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Select Income Reit (SIR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Select Income Reit

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CIK: 1537667 Ticker: SIR
Exhibit 99.1

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FOR IMMEDIATE RELEASE

 
Contact:
 
Olivia Snyder, Manager, Investor Relations
 
(617) 796-8320

Select Income REIT Announces Third Quarter 2018 Results
Third Quarter Net Income of $29.5 Million, or $0.33 per Share
Third Quarter Normalized FFO of $56.0 Million, or $0.63 per Share
Third Quarter Same Property Cash Basis NOI Increased 4.8%
Announced Agreement to Merge with Government Properties Income Trust
 
 
 
 
 
Newton, MA (October 29, 2018): 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

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 Monday, October 29, 2018 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.

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Inside Select Income Reit's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Shareholders' Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Business And Property Management Agreements With Rmr Llc
Business And Property Management Agreements With Rmr Llc (Details)
Contingencies
Contingencies (Details)
Cumulative Other Comprehensive Income
Cumulative Other Comprehensive Income (Details)
Cumulative Other Comprehensive Income (Tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Details)
Derivatives And Hedging Activities (Tables)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Details)
Fair Value Of Assets And Liabilities (Tables)
Indebtedness
Indebtedness (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Real Estate Properties
Real Estate Properties (Details)
Real Estate Properties (Tables)
Real Estate Properties - Acquisitions (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Recent Accounting Pronouncements (Policies)
Related Person Transactions
Related Person Transactions - Narrative (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Tenant Concentration
Tenant Concentration (Details)
Weighted Average Common Shares
Weighted Average Common Shares (Details)
Weighted Average Common Shares (Tables)
Ticker: SIR
CIK: 1537667
Form Type: 10-Q Quarterly Report
Accession Number: 0001537667-18-000035
Submitted to the SEC: Mon Oct 29 2018 12:44:04 PM EST
Accepted by the SEC: Mon Oct 29 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

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