Equity Investment in Select Income REIT (Tables) - SIR

3 Months Ended

Mar. 31, 2017

Condensed Consolidated Balance Sheets



	March 31,		December 31,
	2017		2016
Real estate properties, net	$	3,881,945	$	3,899,792
Acquired real estate leases, net	486,932		506,298
Cash and cash equivalents	18,101		22,127
Rents receivable, net	111,688		124,089
Other assets, net	115,399		87,376
Total assets	$	4,614,065	$	4,639,682

Unsecured revolving credit facility	$	342,000	$	327,000
Unsecured term loan, net	348,497		348,373
Senior unsecured notes, net	1,431,368		1,430,300
Mortgage notes payable, net	245,418		245,643
Assumed real estate lease obligations, net	75,411		77,622
Other liabilities	120,168		136,782
Shareholders' equity	2,051,203		2,073,962
Total liabilities and shareholders' equity	$	4,614,065	$	4,639,682

Condensed Consolidated Statements of Income



	Three Months Ended March 31,
	2017			2016
Rental income	$	97,344		$	97,860
Tenant reimbursements and other income	18,950			19,372
Total revenues	116,294			117,232

Real estate taxes	10,843			10,288
Other operating expenses	12,867			12,958
Depreciation and amortization	33,740			33,469
Acquisition related costs	—			58
General and administrative	14,888			6,976
Reserve for straight line rent receivable, net	12,517			—
Loss on asset impairment	4,047			—
Total expenses	88,902			63,749
Operating income	27,392			53,483

Dividend income	397			—
Interest expense	(21,087		)	(20,609		)
Income before income tax expense and equity in earnings of an investee	6,702			32,874
Income tax expense	(102		)	(139		)
Equity in earnings of an investee	128			77
Net income	6,728			32,812
Net income allocated to noncontrolling interest	—			(33		)
Net income attributed to SIR	$	6,728		$	32,779

Weighted average common shares outstanding (basic)	89,331			89,286
Weighted average common shares outstanding (diluted)	$	89,348		$	89,295
Net income attributed to SIR per common share (basic and diluted)	$	0.08		$	0.37