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Jun 30, 2020
OPI Q2 2020 Earnings Report
OPI delivered solid results, exceeding consensus estimates and expectations.
Key Takeaways
Office Properties Income Trust announced its financial results for the quarter ended June 30, 2020, reporting a net income of $1.3 million, or $0.03 per diluted share. Normalized FFO was $67.2 million, or $1.40 per diluted share, and CAD was $45.5 million, or $0.95 per diluted share. Same property cash basis NOI increased 2.5%.
Completed 642,000 square feet of leasing with a 3.9% roll-up in rents for a weighted average lease term of more than six years.
Year over year increase in same property cash basis NOI of 2.5%.
CAD dividend payout ratio of 57.9%.
Continued strong collection of cash rents.
OPI
OPI
Forward Guidance
OPI believes that overall tenant retention levels may increase. OPI believes it will benefit from the approximately 62.8% of annualized rental income paid by investment grade tenants and the diversity of its tenant base.