com vikram.malhotra@morganstanley.com (212) 906-3546 (212) 761-7064 RBC Capital Markets Mike Carroll Michael.Carroll@rbccm.com (440) 715-2649 Rating Agencies Moody’s Investors Service Standard & Poor’s Lori Marks Michael Sovers Lori.marks@moodys.com michael.sovers@standardandpoors.com (212) 553-1653 (212) 438-2508 GOV is followed by the analysts and its credit is rated by the rating agencies listed above. Please note that any opinions, estimates or forecasts regarding GOV’s performance made by these analysts or agencies do not represent opinions, forecasts or predictions of GOV or its management. GOV does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies. Government Properties Income Trust 8 Supplemental Operating and Financial Data, September 30, 2018

 
FINANCIALS 9960625 Indiana Maryland Avenue, Drive, Washington, Richmond, VA DC Square Feet:Government 173,932160,897 Properties Income Trust 9 AgencyPrimary Occupant:AgencySupplement Occupant: Theal Operating Commonwealth U.S. and Courts Financial of Virginia Data, September 30, 2018 9

 
KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) As of and for the Three Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 Selected Balance Sheet Data: Total gross assets (1) $ 3,847,915 $ 3,866,055 $ 4,008,953 $ 4,045,413 $ 3,868,036 Total assets $ 3,484,425 $ 3,507,769 $ 3,655,624 $ 3,703,565 $ 3,536,967 Total liabilities $ 2,245,064 $ 2,226,119 $ 2,340,770 $ 2,353,026 $ 2,159,440 KEY FINANCIAL DATA FINANCIAL KEY Total shareholders' equity $ 1,239,361 $ 1,281,650 $ 1,294,358 $ 1,330,043 $ 1,377,527 Selected Income Statement Data: Rental income $ 106,102 $ 108,085 $ 108,717 $ 107,170 $ 70,179 Net income (loss) available for common shareholders $ (449) $ 29,602 $ 6,287 $ (18,266) $ 10,989 Consolidated Property NOI (2) $ 64,462 $ 68,103 $ 66,226 $ 66,093 $ 41,042 Adjusted EBITDA (3) $ 73,573 $ 76,686 $ 73,439 $ 73,458 $ 51,916 FFO available for common shareholders (4) $ 53,792 $ 64,926 $ 66,991 $ 49,802 $ 40,357 Normalized FFO available for common shareholders (4) $ 52,967 $ 51,325 $ 54,065 $ 49,185 $ 39,602 Per Share Data (basic and diluted): Net income (loss) available for common shareholders $ 0.00 $ 0.30 $ 0.06 $ (0.18) $ 0.11 FFO available for common shareholders (4) $ 0.54 $ 0.66 $ 0.68 $ 0.50 $ 0.42 Normalized FFO available for common shareholders (4) $ 0.53 $ 0.52 $ 0.55 $ 0.50 $ 0.41 Dividends: Annualized dividends paid per share during period $ 1.72 $ 1.72 $ 1.72 $ 1.72 $ 1.72 Annualized dividend yield (at end of period) (5) 15.2% 10.9% 12.6% 9.3% 9.2% Normalized FFO available for common shareholders payout ratio (4) 81.1% 82.7% 78.2% 86.0% 104.9% (1) Total gross assets is total assets plus accumulated depreciation. (2) See page 21 for the calculation of Consolidated Property NOI and a reconciliation of net income (loss) available for common shareholders determined in accordance with GAAP to that amount. (3) See page 23 for the calculation of Adjusted EBITDA and a reconciliation of net income (loss) determined in accordance with GAAP to that amount. (4) See page 24 for the calculation of FFO available for common shareholders and Normalized FFO available for common shareholders and a reconciliation of net income (loss) available for common shareholders determined in accordance with GAAP to those amounts. (5) Annualized dividend yield is the annualized dividend paid during the period divided by the closing price of our common shares at the end of the period. Government Properties Income Trust 10 Supplemental Operating and Financial Data, September 30, 2018

 
CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) September 30, December 31, 2018 2017 ASSETS Real estate properties: Land $ 448,714 $ 627,108 Buildings and improvements 2,050,365 2,348,613 Total real estate properties, gross 2,499,079 2,975,721 Accumulated depreciation (363,490) (341,848) Total real estate properties, net 2,135,589 2,633,873 Assets of discontinued operations - Equity investment in Select Income REIT 453,275 467,499 Assets of properties held for sale 408,626 — Investment in unconsolidated joint ventures 45,161 50,202 Acquired real estate leases, net 215,938 351,872 Cash and cash equivalents 9,644 16,569 Restricted cash 2,354 3,111 Rents receivable, net 55,297 61,429 Deferred leasing costs, net 22,181 22,977 Other assets, net 136,360 96,033 Total assets $ 3,484,425 $ 3,703,565 LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured revolving credit facility $ 467,000 $ 570,000 Unsecured term loans, net 548,363 547,852 Senior unsecured notes, net 945,948 944,140 Mortgage notes payable, net 176,828 183,100 Liabilities of properties held for sale 9,998 — Accounts payable and other liabilities 64,868 89,440 Due to related persons 23,300 4,859 Assumed real estate lease obligations, net 8,759 13,635 Total liabilities 2,245,064 2,353,026 CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED Commitments and contingencies Preferred units of limited partnership — 20,496 Shareholders’ equity: Common shares of beneficial interest, $.01 par value: 150,000,000 shares authorized, 99,205,199 and 99,145,921 shares issued and outstanding, respectively 992 991 Additional paid in capital 1,969,168 1,968,217 Cumulative net income 204,579 108,144 Cumulative other comprehensive income 265 60,427 Cumulative common distributions (935,643) (807,736) Total shareholders’ equity 1,239,361 1,330,043 Total liabilities and shareholders’ equity $ 3,484,425 $ 3,703,565 Government Properties Income Trust 11 Supplemental Operating and Financial Data, September 30, 2018

 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (dollars and share amounts in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Rental income $ 106,102 $ 70,179 $ 322,904 $ 209,362 Expenses: Real estate taxes 12,072 8,862 37,402 24,980 Utility expenses 7,783 5,408 20,490 14,186 Other operating expenses 21,785 14,867 66,221 44,046 Depreciation and amortization 42,569 20,781 129,444 61,949 Loss on impairment of real estate (1) — 230 5,800 230 Acquisition and transaction related costs (2) 3,813 — 3,813 — General and administrative (3) 22,383 3,266 36,438 12,314 Total expenses 110,405 53,414 299,608 157,705 Operating income (loss) (4,303) 16,765 23,296 51,657 Dividend income 304 304 912 911 Unrealized gain on equity securities (4) 17,425 — 40,677 — Interest income 140 1,715 405 1,843 Interest expense (including net amortization of debt premiums and discounts and debt issuance costs of $893, $990, $2,749 and $2,605, respectively) (23,374) (16,055) (69,444) (43,599) Loss on early extinguishment of debt — (1,715) — (1,715) Income (loss) from continuing operations before income taxes, equity in net earnings (losses) of investees and gain on sale of real estate (9,808) 1,014 (4,154) 9,097 Income tax expense (9) (22) (124) (65) Equity in net earnings (losses) of investees 94 31 (1,112) 533 Income (loss) from continuing operations (9,723) 1,023 (5,390) 9,565 Income from discontinued operations (5) 9,274 9,966 23,872 20,516 Income (loss) before gain on sale of real estate (449) 10,989 18,482 30,081 Gain on sale of real estate (6) — — 17,329 — Net income (loss) (449) 10,989 35,811 30,081 Preferred units of limited partnership distributions — — (371) — Net income (loss) available for common shareholders $ (449) $ 10,989 $ 35,440 $ 30,081 Weighted average common shares outstanding (basic) 99,071 96,883 99,055 79,778 Weighted average common shares outstanding (diluted) 99,071 96,958 99,075 79,852 Per common share amounts (basic and diluted): Income (loss) from continuing operations $ (0.10) $ 0.01 $ 0.12 $ 0.12 Income from discontinued operations $ 0.09 $ 0.10 $ 0.24 $ 0.26 Net income (loss) available for common shareholders $ 0.00 $ 0.11 $ 0.36 $ 0.38 Additional Data: General and administrative expenses / total assets (at end of period) 0.64% 0.09% 1.05% 0.35% Non-cash straight line rent adjustments (7) $ 1,990 $ 711 $ 7,825 $ 3,115 Lease value amortization included in rental income (7) $ (773) $ (619) $ (2,361) $ (1,863) Non-cash amortization included in other operating expenses (8) $ 121 $ 121 $ 363 $ 363 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) STATEMENTS CONDENSED CONSOLIDATED Non-cash amortization included in general and administrative expenses (8) $ 151 $ 151 $ 452 $ 452 See Notes to Condensed Consolidated Statements of Income (Loss) on page 13. Government Properties Income Trust 12 Supplemental Operating and Financial Data, September 30, 2018

 
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (dollars and share amounts in thousands, except per share data) (1) Loss on impairment of real estate for the nine months ended September 30, 2018 represents an adjustment of $6,116 in the three months ended March 31, 2018 to reduce the carrying value of three properties (three buildings) to their estimated fair value less costs to sell, an adjustment of $322 to increase the carrying value of one property (one building) removed from held for sale status to its estimated fair value in the three months ended June 30, 2018 and an adjustment of $6 to reduce the carrying value of one property (one building) to its estimated fair value less costs to sell in the three months ended June 30, 2018. Loss on impairment of real estate for the three and nine months ended September 30, 2017 represents an adjustment of $230 to reduce the carrying value of one property (one building) to its estimated fair value. (2) Acquisition and transaction related costs for the three and nine months ended September 30, 2018 include costs incurred in connection with our pending Merger with SIR and related transactions. (3) Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expenses in our condensed consolidated statements of income (loss). In calculating net income (loss) in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income (loss), we do not include such expense in the calculation of Normalized FFO until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. Net income (loss) includes $16,236 of estimated business management incentive fee expense and the reversal of $893 of previously accrued estimated business management incentive fee expense for the three months ended September 30, 2018 and 2017, respectively. Net income includes $16,973 of estimated business management incentive fee expense in the nine months ended September 30, 2018. No estimated business management incentive fees were included in net income for the nine months ended September 30, 2017. (4) Unrealized gain on equity securities represents the adjustment required to adjust the carrying value of our investment in RMR Inc. common stock to its fair value as of September 30, 2018 in accordance with new GAAP standards effective January 1, 2018. (5) Income from discontinued operations includes operating results related to our equity method investment in SIR. We sold our entire investment in SIR in October 2018 and reclassified the related operating results of this equity method investment to discontinued operations for all periods presented. Income from discontinued operations for the 2017 periods also includes the operating results for one property (one building) that we sold in August 2017. (6) We recorded a $17,329 gain on sale of real estate in the nine months ended September 30, 2018 in connection with the sale of one property (one building) in May 2018. (7) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to us by our tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. (8) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR Inc. common stock in June 2015. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to business management fees and property management fees expense, which are included in general and administrative and other operating expenses, respectively. Government Properties Income Trust 13 Supplemental Operating and Financial Data, September 30, 2018 NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) STATEMENTS CONDENSED CONSOLIDATED NOTES TO

 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) For the Nine Months Ended September 30, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 35,811 $ 30,081 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 51,121 35,460 Net amortization of debt premiums and discounts and debt issuance costs 2,749 2,605 Gain on sale of real estate (17,329) — Loss on early extinguishment of debt — 1,715 Straight line rental income (7,825) (3,115) Amortization of acquired real estate leases 77,434 25,592 Amortization of deferred leasing costs 3,524 2,790 Other non-cash expenses, net 189 352 Loss on impairment of real estate 5,800 230 Unrealized gain on equity securities (40,677) — Increase in carrying value of asset held for sale — (619) Equity in net (earnings) losses of investees 1,112 (533) Equity in earnings of Select Income REIT included in discontinued operations (23,843) (20,271) Net gain on issuance of shares by Select Income REIT included in discontinued operations (29) (72) Distributions of earnings from Select Income REIT 23,843 20,271 Change in assets and liabilities: Deferred leasing costs (5,937) (2,846) Rents receivable 7,535 3,839 Other assets (1,393) (7,045) Accounts payable and other liabilities (10,361) 6,703 Due to related persons 18,441 777 Net cash provided by operating activities 120,165 95,914 CASH FLOWS FROM INVESTING ACTIVITIES: Real estate acquisitions and deposits — (666,202) Real estate improvements (32,625) (29,377) Distributions in excess of earnings from Select Income REIT 14,281 17,854 Distributions in excess of earnings from unconsolidated joint ventures 3,046 — Proceeds from sale of properties, net 142,189 13,198 Net cash provided by (used in) investing activities 126,891 (664,527) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of mortgage notes payable (2,732) (1,150) Proceeds from issuance of senior notes, after discounts — 297,954 Proceeds from issuance of common shares, net — 493,936 Borrowings on unsecured revolving credit facility 95,000 610,000 Repayments on unsecured revolving credit facility (198,000) (205,000) Payment of debt issuance costs — (2,551) Repurchase of common shares (232) (255) Redemption of preferred units of limited partnership (20,221) — Preferred units of limited partnership distributions (646) — Distributions to common shareholders (127,907) (102,576) Net cash (used in) provided by financing activities (254,738) 1,090,358 Increase (decrease) in cash and cash equivalents and restricted cash (7,682) 521,745 Cash and cash equivalents and restricted cash at beginning of period 19,680 30,471 Cash and cash equivalents and restricted cash at end of period $ 11,998 $ 552,216 Supplemental cash flow information: Interest paid $ 72,651 $ 42,019 Income taxes paid $ 44 $ 100 Supplemental disclosure of cash and cash equivalents and restricted cash The following table provides a reconciliation of cash and cash equivalents and restricted cash amounts reported within the CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS STATEMENTS CONDENSED CONSOLIDATED condensed consolidated balance sheets to the total amount reported in the condensed consolidated statements of cash flows: As of September 30, 2018 2017 Cash and cash equivalents $ 9,644 $ 551,707 Restricted cash 2,354 509 Total cash and cash equivalents and restricted cash reported in the statements of cash flows $ 11,998 $ 552,216 Government Properties Income Trust 14 Supplemental Operating and Financial Data, September 30, 2018

 
DEBT SUMMARY (1) As of September 30, 2018 (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate (2) Rate (3) Balance (4) Date Maturity Maturity Unsecured Floating Rate Debt: $750,000 unsecured revolving credit facility (5) (8) 3.417% 3.417% $ 467,000 1/31/2019 $ 467,000 0.3 $300,000 unsecured term loan (6) (8) 3.642% 3.642% 300,000 3/31/2020 300,000 1.5 DEBT SUMMARY $250,000 unsecured term loan (7) (8) 4.042% 4.042% 250,000 3/31/2022 250,000 3.5 Subtotal / weighted average 3.637% 3.637% 1,017,000 1,017,000 1.4 Unsecured Fixed Rate Debt: Senior unsecured notes due 2019 3.750% 3.930% 350,000 8/15/2019 350,000 0.9 Senior unsecured notes due 2022 4.000% 4.000% 300,000 7/15/2022 300,000 3.8 Senior unsecured notes due 2046 5.875% 5.875% 310,000 5/1/2046 310,000 27.6 Subtotal / weighted average 4.514% 4.580% 960,000 960,000 10.4 Secured Fixed Rate Debt: Mortgage debt - One building in Tampa, FL 7.000% 5.150% 8,012 3/1/2019 7,890 0.4 Mortgage debt - One building in Washington, DC 5.720% 3.690% 33,900 7/1/2020 32,462 1.8 Mortgage debt - One building in Chesapeake, VA (9) 4.260% 4.190% 3,032 11/1/2020 2,635 2.1 Mortgage debt - One building in Lakewood, CO 8.150% 6.150% 3,204 3/1/2021 118 2.4 Mortgage debt - One building in Fairfax, VA 5.877% 5.877% 13,503 8/11/2021 12,702 2.9 Mortgage debt - One building in Washington, DC 4.220% 4.190% 27,378 7/1/2022 24,668 3.8 Mortgage debt - One building in Washington, DC 4.800% 4.190% 24,607 6/1/2023 22,584 4.7 Mortgage debt - One building in Washington, DC 4.050% 4.440% 66,780 9/1/2030 60,566 11.9 Subtotal / weighted average 4.836% 4.392% 180,416 163,625 6.3 Total / weighted average 4.128% 4.120% $ 2,157,416 $ 2,140,625 5.8 (1) The data presented exclude two mortgage notes with an aggregate principal balance of $82,000, which are secured by two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for additional information regarding these unconsolidated joint ventures and related mortgage notes. (2) Reflects the interest rate stated in, or determined pursuant to, the contract terms. (3) Includes the effect of mark to market accounting for certain mortgages and premiums or discounts on senior unsecured notes. Excludes the effect of debt issuance cost amortization. (4) Principal balances exclude unamortized premiums, discounts and issuance costs related to these debts. The carrying value of our total consolidated debt of $2,141,186 as of September 30, 2018 is net of unamortized premiums and discounts and certain issuance costs totaling $16,230. (5) We are required to pay interest on borrowings under our $750,000 revolving credit facility at an annual rate of LIBOR plus a premium of 125 basis points. We also pay a facility fee of 25 basis points per annum on the total amount of lending commitments. Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. The coupon rate and interest rate listed above are as of September 30, 2018. Subject to meeting certain conditions and payment of a fee, we may extend the maturity date to January 31, 2020. (6) We are required to pay interest on the amounts outstanding under our $300,000 term loan at an annual rate of LIBOR plus a premium of 140 basis points, subject to adjustment based on changes to our credit ratings. The coupon rate and interest rate listed above are as of September 30, 2018. Our $300,000 term loan is prepayable without penalty at any time. (7) We are required to pay interest on the amounts outstanding under our $250,000 term loan at an annual rate of LIBOR plus a premium of 180 basis points, subject to adjustment based on changes to our credit ratings. The coupon rate and interest rate listed above are as of September 30, 2018. Our $250,000 term loan is prepayable without penalty at any time. (8) The maximum aggregate borrowing availability under the credit agreement governing our revolving credit facility and term loans may be increased to up to $2,500,000 on a combined basis in certain circumstances. (9) Secured by one property (one building) that is held for sale at September 30, 2018. Government Properties Income Trust 15 Supplemental Operating and Financial Data, September 30, 2018

 
DEBT MATURITY SCHEDULE (1) As of September 30, 2018 (dollars in thousands) Unsecured Unsecured Secured Floating Fixed Rate Fixed Rate Year Rate Debt (2) Debt (2) Debt (2) Total (3) 2018 $ — $ — $ 940 $ 940 2019 467,000 (4) 350,000 11,541 828,541 2020 300,000 (5) — 38,433 (7) 338,433 2021 — — 14,420 14,420 2022 250,000 (6) 300,000 25,518 575,518 2023 — — 22,784 22,784 DEBT MATURITY SCHEDULE DEBT MATURITY 2030 — — 66,780 66,780 2046 — 310,000 — 310,000 Total $ 1,017,000 $ 960,000 $ 180,416 $ 2,157,416 Percent of total debt 47.1% 44.5% 8.4% 100.0% (1) The data presented exclude two mortgage notes with an aggregate principal balance of $82,000, which are secured by two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for additional information regarding these unconsolidated joint ventures and related mortgage notes. (2) Principal balances are the amounts actually payable pursuant to the applicable agreements. Our carrying values may differ from these amounts because of the effect of unamortized premiums and discounts and certain issuance costs related to these debts. (3) The carrying value of our total consolidated debt of $2,141,186 as of September 30, 2018 is net of unamortized premiums and discounts and certain issuance costs totaling $16,230. (4) Represents amounts outstanding under our $750,000 revolving credit facility at September 30, 2018. Subject to meeting certain conditions and payment of a fee, we may extend the maturity date of our revolving credit facility by one year to January 31, 2020. (5) Represents the outstanding balance of our $300,000 term loan at September 30, 2018. We may prepay this term loan without penalty at any time. (6) Represents the outstanding balance of our $250,000 term loan at September 30, 2018. We may prepay this term loan without penalty at any time. (7) Includes mortgage note secured by one property (one building) that is held for sale at September 30, 2018. Government Properties Income Trust 16 Supplemental Operating and Financial Data, September 30, 2018

 
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and for the Three Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 Leverage Ratios: Total consolidated debt (1) / total gross assets (2) 56.1% 55.4% 56.4% 55.9% 54.3% Total consolidated debt (1) / total gross assets (2) with SIR common shares at market value (3) 54.7% 54.0% 56.1% 53.8% 52.8% Total consolidated debt (1) / total market capitalization (4) 65.8% 57.7% 62.6% 55.2% 53.0% Consolidated secured debt (1) / total assets 5.2% 5.2% 5.0% 4.9% 0.7% Variable rate debt (1) / total consolidated debt (1) 47.1% 46.7% 49.5% 49.5% 53.1% Coverage Ratios: Adjusted EBITDA (5) / interest expense 3.1x 3.3x 3.2x 3.4x 3.2x Total consolidated debt (1) / Annualized Adjusted EBITDA (5) 7.3x 7.0x 7.7x 7.7x 10.1x Public Debt Covenants: Total debt / adjusted total assets (6) - allowable maximum 60.0% 52.1% 51.9% 54.7% 52.8% 51.5% Secured debt / adjusted total assets (6) - allowable maximum 40.0% 4.4% 4.4% 4.4% 4.2% 0.7% Consolidated income available for debt service (7) / debt service - required minimum 1.50x 2.3x 3.4x 3.2x 3.4x 3.9x Total unencumbered assets (6) to unsecured debt - required minimum 150.0% 184.0% 184.9% 174.8% 181.9% 193.7% (1) Debt amounts represent the principal balance as of the date reported. The carrying value of our total consolidated debt of $2,141,186 as of September 30, 2018 is net of unamortized premiums and discounts and certain issuance costs totaling $16,230. Total consolidated debt excludes two mortgage notes with an aggregate principal balance of $82,000, which are secured by two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures and related mortgage notes. (2) Total gross assets is total assets plus accumulated depreciation. (3) As of September 30, 2018, we owned 24,918,421 common shares of SIR. The closing price of SIR's common shares on The Nasdaq Stock Market LLC on September 30, 2018 was $21.94 per share. On October 9, 2018, we sold all our entire investment in SIR in a public offering. (4) Total market capitalization is total consolidated debt plus the market value of our common shares at the end of each period. (5) See page 23 for the calculation of Adjusted EBITDA and a reconciliation of net income (loss) determined in accordance with GAAP to that amount. (6) Adjusted total assets and total unencumbered assets include original cost of real estate assets calculated in accordance with GAAP before impairment writedowns, if any, and the lower of cost or market value of our investment in SIR and exclude depreciation and amortization, accounts receivable and intangible assets. (7) Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, loss on asset impairment, unrealized appreciation on assets held for sale, gains and LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS COVERAGE RATIOS LEVERAGE RATIOS, losses on early extinguishment of debt, gains and losses on sales of properties, gains or losses on equity issuance by SIR and equity earnings in SIR and including distributions received from SIR and our unconsolidated joint ventures, if any, determined together with debt service for the period presented. Government Properties Income Trust 17 Supplemental Operating and Financial Data, September 30, 2018

 
SUMMARY OF CAPITAL EXPENDITURES (1) (dollars and sq. ft. in thousands, except per sq. ft. data) For the Three Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 Tenant improvements (2) $ 2,293 $ 3,854 $ 2,843 $ 9,358 $ 3,213 Leasing costs (3) 1,831 1,626 1,986 1,745 1,993 Building improvements (4) 6,707 4,048 2,707 6,552 2,640 Recurring capital expenditures 10,831 9,528 7,536 17,655 7,846 Development, redevelopment and other activities (5) 664 734 1,416 5,191 3,132 Total capital expenditures $ 11,495 $ 10,262 $ 8,952 $ 22,846 $ 10,978 Average sq. ft. during period (6) 17,046 17,189 17,416 17,443 11,516 Building improvements per average sq. ft. during period $ 0.39 $ 0.24 $ 0.16 $ 0.38 $ 0.23 SUMMARY OF CAPITAL EXPENDITURES OF CAPITAL SUMMARY (1) The data presented exclude capital expenditures of two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for additional information regarding these unconsolidated joint ventures. (2) Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. (3) Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. (4) Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. (5) Development, redevelopment and other activities generally include (i) capital expenditures that are identified at the time of a property acquisition and incurred within a short time period after acquiring the property, and (ii) capital expenditure projects that reposition a property or result in new sources of revenue. (6) Rentable square footage is subject to changes when space is re-measured or re-configured for tenants. Government Properties Income Trust 18 Supplemental Operating and Financial Data, September 30, 2018

 
PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2018 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: We have not acquired any properties since January 1, 2018. Dispositions: Date Number of Number of Sale Sold City and State Properties Buildings Sq. Ft. Price (1) 3/2/2018 Minneapolis, MN 1 1 194 $ 20,000 5/15/2018 New York, NY 1 1 187 118,500 5/30/2018 Sacramento, CA 1 1 111 10,755 Total / Weighted Average 3 3 492 $ 149,255 (1) Represents the gross contract sales price plus purchase price adjustments, if any, excluding closing costs. PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2018 SINCE JANUARY AND DISPOSITION INFORMATION ACQUISITION PROPERTY Government Properties Income Trust 19 Supplemental Operating and Financial Data, September 30, 2018

 
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (dollars in thousands) Weighted GOV GOV Investment at Number of Percent Leased at Average Unconsolidated Joint Ventures: Ownership September 30, 2018 Property Type Buildings Location Square Feet September 30, 2018 Lease Term (1) Prosperity Metro Plaza 51% $ 24,821 Office 2 Fairfax, VA 328,456 86.3% 4.4 years 1750 H Street, NW 50% 20,340 Office 1 Washington, DC 115,411 100.0% 2.6 years Total / Weighted Average $ 45,161 3 443,867 89.9% 3.6 years GOV Principal Balance at Annualized Balance at GOV Share of Outstanding Unconsolidated Debt: Ownership Interest Rate (2) September 30, 2018 (3) Debt Service Maturity Date Maturity (3) Principal Balance (4) Prosperity Metro Plaza (5) 51% 4.090% $ 50,000 $ 2,045 12/1/2029 $ 45,246 $ 25,500 1750 H Street, NW 50% 3.690% 32,000 1,181 8/1/2024 32,000 16,000 Total / Weighted Average 3.934% $ 82,000 $ 3,226 $ 77,246 $ 41,500 For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2018 Results of Operations - Unconsolidated Joint Ventures: (6) Prosperity Metro Plaza 1750 H Street, NW Total Prosperity Metro Plaza 1750 H Street, NW Total Equity in losses of affiliates $ (509) $ (229) $ (738) $ (1,223) $ (771) $ (1,994) Depreciation and amortization 1,252 661 1,913 4,300 1,983 6,283 Other expenses, net (7) 250 155 405 756 515 1,271 NOI (8) 993 587 1,580 3,833 1,727 5,560 Lease value amortization included in rental income (9) (13) 34 21 (40) 169 129 Non-cash straight-line rent adjustments included in rental income (9) (9) (17) (26) (32) (67) (99) Cash Basis NOI (8) $ 971 $ 604 $ 1,575 $ 3,761 $ 1,829 $ 5,590 Distributions received by GOV $ 338 $ 475 $ 813 $ 1,843 $ 1,203 $ 3,046 (1) Lease term is weighted based on annualized rental income. Annualized rental income is calculated using the annualized contractual base rents from the unconsolidated joint ventures' tenants pursuant to the lease INVESTMENT IN UNCONSOLIDATED JOINT VENTURES INVESTMENT IN UNCONSOLIDATED agreements as of September 30, 2018, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to the joint ventures, and excluding lease value amortization. (2) Includes the effect of interest rate protection and mark to market accounting. (3) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the part of the joint venture arrangement interests we do not own. (4) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the applicable joint venture; none of the debt is recourse to us. (5) The mortgage loan requires interest-only payments through December 2024, at which time the loan requires principal and interest payments through its maturity date. (6) Reflects our proportionate share of operating results for the three and nine months ended September 30, 2018 based on our ownership percentage of the respective joint ventures. (7) Includes interest expense, net of other income. (8) See Definitions of Certain Non-GAAP Financial Measures on page 25 for the definitions of NOI and Cash Basis NOI. (9) Our unconsolidated joint ventures report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to the unconsolidated joint ventures by our tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. Government Properties Income Trust 20 Supplemental Operating and Financial Data, September 30, 2018

 
CALCULATION OF CONSOLIDATED PROPERTY NET OPERATING INCOME (NOI) AND CONSOLIDATED PROPERTY CASH BASIS NOI (1) (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 9/30/2018 9/30/2017 Calculation of Consolidated Property NOI and Consolidated Property Cash Basis NOI: (2) Rental income (3) $ 106,102 $ 108,085 $ 108,717 $ 107,170 $ 70,179 $ 322,904 $ 209,362 Property operating expenses (41,640) (39,982) (42,491) (41,077) (29,137) (124,113) (83,212) Consolidated Property NOI 64,462 68,103 66,226 66,093 41,042 198,791 126,150 Non-cash straight line rent adjustments included in rental income (3) (1,990) (2,744) (3,091) (2,467) (711) (7,825) (3,115) Lease value amortization included in rental income (3) 773 753 835 901 619 2,361 1,863 Non-cash amortization included in property operating expenses (4) (121) (121) (121) (121) (121) (363) (363) Consolidated Property Cash Basis NOI $ 63,124 $ 65,991 $ 63,849 $ 64,406 $ 40,829 $ 192,964 $ 124,535 Reconciliation of Net Income (Loss) Available for Common Shareholders to Consolidated NOI and Consolidated Property Cash Basis NOI: Net income (loss) available for common shareholders $ (449) $ 29,602 $ 6,287 $ (18,266) $ 10,989 $ 35,440 $ 30,081 Preferred units of limited partnership distributions — 93 278 275 — 371 — Net income (loss) (449) 29,695 6,565 (17,991) 10,989 35,811 30,081 Gain on sale of real estate — (17,329) — — — (17,329) — Income (loss) before gain on sale of real estate (449) 12,366 6,565 (17,991) 10,989 18,482 30,081 Income from discontinued operations (9,274) (4,309) (10,289) (1,313) (9,966) (23,872) (20,516) Income (loss) from continuing operations (9,723) 8,057 (3,724) (19,304) 1,023 (5,390) 9,565 Equity in net (earnings) losses of investees (94) 629 577 546 (31) 1,112 (533) Income tax expense 9 83 32 36 22 124 65 Loss on early extinguishment of debt — — — — 1,715 — 1,715 Interest expense 23,374 23,304 22,766 21,807 16,055 69,444 43,599 Interest income (140) (149) (116) (119) (1,715) (405) (1,843) Unrealized gain on equity securities (17,425) (10,321) (12,931) — — (40,677) — Dividend income (304) (304) (304) (304) (304) (912) (911) Operating income (loss) (4,303) 21,299 6,300 2,662 16,765 23,296 51,657 General and administrative 22,383 4,449 9,606 6,532 3,266 36,438 12,314 Acquisition and transaction related costs 3,813 — — — — 3,813 — Loss on impairment of real estate — (316) 6,116 9,260 230 5,800 230 Depreciation and amortization 42,569 42,671 44,204 47,639 20,781 129,444 61,949 Consolidated Property NOI 64,462 68,103 66,226 66,093 41,042 198,791 126,150 Non-cash amortization included in property operating expenses (4) (121) (121) (121) (121) (121) (363) (363) Lease value amortization included in rental income (3) 773 753 835 901 619 2,361 1,863 CONSOLIDATED PROPERTY CASH BASIS NOI PROPERTY CONSOLIDATED Non-cash straight line rent adjustments included in rental income (3) (1,990) (2,744) (3,091) (2,467) (711) (7,825) (3,115) Consolidated Property Cash Basis NOI $ 63,124 $ 65,991 $ 63,849 $ 64,406 $ 40,829 $ 192,964 $ 124,535 (1) See Definitions of Certain Non-GAAP Financial Measures on page 25 for the definitions of Consolidated Property NOI and Consolidated Property Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. The data presented exclude two properties (three buildings) owned by our two unconsolidated joint ventures. (2) Excludes one property (one building) classified as discontinued operations which we sold on August 31, 2017. (3) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to us by our tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. (4) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees expense, which are included in property operating expenses. CALCULATION OF CONSOLIDATED PROPERTY NET OPERATING INCOME (NOI) AND INCOME (NOI) NET OPERATING PROPERTY OF CONSOLIDATED CALCULATION Government Properties Income Trust 21 Supplemental Operating and Financial Data, September 30, 2018

 
CALCULATION OF SAME PROPERTY NOI AND CASH BASIS NOI (1) (dollars in thousands) For the Three Months Ended (2) For the Nine Months Ended (3) 9/30/2018 9/30/2017 9/30/2018 9/30/2017 Reconciliation of Consolidated Property NOI to Same Property NOI: Rental income $ 106,102 $ 70,179 $ 322,904 $ 209,362 Property operating expenses (41,640) (29,137) (124,113) (83,212) Consolidated Property NOI 64,462 41,042 198,791 126,150 Less: NOI of properties not included in same property results (25,537) (2,340) (79,280) (8,124) Same property NOI $ 38,925 $ 38,702 $ 119,511 $ 118,026 Calculation of Same Property Cash Basis NOI: Same property NOI $ 38,925 $ 38,702 $ 119,511 $ 118,026 Add: Lease value amortization included in rental income (4) 496 525 1,454 1,592 Less: Non-cash straight line rent adjustments included in rental income (4) (284) (867) (1,599) (3,289) Non-cash amortization included in property operating expenses (5) (121) (115) (359) (345) Same property Cash Basis NOI $ 39,016 $ 38,245 $ 119,007 $ 115,984 (1) See Definitions of Certain Non-GAAP Financial Measures on page 25 for the definitions of Consolidated Property NOI and Consolidated Property Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) Based on consolidated properties we owned as of September 30, 2018 and which we owned continuously since July 1, 2017. (3) Based on consolidated properties we owned as of September 30, 2018 and which we owned continuously since January 1, 2017. (4) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to us by our tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. (5) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees expense, which are included in property operating expenses. CALCULATION OF SAME PROPERTY NOI AND CASH BASIS NOI NOI OF SAME PROPERTY CALCULATION Government Properties Income Trust 22 Supplemental Operating and Financial Data, September 30, 2018

 
CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 9/30/2018 9/30/2017 Net income (loss) $ (449) $ 29,695 $ 6,565 $ (17,991) $ 10,989 $ 35,811 $ 30,081 Add: Interest expense 23,374 23,304 22,766 21,807 16,055 69,444 43,599 Income tax expense 9 83 32 36 22 124 65 Depreciation and amortization 42,569 42,671 44,204 47,639 20,781 129,444 61,949 EBITDA 65,503 95,753 73,567 51,491 47,847 234,823 135,694 Add (less): Acquisition and transaction related costs (2) 3,813 — — — — 3,813 — General and administrative expense paid in common shares (3) 461 604 (62) 209 432 1,003 1,168 Estimated business management incentive fees (4) 16,236 (2,150) 2,887 — (893) 16,973 — Increase in carrying value of property included in discontinued operations — — — — (619) — (619) Loss on impairment of real estate — (316) 6,116 9,260 230 5,800 230 Distributions received from SIR 12,708 12,708 12,708 12,708 12,708 38,124 38,125 Distributions received from unconsolidated joint ventures 813 1,410 823 482 — 3,046 — Loss on early extinguishment of debt — — — — 1,715 — 1,715 Equity in earnings of SIR included in discontinued operations (9,253) (4,301) (10,289) (1,313) (9,453) (23,843) (20,271) Equity in losses of unconsolidated joint ventures 738 636 620 621 — 1,994 — Net gain on issuance of shares by SIR included in discontinued operations (21) (8) — — (51) (29) (72) Gain on sale of real estate — (17,329) — — — (17,329) — CALCULATION OF EBITDA AND ADJUSTED EBITDA AND OF EBITDA CALCULATION Unrealized gain on equity securities (5) (17,425) (10,321) (12,931) — — (40,677) — Adjusted EBITDA $ 73,573 $ 76,686 $ 73,439 $ 73,458 $ 51,916 $ 223,698 $ 155,970 (1) See Definitions of Certain Non-GAAP Financial Measures on page 25 for the definitions of EBITDA and Adjusted EBITDA and a description of why we believe they are appropriate supplemental measures. (2) Acquisition and transaction related costs for the three and nine months ended September 30, 2018 include costs incurred in connection with our pending Merger with SIR and related transactions. (3) Amounts represent equity compensation awarded to our trustees, officers and certain other employees of RMR LLC. (4) Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income. In calculating net income (loss) in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income (loss), we do not include such expense in the calculation of Adjusted EBITDA until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. (5) Unrealized gain on equity securities represents the adjustment required to adjust the carrying value of our investment in RMR Inc. common shares to its fair value as of the end of the period in accordance with new GAAP standards effective January 1, 2018. Government Properties Income Trust 23 Supplemental Operating and Financial Data, September 30, 2018

 
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON SHAREHOLDERS (1) (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 9/30/2018 9/30/2017 Net income (loss) available for common shareholders $ (449) $ 29,602 $ 6,287 $ (18,266) $ 10,989 $ 35,440 $ 30,081 Add (less): Depreciation and amortization: Consolidated properties 42,569 42,671 44,204 47,639 20,781 129,444 61,949 Unconsolidated joint venture properties 1,913 2,185 2,185 2,185 — 6,283 — FFO attributable to SIR investment 19,012 12,414 18,488 10,297 18,429 49,914 47,982 Loss on impairment of real estate — (316) 6,116 9,260 230 5,800 230 Equity in earnings of SIR included in discontinued operations (9,253) (4,301) (10,289) (1,313) (9,453) (23,843) (20,271) Increase in carrying value of property included in discontinued operations — — — — (619) — (619) Gain on sale of real estate — (17,329) — — — (17,329) — FFO available for common shareholders 53,792 64,926 66,991 49,802 40,357 185,709 119,352 Add (less): Acquisition and transaction related costs (2) 3,813 — — — — 3,813 — Loss on early extinguishment of debt — — — — 1,715 — 1,715 Normalized FFO attributable to SIR investment 15,584 11,292 15,606 9,680 16,903 42,482 48,900 FFO attributable to SIR investment (19,012) (12,414) (18,488) (10,297) (18,429) (49,914) (47,982) Net gain on issuance of shares by SIR included in discontinued operations (21) (8) — — (51) (29) (72) Estimated business management incentive fees (3) 16,236 (2,150) 2,887 — (893) 16,973 — Unrealized gain on equity securities (4) (17,425) (10,321) (12,931) — — (40,677) — Normalized FFO available for common shareholders $ 52,967 $ 51,325 $ 54,065 $ 49,185 $ 39,602 $ 158,357 $ 121,913 Weighted average common shares outstanding (basic) 99,071 99,051 99,041 99,040 96,883 99,055 79,778 Weighted average common shares outstanding (diluted) 99,071 99,064 99,049 99,040 96,958 99,075 79,852 Per common share amounts: Net income (loss) available for common shareholders $ 0.00 $ 0.30 $ 0.06 $ (0.18) $ 0.11 $ 0.36 $ 0.38 FFO available for common shareholders (basic) $ 0.54 $ 0.66 $ 0.68 $ 0.50 $ 0.42 $ 1.87 $ 1.50 FFO available for common shareholders (diluted) $ 0.54 $ 0.66 $ 0.68 $ 0.50 $ 0.42 $ 1.87 $ 1.49 Normalized FFO available for common shareholders (basic and diluted) $ 0.53 $ 0.52 $ 0.55 $ 0.50 $ 0.41 $ 1.60 $ 1.53 AVAILABLE FOR COMMON SHAREHOLDERS AVAILABLE (1) See Definitions of Certain Non-GAAP Financial Measures on page 25 for the definitions of FFO available for common shareholders and Normalized FFO available for common shareholders, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) Acquisition and transaction related costs for the three and nine months ended September 30, 2018 include costs incurred in connection with our pending Merger with SIR and related transactions. (3) Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our consolidated statements of income. In calculating net income (loss) available for common shareholders in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income (loss) available for common shareholders, we do not include such expense in the calculation of Normalized FFO available for common shareholders until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. (4) Unrealized gain on equity securities represents the adjustment required to adjust the carrying value of our investment in RMR Inc. common shares to its fair value as of the end of the period in accordance with new GAAP standards effective January 1, 2018. CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (FFO) OF FUNDS FROM OPERATIONS CALCULATION Government Properties Income Trust 24 Supplemental Operating and Financial Data, September 30, 2018

 
DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES Definition of Consolidated Property NOI and Consolidated Property Cash Basis NOI We calculate Consolidated Property NOI and Consolidated Property Cash Basis NOI as shown on page 21. The calculations of Consolidated Property NOI and Consolidated Property Cash Basis NOI exclude certain components of net income (loss) available for common shareholders in order to provide results that are more closely related to our consolidated property level results of operations. We define Consolidated Property NOI as consolidated income from our rental of real estate less our consolidated property operating expenses. Consolidated Property NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization. We define Consolidated Property Cash Basis NOI as Consolidated Property NOI excluding non-cash straight line rent adjustments, lease value amortization and non-cash amortization included in other operating expenses. We consider Consolidated Property NOI and Consolidated Property Cash Basis NOI to be appropriate supplemental measures to net income (loss) available for common shareholders because they may help both investors and management to understand the operations of our consolidated properties. We use Consolidated Property NOI and Consolidated Property Cash Basis NOI to evaluate individual and company wide consolidated property level performance, and we believe that Consolidated Property NOI and Consolidated Property Cash Basis NOI provide useful information to investors regarding our results of operations because they reflect only those income and expense items that are generated and incurred at the property level and may facilitate comparisons of our operating performance between periods and with other REITs. Consolidated Property NOI and Consolidated Property Cash Basis NOI do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss), net income (loss) available for common shareholders or operating income as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss), net income (loss) available for common shareholders and operating income as presented in our Condensed Consolidated Statements of Income (Loss). Other real estate companies and REITs may calculate Consolidated Property NOI and Consolidated Property Cash Basis NOI differently than we do. In addition, we present our proportionate share of NOI and Cash Basis NOI from our unconsolidated joint ventures. We provide a reconciliation of NOI and Cash Basis NOI from unconsolidated joint ventures to equity in losses from affiliates on page 20. Definition of EBITDA and Adjusted EBITDA We calculate EBITDA and Adjusted EBITDA as shown on page 23. We consider EBITDA and Adjusted EBITDA to be appropriate supplemental measures of our operating performance, along with net income (loss) and operating income. We believe that EBITDA and Adjusted EBITDA provide useful information to investors because by excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA and Adjusted EBITDA may facilitate a comparison of current operating performance with our past operating performance. EBITDA and Adjusted EBITDA do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss), net income (loss) available to common shareholders or operating income as indicators of operating performance or as measures of GOV’s liquidity. These measures should be considered in conjunction with net income, net income (loss) available to common shareholders and operating income as presented in our Condensed Consolidated Statements of Income. Other REITs and real estate companies may calculate EBITDA and Adjusted EBITDA differently than we do. Definition of FFO and Normalized FFO We calculate FFO available for common shareholders and Normalized FFO available for common shareholders as shown on page 24. FFO available for common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net income (loss) available for common shareholders calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and our proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties and the difference between FFO attributable to an equity investment and equity in earnings of SIR included in discontinued operations but excluding impairment charges on and increases in the carrying value of real estate assets, any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to us. Our calculation of Normalized FFO available for common shareholders differs from Nareit's definition of FFO available for common NON-GAAP FINANCIAL MEASURES DEFINITIONS FINANCIAL NON-GAAP shareholders because we include SIR's Normalized FFO attributable to our equity investment in SIR (net of FFO attributable to our equity investment in SIR) included in discontinued operations, we include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year and we exclude acquisition and transaction related costs, losses on early extinguishment of debt, gains on issuance of shares by SIR included in discontinued operations, and unrealized gains and losses on equity securities. We consider FFO available for common shareholders and Normalized FFO available for common shareholders to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss), net income (loss) available for our common shareholders and operating income. We believe that FFO available for common shareholders and Normalized FFO available for common shareholders provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO available for common shareholders and Normalized FFO available for common shareholders may facilitate a comparison of our operating performance between periods and with other REITs. FFO available for common shareholders and Normalized FFO available for common shareholders are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in our credit agreement and public debt covenants, the availability to us of debt and equity capital, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. FFO available for common shareholders and Normalized FFO available for common shareholders do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss), net income (loss) available for common shareholders or operating income as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss), net income (loss) available for common shareholders and operating income as presented in our Condensed Consolidated Statements of Income (Loss). Other real estate companies and REITs may calculate FFO available for common shareholders and Normalized FFO available for common shareholders differently than we do. Government Properties Income Trust 25 Supplemental Operating and Financial Data, September 30, 2018

 
PORTFOLIO INFORMATION Stevens Center, Richland, WA Square Feet:Government 140,152 Properties Income Trust 26 Agency Occupant:Supplement alDepartment Operating and of FinancialEnergy Data, September 30, 2018

 
PORTFOLIO SUMMARY (1) As of September 30, 2018 % Consolidated % Consolidated Property % of Total % Rental Income Property NOI Cash Basis NOI Number of Number of Sq. Ft. Three Months Three Months Three Months Properties Buildings Sq. Ft. (2) % Sq. Ft. % Leased (3) Leased Ended 9/30/2018 Ended 9/30/2018 (4) Ended 9/30/2018 (4) Properties majority leased to the U.S. Government 49 64 7,846,930 46.0% 96.3% 47.5% 47.1% 49.5% 50.3% PORTFOLIO SUMMARY Properties majority leased to state governments 20 27 3,017,767 17.7% 94.7% 18.0% 17.6% 14.8% 15.3% Properties majority leased to other government tenants 2 2 259,418 1.5% 94.4% 1.5% 1.5% 0.9% 0.9% Properties majority leased to government contractor tenants 2 4 463,019 2.7% 98.8% 2.9% 3.4% 3.6% 3.9% Properties majority leased to other tenants 30 65 5,337,919 31.3% 89.6% 30.1% 30.4% 31.2% 29.6% Other properties (currently vacant) 2 2 120,898 0.8% —% —% —% —% —% Total / Average 105 164 17,045,951 100.0% 93.3% 100.0% 100.0% 100.0% 100.0% (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures. (2) Rentable square footage is subject to changes when space is re-measured or re-configured for tenants. (3) Percent leased includes (i) space being fitted out for occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date. (4) See Page 21 for the calculation of Consolidated Property NOI and Consolidated Property Cash Basis NOI and a reconciliation of net income (loss) available for common shareholders determined in accordance with GAAP to those amounts. Government Properties Income Trust 27 Supplemental Operating and Financial Data, September 30, 2018

 
SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – THIRD QUARTER (dollars and sq. ft. in thousands) Summary Consolidated Results (1) Summary Same Property Results (2) For the Three Months Ended For the Three Months Ended 9/30/2018 9/30/2017 9/30/2018 9/30/2017 Consolidated properties (end of period) 105 74 70 70 Total sq. ft. (3) 17,046 11,517 11,017 10,997 Percent leased (4) 93.3% 95.0% 94.6% 95.4% Rental income (5) $ 106,102 $ 70,179 $ 66,559 $ 66,056 Consolidated Property NOI (6) $ 64,462 $ 41,042 $ 38,925 $ 38,702 Consolidated Property Cash Basis NOI (6) $ 63,124 $ 40,829 $ 39,016 $ 38,245 Consolidated Property NOI % margin (7) 60.8% 58.5% 58.5% 58.6% Consolidated Property Cash Basis NOI % margin (7) 60.2% 58.3% 58.4% 58.2% Consolidated Property NOI % change 57.1% — 0.6% — Consolidated Property Cash Basis NOI % change 54.6% — 2.0% — (1) Based on consolidated properties we owned as of September 30, 2018 and September 30, 2017, respectively, excluding two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. (2) Based on consolidated properties we owned as of September 30, 2018 and which we owned continuously since July 1, 2017. (3) Subject to changes when space is re-measured or re-configured for tenants. (4) Percent leased includes (i) space being fitted out for occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date. (5) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to us by our tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS AND SAME PROPERTY CONSOLIDATED SUMMARY (6) See page 21 for the calculation of Consolidated Property NOI and Consolidated Property Cash Basis NOI and a reconciliation of net income (loss) available for common shareholders determined in accordance with GAAP to those amounts and see page 22 for a calculation and reconciliation of same property NOI and same property Cash Basis NOI. (7) Consolidated Property NOI margin is defined as Consolidated Property NOI as a percentage of rental income. Consolidated Property Cash Basis NOI margin is defined as Consolidated Property Cash Basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, non-cash amortization included in property operating expenses and the net effect of non-cash amortization of intangible lease assets and liabilities. Government Properties Income Trust 28 Supplemental Operating and Financial Data, September 30, 2018

 
SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – NINE MONTHS (dollars and sq. ft. in thousands) Summary Consolidated Results (1) Summary Same Property Results (2) For the Nine Months Ended For the Nine Months Ended 9/30/2018 9/30/2017 9/30/2018 9/30/2017 Consolidated properties (end of period) 105 74 69 69 Total sq. ft. (3) 17,046 11,517 10,948 10,927 Percent leased (4) 93.3% 95.0% 94.6% 95.3% Rental income (5) $ 322,904 $ 209,362 $ 199,373 $ 195,817 Consolidated Property NOI (6) $ 198,791 $ 126,150 $ 119,511 $ 118,026 Consolidated Property Cash Basis NOI (6) $ 192,964 $ 124,535 $ 119,007 $ 115,984 Consolidated Property NOI % margin (7) 61.6% 60.3% 59.9% 60.3% Consolidated Property Cash Basis NOI % margin (7) 60.8% 59.8% 59.7% 59.7% Consolidated Property NOI % change 57.6% — 1.3% — Consolidated Property Cash Basis NOI % change 54.9% — 2.6% — (1) Based on consolidated properties we owned as of September 30, 2018 and September 30, 2017, excluding two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. (2) Based on consolidated properties we owned as of September 30, 2018 and which we owned continuously since January 1, 2017. (3) Subject to changes when space is re-measured or re-configured for tenants. (4) Percent leased includes (i) space being fitted out for occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date. (5) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to us by our tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS AND SAME PROPERTY CONSOLIDATED SUMMARY (6) See page 21 for the calculation of Consolidated Property NOI and Consolidated Property Cash Basis NOI and a reconciliation of net income (loss) available for common shareholders determined in accordance with GAAP to those amounts and see page 22 for a calculation and reconciliation of same property NOI and same property Cash Basis NOI. (7) Consolidated Property NOI margin is defined as Consolidated Property NOI as a percentage of rental income. Consolidated Property Cash Basis NOI margin is defined as Consolidated Property Cash Basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, non-cash amortization included in property operating expenses and the net effect of non-cash amortization of intangible lease assets and liabilities. Government Properties Income Trust 29 Supplemental Operating and Financial Data, September 30, 2018

 
OCCUPANCY AND LEASING SUMMARY (1) (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Three Months Ended 9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 Consolidated Properties (end of period) 105 105 107 108 74 Total sq. ft. (2) 17,046 17,046 17,332 17,499 11,517 Percentage leased 93.3% 94.0% 94.4% 94.2% 95.0% Leasing Activity (sq. ft.): (2) Government tenants 18 185 72 279 393 Non-government tenants 164 211 208 241 43 Total 182 396 280 520 436 % Change in GAAP Rent: (3) Government tenants (8.0%) 4.1% 20.2% 8.0% 0.2% Non-government tenants 0.3% (4.6%) 1.2% (4.0%) (11.1%) Total (0.4%) 0.6% 4.9% 3.3% (0.6%) Leasing Cost and Concession Commitments: (4) Government tenants $ 1,181 $ 2,951 $ 3,682 $ 1,942 $ 6,629 Non-government tenants 5,298 3,859 4,316 3,698 1,273 Total $ 6,479 $ 6,810 $ 7,998 $ 5,640 $ 7,902 Leasing Cost and Concession Commitments per Sq. Ft.: (4) OCCUPANCY AND LEASING SUMMARY OCCUPANCY Government tenants $ 65.21 $ 15.97 $ 51.13 $ 6.96 $ 16.86 Non-government tenants $ 32.28 $ 18.24 $ 20.71 $ 15.33 $ 29.64 Total $ 35.56 $ 17.18 $ 28.52 $ 10.84 $ 18.12 Weighted Average Lease Term by Sq. Ft. (years): Government tenants 19.7 8.6 8.2 5.5 8.5 Non-government tenants 6.8 4.1 4.6 4.7 7.2 Total 8.1 6.2 5.6 5.1 8.4 Leasing Cost and Concession Commitments per Sq. Ft. per Year: (4) Government tenants $ 3.32 $ 1.87 $ 6.20 $ 1.25 $ 1.98 Non-government tenants $ 4.76 $ 4.48 $ 4.47 $ 3.29 $ 4.10 Total $ 4.41 $ 2.79 $ 5.13 $ 2.11 $ 2.16 (1) The data presented exclude one property (one building) classified as discontinued operations which we sold on August 31, 2017 and two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures. (2) Rentable square footage is subject to changes when space is re-measured or re-configured for tenants. (3) Percent difference in prior rents charged for same space or, in the case of space acquired vacant, market rental rates for similar space in the building at the date of acquisition. Rents include estimated recurring expense reimbursements paid to us, exclude lease value amortization and are net of lease concessions. (4) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. The above leasing summary is based on leases entered during the periods indicated. Government Properties Income Trust 30 Supplemental Operating and Financial Data, September 30, 2018

 
LEASING ANALYSIS BY TENANT TYPE (1) Sq. Ft. During the Three Months Ended 9/30/2018 Sq. Ft. Leased % of Sq. Ft. Lease New Net Sq. Ft. Leased % of Sq. Ft. As of Leased as of Leases Renewals Leases Acquisitions/ As of Leased as of Tenant Type 6/30/2018 (2) 6/30/2018 (2) Expired Executed Executed (Dispositions) 9/30/2018 (2) 9/30/2018 (2) U.S. Government 7,164,642 44.7% (16,677) 16,863 1,247 — 7,166,075 45.1% State Government 2,509,391 15.7% — — — — 2,509,391 15.8% Other Government 254,679 1.6% — — — — 254,679 1.6% Government Contractor 992,225 6.2% (19,434) — 9,362 — 982,153 6.2% Other Tenants 5,100,629 31.8% (270,566) 80,807 73,941 — 4,984,811 31.3% 16,021,566 100.0% (306,677) 97,670 84,550 — 15,897,109 100.0% LEASING ANALYSIS BY TENANT TYPE BY ANALYSIS LEASING (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures. (2) Rentable square footage leased is pursuant to leases existing as of the measurement date and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease, if any, as of the measurement date. Square footage measurements are subject to changes when space is re- measured or re-configured for new tenants. Government Properties Income Trust 31 Supplemental Operating and Financial Data, September 30, 2018

 
TENANT LIST As of September 30, 2018 (1) % of Total % of % of Total % of Rentable Rentable Annualized Rentable Rentable Annualized Tenant / Agency Sq. Ft. (2) Sq. Ft. (2) Rental Income (3) Tenant Sq. Ft. (2) Sq. Ft. (2) Rental Income (3) U.S. Government: State Governments: 1 Citizenship and Immigration Services 448,607 2.6% 5.4% 1 State of California - ten agency occupants 644,586 3.8% 4.6% TENANT LIST 2 Internal Revenue Service 1,041,806 6.1% 5.3% 2 Commonwealth of Massachusetts - three agency occupants 310,514 1.8% 2.4% 3 U.S. Government (4) 406,388 2.4% 3.0% 3 State of Georgia - State Properties Commission 308,359 1.8% 1.6% 4 Federal Bureau of Investigation 304,425 1.8% 2.2% 4 Commonwealth of Virginia - two agency occupants 255,241 1.5% 1.4% 5 Bureau of Prisons 180,173 1.1% 2.1% 5 State of New Jersey - Department of Treasury 173,189 1.0% 1.3% 6 Centers for Disease Control 378,455 2.2% 2.1% 6 State of Oregon - four agency occupants 199,018 1.2% 1.1% 7 Department of Justice 239,597 1.4% 2.0% 7 State of Maryland - State of Maryland 185,949 1.1% 0.9% 8 Department of Veterans Affairs 265,764 1.6% 1.7% 8 State of Washington - Social and Health Services 111,908 0.7% 0.7% 9 General Services Administration 198,630 1.2% 1.7% 9 State of Arizona - Northern Arizona University 66,743 0.4% 0.4% 10 Bureau of Land Management 271,428 1.6% 1.6% 10 State of South Carolina -six agency occupants 124,238 0.7% 0.3% 11 Defense Intelligence Agency 266,000 1.6% 1.3% 11 State of Minnesota - Minnesota State Lottery 61,426 0.4% 0.3% 12 Social Security Administration 207,949 1.2% 1.3% 12 State of New York - three agency occupants 64,000 0.4% 0.3% 13 Customs and Border Protection 169,630 1.0% 1.2% 13 State of Kansas - University of Kansas 4,220 0.0% 0.0% 14 US Department of the Interior 212,996 1.2% 1.2% Subtotal State Governments 2,509,391 14.7% 15.3% 15 National Park Service 166,745 1.0% 1.1% 3 Other Government Tenants: 16 U.S. Courts 114,219 0.7% 1.0% Montgomery County, MD 181,895 1.1% 1.2% 17 Immigration and Customs Enforcement 90,688 0.5% 0.9% The Board of County Supervisors of Prince William County 69,374 0.4% 0.4% 18 U.S. Coast Guard 139,319 0.8% 0.9% Embassy of Morocco 3,410 —% —% 19 Drug Enforcement Agency 93,177 0.5% 0.8% Subtotal Other Government Tenants 254,679 1.5% 1.6% 20 Bureau of Safety and Environmental Enforcement 116,216 0.7% 0.8% Subtotal All Government Tenants 9,930,145 58.2% 62.5% 21 National Archives and Record Administration 352,064 2.1% 0.8% 25 Government Contractor Tenants: 22 Department of Health and Human Services 112,635 0.7% 0.8% BAE Systems plc 165,004 1.0% 1.6% 23 Department of Energy 140,152 0.8% 0.7% Leidos Holdings Inc 202,543 1.2% 1.4% 24 Defense Nuclear Facilities Board 60,133 0.4% 0.7% Science Applications International Corp 158,919 0.9% 1.3% 25 Department of State 83,130 0.5% 0.6% The Boeing Company 80,339 0.5% 0.7% 26 U.S. Postal Service 321,800 1.9% 0.6% 21 Other Government Contractor Tenants 375,348 2.2% 1.8% 27 Occupational Health and Safety Administration 57,770 0.3% 0.5% Subtotal Government Contractor Tenants 982,153 5.8% 6.8% 28 Centers for Medicare and Medicaid Services 78,361 0.5% 0.5% 461 Other Tenants: 29 Bureau of the Fiscal Service 98,073 0.6% 0.5% CareFirst Inc. 206,864 1.2% 2.8% 30 Military Entrance Processing Station 56,931 0.3% 0.4% ICF International, Inc. 127,946 0.8% 1.3% 31 Department of the Army 231,290 1.4% 0.4% Sentara Healthcare 190,469 1.1% 0.7% 32 Environmental Protection Agency 43,232 0.3% 0.4% GTCR, LLC 93,000 0.5% 0.6% 33 Department of Housing and Urban Development 82,497 0.5% 0.4% Odin, Feldman & Pittleman 53,918 0.3% 0.5% 34 Food and Drug Administration 33,398 0.2% 0.2% Conduent Inc 107,422 0.6% 0.5% 35 Department of Defense 31,030 0.2% 0.2% 455 Other Tenants 4,205,192 24.8% 24.3% 36 Defense Health Agency 15,939 0.1% 0.1% Subtotal Other Tenants 4,984,811 29.3% 30.7% 37 GSA-US Navy 29,070 0.2% 0.1% Subtotal Leased Rentable Square Feet 15,897,109 93.3% 100.0% 38 Equal Employment Opportunity Commission 14,046 0.1% 0.1% Available for Lease 1,148,842 6.7% —% 39 Department of Labor 6,459 0.0% 0.0% Total Rentable Square Feet 17,045,951 100.0% 100.0% 40 U.S. Department of Transportation 5,853 0.0% 0.0% Subtotal U.S. Government 7,166,075 42.0% 45.6% (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures. (2) Rentable square footage is pursuant to leases existing as of September 30, 2018, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease, if any. Rentable square footage measurements are subject to changes when space is re-measured or re-configured for new tenants. (3) Percentage of annualized rental income is calculated using annualized contractual base rents from our tenants pursuant to our lease agreements as of September 30, 2018, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. (4) Agency occupant cannot be disclosed. Government Properties Income Trust 32 Supplemental Operating and Financial Data, September 30, 2018

 
LEASE EXPIRATION SCHEDULE (1) As of September 30, 2018 (dollars in thousands) Number of Tenants Expiration of leased Cumulative % Annualized Rental % of Cumulative % Year (2) Expiring square feet (3) % of Total of Total Income Expiring (4) Annualized Total of Total 2018 52 819,971 5.2% 5.2% $ 27,402 6.7% 6.7% 2019 91 2,584,697 16.3% 21.5% 74,181 18.1% 24.8% 2020 99 2,232,317 14.0% 35.5% 54,766 13.4% 38.2% 2021 91 1,814,185 11.4% 46.9% 37,653 9.2% 47.4% 2022 96 1,689,207 10.6% 57.5% 38,143 9.3% 56.7% 2023 70 1,309,371 8.2% 65.7% 37,597 9.2% 65.9% 2024 44 1,424,865 9.0% 74.7% 35,906 8.8% 74.7% 2025 33 995,024 6.3% 81.0% 22,776 5.6% 80.3% 2026 26 832,369 5.2% 86.2% 23,677 5.8% 86.1% LEASE EXPIRATION SCHEDULE LEASE EXPIRATION 2027 and thereafter 57 2,195,103 13.8% 100.0% 56,711 13.9% 100.0% Total 659 15,897,109 100.0% $ 408,812 100.0% Weighted average remaining lease term (in years) 4.4 4.4 (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures. (2) The year of lease expiration is pursuant to current contract terms. Some of our government tenants have the right to vacate their space before the stated expirations of their leases. In addition, certain of our government tenants have the right to terminate their leases if their respective legislature or other funding authority does not appropriate rent in their respective annual budgets. (3) Leased square footage is pursuant to leases existing as of September 30, 2018, and includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any. Square footage measurements are subject to changes when space is re-measured or re-configured for new tenants. (4) Annualized rental income is calculated using the annualized contractual base rents from our tenants pursuant to our lease agreements as of September 30, 2018, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. Government Properties Income Trust 33 Supplemental Operating and Financial Data, September 30, 2018

 
EXHIBIT 75 Pleasant Street, Malden, MA Square Feet: 125,521 Occupant: Department of Education, Commonwealth of Massachusetts Government Properties Income Trust 34 Supplemental Operating and Financial Data, September 30, 2018

 
CONSOLIDATED PROPERTY DETAIL EXHIBIT (sorted by location) As of September 30, 2018 (1) (dollars in thousands) Annualized Year Built or No. of Primary Rentable Rental Undepreciated Depreciated Date Most Recent Property Location Buildings Tenant Type Sq. Ft. % Leased Income (2) Carrying Value Carrying Value Acquired (3) Renovation 1 131 Clayton Street Montgomery, AL 1 U.S. Government 57,815 100.0% $ 1,575 $ 10,052 $ 8,402 6/22/2011 2007 2 4344 Carmichael Road Montgomery, AL 1 U.S. Government 49,370 100.0% 1,529 13,032 11,648 12/17/2013 2009 3 15451 North 28th Avenue Phoenix, AZ 1 State 66,743 100.0% 1,452 9,819 9,035 9/10/2014 2013 4 711 S 14th Avenue Safford, AZ 1 U.S. Government 36,139 94.4% 913 8,205 8,081 6/16/2010 1992 5 5045 East Butler Street Fresno, CA 1 U.S. Government 531,976 100.0% 8,384 68,533 43,887 8/29/2002 1971 6 10949 N. Mather Boulevard Rancho Cordova, CA 1 State 93,807 100.0% 2,609 17,844 15,753 10/30/2013 2012 7 11020 Sun Center Drive Rancho Cordova, CA 1 State 82,896 100.0% 2,007 10,903 10,463 12/20/2016 2016 8 801 K Street Sacramento, CA 1 State 337,811 91.3% 9,913 72,852 67,461 1/29/2016 2002 9 9815 Goethe Road Sacramento, CA 1 State 87,863 100.0% 1,953 12,438 10,491 9/14/2011 1992 10 Capitol Place Sacramento, CA 1 State 163,840 91.2% 4,675 45,719 35,988 12/17/2009 1988 11 4181 Ruffin Road San Diego, CA 1 U.S. Government 148,488 100.0% 3,589 20,235 16,484 7/16/2010 2013 12 4560 Viewridge Road San Diego, CA 1 U.S. Government 93,177 100.0% 3,324 26,904 16,431 3/31/1997 1996 13 9174 Sky Park Centre San Diego, CA 1 U.S. Government 43,918 96.8% 1,192 8,923 5,818 6/24/2002 1986 14 603 San Juan Avenue Stockton, CA 1 U.S. Government 22,012 100.0% 971 6,033 5,189 7/20/2012 2012 15 16194 West 45th Street Golden, CO 1 U.S. Government 43,232 100.0% 1,595 6,883 3,695 3/31/1997 1997 16 12795 West Alameda Parkway Lakewood, CO 1 U.S. Government 166,745 100.0% 4,460 27,497 22,095 1/15/2010 1988 CONSOLIDATED PROPERTY DETAIL PROPERTY CONSOLIDATED 17 Corporate Center Lakewood, CO 3 U.S. Government 212,996 100.0% 4,749 34,313 22,047 10/11/2002 2004 18 11 Dupont Circle, NW Washington, DC 1 Non-Government 153,228 75.4% 7,025 74,902 73,590 10/2/2017 2004 19 1211 Connecticut Avenue, NW Washington, DC 1 Non-Government 132,481 85.5% 5,208 55,418 54,705 10/2/2017 2014 20 1401 K Street, NW Washington, DC 1 Non-Government 123,001 82.7% 5,563 66,255 65,063 10/2/2017 2016 21 20 Massachusetts Avenue Washington, DC 1 U.S. Government 340,119 100.0% 18,619 84,885 50,247 3/31/1997 1996 22 440 First Street, NW Washington, DC 1 Non-Government 141,576 98.4% 8,489 67,817 66,817 10/2/2017 2013 23 625 Indiana Avenue Washington, DC 1 U.S. Government 160,897 95.1% 7,836 58,860 51,604 8/17/2010 1989 24 840 First Street, NE Washington, DC 1 Non-Government 253,164 99.7% 13,385 116,004 114,172 10/2/2017 2003 25 7850 Southwest 6th Court Plantation, FL 1 U.S. Government 135,819 100.0% 4,876 35,775 29,950 5/12/2011 1999 26 8900 Grand Oak Circle Tampa, FL 1 U.S. Government 67,916 100.0% 1,967 13,172 10,773 10/15/2010 2008 27 180 Ted Turner Drive SW Atlanta, GA 1 U.S. Government 90,688 100.0% 3,659 25,914 22,812 7/25/2012 2007 28 Corporate Square Atlanta, GA 5 U.S. Government 378,455 100.0% 8,512 61,586 48,730 7/16/2004 1967 29 Executive Park Atlanta, GA 1 Non-Government 125,788 100.0% 1,611 17,343 11,726 7/16/2004 2014 30 One Georgia Center Atlanta, GA 1 State 375,952 97.2% 7,928 43,072 37,892 9/30/2011 2008 31 4712 Southpark Boulevard Ellenwood, GA 1 U.S. Government 352,064 100.0% 3,131 21,113 18,081 7/25/2012 2005 32 1185, 1249 & 1387 S. Vinnell Way Boise, ID 3 U.S. Government 180,952 100.0% 4,689 33,227 28,563 9/11/2012 1996 33 2020 S. Arlington Heights Arlington Heights, IL 1 U.S. Government 57,770 100.0% 2,045 15,482 12,472 12/29/2009 2002 34 Intech Park Indianapolis, IN 3 U.S. Government 433,924 79.5% 8,310 77,514 64,265 10/14/2011 2000 35 400 State Street Kansas City, KS 1 U.S. Government 170,817 91.4% 2,933 15,533 12,426 6/16/2010 1971 36 7125 Industrial Road Florence, KY 1 U.S. Government 167,939 100.0% 2,585 13,491 11,800 12/31/2012 2002 37 251 Causeway Street Boston, MA 1 State 141,452.89 95.3% 4,335 24,847 20,945 8/17/2010 1988 38 75 Pleasant Street Malden, MA 1 State 125,521 100.0% 4,964 32,467 25,890 5/24/2010 2008 39 25 Newport Avenue Quincy, MA 1 State 92,549 100.0% 2,101 13,617 11,700 2/16/2011 2009 40 One Montvale Avenue Stoneham, MA 1 U.S. Government 97,777 94.1% 2,520 14,872 12,277 6/16/2010 1987 See notes on page 37. Government Properties Income Trust 35 Supplemental Operating and Financial Data, September 30, 2018

 
CONSOLIDATED PROPERTY DETAIL EXHIBIT (sorted by location) As of September 30, 2018 (1) (dollars in thousands) Annualized Year Built or No. of Primary Rentable Rental Undepreciated Depreciated Date Most Recent Property Location Buildings Tenant Type Sq. Ft. % Leased Income (2) Carrying Value Carrying Value Acquired (3) Renovation 41 Annapolis Commerce Center Annapolis, MD 2 State 101,275 100.0% $ 2,443 $ 11,734 $ 11,515 10/2/2017 1989 42 4201 Patterson Avenue Baltimore, MD 1 State 84,674 100.0% 1,270 12,976 8,125 10/15/1998 2014 43 Hillside Center Columbia, MD 2 Non-Government 87,267 92.3% 1,725 7,753 7,649 10/2/2017 2014 44 TenThreeTwenty Columbia, MD 1 Non-Government 140,439 97.6% 3,880 20,208 19,771 10/2/2017 2013 45 3300 75th Avenue Landover, MD 1 U.S. Government 266,000 100.0% 5,334 41,779 33,754 2/26/2010 2004 46 1401 Rockville Pike Rockville, MD 1 Other Government 190,044 92.3% 4,660 48,985 30,234 2/2/1998 2015 47 2115 East Jefferson Street Rockville, MD 1 U.S. Government 128,645 84.6% 3,033 14,867 13,420 8/27/2013 2003 48 Redland 520/530 Rockville, MD 3 Non-Government 351,857 92.8% 13,322 75,474 73,925 10/2/2017 2008 49 Redland 540 Rockville, MD 1 Non-Government 131,516 53.8% 2,062 31,110 30,426 10/2/2017 2017 50 Rutherford Business Park Windsor Mill, MD 1 U.S. Government 80,398 100.0% 1,955 11,890 10,399 11/16/2012 2011 51 Meadows Business Park Woodlawn, MD 2 U.S. Government 182,561 83.8% 3,280 27,459 22,962 2/15/2011 1997 52 11411 E. Jefferson Avenue Detroit, MI 1 U.S. Government 55,966 100.0% 2,733 19,070 15,258 4/23/2010 2009 53 Rosedale Corporate Plaza Roseville, MN 1 State 61,426 100.0% 1,126 8,222 4,818 12/1/1999 1987 54 1300 Summit Street Kansas City, MO 1 U.S. Government 86,739 100.0% 2,384 15,720 13,873 9/27/2012 1998 55 4241-4300 NE 34th Street Kansas City, MO 1 U.S. Government 98,073 100.0% 1,915 11,620 7,498 3/31/1997 1995 56 1220 Echelon Parkway Jackson, MS 1 U.S. Government 109,819 100.0% 3,982 25,946 22,007 7/25/2012 2009 57 10-12 Celina Avenue Nashua, NH 1 U.S. Government 321,800 100.0% 2,439 18,621 15,348 8/31/2009 1997 58 50 West State Street Trenton, NJ 1 State 266,995 84.3% 6,972 46,114 38,383 12/30/2010 1989 59 138 Delaware Avenue Buffalo, NY 1 U.S. Government 121,711 78.8% 2,172 28,964 17,326 3/31/1997 2014 60 Airline Corporate Center Colonie, NY 1 State 64,000 100.0% 1,066 7,532 6,527 6/22/2012 2004 61 5000 Corporate Court Holtsville, NY 1 U.S. Government 264,482 85.7% 6,047 26,975 23,326 8/31/2011 2000 62 4600 25th Avenue Salem, OR 1 State 233,358 97.8% 5,196 29,554 24,873 12/20/2011 2007 63 Synergy Business Park Columbia, SC 3 State 180,703 91.9% 2,167 17,702 13,537 5/10/2006;9/17/2010 1985 64 One Memphis Place Memphis, TN 1 U.S. Government 204,694 72.6% 2,937 10,509 8,856 9/17/2010 1985 CONSOLIDATED PROPERTY DETAIL (Continued) DETAIL PROPERTY CONSOLIDATED 65 701 Clay Road Waco, TX 1 U.S. Government 138,608 100.0% 3,466 14,021 9,081 12/23/1997 1997 66 14660, 14672 & 14668 Lee Road Chantilly, VA 3 Government Contractor 409,478 98.7% 13,511 81,598 78,321 12/22/2016 1998 67 1434 Crossways Chesapeake, VA 2 Non-Government 213,955 100.0% 3,986 24,601 23,978 10/2/2017 2002 68 Greenbrier Towers Chesapeake, VA 2 Non-Government 171,762 86.5% 3,190 15,084 14,693 10/2/2017 1985 69 Enterchange at Meadowville Chester, VA 1 U.S. Government 228,108 100.0% 1,537 11,355 10,108 8/28/2013 2011 70 Three Flint Hill Fairfax, VA 1 Non-Government 183,529 76.5% 4,509 32,277 31,423 10/2/2017 2011 71 3920 Pender Drive Fairfax, VA 1 U.S. Government 83,130 100.0% 2,502 15,924 14,478 3/21/2014 2011 72 Pender Business Park Fairfax, VA 4 State 171,061 83.6% 3,505 24,443 21,733 11/4/2013 2000 73 7987 Ashton Avenue Manassas, VA 1 Other Government 69,374 100.0% 1,654 10,235 9,855 1/3/2017 1989 74 1759 & 1760 Business Center Drive Reston, VA 2 U.S. Government 406,388 100.0% 12,319 90,145 81,395 5/28/2014 1996 See notes on page 37. Government Properties Income Trust 36 Supplemental Operating and Financial Data, September 30, 2018

 
CONSOLIDATED PROPERTY DETAIL EXHIBIT (sorted by location) As of September 30, 2018 (1) (dollars in thousands) Annualized Year Built or No. of Primary Rentable Rental Undepreciated Depreciated Date Most Recent Property Location Buildings Tenant Type Sq. Ft. % Leased Income (2) Carrying Value Carrying Value Acquired (3) Renovation 75 1775 Wiehle Avenue Reston, VA 1 Non-Government 129,982 62.8% 3,213 30,435 29,773 10/2/2017 2001 76 9960 Mayland Drive Richmond, VA 1 State 173,932 94.4% 3,338 20,435 18,506 5/20/2014 1994 77 Aquia Commerce Center Stafford, VA 2 U.S. Government 64,656 100.0% 1,843 10,318 8,830 6/22/2011 1997 78 Atlantic Corporate Park Sterling, VA 2 U.S. Government 220,995 99.5% 6,175 35,132 34,388 10/2/2017 2008 79 Sterling Business Park Lots 8 and 9 Sterling, VA 1 U.S. Government 167,440 100.0% 5,505 53,510 52,402 10/2/2017 2016 80 65 Bowdoin Street S. Burlington, VT 1 U.S. Government 26,609 100.0% 1,129 9,256 7,438 4/9/2010 2009 81 840 North Broadway Everett, WA 2 State 111,908 100.0% 2,700 20,819 17,873 6/28/2012 1990 82 Stevens Center Richland, WA 2 U.S. Government 140,152 100.0% 2,922 24,019 14,341 3/31/1997 1995 83 11050 West Liberty Drive Milwaukee, WI 1 U.S. Government 29,297 100.0% 803 5,587 4,736 6/9/2011 2006 84 882 TJ Jackson Drive Falling Waters, WV 1 Vacant 40,348 —% — 5,062 2,874 3/31/1997 1993 85 5353 Yellowstone Road Cheyenne, WY 1 U.S. Government 106,107 100.0% 2,159 10,688 6,085 3/31/1997 1995 Total 114 13,639,939 351,247 2,499,079 2,135,589 Held for Sale (4) 86 500 First Street, NW Washington, DC 1 U.S. Government 129,035 100.0% 7,745 46,182 45,734 10/2/2017 2010 87 Ammendale Commerce Center Beltsville, MD 3 Non-Government 129,303 100.0% 1,832 14,377 14,099 10/2/2017 1987 88 Indian Creek Technology Park Beltsville, MD 4 Non-Government 186,363 99.9% 3,816 21,284 20,920 10/2/2017 1988 89 Gateway 270 West Clarksburg, MD 6 Non-Government 252,295 95.7% 4,648 22,196 21,939 10/2/2017 2002 90 Snowden Center Columbia, MD 5 Non-Government 145,423 88.7% 2,950 18,197 17,939 10/2/2017 1982 91 20400 Century Boulevard Germantown, MD 1 Vacant 80,550 —% — 13,499 7,979 3/31/1997 1995 92 Cloverleaf Center Germantown, MD 4 Non-Government 173,916 59.2% 2,547 16,826 16,659 10/2/2017 2000 93 Metro Park North Rockville, MD 4 Non-Government 192,280 91.8% 3,852 19,013 18,776 10/2/2017 2001 94 1408 Stephanie Way Chesapeake, VA 1 Government Contractor 53,541 100.0% 841 3,958 3,872 10/2/2017 2000 95 1441 Crossways Boulevard Chesapeake, VA 1 U.S. Government 144,512 100.0% 2,738 12,674 12,383 10/2/2017 1988 96 535 Independence Parkway Chesapeake, VA 1 Non-Government 96,720 100.0% 1,173 8,266 8,100 10/2/2017 1987 97 Crossways Chesapeake, VA 4 Non-Government 586,768 85.3% 6,954 46,897 45,616 10/2/2017 1989 98 Crossways II Chesapeake, VA 1 Non-Government 84,799 87.1% 1,518 10,889 10,623 10/2/2017 1989 99 Greenbrier Circle Corporate Center Chesapeake, VA 2 Non-Government 232,671 97.3% 3,776 19,854 19,344 10/2/2017 1981 CONSOLIDATED PROPERTY DETAIL (Continued) DETAIL PROPERTY CONSOLIDATED 100 Greenbrier Technology Center I Chesapeake, VA 1 Non-Government 97,194 95.5% 1,475 8,639 8,435 10/2/2017 1987 101 Greenbrier Technology Center II Chesapeake, VA 1 Non-Government 82,229 93.9% 1,379 7,668 7,482 10/2/2017 1987 102 Gateway II Norfolk, VA 1 Non-Government 42,997 80.7% 455 2,874 2,818 10/2/2017 1984 103 Norfolk Business Center Norfolk, VA 1 Non-Government 90,267 82.9% 1,128 7,599 7,418 10/2/2017 1985 104 Norfolk Commerce Park II Norfolk, VA 1 Non-Government 129,411 97.5% 2,053 13,957 13,651 10/2/2017 1990 105 Sterling Park Business Center Sterling, VA 7 Non-Government 475,738 97.9% 6,685 41,009 40,368 10/2/2017 2011 50 3,406,012 57,565 355,858 344,155 Grand Total 164 17,045,951 93.3% $ 408,812 $ 2,854,937 $ 2,479,744 (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page 20 for more information regarding these joint ventures. (2) Annualized rental income is calculated using the annualized contractual base rents from our tenants pursuant to our lease agreements as of September 30, 2018, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. (3) Date acquired is the date we acquired the property or the date our former parent entity acquired the property for those properties that our former parent entity contributed to us in June 2009 in connection with our initial public offering. (4) Carrying values exclude intangible and other assets. Government Properties Income Trust 37 Supplemental Operating and Financial Data, September 30, 2018