Provo, UT

Exhibit 99.2

Office Properties Income Trust

First Quarter 2024

Financial Results and

Supplemental Information

May 1, 2024

Table of Contents

QUARTERLY RESULTS

Office Properties Income Trust Announces First Quarter 2024 Financial Results

4

First Quarter 2024 Highlights

5

FINANCIALS

Key Financial Data

7

Condensed Consolidated Statements of Income (Loss)

8

Condensed Consolidated Balance Sheets

9

Debt Summary

10

Debt Maturity Schedule

11

Leverage Ratios, Coverage Ratios and Public Debt Covenants

12

Capital Expenditures Summary and Significant Redevelopment Information

13

Property Dispositions

14

Investments in Unconsolidated Joint Ventures

15

PORTFOLIO INFORMATION

Summary Same Property Results

17

Occupancy and Leasing Summary

18

Tenant Diversity and Credit Characteristics

19

Tenants Representing 1% or More of Total Annualized Rental Income

20

Lease Expiration Schedule

21

APPENDIX

Company Profile and Research Coverage

23

Governance Information

24

Calculation and Reconciliation of NOI and Cash Basis NOI

25

Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI

26

Operating Metrics by Collateral Pool

27

Calculation of EBITDA, EBITDAre and Adjusted EBITDAre

28

Calculation of FFO, Normalized FFO and CAD

29

Non-GAAPFinancial Measures and Certain Definitions

30

WARNING CONCERNING FORWARD-LOOKINGSTATEMENTS

32

Trading Symbols:

Common Shares: OPI

Senior Unsecured Notes due 2050: OPINL

Investor Relations Contact:

Kevin Barry, Senior Director

  1. 219-1410kbarry@opireit.com ir@opireit.com

Corporate Headquarters:

Two Newton Place

255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634 www.opireit.com

All amounts in this presentation are unaudited.

Unless otherwise noted, all data presented in this presentation excludes three properties, which are encumbered by $82.0 million of mortgage notes, owned by two unconsolidated joint ventures in which OPI owned a 51% and 50% interest. See page 15for information regarding these joint ventures and related mortgage notes.

Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this presentation.

Q1 2024

2

Quarterly Results

OFFICE PROPERTIES INCOME TRUST ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS

"Despite significant operational headwinds that continue to impact the office sector, during the first quarter OPI completed 488,000 square feet of new and renewal leasing at a 10.2% roll-up in rent and a weighted average lease term of 9.3 years.

Additionally, OPI continued to advance its objectives by refinancing its revolving credit facility with $425 million of new credit facilities, issuing $300 million of senior secured notes to pay off all of its 2024 maturities and generating $39 million from asset sales. Looking ahead, we are focused on addressing $650 million of debt maturing in 2025, executing on select asset sales and continuing to lease space within our portfolio."

Yael Duffy, President and Chief Operating Officer

Newton, MA (May 1, 2024). Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended March 31, 2024.

Dividend

OPI has declared a quarterly dividend on its common shares of $0.01 per share to shareholders of record as of the close of business on April 22, 2024. This dividend will be paid on or about May 16, 2024.

Conference Call

A conference call discussing OPI's first quarter results will be held on Thursday, May 2, 2024 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 328-1172 or (412) 317-5418 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (412) 317-0088; the replay pass code is 4668950. A live audio webcast of the conference call will also be available in a listen-only-mode on OPI's website, at www.opireit.com. The archived webcast will be available for replay on OPI's website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of OPI.

About Office Properties Income Trust

OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of March 31, 2024, approximately 62% of OPI's revenues were from investment grade rated tenants. OPI owned 151 properties as of March 31, 2024, with approximately 20.3 million square feet located in 30 states and Washington, D.C. In 2024, OPI was named as an Energy Star® Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of March 31, 2024, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.

First Quarter 2024 Highlights

Portfolio

Update

Financial

Results

Investment

Activity

Financing Activities

  • Executed 488,000 square feet of total leasing at rental rates that were 10.2% higher than prior rental rates for the same space and a weighted average lease term of 9.3 years.
  • Lease renewals accounted for more than 90% of leasing activity, driven by U.S. government and state tenants.
  • Same property portfolio occupancy of 88.2% and a weighted average lease term of 6.6 years (by annualized revenue).
  • Achieved 2024 Energy Star Partner of the Year for the seventh consecutive year.
  • Net loss of $5.2 million, or $0.11 per common share.
  • Normalized FFO of $38.3 million, or $0.79 per common share.
  • Same property cash basis NOI of $67.9 million.
  • Sold one property in Chicago, IL consisting of approximately 248,000 square feet for a sales price of $38.5 million, excluding closing costs.
  • In April 2024, entered into an agreement to sell one property in Malden, MA consisting of approximately 126,000 square feet for a sales price of $7.8 million, excluding closing costs.
  • Refinanced revolving credit facility with new three-year, $325 million secured revolving credit facility and $100 million secured term loan.
  • Issued $300 million of 9.0% senior secured notes due 2029, or the 2029 Notes. The net proceeds from this issuance were approximately $271 million.
  • Redeemed, at par plus accrued interest, all of its $350 million of 4.25% senior unsecured notes due 2024 using proceeds from the 2029 Notes and borrowings under OPI's revolving credit facility.

Financials

Key Financial Data

(dollars in thousands, except per share data)

As of and for the Three Months Ended

3/31/2024

12/31/2023

9/30/2023

6/30/2023

3/31/2023

Selected Income Statement Data:

Rental income (1)

$

139,435

$

133,773

$

133,361

$

133,997

$

132,422

Net loss (1)

$

(5,184)

$

(37,151)

$

(19,593)

$

(12,242)

$

(446)

NOI (1)

$

88,248

$

80,871

$

83,698

$

85,720

$

83,772

Adjusted EBITDAre

$

73,799

$

76,216

$

78,910

$

81,013

$

78,487

FFO (1)

$

48,183

$

44,590

$

33,269

$

42,532

$

49,528

Normalized FFO

$

38,317

$

45,872

$

49,404

$

53,713

$

52,746

CAD (1)

$

22,340

$

8,560

$

17,353

$

15,782

$

31,178

Rolling four quarter CAD (1)

$

64,035

$

72,873

$

74,113

$

84,832

$

106,873

Per Common Share Data (basic and diluted):

Net loss (1)

$

(0.11)

$

(0.77)

$

(0.41)

$

(0.25)

$

(0.01)

FFO (1)

$

0.99

$

0.92

$

0.69

$

0.88

$

1.02

Normalized FFO

$

0.79

$

0.95

$

1.02

$

1.11

$

1.09

CAD (1)

$

0.46

$

0.18

$

0.36

$

0.33

$

0.65

Rolling four quarter CAD (1)

$

1.32

$

1.51

$

1.54

$

1.76

$

2.21

Dividends:

Annualized dividends paid per common share during the period

$

0.04

$

1.00

$

1.00

$

1.00

$

2.20

Annualized dividend yield (at end of period)

2.0%

13.7%

24.4%

13.0%

17.9%

Annualized normalized FFO payout ratio

1.3%

26.3%

24.5%

22.5%

50.5%

Rolling four quarter CAD payout ratio (1)(2)

3.0%

65.8%

64.9%

56.8%

99.5%

Selected Balance Sheet Data:

Total gross assets

$

4,637,482

$

4,639,848

$

4,672,646

$

4,633,357

$

4,591,512

Total assets

$

3,957,930

$

3,989,669

$

4,044,990

$

4,027,568

$

4,007,000

Total liabilities

$

2,707,566

$

2,733,990

$

2,740,357

$

2,691,613

$

2,647,359

Total shareholders' equity

$

1,250,364

$

1,255,679

$

1,304,633

$

1,335,955

$

1,359,641

As of

3/31/2024

Capitalization:

Total common shares (at end of period)

48,754,546

Closing price (at end of period)

$

2.04

Equity market capitalization (at end of period)

$

99,459

Debt (principal balance)

2,629,320

Total market capitalization

$

2,728,779

Liquidity:

Cash and cash equivalents

$

23,513

Availability under $325,000 secured revolving

135,000

credit facility (3)

Total liquidity

$

158,513

  1. Amounts presented for the three months ended March 31, 2024 include lease termination fee revenue of $10,524, or $0.22 per common share, related to a property that was sold in March 2024.
  2. Reflects the annualized dividends paid per common share during the period as a percentage of rolling four quarter CAD per common share.
  3. Availability under OPI's secured revolving credit facility is subject to ongoing minimum performance and market values of the collateral properties and meeting required financial covenants.

Condensed Consolidated Statements of Income (Loss)

(amounts in thousands, except per share data)

Three Months Ended March 31,

20242023

Rental income

$

139,435

$

132,422

Expenses:

Real estate taxes

15,709

15,333

Utility expenses

8,151

7,260

Other operating expenses

27,327

26,057

Depreciation and amortization

50,341

51,692

Acquisition and transaction related costs (1)

233

3,218

General and administrative

5,644

5,925

Total expenses

107,405

109,485

(Loss) gain on sale of real estate

(2,384)

2,548

Interest and other income

1,357

164

Interest expense (including net amortization of debt premiums, discounts and issuance costs of

(35,476)

(25,231)

$3,444 and $2,205, respectively)

Loss on early extinguishment of debt

(425)

-

(Loss) income before income tax expense and equity in net losses of investees

(4,898)

418

Income tax expense

(56)

(30)

Equity in net losses of investees

(230)

(834)

Net loss

$

(5,184)

$

(446)

Weighted average common shares outstanding (basic and diluted)

48,466

48,336

San Diego, CA

Per common share amounts (basic and diluted):

Net loss

$

(0.11)

$

Additional Data:

General and administrative expenses / total assets (at end of period)

0.14%

Non-cash straight line rent adjustments included in rental income

$

7,379

$

Lease value amortization included in rental income

$

33

$

Lease termination fees included in rental income

$

12,445

$

Non-cash amortization included in other operating expenses (2)

$

121

$

Non-cash amortization included in general and administrative expenses (2)

$

151

$

RETURN TO TABLE OF CONTENTS

(1)

Acquisition and transaction related costs consist of costs related to OPI's

(0.01)

evaluation of potential acquisitions, dispositions, financing and other

strategic transactions, including costs incurred in connection with OPI's

terminated merger with Diversified Healthcare Trust and related

0.15%

transactions.

(2)

OPI recorded a liability for the amount by which the estimated fair value for

4,173

accounting purposes exceeded the price OPI paid for its former

79

investment in The RMR Group Inc., or RMR Inc., common stock in June

99

2015. This liability is being amortized on a straight line basis through

121

December 31, 2035 as an allocated reduction to business management

151 fee expense and property management fee expense, which are included in general and administrative and other operating expenses, respectively.

Q1 2024

8

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share data)

March 31,

December 31,

2024

2023

ASSETS

Real estate properties:

Land

$

782,660

$

786,310

Buildings and improvements

3,296,591

3,279,369

Total real estate properties, gross

4,079,251

4,065,679

Accumulated depreciation

(678,278)

(650,179)

Total real estate properties, net

3,400,973

3,415,500

Assets of properties held for sale

11,888

37,310

Investments in unconsolidated joint ventures

17,898

18,128

Acquired real estate leases, net

244,502

263,498

Cash and cash equivalents

23,513

12,315

Restricted cash

20,593

14,399

Rents receivable

137,489

133,264

Deferred leasing costs, net

85,828

86,971

Other assets, net

15,246

8,284

Total assets

$

3,957,930

$

3,989,669

Washington, D.C.

LIABILITIES AND SHAREHOLDERS' EQUITY Unsecured debt, net

Secured debt, net

Liabilities of properties held for sale Accounts payable and other liabilities Due to related persons

Assumed real estate lease obligations, net Total liabilities

Commitments and contingencies

$

1,847,664

$

2,400,478

731,563

172,131

324

2,525

109,665

140,166

7,259

7,025

11,091

11,665

2,707,566

2,733,990

Shareholders' equity:

Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized,

488

488

48,754,546 and 48,755,415 shares issued and outstanding, respectively

Additional paid in capital

2,621,849

2,621,493

Cumulative net income

94,990

100,174

Cumulative common distributions

(1,466,963)

(1,466,476)

Total shareholders' equity

1,250,364

1,255,679

Total liabilities and shareholders' equity

$

3,957,930

$

3,989,669

RETURN TO TABLE OF CONTENTS

Q1 2024

9

Debt Summary

As of March 31, 2024 (dollars in thousands)

Coupon

Interest

Principal

Maturity

Due at

Years to

Rate (3)

Rate (4)

Balance

Date

Maturity

Maturity

Secured Floating Rate Debt:

$325,000 secured revolving credit facility (1)

8.910%

8.910%

$ 190,000

1/29/2027

$ 190,000

2.8

$100,000 secured term loan (1)

8.910%

8.910%

100,000

1/29/2027

100,000

2.8

Subtotal / weighted average

8.910%

8.910%

290,000

290,000

2.8

Secured Fixed Rate Debt:

Mortgage debt - One property

8.272%

8.272%

42,700

7/1/2028

42,700

4.3

Mortgage debt - One property

8.139%

8.139%

26,340

7/1/2028

26,340

4.3

Mortgage debt - Two properties

7.671%

7.671%

54,300

10/6/2028

54,300

4.5

(1)

OPI's secured revolving credit facility and term loan are

Senior secured notes due 2029 (2)

9.000%

10.589%

300,000

3/31/2029

300,000

5.0

Mortgage debt - One property

7.210%

7.210%

30,680

7/1/2033

29,105

9.3

governed by an amended and restated credit agreement, or

the Credit Agreement. OPI is required to pay interest under

Mortgage debt - One property

7.305%

7.305%

8,400

7/1/2033

8,400

9.3

the Credit Agreement at a rate of SOFR plus a margin of 350

Mortgage debt - One property

7.717%

7.717%

14,900

9/1/2033

14,900

9.4

basis points. OPI also pays an unused commitment fee of 25

to 35 basis points per annum based on amounts

Subtotal / weighted average

8.551%

9.550%

477,320

475,745

5.3

outstanding under its secured revolving credit facility.

Subject to the payment of an extension fee and meeting

certain other conditions, OPI can extend the maturity date of

Unsecured Fixed Rate Debt:

the secured revolving credit facility by one year. The Credit

Senior unsecured notes due 2025

4.500%

4.521%

650,000

2/1/2025

650,000

0.8

Agreement is secured by first-priority liens on 19 properties.

See Page 27for additional information regarding these

Senior unsecured notes due 2026

2.650%

2.815%

300,000

6/15/2026

300,000

2.2

collateral properties.

Senior unsecured notes due 2027

2.400%

2.541%

350,000

2/1/2027

350,000

2.8

(2)

These notes are guaranteed by certain of OPI's subsidiaries

and secured by first-priority liens on 17 properties. See Page

Senior unsecured notes due 2031

3.450%

3.550%

400,000

10/15/2031

400,000

7.5

27for additional information regarding these collateral

Senior unsecured notes due 2050

6.375%

6.375%

162,000

6/23/2050

162,000

26.2

properties.

(3)

Reflects the interest rate stated in, or determined pursuant

Subtotal / weighted average

3.745%

3.827%

1,862,000

1,862,000

5.1

to, the contract terms.

(4)

Includes the effect of discounts and premiums on senior

Total / weighted average

5.187%

5.426%

$2,629,320

$2,627,745

4.9

notes. Excludes the effect of debt issuance costs

amortization.

RETURN TO TABLE OF CONTENTS

Q1 2024 10

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Disclaimer

Office Properties Income Trust published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:52:41 UTC.