Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Government Properties Income Trust — Q4 2017 Earnings Presentation
36 slides from Office Properties Income Trust's earnings presentation, Feb 26, 2018
Slide 1: Fourth Quarter 2016 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, December 31, 2017 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 Consolidated Balance Sheets 11 Consolidated
Slide 3: Warning Concerning Forward Looking Statements
Government Properties Income Trust Supplemental Operating and Financial Data, December 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 FORWA
Slide 4: Warning Concerning Forward Looking Statements (continued)
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017W 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 INDEBTEDN
Slide 5: Corporate Information
Government Properties Income Trust Supplemental Operating and Financial Data, December 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, December 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 U
Slide 7: Investor Information
Government Properties Income Trust Supplemental Operating and Financial Data, December 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 Jeffrey
Slide 8: Research Coverage
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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.co
Slide 9: Financials
Government Properties Income Trust Supplemental Operating and Financial Data, December 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. Cour
Slide 10: Key Financial Data
Government Properties Income Trust Supplemental Operating and Financial Data, December 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 20 for the ca
Slide 11: Consolidated Balance Sheets
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 CONSOLID ATED BALANCE SHEET S 11 CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) As of December 31, 2017 2016 ASSETS Real estate properties: Land $ 627,108 $ 267,855 Buildings and im
Slide 12: Consolidated Statements of Income (Loss)
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 CONSOLID ATED S TA TEMENTS OF INCOME (LOSS) 12 CONSOLIDATED STATEMENTS OF INCOME (LOSS) (dollars and share amounts in thousands, except per share data) (1) We report rental income on a straight line basis
Slide 13: Consolidated Statements of Cash Flows
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 CONSOLID ATED S TA TEMENTS OF CASH FLOW S 13 CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) Year Ended December 31, 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 12,090
Slide 14: Debt Summary
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 DEBT SUMMA RY 14 DEBT SUMMARY (1) (dollars in thousands) As of December 31, 2017 (1) The data presented exclude two mortgage notes with an aggregate principal balance of $82,000, which are secured by two
Slide 15: Debt Maturity Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 DEBT M ATURIT Y SCHEDUL E 15 DEBT MATURITY SCHEDULE (1) (dollars in thousands) As of December 31, 2017 (1) The data presented exclude two mortgage notes with an aggregate principal balance of $82,000, whi
Slide 16: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Government Properties Income Trust Supplemental Operating and Financial Data, December 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
Slide 17: Summary of Capital Expenditures
Government Properties Income Trust Supplemental Operating and Financial Data, December 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) The data presented exclude capital expenditures of our two proper
Slide 18: Property Acquisition and Disposition Information Since January 1, 2017
Government Properties Income Trust Supplemental Operating and Financial Data, December 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. d
Slide 19: Investment in Unconsolidated Joint Ventures
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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 i
Slide 20: Calculation of Consolidated Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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
Slide 21: Calculation of Same Property NOI and Cash Basis NOI
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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 2
Slide 22: Calculation of EBITDA and Adjusted EBITDA
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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 definitio
Slide 23: Calculation of FFO and Normalized FFO
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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)
Slide 24: Definitions of Certain Non-GAAP Financial Measures
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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
Slide 25: Portfolio Information
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 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, December 31, 2017 PORTFOLIO SUMMA RY 26 PORTFOLIO SUMMARY (1) As of December 31, 2017 (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we own 50% and 51% i
Slide 27: Summary Consolidated and Same Property Results – Fourth Quarter
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 SUMMA RY CONSOLID ATED AND SAME PROPERT Y RESU LT S 27 SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – FOURTH QUARTER (dollars and sq. ft. in thousands) (1) Based on consolidated properties we owned as o
Slide 28: Summary Consolidated and Same Property Results – Year
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 SUMMA RY CONSOLID ATED AND SAME PROPERT Y RESU LT S 28 SUMMARY CONSOLIDATED AND SAME PROPERTY RESULTS – YEAR (dollars and sq. ft. in thousands) (1) Based on consolidated properties we owned as of December
Slide 29: Occupancy and Leasing Summary
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 OCCU PANC Y AND LEASING SUMMA RY 29 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 d
Slide 30: Leasing Analysis by Tenant Type
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 LEASING ANA LYSIS B Y TENANT TYP E 30 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
Slide 31: Tenant List
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 TENANT LIS T 31 TENANT LIST As of December 31, 2017 (1) (1) The data presented exclude two properties (three buildings) owned by two unconsolidated joint ventures in which we acquired 50% and 51% interest
Slide 32: Lease Expiration Schedule
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 LEASE EXPIR ATION SCHEDUL E 32 LEASE EXPIRATION SCHEDULE (1) (dollars in thousands) As of December 31, 2017 (1) The data presented exclude two properties (three buildings) owned by two unconsolidated join
Slide 33: Exhibit A
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 EXHIBIT 33 75 Pleasant Street, Malden, MA Square Feet: 125,521 Occupant: Department of Education, Commonwealth of Massachusetts
Slide 34: Exhibit A: Consolidated Property Detail
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 CONSOLID ATED PROPERT Y DE TAI L 34 EXHIBIT ACONSOLIDATED PROPERTY DETAIL (sorted by location) As of December 31, 2017 (1) (dollars in thousands) See notes on page 36. Annualized Year Built or No. of Prim
Slide 35: Consolidated Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 CONSOLID ATED PROPERT Y DE TAI L (Continued ) 35 EXHIBIT ACONSOLIDATED PROPERTY DETAIL (sorted by location) As of December 31, 2017 (1) (dollars in thousands) Annualized Year Built or No. of Primary Renta
Slide 36: Consolidated Property Detail (Continued)
Government Properties Income Trust Supplemental Operating and Financial Data, December 31, 2017 CONSOLID ATED PROPERT Y DE TAI L (Continued ) 36 EXHIBIT ACONSOLIDATED PROPERTY DETAIL (sorted by location) (1) The data presented exclude two properties (three buildings) owned by two unconsolidated join
Government Properties Income Trust — Q4 2017 Earnings Presentation on 6ix