Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q1 2013 Earnings Presentation
30 slides from Office Properties Income Trust's earnings presentation, Apr 30, 2013
Slide 1: First Quarter 2013 Supplemental Operating and Financial Data
Exhibit 99.2 Government Properties Income Trust First Quarter 2013 Supplemental Operating and Financial Data All amounts in this report are unaudited. 65 Bowdoin Street, Burlington, VT. Square Feet: 26,609. Primary Tenant: Dept. of Homeland Security.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS CORPORATE INFORMATION PAGE/EXHIBIT Company Profile 6 Investor Information 7 Research Coverage 8 FINANCIAL INFORMATION Key Financial Data 10 Condensed Consolidated Balance Sheets 12 Condensed Consolidated Statements of Income 13 Condensed Consolidated Statements of
Slide 3: Warning Concerning Forward Looking Statements
WARNING CONCERNING FORWARD LOOKING STATEMENTS WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTH
Slide 4: Warning Concerning Forward Looking Statements (continued)
WARNING CONCERNING FORWARD LOOKING STATEMENTS (continued) • LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY AS A REIT FOR U.S. FE DERAL INCOME TAX PURPOSES, AND • ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL D
Slide 5: Corporate Information
CORPORATE INFORMATION 251 Causeway Street, Boston, MA. Square Feet: 132,876. Government Properties Income Trust Primary Tenant: Massachusetts Department of Environmental Supplemental Operating and Financial Data, March 31, 2013 Affairs.
Slide 6: Company Profile
COMPANY PROFILE COMPANY PROFILE The Company: Corporate Headquarters: Government Properties Income Trust, or GOV, we or us, is a real estate investment trust, or REIT, which owns Two Newton Place properties located throughout the United States that are majority leased to government tenants. The major
Slide 7: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Barry M. Portnoy Adam D. Portnoy Managing Trustee Managing Trustee Barbara D. Gilmore John L. Harrington Independent Trustee Independent Trustee Jeffrey P. Somers Independent Trustee Senior Management David M. Blackman Mark L. Kleifges Pres
Slide 8: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Bank of America Merrill Lynch Research Jefferies & Company, Inc. James Feldman Omotayo Okusanya (646) 855-5808 (212) 336-7076 JMP Securities Morgan Stanley Mitch Germain Vance Edelson (212) 906-3546 (212) 761-0078 RBC Capital Markets Wells
Slide 9: Financial Information
FINANCIAL INFORMATION 915 L Street, Sacramento, CA. Government Square Feet: 163,840.Properties Income Trust Supplemental Operating Primary Tenant: California and Financial Department Data, March 31, 2013 of Finance.
Slide 10: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) As of and for the Three Months Ended 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Shares Outstanding: Common shares outstanding (at end of period) 54,664 54,644 47,144 47,100 47,091 Weighted av
Slide 11: Key Financial Data (Continued)
KEY FINANCIAL DATA (Continued) KEY FINANCIAL DATA As of and for the Three Months Ended (dollar amounts in thousands, except per share data) 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Selected Balance Sheet Data: Total assets $ 1,539,970 $ 1,562,134 $ 1,524,787 $ 1,382,824 $ 1,363,247 Total l
Slide 12: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share data) As of As of 3/31/2013 12/31/2012 ASSETS Real estate properties: Land $ 243,584 $ 244,655 Buildings and improvements 1,281,140 1,288,813 1,524,724 1,533,468 Accumulated dep
Slide 13: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollars and share amounts in thousands, except per share data) For the Three Months Ended 3/31/2013 3/31/2012 Rental income (1) $ 57,678 $ 49,997 Expenses: Real estate taxes 6,503 5,479 Utility expenses 3,987 3,
Slide 14: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) For the Three Months Ended 3/31/2013 3/31/2012 Cash flows from operating activities: Net income $ 24,726 $ 13,059 Adjustments to reconcile net income to cash provided by oper
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of March 31, 2013 (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (1) Date Maturity Maturity Unsecured Floating Rate Debt: $550,000 unsecured revolving credit facility (2) 1.71% 1.71% $ 27,500 10/19/2015 $ 27,500 2.6 (3) $3
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of March 31, 2013 (dollars in thousands) Unsecured Secured Floating Fixed Rate Year Rate Debt Debt (3) Total (4) 2013 $ - $ 1,448 $ 1,448 2014 - 2,072 2,072 (1) 2015 27,500 48,691 76,191 2016 - 24,708 24,708 (2) 2017 350,000 1,308 351,308 2018 - 1,415
Slide 17: Leverage Ratios and Coverage Ratios
LEVERAGE RATIOS AND COVERAGE RATIOS LEVERAGE RATIOS AND COVERAGE RATIOS As of and for the Three Months Ended 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Leverage Ratios: Total debt / total market capitalization (1) 25.0% 27.3% 35.6% 30.7% 28.2% (1) Total debt / total book capitalization 31.4%
Slide 18: Summary of Capital Expenditures
SUMMARY OF CAPITAL EXPENDITURES SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. data) For the Three Months Ended 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 (1) Tenant improvements $ 1,811 $ 3,718 $ 3,097 $ 301 $ 283 (2) Leasing costs 835 1,685 1,278 604
Slide 19: Acquisition and Disposition Information Since 1/1/2013
ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2013 ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2013 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: We have made no acquisitions since January 1, 2013. Dispositions: Date Number of Sale Net Gain (1) Sold Location Pro
Slide 20: Portfolio Information
PORTFOLIO INFORMATION 1220 Echelon Parkway, Jackson, MS. Square Feet: 109,819. Primary Tenant: Federal Bureau of Investigation. Government Properties Income Trust 20 Supplemental Operating and Financial Data, March 31, 2013
Slide 21: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY As of March 31, 2013 % Rental Income % NOI Number of Three Months Three Months 1 3 Properties Sq. Ft.(1) % Sq. Ft. Ended 3/31/2013 Ended 3/31/2013 (2) Properties majority leased to the U.S. Government 61 7,451,728 74.5% 74.7% 76.5% Properties majority leased to st
Slide 22: Summary Actual and Same Property Results
SUMMARY ACTUAL AND SAME PROPERTY RESULTS SUMMARY ACTUAL AND SAME PROPERTY RESULTS (dollars and sq. ft. in thousands, except per sq. ft. data) Summary Actual Results (1) Summary Same Property Results (2) For the Three Months Ended For the Three Months Ended 3/31/2013 3/31/2012 3/31/2013 3/31/2012 Pro
Slide 23: Occupancy and Leasing Summary
OCCUPANCY AND LEASING SUMMARY OCCUPANCY AND LEASING SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Three Months Ended 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012 Properties 82 84 82 74 71 Total sq. ft. (1) 10,000 10,217 9,969 9,126 8,949 Percentage lease
Slide 24: Leasing Analysis by Tenant Type
LEASING ANALYSIS BY TENANT TYPE LEASING ANALYSIS BY TENANT TYPE Sq. Ft. During the Three Months Ended 3/31/2013 Sq. Ft. Leased % of Sq. Ft. Lease New Sq. Ft. Leased % of Sq. Ft. as of Leased as of Expired Renewals Leases Properties as of Leased as of Tenant Type 12/31/2012(1) 12/31/2012(1) Leases Ex
Slide 25: Tenant List
TENANT LIST TENANT LIST As of March 31, 2013 % of % of % of Total Annualized % of Total Annualized (1) (1) (2) Tenant Sq. Ft. Sq. Ft. Rental Income Tenant Sq. Ft. (1) Sq. Ft. (1) Rental Income (2) U.S. Government: 1 U.S. Customs & Immigration Service 652,621 6.5% 10.7% State Government: 2 Internal R
Slide 26: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE As of March 31, 2013 (dollars and sq. ft. in thousands) Number of Annualized % of Annualized Cumulative % of Tenants Sq. Ft. Cumulative % of Rental Income Rental Income Annualized Rental Expiring Expiring (1) % of Sq. Ft. Expiring Sq. Ft. Expiring
Slide 27: Exhibits
EXHIBITS Capitol City Business Center, Salem, OR. Government Properties Income Trust Square Feet: 233,358. Supplemental Operating and Financial Data, March 31, 2013 Primary Tenant: State of Oregon.
Slide 28: Calculation of Property Net Operating Income (NOI)
CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) EXHIBIT A (dollars in thousands) For the Three Months Ended 3/31/2013 3/31/2012 Calculation of NOI: Rental income (1) $ 57,678 $ 49,997 Operating expenses (20,068) (17,977) Property net operating in
Slide 29: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA AND ADJUSTED EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA EXHIBIT B (dollars in thousands) For the Three Months Ended 3/31/2013 3/31/2012 Net income $ 24,726 $ 13,059 Add: interest expense 4,147 4,023 income tax expense 43 45 depreciation and amortization from continuing op
Slide 30: Calculation of FFO and Normalized FFO
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO EXHIBIT C (dollars in thousands, except per share data) For the Three Months Ended 3/31/2013 3/31/2012 Net income $ 24,726 $ 13,059 Add: depreciation and amortization from cont
Government Properties Income Trust — Q1 2013 Earnings Presentation on 6ix