Financial Data and Key Metrics Changes - The company reported normalized FFO of $1.13 per share, exceeding the high end of guidance, compared to $1.11 per share in the previous quarter [62] - Same-property cash basis NOI decreased by 1.4% compared to Q4 2021, driven by higher free rent and operating expenses [45] - G&A expense for Q4 was $5.8 million, down from $6.6 million in Q3, reflecting a reduction in business management fees [18] Business Line Data and Key Metrics Changes - New leasing activity included 705,000 square feet, a 16% increase from Q3, with a weighted average lease term of 10.1 years [33] - The company completed 2.6 million square feet of leasing in 2022, achieving a roll-up in rent of 5.6% [29] - The weighted average rent spread for Q4 declined by 6.7%, primarily due to a significant renewal with a defense contractor [11] Market Data and Key Metrics Changes - Total portfolio occupancy increased by approximately 110 basis points to 90.6%, above the national office market average [9] - The company is tracking approximately 2.7 million square feet of activity in its pipeline, with over 1.1 million square feet attributable to new leasing [37] - Industry utilization is currently trending near 50%, indicating gradual improvements in office space demand [41] Company Strategy and Development Direction - Capital recycling remains a principal strategy, focusing on portfolio enhancement and reducing leverage [31] - The company has two redevelopment projects underway, with anticipated stabilization yields of 8% to 10% for Washington, D.C. and 10% to 12% for Seattle [40] - The company aims to manage through economic uncertainty by enhancing tenant experiences and sustainability initiatives [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding leasing activity in 2023, expecting a gradual pace as tenants evaluate their real estate needs [12] - The company anticipates macroeconomic uncertainty in commercial real estate financing to continue impacting market activity [10] - Management highlighted the importance of retaining tenants amid economic challenges, emphasizing the value of long-term leases [76] Other Important Information - The company ended the year with 160 properties and approximately 63% of annualized rental income from investment-grade rated tenants [32] - The company has nearly $570 million of liquidity, with 92% of its debt at fixed rates [32] - The regular quarterly dividend declared was $0.55 per share, resulting in a normalized FFO payout ratio of 49% [66] Q&A Session Summary Question: Can you elaborate on the capital recycling plan and outlook for 2023? - Management indicated that capital recycling will be somewhat muted in 2023 due to uncertainty in capital markets, with a focus on $100 million to $300 million in activity as part of a long-term strategy [50][51] Question: What are the known vacates and their prospects? - Management clarified that known vacates represent 5% to 6% of annualized rental income, with some properties likely to be re-leased while others may be sold [52][73] Question: Any updates on the redevelopment project in Downtown Boston? - Management stated that while they are focused on the project, there are no significant updates or capital expenditures expected in the near term [56] Question: How are tenant negotiations progressing amid the work-from-home trend? - Management noted that while tenants may feel they have leverage, the focus remains on retaining tenants and managing inflationary costs [76]

Financial Structure and Taxation - The company has a $750.0 million unsecured revolving credit facility for working capital and general business purposes, including funding acquisitions and development efforts[47]. - The company intends to manage leverage to achieve and maintain "investment grade" ratings from recognized rating organizations[48]. - The company has no preferred shares outstanding at this time, and distributions are allocated first to common shares[77]. - The company may be subject to a 4% nondeductible excise tax if it fails to distribute at least 85% of its REIT ordinary income for the year[81]. - The company has not received a ruling from the IRS regarding its REIT status, and future legislative changes could impact its tax treatment[73]. - The company may face tax on undistributed REIT taxable income, including ordinary income and net capital gains[81]. - If the company acquires a REIT asset with a tax basis determined by a C corporation, it may be subject to federal income taxation on built-in gains[82]. - The company must meet specific REIT qualification requirements, including conditions related to share ownership and income sources, to avoid federal income tax as a regular C corporation[84]. - If the company fails to qualify as a REIT for any year, it may reduce or eliminate distributions to shareholders or incur substantial indebtedness to pay corporate-level income taxes[83]. - At least 75% of the company's gross income must be derived from real property investments to maintain REIT status[97]. - The company believes it has complied with the REIT qualification requirements during the requisite periods and will continue to do so in the future[84]. - The company must distribute all inherited C corporation earnings and profits from acquisitions to maintain REIT qualification[84]. - The company believes that all or substantially all of its rents and related service charges qualify as "rents from real property" under the IRC[100]. - The company must satisfy the asset percentage tests at the close of each calendar quarter to maintain REIT status[108]. - The company must make annual distributions to shareholders at least equal to the excess of its real estate investment trust taxable income[113]. - The company generally depreciates real property on a straight-line basis over 40 years and personal property over shorter applicable periods[124]. - The company may elect to retain some or all of its net capital gain and pay income tax on such gain, affecting shareholders' tax basis[131]. - If a dividend is declared in the last quarter and paid in January, it is treated as paid on December 31 of the prior taxable year for tax purposes[132]. - U.S. shareholders are subject to a 3.8% Medicare tax on net investment income, including dividends and gains from share dispositions, if their total adjusted income exceeds applicable thresholds[134]. - Non-U.S. shareholders' distributions not designated as capital gain dividends are subject to a 30% U.S. federal income tax withholding rate[141]. - Non-U.S. shareholders may seek a refund from the IRS for amounts withheld in excess of their allocable share of current and accumulated earnings and profits[141]. - If shares are not listed on a U.S. national securities exchange, distributions attributable to gain from the sale of U.S. real property interests may be taxed as effectively connected income[145]. - Non-U.S. shareholders may be subject to U.S. federal income tax reporting requirements if their shares are not classified as USRPIs[149]. - Backup withholding may apply to distributions or proceeds paid to shareholders if they do not provide correct taxpayer identification[151]. - Information reporting requirements apply to distributions made to non-U.S. shareholders regardless of withholding status[152]. Environmental and Sustainability Initiatives - As of December 31, 2022, 43 properties, totaling 6.6 million rentable square feet, are ENERGY STAR certified, representing 28.5% of eligible properties[59]. - The company aims to reduce scope 1 and 2 emissions by 50% by 2030 from a 2019 baseline as part of its zero emissions goal[55]. - RMR's real-time energy monitoring program has captured data from 38 properties, generating $1.7 million in cumulative savings, with $0.2 million saved in 2022[56]. - The company has implemented restrictions to prevent concentrated ownership positions that could jeopardize REIT qualification[84]. - RMR announced a zero emissions goal to reduce scope 1 and 2 emissions to net zero by 2050, with a 50% reduction commitment by 2030 from a 2019 baseline[206]. - The company may incur significant costs in complying with ESG policies or third-party expectations, which could negatively impact financial results[206]. - Environmental risks and liabilities, including those from climate change, pose significant risks to the company's real estate holdings[168]. - The company is exposed to risks from adverse weather and climate change, which could significantly impact its properties and financial condition[202]. Operational Risks and Market Conditions - The company recognizes the competitive nature of the real estate market, competing against various entities with potentially greater resources[66]. - The company performs environmental site assessments before acquiring properties to mitigate risks associated with environmental matters[64]. - The company is subject to risks related to high interest rates, inflation, and potential economic downturns that may adversely affect its operations and tenants' ability to meet lease obligations[168]. - The company may face challenges in renewing leases due to rising remote work arrangements and economic conditions, which could lead to tenants seeking to renew for less space[170]. - The company faces risks related to rising interest rates, high inflation, and supply chain challenges, which could adversely affect its financial condition and ability to pay distributions to shareholders[172]. - The company is exposed to risks associated with property development, redevelopment, and repositioning, including cost overruns and delays due to supply chain constraints[183]. - A prolonged U.S. government shutdown could impair the company's ability to fund operations and pay distributions, as tenants may not pay rent during the shutdown[181]. - The company’s capital recycling program aims to improve asset quality and increase cash available for distribution, but its success is uncertain due to market conditions[182]. - Changes in space utilization and remote work arrangements may reduce demand for office leasing, impacting tenant retention and rental income[176]. - Government budgetary pressures and trends in government employment may adversely impact the demand for leased space[179]. - The company faces significant competition for acquisition opportunities from other investors, which may limit its ability to acquire desirable properties[188]. - The company may incur significant costs for leasing commissions, tenant improvements, or other tenant inducements when renewing leases or leasing to new tenants[171]. - The company’s ability to access capital may be limited due to covenants in debt agreements and potential credit rating downgrades[168]. - Rising market interest rates have significantly increased the company's interest expense, impacting cash flows and the ability to pay distributions to shareholders[197]. - The company may incur additional debt financing in the future, which could have more restrictive covenants than existing agreements[196]. - A downgrade in the company's credit ratings could increase its cost of capital and adversely affect its business and financial condition[199]. - The company may face challenges in complying with debt covenants, which could limit its ability to grow or meet obligations[195]. Governance and Management Structure - Approximately 44% of the Board of Trustees are female, and 11% are members of underrepresented communities as of December 31, 2022[65]. - The company has no employees; services are provided by RMR and its Managing Trustees and officers[50]. - The management agreements with RMR were not negotiated on an arm's length basis, which may increase the risk of investment in the company's common shares[216]. - Termination of management agreements with RMR may require substantial termination fees, limiting the company's ability to end its relationship with RMR[217]. - The company is subject to risks related to conflicts of interest due to its management structure and relationships with RMR and its affiliates[219]. - Ownership limitations in the declaration of trust restrict any shareholder, other than RMR and its affiliates, from owning more than 9.8% of the company's shares, potentially deterring unsolicited acquisition proposals[222]. - RMR has broad discretion in operating the company's day-to-day business, which may lead to investment returns that are substantially below expectations[210]. - The company may change its operational and investment policies without shareholder approval, potentially affecting distributions to shareholders[169]. - The company may change its operational, financing, and investment policies without shareholder approval, potentially increasing leverage and risk of default on debt obligations[230]. - The company’s bylaws designate the Circuit Court for Baltimore City, Maryland as the exclusive forum for certain shareholder actions, potentially limiting favorable judicial options[229]. - Shareholder litigation may be subject to mandatory arbitration, which could restrict shareholders' rights compared to traditional court litigation[225]. - The company’s declaration of trust limits the liability of its Trustees and officers, potentially reducing shareholder recourse in certain situations[224]. Shareholder and Distribution Policies - The company must distribute at least 90% of its REIT taxable income annually to maintain its REIT status, which could limit growth opportunities and affect market price[235]. - If the company fails to qualify as a REIT, it may face significant federal and state income taxes, reducing cash available for distribution to shareholders[233]. - The company may elect to pay distributions in forms other than cash, such as issuing additional common shares, to preserve liquidity[240]. - The company may face tax liabilities even if it remains qualified as a REIT, which could decrease cash available for distribution[237]. - Changes in tax laws could materially and adversely affect the company and its shareholders, impacting REIT qualification and tax consequences[238]. - Distributions to shareholders may include cash, property, and deemed distributions, with tax treatment varying based on shareholder status[126]. - Shareholders will recognize gain or loss based on the difference between the amount realized and their adjusted basis in the shares sold or exchanged[133]. - Noncorporate U.S. shareholders can only deduct interest on borrowed funds to the extent of their net investment income, which includes ordinary income dividends received[136]. - Tax-exempt U.S. shareholders receiving distributions or proceeds from share sales are generally not treated as UBTI if they have not financed their acquisition with debt[138].

Financial Data and Key Metrics Changes - Normalized FFO for Q3 2022 was $53.8 million or $1.11 per share, which was $0.01 below the low end of guidance due to timing of property dispositions [24] - Same property cash basis NOI increased by 30 basis points compared to Q3 2021, reaching the high end of guidance [25] - The normalized FFO payout ratio was 50%, with a rolling 4-quarter CAD payout ratio of 67% [24] Business Line Data and Key Metrics Changes - The company completed 606,000 square feet of new and renewal leasing, with a 21.6% weighted average roll-up in rent and a 7.2-year weighted average lease term [12] - Year-to-date, the company completed over 1.8 million square feet of leasing with an 11% roll-up in rent [13] - Portfolio occupancy improved to 90.7%, a 130 basis points increase from Q2 and a 170 basis points increase from the prior year [10] Market Data and Key Metrics Changes - Overall U.S. leasing activity is trending at just over 70% of pre-pandemic levels, with gateway markets lagging behind secondary growth markets [13] - Investor interest remains mixed due to higher inflation and interest rates, leading to a thinning pool of buyers [11] Company Strategy and Development Direction - The company plans to continue capital recycling efforts into 2023, focusing on leasing, operational efficiencies, and completion of existing development projects [11][22] - The leasing pipeline remains strong with approximately 3.2 million square feet of active prospects [20] - The company is strategically allocating capital to improve common areas and expand the amenity base, resulting in increased occupancy [15] Management's Comments on Operating Environment and Future Outlook - Management noted that aggressive monetary policy and inflation are weighing on market fundamentals, which will continue to be a factor in 2023 [22] - The company remains cautious about the overall economic environment but is pleased with its portfolio position, which includes 63% of rental income from investment-grade tenants [23] Other Important Information - The company sold 10 properties containing 1.3 million square feet for $118 million at a weighted average cap rate of approximately 6.2% [10] - The balance sheet is well positioned with $2.4 billion of outstanding debt at a weighted average interest rate below 4% [27] Q&A Session Summary Question: Confidence in closing on the 5 properties discussed - Management expressed confidence in closing the properties as they are in advanced stages under PSA or LOI [33] Question: Outlook for property dispositions in 2023 - Management indicated a fluid list of assets for potential dispositions in 2023, with a focus on being disciplined in the market [34] Question: Target leverage ratio and capital deployment in 2023 - Management aims to reduce leverage to between 6x and 6.5x, while remaining investment-grade rated [36] Question: Sustainability of the dividend given market perceptions - Management remains comfortable with the current dividend coverage, citing low payout ratios and external factors affecting the office market [40] Question: Expected cash and GAAP NOI from upcoming developments - Management projected cash-on-cash stabilized returns of 8% to 10% for 20 Mass Ave and 10% to 12% for Seattle [42] Question: Plans for debt maturities and potential pay down with dispositions - Management plans to use cash on hand and the line of credit to pay off maturing mortgages, with no immediate plans to accelerate debt pay down [47]

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-34364 OFFICE PROPERTIES INCOME TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 26-4273474 (State or Other Jurisdiction of Incorpora ...

Financial Data and Key Metrics Changes - Normalized FFO increased 6% year-over-year to $58.9 million or $1.22 per share, exceeding the high end of guidance by $0.09 [28] - CAD increased 12% year-over-year to $37.8 million or $0.78 per share, with a rolling 4-quarter CAD payout ratio of 66% [29] - Same-property cash basis NOI increased 1% compared to Q2 2021, beating guidance expectations [30] Business Line Data and Key Metrics Changes - Leasing activity increased to 679,000 square feet, with a 4.9% weighted average roll-up in rent and a 9.2-year weighted average lease term [15] - Government agencies accounted for approximately 30% of total leasing volume, followed by government contractors, life sciences, and medical industries [15] Market Data and Key Metrics Changes - National vacancy remains elevated, and office utilization continues at a modest pace, indicating a transitional period for broader office fundamentals [10] - Approximately 4% of total annualized revenue is scheduled to expire in the second half of 2022, with 13.5% scheduled for 2023 [19][21] Company Strategy and Development Direction - The company is focused on capital recycling efforts to reduce capital expenditures and improve portfolio quality [12] - Ongoing redevelopment projects in Washington, D.C. and Seattle are on track, with expected stabilized returns of 8% to 10% and 10% to 12% respectively [25] Management's Comments on Operating Environment and Future Outlook - Management anticipates that market fundamentals will remain in transition over the next several quarters [10] - Positive renewal conversations with tenants are expected to continue, with strong leasing momentum anticipated for the remainder of the year [22] Other Important Information - The company sold or agreed to sell noncore properties for aggregate proceeds of $167.9 million, containing over 1.7 million square feet [13] - The company was recognized as an ENERGY STAR Partner of the Year for the fifth consecutive year and a Gold Level 2022 Green Lease Leader [26] Q&A Session Summary Question: On the $3 million plus of active pipeline for listing, how much do you think comes to fruition over the next 3 to 4 quarters? - Management indicated that tenant urgency to lock in leases is tied to overall office space plans rather than just rate concerns, with 4.2% of annualized revenue expiring in 2022 [36][37] Question: What kind of discounts were potential buyers looking for on some of the properties? - Management noted that discounts vary, with a specific example of a 10% discount requested on a stabilized asset [42][43] Question: Can you provide an update on recurring CapEx guidance? - Management reaffirmed a full-year guidance of $100 million for recurring capital, with an increase driven by leasing activity and preparation for 2023 [47] Question: Can you provide color on the $0.05 termination fee? - The fee was related to a tenant contraction in Columbia, Maryland, where the tenant downsized but signed an 8-year renewal [50][51] Question: How confident is management about lease renewals for 2023? - Management expressed confidence in renewal discussions, noting that most expirations are in the latter half of the year, allowing ample time for negotiations [53][54] Question: Can you give an update on leasing activity at 20 Mass Ave and Seattle? - Management reported about 250,000 square feet of activity, with significant interest from a large user in Seattle and 54% pre-leased status at 20 Mass Ave [56][58]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-34364 OFFICE PROPERTIES INCOME TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 26-4273474 (State or Other Jurisdiction of Incorporation ...

Financial Data and Key Metrics Changes - Normalized FFO for Q1 2022 was $62.7 million or $1.30 per share, exceeding the high end of guidance by $0.01, compared to $58.1 million or $1.20 per share in Q4 2021 [29] - CAD increased by 20% sequentially to $51 million or $1.06 per share for Q1 2022, with a rolling four-quarter CAD payout ratio of 67% [31] - Same property cash basis NOI was essentially flat compared to Q1 2021, in line with guidance [32] Business Line Data and Key Metrics Changes - OPI signed 21 deals for 572,000 square feet of new and renewal leasing with a weighted average rent roll-up of 5.1% and a lease term of over 10 years [12] - Government agencies accounted for approximately 40% of total leasing volume, with investment-grade rated tenants representing about 64% of annualized rent revenues [17] Market Data and Key Metrics Changes - Same property occupancy was flat at 91% compared to the prior quarter, with a nominal decrease of 50 basis points year-over-year [13] - The leasing pipeline includes over 3.6 million square feet of activity, with nearly 1 million square feet in advanced negotiation stages [24] Company Strategy and Development Direction - The company is focused on capital recycling to enhance the portfolio, targeting growing markets with sustained NOI growth and newer buildings [14] - OPI plans to maintain its disposition guidance for 2022 at approximately $400 million to $500 million in total proceeds [15] - The company is actively engaging with tenants to evaluate early renewals and maintain positive tenant retention trends [22] Management Comments on Operating Environment and Future Outlook - Management noted gradual improvement in office fundamentals, supported by growing utilization and improved leasing volumes [9] - The company is well-positioned for stability and growth during transitionary periods due to its strengthened balance sheet and portfolio reshaping [10] - Management expects year-end 2022 occupancy of 89% to 90% and rent roll-ups of 5% to 7% [24] Other Important Information - The company is making progress on redevelopment projects in Washington, DC, and Seattle, with both projects expected to deliver in early 2023 [25] - The company welcomed a new board member with extensive experience in commercial real estate [28] Q&A Session Summary Question: Characteristics of properties planned for sale in 2022 - Management indicated the focus is on properties with near lease term expirations, higher CapEx needs, and occupancy challenges, typically around 80% [41][42] Question: Redeployment of proceeds from asset sales - Proceeds will be used for paying off $300 million in notes due in July, focusing on redevelopment projects while considering acquisitions [44] Question: Impact of F5 termination on occupancy - The F5 termination represented 2% of annualized revenue, but the net impact on occupancy was nominal due to new leasing activity [45] Question: Full year CapEx estimate - The full year CapEx estimate is around $100 million, plus or minus $10 million [46] Question: Update on return to office trends - Utilization has improved to over 40%, with expectations for continued progress in tenant re-entry [50][51] Question: Future development opportunities - The company is exploring redevelopment opportunities within its existing portfolio and considering potential conversions to life science or other uses [54]

Chicago, IL OFFICE PROPERTIES FIRST QUARTER 2022 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Table of Contents lease refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. | --- | --- | |----------------------------------------------------------------------------------------|-------| | | | | CORPORATE INFORMATION | | | Company Profile | 3 | | Investor Information . | | | Research Coverage . | | | FINANCIALS | | | Key Fina ...

Property and Occupancy - As of March 31, 2022, the company owned 174 properties with a total of approximately 22,941,000 rentable square feet, leased to 298 tenants[60] - The occupancy rate for all properties was 88.8% as of March 31, 2022, down from 90.8% in 2021[64] - During Q1 2022, the company experienced lease expirations totaling approximately 853,000 rentable square feet, with new and renewal leases totaling 572,000 square feet[70] - As of March 31, 2022, the company has 392 leases expiring, totaling 20,373 thousand square feet, with an annualized rental income of $572,029 thousand[78] - Approximately 4.2% of rentable square feet and 4.6% of annualized rental income are from tenants with exercisable rights to terminate their leases early[78] - The weighted average remaining lease term is 5.9 years for square feet and 6.1 years for rental income[78] Rental Income and Financial Performance - Rental income for the three months ended March 31, 2022, was $125,387, a decrease of $607 or 0.5% compared to $125,994 in the same period of 2021[92] - Net operating income (NOI) for the three months ended March 31, 2022, was $96,481, a slight decrease of $18 or 0.02% compared to $96,499 in the same period of 2021[109] - The company reported a net loss of $13,407 for the three months ended March 31, 2022, compared to a net income of $37,860 in the same period of 2021, representing a decrease of $51,267 or 135.4%[92] - Total operating expenses increased to $50,873 for the three months ended March 31, 2022, up by $2,848 or 5.9% from $48,025 in the same period of 2021[92] - General and administrative expenses decreased by $5,566 or 49.4% to $5,706 in the three months ended March 31, 2022, compared to $11,272 in the same period of 2021[100] - The company recorded a loss on impairment of real estate totaling $17,047 in the three months ended March 31, 2022, compared to a loss of $7,660 in the same period of 2021, representing an increase of 122.5%[99] - Interest expense decreased to $27,439 for the three months ended March 31, 2022, down by $1,359 or 4.7% from $28,798 in the same period of 2021[103] - The company recorded a net gain on the sale of real estate of $2,149 in the three months ended March 31, 2022, compared to a net gain of $54,004 in the same period of 2021, a decrease of 96.0%[101] - Funds From Operations (FFO) for Q1 2022 was $62,722,000, an increase of 10.4% from $56,609,000 in Q1 2021[112] - Normalized FFO for Q1 2022 was $62,722,000, slightly up from $61,809,000 in Q1 2021, resulting in a Normalized FFO per share of $1.30[112] Capital Expenditures and Investments - The total capital expenditures for Q1 2022 were $48.971 million, significantly higher than $16.402 million in Q1 2021[73] - The company has estimated unspent leasing-related obligations of $128.009 million, with $78.134 million expected to be spent over the next 12 months[75] - Estimated total project costs for the redevelopment of a property in Washington, D.C. are approximately $215,000,000, with 54% of the project pre-leased[124] - The company expects to incur approximately $144,000,000 in costs for the redevelopment of a three-property campus in Seattle, WA, with completion anticipated in Q2 2023[125] - The company is currently marketing over 30 properties containing over 3,000,000 rentable square feet for sale[88] - The company sold four properties during the three months ended March 31, 2022, for an aggregate sales price of $29,470 thousand[87] - The company has entered into agreements to sell two properties containing approximately 470,000 rentable square feet for an aggregate sales price of $38,300 thousand[88] Debt and Liquidity - As of March 31, 2022, the company had debt maturities totaling $2,609,996,000, with significant maturities in 2025 and thereafter[121] - The company maintains estimated unspent leasing-related obligations of $128,009,000, with $78,134,000 expected to be spent over the next 12 months[123] - As of March 31, 2022, the company had an aggregate outstanding principal balance of $2,512,000 in public senior unsecured notes and $97,996 in mortgage notes[130] - The company’s fixed rate debt totaled $2,609,996, with an annual interest expense of $100,612[136] - A hypothetical one percentage point increase in interest rates would increase the annual interest cost by approximately $26,100[138] - The company had no outstanding floating rate debt as of March 31, 2022, but its revolving credit facility matures on January 31, 2023[143] - If fully drawn on the revolving credit facility, a one percentage point increase in interest rates would raise annual interest expense from $12,000 to $19,500[145] - The company has a $750,000,000 revolving credit facility with no amounts outstanding as of March 31, 2022, providing significant liquidity for future acquisitions[118] Market and Economic Conditions - The company continues to monitor the impact of the COVID-19 pandemic on its operations, noting that it has not had a significant adverse impact to date[61] - The company expects to face risks related to the COVID-19 pandemic affecting tenants' ability to pay rent and overall leasing activity[153] - The company believes that recent shifts in workplace practices may impact lease renewals and space utilization by tenants[80] - The company anticipates that overall new leasing volume may remain volatile, particularly due to the ongoing effects of the COVID-19 pandemic and inflationary pressures[160] - The company believes it is well positioned to weather current economic conditions, but the future impact of the COVID-19 pandemic remains uncertain[160] Shareholder Distributions - Quarterly distributions to shareholders totaled $26,634,000 for the three months ended March 31, 2022, with a declared distribution of $0.55 per share for Q2 2022[128] - The company believes it is in a position to maintain or increase distributions to shareholders[153] - The company’s ability to sustain distributions to shareholders and meet debt obligations is influenced by factors such as tenant rent receipts, future earnings, and capital costs[156] Credit and Compliance - The company’s credit agreement includes cross default provisions for other debts exceeding $25,000[132] - The company is currently in compliance with the terms of its credit agreement and senior unsecured notes indentures[130] - The company’s credit ratings will impact borrowing costs, and any downgrade could increase the cost of debt capital[160] Management and Governance - The company’s business and property management agreements with RMR have 20-year terms but allow for early termination under certain circumstances[160] - The company expects to benefit from RMR's Environmental, Social and Governance (ESG) initiatives, but the realization of these benefits is uncertain[160]

INVESTOR PRESENTATION | Q3 2021 San Jose, CA OFFICE PROPERTIES INCOME TRUST WARNING REGARDING FORWARD LOOKING STATEMENTS, DISCLAIMERS AND NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever we use words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "will", "may" and negatives or derivatives of these or similar expressions, we are making ...