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FOR IMMEDIATE RELEASE
Jason Fredette, Director, Investor Relations
Select Income REIT Announces Fourth Quarter and Year End 2014 Results
Generates Normalized FFO of $0.65 Per Share for the Fourth Quarter
Increases Rental Rates for New and Renewal Leases by 21.0%
Grows Same Property Occupancy by 70 Basis Points and Same Property Cash Basis NOI by 2.2% Year Over Year
Newton, MA (February 18, 2015): Select Income REIT (NYSE: SIR) today announced financial results for the quarter and year ended December 31, 2014.
David Blackman, President and Chief Operating Officer of SIR, made the following statement:
I am pleased with our business performance in the fourth quarter, especially given all of the transformative corporate activities during the last several months. We have continued to execute our operating strategy well, increasing rental rates on new and renewal leases as well as growing same property occupancy and Cash Basis NOI during the fourth quarter. Since the end of the third quarter, we have earned investment grade ratings from both Moodys and S&P and completed our acquisition of Cole Corporate Income Trust, which we believe firmly establishes SIR as the premier single tenant net lease office and industrial REIT. SIR also has solidified its liquidity and strengthened its balance sheet by entering into new credit agreements for its combined $1.1 billion revolving credit facility and term loan as well as issuing $1.45 billion of well laddered senior unsecured notes since the beginning of 2015.
Results for the Quarter Ended December 31, 2014:
Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2014 were $39.0 million, or $0.65 per basic and diluted share, compared to Normalized FFO for the quarter ended December 31, 2013 of $32.7 million, or $0.66 per basic share and $0.65 per diluted share. Net income was $26.9 million, or $0.45 per basic and diluted share, for the quarter ended December 31, 2014, compared to $24.1 million, or $0.48 per basic and diluted share, for the same quarter last year. The declines in Normalized FFO per share and net income per share for the quarter ended December 31, 2014 primarily resulted from the increase in SIRs weighted average number of common shares outstanding from 49.8 million for the quarter ended December 31, 2013 to 59.9 million for the quarter ended December 31, 2014, which was partially offset by increases in Normalized FFO and net income from recently acquired properties and positive leasing/rent resets at SIRs Hawaii properties.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
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 Wednesday, February 18, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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