Equity Investment in Select Income REIT (Tables)

12 Months Ended

Dec. 31, 2015

SIR

Summarized Financial Data of Select Income Realty (SIR)

Consolidated Balance Sheets:

	December 31,		December 31,
	2015		2014
Real estate properties, net	$	3,954,889	$	1,772,510
Acquired real estate leases, net		566,195		120,700
Cash and cash equivalents		17,876		13,504
Rents receivable, net		99,307		68,385
Other assets, net		57,850		18,132
Total assets	$	4,696,117	$	1,993,231
Revolving credit facility	$	303,000	$	77,000
Term loan		350,000		350,000
Senior unsecured notes, net		1,435,632		-
Mortgage notes payable, net		286,747		18,816
Assumed real estate lease obligations, net		86,495		26,475
Other liabilities		137,283		40,493
Shareholders' equity		2,096,960		1,480,447
Total liabilities and shareholders' equity	$	4,696,117	$	1,993,231

Consolidated Statements of Income:

	Year Ended December 31,
	2015		2014		2013
Rental income	$	364,139	$	189,743	$	159,011
Tenant reimbursements and other income		64,226		32,937		29,312
Total revenues		428,365		222,680		188,323
Real estate taxes		37,460		22,202		20,271
Other operating expenses		41,953		18,597		16,111
Depreciation and amortization		122,906		41,054		31,091
Acquisition related costs		21,987		7,348		2,002
General and administrative		25,859		14,881		12,423
Total expenses		250,165		104,082		81,898
Operating income		178,200		118,598		106,425
Dividend income		1,666		-		-
Interest expense		(73,885)		(12,974)		(13,763)
(Loss) gain on early extinguishment of debt		(6,845)		243		-
Loss on distribution of The RMR Group Inc. common stock		(23,717)		-		-
Income before income tax (expense) benefit and equity in earnings of an investee		75,419		105,867		92,662
Income tax (expense) benefit		(515)		(175)		96
Equity in earnings of an investee		20		87		334
Income before gain on sale of property		74,924		105,779		93,092
Gain on sale of property		-		116		-
Net income		74,924		105,895		93,092
Net income allocated to noncontrolling interest		(176)		-		-
Net income attributed to SIR	$	74,748	$	105,895	$	93,092
Weighted average common shares outstanding (basic)		86,699		55,964		44,539
Weighted average common shares outstanding (diluted)		86,708		56,035		44,592
Basic and diluted net income attributed to SIR per common share	$	0.86	$	1.89	$	2.09