Fourth Quarter Net Income of $0.27 Per
Share
Fourth Quarter Normalized FFO of $0.71 Per
Share
353,000 Square Feet Leased at 32.0% Rental
Rate Increases
Select Income REIT (Nasdaq: SIR) today announced financial
results for the quarter and year ended December 31, 2016.
David Blackman, President and Chief Operating Officer of SIR,
made the following statement:
"During the fourth quarter of 2016, Select Income REIT continued
with steady execution of its operating strategy, generating
normalized funds from operations of $0.71 per diluted share, a two
cents per share increase over the previous quarter ended September
30, 2016. We saw continued momentum in leasing activity during
the quarter, with leases executed for approximately 353,000 square
feet, which resulted in rents that were 32.0% higher than previous
rents for the same space, 17.4 years of weighted average lease
term, and leasing capital commitments of only $0.01 per square foot
per lease year."
Results for the Quarter Ended December 31, 2016:
Net income attributed to SIR was $24.2 million, or $0.27 per
diluted share, for the quarter ended December 31, 2016,
compared to $10.9 million, or $0.12 per diluted share, for the same
quarter last year. Net income attributed to SIR per diluted share
for the quarter ended December 31, 2016 includes a loss on
asset impairment of $5.5 million, or $0.06 per diluted share. Net
income attributed to SIR per diluted share for the quarter ended
December 31, 2015 included a non-cash loss on the distribution of
The RMR Group Inc. (Nasdaq: RMR) common stock to SIR's shareholders
of $23.7 million, or $0.27 per diluted share.
Normalized funds from operations, or Normalized FFO, attributed
to SIR for the quarter ended December 31, 2016 were $63.5
million, or $0.71 per diluted share, compared to Normalized FFO
attributed to SIR for the quarter ended December 31, 2015 of
$67.5 million, or $0.76 per diluted share.
Reconciliations of net income attributed to SIR determined in
accordance with U.S. generally accepted accounting principles, or
GAAP, to funds from operations, or FFO, attributed to SIR and to
Normalized FFO attributed to SIR for the quarters ended
December 31, 2016 and 2015 appear later in this press
release.
Results for the Year Ended December 31, 2016:
Net income attributed to SIR was $116.3 million, or $1.30 per
diluted share, for the year ended December 31, 2016, compared
to $74.7 million, or $0.86 per diluted share, for the prior year.
Net income attributed to SIR per diluted share for the year ended
December 31, 2016 includes a loss on asset impairment of $5.5
million, or $0.06 per diluted share. Net income attributed to SIR
per diluted share for the year ended December 31, 2015
included acquisition costs primarily related to SIR’s acquisition
of Cole Corporate Income Trust, Inc., a loss on early
extinguishment of debt and a non-cash loss on the distribution of
RMR common stock to SIR's shareholders aggregating $52.5 million,
or $0.61 per diluted share.
Normalized FFO attributed to SIR for the year ended
December 31, 2016 were $255.8 million, or $2.86 per diluted
share, compared to Normalized FFO attributed to SIR for the year
ended December 31, 2015 of $249.9 million, or $2.88 per
diluted share.
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 years ended December 31, 2016 and
2015 appear later in this press release.
Leasing, Occupancy and Same Property Results:
SIR entered into lease renewals for approximately 253,000 square
feet and new leases for approximately 100,000 square feet during
the quarter ended December 31, 2016, which resulted in
combined weighted average (by square feet) rental rates that were
approximately 32.0% higher than prior rents for the same space. The
weighted average (by square feet) lease terms for these leases was
17.4 years. Commitments for tenant improvements, leasing costs and
concessions for these leases totaled $87,000, or approximately
$0.01 per square foot per weighted average lease year.
As of December 31, 2016 and September 30, 2016, 96.8% of
SIR’s total rentable square feet was leased, compared to 97.8% as
of December 31, 2015. Occupancy for properties owned
continuously since October 1, 2015 decreased to 96.7% at
December 31, 2016 from 97.8% at December 31, 2015. Same
property cash basis net operating income, or Cash Basis NOI,
decreased 1.6% for the quarter ended December 31, 2016
compared to the quarter ended December 31, 2015, primarily as
a result of the decline in occupancy during 2016, partially offset
by contractual rent increases for certain properties since October
1, 2015.
Reconciliations of net operating income, or NOI, and Cash Basis
NOI to net income determined in accordance with GAAP for the
quarters and years ended December 31, 2016 and 2015 appear
later in this press release.
Recent Investment Activities:
As previously disclosed, on October 12, 2016, SIR acquired a
single tenant, net leased office property located in Richmond, VA
with approximately 50,000 rentable square feet for a purchase price
of $7.8 million, excluding acquisition related costs. This property
had a remaining lease term as of the acquisition date of
approximately 11.3 years.
On January 13, 2017, SIR acquired a land parcel adjacent to one
of its properties located in McAlester, OK for a purchase price of
$225,500, excluding acquisition related costs. The land parcel will
be used to expand the building for an existing tenant.
On December 29, 2016, SIR entered an agreement to acquire a
single tenant, net leased office property located in Tampa, FL with
approximately 133,000 rentable square feet for a purchase price of
$14.3 million, excluding acquisition related costs. This property
has a remaining lease term of approximately 9.5 years.
Conference Call:
At 10:00 a.m. Eastern Time this morning, President and
Chief Operating Officer, David Blackman, and Chief Financial
Officer and Treasurer, John Popeo, will host a conference call to
discuss SIR’s fourth quarter and full year 2016 financial
results.
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
Thursday, February 23, 2017. To access the replay, dial (412)
317-0088. The replay pass code is 10099857.
A live audio webcast of the conference call will also be
available in a listen-only mode on the company’s website, which is
located at www.sirreit.com. Participants wanting to access the
webcast should visit the company’s website about five minutes
before the call. The archived webcast will be available for replay
on the company’s website following the call for about one week.
The transcription, recording and retransmission in any way of
SIR’s fourth quarter conference call are strictly prohibited
without the prior written consent of SIR.
Supplemental Data:
A copy of SIR’s Fourth Quarter 2016 Supplemental Operating and
Financial Data 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,
which 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, FFO
attributed to SIR and Normalized FFO attributed to SIR.
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:
- MR. BLACKMAN'S STATEMENT IN THIS PRESS
RELEASE THAT SIR EXPERIENCED CONTINUED MOMENTUM IN LEASING ACTIVITY
DURING THE FOURTH QUARTER OF 2016 MAY IMPLY THAT SIR WILL CONTINUE
TO EXPERIENCE IMPROVING PROPERTY LEASING CONDITIONS. HOWEVER, SIR'S
ABILITY TO LEASE ITS PROPERTIES DEPENDS IN LARGE MEASURE ON MARKET
CONDITIONS IN THE AREAS WHERE SIR'S PROPERTIES ARE LOCATED WHEN
SUCH PROPERTIES BECOME AVAILABLE FOR LEASE. LEASING MARKET
CONDITIONS ARE GENERALLY BEYOND SIR'S CONTROL. IN THE FUTURE, SIR
MAY EXPERIENCE INCREASING VACANCIES OR LOWER RENTS AT SIR'S OWNED
PROPERTIES; AND
- THIS PRESS RELEASE STATES THAT SIR HAS
ENTERED AN AGREEMENT TO ACQUIRE A PROPERTY FOR $14.3 MILLION,
EXCLUDING ACQUISITION RELATED COSTS. THIS TRANSACTION IS SUBJECT TO
CLOSING CONDITIONS. THESE CONDITIONS MAY NOT BE SATISFIED AND THIS
TRANSACTION MAY NOT OCCUR, MAY BE DELAYED OR THE PRICE AND TERMS
MAY CHANGE.
THE INFORMATION CONTAINED IN SIR’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” 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 ITS 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.
Select Income REIT Consolidated Statements of
Income (amounts in thousands, except per share data)
(unaudited) Three
Months Ended December 31, Year Ended December
31, 2016 2015 2016 2015
Revenues: Rental income $ 96,503 $ 96,750 $ 387,015 $ 364,139
Tenant reimbursements and other income 18,332 18,044
74,992 64,226 Total revenues 114,835 114,794
462,007 428,365 Expenses: Real estate
taxes 11,314 10,213 42,879 37,460 Other operating expenses 12,970
11,832 52,957 41,953 Depreciation and amortization 33,522 32,727
133,762 122,906 Acquisition related costs 235 267 306 21,987
General and administrative 6,699 6,371 28,602 25,859 Loss on asset
impairment 5,484 — 5,484 — Total
expenses 70,224 61,410 263,990 250,165
Operating income 44,611 53,384 198,017 178,200
Dividend income 396 1,666 1,268 1,666 Interest expense (including
net amortization of debt issuance costs, premiums and discounts of
$1,384, $1,362, $5,508 and $5,100, respectively) (20,737 ) (20,175
) (82,620 ) (73,885 ) Loss on early extinguishment of debt — — —
(6,845 ) Loss on distribution to common shareholders of RMR common
stock — (23,717 ) — (23,717 ) Income before income
tax expense and equity in earnings (loss) of an investee 24,270
11,158 116,665 75,419 Income tax expense (78 ) (191 ) (448 ) (515 )
Equity in earnings (loss) of an investee 30 (50 ) 137
20 Net income 24,222 10,917 116,354 74,924 Net income
allocated to noncontrolling interest — (41 ) (33 ) (176 )
Net income attributed to SIR $ 24,222 $ 10,876 $
116,321 $ 74,748 Weighted average common
shares outstanding - basic 89,331 89,285 89,304
86,699 Weighted average common shares outstanding -
diluted 89,335 89,291 89,324 86,708
Net income attributed to SIR per common share - basic and
diluted $ 0.27 $ 0.12 $ 1.30 $ 0.86
Select Income REIT
Funds 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 December 31, Year Ended December 31,
2016 2015 2016 2015
Net income attributed to SIR $ 24,222 $ 10,876 $ 116,321 $
74,748 Plus: depreciation and amortization 33,522 32,727 133,762
122,906 Plus: loss on asset impairment 5,484 — 5,484 — Plus: net
income allocated to noncontrolling interest — 41 33 176 Less: FFO
allocated to noncontrolling interest — (118 ) (77 ) (436 )
FFO attributed to SIR 63,228 43,526 255,523 197,394 Plus:
acquisition related costs 235 267 306 21,987 Plus: loss on early
extinguishment of debt — — — 6,845 Plus: loss on distribution to
common shareholders of RMR common stock (2) — 23,717 — 23,717 Less:
normalized FFO from noncontrolling interest, net of FFO — —
— (62 ) Normalized FFO attributed to SIR $ 63,463
$ 67,510 $ 255,829 $ 249,881
Weighted average common shares outstanding - basic 89,331
89,285 89,304 86,699 Weighted average common
shares outstanding - diluted 89,335 89,291 89,324
86,708 FFO attributed to SIR per share - basic
and diluted $ 0.71 $ 0.49 $ 2.86 $ 2.28
Normalized FFO attributed to SIR per share - basic and diluted $
0.71 $ 0.76 $ 2.86 $ 2.88 Distributions
declared per share $ 0.51 $ 0.50 $ 2.02 $ 1.97
(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 asset impairment and the difference
between net income and FFO allocated to noncontrolling interest, 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 ultimately
be payable when all contingencies for determining any such fees are
determined at the end of the calendar year, and SIR excludes
acquisition related costs, loss on early extinguishment of debt,
loss on distribution to common shareholders of RMR common stock and
Normalized FFO from noncontrolling interest, net of FFO, 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 and SIR’s expected needs 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 as
alternatives to net income, net income attributed to SIR or
operating income as an indicator of SIR’s operating performance or
as a measure 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 Consolidated
Statements of Income. Other real estate companies and REITs may
calculate FFO and Normalized FFO differently than SIR does.
(2) Amounts represent a non-cash loss recorded as a result of the
closing price of RMR common stock being lower than SIR's carrying
amount per share on the day RMR common stock was distributed to
SIR's shareholders.
Select Income REIT
Calculation and Reconciliation of
Property Net Operating Income and Cash Basis Net Operating
Income(1)
(amounts in thousands) (unaudited)
Three Months Ended December 31,
Year Ended December 31, 2016 2015 2016
2015
Calculation of NOI and Cash Basis
NOI: Rental income $ 96,503 $ 96,750 $ 387,015 $ 364,139 Tenant
reimbursements and other income 18,332 18,044 74,992 64,226 Real
estate taxes (11,314 ) (10,213 ) (42,879 ) (37,460 ) Other
operating expenses (12,970 ) (11,832 ) (52,957 ) (41,953 ) NOI
90,551 92,749 366,171 348,952 Non-cash straight line rent
adjustments included in rental income (2) (5,690 ) (6,975 ) (24,744
) (27,370 ) Lease value amortization included in rental income (2)
(434 ) (548 ) (1,732 ) (3,430 ) Lease termination fees included in
rental income (2) — (75 ) — (123 ) Non-cash amortization included
in other operating expenses (3) (213 ) (215 ) (852 ) (430 ) Cash
Basis NOI $ 84,214 $ 84,936 $ 338,843 $
317,599
Reconciliation of Cash Basis NOI and NOI
to Net Income: Cash Basis NOI $ 84,214 $ 84,936 $ 338,843 $
317,599 Non-cash straight line rent adjustments included in rental
income (2) 5,690 6,975 24,744 27,370 Lease value amortization
included in rental income (2) 434 548 1,732 3,430 Lease termination
fees included in rental income (2) — 75 — 123 Non-cash amortization
included in other operating expenses (3) 213 215 852
430 NOI 90,551 92,749 366,171 348,952 Depreciation
and amortization (33,522 ) (32,727 ) (133,762 ) (122,906 )
Acquisition related costs (235 ) (267 ) (306 ) (21,987 ) General
and administrative (6,699 ) (6,371 ) (28,602 ) (25,859 ) Loss on
asset impairment (5,484 ) — (5,484 ) — Operating
income 44,611 53,384 198,017 178,200 Dividend income 396
1,666 1,268 1,666 Interest expense (20,737 ) (20,175 ) (82,620 )
(73,885 ) Loss on early extinguishment of debt — — — (6,845 ) Loss
on distribution to common shareholders of RMR common stock —
(23,717 ) — (23,717 ) Income before income tax expense and
equity in earnings (loss) of an investee 24,270 11,158 116,665
75,419 Income tax expense (78 ) (191 ) (448 ) (515 ) Equity in
earnings (loss) of an investee 30 (50 ) 137 20
Net income $ 24,222 $ 10,917 $ 116,354 $
74,924 (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 because SIR records those amounts 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 as
an alternative to net income, net income attributed to SIR or
operating income as an indicator of SIR’s operating performance or
as a measure 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 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 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
REIT
Reconciliation of Net Operating Income
to Same Property Net Operating Income and Calculation of
Same
Property Cash Basis Net Operating
Income(1)
(amounts in thousands) (unaudited)
Three Months Ended December 31,
Year Ended December 31, 2016 2015 2016
2015
Reconciliation of NOI to Same Property
NOI (2)(3): Rental income $ 96,503 $ 96,750 $
387,015 $ 364,139 Tenant reimbursements and other income 18,332
18,044 74,992 64,226 Real estate taxes (11,314 ) (10,213 ) (42,879
) (37,460 ) Other operating expenses (12,970 ) (11,832 ) (52,957 )
(41,953 ) NOI 90,551 92,749 366,171 348,952 Less: NOI of properties
not included in same property results (1,017 ) (338 ) (178,027 ) $
(156,746 ) Same property NOI $ 89,534 $ 92,411 $
188,144 192,206
Calculation of Same
Property Cash Basis NOI (2)(3): Same property NOI
$ 89,534 $ 92,411 $ 188,144 $ 192,206 Less: Non-cash straight line
rent adjustments included in rental income (4) (5,585 ) (6,944 )
(11,194 ) (14,035 ) Lease value amortization included in rental
income (4) (553 ) (621 ) (268 ) (425 ) Lease termination fees
included in rental income (4) — (75 ) — (123 ) Non-cash
amortization included in other operating expenses (5) (213 ) (215 )
(536 ) (268 ) Same property Cash Basis NOI $ 83,183 $ 84,556
$ 176,146 $ 177,355 (1) See footnote
(1) on page 7 of this press release for the definitions of NOI and
Cash Basis NOI and why SIR believes they are appropriate
supplemental measures and how SIR uses these measures. (2)
For the three months ended December 31, 2016, same property NOI and
same property Cash Basis NOI are based on properties SIR owned as
of December 31, 2016, and which it owned continuously since October
1, 2015. (3) For the year ended December 31, 2016, same
property NOI and same property Cash Basis NOI are based on
properties SIR owned as of December 31, 2016, and which it owned
continuously since January 1, 2015. (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 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 REIT Consolidated Balance Sheets
(amounts in thousands, except share data) (unaudited)
December 31, 2016
2015
ASSETS
Real estate properties: Land $ 1,038,686 $ 1,036,425 Buildings and
improvements 3,103,734 3,083,243 4,142,420 4,119,668
Accumulated depreciation (242,628 ) (164,779 ) 3,899,792 3,954,889
Acquired real estate leases, net 506,298 566,195 Cash and
cash equivalents 22,127 17,876 Restricted cash 44 1,171 Rents
receivable, including straight line rents of $117,008 and $92,264,
respectively, net of allowance for doubtful accounts of $873 and
$464, respectively 124,089 99,307 Deferred leasing costs, net
10,051 7,221 Other assets, net 77,281 37,686 Total
assets $ 4,639,682 $ 4,684,345
LIABILITIES AND
SHAREHOLDERS' EQUITY
Unsecured revolving credit facility $ 327,000 $ 303,000 Unsecured
term loan, net 348,373 347,876 Senior unsecured notes, net
1,430,300 1,426,025 Mortgage notes payable, net 245,643 286,706
Accounts payable and other liabilities 101,605 105,403 Assumed real
estate lease obligations, net 77,622 86,495 Rents collected in
advance 18,815 16,295 Security deposits 11,887 11,845 Due to
related persons 4,475 3,740 Total liabilities
2,565,720 2,587,385 Commitments and
contingencies Shareholders' equity: Common shares of
beneficial interest, $.01 par value: 125,000,000 shares authorized;
89,427,869 and 89,374,029 shares issued and outstanding,
respectively 894 894 Additional paid in capital 2,179,669 2,178,477
Cumulative net income 441,307 324,986 Cumulative other
comprehensive income (loss) 20,472 (19,587 ) Cumulative common
distributions (568,380 ) (387,810 ) Total shareholders' equity
2,073,962 2,096,960 Total liabilities and
shareholders' equity $ 4,639,682 $ 4,684,345
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: http://www.businesswire.com/news/home/20170216005366/en/
Select Income REITChristopher Ranjitkar, 617-796-8320Director,
Investor Relations
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