Net Income of $6.4 Million, or $0.13 Per Share
Normalized FFO of $54.5 Million, or$1.13 Per Share
Leased 705,000 Square Feet with a 10.1 Year Weighted Average Lease Term
2022 Annual Leasing Activity Yielded a 5.6% Roll Up in Rents
NEWTON, Mass.--(BUSINESS WIRE)-- Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended December 31, 2022.
Christopher Bilotto, President and Chief Operating Officer of OPI, made the following statement:
"OPI delivered strong fourth quarter results despite an evolving office landscape and rapidly changing economic conditions. Leasing volume totaled 705,000 square feet, resulting in our highest quarterly leasing activity in three years, net income was $0.13 per share and Normalized FFO of $1.13 per share exceeded the high end of our guidance range. This performance caps a year in which we achieved many of the operating targets that we set for OPI. In 2022, we completed 2.6 million square feet of leasing activity for a weighted average lease term of more than nine years and a roll up in rent of 5.6%. We sold non-core properties for more than $210 million of aggregate gross proceeds, and total portfolio occupancy increased approximately 110 basis points to 90.6%.
Heading into 2023, we will continue our focus on proactive leasing engagement, completing our two redevelopment projects, further refining our portfolio and reducing leverage. We believe we are well positioned to continue to navigate headwinds facing the office sector with nearly $570 million of liquidity, more than 90% of our debt being fixed rate and no senior notes maturing until mid-2024."
Quarterly Results:
| Three Months Ended December 31, | ||
| 2022 |
| 2021 |
|
|
|
|
Financial | (dollars in thousands, except per share data) | ||
Net income | $6,390 |
| $16,945 |
Net income per share | $0.13 |
| $0.35 |
Normalized FFO per share | $1.13 |
| $1.20 |
Same Property Cash Basis NOI | $81,379 |
| $82,513 |
| Three Months Ended December 31, 2022 |
Leasing activity for new and renewal leases (rentable square feet) | 705,000 |
Weighted average rental rate change (by rentable square feet) | (6.7%) |
Weighted average lease term (by rentable square feet) | 10.1 years |
Leasing concessions and capital commitments (per square foot per lease year) | $8.46 |
| As of | ||||
Percent Leased | December 31, 2022 |
| September 30, 2022 |
| December 31, 2021 |
All properties | 90.6% |
| 90.7% |
| 89.5% |
Same properties | 93.7% |
| 93.7% |
| 93.8% |
Reconciliations of net income (loss) determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, Normalized FFO, cash available for distribution, or CAD, net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to Same Property NOI and to Same Property Cash Basis NOI, for the quarters ended December 31, 2022 and 2021 appear later in this press release.
Disposition Activities:
Date of Sale |
| Location |
| Number of Properties |
| Rentable Square Feet |
| Gross Sales Price (1) (in thousands) |
| Gross Sales Price Per Sq. Ft. |
November 2022 |
| Kapolei, HI (2) |
| 1 |
| 109,000 |
| $ 4,000 |
| $ 36.70 |
November 2022 |
| Englewood, CO |
| 1 |
| 140,000 |
| 11,100 |
| $ 79.29 |
January 2023 |
| Richmond, VA |
| 3 |
| 89,000 |
| 5,350 |
| $ 60.11 |
|
|
|
| 5 |
| 338,000 |
| $ 20,450 |
| $ 60.50 |
Significant Redevelopment Activities:
Address |
| Location |
| Sq. Ft. |
| % Pre-leased |
| Estimated Project Costs (2) (in thousands) |
| Total Costs Incurred (in thousands) |
| Estimated Completion (3) |
20 Massachusetts Avenue |
| Washington, D.C. |
| 340,000 | (1) | 54% |
| $ 215,000 |
| $ 148,107 |
| Q2 2023 |
351, 401, 501 Elliott Ave West |
| Seattle, WA |
| 300,000 |
| 28% |
| 162,000 |
| 48,824 |
| Q4 2023 |
| 640,000 |
|
|
| $ 377,000 |
| $ 196,931 |
|
|
Liquidity and Financing Activities:
Conference Call:
On Thursday, February 16, 2023 at 10:00 a.m. Eastern Time, President and Chief Operating Officer, Christopher Bilotto, and Chief Financial Officer and Treasurer, Matthew Brown, will host a conference call to discuss OPI’s fourth quarter 2022 financial results.
The conference call telephone number is (877) 328-1172. Participants calling from outside the United States and Canada should dial (412) 317-5418. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, February 23, 2023. To access the replay, dial (412) 317-0088. The replay pass code is 8634702.
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. Participants wanting to access the webcast should visit OPI’s website about five minutes before the call. The archived webcast will be available for replay on OPI’s website following the call for about one week. The transcription, recording and retransmission in any way of OPI’s fourth quarter conference call are strictly prohibited without the prior written consent of OPI.
Supplemental Data:
A copy of OPI’s Fourth Quarter 2022 Supplemental Operating and Financial Data is available for download at OPI’s website, www.opireit.com. OPI’s website is not incorporated as part of this press release.
Non-GAAP Financial Measures:
OPI presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC, including FFO, Normalized FFO, CAD, NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of OPI’s operating performance or as measures of OPI’s liquidity. These measures should be considered in conjunction with net income (loss) as presented in OPI's consolidated statements of income (loss). OPI considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a real estate investment trust, or REIT, along with net income (loss). OPI believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of OPI’s operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of OPI's properties.
Please see the pages attached hereto for a more detailed statement of OPI’s operating results and financial condition and for an explanation of OPI’s calculation of FFO, Normalized FFO, CAD, NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI and a reconciliation of those amounts to amounts determined in accordance with GAAP.
About Office Properties Income Trust:
OPI is a national REIT focused on owning and leasing office properties primarily to single tenants and those with high credit quality characteristics. As of December 31, 2022, approximately 63% of OPI's revenues were from investment grade rated tenants. OPI owned and leased 160 properties as of December 31, 2022, with approximately 21.0 million square feet located in 30 states and Washington, D.C. In 2022, OPI was named as an Energy Star® Partner of the Year for the fifth consecutive year and a Gold Level Green Lease Leader. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of December 31, 2022, 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.
Office Properties Income TrustConsolidated Statements of Income (Loss) (amounts in thousands, except per share data) (unaudited)
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||
|
|
| 2022 |
|
|
| 2021 |
|
|
| 2022 |
|
|
| 2021 |
|
Rental income (1) |
| $ | 127,922 |
|
| $ | 147,287 |
|
| $ | 554,275 |
|
| $ | 576,482 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses: |
|
|
|
|
|
|
|
| ||||||||
Real estate taxes (1) |
|
| 8,202 |
|
|
| 19,837 |
|
|
| 57,844 |
|
|
| 71,970 |
|
Utility expenses |
|
| 6,334 |
|
|
| 6,120 |
|
|
| 27,005 |
|
|
| 25,251 |
|
Other operating expenses |
|
| 28,769 |
|
|
| 28,951 |
|
|
| 110,366 |
|
|
| 105,825 |
|
Depreciation and amortization |
|
| 51,571 |
|
|
| 62,503 |
|
|
| 222,564 |
|
|
| 241,494 |
|
Loss on impairment of real estate (2) |
|
| — |
|
|
| 6,566 |
|
|
| 21,820 |
|
|
| 62,420 |
|
Acquisition and transaction related costs (3) |
|
| 68 |
|
|
| — |
|
|
| 292 |
|
|
| — |
|
General and administrative (4) |
|
| 5,781 |
|
|
| 2,168 |
|
|
| 25,134 |
|
|
| 26,858 |
|
Total expenses |
|
| 100,725 |
|
|
| 126,145 |
|
|
| 465,025 |
|
|
| 533,818 |
|
|
|
|
|
|
|
|
|
| ||||||||
Gain on sale of real estate (5) |
|
| 3,564 |
|
|
| 24,200 |
|
|
| 11,001 |
|
|
| 78,354 |
|
Interest and other income |
|
| 144 |
|
|
| — |
|
|
| 217 |
|
|
| 7 |
|
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,188, $2,405, $9,134 and $9,771, respectively) |
|
| (24,557 | ) |
|
| (27,657 | ) |
|
| (103,480 | ) |
|
| (112,385 | ) |
Gain (loss) on early extinguishment of debt (6) |
|
| 759 |
|
|
| — |
|
|
| 682 |
|
|
| (14,068 | ) |
Income (loss) before income tax (expense) benefit and equity in net losses of investees |
|
| 7,107 |
|
|
| 17,685 |
|
|
| (2,330 | ) |
|
| (5,428 | ) |
Income tax (expense) benefit |
|
| 161 |
|
|
| 97 |
|
|
| (270 | ) |
|
| (251 | ) |
Equity in net losses of investees |
|
| (878 | ) |
|
| (837 | ) |
|
| (3,509 | ) |
|
| (2,501 | ) |
Net income (loss) |
| $ | 6,390 |
|
| $ | 16,945 |
|
| $ | (6,109 | ) |
| $ | (8,180 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Weighted average common shares outstanding (basic) |
|
| 48,334 |
|
|
| 48,243 |
|
|
| 48,278 |
|
|
| 48,195 |
|
Weighted average common shares outstanding (diluted) |
|
| 48,334 |
|
|
| 48,251 |
|
|
| 48,278 |
|
|
| 48,195 |
|
|
|
|
|
|
|
|
|
| ||||||||
Per common share amounts (basic and diluted): |
|
|
|
|
|
|
|
| ||||||||
Net income (loss) |
| $ | 0.13 |
|
| $ | 0.35 |
|
| $ | (0.14 | ) |
| $ | (0.17 | ) |
Office Properties Income TrustFunds from Operations, Normalized Funds from Operations and Cash Available for Distribution (amounts in thousands, except per share data) (unaudited)
|
|
|
|
|
|
|
|
| ||||||||
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||
|
|
| 2022 |
|
|
| 2021 |
|
|
| 2022 |
|
|
| 2021 |
|
Calculation of FFO, Normalized FFO and CAD (7)(8): |
|
|
|
|
|
| ||||||||||
Net income (loss) |
| $ | 6,390 |
|
| $ | 16,945 |
|
| $ | (6,109 | ) |
| $ | (8,180 | ) |
Add (less): Depreciation and amortization: |
|
|
|
|
|
|
|
| ||||||||
Consolidated properties |
|
| 51,571 |
|
|
| 62,503 |
|
|
| 222,564 |
|
|
| 241,494 |
|
Unconsolidated joint venture properties |
|
| 789 |
|
|
| 753 |
|
|
| 3,058 |
|
|
| 3,427 |
|
Loss on impairment of real estate (2) |
|
| — |
|
|
| 6,566 |
|
|
| 21,820 |
|
|
| 62,420 |
|
Gain on sale of real estate (5) |
|
| (3,564 | ) |
|
| (24,200 | ) |
|
| (11,001 | ) |
|
| (78,354 | ) |
FFO |
|
| 55,186 |
|
|
| 62,567 |
|
|
| 230,332 |
|
|
| 220,807 |
|
Add (less): Acquisition and transaction related costs (3) |
|
| 68 |
|
|
| — |
|
|
| 292 |
|
|
| — |
|
(Gain) loss on early extinguishment of debt (6) |
|
| (759 | ) |
|
| — |
|
|
| (682 | ) |
|
| 14,068 |
|
Business management incentive fees (4) |
|
| — |
|
|
| (4,484 | ) |
|
| — |
|
|
| — |
|
Normalized FFO |
|
| 54,495 |
|
|
| 58,083 |
|
|
| 229,942 |
|
|
| 234,875 |
|
Add (less): Non-cash expenses (9) |
|
| (1,464 | ) |
|
| (251 | ) |
|
| (2,761 | ) |
|
| 985 |
|
Distributions from unconsolidated joint ventures |
|
| — |
|
|
| 153 |
|
|
| 51 |
|
|
| 612 |
|
Depreciation and amortization - unconsolidated joint ventures |
|
| (789 | ) |
|
| (753 | ) |
|
| (3,058 | ) |
|
| (3,427 | ) |
Equity in net losses of investees |
|
| 878 |
|
|
| 837 |
|
|
| 3,509 |
|
|
| 2,501 |
|
Loss on early extinguishment of debt settled in cash |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (4,374 | ) |
Non-cash straight line rent adjustments included in rental income |
|
| (3,604 | ) |
|
| (2,240 | ) |
|
| (10,830 | ) |
|
| (15,368 | ) |
Lease value amortization included in rental income |
|
| 195 |
|
|
| 452 |
|
|
| 975 |
|
|
| 2,288 |
|
Net amortization of debt premiums, discounts and issuance costs |
|
| 2,188 |
|
|
| 2,405 |
|
|
| 9,134 |
|
|
| 9,771 |
|
Recurring capital expenditures |
|
| (42,099 | ) |
|
| (16,037 | ) |
|
| (100,261 | ) |
|
| (72,854 | ) |
CAD |
| $ | 9,800 |
|
| $ | 42,649 |
|
| $ | 126,701 |
|
| $ | 155,009 |
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted average common shares outstanding (basic) |
|
| 48,334 |
|
|
| 48,243 |
|
|
| 48,278 |
|
|
| 48,195 |
|
Weighted average common shares outstanding (diluted) |
|
| 48,334 |
|
|
| 48,251 |
|
|
| 48,278 |
|
|
| 48,195 |
|
|
|
|
|
|
|
|
|
| ||||||||
Per common share amounts (basic and diluted): |
|
|
|
|
|
|
|
| ||||||||
Net income (loss) |
| $ | 0.13 |
|
| $ | 0.35 |
|
| $ | (0.14 | ) |
| $ | (0.17 | ) |
FFO |
| $ | 1.14 |
|
| $ | 1.30 |
|
| $ | 4.77 |
|
| $ | 4.58 |
|
Normalized FFO |
| $ | 1.13 |
|
| $ | 1.20 |
|
| $ | 4.76 |
|
| $ | 4.87 |
|
CAD |
| $ | 0.20 |
|
| $ | 0.88 |
|
| $ | 2.62 |
|
| $ | 3.22 |
|
Distributions declared per share |
| $ | 0.55 |
|
| $ | 0.55 |
|
| $ | 2.20 |
|
| $ | 2.20 |
|
Office Properties Income TrustCalculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI (1) (amounts in thousands) (unaudited)
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||
|
|
| 2022 |
|
|
| 2021 |
|
|
| 2022 |
|
|
| 2021 |
|
Calculation of NOI and Cash Basis NOI: |
|
|
|
| ||||||||||||
Rental income |
| $ | 127,922 |
|
| $ | 147,287 |
|
| $ | 554,275 |
|
| $ | 576,482 |
|
Property operating expenses |
|
| (43,305 | ) |
|
| (54,908 | ) |
|
| (195,215 | ) |
|
| (203,046 | ) |
NOI |
|
| 84,617 |
|
|
| 92,379 |
|
|
| 359,060 |
|
|
| 373,436 |
|
Non-cash straight line rent adjustments included in rental income |
|
| (3,604 | ) |
|
| (2,240 | ) |
|
| (10,830 | ) |
|
| (15,368 | ) |
Lease value amortization included in rental income |
|
| 195 |
|
|
| 452 |
|
|
| 975 |
|
|
| 2,288 |
|
Lease termination fees included in rental income |
|
| (176 | ) |
|
| (761 | ) |
|
| (7,376 | ) |
|
| (816 | ) |
Non-cash amortization included in property operating expenses (2) |
|
| (121 | ) |
|
| (121 | ) |
|
| (484 | ) |
|
| (484 | ) |
Cash Basis NOI |
| $ | 80,911 |
|
| $ | 89,709 |
|
| $ | 341,345 |
|
| $ | 359,056 |
|
|
|
|
|
|
|
|
|
| ||||||||
Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: | ||||||||||||||||
Net income (loss) |
| $ | 6,390 |
|
| $ | 16,945 |
|
| $ | (6,109 | ) |
| $ | (8,180 | ) |
Equity in net losses of investees |
|
| 878 |
|
|
| 837 |
|
|
| 3,509 |
|
|
| 2,501 |
|
Income tax expense (benefit) |
|
| (161 | ) |
|
| (97 | ) |
|
| 270 |
|
|
| 251 |
|
Income (loss) before income tax expense (benefit) and equity in net losses of investees |
|
| 7,107 |
|
|
| 17,685 |
|
|
| (2,330 | ) |
|
| (5,428 | ) |
(Gain) loss on early extinguishment of debt |
|
| (759 | ) |
|
| — |
|
|
| (682 | ) |
|
| 14,068 |
|
Interest expense |
|
| 24,557 |
|
|
| 27,657 |
|
|
| 103,480 |
|
|
| 112,385 |
|
Interest and other income |
|
| (144 | ) |
|
| — |
|
|
| (217 | ) |
|
| (7 | ) |
Gain on sale of real estate |
|
| (3,564 | ) |
|
| (24,200 | ) |
|
| (11,001 | ) |
|
| (78,354 | ) |
General and administrative |
|
| 5,781 |
|
|
| 2,168 |
|
|
| 25,134 |
|
|
| 26,858 |
|
Acquisition and transaction related costs |
|
| 68 |
|
|
| — |
|
|
| 292 |
|
|
| — |
|
Loss on impairment of real estate |
|
| — |
|
|
| 6,566 |
|
|
| 21,820 |
|
|
| 62,420 |
|
Depreciation and amortization |
|
| 51,571 |
|
|
| 62,503 |
|
|
| 222,564 |
|
|
| 241,494 |
|
NOI |
|
| 84,617 |
|
|
| 92,379 |
|
|
| 359,060 |
|
|
| 373,436 |
|
Non-cash amortization included in property operating expenses (2) |
|
| (121 | ) |
|
| (121 | ) |
|
| (484 | ) |
|
| (484 | ) |
Lease termination fees included in rental income |
|
| (176 | ) |
|
| (761 | ) |
|
| (7,376 | ) |
|
| (816 | ) |
Lease value amortization included in rental income |
|
| 195 |
|
|
| 452 |
|
|
| 975 |
|
|
| 2,288 |
|
Non-cash straight line rent adjustments included in rental income |
|
| (3,604 | ) |
|
| (2,240 | ) |
|
| (10,830 | ) |
|
| (15,368 | ) |
Cash Basis NOI |
| $ | 80,911 |
|
| $ | 89,709 |
|
| $ | 341,345 |
|
| $ | 359,056 |
|
|
|
|
|
|
|
|
|
| ||||||||
Reconciliation of NOI to Same Property NOI (3) (4): |
|
|
|
|
|
|
|
| ||||||||
Rental income |
| $ | 127,922 |
|
| $ | 147,287 |
|
| $ | 554,275 |
|
| $ | 576,482 |
|
Property operating expenses |
|
| (43,305 | ) |
|
| (54,908 | ) |
|
| (195,215 | ) |
|
| (203,046 | ) |
NOI |
|
| 84,617 |
|
|
| 92,379 |
|
|
| 359,060 |
|
|
| 373,436 |
|
Less: NOI of properties not included in same property results |
|
| 458 |
|
|
| (7,556 | ) |
|
| (43,901 | ) |
|
| (52,823 | ) |
Same Property NOI |
| $ | 85,075 |
|
| $ | 84,823 |
|
| $ | 315,159 |
|
| $ | 320,613 |
|
|
|
|
|
|
|
|
|
| ||||||||
Calculation of Same Property Cash Basis NOI (3) (4): |
|
|
|
|
|
|
|
| ||||||||
Same Property NOI |
| $ | 85,075 |
|
| $ | 84,823 |
|
| $ | 315,159 |
|
| $ | 320,613 |
|
Add: Lease value amortization included in rental income |
|
| 195 |
|
|
| 357 |
|
|
| 1,456 |
|
|
| 2,016 |
|
Less: Non-cash straight line rent adjustments included in rental income |
|
| (3,606 | ) |
|
| (2,442 | ) |
|
| (9,445 | ) |
|
| (14,059 | ) |
Lease termination fees included in rental income |
|
| (176 | ) |
|
| (127 | ) |
|
| (3,641 | ) |
|
| (55 | ) |
Non-cash amortization included in property operating expenses (2) |
|
| (109 | ) |
|
| (98 | ) |
|
| (422 | ) |
|
| (371 | ) |
Same Property Cash Basis NOI |
| $ | 81,379 |
|
| $ | 82,513 |
|
| $ | 303,107 |
|
| $ | 308,144 |
|
Office Properties Income TrustConsolidated Balance Sheets (dollars in thousands, except per share data) (unaudited)
|
| December 31, | ||||||
|
|
| 2022 |
|
|
| 2021 |
|
ASSETS |
|
|
|
| ||||
Real estate properties: |
|
|
|
| ||||
Land |
| $ | 821,238 |
|
| $ | 874,108 |
|
Buildings and improvements |
|
| 3,114,836 |
|
|
| 3,036,978 |
|
Total real estate properties, gross |
|
| 3,936,074 |
|
|
| 3,911,086 |
|
Accumulated depreciation |
|
| (561,458 | ) |
|
| (495,912 | ) |
Total real estate properties, net |
|
| 3,374,616 |
|
|
| 3,415,174 |
|
Assets of properties held for sale |
|
| 2,516 |
|
|
| 26,598 |
|
Investments in unconsolidated joint ventures |
|
| 35,129 |
|
|
| 34,838 |
|
Acquired real estate leases, net |
|
| 369,333 |
|
|
| 505,629 |
|
Cash and cash equivalents |
|
| 12,249 |
|
|
| 83,026 |
|
Restricted cash |
|
| — |
|
|
| 1,489 |
|
Rents receivable |
|
| 105,639 |
|
|
| 112,886 |
|
Deferred leasing costs, net |
|
| 73,098 |
|
|
| 53,883 |
|
Other assets, net |
|
| 7,397 |
|
|
| 8,160 |
|
Total assets |
| $ | 3,979,977 |
|
| $ | 4,241,683 |
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
| ||||
Unsecured revolving credit facility |
| $ | 195,000 |
|
| $ | — |
|
Senior unsecured notes, net |
|
| 2,187,875 |
|
|
| 2,479,772 |
|
Mortgage notes payable, net |
|
| 49,917 |
|
|
| 98,178 |
|
Liabilities of properties held for sale |
|
| 73 |
|
|
| 594 |
|
Accounts payable and other liabilities |
|
| 140,151 |
|
|
| 142,609 |
|
Due to related persons |
|
| 6,469 |
|
|
| 6,787 |
|
Assumed real estate lease obligations, net |
|
| 14,157 |
|
|
| 17,034 |
|
Total liabilities |
|
| 2,593,642 |
|
|
| 2,744,974 |
|
|
|
|
|
| ||||
Commitments and contingencies |
|
|
|
| ||||
|
|
|
|
| ||||
Shareholders’ equity: |
|
|
|
| ||||
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,565,644 and 48,425,665 shares issued and outstanding, respectively |
|
| 486 |
|
|
| 484 |
|
Additional paid in capital |
|
| 2,619,532 |
|
|
| 2,617,169 |
|
Cumulative net income |
|
| 169,606 |
|
|
| 175,715 |
|
Cumulative common distributions |
|
| (1,403,289 | ) |
|
| (1,296,659 | ) |
Total shareholders’ equity |
|
| 1,386,335 |
|
|
| 1,496,709 |
|
Total liabilities and shareholders’ equity |
| $ | 3,979,977 |
|
| $ | 4,241,683 |
|
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever OPI uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, OPI is making forward-looking statements. These forward-looking statements are based upon OPI’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by OPI’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond OPI's control. For example:
The information contained in OPI’s filings with the SEC, including under “Risk Factors” in OPI’s periodic reports, or incorporated therein, identifies other important factors that could cause OPI’s actual results to differ materially from those stated in or implied by OPI’s forward-looking statements. OPI’s filings with the SEC are available on the SEC's website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, OPI does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005744/en/
Kevin Barry, Director, Investor Relations (617) 219-1410
Source: Office Properties Income Trust