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Dec 31, 2021
OPI Q4 2021 Earnings Report
Reported strong leasing momentum, solid financial performance and steady execution of its capital recycling strategy.
Key Takeaways
Office Properties Income Trust announced Q4 2021 results with a net income of $16.9 million, or $0.35 per share. Normalized FFO was $1.20 per share and same store cash basis NOI was relatively unchanged year over year. The company completed 702,000 square feet of new and renewal leasing with a weighted average roll up in rent of 4.0%.
Completed 702,000 square feet of new and renewal leasing with a weighted average lease term of 6 years and a weighted average roll up in rent of 4.0%.
New leasing activity absorbed 270,000 square feet of vacant space and same property occupancy increased to 91.2% during the fourth quarter.
Normalized FFO was $1.20 per share and same store cash basis NOI was relatively unchanged year over year, both of which exceeded expectations.
Ended the quarter with more than $830 million of total liquidity.
OPI
OPI
Forward Guidance
Looking ahead to 2022, OPI will continue to bring non-core properties to market to further enhance its portfolio composition, strengthen its balance sheet and create value for OPI and its shareholders.