Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q4 2012 Earnings Presentation
30 slides from Office Properties Income Trust's earnings presentation, Feb 20, 2013
Slide 1: Fourth Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Government Properties Income Trust Fourth Quarter 2012 Supplemental Operating and Financial Data Southpointe I, Plantation, FL. Square Feet: 135,819. Primary Tenant: Internal Revenue Service. 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 Consolidated Balance Sheets 12 Consolidated Statements of Income 13 Consolidated Statements of Cash Flows 14 Debt Summary 15
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
CORPORATE INFORMATION One Georgia Center, Atlanta, GA. Government Properties Income Trust Square Feet: 375,805. Supplemental Operating and Financial Data, December 31, 2012 Primary Tenant: Georgia Department of Transportation.
Slide 6: Company Profile
COMPANY PROFILE COMPANY PROFILE The Company: Management: Government Properties Income Trust, or GOV, we or us, is a real estate investment GOV is managed by Reit Management & Research LLC, or RMR. RMR was founded trust, or REIT, which owns buildings located throughout the United States that are in 1
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 Paul Morgan (212) 906-3546 (415) 576-2627 RBC Capital Markets Wells F
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, December 31, 2012 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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Shares Outstanding: (1) Common shares outstanding (at end of period) 54,644 47,144 47,100 47,091 47,052 (1) We
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Selected Balance Sheet Data: Total assets $ 1,562,134 $ 1,524,787 $ 1,382,824 $ 1,363,247 $ 1,368,575 Total
Slide 12: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) As of As of 12/31/2012 12/31/2011 ASSETS Real estate properties: Land $ 244,655 $ 224,674 Buildings and improvements 1,288,813 1,129,994 1,533,468 1,354,668 Accumulated depreciation (175,482) (156,6
Slide 13: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF INCOME (dollars and share amounts in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 (1) Rental income $ 56,265 $ 51,726 $ 211,076 $ 178,950 Expenses: Real estate
Slide 14: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) For the Year Ended 12/31/2012 12/31/2011 Cash flows from operating activities: Net income $ 49,960 $ 45,997 Adjustments to reconcile net income to cash provided by operating activities: Deprecia
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of December 31, 2012 (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) 1.71% 1.71% $ 49,500 10/19/2015 $ 49,500 2.8 (3)
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of December 31, 2012 (dollars in thousands) Unsecured Secured Floating Fixed Rate Year Rate Debt Debt (3) Total (4) 2013 $ - $ 1,933 $ 1,933 2014 - 2,072 2,072 (1) 2015 49,500 48,691 98,191 2016 - 24,708 24,708 (2) 2017 350,000 1,308 351,308 2018 - 1,
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Leverage Ratios: Total debt / total market capitalization(1) 27.3% 35.6% 30.7% 28.2% 29.4% (1) Total debt / total book capitalization 32.4%
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 (1) Leasing capital $ 5,403 $ 4,375 $ 905 $ 426 $ 2,545 (2) Building improvements 2,560 746 660 1
Slide 19: Acquisition and Disposition Information Since 1/1/2012
ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2012 ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2012 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: Weighted Average Purchase Remaining (1) Date Number of Purchase Price / Cap Lease Percent (1) (2) (3) (4) Acquired C
Slide 20: Portfolio Information
PORTFOLIO INFORMATION Capitol City Business Center, Salem, OR. Government Properties Income Trust Square Feet: 233,358. Supplemental Operating and Financial Data, December 31, 2012 Primary Tenant: State of Oregon.
Slide 21: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY As of December 31, 2012 % Rental Income % NOI Number of Three Months Three Months (1) (2) 1 3 Properties Sq. Ft. % Sq. Ft. Ended 12/31/2012 Ended 12/31/2012 Properties majority leased to the U.S. Government 62 7,637,609 74.8% 73.9% 75.7% Properties majority leased
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 Summary Same Property Results (1) For the Three Months Ended For the Three Months Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Properties 84 82 74 71 71 Total sq. ft. (1) 10,217 9,969 9,126 8,949 8,953 Square feet leas
Slide 24: Leasing Analysis by Tenant Type
LEASING ANALYSIS BY TENANT TYPE LEASING ANALYSIS BY TENANT TYPE Sq. Ft. During the Three Months Ended 12/31/2012 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 9/30/2012 (1) 9/30/2012(1) Leases Ex
Slide 25: Tenant List
TENANT LIST TENANT LIST As of December 31, 2012 % 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 6.4% 10.7% State Government: 2 Interna
Slide 26: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE As of December 31, 2012 (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. Expiri
Slide 27: Exhibits
EXHIBITS 1220 Echelon Parkway, Jackson, MS. Square Feet: 109,819. Primary Tenant: Federal Bureau of Investigation. Government Properties Income Trust 27 Supplemental Operating and Financial Data, December 31, 2012
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 Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Calculation of NOI: (1) Rental income $ 56,265 $ 51,726 $ 211,076 $ 178,950
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 Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Net income $ 13,191 $ 13,248 $ 49,960 $ 45,997 Add: interest expense 4,243 3,282 16,892 12,05
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 (dollars in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Net income $ 13,191 $ 13,248 $
Government Properties Income Trust — Q4 2012 Earnings Presentation on 6ix