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Select Income REIT Announces 2013 Third Quarter Results

Select Income REIT (NYSE: SIR) today announced financial results for the quarter and nine months ended September 30, 2013. SIR completed its initial public offering, or IPO, on March 12, 2012. Accordingly, SIR’s historical results of operations for the nine months ended September 30, 2013 are not comparable to results for the nine months ended September 30, 2012.

Results for the Quarter Ended September 30, 2013:

Normalized funds from operations, or Normalized FFO, for the quarter ended September 30, 2013 were $32.9 million, or $0.66 per share, compared to Normalized FFO for the quarter ended September 30, 2012 of $20.2 million, or $0.65 per share.

Net income was $23.6 million, or $0.47 per share, for the quarter ended September 30, 2013, compared to $15.7 million, or $0.50 per share, for the same quarter last year.

SIR’s weighted average number of common shares outstanding was 49,685,740 and 31,206,022 for the quarters ended September 30, 2013 and 2012, respectively.

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 September 30, 2013 and 2012 appears later in this press release.

Results for the Nine Months Ended September 30, 2013:

Normalized FFO for the nine months ended September 30, 2013 were $92.9 million, or $2.17 per share, compared to Normalized FFO for the nine months ended September 30, 2012 of $59.6 million, or $2.36 per share.

Net income was $69.0 million, or $1.61 per share, for the nine months ended September 30, 2013, compared to $48.7 million, or $1.93 per share, for the nine months ended September 30, 2012.

SIR’s weighted average number of common shares outstanding was 42,790,210 and 25,225,548 for the nine months ended September 30, 2013 and 2012, respectively.

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