Properties
Government Properties 4Q results drop
(BUSINESS WEEK) - Government Properties Income Trust, which owns buildings leased to government tenants, reported Monday that its funds from operations declined in the fourth quarter as expenses grew.
The real estate investment trust said funds from operations fell 14 percent to $10.2 million, or 48 cents per share, compared with $11.8 million in the same quarter a year ago. The company first sold shares to the public last June.
The results were slightly below the forecast of analysts polled by Thomson Reuters. They had expected FFO of 49 cents per share.
Funds from operations is a widely used gauge of real estate investment trusts’ operating performance. It adds depreciation and amortization expenses as well as other non-operating items back to net income.
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