Office Properties Income Trust Files 2024 10-K
Ticker: OPITQ · Form: 10-K · Filed: Feb 13, 2025 · CIK: 1456772
Sentiment: neutral
Topics: 10-K, real estate, annual report
TL;DR
OPIC filed its 2024 10-K. Check financials.
AI Summary
Office Properties Income Trust (OPIC) filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The filing details the company's real estate portfolio and financial performance. OPIC is incorporated in Maryland and its principal executive offices are located in Newton, MA, c/o The RMR Group.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Office Properties Income Trust's financial health, operational performance, and strategic outlook for the fiscal year 2024.
Risk Assessment
Risk Level: medium — This is a standard annual report filing providing historical financial data and business overview.
Key Numbers
- 2024-12-31 — Fiscal Year End (The end date for the reporting period.)
- 2025-02-13 — Filing Date (The date the 10-K was officially submitted to the SEC.)
- 2023-12-31 — Prior Year End (Comparison point for financial performance.)
Key Players & Entities
- Office Properties Income Trust (company) — Filer of the 10-K
- The RMR Group (company) — Associated with the business address and mail address
- 2024-12-31 (date) — Fiscal year end
- 2025-02-13 (date) — Filing date
- Maryland (state) — State of incorporation
- Newton, MA (location) — Business and mail address city and state
FAQ
What is the primary business of Office Properties Income Trust?
Office Properties Income Trust is primarily engaged in the real estate industry, as indicated by its SIC code [6500].
When did Office Properties Income Trust change its name from Government Properties Income Trust?
The company changed its name from Government Properties Income Trust on October 6, 2016.
Where are the principal executive offices of Office Properties Income Trust located?
The principal executive offices are located at Two Newton Place, 255 Wash. St., Ste. 300, Newton, MA 02458, c/o The RMR Group.
What is the SEC file number for Office Properties Income Trust?
The SEC file number for Office Properties Income Trust is 001-34364.
What is the fiscal year end for Office Properties Income Trust?
The fiscal year end for Office Properties Income Trust is December 31st.
Filing Stats: 4,590 words · 18 min read · ~15 pages · Grade level 16.6 · Accepted 2025-02-13 16:54:25
Key Financial Figures
- $2.04 — oximately $ 100.3 million bas ed on the $2.04 closing price per common share on The N
- $3.7 billion — eciated carrying value of approximately $3.7 billion and a depreciated carrying value of app
- $3.0 b — eciated carrying value of approximately $3.0 billion, excluding properties classified
Filing Documents
- opi-20241231.htm (10-K) — 3029KB
- opi_123124x10kex411.htm (EX-4.11) — 23KB
- opi_123124x10kex412.htm (EX-4.12) — 23KB
- opi_123124x10kex414.htm (EX-4.14) — 163KB
- opi_123124x10kex81.htm (EX-8.1) — 11KB
- opi_123124x10kex191.htm (EX-19.1) — 42KB
- opi_123124x10kex211.htm (EX-21.1) — 8KB
- opi_123124x10kex231.htm (EX-23.1) — 2KB
- opi_123124x10kex311.htm (EX-31.1) — 10KB
- opi_123124x10kex312.htm (EX-31.2) — 10KB
- opi_123124x10kex313.htm (EX-31.3) — 10KB
- opi_123124x10kex314.htm (EX-31.4) — 10KB
- opi_123124x10kex321.htm (EX-32.1) — 9KB
- image.jpg (GRAPHIC) — 7KB
- image_0.jpg (GRAPHIC) — 123KB
- image_13a.jpg (GRAPHIC) — 0KB
- 0001456772-25-000013.txt ( ) — 13929KB
- opi-20241231.xsd (EX-101.SCH) — 106KB
- opi-20241231_cal.xml (EX-101.CAL) — 67KB
- opi-20241231_def.xml (EX-101.DEF) — 485KB
- opi-20241231_lab.xml (EX-101.LAB) — 992KB
- opi-20241231_pre.xml (EX-101.PRE) — 690KB
- opi-20241231_htm.xml (XML) — 2153KB
Business
Business 1 Item 1A.
Risk Factors
Risk Factors 25 Item 1B. Unresolved Staff Comments 44 Item 1C. Cybersecurity 44 Item 2.
Properties
Properties 45 Item 3.
Legal Proceedings
Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [Reserved] 46 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 62 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 Item 9A.
Controls and Procedures
Controls and Procedures 62 Item 9B. Other Information 62 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III Item 10. Directors, Executive Officers and Corporate Governance 63 Item 11.
Executive Compensation
Executive Compensation 63 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accountant Fees and Services 63 Part IV Item 15. Exhibits and Financial Statement Schedules 64 Item 16. Form 10-K Summary 66
Signatures
Signatures iii Table of Contents PART I
Business
Item 1. Business Our Company We are a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2024, our wholly owned properties were comprised of 128 properties containing approximately 17.8 million rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 0.3 million rentable square feet. As of December 31, 2024, our properties have an undepreciated carrying value of approximately $3.7 billion and a depreciated carrying value of approximately $3.0 billion, excluding properties classified as held for sale. As of December 31, 2024, our properties were leased to 226 different tenants, with a weighted average remaining lease term (based on annualized rental income as defined below) of approximately 7.4 years. The U.S. government is our largest tenant, representing approximately 17.0% of our annualized rental income as of December 31, 2024. The term annualized rental income as used herein is defined as the annualized contractual base rents from our tenants pursuant to our lease agreements as of December 31, 2024, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. Our principal executive offices are located at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 219-1440. Our Business Strategy Our business plan is to focus on owning and leasing high-quality office and mixed-use properties in select, growth-oriented U.S. markets. We seek to diversify our revenue base across geographies with ownership in central business district, urban infill and suburban locations. Our approach emphasizes properties, markets or locations with high barriers to entry, qualities and characteristics to att