Summary: Government Properties Income Trust

High tenant credit quality with properties leased to government users representing about 90% of rental income. Relatively small portfolio of properties and narrow investment focus. Occupancy is holding steady in the mid-90% area. Weighted average remaining lease term is short at 4.9 years. Office real estate fundamentals continue to be tepid. Recently acquired non-controlling stake in Select Income REIT. Relatively conservative capital structure with low leverage and strong coverage metrics. High exposure to short duration floating rate debt makes the company susceptible to a spike in interest rates. Recently completed debut issuance of senior unsecured notes. The stable outlook on Government Properties Income Trust (GOV) reflects our expectation for flat performance from its property portfolio. Office fundamentals continue to face

Summary