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Select Income REIT Announces 2012 First Quarter Results

During the three months ended March 31, 2012, SIR entered lease renewals for approximately 146,000 square feet and new leases for approximately 96,000 square feet, which had combined weighted average rental rates that were 11.6% higher than prior rents for the same space. The weighted average lease term for new leases and lease renewals entered into during the first quarter of 2012 was 6.5 years. Commitments for tenant improvement, leasing commission costs and concessions for leases entered during the quarter ended March 31, 2012 totaled $1.34 per square foot on average. All leasing activity during the quarter ended March 31, 2012 occurred at properties located in Hawaii.

SIR executed rent resets at properties located in Hawaii for approximately 47,000 square feet of land during the quarter ended March 31, 2012, which had combined weighted average rental rates that were 52.0% higher than prior rents.

Investment Activities:

Since completing its IPO on March 12, 2012, SIR has entered agreements to acquire two properties for an aggregate purchase price of approximately $104.4 million, excluding closing costs:
  • In April 2012, SIR entered an agreement to acquire a 100% net leased, single tenant office building located in Provo, UT with 405,699 square feet. The purchase price is $85.5 million, excluding closing costs. This pending acquisition is subject to SIR’s satisfactory completion of diligence and other customary closing conditions; accordingly, SIR can provide no assurance that it will acquire this property.
  • Also in April 2012, SIR entered an agreement to acquire a 100% net leased, single tenant office building located in Englewood, CO with 140,162 square feet. The purchase price is $18.9 million, excluding closing costs. This pending acquisition is subject to SIR’s satisfactory completion of diligence and other customary closing conditions; accordingly, SIR can provide no assurance that it will acquire this property.

Financing Activities:

On March 12, 2012, SIR issued 9,200,000 common shares in connection with its IPO, including 1,200,000 shares issued when the underwriters exercised in full their over allotment option, at a price of $21.50 per share, raising net proceeds of approximately $181.0 million.

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