Equity Investment in Select Income REIT (Tables)

12 Months Ended

Dec. 31, 2017

SIR

Summarized Financial Data of Select Income Realty (SIR)

Consolidated Balance Sheets

	As of December 31,
	2017		2016
Real estate properties, net	$	3,905,616	$	3,899,792
Properties held for sale	5,829		—
Acquired real estate leases, net	477,577		506,298
Cash and cash equivalents	658,719		22,127
Rents receivable, net	127,672		124,089
Other assets, net	127,617		87,376
Total assets	$	5,303,030	$	4,639,682
Unsecured revolving credit facility	$	—	$	327,000
ILPT revolving credit facility	750,000		—
Unsecured term loan, net	348,870		348,373
Senior unsecured notes, net	1,777,425		1,430,300
Mortgage notes payable, net	210,785		245,643
Assumed real estate lease obligations, net	68,783		77,622
Other liabilities	155,348		136,782
Shareholders' equity	1,991,819		2,073,962
Total liabilities and shareholders' equity	$	5,303,030	$	4,639,682

Consolidated Statements of Income

	Year Ended December 31,
	2017			2016			2015
Rental income	$	392,285		$	387,015		$	364,139
Tenant reimbursements and other income	75,818			74,992			64,226
Total revenues	468,103			462,007			428,365
Real estate taxes	44,131			42,879			37,460
Other operating expenses	55,567			52,957			41,953
Depreciation and amortization	137,672			133,762			122,906
Acquisition and transaction related costs	1,075			306			21,987
General and administrative	54,818			28,602			25,859
Write-off of straight line rents receivable, net	12,517			5,484			—
Loss on asset impairment	4,047			—			—
Loss on impairment of real estate assets	229			—			—
Total expenses	310,056			263,990			250,165
Operating income	158,047			198,017			178,200
Dividend income	1,587			1,268			1,666
Interest expense	(92,870		)	(82,620		)	(73,885		)
Loss on early extinguishment of debt	—			—			(6,845		)
Loss on distribution to common shareholders of The RMR Group Inc. common stock	—			—			(23,717		)
Income before income tax expense and equity in earnings of an investee	66,764			116,665			75,419
Income tax expense	(466		)	(448		)	(515		)
Equity in earnings of an investee	608			137			20
Net income	66,906			116,354			74,924
Net income allocated to noncontrolling interest	—			(33		)	(176		)
Net income attributed to SIR	$	66,906		$	116,321		$	74,748
Weighted average common shares outstanding (basic)	89,351			89,304			86,699
Weighted average common shares outstanding (diluted)	89,370			89,324			$	86,708
Net income attributed to SIR per common share (basic and diluted)	$	0.75		$	1.30		$	0.86