Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q3 2013 Earnings Presentation
30 slides from Office Properties Income Trust's earnings presentation, Oct 29, 2013
Slide 1: Government Properties Income Trust Third Quarter 2013 Supplemental Operating and Financial Data
20 Massachusetts Avenue, Washington D.C. Square Feet: 339,541. Exhibit 99.2 Primary Tenant: U.S. Citizenship and Immigration Service. Government Properties Income Trust Third Quarter 2013 Supplemental Operating and Financial Data All amounts in this report are unaudited.
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. FEDERAL INCOME TAX PURPOSES, AND • ACTS OF TERRORISM, OUTBREAKS OF SO CALLED PANDEMICS OR OTHER MANMADE OR NATURAL DI
Slide 5: Corporate Information
603 San Juan Avenue, Stockton, CA. Square Feet: 22,012. Tenant: U.S. Immigration and Customs Enforcement. CORPORATE INFORMATION Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2013
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 180 Spring Street, Atlanta, GA. Square Feet: 90,688. Tenant: Immigration and Customs Enforcement. Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2013
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 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Shares Outstanding: Common shares outstanding (at end of period) 54,722 54,674 54,664 54,644 47,144 Weighted av
Slide 11: Key Financial Data (Continued)
KEY FINANCIAL DATA (Continued) KEY FINANCIAL DATA (dollar amounts in thousands, except per share data) As of and for the Three Months Ended 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Selected Balance Sheet Data: Total assets $ 1,553,079 $ 1,527,204 $ 1,539,970 $ 1,562,134 $ 1,524,787 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 9/30/2013 12/31/2012 ASSETS Real estate properties: Land $ 239,222 $ 234,395 Buildings and improvements 1,267,669 1,233,468 1,506,891 1,467,863 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 For the Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Rental income (1) $ 56,401 $ 52,426 $ 168,639 $ 149,071
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 Nine Months Ended 9/30/2013 9/30/2012 Cash flows from operating activities: Net income $ 41,896 $ 36,769 Adjustments to reconcile net income to cash provided by opera
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of September 30, 2013 (dollars in thousands) Coupon Interest Principal Maturity Due at Years to (1) (1) Rate Rate Balance Date Maturity Maturity Unsecured Floating Rate Debt: $550,000 unsecured revolving credit facility (2) 1.68% 1.68% $ 69,000 10/19/2015 $ 69,000 2.1 (3
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of September 30, 2013 (dollars in thousands) Unsecured Secured Floating Fixed Rate Year Rate Debt Debt (3) Total (4) 2013 $ - $ 499 $ 499 2014 - 2,072 2,072 (1) 2015 69,000 48,691 117,691 2016 - 24,708 24,708 (2) 2017 350,000 1,307 351,307 2018 - 1,41
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 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Leverage Ratios: Total debt / total market capitalization (1) 28.0% 25.3% 25.3% 27.3% 35.6% (1) Total debt / total book capitalization 33.8%
Slide 18: Summary of Capital Expenditures
SUMMARY OF CAPITAL EXPENDITURES SUMMARY OF CAPITAL EXPENDITURES(1) (dollars and sq. ft. in thousands, except per sq. ft. data) For the Three Months Ended 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 (2) Tenant improvements $ 3,783 $ 606 $ 1,793 $ 2,951 $ 1,927 (3) Leasing costs 891 1,290 835 2
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: Weighted Average Purchase Remaining Date Number of Purchase Price (1) / Cap Lease Percent (1) Acquired City and Stat
Slide 20: Portfolio Information
PORTFOLIO INFORMATION 11411 East Jefferson, Detroit, MI. Government Properties Income Trust Square Feet: 55,966. Supplemental Operating and Financial Data, September 30, 2013 Tenant: U.S. Customs and Immigration Services.
Slide 21: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY(1) As of September 30, 2013 % Rental Income % NOI Number of Three Months Three Months 1 3 Properties Sq. Ft.(2) % Sq. Ft. Ended 9/30/2013 Ended 9/30/2013 (3) Properties majority leased to the U.S. Government 61 7,549,460 75.5% 74.0% 75.5% Properties majority lease
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 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Pro
Slide 23: Occupancy and Leasing Summary
OCCUPANCY AND LEASING SUMMARY OCCUPANCY AND LEASING SUMMARY(1) (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Three Months Ended 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Properties 81 79 79 79 77 Total sq. ft. (2) 10,001 9,644 9,644 9,644 9,396 Percentage lea
Slide 24: Leasing Analysis by Tenant Type
LEASING ANALYSIS BY TENANT TYPE LEASING ANALYSIS BY TENANT TYPE(1) Sq. Ft. During the Three Months Ended 9/30/2013 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 6/30/2013(2) 6/30/2013(2) Leases E
Slide 25: Tenant List
TENANT LIST TENANT LIST(1) As of September 30, 2013 % of % of % of Total Annualized % of Total Annualized Tenant Sq. Ft. (2) Sq. Ft. (2) Rental Income (3) Tenant Sq. Ft. (2) Sq. Ft. (2) Rental Income (3) U.S. Government: State Government: 1 U.S. Customs & Immigration Service 697,148 7.0% 11.6% 1 Sta
Slide 26: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE(1) As of September 30, 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 (2) % of Sq. Ft. Expiring Sq. Ft. Ex
Slide 27: Exhibits
EXHIBITS 2020 South Arlington Heights Road, Arlington Heights, IL. Government Properties Income Trust Square Feet: 57,770. Supplemental Operating and Financial Data, September 30, 2013 Tenant: U.S. Occupational Health and Safety Administration.
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 For the Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Calculation of NOI: Rental income (1) $ 56,401 $ 52,426 $ 168,639 $ 149,
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 For the Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Net income $ 1,966 $ 11,756 $ 41,896 $ 36,769 Add: interest expense 4,176 4,530 12,388 12,
Slide 30: Calculation of Funds from Operations (FFO) and Normalized FFO
CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO EXHIBIT C (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Net income $ 1,966 $ 11,756
Government Properties Income Trust — Q3 2013 Earnings Presentation on 6ix