Office Pptys Income Tr Stock Price, News & Analysis

Office Properties Income Trust (Nasdaq: OPI) has priced an underwritten public offering of $400 million in 3.450% senior notes due 2031. The settlement is anticipated on September 28, 2021, pending customary closing conditions. Proceeds will be used for general business purposes, including repayment of outstanding amounts under its revolving credit facility. The offering is conducted under an effective shelf registration statement filed with the SEC.

The RMR Group Inc. (Nasdaq: RMR) appointed Andrew Fay as Senior Vice President to lead a new capital markets team aimed at sourcing private capital for real estate investments. Fay, with 30 years of financial industry experience, previously led family office services at Fidelity Investments. RMR has successfully attracted nearly $1 billion in investments from sovereign wealth funds, highlighting its strong track record in managing core real estate assets worth over $32 billion. The company expects Fay's expertise to strengthen relationships with ultra-high net worth individuals and institutional investors.

Office Properties Income Trust (Nasdaq:OPI) has priced an underwritten public offering of $350 million in 2.400% senior notes due 2027, with settlement expected on August 13, 2021. The net proceeds may be used for general business purposes, including repaying amounts under its revolving credit facility and redeeming existing senior notes totaling $600 million due in 2022. The offering is managed by several financial institutions and conducted under an effective shelf registration statement with the SEC.

Office Properties Income Trust (Nasdaq: OPI) reported a net loss of $66.7 million for Q2 2021, down from a profit of $1.3 million in Q2 2020. The loss includes a $48.2 million impairment charge. Normalized FFO fell to $1.15 per share from $1.40 a year earlier. OPI executed significant capital recycling, acquiring two Class A office properties for $550 million and selling three properties for $46 million, raising total proceeds from capital recycling to $287 million since 2020. The company also completed a bond offering, saving $10 million annually in interest expenses.

Office Properties Income Trust (Nasdaq: OPI) has announced a redevelopment project for 20 Massachusetts Avenue NW in Washington, D.C. This transformation will convert a Class B office building into a 10-story mixed-use property, increasing its size from 340,119 to 427,000 square feet. The project, estimated to cost about $200 million, is expected to deliver an 8-10% return and be completed in early 2023. The new facility will include office space, retail, a hotel, and various amenities, enhancing the attraction of D.C.'s Capitol Hill neighborhood.

Office Properties Income Trust (Nasdaq: OPI) announced a quarterly cash distribution of $0.55 per common share, translating to $2.20 annually. These payments will go to shareholders recorded as of July 26, 2021, and are scheduled for distribution around August 19, 2021. OPI focuses on owning, operating, and leasing real estate primarily to high-credit-quality tenants, including government entities. The dividend rate is subject to future adjustments at the discretion of the Board of Trustees based on OPI's financial performance and cash availability.

Office Properties Income Trust (Nasdaq: OPI) will release its second quarter 2021 financial results on July 29, 2021, after the Nasdaq closes. A conference call hosted by President Christopher Bilotto and CFO Matthew Brown is scheduled for July 30, 2021, at 10:00 a.m. Eastern Time to discuss these results. The call can be accessed at (877) 328-1172 for U.S. participants or (412) 317-5418 for international participants. A live audio webcast will also be available on the company’s website, with a replay accessible until August 6, 2021.

Office Properties Income Trust (Nasdaq: OPI) has successfully acquired two Class A office properties totaling $550 million. The first property, 1K Fulton in Chicago, priced at $355 million, is 99% leased, primarily to Google, with a 4.7% cap rate. The second property, Twelve24 in Atlanta, acquired for $195 million, is 98% leased to Insight Global with a cap rate of 6.3%. Funded through cash and a $350 million credit facility, OPI aims to sell non-core properties to repay the facility. These acquisitions align with OPI's strategy to enhance portfolio metrics and cash flows.

Office Properties Income Trust (Nasdaq: OPI) held its 2021 Annual Meeting of Shareholders, resulting in key re-elections and approvals. William A. Lamkin was re-elected as an Independent Trustee with 96.1% of votes, while Elena B. Poptodorova received 71.0%. An advisory vote on executive compensation was approved with 93.3% support. Shareholders ratified Deloitte & Touche LLP as independent auditors with 99.0% approval. Additionally, Jennifer B. Clark was elected as a Managing Trustee, enhancing the board's gender diversity to 50% female.