Government Properties Income Trust Announces $114 Million Acquisition in New York City

NEWTON, Mass.--()--Government Properties Income Trust (NYSE: GOV) today announced that it has acquired a building with approximately 187,060 square feet located in New York City that is 100% leased to the United Nations.

The acquisition price is approximately $114 million, excluding acquisition costs, and the going in GAAP cap rate is 7.1%. The purchase was funded by using cash on hand and drawings under GOV’s revolving credit facility.

Government Properties Income Trust is a real estate investment trust, or REIT, which owns properties located throughout the United States which are majority leased to the U.S. Government and several state government tenants. As of March 31, 2011, GOV owned 58 properties with 7.1 million rentable square feet. GOV is headquartered in Newton, Massachusetts.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. WHENEVER THE COMPANY USES WORDS SUCH AS "BELIEVE", "EXPECT", "ANTICIPATE", "INTEND", "PLAN", "ESTIMATE", OR SIMILAR EXPRESSIONS, THE COMPANY IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE BASED UPON THE COMPANY’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. THE COMPANY’S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY ITS FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

  • THIS PRESS RELEASE STATES THAT THE GOING IN GAAP CAP RATE FOR THE COMPANY’S ACQUISITION OF AN OFFICE PROPERTY LOCATED IN NEW YORK CITY IS 7.1%. AN IMPLICATION OF THIS STATEMENT MAY BE THAT THE CAP RATE WILL CONTINUE TO BE 7.1%. HOWEVER, THE CAP RATE IS SUBJECT TO VARIOUS FACTORS WHICH ARE BEYOND THE COMPANY’S CONTROL; ACCORDINGLY, IT CAN PROVIDE NO ASSURANCES THAT THE CAP RATE WILL REMAIN AT 7.1%.

THE INFORMATION CONTAINED IN THE COMPANY’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING UNDER "RISK FACTORS" IN ITS PERIODIC REPORTS, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN OR IMPLIED BY THE COMPANY’S FORWARD LOOKING STATEMENTS. THE COMPANY’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION ARE AVAILABLE ON ITS WEBSITE AT WWW.SEC.GOV.

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS.

EXCEPT AS REQUIRED BY LAW, THE COMPANY DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Contacts

Government Properties Income Trust
Timothy A. Bonang, 617-219-1410
Vice President, Investor Relations
or
Elisabeth A. Heiss, 617-219-1410
Manager, Investor Relations
www.govreit.com

Contacts

Government Properties Income Trust
Timothy A. Bonang, 617-219-1410
Vice President, Investor Relations
or
Elisabeth A. Heiss, 617-219-1410
Manager, Investor Relations
www.govreit.com