NASDAQ$OPITQ
Office Properties Income Trust · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Office Properties Income Trust experienced a decrease in net income and Normalized FFO, but maintained a strong tenant base and liquidity position.
Office Properties Income Trust (OPI) reported a net income of $10.8 million, or $0.23 per diluted share, and Normalized FFO of $67.6 million, or $1.40 per diluted share, for the quarter ended March 31, 2020. The company completed 589,000 square feet of leasing and sold six properties for $85.4 million. OPI believes the near term impact to the company will not be material due to the strength of its tenant base and liquidity.
- Net income for Q1 2020 was $10.8 million, or $0.23 per diluted share.
- Normalized FFO for Q1 2020 was $67.6 million, or $1.40 per diluted share.
- CAD for Q1 2020 was $47.4 million, or $0.98 per diluted share.
- Completed 589,000 square feet of leasing in Q1 2020 for a 4.1% roll-up in rents.
Headline financials
Revenue & EPS history
OPI · Revenue · Quarterly
$0
Forward guidance
OPI anticipates that leasing activity for the second quarter of 2020 may slow, but also believes that overall tenant retention levels may increase due to the COVID-19 pandemic. OPI believes it will benefit from its investment grade tenants and the diversity of its tenant base.
Tailwinds
- Strong tenant base with approximately 62.2% of annualized rental income paid by investment grade tenants.
- More than half of annualized rental income comes from tenants in essential industries.
- Minimal exposure to at risk industries.
- Liquidity and low leverage provide safety for business.
- Well positioned to opportunistically deploy capital during 2020.
Headwinds
- Leasing activity for the second quarter of 2020 may slow.
- Tenants may be significantly adversely impacted by the COVID-19 pandemic.
- Government leases provide tenants with certain rights to terminate their lease early.
- Budgetary and other fiscal pressures may result in some governmental tenants terminating their leases early or not renewing their leases.
- Increased remote work arrangements may decline leasing demand for office space.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 1 quarterly earnings reports
-0.2%
Avg return
Earnings day
-2.9%
Avg return
5 days after
-3.1%
Avg return
30 days after
47%
30 / 64 earnings
Positive
+26.7%
Q1 2024
Best reaction
-16.1%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q3 2025 | +0.0% | -52.4% | -55.7% | |
| Q2 2025 | +0.0% | +0.0% | +0.0% | |
| Q1 2025 | -16.1% | +0.0% | +0.0% | |
| Q4 2024 | -5.5% | +0.0% | +0.0% | |
| Q3 2024 | -15.4% | +0.0% | +0.0% | |
| Q2 2024 | +7.7% | +0.0% | +0.0% | |
| Q1 2024 | +26.7% | +0.0% | +0.0% | |
| Q4 2023 | -1.3% | +0.0% | +0.0% | |
| Q3 2023 | +9.0% | +0.0% | +0.0% | |
| Q2 2023 | -3.3% | +0.0% | +0.0% | |
| Q1 2023 | -0.8% | +0.0% | +0.0% | |
| Q4 2022 | +6.2% | +0.0% | +0.0% | |
| Q3 2022 | +2.6% | +0.0% | +0.0% | |
| Q2 2022 | +3.4% | +0.0% | +0.0% | |
| Q1 2022 | -2.5% | +0.0% | +0.0% | |
| Q4 2021 | +2.2% | +0.0% | +0.0% | |
| Q3 2021 | -1.8% | +0.0% | +0.0% | |
| Q2 2021 | +0.5% | +0.0% | +0.0% | |
| Q1 2021 | -0.3% | — | — | |
| Q4 2020 | -1.0% | — | — | |
| Q3 2020 | +4.6% | — | — | |
| Q2 2020 | -0.1% | — | — | |
| Q1 2020 | -6.5% | — | — | |
| Q4 2019 | +4.7% | — | — | |
| Q3 2019 | +3.8% | — | — | |
| Q2 2019 | -1.8% | — | — | |
| Q1 2019 | +6.6% | — | — | |
| Q4 2018 | -5.6% | — | — | |
| Q3 2018 | +1.2% | — | — | |
| Q2 2018 | +4.0% | — | — | |
| Q1 2018 | +9.6% | — | — | |
| Q4 2017 | -7.5% | — | — | |
| Q3 2017 | +1.8% | — | — | |
| Q2 2017 | +0.6% | — | — | |
| Q1 2017 | -0.6% | — | — | |
| Q4 2016 | +3.3% | — | — | |
| Q3 2016 | -5.4% | — | — | |
| Q2 2016 | +5.7% | — | — | |
| Q1 2016 | +1.5% | — | — | |
| Q4 2015 | -1.3% | — | — | |
| Q3 2015 | -2.8% | — | — | |
| Q2 2015 | -1.0% | — | — | |
| Q1 2015 | -5.5% | — | — | |
| Q4 2014 | +2.6% | — | — | |
| Q3 2014 | -0.7% | — | — | |
| Q2 2014 | -1.8% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | +0.3% | — | — | |
| Q3 2013 | -1.9% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | +0.2% | — | — | |
| Q4 2012 | -1.1% | — | — | |
| Q3 2012 | +1.6% | — | — | |
| Q2 2012 | +1.7% | — | — | |
| Q1 2012 | -1.3% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q1 2010 | +0.3% | — | — | |
| Q3 2010 | -6.7% | — | — | |
| Q3 2011 | -6.7% | — | — | |
| Q2 2011 | -6.2% | — | — | |
| Q4 2010 | -6.2% | — | — | |
| Q2 2010 | -6.2% | — | — |
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