Select Income REIT, Inc. [Ticker Symbol has Changed]

Symbol: SIR, new symbol: OPI
CIK: 1537667
Exchange: NASDAQ
Founded: 2011 (8 years)
HQ: Newton, MA, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Office
Externally Managed REIT

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Rating Dividend Section - Analysis Description Avg. Rating
N/A Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last 3 years. 4.5
N/A Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 4.0
N/A Dividend to Payout Ratio Health: Analysis of the REIT’s Dividend to Payout Ratios during the last four quarters. 8.7
N/A Dividend to Payout Ratio Trend: Analysis of the REIT’s Dividend to Payout Ratios trend during the last two years. 8.1
N/A AFFO Trend: Analysis of the REIT’s AFFO trend during the last two years. 8.3

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

Hightlights of Previous Trading Day 2019-06-13

Closing Price: $7.36
Price Change: -0.19 (-2.517%)
Lowest Price: $6.87
Highest Price: $7.558

52-Week Low: $6.87
52-Week High: $25.18

5 Day Price Change: -55.20%
1 Month Price Change: -61.92%
3 Month Price Change: -65.59%
1 Year Price Change: -68.04%
2 Year Price Change: -63.95%
5 Year Price Change: -57.65%

See historical stock prices for SIR

Dividend of Previous Trading Day 2019-06-13

See complete list of dividend paymemts for SIR

Dividend Yield: 27.717%*
Annualized Dividend: $2.04*
Ex Dividend Date: 2018-10-26
Dividend Frequency: Quarterly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes.

Funds From Operations (FFO)

Dividend to Normalized FFO & FFO Payout Ratio
REITNotes' Dividend to FFO Payout Ratio graph is based on the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter.
FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information.

Stock Price to Normalized FFO & FFO Multiples (TTM)
REITNotes' Price to FFO (P/FFO) Multiples graph is calculated by dividing the REIT’s closing stock price for the day by the Trailing Twelve Month (TTM) Funds from Operations (FFO). For some REITs we also display the Price-to-Adjusted Funds From Operations (P/AFFO), Price-to-Core FFO (P/CFFO), Price-to-Normalized FFO (P/NFFO), Price-to-Modified FFO (P/MFFO), Price-to-Operating (P/FFO), depending on the data provided in the REIT’s Quarterly Earning Reports.

As you may be familiar with, the price-to-earnings ratio (P/E ratio) is a useful tool for investors to gauge the market's valuation of a company’s stock price. The price-to-FFO ratio (or multiple) is a comparable measure used in the REIT industry that compares the REIT’s stock price to its FFO per share instead of its earnings per share (EPS).

Key Stats of Previous Trading Day 2019-06-13

52-Week Low: $6.87
52-Week High: $25.18 [Compare]
P/E Ratio: 3.08 [Compare]
P/E Ratio High: 33.30 [Compare]
P/E Ratio Low: 8.40 [Compare]
Market Cap: $659,091,886 [Compare]
Shares Outstanding: 89,550,528 [Compare]
Float: 89,169,150 [Compare]
Latest Volume: 4,239,963 [Compare]
Avg. Total Volume: 1,009,663 [Compare]
Beta: 1.83 [Compare]
Return On Equity (ROE): 3.74% [Compare]
Return On Assets (ROA): 1.63% [Compare]
Number Of Estimates: 2.0
Revenue Per Share: $1.0 [Compare]
Revenue Per Employee: N/A [Compare]
Profit Margin: 18.52%
Price To Sales: 1.42 [Compare]
Price To Book: 0.330 [Compare]
Short Ratio: N/A [Compare]
TTM EPS: 2.390
50-Day Moving Avg.: $18.46
200-Day Moving Avg.: $19.45
Held by Insiders: 0.40%
Held by Institution: 73.40%*

*Percentage held by top 15 institutions.

Fundamental Ratios of Previous Quarter Results 2018-09-30

Book Value per Share: *Please Login [Compare]
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Debt to Equity Ratio: *Please Login [Compare]
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Earning Before Interest & Taxes (EBIT): *Please Login [Compare]
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Free Cash Flow per Share: *Please Login [Compare]
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Properties Owned by SIR

Properties owned:
Sample of REIT’s Properties (Image Source - REIT’s website) | See more pictures
SIR Sample Property
Website Logo See list of properties owned by SIR
Please visit this REIT’s official webpage to learn more.

Dividend History

Below are the most recent cash dividends paid by SIR, and the Ex-Dividend Date of the dividend. The percent difference from one dividend payment to the next has also been calculated for your convenience. See complete list of dividend payments for SIR.

Symbol Quarter Ex Date Cash Amount Change in Dividend

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Financial Statements Overview

Balance Sheet (Quarterly)

See Annual Balance Sheet | See Quarterly Balance Sheet

Amounts in USD ($)

Balance Sheet 2018-09-30 2018-06-30 2018-03-31 2017-12-31
Total Assets 4,721,499,000.00 4,683,850,000.00 4,669,009,000.00 5,303,030,000.00
Cash and Equivalents 26,385,000.00 33,049,000.00 32,496,000.00 658,897,000.00
Investments 0.00 0.00 0.00 0.00
Investments Current 0.00 0.00 0.00 0.00
Investments Non-Current 0.00 0.00 0.00 0.00
Deferred Revenue 0.00 0.00 0.00 0.00
Deposit Liabilities 9,370,000.00 8,483,000.00 8,412,000.00 8,346,000.00
Property, Plant & Equipment Net 3,941,895,000.00 3,925,593,000.00 3,893,929,000.00 3,911,445,000.00
Inventory 0.00 0.00 0.00 0.00
Tax Assets 0.00 0.00 0.00 0.00
Trade and Non-Trade Receivables 131,642,000.00 122,795,000.00 131,445,000.00 127,672,000.00
Trade and Non-Trade Payables 119,375,000.00 115,663,000.00 96,157,000.00 131,358,000.00
Goodwill and Intangible Assets 433,947,000.00 445,616,000.00 461,577,000.00 477,577,000.00
Total Liabilities 2,341,859,000.00 2,288,219,000.00 2,240,565,000.00 3,311,211,000.00
Shareholders Equity 2,061,556,000.00 2,077,159,000.00 2,110,595,000.00 1,991,819,000.00
Accumulated Retained Earnings (Deficit) -252,927,000.00 -236,762,000.00 -203,663,000.00 -242,637,000.00
Accumulated Other Comprehensive Income 863,000.00 687,000.00 1,440,000.00 52,665,000.00
Current Assets 0.00 0.00 0.00 0.00
Assets Non-Current 0.00 0.00 0.00 0.00
Current Liabilities 0.00 0.00 0.00 0.00
Liabilities Non-Current 0.00 0.00 0.00 0.00
Tax Liabilities 0.00 0.00 0.00 0.00
Total Debt 2,129,312,000.00 2,080,337,000.00 2,048,320,000.00 3,087,080,000.00
Debt Current 0.00 0.00 0.00 0.00
Debt Non-Current 0.00 0.00 0.00 0.00

Income Statement (Quarterly)

See Annual Income Statement | See Quarterly Income Statement

Amounts in USD ($)

Income Statement 2018-09-30 2018-06-30 2018-03-31 2017-12-31
Revenues 121,881,000.00 116,007,000.00 120,629,000.00 117,925,000.00
Cost of Revenue 27,332,000.00 26,060,000.00 27,070,000.00 25,491,000.00
Selling, General and Administrative Expense 15,331,000.00 18,081,000.00 13,941,000.00 30,160,000.00
Research and Development Expense 0.00 0.00 0.00 0.00
Operating Expenses 64,204,000.00 63,716,000.00 48,887,000.00 66,137,000.00
Interest Expense 23,287,000.00 22,667,000.00 23,492,000.00 24,592,000.00
Income Tax Expense 185,000.00 101,000.00 160,000.00 102,000.00
Net Income from Discontinued Operations 0.00 0.00 0.00 0.00
Consolidated Income 35,080,000.00 17,464,000.00 37,679,000.00 2,075,000.00
Net Income to Non-Controlling Interests 5,597,000.00 5,765,000.00 4,479,000.00 0.00
Net Income 29,483,000.00 11,699,000.00 33,200,000.00 2,075,000.00
Preferred Dividends Income Statement Impact 0.00 0.00 0.00 0.00
Net Income Common Stock 29,483,000.00 11,699,000.00 33,200,000.00 2,075,000.00
Earnings per Basic Share 0.33 0.13 0.37 0.02
Earnings per Diluted Share 0.33 0.13 0.37 0.02
Weighted Average Shares 89,410,000.00 89,393,000.00 89,382,000.00 89,381,000.00
Weighted Average Shares Diluted 89,437,000.00 89,416,000.00 89,390,000.00 89,388,000.00

Cash Flow

See Annual Cash Flow | See Quarterly Cash Flow

Amounts in USD ($)

Cash Flow 2018-09-30 2018-06-30 2018-03-31 2017-12-31
Capital Expenditure -51,963,000.00 -48,913,000.00 -1,438,000.00 -3,449,000.00
Net Cash Flow - Business Acquisitions and Disposals 0.00 0.00 0.00 0.00
Net Cash Flow - Investment Acquisitions and Disposals 0.00 0.00 0.00 0.00
Net Cash Flow from Financing -4,576,000.00 -20,040,000.00 -646,529,000.00 583,967,000.00
Issuance (Repayment) of Debt Securities 47,946,000.00 31,000,000.00 -1,045,183,000.00 629,605,000.00
Issuance (Purchase) of Equity Shares -267,000.00 0.00 -16,000.00 0.00
Payment of Dividends & Other Cash Distributions -45,648,000.00 -45,639,000.00 -45,639,000.00 -45,638,000.00
Net Cash Flow from Investing -51,963,000.00 -48,913,000.00 -1,438,000.00 -3,524,000.00
Net Cash Flow from Operations 49,875,000.00 69,506,000.00 21,566,000.00 60,121,000.00
Effect of Exchange Rate Changes on Cash 0.00 0.00 0.00 0.00
Net Cash Flow / Change in Cash & Cash Equivalents -6,664,000.00 553,000.00 -626,401,000.00 640,564,000.00
Share Based Compensation 0.00 0.00 0.00 0.00
Depreciation, Amortization & Accretion 34,387,000.00 34,056,000.00 34,050,000.00 33,998,000.00

About Select Income REIT, Inc.

Select Income REIT is a real estate investment trust, or REIT, which owns properties that are primarily net leased to single tenants. SIR is managed by The RMR Group LLC, the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR) and an alternative asset management company that is headquartered in Newton, MA.

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Member Opinions on Select Income REIT, Inc. *Login to write an opinion

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REITFocused is Bullish about SIR

Summary: Bullish Hold Fair Value Owns this stock
Although I own shares in Select Income REIT and plan to buy more stocks at a future date, at the moment, I will hold. This is because I want first to understand if their future dividends may be impacted by the high Dividend-to-Normalized FFO payout ratios in the last three quarters (Q2’18 113.3%, Q1’18 81.0%, Q4’17 130.8%), and additionally a Q2’18 occupancy of 87.5% for SIR owned properties (94.8% for consolidated portfolio). I am optimistic they will be able to address their vacancy levels in the short term. On the other hand, there are many things I do like about SIR, including their well-diversified office properties and their 69.2% common equity interest in ILPT. So I will wait for now before further investing, but remain bullish on SIR. - REITFocused - 2018-09-15 23:23:24 PDT

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