Items 1 and 2: region and lease
Region number, and the lease number and lease date.
GSA387
Analysis of Values Statement (Leased Space)
- Agency
- GSA
- Revision
- Rev. 9/1988
- Fillable fields
- 20
- Pages
- 1
- Official source
- GSA form page
- Checked
- October 20, 2026
GSA Form 387: Analysis of Values Statement (Leased Space)
GSA Form 387, Analysis of Values Statement (Leased Space), is a one-page General Services Administration form, Rev. 9-88 in its footer. GSA's forms page gives a current revision date of 09/1988 and the authority or regulation PBS P 1600.1A, and GSA hosts it in its forms library.
The form records the region, the lease number and date, the building's name and address, and the amount and location of the space to be leased. Item 6, Computation of Net Annual Rental, has three lines: gross annual rental, the estimated annual cost of services and utilities furnished by the lessor as part of the rental consideration, with a completed GSA Form 1217 attached, and net annual rental cost. Item 7 gives the appraised fair annual rental value of the space, and the form says the net annual rental cost must not exceed it. Item 9 holds three approval signatures.
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What's on GSA Form 387
Items 3 to 5: building and space
Name of building, building address (No., Street, City, State, ZIP Code), and the amount and location of space within the building to be leased.
Item 6: computation of net annual rental
A, gross annual rental. B, estimated annual cost of services and utilities furnished by the lessor, with GSA Form 1217 attached. C, net annual rental cost.
Item 7: appraisal data
The appraised fair annual rental value of the space to be leased.
Item 8: remarks
Space for remarks. Item 6A says to explain fully in Item 8 when the gross annual rental exceeds the amount in Item 7.
Item 9: approval
Signature, title and date for prepared by, approved by the contracting officer and approved by the division director.
How to complete GSA Form 387
- 1
Identify the lease
Enter the region number, the lease number and date, and the building's name and address.
- 2
Describe the space
In Item 5, enter the amount and location of the space within the building to be leased.
- 3
Compute the net annual rental
Enter the gross annual rental in 6A, the estimated annual cost of services and utilities in 6B with a completed GSA Form 1217 attached, and the net annual rental cost in 6C.
- 4
Enter the appraised value
In Item 7, enter the appraised fair annual rental value of the space. The form says the net annual rental cost in 6C must not exceed this amount.
- 5
Explain any excess
Item 6A says that if the gross annual rental exceeds the amount in Item 7, explain fully in Item 8 and obtain the Division Director's approval in Item 9.
- 6
Sign and approve
The preparer signs Item 9(1), and the contracting officer and division director sign the approval lines, each with title and date.
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Routing and what the form says
Where it goes
The PDF prints no address and does not say which office receives the statement. Item 9 routes it through the preparer, the contracting officer and the division director.
Attachment
Item 6B says to attach a completed GSA Form 1217.
Authority
GSA's forms page lists PBS P 1600.1A. The PDF prints no instructions, OMB number or privacy statement.
Edition
The footer reads GSA Form 387 (Rev. 9-88). GSA's forms page gives the current revision date as 09/1988.
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Who fills out GSA Form 387?
The form does not name an office. Item 9 and the item notes show these roles.
Official sources and the blank
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Questions about Form GSA387
Who issues GSA Form 387?
The footer reads GENERAL SERVICES ADMINISTRATION, GSA Form 387 (Rev. 9-88). GSA hosts it in its forms library and lists the authority or regulation PBS P 1600.1A.
Why does GSA Form 387 ask for GSA Form 1217?
Item 6B, the estimated annual cost of services and utilities furnished by the lessor as part of the rental consideration, says to attach a completed GSA Form 1217.
What does the form compare the net rental to?
Item 6C, net annual rental cost, says it must not exceed the amount shown in Item 7, the appraised fair annual rental value of the space to be leased.
What if the gross annual rental is higher than the appraised value?
Item 6A says that if it exceeds the amount shown in Item 7, explain fully in Item 8 and obtain the Division Director's approval in Item 9.
Who signs GSA Form 387?
Item 9 has three rows: prepared by, approved by the contracting officer and approved by the division director, each with signature, title and date.