GOVERNMENT PROPERTIES TRUST, INC.

GOVERNMENT PROPERTIES TRUST, INC.

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Company Overview
Government Properties Trust, Inc. (GPT), based in Omaha, Nebraska, is a self managed, self-administered real estate investment trust that invests primarily in single-tenant, government-leased properties. Incorporated in the year 1998, the company is the only public company that focuses exclusively on this sector.
GPT focuses in the following: on large, growing pool of government-leased properties; on newer properties under long term, first generation leases to essential government agencies with high probability ability of renewal; on properties valued between $10 million and $200 million; and on properties with little or no expectation of vacancy or delinquency, a deffered roll-over risk and little or no re-marketing expense. In addition, the company target properties meeting its high-quality, return-driven standards; and on secondary and tertiary markets.
In April of 2007, Government Properties Trust, was acquired by Record Realty (US) LLC, a subsidiary of Record Realty Trust, an Australian listed property trust. The assets of Government Properties Trust were merged into Record Realty and the GPT’s business platform was incorporated into AllCapital (US), LLC. The GPT is now operating the business under the name AllCapital/GPT Properties, LLC, a subsidiary of AllCapital (US), LLC.
Business Summary
Government Properties Trust, Inc. primarily invests in single tenant properties under long-term leases to the United States Government, state governments, local governments, and government-sponsored enterprises. The Company is a self-managed, self-administered company that has elected to be taxed as a real estate investment trust. Government Properties Trust, Inc.’s business consists of buying, owning and managing built or renovated office properties primarily leased, under long-term leases, to the federal government, acting through the General Services Administration (GSA), the federal government’s property management arm. Its portfolio consisted of 22 properties totaling approximately 2.2 million rentable square feet as of December 31, 2006. These properties are 97% occupied and have a weighted-average remaining lease term of approximately 10 years based on the square footage of the properties as of December 31, 2006. In April 2007, the Company was acquired by Record Realty (US) LLC.
Description and history
Government Properties Trust, Inc., incorporated in 1998, primarily invests in single tenant properties under long-term leases to the United States Government, state governments, local governments, and government-sponsored enterprises. The Company is a self-managed, self-administered company that has elected to be taxed as a real estate investment trust (REIT). Government Properties Trust, Inc.’s business consists of buying, owning and managing built or renovated office properties primarily leased, under long-term leases, to the federal government, acting through the General Services Administration (GSA), the federal government’s property management arm. Its portfolio consisted of 22 properties totaling approximately 2.2 million rentable square feet as of December 31, 2006. These properties are 97% occupied and have a weighted-average remaining lease term of approximately 10 years based on the square footage of the properties as of December 31, 2006. On October 23, 2006, the Company entered into an agreement and plan of merger (the Agreement) with Record Realty Trust (RRT), an Australian property trust, and Record Realty (US) LLC, a wholly owned subsidiary of RRT (Merger Sub). In April 2007, the Company was acquired by Record Realty (US) LLC.

Bakersfield, California

The Bakersfield DEA property is 100% leased to the federal government and is occupied by the United States Drug Enforcement Administration (DEA). This property houses the DEA’s regional headquarters and consists of an approximately 2.10 acre parcel with a two story office building containing 9,800 leased square feet of office and related space. The Bakersfield DEA property is leased pursuant to a modified gross lease, which will expire on November 27, 2010, unless terminated under an early termination clause on November 27, 2008.

Baton Rouge, Louisiana

The Baton Rouge VA property is 100% leased by the federal government and is occupied by a Veterans Administration outpatient clinic. The property consists of an approximately 4.77 acre parcel with a single story building containing 30,000 leased square feet of office and related space. The Baton Rouge VA property is leased pursuant to a modified gross lease, which will expire on June 3, 2019.

Buffalo, New York

The Buffalo Niagara Center property consists of a 3.5 acre parcel with an eight story building containing approximately 268,082 square feet of office space. The property also includes a five-story, 475-stall parking garage with 2,000 square feet of retail space. The Niagara Center property is 86% leased to various governmental tenants.

The Buffalo SSA property is 100% leased by the federal government and is occupied by the SSA, Environmental Protection Agency and the Railroad Retirement Board. The property consists of an approximately 2.3 acre parcel with a single story building containing 32,223 leased square feet of office and related space. The Buffalo SSA property is leased pursuant to a modified gross lease, which will expire on May 31, 2015, unless terminated pursuant to an early termination clause after May 31, 2010.

Charleston, South Carolina

The Charleston Federal Courthouse property is 100% leased by the federal government and is occupied by the Federal District Court. The property consists of an approximately 0.305 acre parcel with a four story building containing 44,250 leased square feet of office and related space. The Charleston Federal Courthouse property is leased pursuant to a modified net lease, which will expire on July 31, 2019.

Charleston, West Virginia

The Charleston SSA property is 100% leased by the federal government and is occupied by the United States Department of Labor, the United States Social Security Administration (SSA) and related state agencies. This property houses the SSA’s regional administrative office. The property is an approximately 1.68 acre parcel with a five story building containing 90,050 leased square feet of office and related space. The Charleston SSA property is leased pursuant to a modified gross lease, which will expire on December 9, 2019.

Clarksburg, West Virginia

The Clarksburg GSA property is 100% leased by the federal government and is occupied by the SSA, the DEA, the Federal Bureau of Investigation (FBI) and the United States Department of Justice. The property is an approximately 1.02 acre parcel with a three story building containing 55,443 leased square feet of office and related space. The Clarksburg GSA property is leased pursuant to a modified gross lease, which will expire on January 19, 2019, unless terminated pursuant to an early termination clause on January 19, 2016.

College Park, Maryland

The College Park FDA property consists of an approximately 4.3811 acre parcel with a three story building containing 79,000 square feet of office and laboratory space, of which 65,760 is leased by the federal government and is occupied by the FDA. The remaining 13,240 square feet is vacant. The College Park FDA property is leased pursuant to a modified gross lease, which will expire on August 31, 2014.

Dallas, Texas.

The Dallas SSA property consists of an approximately 2.9 acre parcel with a one story building containing 27,200 leased square feet of office and related space leased by the federal government and is occupied by the SSA. The Dallas SSA property is leased pursuant a modified gross lease, which will expire on August 14, 2020, unless terminated pursuant to an early termination clause after August 14, 2015.

Denver, Colorado

The Denver EPA property consists of an approximately 1.26 acre parcel with a nine story building containing approximately 276,567 square feet of office and retail space. The property is 90% leased by the federal government and is occupied by the EPA. The property also includes an underground parking garage with 225 parking stalls to be leased to federal government employees.
Harlingen, Texas

The Harlingen USCIS property is 100% leased by the federal government and is occupied by the United States Citizenship and Immigration Services (USCIS). The property is an approximately 10 acre parcel with two conjoined buildings. The first building (USCIS I) consists of a 19,000-square-foot, single story building of office and related space. The second building (USCIS II) consists of a 108,001-square-foot, two story building of office and related space. The Harlingen USCIS property is leased pursuant to two modified gross leases, which will expire on January 31, 2018, for the USCIS I building and October 31, 2022, for the USCIS II building.

Kingsport, Tennessee

The Kingsport SSA property is 100% leased by the federal government and is occupied by the SSA. This property houses the SSA’s regional administrative office. The property is an approximately 2.334 acre parcel with a single story building containing 22,848 leased square feet of office and related space. The Kingsport SSA property is leased pursuant to a modified gross lease, which will expire on October 31, 2014, unless terminated pursuant to an early termination clause on October 31, 2009.

Lenexa, Kansas

The Lenexa FDA property is 100% leased by the federal government and is occupied by the United States Food and Drug Administration (FDA). The property consists of an approximately 5.05 acre parcel with two single story buildings containing a total of 53,500 leased square feet of office and laboratory space. The Lenexa FDA property is leased pursuant to a modified gross lease, which will expire on June 21, 2012.

Martinsburg, West Virginia

The Martinsburg IRS property consists of an approximately 25 acre parcel with a two story building containing 122,475 leased square feet of office and related space leased by the federal government and is occupied by the IRS. The Martinsburg IRS property is leased pursuant to a modified net lease, which will expire on July 11, 2015.

Mineral Wells, West Virginia

The Mineral Wells BPD property is 100% leased by the federal government and is occupied by the United States Bureau of Public Debt (BPD). The property is an approximately 7.51 acre parcel with a single story building containing 38,324 leased square feet of office and related space. The Mineral Wells BPD property is leased pursuant to a modified gross lease, which will expire on September 30, 2017, unless terminated pursuant to an early termination clause on September 30, 2012.

Parkersburg, West Virginia

The Parkersburg BPD property is 100% leased by the federal government and is occupied by the BPD. The property consists of an approximately 6.12 acre parcel with a five story building containing 182,500 leased square feet of office and related space. The original building consisted of 80,500 square feet. In March 2006, the Company completed an expansion of the Parkersburg Property by an additional 102,000 square feet bringing the total complex to approximately 182,500 leased square feet.

Pittsburgh, Pennsylvania

The Pittsburgh FBI property is 100% leased by the federal government and is occupied by the FBI. The property consists of an approximately 4.573 acre parcel with a four story building containing 87,178 leased square feet of office and related space. The Pittsburgh FBI property is leased pursuant to a modified gross lease, which will expire on October 5, 2016.

The Pittsburgh USCIS property is 100% leased by the federal government and is occupied by the United States Citizenship and Immigration Services. The property consists of an approximately 2.465 acre parcel with a three story building containing 36,153 leased square feet of office and related space. The Pittsburgh USCIS property is leased pursuant to a modified gross lease, which will expire on February 26, 2014.

Portland, Oregon

The Portland property, located at 1201 Lloyd Street, consists of a 1.7 acre parcel with an 11 story building containing approximately 223,960 square feet of office space. The property also includes a separate parking garage with 471 parking stalls and 2,450 square feet of retail space. The Portland property is 96% leased to various governmental and non-governmental tenants.

Riverside, California

The Riverside County property consists of an approximately 6.31 acre parcel with three two story buildings containing 117,168 square feet of office space and related space leased by the County of Riverside and is occupied by the County’s Department of Child Support Services. The Riverside County property is leased pursuant to a gross lease, which will expire on January 31, 2017.

Sterling, Virginia

The Sterling DEA property consists of an approximately 6.8 acre parcel with a one story building containing 49,692 square feet of office space and related space leased by the federal government and is occupied by the DEA. The Sterling property is leased pursuant to a modified gross lease, which will expire on March 20, 2020.

Vicksburg, Mississippi

The Vicksburg COE property consists of an approximately 17.17 acre parcel with a two story building containing 199,404 leased square feet of office and related space leased by the federal government and is occupied by the United States Army Corps of Engineers. The Vicksburg COE property is leased pursuant a modified gross lease, which will expire on July 31, 2016.

Business Line
A self managed, self-administered real estate investment trust that invests primarily in single-tenant, government-leased properties
Subsidiary
MINERAL WELLS BPD INC
Advisor
ERNST & YOUNG LLP
IPO date
1/27/2004
US SIC Code
6798
Company Address
Suite 310
13625, California Street
City province or state postal code
68154, OMAHA, NE
Phone: +1 402 391 0010
Fax: +1 402 391 4144
Country address: UNITED STATES OF AMERICA
Website url: www.gptrust.com