Office Properties Income Trust · Q1 2022 earnings

Briefing

Announced first quarter results with a net loss of $13.4 million and normalized FFO of $62.7 million.

Office Properties Income Trust reported a net loss of $13.4 million, or $0.28 per share, for the first quarter of 2022. Normalized FFO was $62.7 million, or $1.30 per share, and CAD was $51.0 million, or $1.06 per share. The company leased 572,000 square feet with a 5.1% roll-up in rents and a 10.7 year weighted average term.

• Completed 572,000 square feet of new and renewal leasing with a 5.1% weighted average roll up in rent and a more than 10 year weighted average lease term.
• Completed over one million square feet of new leasing during the past four quarters, ending the first quarter with same property occupancy greater than 91%.
• Normalized FFO and CAD both increased over the prior year period.
• Ended the first quarter with nearly $850 million of total liquidity.

Headline financials

Revenue & EPS history

OPI is maintaining its previously announced guidance for full year 2022 dispositions to be in the range of approximately $400 million to $500 million in aggregate proceeds.