This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Select Income REIT Announces 2012 First Quarter Results



Select Income REIT
Consolidated Statements of Income
(amounts in thousands, except per share data)
Three Months Ended March 31,
2012   2011

Rental income


$ 24,074 $ 23,737

Tenant reimbursements and other income



  3,513     4,043

Total revenues


27,587 27,780

Real estate taxes


3,641 3,603

Other operating expenses


1,777 2,532

Depreciation and amortization


2,773 2,712

General and administrative


  1,404     1,456

Total expenses


  9,595     10,303
Operating income 17,992 17,477

Interest expense (including amortization of deferred financing

  fees of $53 and $0, respectively)


(337 ) -


Net income $ 17,655   $ 17,477
Weighted average common shares outstanding   13,205     -
Net income per common share $ 1.34   $ -
Select Income REIT
Funds from Operations
(amounts in thousands, except per share data)
For the Three Months Ended
  3/31/2012       3/31/2011
Net income $ 17,655 $ 17,477
Plus: depreciation and amortization   2,773   2,712
FFO (1)   20,428   20,189

(1) SIR calculates FFO as shown above. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or NAREIT, which, as applicable to SIR, is net income, calculated in accordance with GAAP, plus real estate depreciation and amortization. SIR considers FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. SIR believes 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 between periods. FFO is among the factors considered by SIR’s Board of Trustees when determining the amount of distributions, if any, to make to shareholders. Other factors include, but are not limited to, requirements to maintain SIR’s status as a REIT, limitations in SIR’s revolving credit facility, the availability of debt and equity capital to SIR and SIR’s expectation of its future capital requirements and operating performance. FFO does not represent cash generated by operating activities in accordance with GAAP and should not be considered as an alternative to net income, operating income or cash flow from operating activities, determined in accordance with GAAP, or as an indicator of SIR’s financial performance or liquidity, nor is this measure necessarily indicative of sufficient cash flow to fund all of SIR’s needs. SIR believes that FFO may facilitate an understanding of SIR’s consolidated historical operating results. FFO should be considered in conjunction with net income, operating income and cash flow from operating activities as presented in SIR’s Consolidated Statements of Income and Consolidated Statements of Cash Flows. Other REITs and real estate companies may calculate FFO differently than SIR.

Select Income REIT
Consolidated Balance Sheets
(amounts in thousands, except share data)




March 31,2012

December 31,2011



Real estate properties:
Land $ 614,702 $ 614,702
Buildings and improvements   292,850     292,634  
907,552 907,336
Accumulated depreciation   (38,189 )   (36,240 )
869,363 871,096
Acquired real estate leases, net 43,111 44,333
Cash and cash equivalents 18,358 -
Rents receivable, net 31,917 35,024
Deferred leasing costs, net 3,571 3,418
Deferred financing costs, net 4,116 -
Due from related persons 1,095 -
Other assets, net   3,698     661  
Total assets $ 975,229   $ 954,532  


Revolving credit facility $ 227,000 $ -
Accounts payable and accrued expenses 15,852 14,217
Assumed real estate lease obligations, net 20,582 21,005
Rents collected in advance 6,397 6,229
Security deposits   8,126     8,281  
Total liabilities   277,957     49,732  
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $0.01 par value:

50,000,000 shares authorized, 31,200,000 and 1,000  shares issued and outstanding, respectively

312 -
Additional paid in capital 693,928 -
Cumulative net income 3,032 -
Ownership Interest   -     904,800  
Total shareholders' equity   697,272     904,800  
Total liabilities and shareholders' equity $ 975,229   $ 954,532  

5 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs