Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q1 2015 Earnings Presentation
33 slides from Office Properties Income Trust's earnings presentation, Apr 30, 2015
Slide 1: First Quarter 2015 Supplemental Operating and Financial Data
Government Properties Income Trust Exhibit 99.2 1760 Business Center Drive, Reston, VA Square Feet: 275,000 Tenant: U.S. Government First Quarter 2015 Supplemental Operating and Financial Data 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 1995 AND OTH
Slide 4: Warning Concerning Forward Looking Statements (continued)
WARNING CONCERNING FORWARD LOOKING STATEMENTS (continued) FOR EXAMPLE: • CONTINGENCIES IN OUR PENDING AND FUTURE ACQUISITION AND SALE AGREEMENTS MAY NOT BE SATISFIED AND OUR PENDING ACQUISITIONS AND SALES MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS OF SUCH TRANSACTIONS MAY CHANGE, • WE HAVE ONE PROPE
Slide 5: Corporate Information
CORPORATE INFORMATION 9960 Maryland Drive, Richmond, VA Square Feet: 173,932 Tenant: The Commonwealth of Virginia
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 Two Newton Place primarily owns properties located throughout the United States that are majority leased to government tenants.
Slide 7: Investor Information
INVESTOR INFORMATION 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. Portnoy Managing Trustee Managing 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 Jefferies & Company, Inc. James Feldman Omotayo Okusanya James.Feldman@baml.com Tokusanya@jefferies.com (646) 855-5808 (212) 336-7076 JMP Securities Morgan Stanley Mitch Germain Vance Edelson Mgermain
Slide 9: Financial Information
FINANCIAL INFORMATION 15451 North 28th Avenue, Phoenix, AZ Square Feet: 66,743 Tenant: State of Arizona
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 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Shares Outstanding: Common shares outstanding (at end of period) 70,360 70,349 70,338 54,751 54,728 Weighted av
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 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Selected Balance Sheet Data: Total assets $ 2,414,927 $ 2,427,615 $ 2,429,718 $ 1,751,605 $ 1,629,480 Total l
Slide 12: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except share data) March 31, December 31, 2015 2014 ASSETS Real estate properties: Land $ 254,008 $ 254,008 Buildings and improvements 1,430,510 1,428,472 Total real estate properties, gross 1,6
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 3/31/2015 3/31/2014 Rental income (1) $ 62,659 $ 59,820 Expenses: Real estate taxes 7,410 6,812 Utility expenses 4,571 5,
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 Three Months Ended 3/31/2015 3/31/2014 Cash flows from operating activities: Net income (loss) $ (33,370) $ 15,190 Adjustments to reconcile net income (loss) to cash
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY As of March 31, 2015 (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (1) Date Maturity Maturity Unsecured Floating Rate Debt: $750,000 unsecured revolving credit facility (2) 1.39% 1.39% $ 55,000 1/31/2019 $ 55,000 3.8 $300,00
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE As of March 31, 2015 (dollars in thousands) Unsecured Unsecured Secured Floating Fixed Rate Fixed Rate (4) Year Rate Debt Debt Debt (4) Total (5) 2015 $ - $ - $ 48,295 $ 48,295 2016 - - 107,933 107,933 2017 - - 1,549 1,549 2018 - - 1,671 1,671 (1) 2019 5
Slide 17: Leverage Ratios, Coverage Ratios and Public Debt Covenants
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and for the Three Months Ended 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Leverage Ratios: Total debt / total market capitalization (1) 41.5% 40.1% 41.0% 34.6% 30.5% (1
Slide 18: Summary of Capital Expenditures
SUMMARY OF CAPITAL EXPENDITURES SUMMARY OF CAPITAL EXPENDITURES(1) (dollars and sq. ft. in thousands, except per sq. ft. data) For the Three Months Ended 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 (2) Tenant improvements $ 1,320 $ 4,652 $ 1,861 $ 1,572 $ 1,953 (3) Leasing costs 651 538 437 7
Slide 19: Property Acquisition and Disposition Information Since 1/1/2015
PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2015 PROPERTY ACQUISITION AND DISPOSITION INFORMATION SINCE 1/1/2015 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: We have made no property acquisitions since January 1, 2015. Dispositions: Date Number of Number o
Slide 20: Portfolio Information
PORTFOLIO INFORMATION 1220 Echelon Parkway, Jackson, MS Square Feet: 109,819 Agency occupant: Federal Bureau of Investigation
Slide 21: Portfolio Summary
PORTFOLIO SUMMARY PORTFOLIO SUMMARY(1) As of March 31, 2015 % of Total % Rental Income % NOI % Cash Basis NOI Number of Number of Sq. Ft. Three Months Three Months Three Months 3 Properties Buildings Sq. Ft.(2) % Sq. Ft. % Leased Leased Ended 3/31/2015 Ended 3/31/2015 (3) Ended 3/31/2015 (3) Propert
Slide 22: Summary Consolidated and Same Property Results
SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS (dollars and sq. ft. in thousands) Summary Consolidated Results (1) Summary Same Property Results (2) For the Three Months Ended For the Three Months Ended 3/31/2015 3/31/2014 3/31/2015 3/31/2014 Properties
Slide 23: Occupancy and Leasing Summary
OCCUPANCY AND LEASING SUMMARY OCCUPANCY AND LEASING SUMMARY(1) (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Three Months Ended 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Properties (end of period) 71 72 72 71 69 (2) Total sq. ft. 10,699 11,037 11,037 10,970 1
Slide 24: Leasing Analysis by Tenant Type
LEASING ANALYSIS BY TENANT TYPE LEASING ANALYSIS BY TENANT TYPE(1) Sq. Ft. During the Three Months Ended 3/31/2015 Sq. Ft. Leased % of Sq. Ft. Lease New Sq. Ft. Leased As of Leased as of Leases Renewals Leases Acquisitions/ As of Tenant Type 12/31/2014(2) 12/31/2014(2) Expired Executed Executed Disp
Slide 25: Tenant List
TENANT LIST TENANT LIST(1) As of March 31, 2015 % of Total % of % of Total % of Rentable Rentable Annualized Rentable Rentable Annualized Tenant Sq. Ft. (2) Sq. Ft. (2) Rental Income (3) Tenant Sq. Ft. (2) Sq. Ft. (2) Rental Income (3) U.S. Government: State Government: 1 Citizenship and Immigration
Slide 26: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE(1) As of March 31, 2015 (dollars and sq. ft. in thousands) Number of Annualized % of Annualized Cumulative % of Tenants Sq. Ft. Cumulative % of Rental Income Rental Income Annualized Rental Year (2) Expiring Expiring (3) % of Sq. Ft. Expiring Sq. F
Slide 27: Exhibits
EXHIBITS 131 Clayton Street, Montgomery, AL Square Feet: 57,815 Agency occupant: U.S. Dept. of Justice
Slide 28: Calculation of Property NOI and Cash Basis NOI
NOI CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS NOI(1) EXHIBIT A (dollars in thousands) For the Three Months Ended 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Calculation of NOI and Cash Basis NOI (2): Ren
Slide 29: Calculation of EBITDA and Adjusted EBITDA
CALCULATION OF EBITDA AND ADJUSTED EBITDA CALCULATION OF EBITDA AND ADJUSTED EBITDA(1) EXHIBIT B (dollars in thousands) For the Three Months Ended 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Net income (loss) $ (33,370) $ 14,114 $ 12,622 $ 14,608 $ 15,190 Add: interest expense 9,302 9,518 8,8
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(1) EXHIBIT C (amounts in thousands, except per share data) For the Three Months Ended 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Net income (loss) $ (33,370) $ 14,114 $
Slide 31: Non-GAAP Financial Measures Definitions
NON-GAAP FINANCIAL MEASURES DEFINITIONS NON-GAAP FINANCIAL MEASURES DEFINITIONS EXHIBIT D Definition of NOI and Cash Basis NOI The calculations of NOI and Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to our properties' resul
Slide 32: Property Detail
PROPERTY DETAIL PROPERTY DETAIL(1) EXHIBIT E (sorted by location) As of March 31, 2015 (dollars in thousands) Weighted Average Year Annualized Built or No. of Primary Rentable Rental Undepreciated Depreciated Date Substantially Property Location Buildings Tenant Type Sq. Ft. % Leased Income(2) Carry
Slide 33: Property Detail (Continued)
PROPERTY DETAIL (Continued) PROPERTY DETAIL(1) EXHIBIT E (sorted by location) As of March 31, 2015 (dollars in thousands) Weighted Average Year Annualized Built or No. of Primary Rentable Rental Undepreciated Depreciated Date Substantially Property Location Buildings Tenant Type Sq. Ft. % Leased Inc
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