Intrinsic value of Government Properties Income Trust - GOV

Previous Close

$16.97

  Intrinsic Value

$32.51

stock screener

  Rating & Target

str. buy

+92%

Previous close

$16.97

 
Intrinsic value

$32.51

 
Up/down potential

+92%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as GOV.

We calculate the intrinsic value of GOV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
Revenue, $m
  389
  470
  560
  660
  769
  888
  1,015
  1,151
  1,296
  1,449
  1,610
  1,780
  1,957
  2,143
  2,336
  2,538
  2,747
  2,965
  3,192
  3,427
  3,672
  3,926
  4,191
  4,466
  4,752
  5,049
  5,359
  5,682
  6,018
  6,369
Variable operating expenses, $m
  286
  344
  408
  479
  557
  642
  732
  829
  932
  1,042
  1,147
  1,268
  1,394
  1,526
  1,664
  1,808
  1,957
  2,112
  2,274
  2,441
  2,616
  2,797
  2,985
  3,181
  3,385
  3,597
  3,818
  4,047
  4,287
  4,537
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  286
  344
  408
  479
  557
  642
  732
  829
  932
  1,042
  1,147
  1,268
  1,394
  1,526
  1,664
  1,808
  1,957
  2,112
  2,274
  2,441
  2,616
  2,797
  2,985
  3,181
  3,385
  3,597
  3,818
  4,047
  4,287
  4,537
Operating income, $m
  102
  126
  152
  180
  212
  246
  283
  322
  363
  407
  463
  512
  563
  616
  672
  730
  790
  853
  918
  986
  1,056
  1,129
  1,205
  1,285
  1,367
  1,452
  1,542
  1,634
  1,731
  1,832
EBITDA, $m
  495
  598
  713
  840
  979
  1,130
  1,292
  1,466
  1,650
  1,845
  2,051
  2,267
  2,493
  2,729
  2,975
  3,232
  3,498
  3,776
  4,065
  4,365
  4,676
  5,000
  5,337
  5,687
  6,051
  6,430
  6,825
  7,236
  7,664
  8,111
Interest expense (income), $m
  41
  59
  58
  56
  53
  51
  48
  45
  42
  39
  35
  31
  27
  23
  19
  14
  10
  5
  -1
  -6
  -12
  -17
  -24
  -30
  -36
  -43
  -50
  -58
  -65
  -73
  -82
Earnings before tax, $m
  43
  68
  96
  127
  161
  198
  237
  280
  325
  372
  432
  485
  540
  597
  658
  720
  786
  854
  924
  998
  1,074
  1,153
  1,235
  1,321
  1,410
  1,503
  1,599
  1,700
  1,804
  1,914
Tax expense, $m
  12
  18
  26
  34
  43
  53
  64
  75
  88
  100
  117
  131
  146
  161
  178
  195
  212
  230
  250
  269
  290
  311
  334
  357
  381
  406
  432
  459
  487
  517
Net income, $m
  31
  50
  70
  93
  117
  144
  173
  204
  237
  272
  315
  354
  394
  436
  480
  526
  574
  623
  675
  728
  784
  842
  902
  964
  1,029
  1,097
  1,167
  1,241
  1,317
  1,397

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -860
  -1,039
  -1,239
  -1,460
  -1,702
  -1,964
  -2,245
  -2,547
  -2,867
  -3,206
  -3,563
  -3,938
  -4,330
  -4,741
  -5,168
  -5,614
  -6,078
  -6,560
  -7,062
  -7,583
  -8,124
  -8,687
  -9,271
  -9,880
  -10,512
  -11,171
  -11,856
  -12,570
  -13,315
  -14,091
Adjusted assets (=assets-cash), $m
  -860
  -1,039
  -1,239
  -1,460
  -1,702
  -1,964
  -2,245
  -2,547
  -2,867
  -3,206
  -3,563
  -3,938
  -4,330
  -4,741
  -5,168
  -5,614
  -6,078
  -6,560
  -7,062
  -7,583
  -8,124
  -8,687
  -9,271
  -9,880
  -10,512
  -11,171
  -11,856
  -12,570
  -13,315
  -14,091
Revenue / Adjusted assets
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
  -0.452
Average production assets, $m
  3,831
  4,630
  5,521
  6,506
  7,582
  8,749
  10,005
  11,347
  12,775
  14,284
  15,875
  17,546
  19,295
  21,123
  23,030
  25,016
  27,082
  29,231
  31,465
  33,786
  36,199
  38,706
  41,312
  44,022
  46,841
  49,775
  52,830
  56,012
  59,328
  62,787
Working capital, $m
  -2,889
  -3,491
  -4,164
  -4,906
  -5,718
  -6,598
  -7,545
  -8,557
  -9,633
  -10,772
  -11,972
  -13,231
  -14,551
  -15,929
  -17,367
  -18,865
  -20,423
  -22,044
  -23,728
  -25,479
  -27,298
  -29,188
  -31,154
  -33,197
  -35,323
  -37,536
  -39,839
  -42,239
  -44,740
  -47,348
Total debt, $m
  444
  428
  411
  392
  371
  349
  325
  299
  271
  242
  211
  179
  145
  110
  73
  35
  -5
  -46
  -90
  -134
  -181
  -229
  -280
  -332
  -386
  -443
  -502
  -563
  -627
  -694
Total liabilities, $m
  -74
  -89
  -107
  -126
  -146
  -169
  -193
  -219
  -247
  -276
  -306
  -339
  -372
  -408
  -444
  -483
  -523
  -564
  -607
  -652
  -699
  -747
  -797
  -850
  -904
  -961
  -1,020
  -1,081
  -1,145
  -1,212
Total equity, $m
  -786
  -950
  -1,133
  -1,334
  -1,555
  -1,795
  -2,052
  -2,328
  -2,620
  -2,930
  -3,256
  -3,599
  -3,958
  -4,333
  -4,724
  -5,131
  -5,555
  -5,996
  -6,454
  -6,930
  -7,425
  -7,940
  -8,474
  -9,030
  -9,608
  -10,210
  -10,837
  -11,489
  -12,170
  -12,879
Total liabilities and equity, $m
  -860
  -1,039
  -1,240
  -1,460
  -1,701
  -1,964
  -2,245
  -2,547
  -2,867
  -3,206
  -3,562
  -3,938
  -4,330
  -4,741
  -5,168
  -5,614
  -6,078
  -6,560
  -7,061
  -7,582
  -8,124
  -8,687
  -9,271
  -9,880
  -10,512
  -11,171
  -11,857
  -12,570
  -13,315
  -14,091
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  50
  70
  93
  117
  144
  173
  204
  237
  272
  315
  354
  394
  436
  480
  526
  574
  623
  675
  728
  784
  842
  902
  964
  1,029
  1,097
  1,167
  1,241
  1,317
  1,397
Depreciation, amort., depletion, $m
  393
  472
  562
  660
  768
  884
  1,010
  1,144
  1,287
  1,438
  1,588
  1,755
  1,930
  2,112
  2,303
  2,502
  2,708
  2,923
  3,147
  3,379
  3,620
  3,871
  4,131
  4,402
  4,684
  4,977
  5,283
  5,601
  5,933
  6,279
Funds from operations, $m
  424
  522
  632
  753
  885
  1,029
  1,183
  1,348
  1,524
  1,710
  1,903
  2,108
  2,324
  2,548
  2,783
  3,027
  3,282
  3,546
  3,821
  4,107
  4,404
  4,712
  5,033
  5,366
  5,713
  6,074
  6,450
  6,842
  7,250
  7,676
Change in working capital, $m
  -533
  -602
  -672
  -742
  -812
  -880
  -947
  -1,012
  -1,076
  -1,139
  -1,200
  -1,260
  -1,319
  -1,378
  -1,438
  -1,498
  -1,558
  -1,621
  -1,684
  -1,751
  -1,819
  -1,891
  -1,965
  -2,044
  -2,126
  -2,212
  -2,304
  -2,400
  -2,501
  -2,608
Cash from operations, $m
  956
  1,124
  1,304
  1,495
  1,697
  1,909
  2,130
  2,361
  2,600
  2,848
  3,102
  3,368
  3,643
  3,927
  4,221
  4,525
  4,840
  5,167
  5,506
  5,857
  6,223
  6,603
  6,998
  7,410
  7,839
  8,287
  8,754
  9,242
  9,751
  10,284
Maintenance CAPEX, $m
  -312
  -383
  -463
  -552
  -651
  -758
  -875
  -1,000
  -1,135
  -1,277
  -1,428
  -1,588
  -1,755
  -1,930
  -2,112
  -2,303
  -2,502
  -2,708
  -2,923
  -3,147
  -3,379
  -3,620
  -3,871
  -4,131
  -4,402
  -4,684
  -4,977
  -5,283
  -5,601
  -5,933
New CAPEX, $m
  -711
  -798
  -891
  -984
  -1,077
  -1,167
  -1,256
  -1,342
  -1,427
  -1,510
  -1,591
  -1,671
  -1,749
  -1,828
  -1,907
  -1,986
  -2,067
  -2,149
  -2,234
  -2,321
  -2,412
  -2,507
  -2,606
  -2,710
  -2,819
  -2,934
  -3,055
  -3,182
  -3,317
  -3,458
Cash from investing activities, $m
  -1,023
  -1,181
  -1,354
  -1,536
  -1,728
  -1,925
  -2,131
  -2,342
  -2,562
  -2,787
  -3,019
  -3,259
  -3,504
  -3,758
  -4,019
  -4,289
  -4,569
  -4,857
  -5,157
  -5,468
  -5,791
  -6,127
  -6,477
  -6,841
  -7,221
  -7,618
  -8,032
  -8,465
  -8,918
  -9,391
Free cash flow, $m
  -67
  -57
  -51
  -42
  -30
  -17
  -1
  18
  38
  61
  83
  110
  139
  169
  202
  236
  272
  310
  349
  390
  432
  476
  522
  569
  618
  669
  722
  776
  833
  892
Issuance/(repayment) of debt, $m
  -14
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -67
Issuance/(repurchase) of shares, $m
  -147
  -164
  -183
  -202
  -221
  -239
  -258
  -275
  -293
  -310
  -326
  -343
  -359
  -375
  -391
  -407
  -424
  -441
  -458
  -476
  -495
  -514
  -535
  -556
  -578
  -602
  -627
  -653
  -680
  -709
Cash from financing (excl. dividends), $m  
  -161
  -179
  -200
  -221
  -242
  -262
  -282
  -301
  -321
  -339
  -357
  -375
  -393
  -410
  -428
  -445
  -464
  -482
  -501
  -521
  -542
  -562
  -585
  -608
  -632
  -659
  -686
  -714
  -744
  -776
Total cash flow (excl. dividends), $m
  -227
  -237
  -251
  -262
  -272
  -279
  -282
  -284
  -282
  -278
  -274
  -265
  -254
  -241
  -226
  -210
  -192
  -173
  -153
  -131
  -109
  -87
  -63
  -39
  -15
  10
  36
  62
  89
  116
Retained Cash Flow (-), $m
  147
  164
  183
  202
  221
  239
  258
  275
  293
  310
  326
  343
  359
  375
  391
  407
  424
  441
  458
  476
  495
  514
  535
  556
  578
  602
  627
  653
  680
  709
Prev. year cash balance distribution, $m
  639
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  559
  164
  183
  202
  221
  239
  258
  275
  293
  310
  326
  343
  359
  375
  391
  407
  424
  441
  458
  476
  495
  514
  535
  556
  578
  612
  663
  715
  769
  826
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  529
  146
  153
  157
  159
  158
  155
  150
  143
  135
  125
  114
  103
  92
  81
  70
  60
  50
  41
  34
  27
  21
  16
  12
  9
  7
  5
  4
  2
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Government Properties Income Trust is a real estate investment trust (REIT). The Company operates through two segments: ownership of properties that are primarily leased to government tenants and its equity method investment in Select Income REIT (SIR). The Company's properties are located in areas, including Alabama, Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey and New Mexico. As of December 31, 2016, the Company owned 73 properties (95 buildings). As of December 31, 2016, the Company's properties were located in 31 states and the District of Columbia, and contained approximately 11.4 million rentable square feet.

FINANCIAL RATIOS  of  Government Properties Income Trust (GOV)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 4.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow -11.1
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1126.3%
Cap. Spend. - 3 Yr. Gr. Rate 11.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 148.9%
Total Debt to Equity 148.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.3%
Return On Equity 6.1%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 67.1%
Gross Margin - 3 Yr. Avg. 68.3%
EBITDA Margin 52.3%
EBITDA Margin - 3 Yr. Avg. 18%
Operating Margin 26%
Oper. Margin - 3 Yr. Avg. 26.8%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. -22%
Net Profit Margin 22.5%
Net Profit Margin - 3 Yr. Avg. -13%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 210.3%

GOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOV stock intrinsic value calculation we used $317 million for the last fiscal year's total revenue generated by Government Properties Income Trust. The default revenue input number comes from 2017 income statement of Government Properties Income Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GOV stock valuation model: a) initial revenue growth rate of 22.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for GOV is calculated based on our internal credit rating of Government Properties Income Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Government Properties Income Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GOV stock the variable cost ratio is equal to 74.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GOV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 13% for Government Properties Income Trust.

Corporate tax rate of 27% is the nominal tax rate for Government Properties Income Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GOV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GOV are equal to 985.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Government Properties Income Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GOV is equal to -743.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Government Properties Income Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 85 million for Government Properties Income Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Government Properties Income Trust at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
RMR RMR Group Cl A 83.00 106.67  str.buy
SIR Select Income 21.16 148.87  str.buy
HIW Highwoods Prop 50.39 15.58  str.sell
LXP Lexington Real 9.14 10.55  buy
DEA Easterly Gover 20.45 10.64  sell
VNO Vornado Realty 76.89 24.92  str.sell
CLI Mack-Cali Real 21.70 15.38  hold
EQC Equity Commonw 32.03 9.78  str.sell

COMPANY NEWS

▶ Government Properties Income Trust: 2Q Earnings Snapshot   [Aug-02-18 10:16AM  Associated Press]
▶ Government Properties Income Trust: 1Q Earnings Snapshot   [May-03-18 08:06AM  Associated Press]
▶ First Potomac co-founders back in downtown D.C. office market   [May-01-18 01:08PM  American City Business Journals]
▶ Who Owns Government Properties Income Trust (NASDAQ:GOV)?   [Jan-10-18 03:52PM  Simply Wall St.]
▶ Defense Department agency to scout potential new homes in suburban Maryland   [Dec-26-17 12:41PM  American City Business Journals]
▶ First Potomac shareholders vote to approve acquisition by Government Properties   [Sep-26-17 01:10PM  American City Business Journals]
▶ Government Properties Income Trust reports 2Q results   [Aug-01-17 10:54PM  Associated Press]
▶ First Potomac cutting more than half of staff ahead of acquisition   [03:06PM  American City Business Journals]
▶ First Potomac to be acquired by Government Properties for $1.4B   [09:37AM  American City Business Journals]
▶ First Potomac to be acquired by Government Properties for $1.4B   [09:25AM  American City Business Journals]
▶ Stock futures point to attempted rebound   [09:12AM  MarketWatch]
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