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Select Income's Q4'17 FFO falls 42% YOY

Select Income REIT disclosed funds from operations attributable to the company for the 2017 fourth quarter of $37.0 million, or 41 cents per share, a decrease of 41.5% in the aggregate from $63.2 million, or 71 cents per share, in the 2016 fourth quarter.

Normalized FFO attributable to the company for the quarter fell 45.2% on an annual basis to $34.8 million, or 39 cents per share, from $63.5 million, or 71 cents per share.

For the full year 2017, the company reported a 19.8% year-over-year decline in FFO. In the aggregate, results totaled $204.8 million, or $2.29 per share, compared with $255.5 million, or $2.86 per share, in 2016.

Normalized FFO for the full year was $209.9 million, or $2.35 per share, a 17.9% decrease from $255.8 million, or $2.86 per share, a year earlier.

For the fourth quarter, total revenues amounted to $117.9 million, a 2.7% gain from $114.8 million in the year-ago period. Revenues for the full year totaled $468.1 million, up 1.3% from $462.0 million in 2016.