Office Properties Income Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Office Properties Income Trust (OPITQ) has filed its Q1 2024 10-Q report detailing financial performance and corporate information.</b>

AI Summary

OFFICE PROPERTIES INCOME TRUST (OPITQ) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Office Properties Income Trust (OPITQ) filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's business address is C/O The RMR Group, Two Newton Pl., 255 Wash. St., Ste. 300, Newton, MA 02458. The company was formerly known as Government Properties Income Trust. The filing includes data related to common stock, additional paid-in capital, retained earnings, and cumulative common distributions for various periods.

Why It Matters

For investors and stakeholders tracking OFFICE PROPERTIES INCOME TRUST, this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and operational updates for OPITQ, crucial for assessing the company's current health and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's financial position, including its equity structure and retained earnings, as of March 31, 2024.

Risk Assessment

Risk Level: medium — OFFICE PROPERTIES INCOME TRUST shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain forward-looking statements or significant new disclosures that would drastically alter risk perception without further analysis of the detailed financial tables and footnotes.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-Q to understand the specific drivers of the company's financial performance and any potential risks or opportunities.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 2023-01-01 — Q1 2023 Start Date (Comparison period)
• 2023-03-31 — Q1 2023 End Date (Comparison period)

Key Players & Entities

• OFFICE PROPERTIES INCOME TRUST (company) — Filer name
• OPITQ (company) — Ticker symbol
• GOVERNMENT PROPERTIES INCOME TRUST (company) — Former company name
• THE RMR GROUP (company) — Business and mail address contact
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date

FAQ

Industry Context

Office Properties Income Trust operates within the real estate sector, specifically focusing on office buildings. This sector is sensitive to economic conditions, tenant demand, and interest rate fluctuations.

Regulatory Implications

As a publicly traded company, OPITQ is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide investors with timely financial information.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Examine any disclosed revenue or expense trends from the income statement.
3. Review footnotes for details on debt, leases, and any significant contractual obligations.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — Indicates when the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and does not inherently represent a change from the previous filing's format or content type, but specific financial figures will differ.

Filing Documents

• opi-20240331.htm (10-Q) — 1096KB
• opi_33124x10qex311.htm (EX-31.1) — 10KB
• opi_33124x10qex312.htm (EX-31.2) — 10KB
• opi_33124x10qex313.htm (EX-31.3) — 10KB
• opi_33124x10qex314.htm (EX-31.4) — 10KB
• opi_33124x10qex321.htm (EX-32.1) — 8KB
• 0001456772-24-000035.txt (&nbsp;) — 4215KB
• opi-20240331.xsd (EX-101.SCH) — 30KB
• opi-20240331_cal.xml (EX-101.CAL) — 48KB
• opi-20240331_def.xml (EX-101.DEF) — 150KB
• opi-20240331_lab.xml (EX-101.LAB) — 359KB
• opi-20240331_pre.xml (EX-101.PRE) — 250KB
• opi-20240331_htm.xml (XML) — 356KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets — March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity — Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows — Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 31 Warning Concerning Forward-Looking Statements 31 32 PART II. Other Information Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 6. Exhibits 33

Signatures

Signatures 35 References in this Quarterly Report on Form 10-Q to "the Company", "OPI", "we", "us" or "our" include Office Properties Income Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise. 2 Table of Contents

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) March 31, 2024 December 31, 2023 ASSETS Real estate properties: Land $ 782,660 $ 786,310 Buildings and improvements 3,296,591 3,279,369 Total real estate properties, gross 4,079,251 4,065,679 Accumulated depreciation ( 678,278 ) ( 650,179 ) Total real estate properties, net 3,400,973 3,415,500 Assets of properties held for sale 11,888 37,310 Investments in unconsolidated joint ventures 17,898 18,128 Acquired real estate leases, net 244,502 263,498 Cash and cash equivalents 23,513 12,315 Restricted cash 20,593 14,399 Rents receivable 137,489 133,264 Deferred leasing costs, net 85,828 86,971 Other assets, net 15,246 8,284 Total assets $ 3,957,930 $ 3,989,669 LIABILITIES AND SHAREHOLDERS' EQUITY Unsecured debt, net $ 1,847,664 $ 2,400,478 Secured debt, net 731,563 172,131 Liabilities of properties held for sale 324 2,525 Accounts payable and other liabilities 109,665 140,166 Due to related persons 7,259 7,025 Assumed real estate lease obligations, net 11,091 11,665 Total liabilities 2,707,566 2,733,990 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $ .01 par value: 200,000,000 shares authorized, 48,754,546 and 48,755,415 shares issued and outstanding, respectively 488 488 Additional paid in capital 2,621,849 2,621,493 Cumulative net income 94,990 100,174 Cumulative common distributions ( 1,466,963 ) ( 1,466,476 ) Total shareholders' equity 1,250,364 1,255,679 Total liabilities and shareholders' equity $ 3,957,930 $ 3,989,669 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (amounts in thousands, except per share data) (unaudited) Three Months En

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View this 10-Q filing on SEC EDGAR