Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q1 2012 Earnings Presentation
28 slides from Office Properties Income Trust's earnings presentation, May 1, 2012
Slide 1: First Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Government Properties Income Trust First Quarter 2012 Supplemental Operating and Financial Data 50 West State Street, Trenton, NJ. Square Feet: 266,995. Primary Tenant: State Department of New Jersey. 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 11 Condensed Consolidated Statements of Income 12 Condensed Consolidated Statements of
Slide 3: Warning Concerning Forward Looking Statements
WARNING CONCERNING FORWARD LOOKING STATEMENTS WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS SUPPLEMENTAL PRESENTATION OF OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Slide 4: Warning Concerning Forward Looking Statements (continued)
WARNING CONCERNING FORWARD LOOKING STATEMENTS (continued) • THE IMPACT OF CHANGES IN THE REAL ESTATE NEEDS AND FINANCIAL CONDITIONS OF THE U.S. GOVERNMENT AND STATE AND LOCAL GOVERNMENTS, • COMPLIANCE WITH, AND CHANGES TO, FEDERAL, STATE AND LOCAL LAWS AND REGULATIONS, ACCOUNTING RULES, TAX LAWS AND
Slide 5: Corporate Information
CORPORATE INFORMATION One Georgia Center, Atlanta, GA. Square Feet: 375,805. Government Primary Tenant: Properties Income GA Department Trust of Transportation. Supplemental Operating and Financial Data, March 31, 2012
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 Banc 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
Southpointe I, Plantation, FL. Square Feet: 135,819. Primary Tenant: Internal Revenue Service. FINANCIAL INFORMATION Government Properties Income Trust 9 Supplemental Operating and Financial Data, March 31, 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 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Shares Outstanding: Common shares outstanding (at end of period) (1) 47,091 47,052 47,052 40,511 40,501 Weighte
Slide 11: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) As of As of 3/31/2012 12/31/2011 ASSETS Real estate properties: Land $ 224,674 $ 224,674 Buildings and improvements 1,130,610 1,129,994 1,355,284 1,354,668 Accumulated depreci
Slide 12: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollar amounts in thousands, except per share data) For the Three Months Ended 3/31/2012 3/31/2011 Rental income (1) $ 50,455 $ 39,228 Expenses: Real estate taxes 5,533 4,457 Utility expenses 3,835 3,507 Other o
Slide 13: 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 3/31/2012 3/31/2011 Cash flows from operating activities: Net income $ 13,059 $ 10,254 Adjustments to reconcile net income to cash provided by oper
Slide 14: Debt Summary
DEBT SUMMARY DEBT SUMMARY (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) 1.80% 1.80% $ - 10/19/2015 $ - 3.6 (3) $350,000 unsecured term loan 2.00
Slide 15: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars in thousands) Unsecured Secured Floating Fixed Rate Year Rate Debt Debt Total (3) 2012 $ - $ 1,350 $ 1,350 2013 - 1,933 1,933 2014 - 2,072 2,072 (1) 2015 - 48,691 48,691 2016 - 24,708 24,708 (2) 2017 350,000 1,308 351,308 2018 - 1,415 1,415 2019
Slide 16: Leverage Ratios and Coverage Ratios
LEVERAGE RATIOS AND COVERAGE RATIOS LEVERAGE RATIOS AND COVERAGE RATIOS As of and for the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Leverage Ratios: Total debt / total market capitalization (1) 28.2% 29.4% 24.5% 26.0% 15.6% Total debt / total book capitalization (1) 33.4%
Slide 17: 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 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 (1) Leasing capital $ 426 $ 2,545 $ 563 $ 585 $ 160 (2) Building improvements 194 1,054 853 537 29
Slide 18: 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. amounts) Weighted Average Purchase Remaining Date Number of Purchase Price / Cap Lease Percent Acquired City and State Properties Sq. Ft. Price Sq. Ft. Rate Term Leased
Slide 19: Portfolio Information
PORTFOLIO INFORMATION 305 East 46th Street, New York City, NY. Government Square Feet: 187,060.Properties Income Trust 19 915 L. Street, Sacramento, CA. Primary Tenant: United Operating Supplemental Nations. and Financial Data, March 31, 2012 Square Feet: 163,425.
Slide 20: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY % NOI Number of % Rental Three Months 1 3 Properties Sq. Ft.(1) % Sq. Ft. Income(2) Ended 3/31/2012 (3) Properties majority leased to the U.S. Government 52 6,546,245 73.1% 72.9% 73.2% Properties majority leased to state governments 15 1,959,506 21.9% 22.3% 20.3%
Slide 21: Summary Actual and Same Property Results
SUMMARY ACTUAL AND SAME PROPERTY RESULTS SUMMARY ACTUAL AND SAME PROPERTY RESULTS (dollars and sq. ft. in thousands) Summary Actual Results Summary Same Property Results (1) For the Three Months Ended For the Three Months Ended 3/31/2012 3/31/2011 3/31/2012 3/31/2011 Properties (end of period) 71 58
Slide 22: Occupancy and Leasing Summary
OCCUPANCY AND LEASING SUMMARY OCCUPANCY AND LEASING SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) (1)(1)Revenue Rent and andNOI NOIare calculations calculated are based based on actual on actual revenues revenues andand NOINOI f or fthe As third or the thirdofquarter andquarter
Slide 23: Tenant List
TENANT LIST TENANT LIST % of Total % of Rental % of Total % of Rental Tenant Sq. Ft. (1) Sq. Ft. (1) Income (2) Tenant Sq. Ft. (1) Sq. Ft. (1) Income (2) U.S. Government: State Government: 1 U.S. Customs & Immigration Service 630,609 7.0% 10.1% 1 State of Massachusetts - three agency occupants 307,1
Slide 24: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE (dollars and sq. ft. in thousands) Number of (1) Revenue and NOI calculations are(1) based Rentonand actual NOI revenues are calculated and NOIbased f oron theactual third quarter revenues 2004andgenerated NOI f or the f rom third quarter Cumulativ
Slide 25: Exhibits
17295 W. Alameda Parkway, Lakewood, CO. Square Feet: 166,745. Primary Tenant: National Park Service. EXHIBITS Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2012
Slide 26: Calculation of Property Net Operating Income (NOI)
CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) (dollar amounts in thousands) For the Three Months Ended 3/31/2012 3/31/2011 Calculation of NOI: EXHIBIT A (1) Rental income $ 50,455 $ 39,228 Operating expenses (18,221) (14,885) Property net opera
Slide 27: Calculation of EBITDA
CALCULATION OF EBITDA CALCULATION OF EBITDA (dollar amounts in thousands) EXHIBIT B For the Three Months Ended 3/31/2012 3/31/2011 Net income $ 13,059 $ 10,254 Plus: interest expense 4,023 2,537 Plus: income tax expense 45 46 Plus: depreciation and amortization 12,072 8,386 Plus: acquisition related
Slide 28: 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 (dollar amounts in thousands, except per share data) For the Three Months Ended 3/31/2012 3/31/2011 EXHIBIT C Net income $ 13,059 $ 10,254 Plus: depreciation and amortization 1
Government Properties Income Trust — Q1 2012 Earnings Presentation on 6ix