Select Income REIT Comments on Letter from Lakewood Capital Management

Select Income REIT (NYSE: SIR) today issued the following statement in response to the letter from Lakewood Capital Management dated June 11, 2014:

“The SIR Board of Trustees is reviewing the letter from Lakewood Capital Management, welcomes the views of all shareholders and is open to constructive dialogue with shareholders. Since its IPO in March 2012, SIR has successfully executed its growth strategy and has delivered total returns to shareholders that have exceeded the SNL US REIT Equity Index by over 15 percent. The Board and management believe all their prior actions have been done in SIR’s best interest, and they are committed to continuing to do so.”

SIR is a real estate investment trust, or REIT, which owns and invests in properties that are primarily net leased to single tenants. As of March 31, 2014, SIR owned 48 properties (278 buildings, leasable land parcels and easements) with a total of approximately 26.1 million square feet located in 20 states, including 11 properties (229 buildings, leasable land parcels and easements) with approximately 17.8 million square feet which are primarily leasable industrial and commercial lands located on the island of Oahu, HI. SIR is headquartered in Newton, MA.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER WE USE WORDS SUCH AS "BELIEVE", "EXPECT", "ANTICIPATE", "INTEND", "PLAN", "ESTIMATE", OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE, THE FACT THAT SIR’S TOTAL RETURNS HAVE HISTORICALLY EXCEEDED THE SNL U.S. REIT EQUITY INDEX MAY IMPLY THAT AN INVESTMENT IN SIR MAY CONTINUE TO DO SO; HOWEVER, NO ASSURANCE CAN BE GIVEN REGARDING FUTURE RETURNS WHICH MAY BE REALIZED BY INVESTING IN SIR’S SECURITIES AND, IN FACT, INVESTORS IN SIR MAY SUFFER LOSSES.

INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS.