Office Properties Income Trust · Q4 2020 earnings

Briefing

Announced fourth quarter and year end 2020 results, reporting a net loss of $1.7 million and normalized FFO of $61.8 million.

Office Properties Income Trust reported a net loss of $1.7 million, or $0.03 per share, for the fourth quarter of 2020. Normalized FFO was $61.8 million, or $1.28 per share, and CAD increased 6.5% year over year to $42.3 million, or $0.88 per share. Same Property Cash Basis NOI increased 5.1% year over year, and the company completed 2.0 million square feet of leasing in 2020 with a 6.9% roll-up in rents.

• Net loss for the quarter ended December 31, 2020 was $1.7 million, or $0.03 per diluted share.
• Normalized funds from operations, or Normalized FFO, and cash available for distribution, or CAD, for the quarter ended December 31, 2020 were $61.8 million, or $1.28 per diluted share, and $42.3 million, or $0.88 per diluted share, respectively.
• Same Property cash basis net operating income, or Cash Basis NOI, increased 5.1% for the quarter ended December 31, 2020 compared to the quarter ended December 31, 2019.
• Completed two million square feet of activity with an average lease term of over seven years and a roll-up in rents of 6.9%.

Headline financials

Revenue & EPS history

OPI's asset and property management teams remain focused on proactive tenant engagement to drive leasing and retention, along with management of property operations as tenants continue to advance their re-entry plans. With strong liquidity, including full availability on our $750 million revolving credit facility, OPI is well positioned to execute on growth activity through property acquisitions and select development and repositioning opportunities across our portfolio.