OFFICE PROPERTIES INCOME TRUST OPINI Income Statement

Office properties income trust (OPINI)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Rental income
149,885	-	-	-	174,777	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revenues
-	-	167,411	176,032	-	-	106,102	108,085	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rental income
-	-	-	-	-	-	-	-	108,717	-	70,179	69,887	69,296	66,030	64,478	64,061	63,611	61,685	62,092	62,113	62,659	64,625	64,158	62,428	59,820	58,271	56,401	55,934	56,304	51,469	52,426	49,808	49,997	40,850	45,889	42,107	39,228	30,746	25,940
Expenses:
Real estate taxes
16,807	18,354	18,824	18,147	18,392	12,307	12,072	12,365	12,964	12,962	8,862	7,941	8,177	7,893	7,591	7,566	7,653	7,087	7,735	7,674	7,410	7,384	7,027	7,166	6,812	6,650	6,255	6,484	6,321	5,609	5,498	5,899	5,479	4,479	4,853	4,637	4,457	3,292	2,764
Utility expenses
7,012	7,933	9,518	7,470	9,381	5,934	7,783	6,018	6,690	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Utility expenses
-	-	-	-	-	-	-	-	-	-	-	-	4,606	-	5,483	3,673	4,174	-	5,194	4,001	4,571	4,297	5,327	4,049	5,696	4,052	5,355	3,860	3,849	3,442	4,801	3,793	3,731	2,496	4,375	3,540	3,507	2,836	1,733
Other operating expenses
25,880	30,739	30,376	29,692	30,136	23,389	21,785	21,599	22,837	21,303	14,867	15,187	13,992	14,259	13,854	13,266	12,911	13,744	12,281	12,190	12,210	12,396	11,685	10,860	11,041	11,846	10,169	9,798	9,321	9,904	9,171	9,232	8,767	7,699	7,893	7,260	6,921	5,147	3,963
Depreciation and amortization
62,943	63,512	74,939	73,913	77,521	33,044	42,569	42,671	44,204	47,639	20,781	20,663	20,505	18,440	18,404	17,985	18,324	17,021	17,161	17,299	17,215	17,339	17,636	16,191	15,427	14,738	14,032	13,603	13,326	12,628	12,537	11,995	11,910	9,914	10,379	9,097	8,386	6,321	5,401
Loss on impairment of real estate
0	8,150	8,521	2,380	3,204	2,830	0	-316	6,116	9,260	230	0	0	-	0	-	-	-	-	-	-	-	1,616	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition and transaction related costs
0	0	0	98	584	10,695	3,813	0	0	-	0	-	-	828	147	64	152	352	270	183	6	54	110	671	509	738	1,562	105	34	557	763	245	49	658	1,008	1,009	829	2,687	1,011
General and administrative
7,109	7,271	7,990	8,744	8,723	-11,516	22,383	4,449	9,606	6,532	3,266	5,087	3,962	3,547	3,816	4,008	3,526	3,395	3,714	3,713	4,004	4,272	4,329	4,111	3,097	3,361	2,941	3,229	3,179	2,713	3,529	2,680	3,002	2,814	2,746	2,566	2,343	1,833	1,623
Total expenses
119,751	135,959	150,168	140,444	147,941	76,683	110,405	86,786	102,417	104,508	53,414	53,050	51,242	48,906	49,295	46,562	46,740	45,749	46,355	45,060	45,416	46,142	47,730	43,048	42,582	41,385	40,314	37,079	36,030	34,853	36,299	33,844	32,938	28,060	31,254	28,109	26,443	22,116	16,495
Income (loss) before gain on sale of real estate
-	-	-	-	-	-	-	-	-	-	10,989	11,677	-	-	11,499	-	-	-	16,911	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate
10,756	71,593	11,463	-17	22,092	3,332	0	17,329	0	-	0	0	-	-	79	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating income
-	-	-	-	-	-	-	-	-	-	16,765	16,837	18,054	-	15,183	17,499	16,871	15,936	15,737	17,053	17,243	18,483	16,428	19,380	17,238	16,886	16,087	18,855	20,274	16,616	16,127	15,964	17,059	12,790	14,635	13,998	12,785	8,630	9,445
Dividend income
0	0	0	980	980	425	304	304	304	304	304	304	304	304	304	363	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on equity securities
0	0	0	-66,135	22,128	-48,229	17,425	10,321	12,931	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and other income
706	-	-	-	248	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income
-	-	358	241	-	234	140	149	116	119	1,715	67	61	95	47	10	6	0	2	0	12	1	10	8	50	17	10	4	6	8	7	6	8	15	54	20	15	12	16
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,283 and $2,841, respectively)
27,159	30,032	32,367	35,348	37,133	20,421	23,374	23,304	22,766	21,807	16,055	13,963	13,581	12,774	12,608	10,314	9,364	9,114	9,137	9,455	9,302	9,518	8,845	5,158	4,527	4,443	4,176	4,065	4,147	4,243	4,530	4,096	4,023	3,282	3,162	3,076	2,537	1,973	1,678
Loss on early extinguishment of debt
-3,282	0	-284	-71	-414	-709	0	0	0	-	-1,715	-	-	0	0	0	104	-	34	-	-	-	-541	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on issuance of shares by Select Income REIT
-	-	-	-	-	-	-	-	-	-	-	21	-	-	72	16	-	-	-21	-1,353	-40,771	-	-39	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on impairment of Select Income REIT investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	203,297	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income before income tax expense and equity in net losses of investees
11,155	65,984	-3,587	-64,762	34,737	-38,395	-9,808	26,098	-3,115	-18,743	1,014	3,266	4,838	4,740	2,998	7,574	7,617	240,707	6,615	-197,052	-32,818	8,186	7,013	14,230	12,761	12,460	11,921	14,794	16,133	12,145	11,719	11,950	13,089	9,412	11,555	10,988	10,300	6,704	7,760
Income tax expense
39	269	156	-130	483	-7	9	83	32	36	22	25	18	38	13	35	15	37	-13	32	30	-13	7	101	22	83	-36	43	43	40	30	44	45	109	-8	56	46	35	25
Equity in net losses of investees
-276	-686	-196	-142	-235	-1,157	94	-629	-577	-11,364	31	8,581	2,739	-27,865	8,668	9,400	9,934	-16,052	10,294	6,094	-316	6,032	4,910	118	-97	115	64	79	76	80	115	76	45	28	28	46	37	35	-23
Income (loss) from continuing operations
-	-	-3,939	-64,774	-	-39,545	-9,723	25,386	-3,724	-30,143	1,023	11,822	7,559	-23,163	11,653	16,939	17,536	224,618	16,922	-190,990	-33,164	14,231	11,916	14,247	12,642	12,492	12,021	14,830	16,166	12,421	11,689	11,906	13,044	-	-	-	-	-	-
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
-	-	0	0	-	-18,150	9,274	4,309	10,289	12,152	9,966	-145	-144	35,307	-154	-126	-149	-226,957	-11	-173	-206	-117	706	361	2,548	232	-10,055	374	8,560	770	67	48	15	-	-	-	-	-	-
Net income
10,840	65,029	-3,939	-64,774	34,019	-57,695	-449	29,695	6,565	-17,991	10,989	11,677	7,415	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other comprehensive income (loss):
Other comprehensive income (loss):
Unrealized loss on financial instrument
-61	-	-	-	-98	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gain (loss) on financial instrument
-	-	80	-269	-	-	0	0	0	-	3,279	-1,032	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gain on investment in equity securities
-	-	-	-	-	-	-	-	-	-	-	-	12,142	-	8,463	7,237	12,871	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in unrealized gain (loss) of investees
0	-197	-46	71	66	-159	126	34	-41	3,794	1,351	-332	4,615	936	3,273	2,606	4,544	-5,347	-355	131	58	-8	-45	22	19	17	14	-73	-8	-11	35	-1	-1	17	15	39	4	-	-
Other comprehensive loss
-61	-110	34	-198	-32	-159	126	34	-41	13,447	4,630	-1,364	16,757	2,830	11,736	9,843	17,415	-14,738	-355	131	58	-8	-45	22	19	17	14	-73	-8	-11	35	-1	-1	17	15	39	4	-	-
Comprehensive income
10,779	64,919	-3,905	-64,972	33,987	-57,854	-323	29,729	6,524	-4,544	15,619	10,313	24,172	14,895	23,314	26,656	34,802	-17,077	16,556	-191,032	-33,312	14,106	12,577	14,630	15,209	12,741	1,980	15,131	24,718	13,180	11,791	11,953	13,058	13,265	11,578	10,971	10,258	-	-
Net Income (Loss) Attributable to Parent
10,840	65,029	-3,939	-64,774	34,019	-57,695	-449	29,695	6,565	-17,991	10,989	11,677	7,415	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred units of limited partnership distributions
-	-	0	0	-	0	0	93	278	275	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Available to Common Stockholders, Basic
-	-	-3,939	-64,774	-	-57,695	-449	29,602	6,287	-18,266	10,989	11,677	7,415	12,065	11,578	16,813	17,387	-2,339	16,911	-191,163	-33,370	14,114	12,622	14,608	15,190	12,724	1,966	15,204	24,726	13,191	11,756	11,954	13,059	13,248	11,563	10,932	10,254	6,669	-
Net income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,735
Weighted Average Number of Shares Outstanding, Basic
48,095	48,095	48,073	48,049	48,031	25,029	24,768	24,763	24,760	-154,418	96,883	71,088	71,079	-142,071	71,054	71,038	71,031	-	71,004	70,485	-	70,473	65,481	54,659	54,639	54,426	54,684	54,669	54,645	52,974	47,108	47,098	47,052	47,143	45,322	40,506	40,501	36,369	31,261
Weighted Average Number of Shares Outstanding, Diluted
48,095	48,080	48,073	48,049	48,046	25,026	24,768	24,766	24,760	-154,539	96,958	71,119	71,094	-142,104	71,084	71,061	71,031	-	71,021	70,485	-	70,560	65,568	54,743	54,725	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common shares outstanding (basic and diluted)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	70,266	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Per common share amounts (basic and diluted):
Income (loss) from continuing operations (in dollars per share)
-	-	-0.08	-1.35	-	-1.60	-0.39	1.02	-0.16	-0.76	0.01	0.17	0.11	0.64	0.16	0.24	0.25	-	-	-	-	-	-	0.26	0.23	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) from continuing operations (basic) (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.24	-2.71	-0.47	-	0.18	-	-	0.23	0.22	0.27	0.30	0.23	0.25	0.25	0.28	-	-	-	-	-	-
Income (loss) from continuing operations (diluted) (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.18	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations (in dollars per share)
-	-	0.00	0.00	-	-0.73	0.37	0.17	0.42	0.93	0.10	0.00	0.00	1.96	0.00	0.00	0.00	-	0.00	-	-	-0.01	0.01	0.01	0.05	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (in dollars per share)
0.23	1.35	-0.08	-1.35	0.71	-2.33	-0.02	1.20	0.25	0.19	0.11	0.16	0.10	2.62	0.16	0.24	0.24	-0.03	0.24	-2.71	-0.47	-	0.19	-	0.28	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.18	0.01	0.16	-	-	-	-	-	-	-	-	-	-
Basic net income attributed to SIR per common share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.27	-	-	0.04	0.28	0.45	-	0.25	0.25	0.28	0.28	0.26	0.27	0.25	0.18	0.25
Diluted net income attributable to SIR per common share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.27	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-