Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q1 2018 Earnings Presentation
35 slides from Office Properties Income Trust's earnings presentation, May 3, 2018
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, March 31, 2018 TABLE OF CONTENT S 2 TABLE OF CONTENTS PAGE CORPORATE INFORMATION Company Profile 6 Investor Information 7 Research Coverage 8 FINANCIALS Key Financial Data 10 Condensed Consolidated Balance Sheets 11 Conden
Slide 3: Warning Concerning Forward Looking Statements
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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 FORWARD
Slide 4: Warning Concerning Forward Looking Statements (continued)
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018W 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 INDEBTEDNESS
Slide 5: Corporate Information
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018CORPORATE 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, March 31, 2018 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 primarily owns properties located throughout the Unit
Slide 7: Investor Information
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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 Jeffrey P. Somers Mark L.
Slide 8: Research Coverage
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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.com (
Slide 9: Financials
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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. Courts
Slide 10: Key Financial Data
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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 20 for the calcu
Slide 11: Condensed Consolidated Balance Sheets
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CONDENSED CONSOLID ATED BALANCE SHEET S 11 CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) March 31, December 31, 2018 2017 ASSETS Real estate properties: Land $ 623,610 $ 627
Slide 12: Condensed Consolidated Statements of Income
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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 include e
Slide 13: Condensed Consolidated Statements of Cash Flows
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CONDENSED CONSOLID ATED S TA TEMENTS OF CASH FLOW S 13 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) For the Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING A
Slide 14: Debt Summary
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 DEBT SUMMA RY 14 DEBT SUMMARY (1) (dollars in thousands) As of March 31, 2018 (1) The data presented exclude two mortgage notes with an aggregate principal balance of $82,000, which are secured by two proper
Slide 15: Debt Maturity Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 DEBT M ATURIT Y SCHEDUL E 15 DEBT MATURITY SCHEDULE (1) (dollars in thousands) As of March 31, 2018 (1) The data presented exclude two mortgage notes with an aggregate principal balance of $82,000, which are
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 LEVERAGE R ATIOS, COVERAGE R ATIOS AND PUBLIC DEBT COVENANT S 16 LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS (1) Debt amounts represent the principal balance as of the date reported. The carry
Slide 17: Summary of Capital Expenditures
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 SUMMA RY OF CAPI TA L EXPENDITURE S 17 SUMMARY OF CAPITAL EXPENDITURES (1) (dollars and sq. ft. in thousands, except per sq. ft. data) (1) The data presented exclude capital expenditures of our two propertie
Slide 18: Property Acquisition and Disposition Information Since January 1, 2018
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 PROPERT Y ACQUISITION AND DISPOSITION INFORM ATION SINCE JANUA RY 1, 201 8 18 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2018 (dollars and sq. ft. in thousands, except per sq. ft. data
Slide 19: Investment in Unconsolidated Joint Ventures
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 INVESTMENT IN UNCONSOLID ATED JOINT VENTURE S 19 INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (dollars in thousands) (1) Lease term is weighted based on annualized rental income. Annualized rental income is c
Slide 20: Calculation of Consolidated Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CALCUL ATION OF CONSOLID ATED PROPERT Y NET OPER ATING INCOME (NOI) AN D CONSOLID ATED PROPERT Y CASH BASIS NOI 20 CALCULATION OF CONSOLIDATED PROPERTY NET OPERATING INCOME (NOI) AND CONSOLIDATED PROPERTY CA
Slide 21: Calculation of Same Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CALCUL ATION OF SAME PROPERT Y NOI AND CASH BASIS NOI 21 CALCULATION OF SAME PROPERTY NOI AND CASH BASIS NOI (1) (dollars in thousands) (1) See Definitions of Certain Non-GAAP Financial Measures on page 24 f
Slide 22: Calculation of EBITDA and Adjusted EBITDA
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CALCUL ATION OF EBITD A AND ADJUSTED EBITD A 22 CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) (dollars in thousands) (1) See Definitions of Certain Non-GAAP Financial Measures on page 24 for the definitions
Slide 23: Calculation of FFO and Normalized FFO
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CALCUL ATION OF FUNDS FROM OPER ATIONS (FFO) AND NORMALIZED FF O AV AILABLE FOR COMMON SHAREHOLDER S 23 CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AVAILABLE FOR COMMON SHAREHOLDERS (1) (am
Slide 24: Definitions of Certain Non-GAAP Financial Measures
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 NON-GAA P FINANCIA L MEASURES DEFINITION S 24 DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES Definition of Consolidated Property NOI and Consolidated Property Cash Basis NOI We calculate Consolidated Pro
Slide 25: Portfolio Information
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 PORTFOLIO INFORMATION 25 Stevens Center, Richland, WA Square Feet: 140,152 Agency Occupant: Department of Energy
Slide 26: Portfolio Summary
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 PORTFOLIO SUMMA RY 26 PORTFOLIO SUMMARY (1) As of March 31, 2018 (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interes
Slide 27: Summary Consolidated and Same Property Results – First Quarter
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 SUMMA RY CONSOLID ATED AND SAME PROPERT Y RESU LT S 27 SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – FIRST QUARTER (dollars and sq. ft. in thousands) (1) Based on consolidated properties we owned as of Ma
Slide 28: Occupancy and Leasing Summary
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 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) The data presented exclude one property (one building) classified as disc
Slide 29: Leasing Analysis by Tenant Type
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 LEASING ANA LYSIS B Y TENANT TYP E 29 LEASING ANALYSIS BY TENANT TYPE (1) (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51
Slide 30: Tenant List
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 TENANT LIS T 30 TENANT LIST As of March 31, 2018 (1) (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% interests. See page
Slide 31: Lease Expiration Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 LEASE EXPIR ATION SCHEDUL E 31 LEASE EXPIRATION SCHEDULE (1) (dollars in thousands) As of March 31, 2018 (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint vent
Slide 32: Exhibit A
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 EXHIBIT 32 75 Pleasant Street, Malden, MA Square Feet: 125,521 Occupant: Department of Education, Commonwealth of Massachusetts
Slide 33: Exhibit A Consolidated Property Detail
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CONSOLID ATED PROPERT Y DE TAI L 33 EXHIBIT ACONSOLIDATED PROPERTY DETAIL (sorted by location) As of March 31, 2018 (1) (dollars in thousands) See notes on page 35. Annualized Year Built or No. of Primary Re
Slide 34: Consolidated Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CONSOLID ATED PROPERT Y DE TAI L (Continued ) 34 EXHIBIT ACONSOLIDATED PROPERTY DETAIL (sorted by location) As of March 31, 2018 (1) (dollars in thousands) Annualized Year Built or No. of Primary Rentable Re
Slide 35: Consolidated Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2018 CONSOLID ATED PROPERT Y DE TAI L (Continued ) 35 EXHIBIT ACONSOLIDATED PROPERTY DETAIL (sorted by location) (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint v
Government Properties Income Trust — Q1 2018 Earnings Presentation on 6ix