Q2 2024 4RETURN TO TABLE OF CONTENTS OFFICE PROPERTIES INCOME TRUST ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS "During the second quarter, we made further progress on addressing our debt maturities and reduced OPI's total debt by nearly $300 million through a private debt exchange. We are under agreement to sell 12 properties for approximately $93.5 million which we hope to close by year end. With respect to leasing, we signed 208,000 square feet of new and renewal leases and finished the quarter with same property portfolio occupancy of approximately 90%. Looking ahead, we remain focused on tenant retention, attracting new tenants to our properties and continuing to evaluate strategies to navigate OPI's upcoming debt maturities." Yael Duffy, President and Chief Operating Officer Newton, MA (July 31, 2024). Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended June 30, 2024. Distribution OPI has declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 22, 2024. This distribution will be paid on or about August 15, 2024. Conference Call A conference call discussing OPI's second quarter results will be held on Thursday, August 1, 2024 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 328-1172 or (412) 317-5418 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (412) 317-0088; the replay pass code is 7665313. A live audio webcast of the conference call will also be available in a listen-only-mode on OPI’s website, at www.opireit.com. The archived webcast will be available for replay on OPI’s website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of OPI. About Office Properties Income Trust OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of June 30, 2024, approximately 61% of OPI's revenues were from investment grade rated tenants. OPI owned 151 properties as of June 30, 2024, with approximately 20.3 million square feet located in 30 states and Washington, D.C. In 2024, OPI was named as an Energy Star® Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of June 30, 2024, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.
Q2 2024 7RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 Selected Income Statement Data: Capitalization: Rental income $ 123,686 $ 139,435 $ 133,773 $ 133,361 $ 133,997 Total common shares (at end of period) 50,258,636 Net income (loss) $ 76,171 $ (5,184) $ (37,151) $ (19,593) $ (12,242) Closing price (at end of period) $ 2.04 NOI $ 76,046 $ 88,248 $ 80,871 $ 83,698 $ 85,720 Equity market capitalization (at end of period) $ 102,528 Adjusted EBITDAre $ 71,469 $ 73,799 $ 76,216 $ 78,910 $ 81,013 Debt (principal balance) 2,319,530 FFO $ 258,969 $ 48,183 $ 44,590 $ 33,269 $ 42,532 Total market capitalization $ 2,422,058 Normalized FFO $ 33,171 $ 38,317 $ 45,872 $ 49,404 $ 53,713 CAD $ (1,079) $ 22,340 $ 8,560 $ 17,353 $ 15,782 Liquidity: Rolling four quarter CAD $ 47,174 $ 64,035 $ 72,873 $ 74,113 $ 84,832 Cash and cash equivalents $ 13,498 Availability under $325,000 secured revolving credit facility (2) 147,000 Per Common Share Data (basic and diluted): Total liquidity $ 160,498 Net income (loss) $ 1.56 $ (0.11) $ (0.77) $ (0.41) $ (0.25) FFO $ 5.32 $ 0.99 $ 0.92 $ 0.69 $ 0.88 Normalized FFO $ 0.68 $ 0.79 $ 0.95 $ 1.02 $ 1.11 CAD $ (0.02) $ 0.46 $ 0.18 $ 0.36 $ 0.33 Rolling four quarter CAD $ 0.97 $ 1.32 $ 1.51 $ 1.54 $ 1.76 Dividends: Annualized dividends paid per common share during the period $ 0.04 $ 0.04 $ 1.00 $ 1.00 $ 1.00 Annualized dividend yield (at end of period) 2.0% 2.0% 13.7% 24.4% 13.0% Annualized normalized FFO payout ratio 1.5% 1.3% 26.3% 24.5% 22.5% Rolling four quarter CAD payout ratio (1) 4.1% 3.0% 65.8% 64.9% 56.8% Selected Balance Sheet Data: Total gross assets $ 4,410,554 $ 4,637,482 $ 4,639,848 $ 4,672,646 $ 4,633,357 Total assets $ 3,799,856 $ 3,957,930 $ 3,989,669 $ 4,044,990 $ 4,027,568 Total liabilities $ 2,470,157 $ 2,707,566 $ 2,733,990 $ 2,740,357 $ 2,691,613 Total shareholders' equity $ 1,329,699 $ 1,250,364 $ 1,255,679 $ 1,304,633 $ 1,335,955 (dollars in thousands, except per share data) Key Financial Data (1) Reflects the annualized dividends paid per common share during the period as a percentage of rolling four quarter CAD per common share. (2) Availability under OPI's secured revolving credit facility is subject to ongoing minimum performance and market values of the collateral properties and meeting required financial covenants.