FOR IMMEDIATE RELEASE
Christopher Ranjitkar, Director, Investor Relations
Select Income REIT Announces Second Quarter 2017 Results
Second Quarter Net Income of $0.30 Per Share
Second Quarter Normalized FFO of $0.70 Per Share
Newton, MA (July 25, 2017): Select Income REIT (Nasdaq: SIR) today announced financial results for the quarter and six months ended June 30, 2017.
David Blackman, President and Chief Operating Officer of SIR, made the following statement:
"During the second quarter of 2017, Select Income REIT entered into new and renewal leases for approximately 202,000 square feet and executed one rent reset in Hawaii on a 79,000 square foot lease. We also issued $350 million of seven year senior unsecured notes, which we used to pay down our revolving credit facility and for general business purposes."
Results for the Quarter Ended June 30, 2017:
Net income attributed to SIR was $26.7 million, or $0.30 per diluted share, for the quarter ended June 30, 2017, compared to $30.8 million, or $0.34 per diluted share, for the same quarter last year.
Normalized funds from operations, or Normalized FFO, attributed to SIR for the quarter ended June 30, 2017 were $62.1 million, or $0.70 per diluted share, compared to $64.2 million, or $0.72 per diluted share, for the same quarter last year.
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 June 30, 2017 and 2016 appear later in this press release.
Results for the Six Months Ended June 30, 2017:
Net income attributed to SIR was $33.4 million, or $0.37 per diluted share, for the six months ended June 30, 2017, compared to $63.5 million, or $0.71 per diluted share, for the same period last year. Net income attributed to SIR per diluted share for the six months ended June 30, 2017 includes a write-off of straight line rents receivable of $12.5 million, or $0.14 per diluted share, and a loss on asset impairment of $4.0 million, or $0.05 per diluted share, both of which resulted from a tenant bankruptcy, as well as estimated business management incentive fees of $8.8
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.
The following information was filed by Select Income Reit (SIR) on Tuesday, July 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.