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Select Income REIT Announces 2012 Fourth Quarter And Year End Results

Stocks in this article: SIR

Select Income REIT (NYSE: SIR) today announced financial results for the quarter and year ended December 31, 2012. SIR was formed on December 19, 2011 as a wholly owned subsidiary of CommonWealth REIT (NYSE: CWH), and SIR sold approximately 29.5% of its common shares in an initial public offering, or IPO, on March 12, 2012. Accordingly, SIR’s historical results of operations for the 2011 periods are not comparable to results reported for the current periods; similarly, SIR’s historical results for the years ended December 31, 2011 and 2012 are not comparable to the results which may be expected in future periods.

Results for the Quarter Ended December 31, 2012:

Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2012 were $23.6 million, compared to Normalized FFO for the quarter ended December 31, 2011 of $20.1 million. Normalized FFO per share for the quarter ended December 31, 2012 were $0.71 per share.

Net income was $17.2 million for the quarter ended December 31, 2012, compared to $17.2 million for the same quarter last year. Net income per share for the quarter ended December 31, 2012 was $0.52 per share.

The weighted average number of common shares outstanding was 33,070,092 for the quarter ended December 31, 2012. For the quarter ended December 31, 2011, SIR had only a nominal number of shares outstanding.

A reconciliation of net income determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended December 31, 2012 and 2011 appears later in this press release.

Results for the Year Ended December 31, 2012:

Normalized FFO for the year ended December 31, 2012 were $83.2 million, compared to Normalized FFO for the year ended December 31, 2011 of $80.1 million. Normalized FFO per share for the year ended December 31, 2012 were $3.07 per share.

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