Last $23.40 USD
Change Today +0.08 / 0.34%
Volume 260.6K
GOV On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

government properties income (GOV) Snapshot

Open
$23.40
Previous Close
$23.32
Day High
$23.49
Day Low
$23.28
52 Week High
06/6/14 - $26.30
52 Week Low
10/2/14 - $21.71
Market Cap
1.6B
Average Volume 10 Days
545.1K
EPS TTM
$0.93
Shares Outstanding
70.3M
EX-Date
10/22/14
P/E TM
25.1x
Dividend
$1.72
Dividend Yield
7.35%
Current Stock Chart for GOVERNMENT PROPERTIES INCOME (GOV)

government properties income (GOV) Related Businessweek News

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government properties income (GOV) Details

A company description is not available for GOV:US.
Founded in 2009

government properties income (GOV) Top Compensated Officers

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Executives, Board Directors

government properties income (GOV) Key Developments

Government Properties Income Trust Improves Liquidity by Entering $1.3 Billion of New Unsecured Revolving Credit and Term Loan Facilities

Government Properties Income Trust (GOV) announced that it has replaced its existing unsecured revolving credit facility and unsecured term loan with new facilities that provide GOV with up to $1.3 billion in borrowing capacity at lower interest rates and with extended maturities. The new facilities include a feature under which the maximum borrowing capacity may be increased to up to $2.5 billion on a combined basis under certain circumstances. GOV has replaced its existing $550 million unsecured revolving credit facility with a maturity date of October 19, 2015 and interest paid on borrowings of LIBOR plus 150 basis points with a new $750 million unsecured revolving credit facility maturing on January 31, 2019 with interest paid on borrowings of LIBOR plus, at present, 125 basis points based on GOV's current credit ratings. The new revolving credit facility includes a borrower's option to extend the revolving credit facility for one year to January 31, 2020. In addition, GOV has replaced its existing $350 million unsecured term loan facility with a maturity date of January 11, 2017 and interest paid on the amount outstanding of LIBOR plus 175 basis points with: A new $300 million unsecured term loan maturing on March 31, 2020 with interest paid on the amount outstanding of LIBOR plus, at present, 140 basis points based on GOV's current credit ratings. A new $250 million unsecured term loan maturing on March 31, 2022 with interest paid on the amount outstanding of LIBOR plus, at present, 180 basis points based on GOV's current credit ratings. Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as Joint Lead Arrangers for the new revolving credit facility and $300 million term loan maturing on March 31, 2020.

Government Properties Income Trust Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Asset Impairment Charges for the Third Quarter Ended September 30, 2014

Government Properties Income Trust announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported normalized funds from operations, or normalized FFO were $39.8 million, or $0.61 per share, compared to normalized FFO of $27.5 million, or $0.50 per share for the same period a year ago. The increase in Normalized FFO per share this quarter was primarily the result of GOV's recent property acquisitions and its July 2014 investment in Select Income REIT. Net income was $12.6 million, or $0.19 per share compared to $2.0 million, or $0.04 per share, for the quarter ended September 30, 2013. Rental income was $64,158,000, operating income was $16,428,000, income from continuing operations before income tax benefit (expense) and equity in earnings of investees was $7,013,000 and net income from continuing operations was $11,916,000 or $0.18 per share against rental income of $56,401,000, operating income of $16,087,000, income from continuing operations before income tax benefit (expense) and equity in earnings of investees of $11,921,000 and net income from continuing operations of $12,021,000 or $0.22 per share a year ago. FFO was $37,458,000 or $0.57 per share against $26,382,000 or $0.48 per share a year ago. Adjusted EBITDA was $32.1 million compared to $30.1 million in the 2012 third quarter, a quarter-over-quarter increase of 6.5%. Net operating income was $40,119,000 compared to $34,622,000 for the same period a year ago. For the nine months, the company reported normalized FFO were $100.0 million, or $1.71 per share, compared to normalized FFO of $87.6 million, or $1.60 per share. Net income was $42.4 million, or $0.73 per share compared to $41.9 million, or $0.77 per share, for the nine months ended September 30, 2013. Rental income was $186,406,000, operating income was $53,046,000, income from continuing operations before income tax benefit (expense) and equity in earnings of investees was $34,004,000 and net income from continuing operations was $38,805,000 or $0.66 per share against rental income of $168,639,000, operating income of $55,216,000, income from continuing operations before income tax benefit (expense) and equity in earnings of investees of $43,848,000 and net income from continuing operations of $43,017,000 or $0.79 per share a year ago. FFO was $96,530,000 or $1.65 per share against $85,856,000 or $1.58 per share a year ago. Net operating income was $116,743,000 compared to $107,227,000 for the same period a year ago. The company recorded a $1.6 million loss on asset impairment during the three months ended September 30, 2014.

Government Properties Seeks Acquisitions

Government Properties Income Trust (NYSE:GOV) is looking for acquisitions. David Blackman, President of Government Properties said, "Since Labor Day we have built up a very strong pipeline of potential acquisitions with properties that I would say are pretty high quality and they all look pretty interesting to us. The market continues to be aggressive. I expect that we will bid on these acquisitions and we may win a few, we may lose a few but the market hasn't changed a lot".

 

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Industry Analysis

GOV

Industry Average

Valuation GOV Industry Range
Price/Earnings 26.2x
Price/Sales 6.3x
Price/Book 1.3x
Price/Cash Flow 13.8x
TEV/Sales 2.3x
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