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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (36481)	5/5/2010 10:44:14 AM
From: E_K_S	of 78741

RE: Government Properties Income Trust (GOV) Government Properties Income Trust Announces Results for the Period Ended March 31, 2010 finance.yahoo.com From the article:"...Net income available for common shareholders for the quarter ended March 31, 2010 was $6.9 million, or $0.24 per share, compared to $8.5 million for the quarter ended March 31, 2009...." Both Operating income and Net income were lower from the previous quarter primarily due to the one time financing costs of their secondary offering. If you back out the secondary fees, the operating income is still lower. If you annualize the per share net income reported for Q1 (.24/share Q1) you get $0.96/share, analysts estimate $1.80/year - $1.90/year. It seems like they fell short. At least for the first quarter, they come well short of making their $0.40/share quarterly dividend amount. Stock seems to be holding up after their report. Based on your post of 1/15/2010, the stock is fairly valued at $19.96/share - $20.70/share but at $27.00/share it appears you are paying a 35% premium. I do not think the properties owned have increased that much in value over the last three months. I am out of the position. I guess new buyers like the safety of Government tenants and will pay a premium to own the shares. EKS

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