Office Properties Income Trust · Q2 2021 earnings

Briefing

Announced second quarter 2021 results, featuring a net loss of $66.7 million and normalized FFO of $55.4 million.

Office Properties Income Trust reported a net loss of $66.7 million, or $1.38 per share, for the second quarter of 2021. Normalized FFO was $55.4 million, or $1.15 per share, and CAD was $33.8 million, or $0.70 per share. The company acquired two Class A urban core office properties for $550.0 million and leased 548,000 square feet with a 17.1% roll-up in rents.

• Net loss for the quarter ended June 30, 2021 was $66.7 million, or $1.38 per diluted share.
• Normalized funds from operations, or Normalized FFO, and cash available for distribution, or CAD, for the quarter ended June 30, 2021 were $55.4 million, or $1.15 per diluted share, and $33.8 million, or $0.70 per diluted share, respectively.
• Same Property cash basis net operating income, or Cash Basis NOI, decreased 3.1% for the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020.
• Leasing activity for the quarter ended June 30, 2021 was 548,000 square feet with a weighted average rental rate change of 17.1%.

Headline financials

Revenue & EPS history

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon OPI’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur.