Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q1 2017 Earnings Presentation
33 slides from Office Properties Income Trust's earnings presentation, Apr 27, 2017
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 99.2
Slide 2: Table of Contents
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 Sheets 1
Slide 3: Warning Concerning Forward Looking Statements
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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, 2017W 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 AND
Slide 5: Corporate Information
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017CORPORATE 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, 2017 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, 2017 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 Adam D. Portnoy Barry M. P
Slide 8: Research Coverage
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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) 885-5423
Slide 9: Financials
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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, 2017 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 19 for the calcu
Slide 11: Condensed Consolidated Balance Sheets
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 CONDENSED CONSOLID ATED BALANCE SHEET S 11 CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) March 31, December 31, 2017 2016 ASSETS Real estate properties: Land $ 269,410 $ 267
Slide 12: Condensed Consolidated Statements of Income
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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) We report rental income on a straight line ba
Slide 13: Condensed Consolidated Statements of Cash Flows
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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, 2017 2016 CASH FLOWS FROM OPERATING A
Slide 14: Debt Summary
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 DEBT SUMMA RY 14 DEBT SUMMARY (dollars in thousands) As of March 31, 2017 (1) Principal balances exclude unamortized premiums, discounts and issuance costs related to these debts. Total debt outstanding as o
Slide 15: Debt Maturity Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 DEBT M ATURIT Y SCHEDUL E 15 DEBT MATURITY SCHEDULE (dollars in thousands) As of March 31, 2017 (1) Principal balances are the amounts actually payable pursuant to the applicable agreements. Our carrying val
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 co
Slide 17: Summary of Capital Expenditures
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 discontinu
Slide 18: Property Acquisition and Disposition Information Since January 1, 2017
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 PROPERT Y ACQUISITION AND DISPOSITION INFORM ATION SINCE JANUA RY 1, 201 7 18 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE JANUARY 1, 2017 (dollars and sq. ft. in thousands, except per sq. ft. data
Slide 19: Calculation of Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 Non
Slide 20: Calculation of Same Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 23 f
Slide 21: Calculation of EBITDA and Adjusted EBITDA
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 the definitions
Slide 22: Calculation of FFO and Normalized FFO
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 Cert
Slide 23: Definitions of Certain Non-GAAP Financial Measures
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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 calculations
Slide 24: Portfolio Information
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 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, March 31, 2017 PORTFOLIO SUMMA RY 25 PORTFOLIO SUMMARY (1) As of March 31, 2017 (1) Excludes one property (one building) classified as discontinued operations. (2) Rentable square footage is subject to changes when space i
Slide 26: Summary Consolidated and Same Property Results – First Quarter
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 SUMMA RY CONSOLID ATED AND SAME PROPERT Y RESU LT S 26 SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – FIRST QUARTER (dollars and sq. ft. in thousands) (1) Based on properties we owned as of March 31, 2017
Slide 27: Occupancy and Leasing Summary
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 OCCU PANC Y AND LEASING SUMMA RY 27 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 operation
Slide 28: Leasing Analysis by Tenant Type
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 LEASING ANA LYSIS B Y TENANT TYP E 28 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 exi
Slide 29: Tenant List
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 TENANT LIS T 29 TENANT LIST (1) As of March 31, 2017 (1) Amounts exclude one property (one building) classified as discontinued operations. (2) Rentable sq. ft. is pursuant to leases existing as of March 31,
Slide 30: Lease Expiration Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 LEASE EXPIR ATION SCHEDUL E 30 LEASE EXPIRATION SCHEDULE (1) (dollars in thousands) As of March 31, 2017 (1) Excludes one property (one building) classified as discontinued operations. (2) The year of lease
Slide 31: Exhibit
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 EXHIBIT 31 75 Pleasant Street, Malden, MA Square Feet: 125,521 Occupant: Department of Education, Commonwealth of Massachusetts
Slide 32: Exhibit A: Property Detail
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 PROPERT Y DE TAI L 32 EXHIBIT APROPERTY DETAIL (1) (sorted by location) As of March 31, 2017 (dollars in thousands) See notes on page 33. Weighted Average Year Annualized Built or No. of Primary Rentable Ren
Slide 33: Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data, March 31, 2017 PROPERT Y DE TAI L (Continued ) 33 EXHIBIT APROPERTY DETAIL (1) (sorted by location) (1) Excludes one property (one building) classified as discontinued operations. (2) Annualized rental income is calculated
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