Third Quarter Net Income of $29.5 Million,
or $0.33 per ShareThird Quarter Normalized FFO of $56.0
Million, or $0.63 per ShareThird Quarter Same Property Cash
Basis NOI Increased 4.8%Announced Agreement to Merge with
Government Properties Income Trust
Select Income REIT (Nasdaq:SIR) today announced financial
results for the quarter and nine months ended September 30,
2018.
David Blackman, President and Chief Executive Officer, made the
following statement:
"The major development for Select Income REIT
this quarter was our agreement to merge with Government Properties
Income Trust. We believe this transaction will create a leading
national office REIT with increased scale, strong portfolio
characteristics and one of the highest percentages of rent paid by
investment grade rated tenants in the office sector. As part of the
merger, we expect to distribute to our shareholders all 45,000,000
common shares of Industrial Logistics Properties Trust that we own,
completely separating the two companies and positioning our
shareholders to possibly benefit from the increased liquidity in
ILPT shares.
During the third quarter, we were also
successful in operating our business. We sold a 418,000 square foot
vacant land parcel in Hawaii for $10.3 million, resulting in a net
gain of $4.1 million. We, excluding ILPT, also entered one lease
renewal for 72,000 square feet that resulted in a rental rate that
was approximately 40% higher than the prior rental rate for the
same space and a lease term of 7.6 years."
Results for the Quarter Ended September 30,
2018:
Net income attributed to SIR for the quarter ended
September 30, 2018 was $29.5 million, or $0.33 per diluted
share, compared to $31.4 million, or $0.35 per diluted share, for
the same period last year. Net income attributed to SIR for the
quarter ended September 30, 2018 includes: (1) an unrealized
gain on equity securities of $22.8 million, or $0.25 per diluted
share, related to SIR's investment in The RMR Group Inc., or RMR
Inc., which is included in earnings in accordance with U.S.
generally accepted accounting principles, or GAAP, effective
January 1, 2018; (2) a gain on sale of real estate of $4.1 million,
or $0.05 per diluted share; (3) a loss on impairment of real estate
assets of $9.7 million, or $0.11 per diluted share; (4) a reduction
for estimated business management incentive fees of $6.7 million,
or $0.07 per diluted share; (5) a reduction for net income
allocated to noncontrolling interest representing allocations to
public shareholders of Industrial Logistics Properties Trust, or
ILPT, SIR's majority owned consolidated subsidiary, of $5.6
million, or $0.06 per diluted share; and (6) a reduction for
transaction costs of $3.8 million, or $0.04 per diluted share,
related to our pending merger into a wholly owned subsidiary of
Government Properties Income Trust (Nasdaq: GOV) and the other
transactions contemplated by the agreement and plan of merger with
GOV and its wholly owned subsidiary, dated as of September 14,
2018, or the Merger Agreement. Net income attributed to SIR for the
three months ended September 30, 2017 includes the reversal of
previously accrued estimated business management incentive fees of
$5.5 million, or $0.06 per diluted share.
Normalized funds from operations, or Normalized FFO, attributed
to SIR for the quarter ended September 30, 2018 were $56.0
million, or $0.63 per diluted share, compared to $60.7 million, or
$0.68 per diluted share, for the same period last year. Normalized
FFO attributed to SIR for the quarter ended September 30, 2018
include a reduction for Normalized FFO allocated to noncontrolling
interest, representing allocations to public shareholders of ILPT
of $7.8 million, or $0.09 per diluted share.
Reconciliations of net income attributed to SIR determined in
accordance with GAAP to funds from operations, or FFO, attributed
to SIR and to Normalized FFO attributed to SIR for the quarters
ended September 30, 2018 and 2017 appear later in this press
release.
Results for the Nine Months Ended September 30,
2018:
Net income attributed to SIR for the nine months ended
September 30, 2018 was $74.4 million, or $0.83 per diluted
share, compared to $64.8 million, or $0.73 per diluted share, for
the same period last year. Net income attributed to SIR for the
nine months ended September 30, 2018 includes: (1) an
unrealized gain on equity securities of $53.2 million, or $0.59 per
diluted share, related to SIR's investment in RMR Inc., which is
included in earnings in accordance with GAAP effective January 1,
2018; (2) a gain on sale of real estate of $4.1 million, or $0.05
per diluted share; (3) a reduction for the non-cash write-off of
straight line rents receivable of $10.6 million, or $0.12 per
diluted share, related to a lease associated with a tenant default;
(4) a reduction for estimated business management incentive fees of
$21.5 million, or $0.24 per diluted share; (5) a reduction for net
income allocated to noncontrolling interest representing
allocations to public shareholders of ILPT of $15.8 million, or
$0.18 per diluted share; (6) a loss on impairment of real estate
assets of $9.7 million, or $0.11 per diluted share; and (7) a
reduction for transaction costs of $3.8 million, or $0.04 per
diluted share, related to the pending merger and the other
transactions contemplated by the Merger Agreement. Net income
attributed to SIR for the nine months ended September 30, 2017
includes: (1) a reduction for a write-off of straight line rents
receivable of $12.5 million, or $0.14 per diluted share, and a
reduction for a loss on asset impairment of $4.0 million, or $0.05
per diluted share, both of which were related to leases associated
with a tenant bankruptcy; and (2) a reduction for estimated
business management incentive fees of $3.3 million, or $0.04 per
diluted share.
Normalized FFO attributed to SIR for the nine months ended
September 30, 2018 were $152.6 million, or $1.71 per diluted
share, compared to $175.2 million, or $1.96 per diluted share, for
the same period last year. Normalized FFO attributed to SIR for the
nine months ended September 30, 2018 include a reduction for
the non-cash write-off of straight line rents receivable of $10.6
million, or $0.12 per diluted share, related to a lease associated
with a tenant default, and a reduction for Normalized FFO allocated
to noncontrolling interest representing allocations to public
shareholders of ILPT of $21.9 million, or $0.25 per diluted share.
Normalized FFO attributed to SIR for the nine months ended
September 30, 2017 include a reduction for a write-off of
straight line rents receivable of $12.5 million, or $0.14 per
diluted share, related to leases associated with a tenant
bankruptcy.
Reconciliations of net income attributed to SIR determined in
accordance with GAAP to FFO attributed to SIR and to Normalized FFO
attributed to SIR for the nine months ended September 30, 2018
and 2017 appear later in this press release.
Consolidated Leasing, Occupancy and Same Property
Results:
During the quarter ended September 30, 2018, on a
consolidated basis, SIR entered lease renewals and new leases for
approximately 396,000 square feet, which resulted in weighted
average (by square feet) rental rates that were approximately 21.3%
higher than prior rental rates for the same space and a weighted
average (by square feet) lease term of 11.0 years. Commitments for
leasing capital and concessions for these leases totaled
approximately $589,000, or approximately $0.13 per square foot per
lease year. During the quarter ended September 30, 2018, ILPT also
completed 11 rent resets at its properties in Hawaii for
approximately 516,000 square feet of land at rental rates that were
approximately 20.3% higher than the prior rental rates.
As of September 30, 2018, 95.8% of SIR’s consolidated total
rentable square feet was leased, compared to 94.8% as of June 30,
2018 and 96.2% as of September 30, 2017. Consolidated
occupancy for properties owned continuously since July 1, 2017, or
on a same property basis, decreased to 95.7% at September 30,
2018 from 97.0% at September 30, 2017. Consolidated same
property cash basis net operating income, or Cash Basis NOI,
increased 4.8% for the quarter ended September 30, 2018
compared to the quarter ended September 30, 2017, primarily as
a result of the collection of prior period bad debts and
contractual rent increases for certain properties since July 1,
2017.
Reconciliations of net income determined in accordance with GAAP
to net operating income, or NOI, Cash Basis NOI, same property NOI
and same property Cash Basis NOI for the quarters and nine months
ended September 30, 2018 and 2017 on a total and same property
basis appear later in this press release.
Merger with Government Properties Income Trust:
As previously announced, in September 2018, SIR, GOV and a
wholly owned subsidiary of GOV entered into the Merger Agreement
whereby SIR will merge with and into a wholly owned subsidiary of
GOV, or the Merger. Pursuant to the terms of the Merger Agreement,
SIR's shareholders will receive 1.04 newly issued common shares of
GOV for each common share of SIR they hold, with cash paid in lieu
of fractional shares. Pursuant to the terms and subject to certain
conditions of the Merger Agreement, SIR will declare and, at least
one business day prior to the completion of the Merger, pay a pro
rata distribution to SIR's shareholders of all 45,000,000 common
shares of ILPT that SIR owns. SIR expects that in this distribution
SIR's shareholders will receive approximately 0.503 of one common
share of ILPT for each common share of SIR they hold. Completion of
the Merger will require certain approvals of SIR's and GOV's
shareholders and the satisfaction or waiver of other conditions and
SIR and GOV expect to consummate the Merger by December 31,
2018.
Recent Investment Activities:
ILPT previously disclosed that it entered an agreement to
acquire a single tenant, net leased property located in Upper
Marlboro, MD with 220,800 rentable square feet for a purchase price
of $29.3 million, excluding acquisition related costs. ILPT
completed this acquisition in September 2018. This property is 100%
leased and has a remaining lease term of approximately 12
years.
Also in September 2018, ILPT acquired a single tenant, net
leased property located in Carlisle, PA with 205,090 rentable
square feet for a purchase price of $20.0 million, excluding
acquisition related costs. This property is 100% leased and has a
remaining lease term of approximately seven years.
In October 2018, ILPT acquired a land parcel adjacent to a
property it owns located in Ankeny, IA for a purchase price of
$450,000, excluding acquisition related costs. The land parcel will
be used for a 194,000 square foot expansion for the existing tenant
at such property.
Also in October 2018, ILPT acquired a multi-tenant, net leased
property located in Maple Grove, MN with approximately 319,000
rentable square feet for a purchase price of $27.7 million,
excluding acquisition related costs. This property is 100% leased
and has a remaining weighted average (by revenue) lease term of
approximately six years.
Recent Disposition Activities:
In August 2018, SIR sold a 100% owned vacant land parcel in
Kapolei, HI with 417,610 rentable square feet for $10.3 million,
excluding closing costs, resulting in a net gain of $4.1
million.
Presentation:
The amounts reported above are on a consolidated basis, and as
such, include the results of SIR’s consolidated subsidiary, ILPT,
unless indicated otherwise. ILPT is itself a public company having
common shares registered under the Securities and Exchange Act of
1934, as amended. For further information about ILPT, see ILPT’s
periodic reports and other filings with the Securities and Exchange
Commission, or SEC, which are available at the SEC’s website,
www.sec.gov. References in this press release to ILPT’s filings
with the SEC are included as textual references only, and the
information in ILPT’s filings with the SEC is not incorporated by
reference into this press release.
Conference Call:
At 10:00 a.m. Eastern Time this morning, President and
Chief Executive Officer, David Blackman, and Chief Financial
Officer and Treasurer, John Popeo, will host a conference call to
discuss SIR’s third quarter 2018 financial results. They will be
joined by Jeffrey Leer, who will assume his role as Chief Financial
Officer and Treasurer of SIR effective December 1, 2018.
The conference call telephone number is (877) 328-4494.
Participants calling from outside the United States and Canada
should dial (412) 317-5433. No pass code is necessary to access the
call from either number. Participants should dial in about 15
minutes prior to the scheduled start of the call. A replay of the
conference call will be available through 11:59 p.m. on Monday,
November 5, 2018. To access the replay, dial (412) 317-0088. The
replay pass code is 10123890.
A live audio webcast of the conference call will also be
available in a listen-only mode on SIR's website, which is located
at www.sirreit.com. Participants wanting to access the webcast
should visit SIR's website about five minutes before the call. The
archived webcast will be available for replay on SIR's website
following the call for about one week. The transcription,
recording and retransmission in any way of SIR’s third quarter
conference call are strictly prohibited without the prior written
consent of SIR.
Supplemental Data:
A copy of SIR’s Third Quarter 2018 Supplemental Operating and
Financial Data, which includes both consolidated information and
information for SIR excluding ILPT, is available for download at
SIR’s website, www.sirreit.com. SIR’s website is not incorporated
as part of this press release.
Select Income REIT is a real estate investment trust, or REIT,
that owns properties that are primarily net leased to single
tenants. SIR is managed by the operating subsidiary of The RMR
Group Inc. (Nasdaq: RMR), an alternative asset management company
that is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed
statement of SIR’s operating results and financial condition and
for an explanation of SIR’s calculation of NOI, Cash Basis NOI,
same property NOI, same property Cash Basis NOI, FFO attributed to
SIR and Normalized FFO attributed to SIR and a reconciliation of
those amounts to amounts determined in accordance with GAAP.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER SIR USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE”, “WILL”, “MAY” AND NEGATIVES OR
DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, SIR IS MAKING FORWARD
LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
SIR’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY SIR’S FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT SIR, GOV
AND A WHOLLY OWNED SUBSIDIARY OF GOV HAVE ENTERED INTO A MERGER
AGREEMENT. THE CLOSING OF THE MERGER IS SUBJECT TO THE SATISFACTION
OR WAIVER OF CONDITIONS, INCLUDING THE RECEIPT OF REQUISITE
APPROVALS BY SIR'S AND GOV'S SHAREHOLDERS. SIR CANNOT BE SURE THAT
ANY OR ALL OF SUCH CONDITIONS WILL BE SATISFIED OR WAIVED.
ACCORDINGLY, THE MERGER MAY NOT CLOSE WHEN EXPECTED OR AT ALL, OR
THE TERMS OF THE MERGER AND THE OTHER TRANSACTIONS MAY CHANGE,
- AS NOTED ABOVE, THE MERGER WILL REQUIRE
APPROVAL OF SIR'S SHAREHOLDERS AND THE ISSUANCE OF COMMON SHARES OF
GOV IN THE MERGER WILL REQUIRE APPROVAL OF GOV'S SHAREHOLDERS. SUCH
APPROVALS WILL BE SOLICITED BY A JOINT PROXY STATEMENT/PROSPECTUS,
A PRELIMINARY VERSION OF WHICH WAS INCLUDED AS PART OF THE
REGISTRATION STATEMENT ON FORM S-4, AS AMENDED, OR THE FORM S-4,
FILED WITH THE SEC. THE FORM S-4 MUST BE DECLARED EFFECTIVE BY THE
SEC BEFORE THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS CAN BE
MAILED TO SIR'S SHAREHOLDERS AND GOV'S SHAREHOLDERS. THE AMOUNT OF
TIME IT TAKES FOR THE SEC TO DECLARE THE FORM S-4 EFFECTIVE IS
BEYOND SIR'S AND GOV'S CONTROL. ACCORDINGLY, SIR CANNOT BE SURE
THAT THE MERGER AND THE OTHER TRANSACTIONS WILL BE CONSUMMATED
WITHIN A SPECIFIED TIME PERIOD OR AT ALL OR THAT THE TERMS OF THE
MERGER AND THE OTHER TRANSACTIONS WILL NOT CHANGE, AND
- PURSUANT TO THE MERGER AGREEMENT, SIR
HAS AGREED TO DISTRIBUTE ALL 45,000,000 OF THE COMMON SHARES OF
ILPT THAT SIR OWNS TO SIR’S SHAREHOLDERS, SUBJECT TO THE
SATISFACTION OR WAIVER OF CERTAIN CONDITIONS, INCLUDING, AMONG
OTHER THINGS, OBTAINING THE REQUISITE SHAREHOLDER APPROVALS WITH
RESPECT TO THE MERGER. SIR CANNOT BE SURE WHEN OR IF THOSE
CONDITIONS WILL BE SATISFIED OR WAIVED OR THAT SUCH DISTRIBUTION
WILL OCCUR.
THE INFORMATION CONTAINED IN SIR’S FILINGS WITH THE SEC,
INCLUDING UNDER “RISK FACTORS” IN THE FORM S-4 AND IN SIR’S
PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE SIR’S ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE STATED IN OR IMPLIED BY SIR’S FORWARD LOOKING
STATEMENTS. SIR’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC'S
WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, SIR DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
Additional Information about the Merger and
other Transactions and Where to Find It
In connection with the Merger and the other transactions
contemplated by the Merger Agreement, GOV has filed with the SEC
the Form S-4, containing a preliminary joint proxy
statement/prospectus and other documents with respect to the Merger
and the other transactions contemplated by the Merger Agreement.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. INVESTORS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS
THERETO) AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC
IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE
JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY CONTAIN AND WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE OTHER
TRANSACTIONS.
After the registration statement for the Merger has been
declared effective by the SEC, a definitive joint proxy
statement/prospectus will be mailed to SIR’s and GOV’s
shareholders. Investors will be able to obtain free copies of
documents filed with the SEC at the SEC’s website at www.sec.gov.
In addition, investors may obtain free copies of SIR’s filings with
the SEC from its website at www.sirreit.com and free copies of
GOV’s filings with the SEC from GOV’s website at
www.govreit.com.
Participants in the Solicitation Relating to
the Merger and other Transactions
SIR, its trustees and certain of its executive officers, GOV,
its trustees and certain of its executive officers, and The RMR
Group LLC, RMR Inc. and certain of their directors, officers and
employees may be deemed participants in the solicitation of proxies
from SIR’s shareholders in respect of the approval of the Merger
and the other transactions contemplated by the Merger Agreement to
which SIR is a party and from GOV’s shareholders in respect of the
approval of the issuance of common shares of GOV in the Merger.
Information regarding the persons who may, under the rules of
the SEC, be considered participants in the solicitation of SIR’s
and GOV’s shareholders in connection with the Merger and the other
transactions contemplated by the Merger Agreement is set forth in
the preliminary joint proxy statement/prospectus for the Merger
filed, and will be set forth in the definitive joint proxy
statement/prospectus for the Merger to be filed, with the
SEC. You can find information about SIR’s trustees and
executive officers in its definitive proxy statement for its 2018
Annual Meeting of Shareholders. You can find information about
GOV’s trustees and executive officers in GOV’s definitive proxy
statement for its 2018 Annual Meeting of Shareholders. These
documents are available free of charge on the SEC’s website and
from SIR or GOV, as applicable, using the sources indicated
above.
Select Income REITCondensed
Consolidated Statements of Income(amounts in thousands,
except per share data)(unaudited)
Three
Months Ended September 30, Nine Months Ended September 30, 2018
2017 2018 2017 Revenues:
Rental income $ 101,833 $ 98,635 $ 298,003 $ 293,020 Tenant
reimbursements and other income 20,048 19,379 60,514
57,158 Total revenues 121,881 118,014
358,517 350,178 Expenses: Real estate taxes
12,518 11,489 36,748 33,168 Other operating expenses 14,814 14,649
43,714 41,039 Depreciation and amortization 35,371 34,713 105,326
102,770 Acquisition and transaction related costs 3,796 — 3,796 —
General and administrative (1) 15,331 1,608 47,353 24,697 Write-off
of straight line rents receivable, net (2) — — 10,626 12,517 Loss
on asset impairment — — — 4,047 Loss on impairment of real estate
assets (3) 9,706 — 9,706 229 Total
expenses 91,536 62,459 257,269 218,467
Operating income 30,345 55,555 101,248 131,711
Dividend income 397 397 1,190 1,190 Unrealized gain on equity
securities (4) 22,771 — 53,159 — Interest income 133 19 753 39
Interest expense (including net amortization of debt issuance
costs, premiums and discounts of $1,746, $1,716, $5,245 and $4,688,
respectively) (23,287 ) (24,383 ) (69,446 ) (68,278 ) Loss on early
extinguishment of debt — — (1,192 ) — Income
before income tax expense, equity in earnings of an investee and
gain on sale of real estate 30,359 31,588 85,712 64,662 Income tax
expense (185 ) (177 ) (446 ) (364 ) Equity in earnings of an
investee 831 31 882 533 Income before
gain on sale of real estate 31,005 31,442 86,148 64,831 Gain on
sale of real estate (5) 4,075 — 4,075 —
Net income 35,080 31,442 90,223 64,831 Net income allocated to
noncontrolling interest (5,597 ) — (15,841 ) — Net
income attributed to SIR $ 29,483 $ 31,442 $ 74,382
$ 64,831 Weighted average common shares
outstanding - basic 89,410 89,355 89,395
89,341 Weighted average common shares outstanding - diluted
89,437 89,379 89,411 89,364 Net
income attributed to SIR per common share - basic and diluted $
0.33 $ 0.35 $ 0.83 $ 0.73
See footnotes on page 10.
(1) General and administrative expenses include estimated
business management incentive fee expense of $6,664 and the
reversal of previously accrued estimated business management
incentive fees of $5,478 for the three months ended September 30,
2018 and 2017, respectively, and estimated business management
incentive fee expense of $21,479 and $3,288 for the nine months
ended September 30, 2018 and 2017, respectively.
(2) In May 2018, one of SIR’s tenants defaulted on its lease for
a property located in Naperville, IL with approximately 820
rentable square feet and an original lease expiration date of March
31, 2029. During the three months ended June 30, 2018, SIR recorded
a non-cash charge of $10,626 to write off straight line rents
receivable related to this lease. The lease with the tenant that
defaulted was amended effective October 1, 2018. Under the terms of
such lease amendment, the tenant paid amounts outstanding under the
original lease for the period through September 30, 2018 and made a
partial payment for unpaid real estate taxes. In addition, the
tenant made a one time payment of $2,000 for deferred capital costs
and its first monthly payment of $250 to offset building expenses
that were previously paid directly by the tenant but that are
currently paid by SIR. The tenant assigned its subleases at the
property to SIR and continues to occupy and pay rent on 147 square
feet and has agreed to do so for 30 months from the date of the
amendment.
(3) During the three months ended September 30, 2018, SIR
recorded a loss on impairment of real estate assets of $9,706 to
reduce the carrying value of one property located in Hanover, PA to
its estimated fair value less costs to sell.
(4) Unrealized gain on equity securities represents the
adjustment required to adjust the carrying value of SIR's
investment in RMR Inc. common stock to its fair value as of
September 30, 2018 in accordance with new GAAP standards
effective January 1, 2018.
(5) During the three months ended September 30, 2018, SIR
recorded a gain on sale of real estate of $4,075 in connection with
the sale of one of SIR's 100% owned land parcels in Kapolei,
HI.
Select Income REITFunds from
Operations Attributed to SIR and Normalized Funds from Operations
Attributed to SIR (1)(amounts in thousands, except
per share data)(unaudited)
Three Months Ended
September 30, Nine Months Ended September 30, 2018
2017 2018 2017 Net income attributed to
SIR $ 29,483 $ 31,442 $ 74,382 $ 64,831 Plus: depreciation and
amortization 35,371 34,713 105,326 102,770 Plus: loss on impairment
of real estate assets 9,706 — 9,706 229 Plus: net income allocated
to noncontrolling interest 5,597 — 15,841 — Less: FFO allocated to
noncontrolling interest (7,803 ) — (21,920 ) — Less: gain on sale
of real estate (4,075 ) — (4,075 ) — FFO attributed to SIR
68,279 66,155 179,260 167,830 Plus: acquisition and transaction
related costs 3,796 — 3,796 — Plus: estimated business management
incentive fees (2) 6,664 (5,478 ) 21,479 3,288 Plus: loss on asset
impairment — — — 4,047 Plus: loss on early extinguishment of debt —
— 1,192 — Less: unrealized gain on equity securities (3) (22,771 )
— (53,159 ) — Normalized FFO attributed to SIR $ 55,968
$ 60,677 $ 152,568 $ 175,165 Weighted
average common shares outstanding - basic 89,410 89,355
89,395 89,341 Weighted average common shares
outstanding - diluted 89,437 89,379 89,411
89,364 FFO attributed to SIR per common share - basic $ 0.76
$ 0.74 $ 2.01 $ 1.88 FFO attributed to SIR per
common share - diluted $ 0.76 $ 0.74 $ 2.00 $
1.88 Normalized FFO attributed to SIR per common share - basic and
diluted $ 0.63 $ 0.68 $ 1.71 $ 1.96
Distributions declared per common share $ 0.51 $ 0.51
$ 1.53 $ 1.53
(1) SIR calculates FFO attributed to SIR and Normalized FFO
attributed to SIR as shown above. FFO attributed to SIR is
calculated on the basis defined by The National Association of Real
Estate Investment Trusts, or Nareit, which is net income,
calculated in accordance with GAAP, plus real estate depreciation
and amortization, loss on impairment of real estate assets and the
difference between net income and FFO allocated to noncontrolling
interest, but excluding gain on sale of real estate, as well as
certain other adjustments currently not applicable to SIR. SIR’s
calculation of Normalized FFO attributed to SIR differs from
Nareit's definition of FFO because SIR includes business management
incentive fees, if any, only in the fourth quarter versus the
quarter when they are recognized as expense in accordance with GAAP
due to their quarterly volatility not necessarily being indicative
of SIR’s core operating performance and the uncertainty as to
whether any such business management incentive fees will be payable
when all contingencies for determining such fees are known at the
end of the calendar year and SIR excludes acquisition and
transaction related costs expensed under GAAP, loss on asset
impairment, loss on early extinguishment of debt, unrealized gain
on equity securities and Normalized FFO, net of FFO, from
noncontrolling interest, if any. SIR considers FFO attributed to
SIR and Normalized FFO attributed to SIR to be appropriate
supplemental measures of operating performance for a REIT, along
with net income, net income attributed to a REIT and operating
income. SIR believes that FFO attributed to SIR and Normalized FFO
attributed to SIR provide useful information to investors because
by excluding the effects of certain historical amounts, such as
depreciation expense, FFO attributed to SIR and Normalized FFO
attributed to SIR may facilitate a comparison of its operating
performance between periods and with other REITs. FFO attributed to
SIR and Normalized FFO attributed to SIR are among the factors
considered by SIR’s Board of Trustees when determining the amount
of distributions to SIR’s shareholders. Other factors include, but
are not limited to, requirements to maintain SIR’s qualification
for taxation as a REIT, limitations in SIR’s credit agreement and
public debt covenants, the availability to SIR of debt and equity
capital, SIR’s expectation of its future capital requirements and
operating performance, SIR's receipt of distributions from ILPT and
SIR’s expected needs for and availability of cash to pay its
obligations. FFO attributed to SIR and Normalized FFO attributed to
SIR do not represent cash generated by operating activities in
accordance with GAAP and should not be considered alternatives to
net income, net income attributed to SIR or operating income as
indicators of SIR’s operating performance or as measures of SIR’s
liquidity. These measures should be considered in conjunction with
net income, net income attributed to SIR and operating income as
presented in SIR’s condensed consolidated statements of income.
Other real estate companies and REITs may calculate FFO and
Normalized FFO differently than SIR does.
(2) Incentive fees under SIR’s business management agreements
with The RMR Group LLC are payable after the end of each calendar
year, are calculated based on common share total return, as
defined, and are included in general and administrative expenses in
SIR’s condensed consolidated statements of income. In calculating
net income in accordance with GAAP, SIR recognizes estimated
business management incentive fee expense, if any, in the first,
second and third quarters. Although SIR recognizes this expense, if
any, in the first, second and third quarters for purposes of
calculating net income, SIR does not include such expense in the
calculation of Normalized FFO attributed to SIR until the fourth
quarter, when the amount of the business management incentive fee
expense for the calendar year, if any, is determined. Normalized
FFO attributed to SIR excludes $6,664 of estimated business
management incentive fee expense for the three months ended
September 30, 2018, and the reversal of previously accrued
estimated business management incentive fees of $5,478 for the
three months ended September 30, 2017, and estimated business
management incentive fee expense of $21,479 and $3,288 for the nine
months ended September 30, 2018 and 2017, respectively.
(3) Unrealized gain on equity securities represents the
adjustment required to adjust the carrying value of SIR's
investment in RMR Inc. common stock to its fair value as of
September 30, 2018 in accordance with new GAAP standards
effective January 1, 2018.
Select Income REITCalculation and
Reconciliation of Property Net Operating Income and Cash Basis Net
Operating Income (1)(dollars in
thousands)(unaudited)
Three Months Ended
September 30, Nine Months Ended September 30, 2018
2017 2018 2017
Calculation of NOI
and Cash Basis NOI: Rental income $ 101,833 $ 98,635 $ 298,003
$ 293,020 Tenant reimbursements and other income 20,048 19,379
60,514 57,158 Real estate taxes (12,518 ) (11,489 ) (36,748 )
(33,168 ) Other operating expenses (14,814 ) (14,649 ) (43,714 )
(41,039 ) NOI $ 94,549 $ 91,876 $ 278,055 $
275,971 SIR NOI (excluding ILPT) $ 62,341 $ 60,116 $
181,358 $ 180,277 ILPT NOI 32,208 31,760 96,697
95,694 NOI $ 94,549 $ 91,876 $ 278,055
$ 275,971 Non-cash straight line rent
adjustments included in rental income (2) (3,505 ) (5,581 ) (9,994
) (16,361 ) Lease value amortization included in rental income (2)
(556 ) (547 ) (1,615 ) (1,508 ) Lease termination fees included in
rental income (2) (77 ) — (77 ) (101 ) Non-cash amortization
included in other operating expenses (3) (74 ) (213 ) (362 ) (639 )
Cash Basis NOI $ 90,337 $ 85,535 $ 266,007 $
257,362 SIR Cash Basis NOI (excluding ILPT) $ 59,349
$ 55,486 $ 172,965 $ 166,792 ILPT Cash Basis NOI 30,988
30,049 93,042 90,570 Cash Basis NOI $ 90,337
$ 85,535 $ 266,007 $ 257,362
Reconciliation of Net Income to NOI and Cash Basis NOI: Net
income $ 35,080 $ 31,442 $ 90,223 $ 64,831 Gain on sale of real
estate (4) (4,075 ) — (4,075 ) — Income before gain
on sale of real estate 31,005 31,442 86,148 64,831 Equity in
earnings of an investee (831 ) (31 ) (882 ) (533 ) Income tax
expense 185 177 446 364 Income before
income tax expense, equity in earnings of an investee and gain on
sale of real estate 30,359 31,588 85,712 64,662 Loss on early
extinguishment of debt — — 1,192 — Interest expense 23,287 24,383
69,446 68,278 Interest income (133 ) (19 ) (753 ) (39 ) Unrealized
gain on equity securities (22,771 ) — (53,159 ) — Dividend income
(397 ) (397 ) (1,190 ) (1,190 ) Operating income 30,345 55,555
101,248 131,711 Loss on impairment of real estate assets (5) 9,706
— 9,706 229 Loss on asset impairment — — — 4,047 Write-off of
straight line rents receivable, net (6) — — 10,626 12,517 General
and administrative 15,331 1,608 47,353 24,697 Acquisition and
transaction related costs 3,796 — 3,796 — Depreciation and
amortization 35,371 34,713 105,326 102,770
NOI 94,549 91,876 278,055 275,971 Non-cash straight
line rent adjustments included in rental income (2) (3,505 ) (5,581
) (9,994 ) (16,361 ) Lease value amortization included in rental
income (2) (556 ) (547 ) (1,615 ) (1,508 ) Lease termination fees
included in rental income (2) (77 ) — (77 ) (101 ) Non-cash
amortization included in other operating expenses (3) (74 ) (213 )
(362 ) (639 ) Cash Basis NOI $ 90,337 $ 85,535 $
266,007 $ 257,362
See footnotes on page 13.
(1) The calculations of NOI and Cash Basis NOI exclude certain
components of net income in order to provide results that are more
closely related to SIR’s property level results of operations. SIR
calculates NOI and Cash Basis NOI as shown above. SIR defines
NOI as income from its rental of real estate less its property
operating expenses. NOI excludes amortization of capitalized tenant
improvement costs and leasing commissions that SIR records as
depreciation and amortization. SIR defines Cash Basis NOI as NOI
excluding non-cash straight line rent adjustments, lease value
amortization, lease termination fees, if any, and non-cash
amortization included in other operating expenses. SIR considers
NOI and Cash Basis NOI to be appropriate supplemental measures to
net income because they may help both investors and management to
understand the operations of SIR’s properties. SIR uses NOI and
Cash Basis NOI to evaluate individual and company wide property
level performance, and SIR believes that NOI and Cash Basis NOI
provide useful information to investors regarding its results of
operations because they reflect only those income and expense items
that are generated and incurred at the property level and may
facilitate comparisons of SIR’s operating performance between
periods and with other REITs. NOI and Cash Basis NOI do not
represent cash generated by operating activities in accordance with
GAAP and should not be considered alternatives to net income, net
income attributed to SIR or operating income as indicators of SIR’s
operating performance or as measures of SIR’s liquidity. These
measures should be considered in conjunction with net income, net
income attributed to SIR and operating income as presented in SIR’s
condensed consolidated statements of income. Other real estate
companies and REITs may calculate NOI and Cash Basis NOI
differently than SIR does.
(2) SIR reports rental income on a straight line basis over the
terms of the respective leases; accordingly, rental income includes
non-cash straight line rent adjustments. Rental income also
includes non-cash amortization of intangible lease assets and
liabilities and lease termination fees, if any.
(3) SIR recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price SIR
paid for its investment in RMR Inc. common stock in June 2015.
A portion of this liability is being amortized on a straight line
basis through December 31, 2035 as a reduction to property
management fees, which are included in other operating
expenses.
(4) During the three months ended September 30, 2018, SIR
recorded a gain on sale of real estate of $4,075 in connection with
the sale of one of SIR's 100% owned land parcels in Kapolei,
HI.
(5) During the three months ended September 30, 2018, SIR
recorded a loss on impairment of real estate assets of $9,706 to
reduce the carrying value of one property located in Hanover, PA to
its estimated fair value less costs to sell.
(6) In May 2018, one of SIR’s tenants defaulted on its lease for
a property located in Naperville, IL with approximately 820,000
rentable square feet and an original lease expiration date of March
31, 2029. During the three months ended June 30, 2018, SIR recorded
a non-cash charge of $10,626 to write off straight line rents
receivable related to this lease. The lease with the tenant that
defaulted was amended effective October 1, 2018. Under the terms of
such lease amendment, the tenant paid amounts outstanding under the
original lease for the period through September 30, 2018, and made
a partial payment for unpaid real estate taxes. In addition, the
tenant made a one time payment of $2,000 for deferred capital
costs, and its first monthly payment of $250 to offset building
expenses that were previously paid directly by the tenant but that
are currently paid by SIR. The tenant assigned its subleases at the
property to SIR and continues to occupy and pay rent on 147,045
square feet and has agreed to do so for 30 months from the date of
the amendment.
Select Income REITReconciliation of
Net Operating Income to Same Property Net Operating Income and
Calculation of Same Property Cash Basis Net Operating Income
(1)(dollars in thousands)(unaudited)
Three Months Ended
September 30, Nine Months Ended September 30, 2018
2017 2018 2017
Reconciliation of NOI
to Same Property NOI (2)(3): Rental income $
101,833 $ 98,635 $ 298,003 $ 293,020 Tenant reimbursements and
other income 20,048 19,379 60,514 57,158 Real estate taxes (12,518
) (11,489 ) (36,748 ) (33,168 ) Other operating expenses (14,814 )
(14,649 ) (43,714 ) (41,039 ) NOI 94,549 91,876 278,055 275,971
Less: NOI of properties not included in same property results
(1,541 ) (767 ) (7,624 ) (3,226 ) Same property NOI $ 93,008
$ 91,109 $ 270,431 $ 272,745 SIR same
property NOI (excluding ILPT) $ 61,379 $ 59,349 $ 174,337 $ 177,051
ILPT same property NOI 31,629 31,760 96,094
95,694 Same property NOI $ 93,008 $ 91,109 $
270,431 $ 272,745
Calculation of Same
Property Cash Basis NOI (2)(3): Same property NOI
$ 93,008 $ 91,109 $ 270,431 $ 272,745 Less: Non-cash straight line
rent adjustments included in rental income (4) (3,370 ) (5,515 )
(9,419 ) (14,696 ) Lease value amortization included in rental
income (4) (556 ) (547 ) (1,615 ) (1,508 ) Lease termination fees
included in rental income (4) (77 ) — (77 ) (101 ) Non-cash
amortization included in other operating expenses (5) (73 ) (211 )
(358 ) (633 ) Same property Cash Basis NOI $ 88,932 $ 84,836
$ 258,962 $ 255,807 SIR same property
Cash Basis NOI (excluding ILPT) $ 58,447 $ 54,787 $ 166,444 $
165,237 ILPT same property Cash Basis NOI 30,485 30,049
92,518 90,570 Same property Cash Basis NOI $
88,932 $ 84,836 $ 258,962 $ 255,807
(1) See footnote (1) on page 13 of this press release for
the definitions of NOI and Cash Basis NOI, a description of why SIR
believes they are appropriate supplemental measures and a
description of how SIR uses these measures.
(2) For the three months ended September 30, 2018 and 2017,
same property NOI and same property Cash Basis NOI are based on
properties SIR owned as of September 30, 2018, and which it
owned continuously since July 1, 2017.
(3) For the nine months ended September 30, 2018 and 2017,
same property NOI and same property Cash Basis NOI are based on
properties SIR owned as of September 30, 2018, and which it
owned continuously since January 1, 2017.
(4) SIR reports rental income on a straight line basis over the
terms of the respective leases; accordingly, rental income includes
non-cash straight line rent adjustments. Rental income also
includes non-cash amortization of intangible lease assets and
liabilities and lease termination fees, if any.
(5) SIR recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price SIR
paid for its investment in RMR Inc. common stock in June 2015.
A portion of this liability is being amortized on a straight line
basis through December 31, 2035 as a reduction to property
management fees, which are included in other operating
expenses.
Select Income REITCalculation and
Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same
Property Cash Basis NOI by Segment (1)(dollars in
thousands)(unaudited)
Three Months Ended
September 30, 2018 Three Months Ended September 30, 2017 SIR
(excluding ILPT) ILPT
Total SIR (excluding ILPT) ILPT
Total
Calculation of NOI and Cash Basis NOI: Rental
income $ 67,052 $ 34,781 $ 101,833 $ 65,011 $ 33,624 $ 98,635
Tenant reimbursements and other income 14,398 5,650 20,048 13,937
5,442 19,379 Real estate taxes (7,576 ) (4,942 ) (12,518 ) (6,910 )
(4,579 ) (11,489 ) Other operating expenses (11,533 ) (3,281 )
(14,814 ) (11,922 ) (2,727 ) (14,649 ) NOI 62,341 32,208 94,549
60,116 31,760 91,876 Less: Non-cash straight line rent adjustments
included in rental income (2) (2,377 ) (1,128 ) (3,505 ) (4,105 )
(1,476 ) (5,581 ) Lease value amortization included in rental
income (2) (464 ) (92 ) (556 ) (450 ) (97 ) (547 ) Lease
termination fees included in rental income (2) (77 ) — (77 ) — — —
Non-cash amortization included in other operating expenses (3) (74
) — (74 ) (75 ) (138 ) (213 ) Cash Basis NOI $ 59,349
$ 30,988 $ 90,337 $ 55,486 $ 30,049 $
85,535
Reconciliation of NOI to Same Property
NOI (4): NOI $ 62,341 $ 32,208 $ 94,549 $ 60,116
$ 31,760 $ 91,876 Less: NOI of properties not included in same
property results (962 ) (579 ) (1,541 ) (767 ) — (767 ) Same
property NOI $ 61,379 $ 31,629 $ 93,008 $
59,349 $ 31,760 $ 91,109
Reconciliation of Same Property NOI to Same Property Cash Basis
NOI (4): Same property NOI $ 61,379 $ 31,629 $
93,008 $ 59,349 $ 31,760 $ 91,109 Less: Non-cash straight line rent
adjustments included in rental income (2) (2,318 ) (1,052 ) (3,370
) (4,039 ) (1,476 ) (5,515 ) Lease value amortization included in
rental income (2) (464 ) (92 ) (556 ) (450 ) (97 ) (547 ) Lease
termination fees included in rental income (2) (77 ) — (77 ) — — —
Non-cash amortization included in other operating expenses (3) (73
) — (73 ) (73 ) (138 ) (211 ) Same property Cash Basis NOI $
58,447 $ 30,485 $ 88,932 $ 54,787 $
30,049 $ 84,836
(1) See footnote (1) on page 13 of this press release for
the definitions of NOI and Cash Basis NOI, a description of why SIR
believes they are appropriate supplemental measures and a
description of how SIR uses these measures.
(2) SIR reports rental income on a straight line basis over the
terms of the respective leases; accordingly, rental income includes
non-cash straight line rent adjustments. Rental income also
includes non-cash amortization of intangible lease assets and
liabilities and lease termination fees, if any.
(3) SIR recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price SIR
paid for its investment in RMR Inc. common stock in June 2015.
A portion of this liability is being amortized on a straight line
basis through December 31, 2035 as a reduction to property
management fees, which are included in other operating
expenses.
(4) For the three months ended September 30, 2018 and 2017,
same property NOI and same property Cash Basis NOI are based on
properties SIR owned as of September 30, 2018, and which it
owned continuously since July 1, 2017.
Select Income REITCalculation and
Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same
Property Cash Basis NOI by Segment (1)(dollars in
thousands)(unaudited)
Nine Months Ended
September 30, 2018 Nine Months Ended September 30, 2017 SIR
(excluding ILPT) ILPT
Total SIR (excluding ILPT) ILPT
Total
Calculation of NOI and Cash Basis NOI: Rental
income $ 194,533 $ 103,470 $ 298,003 $ 192,099 $ 100,921 $ 293,020
Tenant reimbursements and other income 43,528 16,986 60,514 40,968
16,190 57,158 Real estate taxes (22,639 ) (14,109 ) (36,748 )
(19,911 ) (13,257 ) (33,168 ) Other operating expenses (34,064 )
(9,650 ) (43,714 ) (32,879 ) (8,160 ) (41,039 ) NOI 181,358 96,697
278,055 180,277 95,694 275,971 Less: Non-cash straight line rent
adjustments included in rental income (2) (6,634 ) (3,360 ) (9,994
) (11,940 ) (4,421 ) (16,361 ) Lease value amortization included in
rental income (2) (1,320 ) (295 ) (1,615 ) (1,219 ) (289 ) (1,508 )
Lease termination fees included in rental income (2) (77 ) — (77 )
(101 ) — (101 ) Non-cash amortization included in other operating
expenses (3) (362 ) — (362 ) (225 ) (414 ) (639 ) Cash Basis
NOI $ 172,965 $ 93,042 $ 266,007 $ 166,792
$ 90,570 $ 257,362
Reconciliation of
NOI to Same Property NOI (4): NOI $ 181,358 $
96,697 $ 278,055 $ 180,277 $ 95,694 $ 275,971 Less: NOI of
properties not included in same property results (7,021 ) (603 )
(7,624 ) (3,226 ) — (3,226 ) Same property NOI $ 174,337
$ 96,094 $ 270,431 $ 177,051 $ 95,694
$ 272,745
Reconciliation of Same Property
NOI to Same Property Cash Basis NOI (4): Same
property NOI $ 174,337 $ 96,094 $ 270,431 $ 177,051 $ 95,694 $
272,745 Less: Non-cash straight line rent adjustments included in
rental income (2) (6,138 ) (3,281 ) (9,419 ) (10,275 ) (4,421 )
(14,696 ) Lease value amortization included in rental income (2)
(1,320 ) (295 ) (1,615 ) (1,219 ) (289 ) (1,508 ) Lease termination
fees included in rental income (2) (77 ) — (77 ) (101 ) — (101 )
Non-cash amortization included in other operating expenses (3) (358
) — (358 ) (219 ) (414 ) (633 ) Same property Cash Basis NOI
$ 166,444 $ 92,518 $ 258,962 $ 165,237
$ 90,570 $ 255,807
(1) See footnote (1) on page 13 of this press release for
the definitions of NOI and Cash Basis NOI, a description of why SIR
believes they are appropriate supplemental measures and a
description of how SIR uses these measures.
(2) SIR reports rental income on a straight line basis over the
terms of the respective leases; accordingly, rental income includes
non-cash straight line rent adjustments. Rental income also
includes non-cash amortization of intangible lease assets and
liabilities and lease termination fees, if any.
(3) SIR recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price SIR
paid for its investment in RMR Inc. common stock in June 2015.
A portion of this liability is being amortized on a straight line
basis through December 31, 2035 as a reduction to property
management fees, which are included in other operating
expenses.
(4) For the nine months ended September 30, 2018 and 2017,
same property NOI and same property Cash Basis NOI are based on
properties SIR owned as of September 30, 2018, and which it
owned continuously since January 1, 2017.
Select Income REITCondensed
Consolidated Balance Sheets(dollars in thousands, except per
share data)(unaudited)
September 30, December 31, 2018 2017
ASSETS Real
estate properties: Land $ 1,057,197 $ 1,041,767 Buildings and
improvements 3,238,661 3,178,098 4,295,858 4,219,865
Accumulated depreciation (369,252 ) (314,249 ) 3,926,606 3,905,616
Properties held for sale 15,289 5,829 Acquired real estate leases,
net 433,947 477,577 Cash and cash equivalents 25,982 658,719
Restricted cash 403 178 Rents receivable, including straight line
rents of $121,770 and $122,010, respectively, net of allowance for
doubtful accounts of $2,227 and $1,396, respectively 131,642
127,672 Deferred leasing costs, net 14,568 14,295 Other assets, net
173,062 113,144 Total assets $ 4,721,499 $
5,303,030
LIABILITIES AND SHAREHOLDERS'
EQUITY Unsecured revolving credit facility $ 108,000 $ —
ILPT revolving credit facility 380,000 750,000 Unsecured term loan,
net — 348,870 Senior unsecured notes, net 1,430,688 1,777,425
Mortgage notes payable, net 210,624 210,785 Accounts payable and
other liabilities 92,626 101,352 Assumed real estate lease
obligations, net 62,176 68,783 Rents collected in advance 21,626
15,644 Security deposits 9,370 8,346 Due to related persons 26,749
30,006 Total liabilities 2,341,859 3,311,211
Commitments and contingencies Shareholders'
equity: Shareholders' equity attributable to SIR: Common shares of
beneficial interest, $.01 par value: 125,000,000 shares authorized;
89,550,528 and 89,487,371 shares issued and outstanding,
respectively 896 895 Additional paid in capital 2,312,724 2,180,896
Cumulative net income 634,849 508,213 Cumulative other
comprehensive income 863 52,665 Cumulative common distributions
(887,776 ) (750,850 ) Total shareholders' equity attributable to
SIR 2,061,556 1,991,819 Noncontrolling interest in consolidated
subsidiary 318,084 — Total shareholders' equity
2,379,640 1,991,819 Total liabilities and
shareholders' equity $ 4,721,499 $ 5,303,030
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181029005229/en/
Select Income REITOlivia Snyder, Manager, Investor
Relations(617) 796-8320
Select Income REIT (NASDAQ:SIR)
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