Government Properties Income Tr(NYSE: GOV )
Government Properties Income Trust beats by $0.01, misses on revs (GOV) 23.53 : Reports Q3 (Sep) funds from operations of $0.51 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.50; rental income rose 48.9% year/year to $45.7 mln vs the $46.8 mln consensus.
Government Properties Income Trust Announces 2011 Third Quarter Results
finance.yahoo.com
From the article:"...Recent Investment Activities:
Since July 1, 2011, GOV has acquired or has entered an agreement to acquire seven properties for an aggregate purchase price of $218.5 million, including the assumption of $49.4 million of mortgage debt and excluding acquisition costs, as follows:
* In August 2011, GOV acquired a previously disclosed office property located in Holtsville, NY with 264,482 rentable square feet. This property is 82% leased to three tenants, of which 72% is leased to the U.S. Government and occupied by the Internal Revenue Service and U.S. Citizenship and Immigration Services. The purchase price was $39.3 million, excluding acquisition costs.
* In September 2011, GOV acquired a previously disclosed office property located in Sacramento, CA with 87,863 rentable square feet. This property is 100% leased to the State of California and occupied by the California State Employment Development Department. The purchase price was $13.6 million, excluding acquisition costs.
* Also in September 2011, GOV acquired an office property located in Atlanta, GA with 375,805 rentable square feet. This property is 97% leased to 19 tenants, of which 78% is leased to the State of Georgia and occupied by the Georgia Department of Transportation. The purchase price was $48.6 million, excluding acquisition costs.
* In October 2011, GOV acquired three previously disclosed office properties located in Indianapolis, IN with 433,927 rentable square feet. These properties are 94% leased to 15 tenants, of which 56% is leased to the U.S. Government and occupied by the U.S. Customs and Border Protection Agency. The purchase price was $85 million, including the assumption of $49.4 of mortgage debt and excluding acquisition costs.
* Also in October 2011, GOV entered into an agreement to acquire an office property located in Salem, OR with 233,358 rentable square feet. This property is 84% leased to five tenants, of which 70% is leased to the State of Oregon and occupied by the Oregon Department of Human Services, Oregon Department of Justice and the Oregon Employment Department. The contract purchase price is $32 million, excluding acquisition costs. This pending acquisition is subject to GOV’s satisfactory completion of diligence and other customary closing conditions; accordingly, GOV can provide no assurance that it will acquire this property...."
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Even with their secondary offering earlier this year, GOV comes in w/ better than expected earnings. Analysts have 2012 estimates at $2.02/year. At current prices GOV sells at a 11.7 PE. Still a good value at current pricese. I plan to peel off a few shares at a PE over 12 when the price moves above $25.00/share.
EKS |
