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New REIT Focuses on Government Properties

It starts out of the gate owning 29 properties totaling about 3.3 million square feet and leased largely to the US government.

By Michelle Napoli | Updated on June 11, 2009

NEWTON, MA—Government Properties Income Trust, a new REIT based here, priced its initial public offering of 10 million shares last week at $20 a share. The company, which will trade on the New York Stock Exchange under the ticker GOV, is the spinoff of a subsidiary of HRPT Properties Trust.

It starts out of the gate owning 29 properties totaling about 3.3 million square feet and leased largely to the US government and several state governments. According to GOV’s prospectus, properties in its portfolio include a 97,000-square-foot office building in Phoenix occupied by the Federal Bureau of Investigation; a 188,000-square-foot Food and Drug Administration office asset in Rockville, MD; a 340,000-square-foot office building in Washington, DC, occupied by Immigration & Customs Enforcement and the Department of Justice; and a 148,000-square-foot Drug Enforcement Administration office building in San Diego.

Proceeds from the offering “will be principally used to repay amounts outstanding under GOV’s credit facility,” according to an announcement from the company.

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