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Sep 30, 2022
OPI Q3 2022 Earnings Report
Reported a strong third quarter with same property cash basis NOI growth and completed significant leasing activity.
Key Takeaways
Office Properties Income Trust (OPI) announced its Q3 2022 financial results, reporting a net income of $17.0 million, or $0.35 per share, and normalized FFO of $53.8 million, or $1.11 per share. The company leased 606,000 square feet with a 21.6% roll-up in rents and a 7.2 year weighted average lease term. OPI sold 10 properties for approximately $118 million at a weighted average cap rate of approximately 6.8%.
Net income was $17.0 million, or $0.35 per share.
Normalized FFO was $53.8 million, or $1.11 per share.
Leased 606,000 square feet with a 21.6% roll-up in rents and a 7.2 year weighted average lease term.
Occupancy at quarter end was 90.7%.
OPI
OPI
Forward Guidance
OPI remains focused on reducing leverage and maintaining positive leasing momentum, and anticipates completing current development projects in the spring.