Exhibit 99.2
GOVERNMENT PROPERTIES
INCOME TRUST
Third Quarter 2009
Supplemental Operating and Financial Data
All amounts in this report are unaudited, except as noted.
TABLE OF CONTENTS
| Page |
| |
CORPORATE INFORMATION | |
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Company Profile | 5 |
Investor Information | 6 |
Research Coverage | 7 |
| |
FINANCIAL INFORMATION | |
| |
Key Financial Data | 9 |
Consolidated Balance Sheets | 10 |
Consolidated Statements of Income | 11 |
Consolidated Statements of Cash Flows | 12 |
Calculation of EBITDA | 13 |
Calculation and Reconciliation of Property Net Operating Income (NOI) | 14 |
Calculation of Funds from Operations (FFO) | 15 |
Same Property Results | 16 |
Debt Summary | 17 |
Leverage Ratios and Coverage Ratios | 18 |
Tenant Improvements, Leasing Costs and Capital Improvements | 19 |
2009 Acquisitions Information | 20 |
| |
PROPERTY AND LEASING INFORMATION | |
| |
Property Schedule | 22 |
Tenant List | 23 |
Occupancy and Leasing Summary | 24 |
Lease Expiration Schedule | 25 |
WARNING REGARDING
FORWARD LOOKING STATEMENTS
THIS SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS AND IMPLICATIONS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS REPORT RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING:
· OUR ABILITY TO PAY DISTRIBUTIONS TO SHAREHOLDERS AND THE EXPECTED AMOUNTS THEREOF,
· OUR FUTURE ACQUISITION AND SALE OF PROPERTIES,
· THE CREDIT QUALITY OF OUR TENANTS,
· THE LIKELIHOOD THAT OUR TENANTS WILL PAY RENT, RENEW LEASES, SIGN NEW LEASES OR BE AFFECTED BY CYCLICAL ECONOMIC CONDITIONS,
· OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT,
· OUR POLICIES AND PLANS REGARDING INVESTMENTS AND FINANCINGS,
· THE FUTURE AVAILABILITY OF BORROWINGS UNDER OUR SECURED REVOLVING CREDIT FACILITY,
· OUR ABILITY TO RAISE EQUITY OR DEBT CAPITAL, AND
· OTHER MATTERS.
OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, CASH AVAILABLE FOR DISTRIBUTION, CASH FLOWS, LIQUIDITY AND PROSPECTS INCLUDE, BUT ARE NOT LIMITED TO:
· CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS,
· COMPETITION WITHIN THE REAL ESTATE INDUSTRY, AND
· ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES AND RMR AND THEIR AFFILIATES, AND
· CHANGES IN FEDERAL, STATE AND LOCAL LEGISLATION, GOVERNMENTAL REGULATIONS, ACCOUNTING TREATMENT, TAX LAWS AND SIMILAR MATTERS.
FOR EXAMPLE:
· IF THE AVAILABILITY OF DEBT CAPITAL REMAINS RESTRICTED OR BECOMES MORE RESTRICTED, WE MAY BE UNABLE TO REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE OR TO REFINANCE ON TERMS WHICH ARE AS FAVORABLE AS WE NOW HAVE,
· WE MAY BE UNABLE TO IDENTIFY PROPERTIES WHICH WE WANT TO BUY OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES,
· OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS DEPENDS UPON OUR FUTURE EARNINGS, AND
· OTHER RISKS MAY ADVERSELY IMPACT US, AS DESCRIBED MORE FULLY IN OUR PROSPECTUS
DATED JUNE 2, 2009, UNDER “RISK FACTORS”, WHICH IS ACCESSIBLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.
THESE RESULTS COULD OCCUR DUE TO MANY DIFFERENT CIRCUMSTANCES, SOME OF WHICH ARE BEYOND OUR CONTROL, SUCH AS GOVERNMENT TENANTS’ NEEDS FOR LEASED SPACE, OR CHANGES IN THE CAPITAL MARKETS OR THE ECONOMY GENERALLY.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
COMPANY PROFILE
The Company:
Government Properties Income Trust, or GOV, is a real estate investment trust, or REIT, which primarily owns buildings majority leased to government tenants located throughout the United States. The majority of our properties are commercial office buildings located in suburban areas and central business districts, or CBDs, of major metropolitan markets. As of September 30, 2009, we owned approximately 3.6 million square feet in 30 properties, of which 26 are primarily leased to the U.S. Government and 4 are leased to the state governments of California, Maryland, Minnesota and South Carolina. GOV was formed in February 2009 and became a public company on June 8, 2009.
Strategy:
Our primary business strategy is to maintain our properties, seek to renew our leases as they expire, selectively acquire additional properties that are majority leased to government tenants and to pay distributions to shareholders. As current leases expire, we will attempt to renew our leases with our existing tenants or enter into leases with new tenants, in both circumstances at rents which are equal to or greater than the rents we now receive. Our ability to renew leases with our existing tenants or to enter into new leases with new tenants and the rents we are able to charge will be dependent in large part upon market conditions which are generally beyond our control. Although we sometimes sell properties, we generally consider ourselves to be a long term investor and are more interested in the long term earnings potential of our properties than selling properties for short term gains. We currently do not have any investments in off balance sheet entities.
Management:
GOV is managed by Reit Management & Research LLC, or RMR. RMR is a real estate management company which was founded in 1986 to manage public investments in real estate. As of September 30, 2009, RMR managed one of the largest portfolios of publicly owned real estate in the North America, including nearly 1,350 properties, located in 45 states, Washington, DC, Puerto Rico and Ontario, Canada. RMR has approximately 580 employees in its headquarters and regional offices located throughout the country. In addition to managing GOV, RMR also manages HRPT Properties Trust, or HRP, a publicly traded REIT that owns office buildings and industrial properties, our former 100% parent company which continues to own approximately 46.3% of our outstanding shares. RMR also manages Hospitality Properties Trust, or HPT, a publicly traded REIT that owns hotels and travel centers, and Senior Housing Properties Trust, or SNH, a publicly traded REIT that primarily owns senior living and healthcare properties. RMR also provides management services to Five Star Quality Care, Inc., a healthcare services company which is a tenant of SNH, and to Travel Centers of America, LLC, an operator of travel centers which is a tenant of HPT. An affiliate of RMR, RMR Advisors, Inc., is the investment manager of publicly offered mutual funds, which principally invest in securities of unaffiliated real estate companies. The public companies managed by RMR and its affiliates had combined total gross assets of approximately $17 billion as of September 30, 2009. We believe that being managed by RMR is a competitive advantage for GOV because RMR provides us with a depth and quality of management and experience which may be unequaled in the real estate industry. We also believe RMR provides management services to GOV at costs that are lower than we would have to pay for similar quality services.
Corporate Headquarters:
400 Centre Street
Newton, MA 02458
(t) (617) 219-1440
(f) (617) 796-8267
Stock Exchange Listing:
New York Stock Exchange
Trading Symbols:
Common Stock — GOV
Portfolio Data (as of 9/30/09):
Total properties | | 30 | |
Total sq. ft. (000s) | | 3,626 | |
Percent leased | | 99.6 | % |
5
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
INVESTOR INFORMATION
Board of Trustees |
| | |
Barry M. Portnoy | | Adam D. Portnoy |
Managing Trustee | | Managing Trustee |
| | |
John L. Harrington | | Jeffrey P. Somers |
Independent Trustee | | Independent Trustee |
| | |
Barbara D. Gilmore | | |
Independent Trustee | | |
| | |
Senior Management |
|
Adam D. Portnoy | | David M. Blackman |
President | | Treasurer & Chief Financial Officer |
| | |
Contact Information |
| | |
Investor Relations | | Inquiries |
Government Properties Income Trust | | Financial inquiries should be directed to David M. Blackman, Treasurer and Chief Financial Officer, at (617) 219-1440 or dblackman@govreit.com. |
400 Centre Street | |
Newton, MA 02458 | |
(t) (617) 219-1440 | | |
(f) (617) 796-8267 | | Investor and media inquiries should be directed to Timothy A. Bonang, Vice President, Investor Relations, at (617) 796-8222 or tbonang@govreit.com, or Katherine L. Johnston, Manager, Investor Relations, at (617) 796-8222 or kjohnston@govreit.com. |
(e-mail) info@govreit.com | |
(website) www.govreit.com | |
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6
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
RESEARCH COVERAGE
Equity Research Coverage |
| | |
B.G.B. Securities | | Banc of America Merril Lynch Research |
David Shapiro | | James Feldman |
(703) 528-5782 | | (212) 449-6255 |
| | |
Morgan Keegan | | RBC Capital Markets |
Jason Payne | | David Rodgers |
(901) 531-3327 | | (440) 715-2647 |
| | |
Wells Fargo Securities | | |
Brendan Maiorana | | |
(443) 263-6516 | | |
GOV is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding GOV’s performance made by these analysts do not represent opinions, forecasts or predictions of GOV or its management. GOV does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts.
7
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
KEY FINANCIAL DATA (1)
(amounts in thousands, except per share data)
| | As of and For the Three Months Ended | |
| | 9/30/2009 | | 6/30/2009 | | 3/31/2009 | | 12/31/2008 | | 9/30/2008 | |
| | | | | | | | | | | |
Shares Outstanding: | | | | | | | | | | | |
Common shares outstanding (at end of period) | | 21,481 | | 21,450 | | 9,950 | | | | | |
Weighted average common shares outstanding (2) | | 21,455 | | 12,384 | | 4,754 | | | | | |
| | | | | | | | | | | |
Common Share Data: | | | | | | | | | | | |
Price at end of period | | $ | 24.01 | | $ | 20.53 | | | | | | | |
High during period | | $ | 24.35 | | $ | 20.53 | | | | | | | |
Low during period | | $ | 18.76 | | $ | 17.76 | | | | | | | |
| | | | | | | | | | | |
Selected Balance Sheet Data: | | | | | | | | | | | |
Total assets | | $ | 438,867 | | $ | 412,023 | | $ | 417,159 | | $ | 419,774 | | $ | 423,986 | |
Total liabilities | | $ | 72,895 | | $ | 52,420 | | $ | 5,515 | | $ | 6,321 | | $ | 8,682 | |
Gross book value of real estate assets (3) | | $ | 521,273 | | $ | 502,696 | | $ | 502,330 | | $ | 502,269 | | $ | 500,763 | |
Total debt / gross book value of real estate (3) | | 12.5 | % | 8.7 | % | 0.0 | % | 0.0 | % | 0.3 | % |
| | | | | | | | | | | |
Book Capitalization: | | | | | | | | | | | |
Total debt | | $ | 65,375 | | $ | 43,875 | | $ | — | | $ | 134 | | $ | 1,537 | |
Plus: total stockholders’ equity | | 365,972 | | 359,603 | | 411,644 | | 413,453 | | 413,304 | |
Total book capitalization | | $ | 431,347 | | $ | 403,478 | | $ | 411,644 | | $ | 413,587 | | $ | 414,841 | |
Total debt / total book capitalization | | 15.2 | % | 10.9 | % | 0.0 | % | 0.0 | % | 0.4 | % |
| | | | | | | | | | | |
Market Capitalization: | | | | | | | | | | | |
Total debt (book value) | | $ | 65,375 | | $ | 43,875 | | | | | | | |
Plus: market value of common shares (at end of period) | | 515,759 | | 440,369 | | | | | | | |
Total market capitalization | | $ | 581,134 | | $ | 484,244 | | | | | | | |
Total debt / total market capitalization | | 11.2 | % | 9.1 | % | | | | | | |
| | | | | | | | | | | |
Selected Income Statement Data: | | | | | | | | | | | |
Rental income | | $ | 19,656 | | $ | 19,405 | | $ | 19,243 | | $ | 19,468 | | $ | 18,438 | |
EBITDA (4) | | $ | 11,485 | | $ | 12,026 | | $ | 12,079 | | $ | 11,795 | | $ | 10,804 | |
Property net operating income (NOI) (5) | | $ | 12,937 | | $ | 12,857 | | $ | 12,817 | | $ | 12,536 | | $ | 11,544 | |
NOI margin (6) | | 65.8 | % | 66.3 | % | 66.6 | % | 64.4 | % | 62.6 | % |
Net income | | $ | 6,185 | | $ | 5,869 | | $ | 8,515 | | $ | 8,169 | | $ | 7,227 | |
Funds from operations (FFO) (7) | | $ | 10,220 | | $ | 9,666 | | $ | 12,079 | | $ | 11,781 | | $ | 10,778 | |
| | | | | | | | | | | |
Per Share Data: | | | | | | | | | | | |
Net income | | $ | 0.29 | | $ | 0.47 | | $ | 1.79 | | | | | |
FFO (7) | | $ | 0.48 | | $ | 0.78 | | $ | 2.54 | | | | | |
| | | | | | | | | | | |
Coverage Ratios: | | | | | | | | | | | |
EBITDA (4) / interest expense | | 7.8 | x | 5.1 | x | nm | | nm | | nm | |
(1) | GOV became a public company on June 8, 2009. |
(2) | GOV was formed in February 2009 and has no outstanding share equivalents, such as units, convertible debt or stock options. |
(3) | Gross book value of real estate assets is real estate properties, at cost, including purchase price allocations less impairment writedowns, if any. |
(4) | See page 13 for calculation of EBITDA. |
(5) | Property net operating income, or NOI, is defined as rental income from real estate less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to net income. |
(6) | NOI margin is defined as property net operating income, or NOI, as a percentage of rental income. |
(7) | See page 15 for calculation of FFO and FFO per share. |
9
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
(unaudited)
| | As of | | As of | |
| | 9/30/2009 | | 12/31/2008 | |
| | | | | |
ASSETS | | | | | |
Real estate properties: | | | | | |
Land | | $ | 68,719 | | $ | 65,719 | |
Buildings and improvements | | 439,612 | | 424,756 | |
| | 508,331 | | 490,475 | |
Accumulated depreciation | | (109,484 | ) | (100,034 | ) |
| | 398,847 | | 390,441 | |
| | | | | |
Acquired real estate leases, net | | 9,964 | | 10,071 | |
Cash and cash equivalents | | 2,294 | | 97 | |
Restricted cash | | — | | 1,334 | |
Rents receivable | | 10,647 | | 14,593 | |
Deferred leasing costs, net | | 1,431 | | 1,757 | |
Deferred financing costs, net | | 5,766 | | — | |
Due from affiliates | | 5,109 | | — | |
Other assets, net | | 4,809 | | 1,481 | |
Total assets | | $ | 438,867 | | $ | 419,774 | |
| | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | |
| | | | | |
Mortgage notes payable | | $ | — | | $ | 134 | |
Secured revolving credit facility | | 65,375 | | — | |
Accounts payable and accrued expenses | | 3,150 | | 3,036 | |
Due to affiliates | | 1,820 | | — | |
Acquired real estate lease obligations, net | | 2,550 | | 3,151 | |
Total liabilities | | 72,895 | | 6,321 | |
| | | | | |
Shareholders’ equity: | | | | | |
Common shares of beneficial interest, $0.01 par value: 21,481,350 shares issued and outstanding | | 215 | | — | |
Additional paid in capital | | 357,628 | | — | |
Cumulative net income | | 8,129 | | — | |
Ownership interest | | — | | 413,453 | |
Total shareholders’ equity | | 365,972 | | 413,453 | |
Total liabilities and shareholders’ equity | | $ | 438,867 | | $ | 419,774 | |
10
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
| | For the Three Months Ended | | For the Nine Months Ended | |
| | 9/30/2009 | | 9/30/2008 | | 9/30/2009 | | 9/30/2008 | |
| | | | | | | | | |
Rental income (1) | | $ | 19,656 | | $ | 18,438 | | $ | 58,304 | | $ | 55,957 | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Real estate taxes | | 2,031 | | 2,011 | | 6,250 | | 5,951 | |
Utility expenses | | 1,799 | | 1,787 | | 4,843 | | 4,696 | |
Other operating expenses | | 2,889 | | 3,096 | | 8,600 | | 8,768 | |
Depreciation and amortization | | 3,828 | | 3,552 | | 11,189 | | 10,570 | |
Acquisition costs | | 207 | | — | | 207 | | — | |
General and administrative | | 1,246 | | 746 | | 2,859 | | 2,238 | |
Total expenses | | 12,000 | | 11,192 | | 33,948 | | 32,223 | |
| | | | | | | | | |
Operating income | | 7,656 | | 7,246 | | 24,356 | | 23,734 | |
| | | | | | | | | |
Interest income | | 1 | | 6 | | 45 | | 31 | |
Interest expense (including amortization of deferred financing fees of $562, $ - , $989 and $-, respectively) | | (1,472 | ) | (25 | ) | (3,832 | ) | (127 | ) |
Net income | | $ | 6,185 | | $ | 7,227 | | $ | 20,569 | | $ | 23,638 | |
| | | | | | | | | |
Weighted average common shares outstanding | | 21,455 | | — | | 12,852 | | — | |
| | | | | | | | | |
Earnings per common share: | | | | | | | | | |
Net income | | $ | 0.29 | | N/A | | $ | 1.60 | | N/A | |
| | | | | | | | | |
Additional Data: | | | | | | | | | |
General and administrative expenses / rental income | | 6.34 | % | 4.05 | % | 4.90 | % | 4.00 | % |
General and administrative expenses / total assets (at end of period) | | 0.28 | % | 0.18 | % | 0.65 | % | 0.53 | % |
| | | | | | | | | |
Non cash straight line rent adjustments (1) | | $ | (172 | ) | $ | (128 | ) | $ | (397 | ) | $ | (157 | ) |
Lease value amortization (1) | | $ | (236 | ) | $ | (209 | ) | $ | (654 | ) | $ | (596 | ) |
Lease termination fees included in rental income | | $ | — | | $ | — | | $ | — | | $ | — | |
Capitalized interest expense | | $ | — | | $ | — | | $ | — | | $ | — | |
(1) | We report rental income on a straight line basis over the terms of the respective leases; rental income includes non-cash straight line rent adjustments. Rental income also includes non-cash amortization of intangible lease assets and liabilities. |
11
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
| | For the Three Months Ended | | For the Nine Months Ended | |
| | 9/30/2009 | | 9/30/2008 | | 9/30/2009 | | 9/30/2008 | |
Cash flows from operating activities: | | | | | | | | | |
Net income | | $ | 6,185 | | $ | 7,227 | | $ | 20,569 | | $ | 23,638 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | |
Depreciation and amortization | | 4,319 | | 3,466 | | 11,936 | | 10,301 | |
Share based compensation expense | | 249 | | — | | 249 | | — | |
Change in assets and liabilities: | | | | | | | | | |
(Increase) decrease in restricted cash | | — | | (787 | ) | 1,334 | | (741 | ) |
(Increase) decrease in deferred leasing costs | | (1 | ) | (22 | ) | (1 | ) | (316 | ) |
(Increase) decrease in rents receivable | | (3,775 | ) | 606 | | (4,101 | ) | 300 | |
(Increase) decrease in due from affiliates | | (4,166 | ) | — | | (5,109 | ) | — | |
(Increase) decrease in other assets | | 368 | | (277 | ) | 172 | | 1,272 | |
Increase (decrease) in accounts payable and accrued expenses | | 1,474 | | 226 | | 402 | | 359 | |
Increase (decrease) in due to affiliates | | 2,220 | | — | | 1,820 | | — | |
Cash provided by operating activities | | 6,873 | | 10,439 | | 27,271 | | 34,813 | |
| | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | |
Real estate acquisitions and improvements | | (22,132 | ) | (551 | ) | (23,308 | ) | (1,669 | ) |
Cash used for investing activities | | (22,132 | ) | (551 | ) | (23,308 | ) | (1,669 | ) |
| | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | |
Repayment of mortgage loans | | — | | (394 | ) | (134 | ) | (2,055 | ) |
Borrowings on secured revolving credit facility | | 21,500 | | — | | 293,500 | | — | |
Costs of establishing secured revolving credit facility | | (520 | ) | — | | (6,755 | ) | — | |
Payments on secured revolving credit facility | | — | | — | | (228,125 | ) | — | |
Proceeds from issuance of common stock, net | | (3,878 | ) | — | | 205,511 | | — | |
Equity distributions | | — | | (9,577 | ) | (265,763 | ) | (30,881 | ) |
Cash provided by (used for) financing activities | | 17,102 | | (9,971 | ) | (1,766 | ) | (32,936 | ) |
| | | | | | | | | |
Increase (Decrease) in cash and cash equivalents | | 1,843 | | (83 | ) | 2,197 | | 208 | |
Cash and cash equivalents at beginning of period | | 451 | | 357 | | 97 | | 66 | |
Cash and cash equivalents at end of period | | $ | 2,294 | | $ | 274 | | $ | 2,294 | | $ | 274 | |
| | | | | | | | | |
Supplemental cash flow information: | | | | | | | | | |
Interest paid | | $ | 796 | | $ | 12 | | $ | 2,728 | | $ | 123 | |
| | | | | | | | | |
Non-cash operating activities | | | | | | | | | |
Equity distributions | | $ | — | | $ | — | | $ | 8,047 | | $ | — | |
| | | | | | | | | |
Non-cash financing activities | | | | | | | | | |
Issuance of common shares pursuant to our Share Award Plan | | $ | (250 | ) | $ | — | | $ | (250 | ) | $ | — | |
12
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
CALCULATION OF EBITDA
(amounts in thousands)
| | For the Three Months Ended | | For the Nine Months Ended | |
| | 9/30/2009 | | 9/30/2008 | | 9/30/2009 | | 9/30/2008 | |
| | | | | | | | | |
Net income | | $ | 6,185 | | $ | 7,227 | | $ | 20,569 | | $ | 23,638 | |
Plus: interest expense | | 1,472 | | 25 | | 3,832 | | 127 | |
Plus: depreciation and amortization | | 3,828 | | 3,552 | | 11,189 | | 10,570 | |
EBITDA | | $ | 11,485 | | $ | 10,804 | | $ | 35,590 | | $ | 34,335 | |
We compute EBITDA, or earnings before interest, taxes, depreciation and amortization, as net income plus interest expense, income tax expense, if any, and depreciation and amortization. We consider EBITDA to be an appropriate measure of our performance, along with net income and cash flow from operating, investing and financing activities. We believe EBITDA provides useful information to investors because by excluding the effects of certain historical costs, such as interest expense and depreciation and amortization expense, EBITDA can facilitate a comparison of our current operating performance with our past operating performance and of operating performances among REITs. EBITDA does not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. Also, some REITs may calculate EBITDA differently than us.
13
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
CALCULATION AND RECONCILIATION OF PROPERTY NET OPERATING INCOME (NOI)
(amounts in thousands)
| | For the Three Months Ended | | For the Nine Months Ended | |
| | 9/30/2009 | | 9/30/2008 | | 9/30/2009 | | 9/30/2008 | |
| | | | | | | | | |
Calculation of NOI: | | | | | | | | | |
Rental income (1) | | $ | 19,656 | | $ | 18,438 | | $ | 58,304 | | $ | 55,957 | |
Operating expenses | | (6,719 | ) | (6,894 | ) | (19,693 | ) | (19,415 | ) |
Property net operating income (NOI) | | $ | 12,937 | | $ | 11,544 | | $ | 38,611 | | $ | 36,542 | |
| | | | | | | | | |
Reconciliation of NOI to Net Income: | | | | | | | | | |
| | | | | | | | | |
Property net operating income | | $ | 12,937 | | $ | 11,544 | | $ | 38,611 | | $ | 36,542 | |
Depreciation and amortization | | (3,828 | ) | (3,552 | ) | (11,189 | ) | (10,570 | ) |
Acquisition costs | | (207 | ) | — | | (207 | ) | — | |
General and administrative | | (1,246 | ) | (746 | ) | (2,859 | ) | (2,238 | ) |
Operating income | | 7,656 | | 7,246 | | 24,356 | | 23,734 | |
| | | | | | | | | |
Interest income | | 1 | | 6 | | 45 | | 31 | |
Interest expense | | (1,472 | ) | (25 | ) | (3,832 | ) | (127 | ) |
Net income | | $ | 6,185 | | $ | 7,227 | | $ | 20,569 | | $ | 23,638 | |
(1) | Includes non cash straight line rent of approximately ($172,000) and ($128,000) for the three months ended September 30, 2009 and 2008, respectively, and ($397,000) and ($157,000) for the nine months ended September 30, 2009 and 2008, respectively. |
We compute NOI as shown above. We consider NOI to be an appropriate supplemental measure to net income because it helps both investors and management to understand the operations of our properties. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses NOI to evaluate individual and company wide property level performance. NOI excludes certain components from the calculation of net income in order to provide results that are more closely related to our properties’ results of operations. NOI does not represent cash generated by operating activities in accordance with GAAP, and should not be considered an alternative to net income, net income available or cash flow from operating activities as a measure of financial performance.
14
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
CALCULATION OF FUNDS FROM OPERATIONS (FFO)
(amounts in thousands, except per share data)
| | For the Three Months Ended | | For the Nine Months Ended | |
| | 9/30/2009 | | 9/30/2008 | | 9/30/2009 | | 9/30/2008 | |
| | | | | | | | | |
Net income (1) | | $ | 6,185 | | $ | 7,227 | | $ | 20,569 | | $ | 23,638 | |
Plus: depreciation and amortization | | 3,828 | | 3,552 | | 11,189 | | 10,570 | |
Plus: acquisition costs | | 207 | | — | | 207 | | — | |
FFO available for common shareholders | | $ | 10,220 | | $ | 10,779 | | $ | 31,965 | | $ | 34,208 | |
| | | | | | | | | |
Weighted average common shares outstanding | | 21,455 | | — | | 12,852 | | — | |
| | | | | | | | | |
FFO available for common shareholders per share | | $ | 0.48 | | N/A | | $ | 2.49 | | N/A | |
(1) | Includes non cash straight line rent of approximately ($172,000) and ($128,000) for the three months ended September 30, 2009 and 2008, respectively, and ($397,000) and ($157,000) for the nine months ended September 30, 2009 and 2008, respectively. |
We compute FFO as shown above. Our calculations of FFO differ from the National Association of Real Estate Investment Trusts, or NAREIT, definition because we exclude acquisition costs. We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, FFO can facilitate a comparison of operating performances among REITs. FFO does not represent cash generated by operating activities in accordance with GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO is one important factor considered by our Board of Trustees in determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our secured revolving credit facility, the availability of debt and equity capital to us and our expectations of future capital requirements and operating performance.
15
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
SAME PROPERTY RESULTS
(dollars and sq. ft. in thousands)
| | For the Three Months Ended (1) | | For the Nine Months Ended (2) | |
| | 9/30/2009 | | 9/30/2008 | | 9/30/2009 | | 9/30/2008 | |
| | | | | | | | | |
Properties | | 29 | | 29 | | 29 | | 29 | |
Total sq. ft. | | 3,294 | | 3,294 | | 3,294 | | 3,294 | |
Percent leased (3) | | 99.6 | % | 99.6 | % | 99.6 | % | 99.6 | % |
Rental income | | $ | 19,406 | | $ | 18,438 | | $ | 58,054 | | $ | 55,957 | |
Property net operating income (NOI) (4) | | $ | 12,747 | | $ | 11,545 | | $ | 38,451 | | $ | 36,542 | |
NOI % growth | | 10.4 | % | | | 5.2 | % | | |
(1) | Based on properties owned continuously since 7/1/2008. |
(2) | Based on properties owned continuously since 1/1/2008 by us or by our predecessor. |
(3) | Percent leased includes (i) space being fitted out for occupancy pursuant to signed leases and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants. |
(4) | Property net operating income, or NOI, is defined as property rental income less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to net income. |
16
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
DEBT SUMMARY
(dollars in thousands)
| | | | Interest | | Principal | | Maturity | | Years to | |
| | | | Rate | | Balance | | Date | | Maturity | |
| | | | | | | | | | | |
$250 million secured revolving credit facility | | (LIBOR, subject to a 2.00% floor, or another specified index plus a margin, which varies based upon our leverage) | | 5.00 | % | $ | 65,375 | | 4/24/2012 | | 2.6 | |
| | | | | | | | | | | | |
17
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
LEVERAGE RATIOS AND COVERAGE RATIOS
| | As of and For the Three Months
Ended | |
| | 9/30/2009 | | 6/30/2009 | |
Leverage Ratios: | | | | | |
| | | | | |
Total debt / total assets | | 14.9 | % | 10.6 | % |
Total debt / gross book value of real estate assets (1) | | 12.5 | % | 8.7 | % |
Total debt / total market capitalization | | 11.2 | % | 9.1 | % |
Total debt / total book capitalization | | 15.2 | % | 10.9 | % |
Secured debt / total assets | | 14.9 | % | 10.6 | % |
| | | | | |
Coverage Ratios: | | | | | |
| | | | | |
EBITDA / interest expense | | 7.8 | x | 5.1 | x |
(1) | Gross book value of real estate assets is real estate properties, at cost, including acquired real estate leases, net, and the value of in place leases less impairment writedowns, if any. |
18
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
TENANT IMPROVEMENTS, LEASING COSTS AND CAPITAL IMPROVEMENTS
(dollars and sq. ft. in thousands, except per sq. ft. data)
| | For the Three Months Ended | |
| | 9/30/2009 | | 6/30/2009 | | 3/31/2009 | | 12/31/2008 | | 9/30/2008 | |
Tenant improvements (TI) | | $ | 224 | | $ | 233 | | $ | 555 | | $ | 79 | | $ | 465 | |
Leasing costs (LC) | | 1 | | — | | — | | 210 | | 22 | |
Total TI and LC | | 225 | | 233 | | 555 | | 289 | | 487 | |
| | | | | | | | | | | |
Building improvements (1) | | 154 | | 133 | | 23 | | 24 | | — | |
Development, redevelopment and other activities (2) | | — | | — | | — | | 236 | | — | |
Total capital improvements, including TI and LC | | $ | 379 | | $ | 366 | | $ | 578 | | $ | 549 | | $ | 487 | |
| | | | | | | | | | | |
Sq. ft. beginning of period | | 3,304 | | 3,304 | | 3,304 | | 3,294 | | 3,294 | |
Sq. ft. end of period | | 3,626 | | 3,304 | | 3,304 | | 3,304 | | 3,294 | |
Average sq. ft. during period | | 3,465 | | 3,304 | | 3,304 | | 3,299 | | 3,294 | |
| | | | | | | | | | | |
Building improvements per average sq. ft. during period | | $ | 0.04 | | $ | 0.04 | | $ | 0.01 | | $ | 0.01 | | $ | — | |
(1) | Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. |
| |
(2) | Development, redevelopment and other activities generally include non-recurring expenditures or expenditures that we believe increase the value of our existing properties. |
19
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
2009 ACQUISITIONS INFORMATION
(dollars and sq. ft. in thousands, except per sq. ft. amounts)
| | | | | | | | | | | | | | Weighted | | | | | |
| | | | | | | | | | | | | | Average | | | | | |
| | | | | | | | | | Purchase | | | | Remaining | | | | | |
Date | | | | Number of | | | | Purchase | | Price (1) / | | Cap | | Lease | | Percent | | | |
Acquired | | | | Properties | | Sq. Ft. | | Price (1) | | Sq. Ft. | | Rate (2) | | Term (3) | | Leased (4) | | Major Tenant | |
| | | | | | | | | | | | | | | | | | | |
Aug-09 | | 10-12 Celina Drive, Nashua, NH | | 1 | | 322 | | $ | 18,200 | | $ | 56.52 | | 11.1 | % | 3.5 | | 100.0 | % | United States Postal Service | |
| | Q3 2009 Total / Weighted Average | | 1 | | 322 | | 18,200 | | 56.52 | | 11.1 | % | 3.5 | | 100.0 | % | | |
| | | | | | | | | | | | | | | | | | | |
| | Total / Weighted Average | | 1 | | 322 | | $ | 18,200 | | $ | 56.52 | | 11.1 | % | 3.5 | | 100.0 | % | | |
(1) | Represents the gross contract purchase or sale price and excludes closing costs and purchase price allocations. |
(2) | Represents the ratio of the estimated current GAAP based annual rental income less property operating expenses to the Purchase Price on the date of acquisition. |
(3) | Average remaining lease term based on rental income as of the date of acquisition. |
(4) | Percent leased as of the date of acquisition. |
20
PROPERTY AND LEASING INFORMATION
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
PROPERTY SCHEDULE
(dollars in thousands)
| | | | | | | | | | % NOI | |
| | | | | | | | | | Three Months | |
| | Location | | Sq Ft. | | % Sq. Ft. | | % Rental Income(1) | | ended 9/30/09 (2) | |
1 | | 20 Massachusetts Avenue, Washington DC | | 339,541 | | 9.4 | % | 18.2 | % | 17.7 | % |
2 | | 5045 East Butler Ave, Fresno CA | | 531,976 | | 14.7 | % | 11.5 | % | 14.8 | % |
3 | | 1401 Rockville Pike, Rockville MD | | 188,444 | | 5.2 | % | 8.4 | % | 8.4 | % |
4 | | 4241 & 4300 NE 34th Street, Kansas City MO | | 98,073 | | 2.7 | % | 2.0 | % | 5.4 | % |
5 | | 201 Indianola Avenue, Phoenix AZ | | 97,145 | | 2.7 | % | 4.6 | % | 4.5 | % |
6 | | 12 Executive Park Drive, Atlanta GA | | 128,390 | | 3.5 | % | 4.1 | % | 4.4 | % |
7 | | 5600 Columbia Pike, Falls Church VA | | 164,746 | | 4.5 | % | 4.6 | % | 4.3 | % |
8 | | 4560 Viewridge Road, San Diego CA | | 147,955 | | 4.0 | % | 4.1 | % | 4.2 | % |
9 | | 8 Corporate Boulevard, Atlanta GA | | 151,252 | | 4.2 | % | 4.6 | % | 4.1 | % |
10 | | 130-138 Delaware Avenue, Buffalo NY | | 124,647 | | 3.4 | % | 3.6 | % | 3.1 | % |
11 | | 2420 Stevens Center Place, Richland WA | | 92,914 | | 2.6 | % | 2.5 | % | 2.6 | % |
12 | | 7401 West Mansfield, Lakewood CO | | 70,884 | | 2.0 | % | 2.3 | % | 2.3 | % |
13 | | 16194 West 45th Street, Golden CO | | 43,232 | | 1.2 | % | 2.0 | % | 2.2 | % |
14 | | 9797 Aero Drive, San Diego CA | | 94,272 | | 2.6 | % | 2.4 | % | 1.8 | % |
15 | | 7301 West Mansfield, Lakewood CO | | 70,904 | | 2.0 | % | 1.9 | % | 1.8 | % |
16 | | 701 Clay Rd., Waco TX | | 137,782 | | 3.8 | % | 2.7 | % | 1.8 | % |
17 | | 12 Corporate Boulevard, Atlanta GA | | 99,084 | | 2.7 | % | 1.8 | % | 1.7 | % |
18 | | 7201 West Mansfield, Lakewood CO | | 71,208 | | 2.0 | % | 1.9 | % | 1.6 | % |
19 | | 20400 Century Boulevard, Germantown MD | | 80,550 | | 2.2 | % | 1.6 | % | 1.6 | % |
20 | | 5353 Yellowstone Road, Cheyenne WY | | 122,647 | | 3.4 | % | 1.9 | % | 1.6 | % |
21 | | 9174 Sky Park Centre, San Diego CA | | 43,918 | | 1.2 | % | 1.3 | % | 1.5 | % |
22 | | 10-12 Celina Drive, Nashua, NH | | 321,800 | | 8.9 | % | 3.4 | % | 1.4 | % |
23 | | 4201 Patterson Ave, Baltimore MD | | 84,674 | | 2.3 | % | 1.6 | % | 1.3 | % |
24 | | 2430 Stevens Center Place, Richland WA | | 47,238 | | 1.3 | % | 1.3 | % | 1.3 | % |
25 | | 110 Centerview Drive, Columbia SC | | 71,580 | | 2.0 | % | 1.4 | % | 1.2 | % |
26 | | 2645 and 2655 Long Lake Road, Roseville MN | | 61,426 | | 1.7 | % | 1.3 | % | 1.1 | % |
27 | | 1 Corporate Boulevard, Atlanta, GA | | 37,554 | | 1.0 | % | 0.9 | % | 0.9 | % |
28 | | 10 Corporate Boulevard, Atlanta GA | | 32,828 | | 0.9 | % | 0.6 | % | 0.6 | % |
29 | | 11 Corporate Boulevard, Atlanta GA | | 32,158 | | 0.9 | % | 0.6 | % | 0.5 | % |
30 | | 882 TJ Jackson Drive, Falling Waters WV | | 36,818 | | 1.0 | % | 0.9 | % | 0.3 | % |
| | | | | | | | | | | |
| | | | 3,625,640 | | 100.0 | % | 100.0 | % | 100.0 | % |
(1) | Rental income is the annualized rent from tenants pursuant to signed leases as of 9/30/2009, plus expense reimbursements; excludes lease value amortization. |
(2) | Property net operating income, or NOI, is defined as property rental income less property operating expenses; see page 14 for the calculation and reconciliation of NOI to net income. |
22
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
TENANT LIST
(sq. ft. in thousands)
| | | | | | % of Total | | % of Rental | |
Tenant | | Sq. Ft. (1) | | Sq. Ft. (1) | | Income (2) | |
| | US Government: | | | | | | | |
1 | | Centers for Disease Control | | 481 | | 13.3 | % | 12.6 | % |
2 | | Internal Revenue Service | | 532 | | 14.6 | % | 11.5 | % |
3 | | Department of Justice | | 229 | | 6.3 | % | 11.4 | % |
4 | | Immigration and Customs Enforcement | | 235 | | 6.4 | % | 10.4 | % |
5 | | Federal Bureau of Investigation | | 191 | | 5.3 | % | 7.0 | % |
6 | | Department of Energy | | 206 | | 5.7 | % | 5.4 | % |
7 | | Food and Drug Administration | | 101 | | 2.8 | % | 4.5 | % |
8 | | Defense Information Systems Agency | | 163 | | 4.5 | % | 4.4 | % |
9 | | Bureau of Reclamation | | 142 | | 3.9 | % | 4.1 | % |
10 | | Drug Enforcement Administration | | 148 | | 4.1 | % | 3.9 | % |
11 | | Department of Veterans Affairs | | 175 | | 4.8 | % | 3.6 | % |
12 | | United States Postal Service | | 322 | | 8.9 | % | 3.4 | % |
13 | | Department of the Interior | | 71 | | 2.0 | % | 2.3 | % |
14 | | Financial Management Service | | 98 | | 2.7 | % | 2.0 | % |
15 | | Environmental Protection Agency | | 43 | | 1.2 | % | 2.0 | % |
16 | | Bureau of Land Management | | 123 | | 3.4 | % | 1.9 | % |
| | | | | | | | | |
| | State Government: | | | | | | | |
1 | | State of Maryland Health & Human Services | | 85 | | 2.3 | % | 1.6 | % |
2 | | State of Minnesota - Lottery | | 61 | | 1.7 | % | 1.3 | % |
3 | | State of California - Department of Motor Vehicles & Department of Water Quality Control | | 44 | | 1.2 | % | 1.3 | % |
4 | | State of South Carolina | | 72 | | 2.0 | % | 1.4 | % |
| | | | | | | | | |
| | 11 Non-government Tenants | | 89 | | 2.5 | % | 4.0 | % |
| | | | | | | | | |
| | Subtotal Leased Square Feet | | 3,611 | | 99.6 | % | 100.0 | % |
| | | | | | | | | |
| | Available for Lease | | 15 | | 0.4 | % | — | |
| | | | | | | | | |
| | Total Square Feet | | 3,626 | | 100.0 | % | 100.0 | % |
(1) | Sq. ft. is pursuant to signed leases as of 9/30/2009, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease, if any. |
(2) | Rental income is annualized rent from tenants pursuant to signed leases as of 9/30/2009, plus expense reimbursements; excludes lease value amortization. |
23
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
OCCUPANCY AND LEASING SUMMARY
(dollars and sq. ft. in thousands, except per sq. ft. data)
| | As of and For the Three Months Ended | |
| | 9/30/2009 | | 6/30/2009 | | 3/31/2009 | | 12/31/2008 (3) | | 9/30/2008 | |
Properties | | 30 | | 29 | | 29 | | 29 | | 29 | |
Total sq. ft. (1) | | 3,626 | | 3,304 | | 3,304 | | 3,304 | | 3,294 | |
Percentage leased | | 99.6 | % | 99.3 | % | 99.3 | % | 99.3 | % | 99.6 | % |
| | | | | | | | | | | |
Leasing Activity (sq. ft.): | | | | | | | | | | | |
New leases | | 10 | | — | | — | | — | | 6 | |
Renewals | | — | | 4 | | 37 | | 197 | | — | |
Total | | 10 | | 4 | | 37 | | 197 | | 6 | |
| | | | | | | | | | | |
Capital Commitments (2): | | | | | | | | | | | |
New leases | | $ | 2 | | $ | — | | $ | — | | $ | — | | $ | 18 | |
Renewals | | — | | 8 | | — | | 480 | | — | |
Total | | $ | 2 | | $ | 8 | | $ | — | | $ | 480 | | $ | 18 | |
| | | | | | | | | | | |
Capital Commitments per Sq. Ft. (2): | | | | | | | | | | | |
New leases | | $ | 0.15 | | $ | — | | $ | — | | $ | — | | $ | 3.28 | |
Renewals | | $ | — | | $ | 1.94 | | $ | — | | $ | 2.44 | | $ | — | |
Total | | $ | 0.15 | | $ | 1.94 | | $ | — | | $ | 2.44 | | $ | 3.28 | |
| | | | | | | | | | | |
Weighted Average Lease Term by Sq. Ft. (years): | | | | | | | | | | | |
New leases | | 6.3 | | — | | — | | — | | 3.0 | |
Renewals | | — | | 3.7 | | 5.0 | | 5.0 | | — | |
Total | | 6.3 | | 3.7 | | 5.0 | | 5.0 | | 3.0 | |
| | | | | | | | | | | |
Capital Commitments per Sq. Ft. per Year: | | | | | | | | | | | |
New leases | | $ | 0.02 | | $ | — | | $ | — | | $ | — | | $ | 1.10 | |
Renewals | | $ | — | | $ | 0.53 | | $ | — | | $ | 0.49 | | $ | — | |
Total | | $ | 0.02 | | $ | 0.53 | | $ | — | | $ | 0.49 | | $ | 1.10 | |
(1) | Sq. ft. measurements are subject to modest changes when space is re-measured or re-configured for new tenants. |
(2) | Represents commitments to tenant improvements (TI) and leasing costs (LC). |
(3) | Sq. ft. changes resulted from the expansion of approximately 10,000 sq. ft. at a property |
The above leasing summary is based on leases executed during the periods indicated.
24
Government Properties Income Trust
Supplemental Operating and Financial Data
September 30, 2009
LEASE EXPIRATION SCHEDULE
(dollars and sq. ft. in thousands)
| | Sq. Ft.
Expiring (1) | | % of Sq. Ft.
Expiring | | Cumulative %
of Sq. Ft.
Expiring | | Rental Income
Expiring (2) | | % of Rental
Income Expiring | | Cumulative % of
Rental Income
Expiring | |
2009 | | — | | 0.0 | % | 0.0 | % | $ | — | | 0.0 | % | 0.0 | % |
2010 | | 69 | | 1.9 | % | 1.9 | % | 1,395 | | 1.8 | % | 1.8 | % |
2011 | | 598 | | 16.6 | % | 18.5 | % | 11,160 | | 14.5 | % | 16.3 | % |
2012 | | 729 | | 20.2 | % | 38.7 | % | 23,513 | | 30.5 | % | 46.8 | % |
2013 | | 969 | | 26.8 | % | 65.5 | % | 15,760 | | 20.4 | % | 67.2 | % |
2014 | | 261 | | 7.1 | % | 72.6 | % | 5,468 | | 7.1 | % | 74.3 | % |
2015 | | 457 | | 12.8 | % | 85.4 | % | 8,352 | | 10.8 | % | 85.1 | % |
2016 | | 196 | | 5.4 | % | 90.8 | % | 4,312 | | 5.6 | % | 90.7 | % |
2017 | | 138 | | 3.8 | % | 94.6 | % | 2,101 | | 2.7 | % | 93.4 | % |
2018 | | 43 | | 1.2 | % | 95.8 | % | 1,514 | | 2.0 | % | 95.4 | % |
2019 and thereafter | | 151 | | 4.2 | % | 100.0 | % | 3,582 | | 4.6 | % | 100.0 | % |
Total | | 3,611 | | 100.0 | % | | | $ | 77,157 | | 100.0 | % | | |
| | | | | | | | | | | | | |
Weighted average remaining lease term (in years) | | 4.2 | | | | | | 4.2 | | | | | |
(1) | Sq. ft. is pursuant to signed leases as of 9/30/2009, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease, if any. |
(2) | Rental income is annualized rent from tenants pursuant to signed leases as of 9/30/2009, plus expense reimbursements; excludes lease value amortization. |
25
