Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q3 2017 Earnings Presentation
34 slides from Office Properties Income Trust's earnings presentation, Oct 31, 2017
Slide 1: Supplemental Operating and Financial Data
Fourth Quarter 2016 Supplemental Operating and Financial Data All amounts in this report are unaudited. Government Properties Income Trust Exhibit 99.2Exhibit 99.2Exhibit 99.2
Slide 2: Table of Contents
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 TABLE OF CONTENT S 2 TABLE OF CONTENTS CORPORATE INFORMATION PAGE/EXHIBIT Company Profile 6 Investor Information 7 Research Coverage 8 FINANCIALS Key Financial Data 10 Condensed Consolidated Balance Shee
Slide 3: Warning Concerning Forward Looking Statements
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENT S 3 WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORW
Slide 4: Warning Concerning Forward Looking Statements (continued)
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (continued ) 4 FOR EXAMPLE: • OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS TO OUR SHAREHOLDERS AND TO MAKE PAYMENTS OF PRINCIPAL AND INTEREST ON OUR INDEBTED
Slide 5: Corporate Information
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017CORPORATE INFORMATION 5 One Memphis Place, Memphis, TN Square Feet: 204,694 Primary Agency Occupant: U.S. Courts
Slide 6: Company Profile
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 COM PAN Y PROFIL E 6 COMPANY PROFILE The Company: Government Properties Income Trust, or GOV, we or us, is a real estate investment trust, or REIT, which owns properties leased primarily to the U.S. gove
Slide 7: Investor Information
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 INVES TOR INFORM ATIO N 7 INVESTOR INFORMATION Board of Trustees Barbara D. Gilmore John L. Harrington Elena Poptodorova Independent Trustee Independent Trustee Independent Trustee Adam D. Portnoy Barry
Slide 8: Research Coverage
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 RESEARCH COVERAG E 8 RESEARCH COVERAGE Equity Research Coverage Rating Agencies Moody’s Investors Service Standard & Poor’s Lori Marks Sarah Sherman Lori.marks@moodys.com sarah.sherman@standardandpoors.c
Slide 9: Financials
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 FINANCIALS 9960 Maryland Drive, Richmond, VA Square Feet: 173,932 Agency Occupant: The Commonwealth of Virginia 9 625 Indiana Avenue, Washington, DC Square Feet: 160,897 Primary Agency Occupant: U.S. Cou
Slide 10: Key Financial Data
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 KE Y FINANCIA L D AT A 10 KEY FINANCIAL DATA (dollar and share amounts in thousands, except per share data) (1) Total gross assets is total assets plus accumulated depreciation. (2) See page 19 for the c
Slide 11: Condensed Consolidated Balance Sheets
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CONDENSED CONSOLID ATED BALANCE SHEET S 11 CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) September 30, December 31, 2017 2016 ASSETS Real estate properties: Land $ 269,3
Slide 12: Condensed Consolidated Statements of Income
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOME 12 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollars and share amounts in thousands, except per share data) (1) General and administrative expenses for t
Slide 13: Condensed Consolidated Statements of Cash Flows
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CONDENSED CONSOLID ATED S TA TEMENTS OF CASH FLOW S 13 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) For the Nine Months Ended September 30, 2017 2016 CASH FLOWS FROM OPER
Slide 14: Debt Summary
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 DEBT SUMMA RY 14 DEBT SUMMARY (dollars in thousands) As of September 30, 2017 (1) Reflects the interest rate stated in, or determined pursuant to, the contract terms. (2) Includes the effect of interest
Slide 15: Debt Maturity Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 DEBT M ATURIT Y SCHEDUL E 15 DEBT MATURITY SCHEDULE (dollars in thousands) As of September 30, 2017 (1) Principal balances are the amounts actually payable pursuant to the applicable agreements. Our carr
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 LEVERAGE R ATIOS, COVERAGE R ATIOS AND PUBLIC DEBT COVENANT S 16 LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS (1) Debt amounts are net of unamortized premiums, discounts and certain issuanc
Slide 17: Summary of Capital Expenditures
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 SUMMA RY OF CAPI TA L EXPENDITURE S 17 SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. data) (1) Tenant improvements include capital expenditures used to improve ten
Slide 18: Property Acquisition and Disposition Information Since January 1, 2017
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 PROPERT Y ACQUISITION AND DISPOSITION INFORM ATION SINCE JANUA RY 1, 201 7 18 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2017 (dollars and sq. ft. in thousands, except per sq. ft.
Slide 19: Calculation of Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CALCUL ATION OF PROPERT Y NET OPER ATING INCOME (NOI) AND CASH BASIS NOI 19 CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (dollars in thousands) (1) See Definitions of Certain
Slide 20: Calculation of Same Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CALCUL ATION OF SAME PROPERT Y NOI AND CASH BASIS NOI 20 CALCULATION OF SAME PROPERTY NOI AND CASH BASIS NOI (1) (dollars in thousands) (1) See Definitions of Certain Non-GAAP Financial Measures on page
Slide 21: Calculation of EBITDA and Adjusted EBITDA
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CALCUL ATION OF EBITD A AND ADJUSTED EBITD A 21 CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) (dollars in thousands) (1) See Definitions of Certain Non-GAAP Financial Measures on page 23 for the definiti
Slide 22: Calculation of FFO and Normalized FFO
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 CALCUL ATION OF FUNDS FROM OPER ATIONS (FFO) AND NORMALIZED FF O 22 CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) (amounts in thousands, except per share data) (1) See Definitions of
Slide 23: Definitions of Certain Non-GAAP Financial Measures
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 NON-GAA P FINANCIA L MEASURES DEFINITION S 23 DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES Definition of NOI and Cash Basis NOI We calculate NOI and Cash Basis NOI as shown on page 19. The calculat
Slide 24: Portfolio Information
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 PORTFOLIO INFORMATION 24 Stevens Center, Richland, WA Square Feet: 140,152 Agency Occupant: Department of Energy
Slide 25: Portfolio Summary
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 PORTFOLIO SUMMA RY 25 PORTFOLIO SUMMARY As of September 30, 2017 (1) (1) On October 2, 2017, we acquired First Potomac Realty Trust. The properties owned by FPO are not included in the information presen
Slide 26: Summary Consolidated and Same Property Results – Third Quarter
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 SUMMA RY CONSOLID ATED AND SAME PROPERT Y RESU LT S 26 SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – THIRD QUARTER (dollars and sq. ft. in thousands) (1) Based on properties we owned as of September 3
Slide 27: Summary Consolidated and Same Property Results – Nine Months
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 SUMMA RY CONSOLID ATED AND SAME PROPERT Y RESU LT S 27 SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – NINE MONTHS (dollars and sq. ft. in thousands) (1) Based on properties we owned as of September 30,
Slide 28: Occupancy and Leasing Summary
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 OCCU PANC Y AND LEASING SUMMA RY 28 OCCUPANCY AND LEASING SUMMARY (1) (dollars and sq. ft. in thousands, except per sq. ft. data) (1) Excludes one property (one building) classified as discontinued opera
Slide 29: Leasing Analysis by Tenant Type
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 LEASING ANA LYSIS B Y TENANT TYP E 29 LEASING ANALYSIS BY TENANT TYPE (1) (1) Excludes one property (one building) classified as discontinued operations which was sold on August 31, 2017. (2) Rentable sq
Slide 30: Tenant List
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 TENANT LIS T 30 TENANT LIST As of September 30, 2017 (1) Rentable square footage is pursuant to leases existing as of September 30, 2017, and includes (i) space being fitted out for occupancy, if any, an
Slide 31: Lease Expiration Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 LEASE EXPIR ATION SCHEDUL E 31 LEASE EXPIRATION SCHEDULE (dollars in thousands) As of September 30, 2017 (1) The year of lease expiration is pursuant to current contract terms. Some of our government ten
Slide 32: Exhibit
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 EXHIBIT 32 75 Pleasant Street, Malden, MA Square Feet: 125,521 Occupant: Department of Education, Commonwealth of Massachusetts
Slide 33: Exhibit A: Property Detail
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 PROPERT Y DE TAI L 33 EXHIBIT APROPERTY DETAIL (sorted by location) As of September 30, 2017 (dollars in thousands) See notes on page 34. Weighted Average Year Annualized Built or No. of Primary Rentable
Slide 34: Exhibit A: Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2017 PROPERT Y DE TAI L (Continued ) 34 EXHIBIT APROPERTY DETAIL (sorted by location) (1) Annualized rental income is calculated using the annualized contractual base rents from our tenants pursuant to our le
Government Properties Income Trust — Q3 2017 Earnings Presentation on 6ix