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Jun 30, 2022
OPI Q2 2022 Earnings Report
Reported a net loss of $16.1 million and normalized FFO of $58.9 million.
Key Takeaways
Office Properties Income Trust (OPI) announced solid financial growth and strong leasing momentum in the second quarter of 2022. Normalized FFO and same property cash basis NOI exceeded prior year results and the high end of guidance. The company completed significant new and renewal leasing, and same property occupancy increased due to leasing activity and asset dispositions.
Net loss for the quarter ended June 30, 2022 was $16.1 million, or $0.33 per diluted share.
Normalized FFO for the quarter ended June 30, 2022 was $58.9 million, or $1.22 per diluted share.
Same property cash basis net operating income for the quarter ended June 30, 2022 increased 1.0% compared to the quarter ended June 30, 2021.
Leased 679,000 square feet with a 4.9% roll-up in rents and a 9.2 year weighted average lease term.
OPI
OPI
Forward Guidance
OPI anticipates favorable leasing momentum will continue for the remainder of the year and expects to moderate the pace of property dispositions due to deteriorating real estate market conditions.