-- Completed a $1.0 million at
an indicated weighted average capitalization rate of 8.0 million property is expected to close in March 2005
and the $71.vcall.

Supplemental Quarterly Financial and Operating Data
Government Properties Trust publishes supplemental quarterly financial and
operating data that can be found under the Investor Relations section of the
company's Web site at http://www. Assuming the Company is able to close
the purchase of all of the foregoing properties as currently contemplated ,
these closings are expected to occur between the third quarter of 2005 and the
first quarter of 2006. is a self-managed, self-administered real estate
investment trust, or REIT.

Non -GAAP Financial Information
This press release contains non-GAAP financial information, including
funds from operations (FFO).

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, for $4.5 million compared with $2.m. The company is located at 10250 Regency Circle,
Suite 100, Omaha, NE 68114.1 million, 10-year loan for the 1201 Lloyd Street
Property in Portland.98 percent with monthly payments of
principal and interest through March 2020.9 million, or $0.0) million, or ($0. We remain focused on meeting our goal of being fully deployed by
year-end 2005.vcall.

Supplemental Quarterly Financial and Operating Data
Government Properties Trust publishes supplemental quarterly financial and
operating data that can be found under the Investor Relations section of the
company's Web site at http://www. government .S.
For additional information, please visit the Government Properties Trust,
Inc.01) $(0.

members universal

3 million.02 0.45
Weighted average shares
outstanding (2) 20,693,202 975,552 19,071,652 836,133

(1) Excludes depreciation of non-real estate assets of $7,293 and $4,065
for the three months ended December 31, 2004 and 2003, respectively ,
and $23,554 and $6,690 for the year ended December 31, 2004 and 2003,
respectively .

Portfolio Overview
On June 30, 2005, Government Properties Trust's portfolio consisted of 16
properties totaling approximately 1.V.m.
government for a significant portion of our revenues; our properties may have
a higher risk of terrorist attack because the U.17)
Income from
discontinued
operations - - - -
Net loss $(0.14 $(0.

congregatio micronations

03 per diluted share, for the quarter ended
December 31, 2004.2 million compared with $1.46) per diluted share, for the year ended
December 31, 2003.

Portfolio Overview
On December 31, 2004, Government Properties Trust's portfolio consisted of
12 properties totaling approximately 627,000 rentable square feet with an
aggregate contract purchase price of $155. Eastern time on Wednesday, March 2, 2005.gptrust. We assume no obligation to
update any forward-looking statements.

Non-GAAP Financial Information
This press release contains non-GAAP financial information, including
funds from operations (FFO).

GOVERNMENT PROPERTIES TRUST, INC.

Government Properties Trust Announces Second-Quarter Six-Month Financial Results

3 million compared with $1.3) million, or ($0.2 million rentable square feet with an
aggregate contract purchase price of $299. The
conference call will be simulcast live on the Internet, and can be accessed by
logging onto http://www. Government
Properties Trust , Inc.

Legal Notices
Forward-looking information

This press release contains forward-looking statements.

The municipal government of Jinjiang city is pleased with the design
and implementation of the system as well as the efficiency brought to the
management of public affairs.

caithness religion

0 million for the
same quarter in 2003. Revenue for 2004
was $9. Peschio,
Government Properties Trust's President and Chief Executive Officer. The
conference call will be simulcast live on the Internet, and can be accessed by
logging onto http://www.
We believe FFO is useful to investors as an indicator of our ability to
service debt and pay cash distributions.16) $(0.03 $(0. For the three months ended December 31, 2004 the basic and
diluted weighted average shares outstanding were 20,518,535 and
20,693,202, respectively. The weighted average number of
diluted shares outstanding was 20.9 million for the year-ago period. FFO does
not represent cash generated from operating activities determined in
accordance with GAAP, and should not be considered as an alternative to
operating income or net income determined in accordance with GAAP as an
indicator of performance or as an alternative to cash flows from operating
activities as an indicator of liquidity .15 $0.30 $0.

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Va.4 million. This compares with FFO for the year ended December 31, 2003 of
$375,000, or $0.7) million, or ($0. This compares with
a net loss of ($382,000), or ($0. For
the three months ended December 31, 2004, the basic and diluted shares
outstanding were 20,518,535 and 20,693,202, respectively., for approximately $70., for
approximately $19. A replay will be available at the company's site.com .
(OTC Bulletin Board: CXTI), a company that specializes in providing large
scale network infrastructure construction mainly for e-government projects for
communities and municipal governments in China has been awarded an
e-government contract worth $10 million to construct the 2nd phase
e-government system for Jinjiang city, Fujian province ."

About the e-government project:
The e-government project is aimed to establish a national electronic
government system, in which the existing and expecting government networks and
applied systems can be combined to form united technology standard and
regulation and consequently a united national government service platform.

spirituality both

Government Properties Trust Announces Fourth-Quarter Year-End 2004 Financial Results

, for a contract purchase price
of $19., for a contract
purchase price of $10.6 million, 15-year loan for the Hollings Judicial
Center Annex in Charleston, S. The loan carries a fixed rate of
5.8 million, 15-year loan for the Veterans Administration
Outpatient Clinic in Baton Rouge, La.7
million square feet of rentable space , representing an aggregate purchase
price of $643.S.46)
Distributions declared
per share $0.15 $0.

6 million, or $0."

Acquisition Update
Currently, Government Properties Trust has four properties consisting of
approximately 446,000 rentable square feet under contract for an aggregate
purchase price of approximately $77.0 million at an indicated weighted average
capitalization rate of 8. Under the contract,
the construction will be commenced in May 2005 and completed in August 2006.

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4 million, or $0. Assuming
the Company is able to close the purchase of all of the foregoing properties
as currently contemplated, these closings are expected to occur between March
2005 and the second quarter of 2006.0 million and the other at $71.5 million.

Six-Month 2005 Results
FFO was $2.52 percent.gptrust.
CONSOLIDATED BALANCE SHEETS

June 30, December 31,
2005 2004
(UNAUDITED)
ASSETS
Real estate at cost
Land $ 26,493 ,237 $ 13,713,237
Buildings and improvements 231,651,712 117,069,518
Tenant origination costs 47,599,844 26,628,718
Real estate under development 3,751,181 1,180,523
Furniture and equipment 196,916 185,818
309,692,890 158 ,777,814
Accumulated depreciation (7,071,984) (3,407,147)
302,620,906 155,370,667
Cash and cash equivalents 24,524,349 93,814,813
Restricted cash escrows 19 ,632,475 2,103,338
Tenant receivables 3,182,770 1,501,850
Notes receivable from tenant 634,512 665,216
Deferred costs , net 2,226,325 937,156
Real estate deposits 3,514,581 685,993
Other assets 1,928,585 1,241,554
Total assets $358,264,503 $256,320,587

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable and accrued expenses $4,743,087 $3,226,655
Dividends payable 3,108,242 3,104,340
Mortgage notes payable (including
premium of $1,482,178 and $0,
respectively) 185,863,352 77,584,897
Total liabilities 193,714,681 83,915,892
Stockholders' equity
Common stock ($0.01) $(0. Its income is derived mainly from four
areas, e-government, technology achievement appraisal, expert consultation and
project database.

Safe Harbor under the Private Securities Litigation Reform Act of 1995:
The statements which are not historical facts contained in this press release
are forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the uncertainty of future
financial results , regulatory approval processes, the impact of competitive
products or pricing, technological changes , the effect of economic conditions
and other uncertainties as may be detailed in the Company's filings with the
Securities and Exchange Commission.

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The weighted average number of diluted shares
outstanding was 20. government. We use FFO for internal budgeting and
planning purposes.
CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
Revenue:
Rental income $4,031,516 $998,706 $9,091,592 $2 ,812,476
Tenant reimbursements 160,876 - 366,727 -
Total revenue 4,192,392 998,706 9,458,319 2,812,476
Expenses:
Property operations 723,268 236,147 1,849,838 623,178
Real estate taxes 386,506 66,421 964,934 238,170
Depreciation and
amortization 1,212 ,756 253,677 2,649,747 764,089
General and
administrative 994 ,204 39,159 4,020,414 440,668
Total expenses 3,316,734 595,404 9 ,484,933 2,066,105
Operating (loss) income 875,658 403,302 (26,614) 746,371
Other income (expense):
Interest income 481,508 (20,874) 1,719,925 21,635
Expense (1,054,698) (433,272) (2,481,219) (1,188,050)
Expense from
issuance of
warrant - - (2,097,900) -
Amortization of
deferred financing
fees (101,510 ) 5,231 (271,595) (9,230)
Income (loss) from
continuing operations 200 ,958 (45,614) (3,157,403) (429,274)
Discontinued operations:
Gain from disposal
of property 313,857 - 313,857 -
Income from property
held for sale 11,491 2,675 100,015 47,158
Income from discontinued
operations 325,348 2,675 413,872 47,158
Net income (loss) $526,306 $(42,939) $(2,743,531) $(382,116)
Earnings per share:
Income (loss) from
continuing
operations $0.51)
Income from
discontinued
operations 0.04) $(0.15 $0.02 ) $0. Total revenue for the
three months ended June 30, 2005 was $6.Y.
In addition, the Company has five acquisition prospects currently in
various stages of internal underwriting and due diligence consisting of
approximately 620,000 rentable square feet, representing an aggregate purchase
price of $149.

Financial Tables and Non-GAAP to GAAP Reconciliations Follow

GOVERNMENT PROPERTIES TRUST, INC.

principality spirituality

Significant Accomplishments Subsequent to December 31, 2004
-- Completed a $14. These properties would represent
the Company's largest acquisitions to date.0 million property is expected to close early in the second
quarter of 2005. government is our principal
tenant; we plan to incur debt to finance, on average, approximately 75% of the
acquisition cost of the properties we buy; some of our leases may not provide
for a full pass-through of increases in property operating costs; we may make
distributions that include a return of capital as well as the other the risks
discussed from time to time in our SEC filings .01 par value at
December 31, 2004 and $10 par value
at December 31, 2003; 50,000 ,000 shares
authorized, 20,695,567 and 975,552 shares
issued and outstanding at December 31,
2004 and 2003, respectively) 205,223 8,682,228
Additional paid-in capital 188,259,230 -
Accumulated deficit (16,059,758) (903,863)
Total stockholders' equity 172,404,695 7,778,365
Total liabilities and stockholders' equity $256,320,587 $42,674,586

GOVERNMENT PROPERTIES TRUST, INC.04) $(0.03) per diluted share, for the three
months ended June 30, 2005. This compares with FFO for the three months ended
June 30, 2004, of $355,000, or $0. See the attachment to this press release for
reconciliation of FFO and net loss, the most directly comparable Generally
Accepted Accounting Principles (GAAP ) measure. The
loan carries a fixed rate of 7.0 million revolving credit
facility .0 million.gptrust.S.03) $(0. The Group's
existing major clients includes municipal governments , government authorities
and other technology firms in China.

both consisting

Fourth-Quarter 2004 Results
Funds from operations (FFO) was $1., for a contract purchase
price of $22.
-- Completed the acquisition of the 81,000-square-foot Bureau of Public
Debt Headquarters in Parkersburg, W.
-- Completed a $4.com or the Company's Web site at
http://www.

Legal Notices
Forward-looking information

This press release contains forward-looking statements.
government for a significant portion of our revenues; our properties may have
a higher risk of terrorist attack because the U.
FFO, as calculated by us, may not be comparable to FFO reported by other
companies that do not define these terms exactly as we define them.gptrust.
CONSOLIDATED BALANCE SHEETS

December 31,
2004 2003
ASSETS
Real estate at cost:
Land $13,713,237 $4,545,637
Buildings and improvements 117,069,518 24,050,859
Tenant origination costs 26,628,718 6 ,200,441
Real estate under development 1,180,523 -
Furniture and equipment 185,818 34,486
158,777,814 34,831,423
Accumulated depreciation (3,407 ,147) (757,400)
155,370,667 34,074,023

Cash and cash equivalents 93,814,813 760,859
Restricted cash escrows 2,103,338 268,885
Tenant receivables 1,501,850 332,651
Notes receivable from tenant 665,216 111,773
Deferred costs, net 937,156 1,948,350
Real estate deposits 685,993 500,000
Property held for sale - 4,266,438
Other assets 1,241,554 411,607
Total assets $256,320,587 $42,674,586

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $3,226,655 $2,116,101
Dividends payable 3,104,340 147,536
Lines of credit - 3,047,655
Mortgage notes payable 77,584,897 24,647,478
Mortgage note payable - affiliate - 1,639,219
Liabilities related to property held for sale - 3,195,359
Advances from affiliate - 102,873
Total liabilities 83,915,892 34,896,221
Stockholders' equity:
Common stock ($0.02 0.08 per diluted share,
and net loss was ($712,000), or ($0.17) per diluted share,
for the same period last year.15 $0.08 $0.

spirituality church

FFO does
not represent cash generated from operating activities determined in
accordance with GAAP, and should not be considered as an alternative to
operating income or net income determined in accordance with GAAP as an
indicator of performance or as an alternative to cash flows from operating
activities as an indicator of liquidity.05
Net income (loss ) $0.60
Weighted average
shares
outstanding(1) 20,693,202 975 ,552 19,071,652 836,133

(1) For the three months ended December 31, 2003 and for the years ended
December 31, 2004 and 2003, basic and diluted weighted average shares
outstanding are the same due to the net loss recorded for these
periods. Forward-looking statements also
include the assumptions underlying or relating to any of the foregoing
statements .

principality universal

OMAHA, Neb. (NYSE: GPP), a self-managed, self-administered real estate
investment trust, today announced results for the fourth quarter and year
ended December 31, 2004. Total revenue for the three months
ended December 31, 2004 was $4.

About Government Properties Trust, Inc. Government
Properties Trust, Inc. Forward-looking statements also
include the assumptions underlying or relating to any of the foregoing
statements.49 percent
amortized over an average of approximately 30 years.7 million, loan for the DEA Special Testing Lab.6
million for the first six months of 2004.com .03) $(0.04) $(0.17)
Distributions declared
per share $0.

situated scotland

21 per diluted share, and a net loss of ($43,000), or
($0.
-- Completed the acquisition of the 33,000-square-foot U. S.S.07 $0. (NYSE: GPP), a self-managed, self-administered real estate investment
trust, today announced results for the three- and six-month periods ended
June 30, 2005.4 million.0 million for properties year-
to-date, which was clearly the most active acquisition period for our young
company. We assume no obligation to
update any forward-looking statements.01 par value;
50,000,000 shares authorized, 20,721,796
and 20,695 ,567 shares issued and
outstanding at June 30, 2005 and
December 31, 2004, respectively ) 205,771 205,223
Additional paid-in capital 188,760,833 188,259,230
Accumulated deficit (23,048,517) (16,059,758)
Accumulated other comprehensive loss (1,368,265) --
Total stockholders' equity 164,549,822 172,404,695
Total liabilities and stockholders' equity $358,264,503 $256,320,587

GOVERNMENT PROPERTIES TRUST, INC.

dogma congregatio

867 percent amortized over 30 years.

2004 Results
FFO for the year ended December 31, 2004 was ($431,000) or ($0.
In addition, the Company has 14 acquisition prospects currently in various
stages of internal underwriting and due diligence consisting of over 2.
"The foundation we built in 2004, our first year of operations, will allow
us to focus on acquisitions and the deployment of our funds in 2005. Our goal
remains to be fully deployed by year end, enjoying the full impact of these
rental receipts in first quarter of 2006.

(2) For the three months ended December 31, 2003 and for the years ended
December 31, 2004 and 2003, basic and diluted weighted average shares
outstanding are the same due to the net loss for these periods.
-- Completed the acquisition of the 50,000-square-foot Drug Enforcement
Agency (DEA) Special Testing Lab in Sterling, Loudoun County, Va. Peschio, Government Properties Trust's President and Chief
Executive Officer, commented, "We deployed $175. invests primarily in single tenant
properties under long-term leases to the U. These forward-
looking statements include estimates regarding:

-- the expected revenues from our properties,
-- our use of Offering proceeds, and
-- our growth strategy and intentions.

These and other forward-looking statements can be identified by the use of
words such as "may," "will," "should," "expects," "plans," "anticipates,"
"believes ," "estimates," "predicts," "intends," "continue," or the negative of
such terms, or other comparable terminology.13)
Weighted average
common shares
outstanding 20,572,833 20,509,303 20,556,391 17,610,800

(a) Excludes depreciation of non-real estate assets of $7,416 and $6,711
for the three months ended June 30, 2005 and 2004, respectively and
$14,816 and $9,079 for the six months ended June 30, 2005 and 2004,
respectively.

China Expert Technology Awarded A $10 Million New E-Government Contract in China

The term e-government is a process in which the government is able to take
advantage of modern information and communication technologies to integrate
the management and service on Internet, optimize and reform the government
structures and working processes, and provide good and standard international
administration and service to the society beyond time and space limit.

About China Expert Technology, Inc:
CHINA EXPERT TECHNOLOGY, INC. The Group also utilizes its
network with experts from various universities in China to deploy business and
IT consultancy services to corporations in Hong Kong and China.

Universal Life Church micronations.

foot square

6 million.14) per diluted share.
Included in properties under contract are two properties, one priced at
$49.14) $(0.6 million for the quarter ended June 30,
2005 and 20.gptrust.

spirituality square

C.867 percent amortized over 30 years.4 million, 15-year loan for the Drug Enforcement
Administration building in Bakersfield, Calif.com .
-- Assumed a $15. The properties are 95
percent occupied and have a weighted average remaining lease term of
approximately 9.8 years. Eastern time on Wednesday, August 3, 2005.
All forward-looking statements included in this press release are based on
information available to us on the date hereof.
FFO, as calculated by us, may not be comparable to FFO reported by other
companies that do not define these terms exactly as we define them.

consisting life

7 million for the quarter ended December 31, 2004 and
975,552 for the same quarter in 2003.

Significant Fourth-Quarter Events
-- Completed the acquisition of the 79 ,000-square-foot Food and Drug
Administration Building in College Park, Md.9 million. Citizenship
and Immigration Services Building in Pittsburgh, Pa.

Acquisition Update
Currently, Government Properties Trust has six properties consisting of
approximately 710,000 square feet of rentable space under contract or letter
of intent for an aggregate purchase price of approximately $176.31 percent.0 million. These forward-
looking statements include estimates regarding:

-- the expected revenues from our properties,
-- our use of Offering proceeds, and
-- our growth strategy and intentions., Government Properties Trust,
Inc.02 per diluted share , and a net loss of
($121,000), or ($0.01) per diluted share.5 million for the same quarter in 2004 .8 million
for the same quarter in 2004. The loan carries a fixed rate of 5.

overscaig formed

07 per diluted share ,
and net income was $526,000, or $0.04) per diluted share. The weighted average number of diluted shares outstanding
during 2004 was 19. A replay will be available at the company's site.
Our actual results could differ materially from those anticipated in these
forward-looking statements as a result of various factors, including the fact
that our management only recently joined us; we must invest the proceeds of
our recent Offering on acceptable terms and timeframes; we depend on the U.S.

Second-Quarter 2005 Results
Funds from operations (FFO) was $1. The
property is the Company's largest acquisition to date.14 per basic and diluted share, and net loss
was ($772,000), or ($0.13) per
diluted share, and a net loss of ($3.15 per share in July 2005.com or the Company's Web site at
http://www.
Government Properties Trust, Inc.
We believe FFO is useful to investors as an indicator of our ability to
service debt and pay cash distributions. - 15 Months Contract for 2nd Phase E-Government System of Jinjiang City,
Fujian -

HONG KONG, China Expert Technology Inc.

congregatio sine

See the attachment to this press release for a
reconciliation of FFO and net income (loss), the most directly comparable
Generally Accepted Accounting Principles (GAAP) measure.45 per diluted share.com .
-- Completed a $39. In fact, the proceeds from our initial public offering will be
fully invested by year-end , however, our portfolio may not be fully leveraged
at that time.

Second-Quarter Conference Call and Webcast
Government Properties Trust will hold a conference call to discuss second-
quarter results at 11:00 a. government is our principal
tenant; we plan to incur debt to finance, on average , approximately 75% of the
acquisition cost of the properties we buy; some of our leases may not provide
for a full pass-through of increases in property operating costs; we may make
distributions that include a return of capital as well as the other the risks
discussed from time to time in our SEC filings. We use FFO for internal budgeting and
planning purposes.

citizens dogma

Net loss for the year ended December
31, 2004 was ($2. The properties are 98
percent occupied and have a weighted average remaining lease term of
approximately 12 years.
All forward-looking statements included in this press release are based on
information available to us on the date hereof.

Significant Second -Quarter Events
-- Completed the acquisition of the 270,000-square-foot Niagara Center
property in Buffalo, N.6 million the first half of 2005 and 17.

Significant Accomplishments Subsequent to June 30, 2005
-- Completed the acquisition of the 122,475-square-foot Internal Revenue
Service Annex property in Martinsburg, Berkeley County, W.com .
Our actual results could differ materially from those anticipated in these
forward-looking statements as a result of various factors, including the fact
that our management only recently joined us; we must invest the proceeds of
our recent Offering on acceptable terms and timeframes; we depend on the U. This press release also contains the most
directly comparable GAAP information and a GAAP to non-GAAP reconciliation.

spirituality burn

-- Completed the disposition of the Federal Express Building in Harahan ,
La. The loan carries a
fixed rate of 5.8 million for 2003.0 million. Assuming Government Properties
Trust is able to close the purchase of these properties as currently
contemplated , the $49.gptrust.com .01 $(0.60 $0.6 million. Total revenue was $10.
-- Amended and extended the Company's $50.

About Government Properties Trust, Inc. The company is located at 10250 Regency Circle,
Suite 100, Omaha, NE 68114.

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This compares with FFO for the quarter ended December 31,
2003 of $207,000, or $0.
Government Properties Trust, Inc. is a self-managed , self-administered real estate
investment trust, or REIT.
For additional information, please visit the Government Properties Trust,
Inc.

Financial Tables and Non-GAAP to GAAP Reconciliations Follow

GOVERNMENT PROPERTIES TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

December 31,
2004 2003
Operating activities
Net loss $(2,743,531) $(382 ,116)
Adjustments to reconcile net loss
to net cash (used in) provided by
operating activities:
Depreciation and amortization 2,649,747 764,089
Amortization of deferred financing fees 271,595 9,230
Expense from issuance of warrants 2,097,900 -
Compensation expense 864,673 -
Gain from disposal of property (313,857) -
Changes in assets and liabilities:
Restricted cash escrows (1,834,453) (268,885)
Tenant receivables (1,169,199) (332,651)
Note receivable from tenant (553,443) (111,773)
Other assets (829,947) (254,979)
Accounts payable and accrued expenses 1,527,457 193,804
Net cash (used in) provided by operating
activities (33,058) (383,281)

Investing activities
Expenditures for real estate (104,464,536) (34,702,876)
Expenditures for furniture and equipment (151,332) -
Development of real estate assets (1,180,523) -
Proceeds from sale of real estate 1,457,223 -
Deposits on future real estate purchases (500,993) (500,000)
Net cash used in investing activities (104,840,161) (35,202,876)

Financing activities
Financing fees (1,113,289) (134,709)
Net (repayments ) borrowings under lines
of credit (3,047,655) 2,709,788
Proceeds from mortgage notes payable 37,000,000 24,821,134
(Repayments) proceeds of mortgage note
payable - affiliate (1,639,219) 1,639,219
(Repayments) proceeds of advances from
affiliate (102 ,873) (93,589)
Principal payments on mortgage notes payable (754,852) (173,656)
Net proceeds from sale of common stock 193,202,095 5,715,220
Deferred offering costs paid (16,161,474) (80,969)
Dividends paid (9,455,560) (369,741)
Net cash provided by financing
activities 197,927,173 34,032,697
Net increase (decrease) in cash 93,053,954 (1,553,460)
Cash, beginning of year 760,859 2,314,319
Cash, end of year $93,814,813 $760,859

GOVERNMENT PROPERTIES TRUST, INC.21 $ (0., for
approximately $30 .

Thomas D.S. web site at http://www.04) $(0.
FFO RECONCILIATION

THREE MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
2005 2004 2005 2004
Net loss $(712,356) $(121,342) $(772,247) $(3,037,080)
Adjustments to
reconcile to
funds from
Operations:
Real estate
depreciation
and amortization
(a) 2,335,204 476,775 3,650,021 754,515
Funds from
Operations $1,622,848 $355,433 $2,877,774 $(2,282,565)
Funds from
Operations per
common share $0. ("CXTI") is a company listed on the OTC BB
in the USA (Trading Symbol: CXTI) and its subsidiaries (collectively the
"Group") situated in Hong Kong and China, are specialized in providing large-
scale network infrastructure construction (mainly e-government projects) for
communities and municipal governments in China.

church citizens

15 per share payable in January.867 percent amortized over 30 years. The loan carries a fixed rate of
5.02) per
diluted share.1 million compared with 836,133 for 2003.0 million, consisting of 226,000 and
270,000 rentable square feet, respectively." stated Thomas D.

Fourth-Quarter Conference Call and Webcast
Government Properties Trust will hold a conference call to discuss fourth-
quarter results at 11:00 a. invests primarily in single tenant
properties under long-term leases to the U . web site at http://www.
FFO RECONCILIATION

Three Months Year Ended
Ended December 31, December 31,
2004 2003 2004 2003

Net income (loss) $526,306 $(42,939) $(2,743,531) $(382,116)
Adjustments to reconcile
to funds from Operations:
Gain from disposal
of property (313,857) - (313,857) -
Real estate
depreciation and
amortization (1) 1,205,464 249,612 2,626,193 757,400
Funds from
Operations $1,417,913 $206,673 $(431,195) $375,284
Funds from
Operations per
common share $0.04) per basic and diluted share, for the six months
ended June 30, 2005, compared with FFO of ($2. The weighted average number of basic and
diluted shares outstanding was 20.8 million
compared with $2.
KUNG SZE-CHAU, Chief Executive Officer of China Expert, stated, "We
completed the construction of the 1st phase e-government system in January
2005. In order to build a service-oriented
e-government system, the municipal government will , in the 2nd phase
construction, enhance coordination and cooperation of government departments
and improve public notifications and public hearings to expand citizens'
participation in the management of public affairs.

foot overscaig

, Government Properties
Trust, Inc.
-- Declared fourth-quarter dividend of $0.

These and other forward-looking statements can be identified by the use of
words such as "may," "will," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts ," "intends," "continue," or the negative of
such terms, or other comparable terminology. This press release also contains the most
directly comparable GAAP information and a GAAP to non-GAAP reconciliation .00 0. OMAHA, Neb.
-- Completed the acquisition of the 35,000-square-foot 186 Exchange
property in Buffalo for approximately $5.6 million.1 million.
-- Paid a second-quarter dividend of $0.
CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED) (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2005 2004 2005 2004
Revenue
Rental income $6,140,991 $1,677,748 $10,465,101 $2,721,741
Tenant
reimbursements
and other 132,119 164,195 311,773 164,195
Total revenue 6,273,110 1,841,943 10,776,874 2,885,936
Expenses
Property operations 1,123,448 335,772 1,978,450 583,550
Real estate taxes 568,865 172,928 1,025,069 321,025
Depreciation and
amortization 2,342 ,620 483,486 3,664,837 763,594
General and
administrative 1,200 ,637 958,641 2,340,909 1,989,186
Total expenses 5,235,570 1,950,827 9 ,009,265 3,657,355
Operating income
(loss) 1,037,540 (108,884) 1,767,609 (771,419)
Other income (expense)
Interest income 440,741 387,264 1,098,934 630,533
Interest expense (2,132,950) (367,319) (3,470,677 ) (766,148)
Expense from
issuance and
exercise of
warrant - - - (2,097,900)
Amortization of
deferred
financing fees (57,687) (74,900) (168,113) (78,514)
Loss from continuing
operations (712,356) (163,839) (772,247) (3,083,448)
Discontinued operations:
Income from operations
of disposed property - 42,497 - 46,368
Net loss $(712,356) $(121,342) $(772,247) $(3,037,080 )
Earnings per share
(basic and diluted):
Loss from continuing
operations $(0.30
Weighted average shares
outstanding (basic
and diluted) 20,572,833 20,509,303 20,556,391 17,610,800

GOVERNMENT PROPERTIES TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)
SIX MONTHS ENDED
JUNE 30,
2005 2004
Operating activities
Net loss $(772,247) $(3,037,080)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 3,664,837 763,594
Amortization of deferred financing fees 168,113 78,514
Compensation expense 362,148 260,725
Expense from issuance and exercise of warrant - 2,097,900
Changes in assets and liabilities:
Tenant receivables (1,680,920 ) (426,882)
Other assets (698,129) (903,802)
Accounts payable and accrued expenses 288,169 681,783
Net cash provided by (used in) operating
activities 1,331,971 (485,248 )
Investing activities
Expenditures for real estate (131,097,833) (43 ,744,334)
Deposits on future real estate purchases (2,828,588) (1,400,000)
Development of real estate assets (2,570,658) -
Restricted cash escrows (17,529,137) (388,747)
Note receivable from tenant 30,704 (684,818)
Restricted cash for letter of credit - (17,373,393)
Cash used in investing activities (153,995,512) (63,591,292)
Financing activities
Financing fees (1,457,282) (286,261)
Net (repayment ) borrowing under
lines of credit - (3,047,655)
Proceeds from mortgage notes payable 91,732,219 -
Payments on mortgage notes payable
- affiliate - (1,639,219)
Repayments of advances from affiliate - (102,873)
Principal payments on mortgage notes payable (689,251) (153,421)
Proceeds from sale of common stock - 193,202,100
Offering costs paid - (16 ,242,443)
Dividends paid (6,212,609) (3,249,611)
Net cash provided by financing
activities 83,373,077 168 ,480,617
Net (decrease) increase in cash and
cash equivalents (69,290,464) 104,404,077
Cash and cash equivalents,
beginning of period 93,814,813 760,859
Cash and cash equivalents, end of period $24,524,349 $105,164,936

Non-Cash Financing Activity
Assumption of mortgage note payable
included in real estate, net $15,753,309 $-

GOVERNMENT PROPERTIES TRUST, INC.02 $0.