Office Properties Income Trust Q2 2024 Filing

TL;DR

**OPIC Q2 2024 filing out: Financials and operations update.**

AI Summary

Office Properties Income Trust (OPIC) filed a 10-Q for the period ending June 30, 2024. The filing details their financial performance and operational updates. Key financial data points such as revenue, net income, and asset values for the first six months of 2024 and comparative periods are presented.

Why It Matters

This filing provides investors with a crucial update on the financial health and operational status of Office Properties Income Trust, impacting investment decisions.

Risk Assessment

Risk Level: medium — Real estate investment trusts, especially those focused on office properties, face inherent risks related to market conditions, tenant occupancy, and interest rate fluctuations.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240731 — Filing Date (The date the document was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point to the prior fiscal year-end.)

Key Players & Entities

• Office Properties Income Trust (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date
• The RMR Group (company) — Associated with the business and mailing address
• Government Properties Income Trust (company) — Former company name

FAQ

Filing Documents

• opi-20240630.htm (10-Q) — 1427KB
• opi_63024x10qex311.htm (EX-31.1) — 10KB
• opi_63024x10qex312.htm (EX-31.2) — 10KB
• opi_63024x10qex313.htm (EX-31.3) — 10KB
• opi_63024x10qex314.htm (EX-31.4) — 10KB
• opi_63024x10qex321.htm (EX-32.1) — 8KB
• 0001456772-24-000043.txt ( ) — 5280KB
• opi-20240630.xsd (EX-101.SCH) — 36KB
• opi-20240630_cal.xml (EX-101.CAL) — 50KB
• opi-20240630_def.xml (EX-101.DEF) — 177KB
• opi-20240630_lab.xml (EX-101.LAB) — 413KB
• opi-20240630_pre.xml (EX-101.PRE) — 286KB
• opi-20240630_htm.xml (XML) — 542KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets — June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity — Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows — Six Months Ended June 30, 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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33 Warning Concerning Forward-Looking Statements 34 35 PART II. Other Information Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 6. Exhibits 36

Signatures

Signatures 38 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) June 30, 2024 December 31, 2023 ASSETS Real estate properties: Land $ 750,591 $ 786,310 Buildings and improvements 3,031,469 3,279,369 Total real estate properties, gross 3,782,060 4,065,679 Accumulated depreciation ( 610,698 ) ( 650,179 ) Total real estate properties, net 3,171,362 3,415,500 Assets of properties held for sale 117,815 37,310 Investments in unconsolidated joint ventures 17,718 18,128 Acquired real estate leases, net 225,312 263,498 Cash and cash equivalents 13,498 12,315 Restricted cash 20,889 14,399 Rents receivable 140,505 133,264 Deferred leasing costs, net 83,481 86,971 Other assets, net 9,276 8,284 Total assets $ 3,799,856 $ 3,989,669 LIABILITIES AND SHAREHOLDERS' EQUITY Unsecured debt, net $ 987,272 $ 2,400,478 Secured debt, net 1,320,571 172,131 Liabilities of properties held for sale 3,318 2,525 Accounts payable and other liabilities 142,443 140,166 Due to related persons 5,991 7,025 Assumed real estate lease obligations, net 10,562 11,665 Total liabilities 2,470,157 2,733,990 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $ .01 par value: 200,000,000 shares authorized, 50,258,636 and 48,755,415 shares issued and outstanding, respectively 503 488 Additional paid in capital 2,625,486 2,621,493 Cumulative net income 171,161 100,174 Cumulative common distributions ( 1,467,451 ) ( 1,466,476 ) Total shareholders' equity 1,329,699 1,255,679 Total liabilities and shareholders' equity $ 3,799,856 $ 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

View Full Filing

View this 10-Q filing on SEC EDGAR