Intraday Mover: Government Properties Income Trust’s (NASDAQ: GOV)

On 4 Dec 18, Government Properties Income Trust’s (NASDAQ: GOV) oscillated between $8.28 and $8.71 before concluding trading period lower/higher -3.81% at $8.33. The stock recorded total trading quantity of 2,026,058 shares as compared to its average volume of 2,439,593 shares. The firm has a total market worth of $826.379M and $97.85 million shares remain outstanding.

Government Properties Income Trust (GOV) recently reported its financial results for the quarter and nine months ended September 30, 2018. Results for the Quarter Ended September 30, 2018:

Net loss accessible for ordinary shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, for the quarter ended September 30, 2018 was $0.4M, or $0.00 per diluted share, contrast to net income accessible for ordinary shareholders of $11.0M, or $0.11 per diluted share, for the quarter ended September 30, 2017. Net loss accessible for ordinary shareholders for the quarter ended September 30, 2018 includes a $17.4M, or $0.18 per diluted share, unrealized gain on equity securities relating to GOV’s investment in The RMR Group Inc., or RMR Inc., partially offset by $16.2M, or $0.16 per diluted share, of estimated business management incentive fee expense. The weighted average number of diluted ordinary shares outstanding was 99.1M for the quarter ended September 30, 2018 and 97.0M for the quarter ended September 30, 2017.

Normalized funds from operations, or Normalized FFO, accessible for ordinary shareholders for the quarter ended September 30, 2018 were $53.0M, or $0.53 per diluted share, contrast to Normalized FFO accessible for ordinary shareholders for the quarter ended September 30, 2017 of $39.6M, or $0.41 per diluted share.

Reconciliations of net income (loss) accessible for ordinary shareholders determined in accordance with GAAP to funds from operations, or FFO, accessible for ordinary shareholders and Normalized FFO accessible for ordinary shareholders for the quarters ended September 30, 2018 and 2017 appear later in this press release.

Results for the Nine Months Ended September 30, 2018:

Net income accessible for ordinary shareholders determined in accordance with GAAP was $35.4M, or $0.36 per diluted share, for the nine months ended September 30, 2018, contrast to net income accessible for ordinary shareholders of $30.1M, or $0.38 per diluted share, for the nine months ended September 30, 2017. Net income accessible for ordinary shareholders for the nine months ended September 30, 2018 includes a $40.7M, or $0.41 per diluted share, unrealized gain on equity securities relating to GOV’s investment in RMR Inc. and a $17.3M, or $0.17 per diluted share, gain on sale of real estate, partially offset by $17.0M, or $0.17 per diluted share, of estimated business management incentive fee expense and a $5.8M, or $0.06 per diluted share, loss on impairment of real estate. The weighted average number of diluted ordinary shares outstanding was 99.1M for the nine months ended September 30, 2018 and 79.9M for the nine months ended September 30, 2017.

Normalized FFO accessible for ordinary shareholders for the nine months ended September 30, 2018 were $158.4M, or $1.60 per diluted share, contrast to Normalized FFO accessible for ordinary shareholders for the nine months ended September 30, 2017 of $121.9M, or $1.53 per diluted share.

Leasing, Occupancy and Same Property Results:

During the quarter ended September 30, 2018, GOV entered new and renewal leases for an aggregate 182,220 rentable square feet at weighted (by rentable square feet) average rents that were 0.4% below previous rents for the same space. The weighted (by rentable square feet) average lease term for these leases was 8.1 years and leasing concessions and capital commitments for these leases were $6.5M, or $4.41 per square foot, per lease year. These new and renewal leases include about 18,000 square feet with government tenants which have weighted (by rentable square feet) average rents that are 8.0% below previous rents for the same space, a weighted (by rentable square feet) average lease term of 19.7 years and leasing concessions and capital commitments of $1.2M, or $3.32 per square foot per weighted (by square foot) average lease year.

The company jumped 0.12% in past week and declined -6.82% in one month. During the past three month period the stock dropped -50.80% and decreased -41.42% in past six month. During the twelve month it lost -55.60% and year to date performance of -55.07%.

Leave a Reply

Your email address will not be published. Required fields are marked *