Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q1 2014 Earnings Presentation
32 slides from Office Properties Income Trust's earnings presentation, Apr 30, 2014
Slide 1: Government Properties Income Trust First Quarter 2014 Supplemental Operating and Financial Data
Exhibit 99.2 Government Properties Income Trust 7850 Southwest 6th Court, Plantation, FL. Square Feet: 135,819. Tenant: Internal Revenue Service. First Quarter 2014 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. 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 One Georgia Center, Atlanta, GA. Square Feet: 375,952. Government Properties Income Trust Tenant: Supplemental State of GA:Operating Department of Transportation. and Financial Data, March 31, 2014
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 Two Newton Place primarily owns properties located throughout the United States that are majority leased to government tenants.
Slide 7: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Barbara D. Gilmore John L. Harrington Independent Trustee Independent Trustee Jeffrey P. Somers Adam D. Portnoy Independent Trustee Managing Trustee Barry M. Portnoy Managing 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. JMP Securities James Feldman Omotayo Okusanya Mitch Germain James.Feldman@baml.com Tokusanya@jefferies.com Mgermain@jmpsecurities.com (646) 855-5808 (212) 336-7076 (212) 906-
Slide 9: Financial Information
FINANCIAL INFORMATION 11411 East Jefferson, Detroit, MI. Square Feet: 55,966. Properties Income Trust Government Tenant: U.S. CustomsOperating Supplemental and Immigration Services. and Financial Data, March 31, 2014
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Shares Outstanding: Common shares outstanding (at end of period) 54,728 54,722 54,722 54,674 54,664 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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Selected Balance Sheet Data: Total assets $ 1,629,480 $ 1,632,452 $ 1,553,079 $ 1,527,204 $ 1,539,970 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 3/31/2014 12/31/2013 ASSETS Real estate properties: Land $ 246,649 $ 243,686 Buildings and improvements 1,341,443 1,324,876 1,588,092 1,568,562 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 3/31/2014 3/31/2013 Rental income (1) $ 59,820 $ 56,304 Expenses: Real estate taxes 6,812 6,321 Utility expenses 5,696 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 3/31/2014 3/31/2013 Cash flows from operating activities: Net income $ 15,190 $ 24,726 Adjustments to reconcile net income to cash provided by oper
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of March 31, 2014 (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) 1.65% 1.65% $ 150,500 10/19/2015 $ 150,500 1.6 (3)
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of March 31, 2014 (dollars in thousands) Unsecured Secured Floating Fixed Rate Year Rate Debt Debt (3) Total (4) 2014 $ - $ 1,703 $ 1,703 (1) 2015 150,500 48,905 199,405 2016 - 24,933 24,933 (2) 2017 350,000 1,548 351,548 2018 - 1,671 1,671 2019 - 9,4
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Leverage Ratios: Total debt / total market capitalization (1) 30.5% 30.5% 28.0% 25.3% 25.0% (1) Total debt / total book capitalization 38.1%
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 (2) Tenant improvements $ 1,953 $ 2,477 $ 3,783 $ 606 $ 1,793 (3) Leasing costs 269 2,558 891 1
Slide 19: Acquisition and Disposition Information Since 1/1/2014
ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2014 ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2014 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: Weighted Average Purchase Remaining Date Number of Number of Purchase Price (1) / Cap Lease Percent (1) Acquired Cit
Slide 20: Portfolio Information
PORTFOLIO INFORMATION 75 Pleasant Street, Malden, MA. Government Properties Income Trust Square Feet: 125,521. Supplemental Operating and Financial Data, March 31, 2014 Tenant: Massachusetts Dept. of Education.
Slide 21: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY(1) As of March 31, 2014 % Rental Income % NOI % Cash Basis NOI Number of Number of Three Months Three Months Three Months 1 3 Properties Buildings Sq. Ft.(2) % Sq. Ft. Ended 3/31/2014 Ended 3/31/2014 (3) Ended 3/31/2014 (3) Properties majority leased to the U.S. G
Slide 22: Summary Consolidated and Same Property Results
SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS (dollars and sq. ft. in thousands, except per sq. ft. data) Summary Consolidated Results (1) Summary Same Property Results (2) For the Three Months Ended For the Three Months Ended 3/31/2014 3/31/2013 3/31/
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 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Properties 69 68 65 63 63 Total sq. ft. (2) 10,400 10,317 10,001 9,646 9,646 Percentage l
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 3/31/2014 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 12/31/2013(2) 12/31/2013(2) Leases
Slide 25: Tenant List
TENANT LIST TENANT LIST(1) As of March 31, 2014 % 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 740,433 7.1% 12.1% 1 State o
Slide 26: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE(1) As of March 31, 2014 (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 (2) Expiring (3) % of Sq. Ft. Expiring Sq. Ft. Ex
Slide 27: Exhibits
EXHIBITS 4712 Southpark Blvd., Ellenwood, GA. Government Properties Income Trust Square Feet: 352,064. Supplemental Operating and Financial Data, March 31, 2014 Tenant: National Archives and Records Administration. .
Slide 28: Calculation of Property Net Operating Income (NOI) and Cash Basis NOI
NOI CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS NOI EXHIBIT A (dollars in thousands) For the Three Months Ended 3/31/2014 3/31/2013 Calculation of NOI and Cash Basis NOI (1): Rental income (2) $ 59,820 $ 56,304 O
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 3/31/2014 3/31/2013 Net income $ 15,190 $ 24,726 Add: interest expense 4,527 4,147 income tax expense 22 43 depreciation and amortization from continuing op
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 3/31/2014 3/31/2013 Net income $ 15,190 $ 24,726 Add: depreciation and amortization from cont
Slide 31: Property Detail
PROPERTY DETAIL PROPERTY DETAIL(1) EXHIBIT D (sorted by location) As of March 31, 2014 (dollars in thousands) Weighted Average Year Annualized Built or No. of Primary Rental Undepreciated Depreciated Date Substantially Property Location Buildings Tenant Type Sq. Ft. % Leased Income(2) Carrying Value
Slide 32: Property Detail (continued)
PROPERTY DETAIL PROPERTY DETAIL(1) (continued) EXHIBIT D (sorted by location) As of March 31, 2014 (dollars in thousands) Weighted Average Year Annualized Built or No. of Primary Rental Undepreciated Depreciated Date Substantially Property Location Buildings Tenant Type Sq. Ft. % Leased Income(2) Ca
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