Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q3 2016 Earnings Presentation
34 slides from Office Properties Income Trust's earnings presentation, Oct 27, 2016
Slide 1: Third Quarter 2016 Supplemental Operating and Financial Data
Third Quarter 2016 Supplemental Operating and Financial Data All amounts in this report are unaudited. Government Properties Income Trust 4560 Viewridge Road, San Diego, CA Square Feet: 93,177 Agency Occupant: Drug Enforcement Agency Exhibit 99.2
Slide 2: Table of Contents
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 Sheet
Slide 3: Warning Concerning Forward Looking Statements
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 FORWA
Slide 4: Warning Concerning Forward Looking Statements (continued)
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (continued ) 4 • OUR ABILITY TO GROW OUR BUSINESS AND INCREASE DISTRIBUTIONS TO OUR SHAREHOLDERS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES
Slide 5: Corporate Information
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016CORPORATE 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, 2016 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 U
Slide 7: Investor Information
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 INVES TOR INFORM ATIO N 7 INVESTOR INFORMATION Board of Trustees Barbara D. Gilmore John L. Harrington Jeffrey P. Somers Independent Trustee Independent Trustee Independent Trustee Adam D. Portnoy Barry M
Slide 8: Research Coverage
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 RESEARCH COVERAG E 8 RESEARCH COVERAGE Equity Research Coverage Bank of America Merrill Lynch Research FBR & Co. James Feldman Bryan Maher James.Feldman@baml.com bmaher@fbr.com (646) 855-5808 (646) 885-54
Slide 9: Financials
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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. Cour
Slide 10: Key Financial Data
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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) Net loss for the three
Slide 11: Condensed Consolidated Balance Sheets
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 CONDENSED CONSOLID ATED BALANCE SHEET S 11 CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) September 30, December 31, 2016 2015 ASSETS Real estate properties: Land $
Slide 12: Condensed Consolidated Statements of Income (Loss)
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOME (LOSS ) 12 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (dollars and share amounts in thousands, except per share data) (1) We report rental income on
Slide 13: Condensed Consolidated Statements of Cash Flows
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 9/30/2016 9/30/2015 Cash flows from operating
Slide 14: Debt Summary
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 DEBT SUMMA RY 14 DEBT SUMMARY (dollars in thousands) As of September 30, 2016 (1) Principal balances exclude unamortized premiums, discounts and issuance costs related to these debts. Total debt outstandi
Slide 15: Debt Maturity Schedule
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 DEBT M ATURIT Y SCHEDUL E 15 DEBT MATURITY SCHEDULE (dollars in thousands) As of September 30, 2016 (1) Represents amounts outstanding under our $750,000 revolving credit facility at September 30, 2016. S
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 issuance
Slide 17: Summary of Capital Expenditures
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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) Amounts exclude one property (one building) classified as discont
Slide 18: Property Acquisition and Disposition Information Since January 1, 2016
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 PROPERT Y ACQUISITION AND DISPOSITION INFORM ATION SINCE JANUA RY 1, 201 6 18 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2016 (dollars and sq. ft. in thousands, except per sq. ft. d
Slide 19: Calculation of Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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, 2016 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 2
Slide 21: Calculation of EBITDA and Adjusted EBITDA
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 a definition
Slide 22: Calculation of FFO and Normalized FFO
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 C
Slide 23: Definitions of Certain Non-GAAP Financial Measures
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 calculati
Slide 24: Portfolio Information
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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, 2016 PORTFOLIO SUMMA RY 25 PORTFOLIO SUMMARY (1) As of September 30, 2016 (1) Excludes one property (one building) classified as discontinued operations. (2) Rentable square footage is subject to changes when
Slide 26: Summary Consolidated and Same Property Results – Third Quarter
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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 30
Slide 27: Summary Consolidated and Same Property Results – Nine Months
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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, 2016 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 operat
Slide 29: Leasing Analysis by Tenant Type
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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. (2) Rentable sq. ft. leased is pursuant to leases
Slide 30: Tenant List
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 TENANT LIS T 30 TENANT LIST (1) As of September 30, 2016 (1) Amounts exclude one property (one building) classified as discontinued operations. (2) Rentable sq. ft. is pursuant to leases existing as of Se
Slide 31: Lease Expiration Schedule
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 LEASE EXPIR ATION SCHEDUL E 31 LEASE EXPIRATION SCHEDULE (1) (dollars in thousands) As of September 30, 2016 (1) Excludes one property (one building) classified as discontinued operations. (2) The year of
Slide 32: Exhibit
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 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, 2016 PROPERT Y DE TAI L 33 EXHIBIT APROPERTY DETAIL (1) (sorted by location) As of September 30, 2016 (dollars in thousands) See notes on page 34. Weighted Average Year Annualized Built or No. of Primary Renta
Slide 34: Exhibit A: Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data,September 30, 2016 PROPERT Y DE TAI L (Continued ) 34 EXHIBIT APROPERTY DETAIL (1) (sorted by location) (1) Excludes one property (one building) classified as discontinued operations. (2) Annualized rental income is calcula
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