Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q3 2012 Earnings Presentation
30 slides from Office Properties Income Trust's earnings presentation, Oct 30, 2012
Slide 1: Third Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Government Properties Income Trust Third Quarter 2012 Supplemental Operating and Financial Data 180 Spring Street, Atlanta, GA. Square Feet: 90,688. Primary Tenant: Department of Homeland Security. 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 $1'27+(56(&8
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 915 L. Street, Sacramento, CA. Government Square Feet: 163,840.Properties Income Trust Supplemental Operating Primary Tenant: California and Financial Department Data, September 30, 2012 of Finance.
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 buildings that are majority leased to government tenants located throughout the United States. The majority of our propert
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 Janney Capital Markets James Feldman Daniel Donlan (646) 855-5808 (212) 665-6476 Jefferies & Company, Inc. JMP Securities Omotayo Okusanya Mitch Germain (212) 336-7076 (212) 906-3546 Morgan Stanley RB
Slide 9: Financial Information
FINANCIAL INFORMATION Southpointe I, Plantation, FL. Square Feet: 135,819. Primary Tenant: Internal Revenue Service. Government Properties Income Trust Supplemental Operating and Financial Data, September 30, 2012
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 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Shares Outstanding: Common shares outstanding (at end of period) (1) 47,144 47,100 47,091 47,052 47,052 (1) Wei
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 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Selected Balance Sheet Data: Total assets $ 1,524,787 $ 1,382,824 $ 1,363,247 $ 1,368,575 $ 1,266,668 Total l
Slide 12: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) As of As of 9/30/2012 12/31/2011 ASSETS Real estate properties: Land $ 241,294 $ 224,674 Buildings and improvements 1,268,730 1,129,994 1,510,024 1,354,668 Accumulated depreciati
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 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Rental income (1) $ 54,083 $ 45,889 $ 154,811 $ 127,224
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 9/30/2012 9/30/2011 Cash flows from operating activities: Net income $ 36,769 $ 32,749 Adjustments to reconcile net income to cash provided by opera
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of September 30, 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) (3) 1.72% 1.72% $ 167,000 10/19/2015 $ 167,000
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of September 30, 2012 (dollars in thousands) Unsecured Secured Floating Fixed Rate Year Rate Debt Debt (4) Total (5) 2012 $ - $ 466 $ 466 2013 - 1,933 1,933 2014 - 2,072 2,072 2015 167,000 (1) (2) 48,691 215,691 2016 - 24,708 24,708 2017 350,000 (3) 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 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Leverage Ratios: Total debt / total market capitalization (1) 35.6% 30.7% 28.2% 29.4% 24.5% (1) Total debt / total book capitalization 41.2%
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 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 (1) Leasing capital $ 4,375 $ 905 $ 426 $ 2,545 $ 563 (2) Building improvements 746 660 194 1,054
Slide 19: Acquisition Information Since 1/1/2012
ACQUISITION INFORMATION SINCE 1/1/2012 ACQUISITION INFORMATION SINCE 1/1/2012 (dollars and sq. ft. in thousands, except per sq. ft. data) Weighted Average Purchase Remaining Date Number of Purchase Price (1) / Cap Lease Percent (1) Acquired City and State Properties Sq. Ft. Price Sq. Ft. Rate (2) Te
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, September 30, 2012
Slide 21: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY (As of September 30, 2012) % Rental Income % NOI Number of Three Months Three Months 1 3 Properties Sq. Ft.(1) % Sq. Ft. Ended 9/30/2012 Ended 9/30/2012 (3) Properties majority leased to the U.S. Government 60 7,389,273 74.0% 72.8% 75.1% 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 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Propert
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 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Properties 82 74 71 71 67 Total sq. ft. (1) 9,969 9,126 8,949 8,953 8,286 Square feet leased
Slide 24: Leasing Analysis by Tenant Type
LEASING ANALYSIS BY TENANT TYPE LEASING ANALYSIS BY TENANT TYPE Sq. Ft. During the Three Months Ended 9/30/2012 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 6/30/2012 (1) 6/30/2012(1) Leases Exe
Slide 25: Tenant List
TENANT LIST TENANT LIST % of % of % of Total Annualized % of Total Annualized Tenant Sq. Ft. (1) Sq. Ft. (1) Rental Income (2) Tenant Sq. Ft. (1) Sq. Ft. (1) Rental Income (2) U.S. Government: State Government: 1 U.S. Customs & Immigration Service 652,621 6.5% 9.9% 1 State of Massachusetts - three a
Slide 26: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE (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 Expiring (2) Expiring
Slide 27: Exhibits
EXHIBITS One Georgia Center, Atlanta, GA. Government Properties Income Trust Square Feet: 375,805. Supplemental Operating and Financial Data, September 30, 2012 Primary Tenant: Georgia Department of Transportation.
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 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Calculation of NOI: Rental income (1) $ 54,083 $ 45,889 $ 154,811 $ 127,
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 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Net income $ 11,756 $ 11,563 $ 36,769 $ 32,749 Add: interest expense 4,530 3,162 12,649 8,
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 For the Nine Months Ended 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Net income $ 11,756 $ 11,56
Government Properties Income Trust — Q3 2012 Earnings Presentation on 6ix