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Dec 31, 2022
OPI Q4 2022 Earnings Report
OPI delivered strong results driven by high leasing activity and exceeded normalized FFO guidance.
Key Takeaways
Office Properties Income Trust reported a net income of $6.4 million, or $0.13 per share, and Normalized FFO of $1.13 per share, exceeding the high end of their guidance range. The company leased 705,000 square feet, marking their highest quarterly leasing activity in three years. They also completed 2.6 million square feet of leasing activity for the year with a roll up in rent of 5.6%.
Net income was $6.4 million, or $0.13 per share.
Normalized FFO was $54.5 million, or $1.13 per share, exceeding guidance.
Leased 705,000 square feet, the highest quarterly leasing activity in three years.
Portfolio occupancy increased approximately 110 basis points to 90.6%.
Forward Guidance
Office Properties Income Trust will focus on proactive leasing engagement, completing redevelopment projects, refining the portfolio, and reducing leverage in 2023.
Positive Outlook
- Proactive leasing engagement will continue.
- Two redevelopment projects will be completed.
- The portfolio will be further refined.
- Leverage will be reduced.
- Nearly $570 million of liquidity is available.
Challenges Ahead
- Evolving office landscape.
- Rapidly changing economic conditions.
- Headwinds facing the office sector.
- Variable interest rates on borrowings under the revolving credit facility.
- Dependence on the availability of funds under its revolving credit facility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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