Select Income REIT (SIR) Reports Q2 EPS of $0.13

Select Income REIT (NASDAQ: SIR) reported Q2 EPS of $0.13, versus $0.26 reported last year. Revenue for the quarter came in at $116.01 million versus the consensus estimate of $116.46 million.

Results for the Quarter Ended June 30, 2018:

Net income attributed to SIR for the quarter ended June 30, 2018 was $11.7 million, or $0.13 per diluted share, compared to $26.7 million, or $0.30 per diluted share, for the same period last year. Net income attributed to SIR for the quarter ended June 30, 2018 includes:

• (1) an unrealized gain on equity securities of $13.5 million, or $0.15 per diluted share, related to SIR\'s investment in The RMR Group Inc., or RMR Inc., which is included in earnings in accordance with U.S. generally accepted accounting principles, or GAAP, effective January 1, 2018;
• (2) a reduction for the non-cash write-off of straight line rents receivable of $10.6 million, or $0.12 per diluted share, related to a lease associated with a tenant default;
• (3) a reduction for estimated business management incentive fees of $9.5 million, or $0.11 per diluted share;
• (4) a reduction for net income allocated to noncontrolling interest representing allocations to public shareholders of Industrial Logistics Properties Trust, or ILPT, SIR\'s majority owned consolidated subsidiary, of $5.8 million, or $0.06 per diluted share.

For earnings history and earnings-related data on Select Income REIT (SIR) click here.

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