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0001104659-11-059592.txt : 20111101 0001104659-11-059592.hdr.sgml : 20111101 20111101172623 ACCESSION NUMBER: 0001104659-11-059592 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111101 DATE AS OF CHANGE: 20111101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Government Properties Income Trust CENTRAL INDEX KEY: 0001456772 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 264273474 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34364 FILM NUMBER: 111172306 BUSINESS ADDRESS: STREET 1: TWO NEWTON PLACE STREET 2: 255 WASHINGTON STREET CITY: NEWTON STATE: MA ZIP: 02458 BUSINESS PHONE: 617-219-1440 MAIL ADDRESS: STREET 1: TWO NEWTON PLACE STREET 2: 255 WASHINGTON STREET CITY: NEWTON STATE: MA ZIP: 02458 10-Q 1 a11-25680_110q.htm 10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-34364

GOVERNMENT PROPERTIES INCOME TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland		26-4273474
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634

(Address of Principal Executive Offices) (Zip Code)

617-219-1440

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

(Do not check if a smaller reporting company)

Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Number of registrant’s common shares of beneficial interest, $.01 par value per share, outstanding as of November 1, 2011: 47,051,650.

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GOVERNMENT PROPERTIES INCOME TRUST

FORM 10-Q

September 30, 2011

INDEX

PART I	Financial Information

Item 1.	Condensed Consolidated Financial Statements (unaudited)

	Condensed Consolidated Balance Sheets — September 30, 2011 and December 31, 2010	1

	Condensed Consolidated Statements of Income — Three and Nine Months Ended September 30, 2011 and 2010	2

	Condensed Consolidated Statements of Cash Flows —Nine Months Ended September 30, 2011 and 2010	3

	Notes to Condensed Consolidated Financial Statements	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	24

	Warning Concerning Forward Looking Statements	25

	Statement Concerning Limited Liability	27

PART II	Other Information

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

	Signatures	30

References in this Quarterly Report on Form 10-Q to “we”, “us” and “our” refer to Government Properties Income Trust and its consolidated subsidiaries, unless otherwise noted.

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PART I Financial Information

Item 1. Financial Statements

GOVERNMENT PROPERTIES INCOME TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

(unaudited)

	September 30, 2011			December 31, 2010
ASSETS

Real estate properties:
Land	$	213,994		$	143,774
Buildings and improvements	1,040,149			833,719
	1,254,143			977,493
Accumulated depreciation	(149,583		)	(131,046		)
	1,104,560			846,447

Acquired real estate leases, net	103,901			60,097
Cash and cash equivalents	5,724			2,437
Restricted cash	1,858			1,548
Rents receivable, net	22,096			19,200
Deferred leasing costs, net	1,059			1,002
Deferred financing costs, net	2,488			3,935
Other assets, net	24,982			16,622
Total assets	$	1,266,668		$	951,288

LIABILITIES AND SHAREHOLDERS’ EQUITY

Revolving credit facility	$	282,500		$	118,000
Mortgage notes payable	45,608			46,428
Accounts payable and accrued expenses	21,885			14,436
Due to related persons	6,633			1,348
Assumed real estate lease obligations, net	11,853			13,679
	368,479			193,891

Commitments and contingencies

Shareholders’ equity:
Common shares of beneficial interest, $.01 par value:
70,000,000 shares authorized, 47,051,650 and 40,500,800 shares issued and outstanding, respectively	471			405
Additional paid in capital	935,463			776,913
Cumulative net income	74,085			41,336
Cumulative other comprehensive income	59			2
Cumulative common distributions	(111,889		)	(61,259		)
Total shareholders’ equity	898,189			757,397

Total liabilities and shareholders’ equity	$	1,266,668		$	951,288

See accompanying notes.

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GOVERNMENT PROPERTIES INCOME TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010

Rental income	$	45,719		$	30,746		$	126,718		$	80,040

Expenses
Real estate taxes	4,853			3,292			13,947			8,624
Utility expenses	4,375			2,836			11,422			6,246
Other operating expenses	7,723			5,147			21,568			12,667
Depreciation and amortization	10,379			6,321			27,862			16,602
Acquisition related costs	1,008			2,687			2,846			4,542
General and administrative	2,746			1,833			7,655			4,915
Total expenses	31,084			22,116			85,300			53,596

Operating income	14,635			8,630			41,418			26,444

Interest and other income	54			12			89			80
Interest expense (including net amortization of debt premiums and deferred financing fees of $418, $635, $1,254 and $1,791, respectively)	(3,162		)	(1,973		)	(8,775		)	(5,182		)
Equity in earnings (losses) of an investee	28			35			111			(17		)

Income before income tax benefit (expense)	11,555			6,704			32,843			21,325

Income tax benefit (expense)	8			(35		)	(94		)	(71		)
Net income	$	11,563		$	6,669		$	32,749		$	21,254

Weighted average common shares outstanding	45,322			36,369			42,127			32,265

Net income per common share	$	0.26		$	0.18		$	0.78		$	0.66

See accompanying notes.

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GOVERNMENT PROPERTIES INCOME TRUST

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

	Nine Months Ended September 30,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	32,749		$	21,254
Adjustments to reconcile net income to cash provided by operating activities
Depreciation	19,258			13,612
Net amortization of debt premium and deferred financing fees	1,254			1,791
Straight line rental income	(451		)	75
Amortization of acquired real estate leases	8,116			2,715
Amortization of deferred leasing costs	367			354
Share based compensation expense	721			546
Equity in (earnings) losses of an investee	(111		)	17
Change in assets and liabilities:
(Increase) decrease in restricted cash	(310		)	(860		)
(Increase) decrease in deferred leasing costs	(424		)	(109		)
(Increase) decrease in rents receivable	(2,445		)	(7,583		)
(Increase) decrease in due from related persons	—			(792		)
(Increase) decrease in other assets	(3,578		)	(2,252		)
Increase (decrease) in accounts payable and accrued expenses	7,925			12,320
Increase (decrease) in due to related persons	5,285			2,630
Cash provided by operating activities	68,356			43,718

CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and improvements	(336,206		)	(344,481		)
Investment in Affiliates Insurance Company	—			(76		)
Cash used in investing activities	(336,206		)	(344,557		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	157,894			418,431
Repayment of mortgage notes payable	(624		)	(391		)
Borrowings on revolving credit facility	376,500			217,000
Repayments on revolving credit facility	(212,000		)	(298,375		)
Financing fees	(3		)	(1,076		)
Distributions to common shareholders	(50,630		)	(33,914		)
Cash provided by financing activities	271,137			301,675

Increase in cash and cash equivalents	3,287			836
Cash and cash equivalents at beginning of period	2,437			1,478
Cash and cash equivalents at end of period	$	5,724		$	2,314

SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$	7,065		$	3,208
Income taxes paid	43			137

Non-cash investing activities
Real estate acquisitions funded by the assumption of mortgage debt	$	—		$	(35,196	)

Non-cash financing activities
Assumption of mortgage debt	$	—		$	35,196
Issuance of common shares pursuant to our equity compensation plan	(721		)	(546		)

See accompanying notes.

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GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

(unaudited)

Note 1. Basis of Presentation

The accompanying condensed consolidated financial statements of Government Properties Income Trust and its subsidiaries, or GOV, the Company, we or us, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2010, or our Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included. All material intercompany transactions and balances between the Company and its subsidiaries have been eliminated.

As of September 30, 2011, we owned 67 properties located in 27 states and the District of Columbia containing approximately 8.3 million rentable square feet. The U.S. Government, certain state governments and the United Nations are our primary tenants.

Note 2. Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-05, Presentation of Comprehensive Income. This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders’ equity. This standard is intended to enhance comparability between entities that report under GAAP and to provide a more consistent method of presenting non-owner transactions that affect an entity’s equity. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update is not expected to cause any material changes to our consolidated financial statements.

Note 3. Real Estate Properties

We generally lease space in our properties on a gross lease or modified gross lease basis pursuant to fixed term operating leases expiring between 2011 and 2025. Certain of our government tenants have the right to cancel their leases before the lease terms expire, although we expect that few will do so. Our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the three months ended September 30, 2011, we executed seven leases for 85,444 rentable square feet and a weighted average lease term of 9.6 years and made commitments for approximately $2,872 of leasing related costs. During the nine months ended September 30, 2011, we executed 22 leases for 130,882 rentable square feet and a weighted average lease term of 8.6 years and made commitments for approximately $3,688 of leasing related costs. We have unspent tenancy related obligations of approximately $12,690 as of September 30, 2011.

In February 2011, we acquired an office property located in Quincy, MA with 92,549 rentable square feet. This property is majority leased to the State of Massachusetts. The purchase price was $14,000, excluding acquisition costs. We allocated approximately $2,700 to land, $9,200 to building and improvements, $2,113 to acquired real estate leases and $13 to assumed real estate lease obligations based on the estimated fair values of the acquired assets and assumed liabilities.

Also in February 2011, we acquired two office properties located in Woodlawn, MD with 182,561 rentable square feet. These properties are majority leased to the U.S. Government. The purchase price was $28,000, excluding acquisition costs. We allocated approximately $3,735 to land, $21,509 to building and improvements, $3,281 to acquired

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GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

(unaudited)

real estate leases and $525 to assumed real estate lease obligations based on the estimated fair values of the acquired assets and assumed liabilities.

In May 2011, we acquired an office property located in Plantation, FL with 135,819 rentable square feet. This property is leased to the U.S. Government. The purchase price was $40,750, excluding acquisition costs. We allocated approximately $4,800 to land, $30,592 to building and improvements and $5,358 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in May 2011, we acquired an office property located in New York, NY with 187,060 rentable square feet. This property is leased to the United Nations. The purchase price was $114,050, excluding acquisition costs. We allocated approximately $36,800 to land, $66,661 to building and improvements and $10,589 to acquired real estate leases based on the estimated fair values of the acquired assets.

In June 2011, we acquired an office property located in Milwaukee, WI with 29,297 rentable square feet. This property is leased to the U.S. Government. The purchase price was $6,775, excluding acquisition costs. We allocated approximately $945 to land, $4,539 to building and improvements and $1,291 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in June 2011, we acquired two office properties located in Stafford, VA with 64,488 rentable square feet. These properties are leased to the U.S. Government. The purchase price was $11,550, excluding acquisition costs. We allocated approximately $2,090 to land, $7,465 to building and improvements and $1,995 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in June 2011, we acquired an office property located in Montgomery, AL with 57,815 rentable square feet. This property is leased to the U.S. Government. The purchase price was $11,550, excluding acquisition costs. We allocated approximately $920 to land, $9,084 to building and improvements and $1,546 to acquired real estate leases based on the estimated fair values of the acquired assets.

In August 2011, we acquired an office property located in Holtsville, NY with 264,482 rentable square feet. This property is majority leased to the U.S. Government. The purchase price was $39,250, excluding acquisition costs. We allocated approximately $6,530 to land, $17,711 to building and improvements and $13,453 to acquired real estate leases based on the estimated fair values of the acquired assets.

In September 2011, we acquired an office property located in Sacramento, CA with 87,863 rentable square feet. This property is leased to the State of California. The purchase price was $13,600, excluding acquisition costs. We allocated approximately $1,450 to land, $9,465 to building and improvements and $2,685 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in September 2011, we acquired an office property located in Atlanta, GA with 375,805 rentable square feet. This property is majority leased to the State of Georgia. The purchase price was $48,600, excluding acquisition costs. We allocated approximately $10,250 to land, $27,933 to building and improvements, $10,421 to acquired real estate leases and $4 to assumed real estate lease obligations based on the estimated fair values of the acquired assets and assumed liabilities.

In October 2011, we acquired three office properties located in Indianapolis, IN with 433,927 rentable square feet. These properties are majority leased to the U.S. Government. The purchase price was $85,000, including the assumption of $49,395 of mortgage debt and excluding acquisition costs.

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GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

(unaudited)

Also in October 2011, we entered into an agreement to acquire an office property located in Salem, OR with 233,358 rentable square feet. This property is majority leased to the State of Oregon. The contract purchase price is $32,000, excluding acquisition costs. This pending acquisition is subject to our satisfactory completion of diligence and other customary closing conditions; accordingly, we can provide no assurance that we will acquire this property.

Note 4. Tenant Concentration and Segment Information

We operate in one business segment: ownership of properties that are majority leased to government tenants. We define annualized rental income as the annualized rents from our tenants pursuant to our lease agreements with them as of the measurement date, plus estimated expense reimbursements to be paid to us, and excluding lease value amortization. The U.S. Government, seven state governments and the United Nations combined were responsible for approximately 93.1% and 93.6% of our annualized rental income as of September 30, 2011 and 2010, respectively. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 71.3% and 81.0% of our annualized rental income as of September 30, 2011 and 2010, respectively.

Note 5. Indebtedness

At September 30, 2011 and December 31, 2010, our outstanding indebtedness included the following:

	September 30,		December 31,
	2011		2010

Revolving credit facility, due in 2013(1)	$	282,500	$	118,000
Mortgage note payable, 6.21% interest rate, due in 2016	24,781		24,800
Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,036, due in 2019(2)	10,635		10,856
Mortgage note payable, 8.15% interest rate, including unamortized premium of $817, due in 2021(2)	10,192		10,772
	$	328,108	$	164,428

(1) On October 18, 2011, we amended our credit agreement as described below.

(2) We assumed these mortgages in connection with our acquisition of certain properties. The stated interest amounts for these mortgage debts are the contractually stated amounts; we recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market rates as of the date of acquisition.

At September 30, 2011, we had a $500,000 unsecured revolving credit facility that was available for acquisitions, working capital and general business purposes. Interest under the revolving credit facility is based upon LIBOR plus a spread that is subject to adjustment based upon changes to our senior unsecured debt rating. On October 18, 2011, we amended our revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest paid on drawings under the facility and extend the stated maturity date of the facility from October 28, 2013 to October 19, 2015. Subject to certain conditions and the payment of a fee, we have the option to further extend the stated maturity date by one year to October 19, 2016. Our revolving credit facility agreement, including as amended on October 18, 2011, contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms of our revolving credit facility agreement at September 30, 2011. The weighted average annual interest rate for our revolving credit facility was 2.31% and 2.32% for the three and nine months ended September 30, 2011, respectively. As of September 30, 2011, we had $282,500 outstanding under our revolving credit facility.

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GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

(unaudited)

Note 6. Fair Value of Financial Instruments

Our financial instruments at September 30, 2011 include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, our revolving credit facility, amounts due to related persons, other accrued expenses and deposits. At September 30, 2011, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, except as follows:

	Carrying Amount		Fair Value

Mortgage note payable, 6.21% interest rate, due in 2016	$	24,781	$	27,149
Mortgage note payable, 7.00% interest rate, due in 2019	10,635		11,164
Mortgage note payable, 8.15% interest rate, due in 2021	10,192		11,439
	$	45,608	$	49,752

We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date.

Note 7. Shareholders’ Equity

Distributions

On February 23, 2011, we paid a distribution to common shareholders in the amount of $0.41 per share, or $16,606, that was declared on January 5, 2011 and was payable to shareholders of record on January 26, 2011.

On May 24, 2011, we paid a distribution to common shareholders in the amount of $0.42 per share, or $17,010, that was declared on April 5, 2011 and was payable to shareholders of record on April 26, 2011.

On August 24, 2011, we paid a distribution to common shareholders in the amount of $0.42 per share, or $17,015, that was declared on July 1, 2011 and was payable to shareholders of record on July 11, 2011.

On October 6, 2011, we declared a distribution payable to common shareholders of record on October 22, 2011, in the amount of $0.42 per share, or $19,762. We expect to pay this distribution on or about November 22, 2011.

Share Issuances

On May 17, 2011, pursuant to our equity compensation plan, we granted 2,000 of our common shares of beneficial interest, $.01 par value per share, or our common shares, valued at $25.61 per share, the closing price of our common shares on the New York Stock Exchange, or the NYSE, on that day, to each of our five Trustees as part of their annual compensation.

On July 20, 2011, we amended our declaration of trust to increase the number of authorized common shares from 50,000,000 to 70,000,000.

On July 25, 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,894. We used the net proceeds from this offering to reduce amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

On September 16, 2011, pursuant to our equity compensation plan, we granted an aggregate of 40,850 of our common shares valued at $22.56 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of our manager, Reit Management & Research LLC, or RMR.

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GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

(unaudited)

We have no dilutive securities.

Note 8. Related Person Transactions

CommonWealth REIT, or CWH, is our former parent company. CWH is our largest shareholder and, as of the date of this Quarterly Report on Form 10-Q, owned 9,950,000 of our common shares, or approximately 21.1% of our outstanding common shares. RMR provides management services to both us and CWH. One of our Managing Trustees, Barry Portnoy, is Chairman and majority owner of RMR and serves as managing trustee of CWH. Our other Managing Trustee, Adam Portnoy, is Barry Portnoy’s son, and is an owner, President, Chief Executive Officer and a director of RMR and serves as a managing trustee and President of CWH. Our executive officers and CWH’s executive officers are officers of RMR. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services. Barry Portnoy serves as a managing director or managing trustee of those companies and Adam Portnoy serves as a managing trustee of a majority of those companies.

We have no employees. Instead, services that might be provided to us by employees are provided to us by RMR. RMR provides both business and property management services to us under a business management agreement and a property management agreement. There have been no changes in the terms of our management agreements with RMR from those described in our reports with the Securities and Exchange Commission, or the SEC (other than as described in those reports or in this Quarterly Report on Form 10-Q, including in Part II, Item 5). Pursuant to the business management agreement with RMR, we incurred expenses of $2,015 and $1,204 for the three months ended September 30, 2011, and 2010, respectively, and $5,494 and $3,062 for the nine months ended September 30, 2011 and 2010, respectively. These amounts are included in general and administrative expenses in our condensed consolidated statements of income. On October 31, 2011, we and RMR amended our business management agreement to provide that, for purposes of determining the fees we pay to RMR under that agreement, which are based on a percentage of the value of our properties as determined under the agreement, the value of properties we may acquire from certain other companies to which RMR provides management services will be based upon the seller’s historical cost for those properties rather than our acquisition costs and to provide other companies to which RMR provides management services a right of first offer on properties of ours that we determine to sell if such properties are primarily of a type that are within the investment focus of such other companies. This amendment is further described in Part II, Item 5 of this Quarterly Report on Form 10-Q. In connection with the property management agreement with RMR, we incurred property management fees of $1,352 and $910 for the three months ended September 30, 2011 and 2010, respectively, and $3,716 and $2,378 for the nine months ended September 30, 2011 and 2010, respectively. We also incurred construction management fees to RMR of $345 and $56 for the three months ended September 30, 2011 and 2010, respectively, and $814 and $264 for the nine months ended September 30, 2011 and 2010, respectively. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements.

We and the other six shareholders currently each own approximately 14.29% of the outstanding equity of Affiliates Insurance Company, or AIC. The other shareholders of AIC are RMR and five other companies, including CWH, to which RMR provides management services. All of our Trustees, all of the trustees and directors of the other publicly held AIC shareholders and nearly all of the directors of RMR currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC because all of our Trustees are also directors of AIC. As of September 30, 2011, we have invested approximately $5,194 in AIC. We may invest additional amounts in AIC in the future if the expansion of this insurance business requires additional capital, but we are not obligated to do so. Our investment had a carrying value of $5,364 and $5,195 as of September 30, 2011 and December 31, 2010, respectively. During the three and nine months ended September 30, 2011 and 2010 we recognized income of approximately $28 and $111 and income of $35 and a loss of $17, respectively, related to this investment. In 2010, AIC designed a combination property insurance program for us and other AIC shareholders in which AIC participated as a reinsurer. This program was modified and extended in June 2011 for a one year term. Our total premiums under this program for the policy years expiring May 31, 2011 and 2012 were approximately $415 and $1,227, respectively. The amounts we expensed in relation to those insurance premiums for the nine months ended September 30, 2011 and 2010 were $582 and $138, respectively, and for the three months ended September 30, 2011 and 2010 were $307 and $104, respectively. We are currently investigating the possibilities to expand our insurance relationships with AIC to include other types of insurance. By participating in this insurance business with RMR and the

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GOVERNMENT PROPERTIES INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

(unaudited)

other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro-rata share of any profits of this insurance business.

For more information about these and other relationships among us, our Trustees, our executive officers, CWH, RMR, AIC, other companies to which RMR provides management services, and others affiliated with or related to them and about the risks which may arise as a result of those and other related person transactions and relationships, please see elsewhere in this Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Related Person Transactions” in Part I, Item 2 and “Warning Concerning Forward Looking Statements”, and in our Annual Report, in our Proxy Statement for our 2011 Annual Meeting of Shareholders dated February 25, 2011, or our Proxy Statement, and in our other filings with the SEC, including the sections captioned “Business”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Related Person Transactions” and “Warning Concerning Forward Looking Statements”, in our Annual Report, and the information regarding our Trustees and executive officers and the section captioned “Related Person Transactions and Company Review of Such Transactions” in our Proxy Statement. In addition, please see the “Risk Factors” section of our Annual Report for a description of risks which may arise from these transactions and relationships. Our filings with the SEC, including our Annual Report and our Proxy Statement, are available at the SEC’s website at www.sec.gov. In addition, copies of certain of our agreements with these parties are also publicly available as exhibits to our public filings with the SEC and accessible at the SEC’s website, including our business management agreement and property management agreement with RMR.

Note 9. Pro Forma Information

During the third quarter of 2011, we purchased three properties for an aggregate purchase price of $101,450, excluding acquisition costs. During the second quarter of 2011, we purchased six properties for an aggregate purchase price of $184,675, excluding acquisition costs. During the first quarter of 2011, we purchased three properties for an aggregate purchase price of $42,000, excluding acquisition costs. During 2010, we purchased 22 properties for an aggregate purchase price of $434,411, excluding acquisition costs and including the assumption of $44,951of mortgage debt. Also in 2010, we replaced our $250,000 secured revolving credit facility with our $500,000 unsecured revolving credit facility and issued 18,975,000 of our common shares. The following table presents our pro forma results of operations as if these acquisitions and financing activities were completed on January 1, 2010. This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from various factors, including but not limited to, additional property acquisitions, property sales, changes in interest rates and changes in our debt or equity capital structure.

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
	2011		2010		2011		2010

Total Revenues	$	48,622	$	48,782	$	143,912	$	138,572
Net Income	12,791		9,406		37,356		28,306

Net Income Per Share	$	0.28	$	0.23	$	0.89	$	0.70

During the three and nine months ended September 30, 2011, we recognized revenues of $6,569 and $10,580, respectively and operating income of $1,785 and $1,816, respectively, arising from our acquisitions completed in 2011.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and tables should be read in conjunction with the financial statements and notes thereto included in this Quarterly Report on Form 10-Q and in our Annual Report.

OVERVIEW

As of September 30, 2011, we owned 67 properties, located in 27 states and the District of Columbia, that contain approximately 8.3 million rentable square feet, of which 70.7% was leased to the U.S. Government, 16.9% was leased to seven state governments and 2.3% was leased to the United Nations, an international intergovernmental organization. The U.S. Government, seven state governments and the United Nations combined were responsible for 93.1% and 93.6% of our annualized rental income, as defined below, as of September 30, 2011 and 2010, respectively.

Property Operations

As of September 30, 2011, 96.1% of our rentable square feet was leased, compared to 96.0% leased as of September 30, 2010. Occupancy data as of September 30, 2011 and 2010 is as follows (square feet in thousands):

	All Properties				Comparable Properties(1)
	September 30,				September 30,
	2011		2010		2011		2010
Total properties (end of period)	67		53		33		33
Total square feet	8,286		6,469		3,958		3,958
Percent leased(2)	96.1	%	96.0	%	99.8	%	100.0	%

(1) Properties we owned on September 30, 2011 and which we owned continuously since January 1, 2010.

(2) Percent leased includes (i) space being fitted out for occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date.

The average effective rental rate per square foot, as defined below, for our properties for the periods ended September 30, 2011 and 2010 are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Average annualized effective rent per square foot(1)	$	24.95	$	23.33	$	24.22	$	23.50

(1) Average annualized effective rental rate per square foot represents total rental income during the period specified divided by the average rentable square feet occupied during the period specified.

We currently believe general U.S. leasing market conditions are slowly improving, but remain weak in many U.S. markets. Our historical experience, including that of our predecessor CWH with respect to properties of the type we own that are majority leased to government tenants, has been that government tenants frequently renew leases to avoid the costs and disruptions that may result from relocating their operations. We believe that current budgetary pressures may cause increased demand for leased space by government tenants, as opposed to new buildings built on behalf of the government. However, these same increased budgetary pressures faced by the U.S. Government and state governments could also result in a decrease in government sector employment and consolidation of operations into government owned properties thereby reducing their need for leased space. Accordingly, it is difficult for us to reasonably project what the financial impact of market conditions will be on our financial results for future periods.

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As of September 30, 2011, leases totaling 893,871 rentable square feet are scheduled to expire through December 31, 2011. Based upon current market conditions and tenant negotiations for leases scheduled to expire through December 31, 2011, we expect that rental rates we are likely to achieve on new or renewed leases will be, on a weighted average basis, lower than the rates currently being paid, thereby generally resulting in lower revenue from the same space, and the effect of any such decreases may be amplified by declines in rental income due to vacancies upon lease expirations.

Prevailing market conditions at the time our leases expire will generally determine lease renewals and rental rates for space in our properties. As of September 30, 2011, lease expirations by year at our properties are as follows (square feet and dollars in thousands):

	Expirations of	Percent		Cumulative		Rental		Percent		Cumulative
	Occupied	of		% of		Income		of		% of
Year(1)	Square Feet(2)	Total		Total		Expiring(3)		Total		Total
2011	894	11.2	%	11.2	%	$	19,520	10.1	%	10.1	%
2012	1,167	14.7	%	25.9	%	32,355		16.7	%	26.8	%
2013	943	11.8	%	37.7	%	14,083		7.3	%	34.1	%
2014	412	5.2	%	42.9	%	8,423		4.4	%	38.5	%
2015	1,086	13.6	%	56.5	%	24,023		12.5	%	51.0	%
2016	557	7.0	%	63.5	%	14,504		7.5	%	58.5	%
2017	559	7.0	%	70.5	%	11,552		6.0	%	64.5	%
2018	519	6.5	%	77.0	%	20,734		10.7	%	75.2	%
2019	1,182	14.8	%	91.8	%	28,267		14.5	%	89.7	%
2020 and thereafter	645	8.2	%	100.0	%	20,086		10.3	%	100.0	%
Total	7,964	100.0	%			$	193,547	100.0	%

Weighted average remaining lease term (in years)	4.1					4.5

(1) The year of lease expiration is pursuant to current contract terms. Some government tenants have the right to vacate their space before the stated expirations of their leases. As of September 30, 2011, government tenants occupying approximately 12.6% of our rentable square feet and representing approximately 8.8% of our rental income have exercisable rights to terminate their leases before the stated expirations. Also as of September 30, 2011, in 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020, early termination rights become exercisable by other government tenants who occupy approximately 16.4%, 2.9%, 4.0%, 2.7%, 0.3%, 6.6%, 0.1%, 0.3%, 1.0% and 0.7%, respectively, of our rentable square feet and are responsible for approximately 11.1%, 2.8%, 3.6%, 2.9%, 0.3%, 11.7%, 0.1%, 0.6%, 1.8%, and 0.8%, respectively, of our rental income. In August 2011 and September 2011, we were notified by two of our tenants representing, as of September 30, 2011, approximately 1.5% and 1.2% of our rentable square feet, respectively, and 1.6% and 1.9% of our rental income, respectively, that they intend to exercise their right to vacate their space in December 2011 and March 2012, respectively, prior to the stated expirations of their leases in April 2015 and March 2013, respectively. In addition, seven leases with four of our state government tenants have exercisable rights to terminate their leases if these states do not annually appropriate rent amounts in their respective annual budgets. These seven leases represent approximately 5.6% of our rentable square feet, representing approximately 6.1% of our rental income, as of September 30, 2011.

(2) Square feet occupied is pursuant to leases existing as of September 30, 2011, and includes (i) space being fitted out for occupancy and (ii) space, if any, which is leased but is not occupied as of September 30, 2011.

(3) Annualized rental income is the annualized rents from our tenants pursuant to leases existing as of September 30, 2011, plus estimated expense reimbursements to be paid to us, and excludes lease value amortization.

Investment Activities (dollar amounts in thousands)

In February 2011, we acquired an office property located in Quincy, MA with 92,549 rentable square feet. This property is 100% leased to four tenants, of which 90% is leased to the Commonwealth of Massachusetts and occupied by the Registry of Motor Vehicles as its headquarters. The purchase price was $14,000, excluding acquisition costs.

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Also in February 2011, we acquired two office properties located in Woodlawn, MD with 182,561 rentable square feet. These properties are 100% leased to two tenants, of which 94% is leased to the U.S. Government and occupied by the Social Security Administration. The purchase price was $28,000, excluding acquisition costs.

In May 2011, we acquired an office property located in Plantation, FL with 135,819 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the Internal Revenue Service. The purchase price was $40,750, excluding acquisition costs.

Also in May 2011, we acquired an office property located in New York, NY with 187,060 rentable square feet. This property is 100% leased to the United Nations. The purchase price was $114,050, excluding acquisition costs.

In June 2011, we acquired an office property located in Milwaukee, WI with 29,297 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the Military Entrance Processing Station. The purchase price was $6,775, excluding acquisition costs.

Also in June 2011, we acquired two office properties located in Stafford, VA with 64,488 rentable square feet. These properties are 100% leased to the U.S. Government and occupied by the Federal Bureau of Investigation. The purchase price was $11,550, excluding acquisition costs.

Also in June 2011, we acquired an office property located in Montgomery, AL with 57,815 rentable square feet. This property is 100% leased to the U.S. Government and serves as the office of the U.S. Attorney for the Middle District of Alabama. The purchase price was $11,550, excluding acquisition costs.

In August 2011, we acquired an 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 $39,250, excluding acquisition costs.

In September 2011, we acquired an 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 $13,600, excluding acquisition costs.

Also in September 2011, we 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 $48,600, excluding acquisition costs.

In October 2011, we acquired three 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 $85,000, including the assumption of $49,395 of mortgage debt and excluding acquisition costs.

Also in October 2011, we entered 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 $32,000, excluding acquisition costs. This pending acquisition is subject to our satisfactory completion of diligence and other customary closing conditions; accordingly, we can provide no assurance that we will acquire this property.

The 12 properties we acquired during the nine months ended September 30, 2011 were acquired at a range of capitalization rates from 7.1% to 10.2% (weighted average capitalization rate of 8.4%). We calculate the capitalization rate for property acquisitions as the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on leases then in effect at the acquisition date, less estimated annual property

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operating expenses, excluding depreciation and amortization expense, to (y) the acquisition purchase price, including assumed debt and excluding acquisition costs.

Our strategy related to property acquisitions and dispositions is materially unchanged from that disclosed in our Annual Report. In addition to the one property with respect to which we entered an agreement in October 2011 to acquire, and which is described above, we continue to explore and evaluate for possible acquisition additional properties that are majority leased to government tenants; however, we can provide no assurance that we will reach agreement to acquire such properties. Although we may sell properties on occasion, we do not currently plan to dispose of any of our properties. Future changes in market conditions or property performance may change our disposition strategy.

Financing Activities (dollar amounts in thousands, except per share amounts)

In July 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,894. We used the net proceeds from this offering to reduce amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

At September 30, 2011, we had a $500,000 unsecured revolving credit facility that was available for acquisitions, working capital and general business purposes. Interest under the revolving credit facility is based upon LIBOR plus a spread that is subject to adjustment based upon changes to our senior unsecured debt rating. On October 18, 2011, we amended our revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest rate on drawings under the facility and extend the maturity date of the facility from October 28, 2013 to October 19, 2015. Subject to certain conditions and the payment of a fee, we have the option to further extend the stated maturity date by one year to October 19, 2016. Our revolving credit facility agreement, including as amended on October 18, 2011, contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our revolving credit facility agreement at September 30, 2011. The weighted average annual interest rate for our revolving credit facility was 2.31% and 2.32% for the three and nine months ended September 30, 2011, respectively. As of September 30, 2011, we had $282,500 outstanding under our revolving credit facility.

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RESULTS OF OPERATIONS (dollar amounts in thousands, except per share amounts)

Three Months Ended September 30, 2011, Compared to Three Months Ended September 30, 2010

	Comparable Property Results									Consolidated Results
	For the Three Months Ended September 30,(1)									For the Three Months Ended September 30,
	2011		2010		$ Change			% Change		2011			2010			$ Change			% Change

Rental income	$	27,910	$	27,641	$	269		1.0	%	$	45,719		$	30,746		$	14,973		48.7	%
Operating expenses:
Real estate taxes	2,865		2,878		(13		)	(0.5	)%	4,853			3,292			1,561			47.4	%
Utility expenses	2,325		2,383		(58		)	(2.4	)%	4,375			2,836			1,539			54.3	%
Other operating expenses	4,671		4,465		206			4.6	%	7,723			5,147			2,576			50.0	%
Total operating expenses	9,861		9,726		135			1.4	%	16,951			11,275			5,676			50.3	%

Net operating income(2)	$	18,049	$	17,915	$	134		0.7	%	28,768			19,471			9,297			47.7	%

Other expenses
Depreciation and amortization										10,379			6,321			4,058			64.2	%
Acquisition related costs										1,008			2,687			(1,679		)	(62.5	)%
General and administrative										2,746			1,833			913			49.8	%
Total other expenses										14,133			10,841			3,292			30.4	%
Operating income										14,635			8,630			6,005			69.6	%
Interest and other income										54			12			42			350.0	%
Interest expense (including net amortization of debt premiums and deferred financing fees of $418 and $635, respectively)										(3,162		)	(1,973		)	(1,189		)	60.3	%
Equity in earnings of an investee										28			35			(7		)	(20.0	)%
Income before income tax benefit (expense)										11,555			6,704			4,851			72.4	%
Income tax benefit (expense)										8			(35		)	43			122.9	%
Net income										$	11,563		$	6,669		$	4,894		73.4	%

Weighted average common shares outstanding										45,322			36,369			8,953			24.6	%

Net income per common share										$	0.26		$	0.18		$	0.08		43.6	%

Calculation of Funds From Operations and Normalized Funds From Operations(3)

Net income										$	11,563		$	6,669
Depreciation and amortization										10,379			6,321
Funds from operations										21,942			12,990
Acquisition related costs										1,008			2,687
Normalized funds from operations										$	22,950		$	15,677

Funds from operations per common share										$	0.48		$	0.36
Normalized funds from operations per common share										$	0.51		$	0.43

(1) Comparable properties consists of 41 properties we owned on September 30, 2011 and that we owned continuously since July 1, 2010.

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calculation of net income in order to provide results that are more closely related to our properties’ results of operations. This measure does not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income or cash flow from operating activities, determined in accordance with GAAP, as an indicator of our financial performance or liquidity, nor is this measure necessarily indicative of sufficient cash flow to fund all of our needs. We believe that this data may facilitate an understanding of our consolidated historical operating results. This measure should be considered in conjunction with net income and cash flow from operating activities as presented in our Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows. Other REITs and real estate companies may calculate NOI differently than we do.

(3) We compute Funds from Operations, or FFO, and Normalized FFO as shown above. FFO is computed on the basis defined by The National Association of Real Estate Investment Trusts, or NAREIT, which is net income, computed in accordance with GAAP, plus real estate depreciation and amortization. Our calculation of Normalized FFO differs from NAREIT’s definition of FFO because we exclude acquisition related costs. We consider FFO and Normalized FFO to be appropriate measures of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO and Normalized FFO provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO and Normalized FFO can facilitate a comparison of operating performances between periods. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving credit facility, the availability of debt and equity capital to us and our expectation of our future capital requirements and operating performance. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income or cash flow from operating activities, determined in accordance with GAAP or as indicators of our financial performance or liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. We believe that this data may facilitate an understanding of our consolidated historical operating results. These measures should be considered in conjunction with net income and cash flow from operating activities as presented in our Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows. Other REITs and real estate companies may calculate FFO and Normalized FFO differently than we do.

Rental income. The increase in rental income primarily reflects the effects of our property acquisitions since July 1, 2010. Rental income includes non-cash straight line rent adjustments totaling approximately $290 in 2011 and $49 in 2010 and amortization of acquired real estate leases and obligations totaling approximately ($169) in 2011 and ($128) in 2010. Rental income for the comparable properties increased slightly primarily due to an increase in base rental income and operating expense reimbursement income, partially offset by a decrease in straight line rental income and income related to the amortization of acquired real estate leases and obligations at certain of our properties.

Real estate taxes. The increase in real estate taxes primarily reflects the effects of property acquisitions since July 1, 2010. Real estate taxes for the comparable properties were essentially unchanged between 2011 and 2010.

Utility expenses. The increase in utility expenses primarily reflects the effects of property acquisitions since July 1, 2010. Utility expenses for the comparable properties decreased modestly due to a decrease in utilities usage at certain of our properties as a result of conservation efforts.

Other operating expenses. The increase in other operating expenses primarily reflects the increase in property management fees, cleaning expenses and maintenance costs as a result of property acquisitions since July 1, 2010. Other operating expenses for the comparable properties increased due to increased repair and maintenance costs at certain of our properties.

Depreciation and amortization. The increase in depreciation and amortization reflects the effect of our property acquisitions and improvements made to some of our properties since July 1, 2010.

Acquisition related costs. Acquisition related costs represent costs incurred in connection with our acquisition activity during the three months ended September 30, 2011 and September 30, 2010.

General and administrative. The increase in general and administrative expense primarily reflects the effect of our property acquisitions since July 1, 2010.

Interest and other income. The increase in interest and other income is the result of a larger average amount of investable cash in 2011 compared to the same period in 2010.

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Interest expense. The increase in interest expense reflects a larger average outstanding balance under our revolving credit facility in 2011 compared to the same period in 2010 and interest expense related to the mortgage notes we assumed in connection with certain of our 2010 acquisitions, partially offset by a lower weighted average interest rate for borrowings under our revolving credit facility in 2011.

Equity in earnings of an investee. Equity in earnings of an investee is the result of earnings from our investment in AIC for the three months ended September 30, 2011.

Income tax benefit (expense). The decrease in income tax expense is a result of an adjustment to reduce accrued income taxes during the three months ended September 30, 2011, due to a decrease in our estimated 2011 state income tax liability.

Net income. Our net income for the three months ended September 30, 2011, increased as compared to the three months ended September 30, 2010 as a result of the changes noted above.

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Nine Months Ended September 30, 2011, Compared to Nine Months Ended September 30, 2010

			Comparable Property Results											Consolidated Property Results
			For the Nine Months Ended September 30,(1)											For the Nine Months Ended September 30,
		2011				2010		$ Change			% Change		2011				2010			$ Change			% Change

Rental income	$			65,750	$		66,023	$	(273	)	(0.4	)%	$		126,718		$	80,040		$	46,678		58.3	%
Operating expenses:
Real estate taxes		6,700				7,328		(628		)	(8.6	)%	13,947				8,624			5,323			61.7	%
Utility expenses		5,135				5,140		(5		)	(0.1	)%	11,422				6,246			5,176			82.9	%
Other operating expenses		10,880				10,606		274			2.6	%	21,568				12,667			8,901			70.3	%
Total operating expenses		22,715				23,074		(359		)	(1.6	)%	46,937				27,537			19,400			70.5	%

Net operating income(2)	$			43,035	$		42,949	$	86		0.2	%	79,781				52,503			27,278			52.0	%

Other expenses
Depreciation and amortization													27,862				16,602			11,260			67.8	%
Acquisition related costs													2,846				4,542			(1,696		)	(37.3	)%
General and administrative													7,655				4,915			2,740			55.7	%
Total other expenses													38,363				26,059			12,304			47.2	%
Operating income													41,418				26,444			14,974			56.6	%
Interest and other income													89				80			9			11.3	%
Interest expense (including net amortization of debt premiums and deferred financing fees of $1,254 and $1,791, respectively)													(8,775			)	(5,182		)	(3,593		)	69.3	%
Equity in earnings (losses) of an investee													111				(17		)	128			752.9	%
Income before income tax expense													32,843				21,325			11,518			54.0	%
Income tax expense													(94			)	(71		)	(23		)	32.4	%
Net income													$		32,749		$	21,254		$	11,495		54.1	%

Weighted average common shares outstanding													42,127				32,265			9,862			30.6	%

Net income per common share													$		0.78		$	0.66		$	0.12		18.0	%

Calculation of Funds From Operations and Normalized Funds From Operations(3)

Net income													$		32,749		$	21,254
Depreciation and amortization													27,862				16,602
Funds from operations													60,611				37,856
Acquisition related costs													2,846				4,542
Normalized funds from operations													$		63,457		$	42,398

Funds from operations per common share													$		1.44		$	1.17
Normalized funds from operations per common share													$		1.51		$	1.31

(1) Comparable properties consists of 33 properties we owned on September 30, 2011 that we owned continuously since January 1, 2010.

(2) We compute Net Operating Income, or NOI, as shown above. We define NOI as rental income from real estate less our property operating expenses. We consider NOI to be appropriate supplemental information to net income because it helps both investors and management to understand the operations of our properties. We use NOI internally to evaluate individual and company wide property level performance and believe NOI provides useful information to investors regarding our results of operations because it reflects only those income and expense items that are incurred at the property level and may facilitate comparisons of our operating performance between periods. The calculation of NOI excludes depreciation and amortization, acquisition related costs and general and administrative expenses from the calculation of net income in order to provide results that are more closely related to our properties’ results of operations. This measure does not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income or cash flow from operating activities, determined in accordance with GAAP, as an indicator of our financial performance or liquidity, nor is this measure necessarily indicative of sufficient cash flow to fund all of our needs. We believe that this data may facilitate an

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understanding of our consolidated historical operating results. This measure should be considered in conjunction with net income and cash flow from operating activities as presented in our Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows. Other REITs and real estate companies may calculate NOI differently than we do.

Rental income. The increase in rental income primarily reflects the effects of our property acquisitions since January 1, 2010. Rental income includes non-cash straight line rent adjustments totaling approximately $451 in 2011 and ($75) in 2010 and amortization of acquired real estate leases and obligations totaling approximately $119 in 2011 and ($80) in 2010. Rental income for the comparable properties decreased primarily due to decreased operating expense and real estate tax reimbursement income, partially offset by an increase in base rental income at certain of our properties.

Real estate taxes. The increase in real estate taxes primarily reflects the effects of property acquisitions since January 1, 2010. Real estate taxes for the comparable properties decreased due to the effects of lower assessed values from successful property tax appeals at certain of our properties.

Utility expenses. The increase in utility expenses primarily reflects the effects of property acquisitions since January 1, 2010. Utility expenses for the comparable properties were essentially unchanged between 2011 and 2010.

Other operating expenses. The increase in other operating expenses primarily reflects the increase in property management fees, cleaning expenses and security costs as a result of property acquisitions since January 1, 2010. Other operating expenses for the comparable properties increased due to increased repair and maintenance at certain of our properties.

Depreciation and amortization. The increase in depreciation and amortization reflects the effect of our property acquisitions and improvements made to some of our properties since January 1, 2010.

Acquisition related costs. Acquisition related costs represent costs incurred in connection with our acquisition activity during the nine months ended September 30, 2011 and September 30, 2010.

General and administrative. The increase in general and administrative expense primarily reflects the effect of our property acquisitions since January 1, 2010.

Interest and other income. The increase in interest and other income is the result of a larger average amount of investable cash in 2011 compared to the same period in 2010.

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Equity in earnings (losses) of an investee. Equity in earnings (losses) of an investee is the result of earnings from our investment in AIC for the nine months ended September 30, 2011 compared to a loss in the same period in 2010.

Income tax expense. The increase in income tax expense is a result of our higher operating income in 2011 which is subject to state income taxes in certain jurisdictions.

Net income. Our net income for the nine months ended September 30, 2011 increased as compared to the nine months ended September 30, 2010 as a result of the changes noted above.

LIQUIDITY AND CAPITAL RESOURCES

Our Operating Liquidity and Resources (dollar amounts in thousands)

Our principal source of funds to meet operating expenses and pay distributions on our common shares is rental income from our properties. We believe that our operating cash flow will be sufficient to pay our operating expenses, debt service and distributions on our common shares for the next 12 months and for the foreseeable future thereafter. Our future cash flows from operating activities will depend primarily upon our ability to:

· maintain or increase the occupancy of, and the current rental rates at, our properties;

· control operating cost increases at our properties; and

· purchase additional properties which produce positive cash flows from operations.

We generally do not intend to purchase “turn around” properties, or properties which do not generate positive cash flows. Our future purchases of properties which generate positive cash flow cannot be accurately projected because such purchases depend upon available opportunities which come to our attention.

Our changes in cash flows in the nine months ended September 30, 2011 compared to the same period in 2010 were as follows: (i) cash provided by operating activities increased from $43,718 in 2010 to $68,356 in 2011; (ii) cash used in investing activities decreased from $344,557 in 2010 to $336,206 in 2011; and (iii) cash provided by financing activities decreased from $301,675 in 2010 to $271,137 in 2011.

The increase in cash provided by operating activities for the nine months ended September 30, 2011 as compared to the corresponding prior year period was due to increased operating cash flow from our properties acquired after January 1, 2010 and changes in our working capital. The decrease in cash used in investing activities for the nine months ended September 30, 2011 as compared to the corresponding prior year period was due primarily to our acquisition of 20 properties during the 2010 period as compared to our acquisition of 12 properties during the 2011 period, partially offset by higher aggregate purchase prices for our 2011 property acquisitions. The decrease in cash provided by financing activities for the nine months ended September 30, 2011 as compared to the corresponding prior year period was due primarily to decreased net proceeds we received from the public offering of our common shares during the nine months ended September 30, 2011 as compared to our corresponding prior year period, partially offset by our increased borrowings under our revolving credit facility to fund acquisitions and an increase in distributions paid to common shareholders for the nine months ended September 30, 2011.

Our Investment and Financing Liquidity and Resources (dollar amounts in thousands)

In order to fund acquisitions and to accommodate cash needs that may result from timing differences between our receipt of rents and our need or desire to make distributions or pay operating or capital expenses, we maintain an unsecured revolving credit facility from a syndicate of financial institutions. On October 18, 2011, we amended our revolving credit facility to, among other things, increase maximum borrowings under the facility from $500,000 to $550,000, reduce the interest rate on drawings under the facility and extend the maturity date of the facility from October 28, 2013 to October 19, 2015. Subject to certain conditions and the payment of a fee, we have the option to further extend the stated maturity date of the facility by one year to October 19, 2016. At September 30, 2011 we had $217,500

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available for borrowing under our revolving credit facility. We currently expect to use cash balances, borrowings under our revolving credit facility and net proceeds from possible offerings of equity or debt securities to fund our future operations, distributions to our shareholders and any future property acquisitions.

When significant amounts are outstanding under our revolving credit facility or the maturity date of our revolving credit facility or our other debts approach, we intend to explore alternatives for repaying or refinancing such amounts. Such alternatives may include incurring term debt, issuing new equity securities and extending the maturity date of our revolving credit facility. Although we can provide no assurance that we will be successful in consummating any particular type of financing, we believe that we will have access to financing, such as debt and equity offerings, to fund future acquisitions and capital expenditures and to pay our obligations. We have an effective shelf registration statement that allows us to issue public securities on an expedited basis, but it does not assure that there will be buyers for such securities.

Our ability to obtain, and the costs of, our future financings will depend primarily on market conditions and our creditworthiness. We have no control over market conditions. Potential investors and lenders likely will evaluate our ability to pay distributions to shareholders, fund required debt service and repay debts when they become due by reviewing our business practices and plans to balance our use of debt and equity capital so that our financial profile and leverage ratios afford us flexibility to withstand any reasonably anticipated adverse changes. We intend to conduct our business activities in a manner which will afford us reasonable access to capital for investment and financing activities, subject to market conditions, but there can be no assurance that we will be able to successfully carry out this intention.

During the three and nine months ended September 30, 2011 and 2010, we made cash expenditures at our properties for tenant improvements, leasing costs, building improvements and development and redevelopment activities as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Tenant improvements	$	349	$	648	$	884	$	944
Leasing costs	$	214	$	62	$	424	$	109
Building improvements(1)	$	853	$	369	$	1,419	$	602
Development, redevelopment and other activities(2)	$	463	$	251	$	689	$	476

(1) Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets.

(2) Development, redevelopment and other activities generally include non-recurring expenditures that we believe increase the value of our existing properties.

Leases totaling 74,964 and 120,820 rentable square feet, respectively, expired during the three and nine months ended September 30, 2011. During the three and nine months ended September 30, 2011 we entered into leases totaling 85,444 and 130,882 rentable square feet, respectively, which includes renewals of 77,791 and 102,992 rentable square feet, respectively. The weighted average rental rates for leases of 74,431 and 95,760, respectively, entered into with government tenants during the three and nine months ended September 30, 2011 increased by 11.7% and 12.0%, respectively, when compared to the weighted average rental rates previously charged for the same space. The weighted average rental rates for leases of 11,013 and 35,122 square feet, respectively, entered into with non-government tenants during the three and nine months ended September 30, 2011 decreased by 7.9% and 17.4%, respectively, when compared to the weighted average rental rates previously charged for the same space.

In connection with leasing space during the three months ended September 30, 2011, we have committed to fund future expenditures as follows (dollars in thousands, except per square foot amounts):

	New		Lease
	Leases		Renewals		Total

Square feet leased during the period	7,653		77,791		85,444
Total commitments for tenant improvements and leasing costs	$	147	$	2,725	$	2,872
Leasing costs per square foot	$	19.18	$	35.03	$	33.61
Average lease term (years)	7.5		9.7		9.6
Leasing costs per square foot per year	$	2.55	$	3.61	$	3.51

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We have unspent tenancy related obligations of approximately $12,690 at September 30, 2011.

In October 2011, we entered into a purchase agreement to acquire an office property for an aggregate purchase price of $32,000, excluding acquisition costs. This pending acquisition is subject to our satisfactory completion of diligence and other customary closing conditions; accordingly, we can provide no assurance that we will acquire this property.

On April 5, 2011, we declared a distribution payable to common shareholders of record on April 26, 2011, in the amount of $0.42 per share, or $17,010. We paid this distribution on May 24, 2011 using existing cash balances and borrowings under our revolving credit facility.

On July 1, 2011, we declared a distribution payable to common shareholders of record on July 10, 2011, in the amount of $0.42 per share, or $17,015. We paid this distribution on August 24, 2011 using existing cash balances and borrowings under our revolving credit facility.

On July 25, 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,900. We used the net proceeds from this offering to reduce amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

Off Balance Sheet Arrangements

As of September 30, 2011, we had no off balance sheet arrangements that have had or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Debt Covenants

Our principal debt obligations at September 30, 2011 were borrowings under our revolving credit facility and three mortgage notes we assumed in connection with three of our 2010 property acquisitions. Our mortgage loans are non-recourse and do not contain any material financial covenants. Our revolving credit facility agreement, including as amended on October 18, 2011, contains a number of covenants which restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. Our revolving credit facility agreement provides for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, upon a change of control of us, as defined in our revolving credit facility agreement, or a change in our management by RMR. We believe we were in compliance with all of our covenants under our revolving credit facility agreement at September 30, 2011.

Related Person Transactions (dollar amounts in thousands)

CWH is our former parent company. CWH is our largest shareholder and, as of the date of this Quarterly Report on Form 10-Q, owned 9,950,000 of our common shares, or approximately 21.1% of our outstanding common shares. RMR provides management services to both us and CWH. One of our Managing Trustees, Barry Portnoy, is Chairman and majority owner of RMR and serves as managing trustee of CWH. Our other Managing Trustee, Adam Portnoy, is Barry Portnoy’s son, and is an owner, President, Chief Executive Officer and a director of RMR and serves as a managing trustee and President of CWH. Our executive officers and CWH’s executive officers are officers of RMR. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services. Barry Portnoy serves as a managing director or managing trustee of those companies and Adam Portnoy serves as a managing trustee of a majority of those companies.

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We and the other six current shareholders of AIC currently each own approximately 14.29% of AIC’s outstanding equity. The other shareholders of AIC are RMR and five other companies, including CWH, to which RMR provides management services. All of our Trustees, all of the trustees and directors of the other publicly held AIC shareholders and nearly all of the directors of RMR currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC. In 2010, AIC designed a combination property insurance program for us and other AIC shareholders in which AIC participated as a reinsurer. That program was modified and extended in June 2011 for a one year term. We are currently investigating the possibilities to expand our insurance relationships with AIC to include other types of insurance. By participating in this insurance business with RMR and the other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro-rata share of any profits of this insurance business.

For more information about these and other relationships among us, our Trustees, our executive officers, CWH, RMR, AIC, other companies to which RMR provides management services, and others affiliated with or related to them and about the risks which may arise as a result of those and other related person transactions and relationships, please see Note 8 to the Notes to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated herein by reference. In addition, for more information about these transactions and relationships, please also see elsewhere in this Quarterly Report on Form 10-Q, including “Warning Concerning Forward Looking Statements”, and in our Annual Report, in our Proxy Statement and in our other filings with the SEC, including the sections captioned “Business”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Related Person Transactions” and “Warning Concerning Forward Looking Statements”, in our Annual Report, and the information regarding our Trustees and executive officers and the section captioned “Related Person Transactions and Company Review of Such Transactions” in our Proxy Statement. In addition, please see the “Risk Factors” section of our Annual Report for a description of risks which may arise from these transactions and relationships. Our filings with the SEC, including our Annual Report and our Proxy Statement, are available at the SEC’s website at www.sec.gov. In addition, copies of certain of our agreements with these parties are also publicly available as exhibits to our public filings with the SEC and accessible at the SEC’s website, including our business management agreement and property management agreement with RMR.

We believe that our agreements with CWH, RMR and AIC are on commercially reasonable terms. We also believe that our relationships with CWH, RMR, AIC and their affiliated and related persons and entities benefit us and provide us with advantages in operating and growing our business.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk (dollar amounts in thousands)

We are exposed to risks associated with market changes in interest rates. We manage our exposure to this market risk by monitoring available financing alternatives. Our strategy to manage exposure to changes in interest rates has not materially changed since December 31, 2010. Other than as described below, we do not foresee any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the future.

At September 30, 2011, our outstanding fixed rate debt included the following:

			Annual		Annual			Interest
	Principal		Interest		Interest			Payments
Debt	Balance		Rate(1)		Expense		Maturity	Due
Mortgage	$	24,781	6.21	%	$	1,560	2016	Monthly
Mortgage	9,599		7.00	%	672		2019	Monthly
Mortgage	9,375		8.15	%	764		2021	Monthly
	$	43,755			$	2,996

(1) The principal balances and interest rates are the amounts stated in the applicable contracts. In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed these debts. See Notes 5 and 6 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Because these debts bear interest at a fixed rate, changes in market interest rates during the term of these debts will not affect our operating results. If these debts are refinanced at interest rates which are 10% higher or lower than shown above, our per annum interest cost would increase or decrease, respectively, by approximately $300.

Changes in market interest rates also affect the fair value of our fixed rate debt obligations; increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt. Based on the balances outstanding at September 30, 2011 and discounted cash flow analysis through the maturity date of our fixed rate debt obligations, a hypothetical immediate 10% change in interest rates would change the fair value of those obligations by approximately $1,197.

As of September 30, 2011, we had $282,500 of borrowings and $217,500 available under our $500,000 unsecured revolving credit facility. Our revolving credit facility was amended on October 18, 2011 to, among other things, increase maximum borrowings under the facility from $500,000 to $550,000. Our revolving credit facility, as amended, matures on October 19, 2015, and subject to meeting certain conditions and the payment of a fee, we have the option to extend the stated maturity of the facility for one year to October 19, 2016. We are able to make repayments and drawings under our revolving credit facility at any time without penalty. Borrowings under our revolving credit facility are in U.S. dollars and accrue interest at LIBOR plus a spread which varies depending on our credit ratings. Accordingly, we are exposed to risks resulting from changes in U.S. dollar based short term rates, specifically LIBOR. In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in credit spreads due to market conditions. A change in interest rates generally would not affect the value of our floating rate debt but would affect our operating results. For example, the interest rate payable on our revolving credit facility at September 30, 2011 was 2.34%. The following table presents the impact a 10% change in interest rates would have on our annual floating rate interest expense at September 30, 2011:

	Impact of Changes in Interest Rates
	Interest Rate		Outstanding Debt		Total Interest Expense Per Year

At September 30, 2011	2.340	%	$	282,500	$	6,702
10% increase	2.574	%	282,500		7,373
10% reduction	2.106	%	282,500		6,032

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The foregoing table shows the impact of an immediate change in floating interest rates. If interest rates were to change gradually over time, the impact would be spread over time. Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amount under our revolving credit facility or other floating rate debt.

The following table presents the impact a 10% change in interest rates would have on our annual floating rate interest expense at September 30, 2011 if we had borrowed the $500,000 available to us under our revolving credit facility:

	Impact of Changes in Interest Rates
	Interest Rate		Outstanding Debt		Total Interest Expense Per Year

At September 30, 2011	2.340	%	$	500,000	$	11,863
10% increase	2.574	%	500,000		13,049
10% reduction	2.106	%	500,000		10,676

Item 4. Controls and Procedures

As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, President and Chief Operating Officer and Treasurer and Chief Financial Officer of the effectiveness of our disclosure controls and procedures pursuant to the Securities Exchange Act of 1934, as amended, Rules 13a-15 and 15d-15. Based upon that evaluation, our Managing Trustees, President and Chief Operating Officer and Treasurer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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WARNING CONCERNING FORWARD LOOKING STATEMENTS

THIS QUARTERLY REPORT ON FORM 10-Q CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS REPORT RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING:

· OUR ABILITY TO PAY DISTRIBUTIONS IN THE FUTURE AND THE EXPECTED AMOUNTS THEREOF,

· OUR ACQUISITIONS OF PROPERTIES,

· THE CREDIT QUALITY OF OUR TENANTS,

· THE LIKELIHOOD THAT OUR TENANTS WILL PAY RENT, RENEW LEASES, ENTER INTO NEW LEASES, FAIL TO EXERCISE EARLY TERMINATION OPTIONS PURSUANT TO THEIR LEASES OR BE AFFECTED BY CYCLICAL ECONOMIC CONDITIONS,

· OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT,

· OUR POLICIES AND PLANS REGARDING INVESTMENTS AND FINANCINGS,

· THE FUTURE AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY,

· OUR ABILITY TO COMPETE FOR ACQUISITIONS AND TENANCIES EFFECTIVELY,

· OUR TAX STATUS AS A REAL ESTATE INVESTMENT TRUST, OR REIT,

· OUR ABILITY TO RAISE EQUITY OR DEBT CAPITAL,

· OUR EXPECTATIONS THAT THERE WILL BE INCREASED OPPORTUNITIES FOR US TO ACQUIRE, AND THAT WE WILL ACQUIRE, ADDITIONAL PROPERTIES THAT ARE MAJORITY LEASED TO GOVERNMENT TENANTS,

· OUR EXPECTATIONS THAT THERE WILL BE AN INCREASE IN DEMAND FOR LEASED SPACE BY THE U.S. GOVERNMENT AND STATE AND LOCAL GOVERNMENTS,

· OUR EXPECTATION THAT WE WILL BENEFIT FINANCIALLY BY PARTICIPATING IN AIC WITH RMR, AND COMPANIES TO WHICH RMR PROVIDES MANAGEMENT SERVICES, AND,

· OTHER MATTERS.

OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS, CASH FLOWS, LIQUIDITY AND PROSPECTS INCLUDE, BUT ARE NOT LIMITED TO:

· THE IMPACT OF CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS,

· COMPETITION WITHIN THE REAL ESTATE INDUSTRY,

· ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES, CWH, RMR AND THEIR RELATED PERSONS AND ENTITIES,

· THE IMPACT OF CHANGES IN THE REAL ESTATE NEEDS AND FINANCIAL CONDITIONS OF THE U.S. GOVERNMENT AND STATE AND LOCAL GOVERNMENTS,

· COMPLIANCE WITH, AND CHANGES TO, FEDERAL, STATE AND LOCAL LAWS AND REGULATIONS, ACCOUNTING RULES , TAX LAWS AND SIMILAR MATTERS, AND

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· LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY AS A REIT FOR U.S. FEDERAL INCOME TAX PURPOSES.

FOR EXAMPLE:

· CONTINGENCIES IN OUR ACQUISITION AGREEMENTS MAY CAUSE THESE ACQUISITIONS NOT TO OCCUR ON THE TERMS DESCRIBED, NOT TO OCCUR OR TO BE DELAYED,

· SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES,

· SOME GOVERNMENT TENANTS MAY EXERCISE THEIR RIGHT TO VACATE THEIR SPACE BEFORE THE STATED EXPIRATION OF THEIR LEASES AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF, OR RENTS FROM, OUR PROPERTIES,

· RENTS THAT WE CAN CHARGE AT OUR PROPERTIES MAY DECLINE,

· OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS. WE MAY BE UNABLE TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS AND FUTURE DISTRIBUTIONS MAY BE SUSPENDED OR PAID AT A LESSER RATE THAN THE DISTRIBUTIONS WE NOW PAY,

· IF THE AVAILABILITY OF DEBT CAPITAL BECOMES RESTRICTED, WE MAY BE UNABLE TO REFINANCE OR REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE OR ON TERMS WHICH ARE AS FAVORABLE AS WE NOW HAVE,

· OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES AND LEASE THEM FOR RENTS, LESS PROPERTY OPERATING EXPENSES, WHICH EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING OR LEASE TERMS FOR NEW PROPERTIES,

· THIS QUARTERLY REPORT ON FORM 10-Q STATES THAT OUR COMPENSATION COMMITTEE, WHICH IS COMPOSED OF OUR INDEPENDENT TRUSTEES, APPROVED THE RECENT AMENDMENT TO OUR BUSINESS MANAGEMENT AGREEMENT THAT WE ENTERED INTO WITH RMR. THE IMPLICATION OF THIS STATEMENT MAY BE THAT THESE TERMS ARE AS FAVORABLE TO US AS TERMS WE COULD OBTAIN FOR SIMILAR ARRANGEMENTS FROM UNRELATED THIRD PARTIES. HOWEVER, DESPITE THESE PROCEDURAL SAFEGUARDS, WE COULD STILL BE SUBJECTED TO CLAIMS CHALLENGING THESE TRANSACTIONS OR OUR ENTRY INTO THESE TRANSACTIONS BECAUSE OF THE MULTIPLE RELATIONSHIPS AMONG US AND RMR AND THEIR RELATED PERSONS AND ENTITIES, AND DEFENDING SUCH CLAIMS COULD BE EXPENSIVE AND DISTRACTING TO MANAGEMENT, AND

· THIS QUARTERLY REPORT ON FORM 10-Q STATES THAT WE BELIEVE THAT OUR CONTINUING RELATIONSHIPS WITH CWH, RMR, AIC AND THEIR AFFILIATED AND RELATED PERSONS AND ENTITIES MAY BENEFIT US AND PROVIDE US WITH ADVANTAGES IN OPERATING AND GROWING OUR BUSINESS. IN FACT, THE ADVANTAGES WE BELIEVE WE MAY REALIZE FROM THESE RELATIONSHIPS MAY NOT MATERIALIZE.

THESE RESULTS COULD OCCUR DUE TO MANY DIFFERENT CIRCUMSTANCES, SOME OF WHICH ARE BEYOND OUR CONTROL, SUCH AS NATURAL DISASTERS OR CHANGES IN OUR TENANTS FINANCIAL CONDITIONS OR THE MARKET DEMAND FOR LEASED SPACE, CHANGES IN CAPITAL MARKETS OR THE ECONOMY GENERALLY.

THE INFORMATION CONTAINED ELSEWHERE IN THIS QUARTERLY REPORT ON FORM 10-Q OR IN OUR FILINGS WITH THE SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN OUR ANNUAL REPORT AND HEREIN, OR INCORPORATED HEREIN OR THEREIN IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM OUR FORWARD LOOKING STATEMENTS. OUR FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC WEBSITE AT WWW.SEC.GOV.

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS.

EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

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STATEMENT CONCERNING LIMITED LIABILITY

THE AMENDED AND RESTATED DECLARATION OF TRUST ESTABLISHING GOVERNMENT PROPERTIES INCOME TRUST, DATED JUNE 8, 2009, AS AMENDED, AS FILED WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF GOVERNMENT PROPERTIES INCOME TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, GOVERNMENT PROPERTIES INCOME TRUST. ALL PERSONS DEALING WITH GOVERNMENT PROPERTIES INCOME TRUST IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF GOVERNMENT PROPERTIES INCOME TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

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Part II. Other Information

Item 1A. Risk Factors

Our business faces many risks, a number of which are described under “Risk Factors” in Part I of our Annual Report and below. The risks so described may not be the only risks we face. Additional risks of which we are not yet aware, or that we currently believe are immaterial, may also impair our business operations or financial results. If any of the events or circumstances described in the risk factors contained in our Annual Report or described below occurs, our business, financial condition or results of operations could suffer and the trading price of our equity securities could decline. Investors and prospective investors should consider the risks described in our Annual Report and below and the information contained in this Quarterly Report on Form 10-Q under the heading “Warning Concerning Forward Looking Statements” before deciding whether to invest in our securities.

We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.

We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, personal identifying information, tenant and lease data. We purchase some of our information technology from vendors, on whom our systems depend. We rely on commercially available systems, software, tools and monitoring to provide security for processing, transmission and storage of confidential tenant and other customer information, such as individually identifiable information, including information relating to financial accounts. Although we have taken steps to protect the security of our information systems and the data maintained in those systems, it is possible that our safety and security measures will not be able to prevent the systems’ improper functioning or damage, or the improper access or disclosure of personally identifiable information such as in the event of cyber attacks. Security breaches, including physical or electronic break-ins, computer viruses, attacks by hackers and similar breaches, can create system disruptions, shutdowns or unauthorized disclosure of confidential information. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, damage our reputation, subject us to liability claims or regulatory penalties and could have a material adverse effect on our business, financial condition and results of operations.

Item 2. Unregistered Sales of Equity and Use of Proceeds.

On September 16, 2011, pursuant to our equity compensation plan, we granted an aggregate of 40,850 of our common shares, valued at $22.56 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of RMR. We made these grants pursuant to an exemption from registration contained in Section 4(2) of the Securities Act of 1933, as amended.

Item 5. Other Information.

On October 31, 2011, we and RMR amended our business management agreement under which RMR provides business management services to us. The amendment was approved by our compensation committee, which is composed solely of our Independent Trustees.

The business management agreement provides, among other things, that RMR is entitled to a management fee at an annual rate equal to a percentage of our average invested capital, determined as specified in the business management agreement. The business management agreement provides for compensation to RMR at an annual rate equal to the sum of (a) 0.5% of the historical cost to CWH of any properties transferred to us by CWH and (b) 0.7% of our cost of any other properties we acquire up to and including $250.0 million, plus 0.5% of our cost of any additional properties in excess of $250.0 million. In addition, RMR receives an incentive fee based upon increases in our FFO Per Share, as defined in the business management agreement, commencing with our fiscal year ending December 31, 2010. The incentive fee is paid in our common shares.

As amended, in determining the fees payable by us to RMR under the business management agreement, the average invested capital of any assets we have acquired or may in the future acquire from another real estate investment trust to which RMR provides business management or property management services, or an RMR Managed REIT, will be equal to the applicable selling RMR Managed REIT’s historical costs for those properties, determined in the manner specified in the business management agreement, rather than our acquisition costs for those properties.

In the business management agreement we acknowledge that RMR will not be required to present us with opportunities to invest in properties that are primarily of a type that are within the investment focus of another RMR Managed REIT. The amendment added a provision that, with certain exceptions, if we determine to offer for sale or long term ground lease any real property that, at such time, is of a type within the investment focus of another RMR Managed REIT, we will first offer that property for purchase or lease to that RMR Managed REIT and negotiate in good faith for such purchase or lease. If we and the other RMR Managed REIT do not reach an agreement within 15 days, we will be free to pursue the proposed transaction with others upon the same or substantially similar terms offered and for a price that is not less than 90% of the offered price.

The above description of the amendment to the business management agreement is qualified in its entirety by reference to the amended and restated business management agreement, a copy of which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Additional information about the relationships among us, our Trustees, our executive officers, RMR and certain other RMR Managed REITs and others affiliated with or related to them and about the risks which may arise as a result of those and other related person transactions and relationships, please see Part I of this Quarterly Report on Form 10-Q, including Note 8 to the Notes to our Condensed Consolidated Financial Statements included in Item 1, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Related Person Transactions” in Item 2 and “Warning Concerning Forward Looking Statements”, which are incorporated herein by reference, as well as our other filings with the SEC that are referred to in those items.

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Item 6. Exhibits.

10.1		First Amendment to Credit Agreement, dated as of October 18, 2011, by and among Government Properties Income Trust, Wells Fargo Bank, National Associates, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the other parties thereto. (Incorporated by reference to the Company’s Current Report on Form 8-K dated October 19, 2011.)

10.2		Amended and Restated Business Management Agreement, dated as of October 31, 2011, between Government Properties Income Trust and Reit Management & Research LLC. (Filed herewith.)

31.1		Rule 13a-14(a) Certification. (Filed herewith.)

31.2		Rule 13a-14(a) Certification. (Filed herewith.)

31.3		Rule 13a-14(a) Certification. (Filed herewith.)

31.4		Rule 13a-14(a) Certification. (Filed herewith.)

32.1		Section 1350 Certification. (Furnished herewith.)

101.1		The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Cash Flows, and (iv) related notes to these financial statements, tagged as blocks of text. (Furnished herewith.)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GOVERNMENT PROPERTIES INCOME TRUST


	By:	/s/ David M. Blackman
		David M. Blackman President and Chief Operating Officer Dated: November 1, 2011


	By:	/s/ Mark L. Kleifges
		Mark L. Kleifges Treasurer and Chief Financial Officer (principal financial and accounting officer) Dated: November 1, 2011

EX-10.2 2 a11-25680_1ex10d2.htm EX-10.2

Exhibit 10.2

AMENDED AND RESTATED BUSINESS MANAGEMENT AGREEMENT

THIS AMENDED AND RESTATED BUSINESS MANAGEMENT AGREEMENT (this “Agreement”) is entered into effective as of October 31, 2011, by and between Government Properties Income Trust, a Maryland real estate investment trust (the “Company”), and Reit Management & Research LLC, a Delaware limited liability company (the “Manager”).

WHEREAS, the Company and the Manager are parties to a Business Management Agreement, dated June 8, 2009 (as amended, the “Prior Agreement”), and

WHEREAS, the Company and the Manager wish to amend and restate the Prior Agreement as hereinafter provided;

NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

1. Engagement. Subject to the terms and conditions hereinafter set forth, the Company hereby continues to engage the Manager to provide the management and real estate investment services contemplated by this Agreement with respect to the Company’s business and real estate investments and the Manager hereby accepts such continued engagement.

2. General Duties of the Manager. The Manager shall use its reasonable best efforts to present to the Company a continuing and suitable real estate investment program consistent with the real estate investment policies and objectives of the Company. Subject to the management, direction and supervision of the Company’s Board of Trustees (the “Trustees”), the Manager shall:

(a) provide research and economic and statistical data in connection with the Company’s real estate investments and recommend changes in the Company’s real estate investment policies when appropriate;

(b) (i) investigate, and evaluate investments in, or acquisitions or dispositions of, real estate and related interests, and financing and refinancing opportunities, (ii) make recommendations concerning specific investments to the Trustees, and (iii) evaluate and negotiate contracts with respect to the foregoing, in each case, on behalf of the Company and in the furtherance of the Company’s real estate financing objectives;

(c) investigate, evaluate and negotiate the prosecution and negotiation of any claims of the Company in connection with its real estate investments;

(d) administer bookkeeping and accounting functions as are required for the management and operation of the Company, contract for audits and prepare or cause to be prepared such reports and filings as may be required by any governmental authority in connection with the ordinary conduct of the Company’s business, and otherwise advise and assist the Company with its compliance with applicable legal and regulatory requirements including without limitation, periodic reports, returns or statements required under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Internal Revenue Code of 1986, as amended (said Code, as in effect from time to time, together with any regulations and rulings thereunder, being hereinafter referred to as the “Internal Revenue Code”), the securities and tax statutes of any jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing;

(e) advise and assist in the preparation and filing of all offering documents (public and private), and all registration statements, prospectuses or other documents filed with the Securities and Exchange Commission (the “SEC”) or any state (it being understood that the Company shall be responsible for the content of any and all of its offering documents and SEC filings (including without limitation those filings referred to in Section 2(d) hereof), and the Manager shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents or SEC filings, whether or not material, and the Company shall promptly indemnify the Manager from such costs and liabilities);

(f) retain counsel, consultants and other third party professionals on behalf of the Company;

(g) provide internal audit services as hereinafter provided;

(h) advise and assist with the Company’s risk management and oversight function;

(i) to the extent not covered above, advise and assist the Company in the review and negotiation of the Company’s contracts and agreements, coordination and supervision of all third party legal services and oversight of processing of claims by or against the Company;

(j) advise and assist the Company with respect to the Company’s public relations, preparation of marketing materials, internet website and investor relations services;

(k) provide office space, office equipment and the use of accounting or computing equipment when required;

(l) advise and assist with respect to: the design, operation and maintenance of network infrastructure, including telephone and data transmission lines, voice mail, facsimile machines, cellular phones, pager, etc.; and local area network and wide area network communications support; and

(m) provide personnel necessary for the performance of the foregoing services.

In performing its services under this Agreement, the Manager may utilize facilities, personnel and support services of various of its affiliates. The Manager shall be responsible for paying such affiliates for their personnel and support services and facilities out of its own funds unless otherwise approved by a majority vote of the Independent Trustees (the “Independent Trustees”), as defined in the Company’s Bylaws, as in effect from time to time (the “Bylaws”). Notwithstanding the foregoing, fees, costs and expenses of any third party which is not an affiliate of the Manager retained as permitted hereunder are to be paid by the Company. Without limiting the foregoing sentence, any such fees, cost or expenses referred to in the immediately preceding sentence which may be paid by the Manager shall be reimbursed to the Manager by the Company promptly following submission to the Company of a statement of any such fees, costs or expenses by the Manager.

Notwithstanding anything herein, it is understood and agreed that the duties of, and services to be provided by, the Manager pursuant to this Agreement shall not include any investment management or related services with respect to any assets of the Company as the Company may wish to allocate from time to time to investments in “securities” (as defined in the Investment Advisers Act of 1940, as amended).

In performing its services hereunder with respect to the Company, the Manager shall adhere to, and shall require its officers and employees in the course of providing such services to the Company to adhere to, the Company’s Code of Business Conduct and Ethics, as in effect from time to time. In addition, the Manager shall make available to its officers and employees providing such services to the Company the procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters relating to the Company and for the confidential, anonymous submission by such officers and employees of concerns regarding questionable accounting or auditing matters relating to the Company, as set forth in the Company’s Procedures for Handling Concerns or Complaints about Accounting, Internal Accounting Controls or Auditing Matters, as in effect from time to time.

3. Bank Accounts. The Manager shall establish and maintain one or more bank accounts in its own name or, at the direction of the Trustees, in the name of the Company, and shall collect and deposit into such account or accounts and disburse therefrom any monies on behalf of the Company, provided that no funds in any such account shall be commingled with any funds of the Manager or any other person or entity. The Manager shall from time to time, or at any time requested by the Trustees, render an appropriate accounting of such collections and payments to the Trustees and to the auditors of the Company.

4. Records. The Manager shall maintain appropriate books of account and records relating to this Agreement, which books of account and records shall be available for inspection by representatives of the Company upon reasonable notice during ordinary business hours.

5. Information Furnished to Manager. The Trustees shall at all times keep the Manager fully informed with regard to the real estate investment policies of the Company, the capitalization policy of the Company, and generally the Trustees’ then-current intentions as to the future of the Company. In particular, the Trustees shall notify the Manager promptly of their intention to sell or otherwise dispose of any of the Company’s real estate investments or to make any new real estate investment. The Company shall furnish the Manager with such information with regard to its affairs as the Manager may from time to time reasonably request. The Company shall retain legal counsel and accountants to provide such legal and accounting advice and services as the Manager or the Trustees shall deem necessary or appropriate to adequately perform the functions of the Company, and shall have such legal or accounting opinions and advice as the Manager shall reasonably request.

6. REIT Qualification; Compliance with Law and Organizational Documents. Anything else in this Agreement to the contrary notwithstanding, the Manager shall refrain from any action (including, without limitation, the furnishing or rendering of services to tenants of property or managing real property) which, in its good faith judgment, or in the judgment of the Trustees as transmitted to the Manager in writing, would (a) adversely affect the qualification of the Company as a real estate investment trust as defined and limited in the Internal Revenue Code or which would make the Company subject to the Investment Company Act of 1940, as amended (the “1940 Act”), (b) violate any law or rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or over its securities, or (c) not be permitted by the Declaration of Trust of the Company, as in effect from time to time (the “Declaration of Trust”), or Bylaws, except if such action shall be approved by the Trustees, in which event the Manager shall promptly notify the Trustees of the Manager’s judgment that such action would adversely affect such qualification, make the Company subject to the 1940 Act or violate any such law, rule, regulation or policy, or the Declaration of Trust or Bylaws and shall refrain from taking such action pending further clarification or instructions from the Trustees. In addition, the Manager shall take such affirmative steps which, in its judgment made in good faith, or in the judgment of the Trustees as transmitted to the Manager in writing, would prevent or cure any action described in (a), (b) or (c) above.

7. Self-Dealing. Neither the Manager nor any affiliate of the Manager shall sell any property or assets to the Company or purchase any property or assets from the Company, directly or indirectly, except as approved by a majority of the Independent Trustees (or otherwise pursuant to the Declaration of Trust or Bylaws). In addition, except as otherwise provided in Section 2, 10, 11 or 12 hereof, or except as approved by a majority of the Independent Trustees (or otherwise pursuant to the Declaration of Trust or Bylaws), neither the Manager nor any affiliate of the Manager shall receive any commission or other remuneration, directly or indirectly, in connection with the activities of the Company or any joint venture or partnership in which the Company is a party. Except for compensation received by the Manager pursuant to Section 10 hereof, all commissions or other remuneration proposed to be received by the Manager or an affiliate of the Manager and not approved by the Independent Trustees (or otherwise pursuant to the Declaration of Trust or Bylaws) under Section 2, 11 or 12 hereof or this Section 7 shall be promptly reported to the Company for consideration by the Independent Trustees.

8. No Partnership or Joint Venture. The Company and the Manager are not partners or joint venturers with each other and neither the terms of this Agreement nor the fact that the Company and the Manager have joint interests in any one or more investments, ownership or other interests in any one or more entities or may have common officers or employees or a tenancy relationship shall be construed so as to make them such partners or joint venturers or impose any liability as such on either of them.

9. Fidelity Bond. The Manager shall not be required to obtain or maintain a fidelity bond in connection with the performance of its services hereunder.

10. Compensation.

(a) The Manager shall be paid, for the services rendered by it to the Company pursuant to this Agreement, an annual management fee (the “Management Fee”). The Management Fee for each full fiscal year shall equal the sum of one-half of one percent (0.5%) of the Annual Average Invested Capital of the Transferred Assets (as defined below) computed as of the last day of the Company’s fiscal year, plus seven tenths of one percent (0.7%) of the Annual Average Invested Capital (as defined below) up to $250,000,000, plus one half of one percent (0.5%) of the Annual Average Invested Capital exceeding $250,000,000. The Management Fee shall be prorated for any partial fiscal year of the Company during the term of this Agreement.

(b) In addition, the Manager shall be paid an annual incentive fee (the “Incentive Fee”) for each fiscal year of the Company, commencing with the Company’s fiscal year ending December 31, 2010, consisting of a number of shares of the Company’s common shares of beneficial interest (“Common Shares”) with an aggregate value (determined as provided below) equal to fifteen percent (15%) of the product of (i) the weighted average

Common Shares of the Company outstanding on a fully diluted basis during such fiscal year and (ii) the excess if any of FFO Per Share (as defined below) for such fiscal year over the FFO Per Share for the preceding fiscal year. In no event shall the aggregate value of the Incentive Fee (as determined pursuant to the immediately preceding sentence) payable in respect of any fiscal year exceed $.02 multiplied by the weighted average number of Common Shares outstanding on a fully diluted basis during such fiscal year. (The Management Fee and Incentive Fee are hereinafter collectively referred to as the “Fees”).

(c) For purposes of this Agreement: (i) “Annual Average Invested Capital” of the Company shall mean the average of the aggregate historical cost of the consolidated assets of the Company and its subsidiaries, excluding the Transferred Assets, invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar noncash reserves, computed by taking the average of such values at the end of each month during such period; (ii) “Annual Average Invested Capital of the Transferred Assets” shall mean the average of the aggregate historical cost of the Transferred Assets on the books of the applicable RMR Managed Company (as defined in Section 13 below) immediately prior to the contribution, sale or other transfer of such property to the Company or its subsidiaries (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar noncash reserves, computed by taking the average of such values at the end of month during such period, and all subsequent adjustments shall be based on such historical cost; and (ii) “FFO Per Share” for any fiscal year shall mean (x) the Company’s consolidated net income, computed in accordance with generally accepted accounting principles in the United States, excluding gain or loss on sale of properties, acquisition costs and extraordinary items, depreciation, amortization, impairment charges and other non-cash items, including the Company’s pro rata share of the funds from operations (determined in accordance with this clause) for such fiscal year of (A) any unconsolidated subsidiary and (B) any entity for which the Company accounts by the equity method of accounting, with such resulting net income amount reduced by, if applicable, the amount of any preferred shares dividends declared or otherwise payable (without duplication) during such fiscal year, determined for these purposes as of the date any such preferred shares dividend amounts are accrued by the Company in accordance with generally accepted accounting principles in the United States divided by (y) the weighted average number of Common Shares outstanding on a fully diluted basis during such fiscal year; and (iii) “Transferred Assets” shall mean the consolidated assets of the Company and its subsidiaries invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate acquired by the Company or its subsidiaries from a RMR Managed Company (including acquisition related costs and costs which may be allocated to intangibles or are unallocated and including assets contributed by CommonWealth REIT (“CWH”) or its subsidiaries to the Company or its subsidiaries or purchased by the

Company or its subsidiaries from CWH or its subsidiaries); it being understood that amounts invested in or with respect to any such Transferred Assets by the Company or its subsidiaries following the acquisition of such assets by the Company or its subsidiaries from a RMR Managed Company shall be included as part of the Transferred Assets to the extent such amounts otherwise satisfy the standards included in the definition of Transferred Assets.

Unless the Company and the Manager otherwise agree, the Management Fee shall be computed and payable monthly by the Company on a year to date basis, with adjustments to account for previous payments, within thirty (30) days following the end of each fiscal month, and the Incentive Fee shall be computed and payable within thirty (30) days following the public availability of the Company’s annual audited financial statements for each fiscal year. Such computations of the Management Fee shall be based upon the Company’s monthly or quarterly financial statements, as the case may be, and such computations of the Incentive Fee shall be based upon the Company’s annual audited financial statements, and all such computations shall be in reasonable detail. A copy of such computations shall promptly be delivered to the Manager accompanied by payment of the Fees shown thereon to be due and payable.

The payment of the aggregate annual Fees payable for any fiscal year shall be subject to adjustment as of the end of each fiscal year. On or before the 30th day after public availability of the Company’s annual audited financial statements for each fiscal year, the Company shall deliver to the Manager an officer’s certificate (a “Certificate”) reasonably acceptable to the Manager and certified by an authorized officer of the Company setting forth (i) the Annual Average Invested Capital of the Transferred Assets, Annual Average Invested Capital and FFO Per Share for the Company’s fiscal year ended upon the immediately preceding December 31 (and, for purposes of any Incentive Fee for the year ending December 31, 2010, setting forth the Company’s FFO for the applicable period in 2009, the annualized amount of the Company’s FFO for 2009 and the FFO Per Share for such annualized 2009 FFO), and (ii) the Company’s computation of the Fees payable for said fiscal year.

If the aggregate annual Fees payable for said fiscal year as shown in such Certificate exceed the aggregate amounts previously paid with respect thereto by the Company, the Company shall include its check for such deficit and deliver the same to the Manager with such Certificate.

If the aggregate annual Fees payable for said fiscal year as shown in such Certificate are less than the aggregate amounts previously paid with respect thereto by the Company, the Company shall specify in such Certificate whether the Manager should (i) remit to the Company its check in an amount equal to such difference or (ii) grant the Company a credit against the Fees next coming due in the amount of such difference until such amount has been fully paid or otherwise discharged.

Payment of the Incentive Fee shall be made by issuance of Common Shares under the Company’s 2009 Incentive Share Award Plan, as the same may be amended from time to time. The number of shares to be issued in payment of the Incentive Fee shall be the whole number of shares (disregarding any fraction) equal to the value of the Incentive Fee, as provided above, divided by the average closing price of the Company’s Common Shares on the New York Stock Exchange (or such other stock exchange upon which the Common Shares are principally listed for trading) during the month of December in the year for which the computation is made.

11. Internal Audit Services. The Manager shall provide to the Company an internal audit function meeting applicable requirements of the New York Stock Exchange and the Securities and Exchange Commission and otherwise in scope approved by the Company’s Audit Committee. In addition to the Fees, the Company agrees to reimburse the Manager, within 30 days of the receipt of the invoice therefor, the Company’s pro rata share (as reasonably agreed to by the Independent Trustees from time to time) of the following:

(a) employment expenses of the Manager’s internal audit manager and other employees of the Manager actively engaged in providing internal audit services, including but not limited to salary, wages, payroll taxes and the cost of employee benefit plans; and

(b) the reasonable travel and other out-of-pocket expenses of the Manager relating to the activities of the Manager’s internal audit manager and other of the Manager’s employees actively engaged in providing internal audit services and the reasonable third party expenses which the Manager incurs in connection with its provision of internal audit services.

12. Additional Services. If, and to the extent that, the Company shall request the Manager to render services on behalf of the Company other than those required to be rendered by the Manager in accordance with the terms of this Agreement, such additional services shall be compensated separately on terms to be agreed upon between the Manager and the Company from time to time.

13. Right of First Offer.

(a) Subject to the Company’s Declaration of Trust and Bylaws, the Company hereby agrees with the Manager that if the Company or any of its subsidiaries determines to offer, directly or indirectly, for sale or long term ground lease (each a “Sale”) any real property that, at such time, is of a type within a principal investment focus of another real estate investment trust to which the Manager at such time provides business management or property management services (such other company, a “RMR Managed Company”), then prior to offering such real property for Sale to any other person, the Company shall provide notice of such proposed Sale to such RMR

Managed Company, describing such proposed Sale in sufficient detail (including expected pricing, payment or lease terms, closing date and other material terms) and offering such RMR Managed Company the right to purchase or lease such real property, and shall negotiate in good faith with such RMR Managed Company for such purchase or lease. If within fifteen (15) days after the Company has provided to such RMR Managed Company the notice of an offer to effect a Sale of such real property, the Company and such RMR Managed Company have not reached agreement on the terms of such Sale, the Company (or its subsidiary, as applicable) will be free to sell such real property to any person upon the same or substantially similar terms as those contained in the written notice described above (but in any event for a purchase price that is not less than 90% of the expected price), free of the restrictions of this Section 13.

(b) Notwithstanding the above, the following Sales shall be excluded from the right of first offer referred to herein:

(i) A transfer of a real property to a governmental or quasi-governmental agency (an “Agency”) as part of a tax reduction or tax abatement program in which the Company or its subsidiary leases such real property back from such Agency; provided, however, a transfer or assignment of the Company’s or its subsidiary’s interest as tenant in the lease of the real property from such Agency shall be subject to the terms and conditions of this Agreement and the right of first offer granted herein;

(ii) A transfer of a real property to an entity that is wholly owned, directly or indirectly, by the Company;

(iii) A transfer of a real property to any tenant or other party having a right of first refusal or offer to purchase in effect on the date hereof (or in effect on the date such property is acquired by the Company or its subsidiary, as applicable) on the terms and conditions of such right of first refusal or offer to purchase or hereafter granted in a bona fide lease negotiation;

(iv) A transfer of a real property to the appropriate condemning authority pursuant to eminent domain or under threat of eminent domain; and

(v) Any financing, reorganization, recapitalization, reclassification, exchange of shares or spin-offs to the Company’s shareholders, in each case where there is no change of control.

14. Expenses of the Manager. Without regard to and without limiting the compensation received by the Manager from the Company pursuant to this Agreement and

except to the extent provided by Sections 2, 11 or 12, the Manager shall bear the following expenses incurred in connection with the performance of its duties under this Agreement:

(a) employment expenses of the personnel employed by the Manager, including but not limited to, salaries, wages, payroll taxes and the cost of employee benefit plans;

(b) fees and travel and other expenses paid to directors, officers and employees of the Manager, except fees and travel and other expenses of such persons who are Trustees or officers of the Company incurred in their capacities as Trustees or officers of the Company;

(c) rent, telephone, utilities, office furniture, equipment and machinery (including computers, to the extent utilized) and other office expenses of the Manager, except to the extent such expenses relate solely to an office maintained by the Company separate from the office of the Manager; and

(d) miscellaneous administrative expenses relating to performance by the Manager of its obligations hereunder.

15. Expenses of the Company. Except as expressly otherwise provided in this Agreement, the Company shall pay all its expenses not payable by the Manager, and, without limiting the generality of the foregoing, it is specifically agreed that the following expenses of the Company shall be paid by the Company and shall not be paid by the Manager:

(a) the cost of borrowed money;

(b) taxes on income and taxes and assessments on real property, if any, and all other taxes applicable to the Company;

(c) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and stock exchange listing of the Company’s securities, including transfer agent’s, registrar’s and indenture trustee’s fees and charges;

(d) expenses of organizing, restructuring, reorganizing or terminating the Company, or of revising, amending, converting or modifying the Company’s organizational documents;

(e) fees and travel and other expenses paid to Trustees and officers of the Company in their capacities as such (but not in their capacities as officers or employees of the Manager) and fees and travel and other expenses paid to advisors, contractors, mortgage services, consultants, and other agents and independent contractors employed by or on behalf of the Company;

(f) expenses directly connected with the investigation, acquisition, disposition or ownership of real estate interests or other property (including third party property diligence costs, appraisal reporting, the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property), other than expenses with respect thereto of employees of the Manager, to the extent that such expenses are to be borne by the Manager pursuant to Section 14 above;

(g) all insurance costs incurred in connection with the Company (including officer and trustee liability insurance) or in connection with any officer and trustee indemnity agreement to which the Company is a party;

(h) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to be made by the Trustees to holders of securities of the Company;

(i) all expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of preparing, printing, posting, distributing and mailing certificates for securities and proxy solicitation materials and reports to holders of the Company’s securities;

(j) legal, accounting and auditing fees and expenses, other than those described in subsection (c) above;

(k) filing and recording fees for regulatory or governmental filings, approvals and notices to the extent not otherwise covered by any of the foregoing items of this Section 15;

(l) expenses relating to any office or office facilities maintained by the Company separate from the office of the Manager; and

(m) the costs and expenses of all equity award or compensation plans or arrangements established by the Company, including the value of awards made by the Company to the Manager or its employees, if any.

16. Limits of Manager Responsibility; Indemnification; Company Remedies. The Manager assumes no responsibility other than to render the services described herein in good faith and shall not be responsible for any action of the Trustees in following or declining to follow any advice or recommendation of the Manager. The Manager, its shareholders, directors, officers, employees and affiliates will not be liable to the Company, its shareholders, or others, except by reason of willful bad faith or gross negligence in the performance of its obligations hereunder. The Company shall reimburse, indemnify and hold harmless the Manager, its shareholders, directors, officers and employees and its affiliates for and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including without limitation all reasonable attorneys’, accountants’ and experts’ fees and expenses) in respect of or arising from any acts or omissions of the Manager with respect to the provision of services by it or performance of its obligations in connection with this Agreement or performance of other matters pursuant to specific instruction by the Trustees, except to the extent such provision or performance was in willful bad faith or grossly negligent. Without limiting the foregoing, the Company shall promptly advance expenses incurred by the indemnitees referred to in this section for matters referred to in this section, upon request for such advancement.

17. Other Activities of Manager. Nothing herein shall prevent the Manager from engaging in other activities or businesses or from acting as the Manager to any other person or entity (including other real estate investment trusts) even though such person or entity has investment policies and objectives similar to those of the Company; provided, however, that the Manager agrees not to provide, without the consent of the Independent Trustees, business management services to any other business which is principally engaged in the business of owning properties which are majority leased or occupied (determined by rentable square footage, excepting common areas) to one or more Governmental Authorities (as defined below) or which are reasonably expected to be majority leased to one or more Governmental Authorities within twelve (12) months of such time (such lessees and occupants hereinafter referred to as “Government Tenants”). For purposes of this Agreement, “Governmental Authorities” means any nation or government, any state or other political subdivision thereof, any federal, state, local or foreign entity or organization exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental authority, agency, department, board, commission or instrumentality of the United States, any state of the United States or any political subdivision thereof, and any tribunal. The Manager shall notify the Company in writing in the event that it does so act as a manager to another business. The Manager shall not present other businesses that it now or in the future manages with opportunities to invest in properties that are majority leased to Government Tenants unless the Independent Trustees have determined that the Company will not invest in the opportunity. The Company acknowledges that the Manager manages real estate investment trusts and other entities (including, as of the date of this Agreement, CWH, Hospitality Properties Trust, Senior Housing Properties Trust, Five Star Quality Care, Inc. and TravelCenters of America LLC) and

that the Manager is not required to present the Company with opportunities to invest in properties that are primarily of a type that are the investment focus of another person or entity now or in the future managed by the Manager. In addition, nothing herein shall prevent any shareholder or affiliate of the Manager from engaging in any other business or from rendering services of any kind to any other person or entity (including competitive business activities). The Company acknowledges and agrees that the Manager has certain interests that may be divergent from those of the Company. The parties agree that these relationships and interests shall not affect either party’s rights and obligations under this Agreement; provided, however, the Company further acknowledges and agrees that whenever any conflicts of interest arise resulting from the relationships and interests described or referred to in this Section 17 or any such relationship or interest as may arise or be present in the future by and between the Company and the Manager or their respective affiliates or any entity with whom the Manager has a relationship or contract, the Manager will act on its own behalf and/or on behalf of any such entity and not on the Company’s behalf, and the Company shall make its own decisions and require and obtain the advice and assistance of independent third parties at its own cost, as it may deem necessary. Without limiting the foregoing provisions, the Manager agrees, upon the request of any Trustee, to disclose certain real estate investment information concerning the Manager or certain of its affiliates; provided, however, that such disclosure shall be required only if it does not constitute a breach of any fiduciary duty or obligation of the Manager and the Company shall be required to keep such information confidential.

Directors, officers, employees and agents of the Manager or of its affiliates may serve as Trustees, officers, employees, agents, nominees or signatories of the Company. When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company. Such persons shall receive no compensation from the Company for their services to the Company in any such capacities, except that the Company may make awards to the employees of the Manager and others under the Company’s 2009 Incentive Share Award Plan or any equity plan adopted by the Company from time to time.

18. Term, Termination. This Agreement shall continue in force and effect until December 31, 2011, and shall be automatically renewed for successive one year terms annually thereafter unless notice of non-renewal is given by the Company or the Manager before the end of the term. It is expected that the terms and conditions may be reviewed by the Independent Trustees of the Compensation Committee of the Trustees at least annually.

Notwithstanding any other provision of this Agreement to the contrary, this Agreement, or any extension thereof, may be terminated (a) by either party hereto upon sixty (60) days’ written notice to the other party, which termination, if by the Company, must be approved by a majority vote of the Independent Trustees serving on the Compensation Committee of the Trustees, or if by the Manager, must be approved by a majority vote of the directors of the Manager; and (b) by the Manager upon five (5) business days written notice to the Company if there is a Change of Control.

For purposes of this Agreement, a “Change of Control” shall mean: (a) the acquisition by any person or entity, or two or more persons or entities acting in concert, of beneficial ownership (such term, for purposes of this Section 18, having the meaning provided such term in Rule 13d-3 under the Exchange Act) of 9.8% or more, or rights, options or warrants to acquire 9.8% or more, or any combination thereof, of the outstanding Common Shares or other voting interests of the Company, including voting proxies for such shares, or the power to direct the management and policies of the Company, directly or indirectly (excluding the Manager and its affiliates and persons or entities that beneficially own 9.8% or more of the Company’s outstanding Common Shares as of immediately prior to the execution and delivery of this Agreement by the parties hereto); (b) the merger or consolidation of the Company with or into any other entity (other than the merger or consolidation of any entity into the Company that does not result in a Change in Control of the Company under clauses (a), (c), or (d) of this definition); (c) any one or more sales or conveyances to any person or entity of all or any material portion of the assets (including capital stock or other equity interests) or business of the Company and its subsidiaries taken as a whole; provided, however, that, with respect to the Company, the acquisition of Transferred Assets by the Company or any of its subsidiaries shall not constitute a Change of Control pursuant to this clause (c); or (d) the cessation, for any reason, of the individuals who at the beginning of any 36 consecutive month period constituted the Trustees (together with any new trustees whose election by the Trustees or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the trustees then still in office who were either trustees at the beginning of any such period or whose election or nomination for election was previously so approved) to constitute a majority of the Trustees then in office; provided, however, a Change of Control of the Company shall not include the acquisition by any person or entity, or two or more persons or entities acting in concert, of beneficial ownership of 9.8% or more of the Company’s outstanding Common Shares or other voting interests of the Company if such acquisition is approved by the Trustees in accordance with the Company’s organizational documents and if such acquisition is otherwise in compliance with applicable law.

Section 19 hereof shall govern the rights, liabilities and obligations of the parties upon termination of this Agreement; and, except as provided in Sections 16 and 19, such termination shall be without further liability of either party to the other, other than for breach or violation of this Agreement prior to termination.

19. Action Upon Termination. From and after the effective date of any termination of this Agreement pursuant to Section 18 hereof, the Manager shall be entitled to no compensation for services rendered hereunder for the pro-rata remainder of the then-current term of this Agreement, but shall be paid, on a pro rata basis as set forth in this Section 19, all compensation due for services performed prior to the effective date of such termination, including without limitation, a pro-rata portion of the current year’s Incentive Fee. Upon such termination, the Manager shall as promptly as practicable:

(a) pay over to the Company all monies collected and held for the account of the Company by it pursuant to this Agreement, after deducting therefrom any accrued Fees and reimbursements for its expenses to which it is then entitled;

(b) deliver to the Trustees a full and complete accounting, including a statement showing all sums collected by it and a statement of all sums held by it for the period commencing with the date following the date of its last accounting to the Trustees; and

The amount of Fees paid to the Manager upon termination shall be subject to adjustment pursuant to the following mechanism. On or before the 30th day after public availability of the Company’s annual audited financial statements for the fiscal year in which termination occurs, the Company shall deliver to the Manager a Certificate reasonably acceptable to the Manager and certified by an authorized officer of the Company setting forth (i) the Annual Average Invested Capital of the Transferred Assets, Annual Average Invested Capital and FFO Per Share for the Company’s fiscal year ended upon the immediately preceding December 31, and (ii) the Company’s computation of the Fees payable upon the date of termination.

If the annual Fees owed upon termination as shown in such Certificate exceed the Fees paid by the Company upon termination, the Company shall include its check for such deficit and deliver the same to the Manager with such Certificate. If the annual Fees owed upon termination as shown in such Certificate are less than the Fees paid by the Company upon termination, the Manager shall remit to the Company its check in an amount equal to such difference.

The Incentive Fee for any partial fiscal year will be determined by multiplying the Incentive Fee for such year (assuming this Agreement were in effect for the entire year) by a fraction, the numerator of which is the number of days in the portion of such year during which this Agreement was in effect, and the denominator of which shall be 365.

20. Trustee Action. Wherever action on the part of the Trustees is contemplated by this Agreement, action by a majority of the Trustees, including a majority of the Independent Trustees, shall constitute the action provided for herein.

21. TRUSTEES AND SHAREHOLDERS NOT LIABLE. THE DECLARATION OF TRUST OF THE COMPANY, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS, IS DULY FILED IN THE OFFICE OF THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND PROVIDES THAT THE NAME GOVERNMENT PROPERTIES INCOME TRUST REFERS TO THE

TRUSTEES COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY. NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY. ALL PERSONS DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

22. Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, upon confirmation of receipt when transmitted by facsimile transmission, on the next business day if transmitted by a nationally recognized overnight courier or on the third business day following mailing by first class mail, postage prepaid, in each case as follows (or at such other United States address or facsimile number for a party as shall be specified by like notice):

If to the Company:

Government Properties Income Trust
Two Newton Place

255 Washington Street, Suite 300
Newton, Massachusetts 02458
Attention: President
Facsimile No.: (617) 219-1441

If to the Manager:

Reit Management & Research LLC
Two Newton Place

255 Washington Street, Suite 300
Newton, Massachusetts 02458
Attention: President
Facsimile No.: (617) 928-1305

23. Amendments. This Agreement shall not be amended, changed, modified, terminated, or discharged in whole or in part except by an instrument in writing signed by each of the parties hereto, or by their respective successors or assigns, or otherwise as provided herein.

24. Assignment. Neither party may assign this Agreement or its rights hereunder or delegate its duties hereunder without the written consent of the other party, except in the case of an assignment by the Manager to a corporation, partnership, limited liability company, association, trust, or other successor entity which may take over the property and carry on the affairs of the Manager.

25. Successors and Assigns. This Agreement shall be binding upon any successors or permitted assigns of the parties hereto as provided herein.

26. No Third Party Beneficiary. Except as otherwise provided in Section 28(i), no person or entity other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

27. Governing Law. The provisions of this Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

28. Arbitration.

(a) Any disputes, claims or controversies between the parties (i) arising out of or relating to this Agreement or the provision of services by the Manager pursuant to this Agreement, or (ii) brought by or on behalf of any shareholder of the Company (which, for purposes of this Section 28, shall mean any shareholder of record or any beneficial owner of shares of the Company, or any former shareholder of record or beneficial owner of shares of the Company), either on his, her or its own behalf, on behalf of the Company or on behalf of any series or class of shares of the Company or shareholders of the Company against the Company or any trustee, officer, manager (including the Manager or its successor), agent or employee of the Company, including disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement, including this arbitration agreement, the Declaration of Trust or the Bylaws (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this Section 28. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against trustees, officers or managers of the Company and class actions by a shareholder against those individuals or entities and the Company. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.

(b) There shall be three arbitrators. If there are only two parties to the Dispute, each party shall select one arbitrator within 15 days after receipt by respondent of a copy of the demand for arbitration. Such arbitrators may be affiliated or interested persons of such parties. If either party fails to timely select an arbitrator, the other party to the Dispute shall select the second arbitrator who shall be neutral and impartial and shall not be affiliated with or an interested person of either party. If there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one arbitrator. Such arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be. If either all claimants or all respondents fail to timely select an arbitrator then such arbitrator (who shall be neutral, impartial and unaffiliated with any party) shall be appointed by the parties who have appointed the first arbitrator. The two arbitrators so appointed shall jointly appoint the

third and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within 15 days of the appointment of the second arbitrator. If the third arbitrator has not been appointed within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

(d) There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.

(e) In rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of The Commonwealth of Massachusetts. Any arbitration proceedings or Award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. The Award shall be in writing and may, but shall not be required to, briefly state the findings of fact and conclusions of law on which it is based.

(f) Except to the extent expressly provided by this Agreement or as otherwise agreed by the parties, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of the Company’s award to the claimant or the claimant’s attorneys. Each party (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third appointed arbitrator.

(g) An Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between such parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. Judgment upon the Award may be entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

(h) Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset. Each party against which the Award assesses a monetary obligation shall pay that obligation on or before the 30th day following the date of the Award or such other date as the Award may provide.

(i) This Section 28 is intended to benefit and be enforceable by the shareholders, directors, officers, managers (including the Manager or its successor), agents or employees of the Company and the Company and shall be binding on the shareholders of the Company and the Company, as applicable, and shall be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

29. Consent to Jurisdiction and Forum. This Section 29 is subject to, and shall not in any way limit the application of, Section 28; in case of any conflict between this Section 29 and Section 28, Section 28 shall govern. The exclusive jurisdiction and venue in any action brought by any party hereto pursuant to this Agreement shall lie in any federal or state court located in Boston, Massachusetts. By execution and delivery of this Agreement, each party hereto irrevocably submits to the jurisdiction of such courts for itself and in respect of its property with respect to such action. The parties irrevocably agree that venue would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action. The parties further agree and consent to the service of any process required by any such court by delivery of a copy thereof in accordance with Section 22 and that any such delivery shall constitute valid and lawful service of process against it, without necessity for service by any other means provided by statute or rule of court.

30. Captions. The captions included herein have been inserted for ease of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

31. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes and cancels any pre-existing agreements with respect to such subject matter.

32. Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.

33. Survival. The provisions of Sections 2 (limited to the obligation of the Company to indemnify the Manager for matters provided thereunder), 16, 17 (limited to the obligations of

the Company to keep information provided to the Company by the Manager confidential as provided in the last proviso in such Section), 18 (limited to the last paragraph of such Section), 19, 21, 22, 26, 27, 28, 29 and 33 of this Agreement shall survive the termination hereof.

34. Other Agreements. The parties hereto are also parties to an Amended and Restated Property Management Agreement, dated as of January 11, 2011 , as in effect from time to time (the “Property Management Agreement”). The parties agree that this Agreement does not include or otherwise address the rights and obligations of the parties under the Property Management Agreement and that the Property Management Agreement provides for its own separate rights and obligations of the parties thereto, including without limitation separate compensation payable by the Company and the other Owners (as defined in the Property Management Agreement) to the Manager thereunder for services to be provided by the Manager pursuant to the Property Management Agreement.

[Signature Page To Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers, under seal, as of the day and year first above written.

	GOVERNMENT PROPERTIES INCOME TRUST


	By:	/s/ David M. Blackman
		Name: David M. Blackman
		Title: President and Chief Operating Officer


	REIT MANAGEMENT & RESEARCH LLC


	By:	/s/ Adam D. Portnoy
		Name: Adam D. Portnoy
		Title: President

[Signature Page to Business Management Agreement]

EX-31.1 3 a11-25680_1ex31d1.htm EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, David M. Blackman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Government Properties Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 1, 2011	/s/ David M. Blackman
		David M. Blackman
		President and Chief Operating Officer

EX-31.2 4 a11-25680_1ex31d2.htm EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, Mark L. Kleifges, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Government Properties Income Trust;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 1, 2011	/s/ Mark L. Kleifges
		Mark L. Kleifges
		Treasurer and Chief Financial Officer

EX-31.3 5 a11-25680_1ex31d3.htm EX-31.3

EXHIBIT 31.3

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, Barry M. Portnoy, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Government Properties Income Trust;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 1, 2011	/s/ Barry M. Portnoy
		Barry M. Portnoy
		Managing Trustee

EX-31.4 6 a11-25680_1ex31d4.htm EX-31.4

EXHIBIT 31.4

CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

I, Adam D. Portnoy, certify that:

1. I have reviewed this Quarterly Report of Government Properties Income Trust;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 1, 2011	/s/ Adam D. Portnoy
		Adam D. Portnoy
		Managing Trustee

EX-32.1 7 a11-25680_1ex32d1.htm EX-32.1

EXHIBIT 32.1

Certification Pursuant to 18 U.S.C. Sec. 1350

(Section 906 of the Sarbanes—Oxley Act of 2002)

In connection with the filing by Government Properties Income Trust (the “Company”) of the Quarterly Report in Form 10-Q for the period ended September 30, 2011 (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Barry M. Portnoy		/s/ Adam D. Portnoy
	Barry M. Portnoy		Adam D. Portnoy
	Managing Trustee		Managing Trustee


	/s/ David M. Blackman		/s/ Mark L. Kleifges
	David M. Blackman		Mark L. Kleifges
	President and Chief Operating Officer		Treasurer and Chief Financial Officer


Date:		November 1, 2011

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344481000

<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> Note 9.   Pro Forma Information   During the third quarter of 2011, we purchased three properties for an aggregate purchase price of $101,450, excluding acquisition costs.  During the second quarter of 2011, we purchased six properties for an aggregate purchase price of $184,675, excluding acquisition costs.  During the first quarter of 2011, we purchased three properties for an aggregate purchase price of $42,000, excluding acquisition costs.  During 2010, we purchased 22 properties for an aggregate purchase price of $434,411, excluding acquisition costs and including the assumption of $44,951of mortgage debt.  Also in 2010, we replaced our $250,000 secured revolving credit facility with our $500,000 unsecured revolving credit facility and issued 18,975,000 of our common shares.  The following table presents our pro forma results of operations as if these acquisitions and financing activities were completed on January 1, 2010.  This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from various factors, including but not limited to, additional property acquisitions, property sales, changes in interest rates and changes in our debt or equity capital structure.   <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.75in" border="0" cellspacing="0" cellpadding="0" width="80%"> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="26%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="33%" colspan="5"> For the Three Months</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.14%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="33%" colspan="5"> For the Nine Months</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="26%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.16%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="33%" colspan="5"> Ended September 30,</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.14%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="33%" colspan="5"> Ended September 30,</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="26%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.04%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 2011</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 2010</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 2011</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 2010</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="26%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.04%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="26%"> Total Revenues</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="13%"> 48,622</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="13%"> 48,782</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="13%"> 143,912</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="13%"> 138,572</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="26%"> Net Income</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.04%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 12,791</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 9,406</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 37,356</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="15%" colspan="2"> 28,306</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="26%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.04%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 26.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="26%"> Net Income Per Share </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.28</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.23</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.89</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.70</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.12%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr></table>   During the three and nine months ended September 30, 2011, we recognized revenues of $6,569 and $10,580, respectively and operating income of $1,785 and $1,816, respectively, arising from our acquisitions completed in 2011.</td></tr></table>

<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> Note 6. Fair Value of Financial Instruments   Our financial instruments at September 30, 2011 include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, our revolving credit facility, amounts due to related persons, other accrued expenses and deposits. At September 30, 2011, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, except as follows:   <table style="WIDTH: 84%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.7in" border="0" cellspacing="0" cellpadding="0" width="84%"> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 64.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="64%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="14%" colspan="2"> Carrying Amount</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="14%" colspan="2"> Fair Value</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 64.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="64%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="14%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="14%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 64.32%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="64%"> Mortgage note payable, 6.21% interest rate, due in 2016 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 12.98%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="12%"> 24,781</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 12.98%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="12%"> 27,149</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.16%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 64.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="64%"> Mortgage note payable, 7.00% interest rate, due in 2019 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="14%" colspan="2"> 10,635</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="14%" colspan="2"> 11,164</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 64.32%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="64%"> Mortgage note payable, 8.15% interest rate, due in 2021 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="14%" colspan="2"> 10,192</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 14.28%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="14%" colspan="2"> 11,439</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.16%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 64.32%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="64%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 12.98%; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="12%"> 45,608</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.98%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 12.98%; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="12%"> 49,752</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.16%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr></table>   We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date.</td></tr></table>

<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> Note 5.  Indebtedness   At September 30, 2011 and December 31, 2010, our outstanding indebtedness included the following:   <table style="WIDTH: 73.34%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.75in" border="0" cellspacing="0" cellpadding="0" width="73%"> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="59%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> September 30,</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> December 31,</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="59%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> 2011</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> 2010</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="59%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="59%"> Revolving credit facility, due in 2013(1) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.06%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%"> 282,500</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.06%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%"> 118,000</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="59%"> Mortgage note payable, 6.21% interest rate, due in 2016 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> 24,781</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> 24,800</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="59%"> Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,036, due in 2019(2) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="16%" colspan="2"> 10,635</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="16%" colspan="2"> 10,856</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="59%"> Mortgage note payable, 8.15% interest rate, including unamortized premium of $817, due in 2021(2) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> 10,192</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.36%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="16%" colspan="2"> 10,772</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="59%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.06%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%"> 328,108</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.06%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="15%"> 164,428</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.38%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr></table>   (1)             On October 18, 2011, we amended our credit agreement as described below. (2)             We assumed these mortgages in connection with our acquisition of certain properties.  The stated interest amounts for these mortgage debts are the contractually stated amounts; we recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market rates as of the date of acquisition.   At September 30, 2011, we had a $500,000 unsecured revolving credit facility that was available for acquisitions, working capital and general business purposes.  Interest under the revolving credit facility is based upon LIBOR plus a spread that is subject to adjustment based upon changes to our senior unsecured debt rating.  On October 18, 2011, we amended our revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest paid on drawings under the facility and extend the stated maturity date of the facility from October 28, 2013 to October 19, 2015.  Subject to certain conditions and the payment of a fee, we have the option to further extend the stated maturity date by one year to October 19, 2016.  Our revolving credit facility agreement, including as amended on October 18, 2011, contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios.  We believe we were in compliance with the terms of our revolving credit facility agreement at September 30, 2011.  The weighted average annual interest rate for our revolving credit facility was 2.31% and 2.32% for the three and nine months ended September 30, 2011, respectively.  As of September 30, 2011, we had $282,500 outstanding under our revolving credit facility.</td></tr></table>

<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> Note 2.   Recent Accounting Pronouncements   In June 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-05, Presentation of Comprehensive Income.  This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders equity.  This standard is intended to enhance comparability between entities that report under GAAP and to provide a more consistent method of presenting non-owner transactions that affect an entitys equity.  This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  The adoption of this update is not expected to cause any material changes to our consolidated financial statements.</td></tr></table>

<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> Note 1.   Basis of Presentation   The accompanying condensed consolidated financial statements of Government Properties Income Trust and its subsidiaries, or GOV, the Company, we or us, are unaudited.  Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted.  We believe the disclosures made are adequate to make the information presented not misleading.  However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2010, or our Annual Report.  In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included.  All material intercompany transactions and balances between the Company and its subsidiaries have been eliminated.   As of September 30, 2011, we owned 67 properties located in 27 states and the District of Columbia containing approximately 8.3 million rentable square feet.  The U.S. Government, certain state governments and the United Nations are our primary tenants.</td></tr></table>

43718000

2630000

12320000

2252000

792000

7583000

109000

860000

546000

354000

2715000

1791000

13612000

43000

7065000

3287000

271137000

50630000

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Pro Forma Information Pro Forma Information Pro Forma Information Disclosure [Text Block] Disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. Non-cash investing activities Non Cash Investing Activities [Abstract] Non-cash financing activities Noncash Financing Activities [Abstract] Stock Granted or Issued During Period, Value, Share-based Compensation Value of stock granted or issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP) and value of stock issued as a result of any real estate acquisition. Issuance of common shares pursuant to our equity compensation plan Non-cash operating activities Noncash Operating Activities [Abstract] Equity distributions Equity Distributions This element represents the value of distributions with respect to ownership interest in noncash operating transactions. Amortization of Financing Costs and Discounts Continuing Operations Net amortization of debt premium and deferred financing fees The component of interest expense representing the noncash expenses charged against earnings in the period to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related instruments excluding discontinued operations. Ownership Interest Represents the amounts invested in or advanced to the reporting entity by the parent entity, which did not carry any interest, and had no specific repayment terms. Cumulative Common Distributions This element represents cumulative distributions to common shareholders. Document and Entity Information CONDENSED CONSOLIDATED BALANCE SHEETS Statement [Table] Statement, Scenario [Axis] Scenario, Unspecified [Domain] Statement [Line Items] Statement Assets [Abstract] ASSETS Real Estate Investment Property, Net [Abstract] Real estate properties: Land Land Investment Building and Building Improvements Buildings and improvements Real Estate Investment Property, at Cost Total real estate properties, at cost, gross Real Estate Investment Property, Accumulated Depreciation Accumulated depreciation Real Estate Investment Property, Net Total real estate properties, at cost, net Finite-Lived Intangible Assets, Net Acquired real estate leases, net Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Cash and cash equivalents Restricted Cash and Cash Equivalents Restricted cash Accounts Receivable, Net Rents receivable, net Deferred Costs, Leasing, Net Deferred leasing costs, net Deferred Finance Costs, Net Deferred financing costs, net Other Assets Other assets, net Assets. Total assets Due from Related Parties Due from affiliates Liabilities and Stockholders' Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY Cash provided by operating activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Cash provided by operating activities Long-term Line of Credit Revolving credit facility Secured Debt Mortgage notes payable Other Liabilities Accounts payable and accrued expenses Due to Related Parties Due to related persons Off-market Lease, Unfavorable Assumed real estate lease obligations, net Liabilities Total liabilities Commitments and Contingencies Commitments and contingencies Stockholders' Equity Attributable to Parent [Abstract] Shareholders' equity: Stockholders' Equity Attributable to Parent Total shareholders' equity Balance Balance Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] Common shares of beneficial interest, $.01 par value: Common Stock, Value, Issued 70,000,000 shares authorized, 47,051,650 and 40,500,800 shares issued and outstanding, respectively Additional Paid in Capital, Common Stock Additional paid in capital Retained Earnings (Accumulated Deficit) Cumulative net income Cumulative other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax Basis of Presentation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Basis of Presentation Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies Real Estate Properties Real Estate Disclosure [Text Block] Real Estate Properties Related Person Transactions Related Party Transactions Disclosure [Text Block] Related Person Transactions Tenant Concentration and Segment Information Concentration Risk Disclosure [Text Block] Tenant Concentration and Segment Information Investment in Affiliates Insurance Company Equity Method Investments Disclosure [Text Block] Investment in Affiliates Insurance Company Indebtedness Debt Disclosure [Text Block] Indebtedness Fair Value of Financial Instruments Fair Value Disclosures [Text Block] Fair Value of Financial Instruments Shareholders' Equity Stockholders' Equity Note Disclosure [Text Block] Shareholders' Equity Selected Quarterly Financial Data (unaudited) Quarterly Financial Information [Text Block] Selected Quarterly Financial Data (unaudited) Real Estate Revenue, Net Rental income Costs and Expenses [Abstract] Expenses Real Estate Tax Expense Real estate taxes Utilities Costs Utility expenses Other Cost and Expense, Operating Other operating expenses Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Acquisition Costs Acquisition related costs General and Administrative Expense General and administrative Costs and Expenses Total expenses Business Combination, Acquisition Related Costs Acquisition related costs Operating Income (Loss) Operating income Investment Income, 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Common Stockholders, Basic Net income Net income CONDENSED CONSOLIDATED STATEMENTS OF INCOME Amortization of Financing Costs Amortization of debt premiums and deferred financing fees Cash and Cash Equivalents, Period Increase (Decrease) Increase in cash and cash equivalents Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL CASH FLOW INFORMATION: Interest Paid Interest paid Income taxes paid Income Taxes Paid Real estate acquisitions funded by the assumption of mortgage debt Fair Value of Assets Acquired Liabilities Assumed Assumption of mortgage debt Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to cash provided by operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Net 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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Rental income	$ 45,719	$ 30,746	$ 126,718	$ 80,040
Expenses
Real estate taxes	4,853	3,292	13,947	8,624
Utility expenses	4,375	2,836	11,422	6,246
Other operating expenses	7,723	5,147	21,568	12,667
Depreciation and amortization	10,379	6,321	27,862	16,602
Acquisition related costs	1,008	2,687	2,846	4,542
General and administrative	2,746	1,833	7,655	4,915
Total expenses	31,084	22,116	85,300	53,596
Operating income	14,635	8,630	41,418	26,444
Interest and other income	54	12	89	80
Interest expense (including net amortization of debt premiums and deferred financing fees of $418, $635, $1,254 and $1,791, respectively)	(3,162)	(1,973)	(8,775)	(5,182)
Equity in earnings (losses) of an investee	28	35	111	(17)
Income before income tax benefit (expense)	11,555	6,704	32,843	21,325
Income tax benefit (expense)	8	(35)	(94)	(71)
Net income	$ 11,563	$ 6,669	$ 32,749	$ 21,254
Weighted average common shares outstanding (in shares)	45,322	36,369	42,127	32,265
Net income per common share (in dollars per share)	$ 0.26	$ 0.18	$ 0.78	$ 0.66

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Amortization of debt premiums and deferred financing fees	$ 418	$ 635	$ 1,254	$ 1,791

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Real estate properties:
Land $ 213,994 $ 143,774
Buildings and improvements 1,040,149 833,719
Total real estate properties, at cost, gross 1,254,143 977,493
Accumulated depreciation (149,583) (131,046)
Total real estate properties, at cost, net 1,104,560 846,447
Acquired real estate leases, net 103,901 60,097
Cash and cash equivalents 5,724 2,437
Restricted cash 1,858 1,548
Rents receivable, net 22,096 19,200
Deferred leasing costs, net 1,059 1,002
Deferred financing costs, net 2,488 3,935
Other assets, net 24,982 16,622
Total assets 1,266,668 951,288
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility 282,500 118,000
Mortgage notes payable 45,608 46,428
Accounts payable and accrued expenses 21,885 14,436
Due to related persons 6,633 1,348
Assumed real estate lease obligations, net 11,853 13,679
Total liabilities 368,479 193,891
Commitments and contingencies
Common shares of beneficial interest, $.01 par value:
70,000,000 shares authorized, 47,051,650 and 40,500,800 shares issued and outstanding, respectively 471 405
Additional paid in capital 935,463 776,913
Cumulative net income 74,085 41,336
Cumulative other comprehensive income 59 2
Cumulative common distributions (111,889) (61,259)
Total shareholders' equity 898,189 757,397
Total liabilities and shareholders' equity $ 1,266,668 $ 951,288

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Shareholders' Equity
9 Months Ended
Sep. 30, 2011
Shareholders' Equity
Shareholders' Equity

Note 7. Shareholders’ Equity

Distributions

On February 23, 2011, we paid a distribution to common shareholders in the amount of $0.41 per share, or $16,606, that was declared on January 5, 2011 and was payable to shareholders of record on January 26, 2011.

On May 24, 2011, we paid a distribution to common shareholders in the amount of $0.42 per share, or $17,010, that was declared on April 5, 2011 and was payable to shareholders of record on April 26, 2011.

On August 24, 2011, we paid a distribution to common shareholders in the amount of $0.42 per share, or $17,015, that was declared on July 1, 2011 and was payable to shareholders of record on July 11, 2011.

On October 6, 2011, we declared a distribution payable to common shareholders of record on October 22, 2011, in the amount of $0.42 per share, or $19,762. We expect to pay this distribution on or about November 22, 2011.

Share Issuances

On May 17, 2011, pursuant to our equity compensation plan, we granted 2,000 of our common shares of beneficial interest, $.01 par value per share, or our common shares, valued at $25.61 per share, the closing price of our common shares on the New York Stock Exchange, or the NYSE, on that day, to each of our five Trustees as part of their annual compensation.

On July 20, 2011, we amended our declaration of trust to increase the number of authorized common shares from 50,000,000 to 70,000,000.

On July 25, 2011, we issued 6,500,000 of our common shares in a public offering at a price of $25.40 per share, raising net proceeds of approximately $157,894. We used the net proceeds from this offering to reduce amounts outstanding under our revolving credit facility and for general business purposes, including funding acquisitions.

On September 16, 2011, pursuant to our equity compensation plan, we granted an aggregate of 40,850 of our common shares valued at $22.56 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of our manager, Reit Management & Research LLC, or RMR.

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Real Estate Properties
9 Months Ended
Sep. 30, 2011
Real Estate Properties
Real Estate Properties

Note 3. Real Estate Properties

We generally lease space in our properties on a gross lease or modified gross lease basis pursuant to fixed term operating leases expiring between 2011 and 2025. Certain of our government tenants have the right to cancel their leases before the lease terms expire, although we expect that few will do so. Our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the three months ended September 30, 2011, we executed seven leases for 85,444 rentable square feet and a weighted average lease term of 9.6 years and made commitments for approximately $2,872 of leasing related costs. During the nine months ended September 30, 2011, we executed 22 leases for 130,882 rentable square feet and a weighted average lease term of 8.6 years and made commitments for approximately $3,688 of leasing related costs. We have unspent tenancy related obligations of approximately $12,690 as of September 30, 2011.

In February 2011, we acquired an office property located in Quincy, MA with 92,549 rentable square feet. This property is majority leased to the State of Massachusetts. The purchase price was $14,000, excluding acquisition costs. We allocated approximately $2,700 to land, $9,200 to building and improvements, $2,113 to acquired real estate leases and $13 to assumed real estate lease obligations based on the estimated fair values of the acquired assets and assumed liabilities.

Also in February 2011, we acquired two office properties located in Woodlawn, MD with 182,561 rentable square feet. These properties are majority leased to the U.S. Government. The purchase price was $28,000, excluding acquisition costs. We allocated approximately $3,735 to land, $21,509 to building and improvements, $3,281 to acquired real estate leases and $525 to assumed real estate lease obligations based on the estimated fair values of the acquired assets and assumed liabilities.

In May 2011, we acquired an office property located in Plantation, FL with 135,819 rentable square feet. This property is leased to the U.S. Government. The purchase price was $40,750, excluding acquisition costs. We allocated approximately $4,800 to land, $30,592 to building and improvements and $5,358 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in May 2011, we acquired an office property located in New York, NY with 187,060 rentable square feet. This property is leased to the United Nations. The purchase price was $114,050, excluding acquisition costs. We allocated approximately $36,800 to land, $66,661 to building and improvements and $10,589 to acquired real estate leases based on the estimated fair values of the acquired assets.

In June 2011, we acquired an office property located in Milwaukee, WI with 29,297 rentable square feet. This property is leased to the U.S. Government. The purchase price was $6,775, excluding acquisition costs. We allocated approximately $945 to land, $4,539 to building and improvements and $1,291 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in June 2011, we acquired two office properties located in Stafford, VA with 64,488 rentable square feet. These properties are leased to the U.S. Government. The purchase price was $11,550, excluding acquisition costs. We allocated approximately $2,090 to land, $7,465 to building and improvements and $1,995 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in June 2011, we acquired an office property located in Montgomery, AL with 57,815 rentable square feet. This property is leased to the U.S. Government. The purchase price was $11,550, excluding acquisition costs. We allocated approximately $920 to land, $9,084 to building and improvements and $1,546 to acquired real estate leases based on the estimated fair values of the acquired assets.

In August 2011, we acquired an office property located in Holtsville, NY with 264,482 rentable square feet. This property is majority leased to the U.S. Government. The purchase price was $39,250, excluding acquisition costs. We allocated approximately $6,530 to land, $17,711 to building and improvements and $13,453 to acquired real estate leases based on the estimated fair values of the acquired assets.

In September 2011, we acquired an office property located in Sacramento, CA with 87,863 rentable square feet. This property is leased to the State of California. The purchase price was $13,600, excluding acquisition costs. We allocated approximately $1,450 to land, $9,465 to building and improvements and $2,685 to acquired real estate leases based on the estimated fair values of the acquired assets.

Also in September 2011, we acquired an office property located in Atlanta, GA with 375,805 rentable square feet. This property is majority leased to the State of Georgia. The purchase price was $48,600, excluding acquisition costs. We allocated approximately $10,250 to land, $27,933 to building and improvements, $10,421 to acquired real estate leases and $4 to assumed real estate lease obligations based on the estimated fair values of the acquired assets and assumed liabilities.

In October 2011, we acquired three office properties located in Indianapolis, IN with 433,927 rentable square feet. These properties are majority leased to the U.S. Government. The purchase price was $85,000, including the assumption of $49,395 of mortgage debt and excluding acquisition costs.

Also in October 2011, we entered into an agreement to acquire an office property located in Salem, OR with 233,358 rentable square feet. This property is majority leased to the State of Oregon. The contract purchase price is $32,000, excluding acquisition costs. This pending acquisition is subject to our satisfactory completion of diligence and other customary closing conditions; accordingly, we can provide no assurance that we will acquire this property.

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Note 9. Pro Forma Information

During the third quarter of 2011, we purchased three properties for an aggregate purchase price of $101,450, excluding acquisition costs. During the second quarter of 2011, we purchased six properties for an aggregate purchase price of $184,675, excluding acquisition costs. During the first quarter of 2011, we purchased three properties for an aggregate purchase price of $42,000, excluding acquisition costs. During 2010, we purchased 22 properties for an aggregate purchase price of $434,411, excluding acquisition costs and including the assumption of $44,951of mortgage debt. Also in 2010, we replaced our $250,000 secured revolving credit facility with our $500,000 unsecured revolving credit facility and issued 18,975,000 of our common shares. The following table presents our pro forma results of operations as if these acquisitions and financing activities were completed on January 1, 2010. This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from various factors, including but not limited to, additional property acquisitions, property sales, changes in interest rates and changes in our debt or equity capital structure.

For the Three Months

For the Nine Months

Ended September 30,

Ended September 30,

2011

2010

2011

2010

Total Revenues

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48,622

$

48,782

$

143,912

$

138,572

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12,791

9,406

37,356

28,306

Net Income Per Share

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0.28

$

0.23

$

0.89

$

0.70

During the three and nine months ended September 30, 2011, we recognized revenues of $6,569 and $10,580, respectively and operating income of $1,785 and $1,816, respectively, arising from our acquisitions completed in 2011.

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Note 8. Related Person Transactions

CommonWealth REIT, or CWH, is our former parent company. CWH is our largest shareholder and, as of the date of this Quarterly Report on Form 10-Q, owned 9,950,000 of our common shares, or approximately 21.1% of our outstanding common shares. RMR provides management services to both us and CWH. One of our Managing Trustees, Barry Portnoy, is Chairman and majority owner of RMR and serves as managing trustee of CWH. Our other Managing Trustee, Adam Portnoy, is Barry Portnoy’s son, and is an owner, President, Chief Executive Officer and a director of RMR and serves as a managing trustee and President of CWH. Our executive officers and CWH’s executive officers are officers of RMR. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services. Barry Portnoy serves as a managing director or managing trustee of those companies and Adam Portnoy serves as a managing trustee of a majority of those companies.

We have no employees. Instead, services that might be provided to us by employees are provided to us by RMR. RMR provides both business and property management services to us under a business management agreement and a property management agreement. There have been no changes in the terms of our management agreements with RMR from those described in our reports with the Securities and Exchange Commission, or the SEC (other than as described in those reports or in this Quarterly Report on Form 10-Q, including in Part II, Item 5). Pursuant to the business management agreement with RMR, we incurred expenses of $2,015 and $1,204 for the three months ended September 30, 2011, and 2010, respectively, and $5,494 and $3,062 for the nine months ended September 30, 2011 and 2010, respectively. These amounts are included in general and administrative expenses in our condensed consolidated statements of income. On October 31, 2011, we and RMR amended our business management agreement to provide that, for purposes of determining the fees we pay to RMR under that agreement, which are based on a percentage of the value of our properties as determined under the agreement, the value of properties we may acquire from certain other companies to which RMR provides management services will be based upon the seller’s historical cost for those properties rather than our acquisition costs and to provide other companies to which RMR provides management services a right of first offer on properties of ours that we determine to sell if such properties are primarily of a type that are within the investment focus of such other companies. This amendment is further described in Part II, Item 5 of this Quarterly Report on Form 10-Q. In connection with the property management agreement with RMR, we incurred property management fees of $1,352 and $910 for the three months ended September 30, 2011 and 2010, respectively, and $3,716 and $2,378 for the nine months ended September 30, 2011 and 2010, respectively. We also incurred construction management fees to RMR of $345 and $56 for the three months ended September 30, 2011 and 2010, respectively, and $814 and $264 for the nine months ended September 30, 2011 and 2010, respectively. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements.

We and the other six shareholders currently each own approximately 14.29% of the outstanding equity of Affiliates Insurance Company, or AIC. The other shareholders of AIC are RMR and five other companies, including CWH, to which RMR provides management services. All of our Trustees, all of the trustees and directors of the other publicly held AIC shareholders and nearly all of the directors of RMR currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC because all of our Trustees are also directors of AIC. As of September 30, 2011, we have invested approximately $5,194 in AIC. We may invest additional amounts in AIC in the future if the expansion of this insurance business requires additional capital, but we are not obligated to do so. Our investment had a carrying value of $5,364 and $5,195 as of September 30, 2011 and December 31, 2010, respectively. During the three and nine months ended September 30, 2011 and 2010 we recognized income of approximately $28 and $111 and income of $35 and a loss of $17, respectively, related to this investment. In 2010, AIC designed a combination property insurance program for us and other AIC shareholders in which AIC participated as a reinsurer. This program was modified and extended in June 2011 for a one year term. Our total premiums under this program for the policy years expiring May 31, 2011 and 2012 were approximately $415 and $1,227, respectively. The amounts we expensed in relation to those insurance premiums for the nine months ended September 30, 2011 and 2010 were $582 and $138, respectively, and for the three months ended September 30, 2011 and 2010 were $307 and $104, respectively. We are currently investigating the possibilities to expand our insurance relationships with AIC to include other types of insurance. By participating in this insurance business with RMR and the other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro-rata share of any profits of this insurance business.

For more information about these and other relationships among us, our Trustees, our executive officers, CWH, RMR, AIC, other companies to which RMR provides management services, and others affiliated with or related to them and about the risks which may arise as a result of those and other related person transactions and relationships, please see elsewhere in this Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Related Person Transactions” in Part I, Item 2 and “Warning Concerning Forward Looking Statements”, and in our Annual Report, in our Proxy Statement for our 2011 Annual Meeting of Shareholders dated February 25, 2011, or our Proxy Statement, and in our other filings with the SEC, including the sections captioned “Business”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Related Person Transactions” and “Warning Concerning Forward Looking Statements”, in our Annual Report, and the information regarding our Trustees and executive officers and the section captioned “Related Person Transactions and Company Review of Such Transactions” in our Proxy Statement. In addition, please see the “Risk Factors” section of our Annual Report for a description of risks which may arise from these transactions and relationships. Our filings with the SEC, including our Annual Report and our Proxy Statement, are available at the SEC’s website at www.sec.gov. In addition, copies of certain of our agreements with these parties are also publicly available as exhibits to our public filings with the SEC and accessible at the SEC’s website, including our business management agreement and property management agreement with RMR.

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The accompanying condensed consolidated financial statements of Government Properties Income Trust and its subsidiaries, or GOV, the Company, we or us, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2010, or our Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included. All material intercompany transactions and balances between the Company and its subsidiaries have been eliminated.

As of September 30, 2011, we owned 67 properties located in 27 states and the District of Columbia containing approximately 8.3 million rentable square feet. The U.S. Government, certain state governments and the United Nations are our primary tenants.

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Tenant Concentration and Segment Information
9 Months Ended
Sep. 30, 2011
Tenant Concentration and Segment Information
Tenant Concentration and Segment Information

Note 4. Tenant Concentration and Segment Information

We operate in one business segment: ownership of properties that are majority leased to government tenants. We define annualized rental income as the annualized rents from our tenants pursuant to our lease agreements with them as of the measurement date, plus estimated expense reimbursements to be paid to us, and excluding lease value amortization. The U.S. Government, seven state governments and the United Nations combined were responsible for approximately 93.1% and 93.6% of our annualized rental income as of September 30, 2011 and 2010, respectively. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 71.3% and 81.0% of our annualized rental income as of September 30, 2011 and 2010, respectively.

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Indebtedness
9 Months Ended
Sep. 30, 2011
Indebtedness
Indebtedness

Note 5. Indebtedness

At September 30, 2011 and December 31, 2010, our outstanding indebtedness included the following:

September 30,

December 31,

2011

2010

Revolving credit facility, due in 2013(1)

$

282,500

$

118,000

Mortgage note payable, 6.21% interest rate, due in 2016

24,781

24,800

Mortgage note payable, 7.00% interest rate, including unamortized premium of $1,036, due in 2019(2)

10,635

10,856

Mortgage note payable, 8.15% interest rate, including unamortized premium of $817, due in 2021(2)

10,192

10,772

$

328,108

$

164,428

(1) On October 18, 2011, we amended our credit agreement as described below.

(2) We assumed these mortgages in connection with our acquisition of certain properties. The stated interest amounts for these mortgage debts are the contractually stated amounts; we recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market rates as of the date of acquisition.

At September 30, 2011, we had a $500,000 unsecured revolving credit facility that was available for acquisitions, working capital and general business purposes. Interest under the revolving credit facility is based upon LIBOR plus a spread that is subject to adjustment based upon changes to our senior unsecured debt rating. On October 18, 2011, we amended our revolving credit facility to, among other things, increase maximum borrowings under the facility to $550,000, reduce the interest paid on drawings under the facility and extend the stated maturity date of the facility from October 28, 2013 to October 19, 2015. Subject to certain conditions and the payment of a fee, we have the option to further extend the stated maturity date by one year to October 19, 2016. Our revolving credit facility agreement, including as amended on October 18, 2011, contains a number of covenants that restrict our ability to incur debts in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms of our revolving credit facility agreement at September 30, 2011. The weighted average annual interest rate for our revolving credit facility was 2.31% and 2.32% for the three and nine months ended September 30, 2011, respectively. As of September 30, 2011, we had $282,500 outstanding under our revolving credit facility.

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Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2011
Fair Value of Financial Instruments
Fair Value of Financial Instruments

Note 6. Fair Value of Financial Instruments

Our financial instruments at September 30, 2011 include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, our revolving credit facility, amounts due to related persons, other accrued expenses and deposits. At September 30, 2011, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, except as follows:

Carrying
Amount

Fair Value

Mortgage note payable, 6.21% interest rate, due in 2016

$

24,781

$

27,149

Mortgage note payable, 7.00% interest rate, due in 2019

10,635

11,164

Mortgage note payable, 8.15% interest rate, due in 2021

10,192

11,439

$

45,608

$

49,752

We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 32,749 $ 21,254
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 19,258 13,612
Net amortization of debt premium and deferred financing fees 1,254 1,791
Straight line rental income (451) 75
Amortization of acquired real estate leases 8,116 2,715
Amortization of deferred leasing costs 367 354
Share based compensation expense 721 546
Equity in (earnings) losses of an investee (111) 17
Change in assets and liabilities:
(Increase) decrease in restricted cash (310) (860)
(Increase) decrease in deferred leasing costs (424) (109)
(Increase) decrease in rents receivable (2,445) (7,583)
(Increase) decrease in due from related persons (792)
(Increase) decrease in other assets (3,578) (2,252)
Increase (decrease) in accounts payable and accrued expenses 7,925 12,320
Increase (decrease) in due to related persons 5,285 2,630
Cash provided by operating activities 68,356 43,718
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and improvements (336,206) (344,481)
Investment in Affiliates Insurance Company (76)
Cash used in investing activities (336,206) (344,557)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net 157,894 418,431
Repayment of mortgage notes payable (624) (391)
Borrowings on revolving credit facility 376,500 217,000
Repayments on revolving credit facility (212,000) (298,375)
Financing fees (3) (1,076)
Distributions to common shareholders (50,630) (33,914)
Cash provided by financing activities 271,137 301,675
Increase in cash and cash equivalents 3,287 836
Cash and cash equivalents at beginning of period 2,437 1,478
Cash and cash equivalents at end of period 5,724 2,314
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid 7,065 3,208
Income taxes paid 43 137
Non-cash investing activities
Real estate acquisitions funded by the assumption of mortgage debt (35,196)
Non-cash financing activities
Assumption of mortgage debt 35,196
Issuance of common shares pursuant to our equity compensation plan $ (721) $ (546)
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Recent Accounting Pronouncements
9 Months Ended
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Note 2. Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-05, Presentation of Comprehensive Income. This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders’ equity. This standard is intended to enhance comparability between entities that report under GAAP and to provide a more consistent method of presenting non-owner transactions that affect an entity’s equity. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update is not expected to cause any material changes to our consolidated financial statements.

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Sep. 30, 2011
Dec. 31, 2010
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Common shares of beneficial interest, par value (in dollars per share) $ 0.01 $ 0.01
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-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Real estate properties:
Land	$ 213,994	$ 143,774
Buildings and improvements	1,040,149	833,719
Total real estate properties, at cost, gross	1,254,143	977,493
Accumulated depreciation	(149,583)	(131,046)
Total real estate properties, at cost, net	1,104,560	846,447
Acquired real estate leases, net	103,901	60,097
Cash and cash equivalents	5,724	2,437
Restricted cash	1,858	1,548
Rents receivable, net	22,096	19,200
Deferred leasing costs, net	1,059	1,002
Deferred financing costs, net	2,488	3,935
Other assets, net	24,982	16,622
Total assets	1,266,668	951,288
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	282,500	118,000
Mortgage notes payable	45,608	46,428
Accounts payable and accrued expenses	21,885	14,436
Due to related persons	6,633	1,348
Assumed real estate lease obligations, net	11,853	13,679
Total liabilities	368,479	193,891
Commitments and contingencies
Common shares of beneficial interest, $.01 par value:
70,000,000 shares authorized, 47,051,650 and 40,500,800 shares issued and outstanding, respectively	471	405
Additional paid in capital	935,463	776,913
Cumulative net income	74,085	41,336
Cumulative other comprehensive income	59	2
Cumulative common distributions	(111,889)	(61,259)
Total shareholders' equity	898,189	757,397
Total liabilities and shareholders' equity	$ 1,266,668	$ 951,288

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2011	Nov. 01, 2011
Document and Entity Information
Entity Registrant Name	Government Properties Income Trust
Entity Central Index Key	0001456772
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,051,650
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 32,749	$ 21,254
Adjustments to reconcile net income to cash provided by operating activities
Depreciation	19,258	13,612
Net amortization of debt premium and deferred financing fees	1,254	1,791
Straight line rental income	(451)	75
Amortization of acquired real estate leases	8,116	2,715
Amortization of deferred leasing costs	367	354
Share based compensation expense	721	546
Equity in (earnings) losses of an investee	(111)	17
Change in assets and liabilities:
(Increase) decrease in restricted cash	(310)	(860)
(Increase) decrease in deferred leasing costs	(424)	(109)
(Increase) decrease in rents receivable	(2,445)	(7,583)
(Increase) decrease in due from related persons		(792)
(Increase) decrease in other assets	(3,578)	(2,252)
Increase (decrease) in accounts payable and accrued expenses	7,925	12,320
Increase (decrease) in due to related persons	5,285	2,630
Cash provided by operating activities	68,356	43,718
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and improvements	(336,206)	(344,481)
Investment in Affiliates Insurance Company		(76)
Cash used in investing activities	(336,206)	(344,557)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	157,894	418,431
Repayment of mortgage notes payable	(624)	(391)
Borrowings on revolving credit facility	376,500	217,000
Repayments on revolving credit facility	(212,000)	(298,375)
Financing fees	(3)	(1,076)
Distributions to common shareholders	(50,630)	(33,914)
Cash provided by financing activities	271,137	301,675
Increase in cash and cash equivalents	3,287	836
Cash and cash equivalents at beginning of period	2,437	1,478
Cash and cash equivalents at end of period	5,724	2,314
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	7,065	3,208
Income taxes paid	43	137
Non-cash investing activities
Real estate acquisitions funded by the assumption of mortgage debt		(35,196)
Non-cash financing activities
Assumption of mortgage debt		35,196
Issuance of common shares pursuant to our equity compensation plan	$ (721)	$ (546)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2011	Dec. 31, 2010
CONDENSED CONSOLIDATED BALANCE SHEETS
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	70,000,000	70,000,000
Common shares of beneficial interest, shares issued	47,051,650	40,500,800
Common shares of beneficial interest, shares outstanding	47,051,650	40,500,800