{"id":731891,"date":"2023-02-15T16:36:11","date_gmt":"2023-02-15T21:36:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/office-properties-income-trust-announces-fourth-quarter-2022-results\/"},"modified":"2023-02-15T16:36:11","modified_gmt":"2023-02-15T21:36:11","slug":"office-properties-income-trust-announces-fourth-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/office-properties-income-trust-announces-fourth-quarter-2022-results\/","title":{"rendered":"Office Properties Income Trust Announces Fourth Quarter 2022 Results"},"content":{"rendered":"

<\/p>\n

Office Properties Income Trust Announces Fourth Quarter 2022 Results<\/b><\/p>\n

Net Income of $6.4 Million, or $0.13 Per Share<\/i><\/b><\/p>\n

Normalized FFO of $54.5 Million, or<\/i><\/b>$1.13 Per Share<\/b><\/i><\/p>\n

Leased 705,000 Square Feet with a 10.1 Year Weighted Average Lease Term<\/i><\/b><\/p>\n

2022 Annual Leasing Activity Yielded a 5.6% Roll Up in Rents<\/i><\/b><\/p>\n

NEWTON, Mass.–(BUSINESS WIRE<\/a>)–Office Properties Income Trust (Nasdaq: OPI)<\/a> today announced its financial results for the quarter ended December 31, 2022.\n<\/p>\n

Christopher Bilotto<\/a>, President and Chief Operating Officer of OPI, made the following statement:\n<\/p>\n

“OPI delivered strong fourth quarter results despite an evolving office landscape and rapidly changing economic conditions. Leasing volume totaled 705,000 square feet, resulting in our highest quarterly leasing activity in three years, net income was $0.13 per share and Normalized FFO of $1.13 per share exceeded the high end of our guidance range. This performance caps a year in which we achieved many of the operating targets that we set for OPI. In 2022, we completed 2.6 million square feet of leasing activity for a weighted average lease term of more than nine years and a roll up in rent of 5.6%. We sold non-core properties for more than $210 million of aggregate gross proceeds, and total portfolio occupancy increased approximately 110 basis points to 90.6%.<\/i><\/p>\n

Heading into 2023, we will continue our focus on proactive leasing engagement, completing our two redevelopment projects, further refining our portfolio and reducing leverage. We believe we are well positioned to continue to navigate headwinds facing the office sector with nearly $570 million of liquidity, more than 90% of our debt being fixed rate and no senior notes maturing until mid-2024.”<\/i><\/p>\n

Quarterly Results:<\/i><\/b><\/p>\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Financial<\/i><\/b><\/p>\n<\/td>\n

\n

\n(dollars in thousands, except per share data)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income\n<\/p>\n<\/td>\n

\n

\n$6,390\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$16,945\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income per share\n<\/p>\n<\/td>\n

\n

\n$0.13\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$0.35\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNormalized FFO per share\n<\/p>\n<\/td>\n

\n

\n$1.13\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1.20\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSame Property Cash Basis NOI\n<\/p>\n<\/td>\n

\n

\n$81,379\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$82,513\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n