Office Properties Income Trust (NASDAQ:OPI) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET Company Participants Kevin Barry - Director, IR Chris Bilotto - President and COO Matt Brown - CFO and Treasurer Conference Call Participants Bryan Maher - B. Riley FBR Ronald Kamdem - Morgan Stanley Operator Good morning, and welcome to the Office Properties Income Trust First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presen ...

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 ...

Financial Data and Key Metrics Changes - Normalized FFO for Q4 2021 was $58.1 million or $1.20 per share, slightly down from $59.6 million or $1.24 per share in Q3 2021, primarily due to higher interest expenses [30][31] - CAD for Q4 2021 was $42.6 million or $0.88 per share, resulting in a full-year CAD payout ratio of 69% [31] - Same-property cash basis NOI remained relatively unchanged compared to Q4 2020, exceeding guidance expectations [33] Business Line Data and Key Metrics Changes - Leasing volumes for 2021 reached 2.5 million square feet, a 26% increase over 2020, with a weighted average lease term of 9.5 years and a roll-up in rent of 6.3% [15][18] - Q4 2021 leasing activity included 702,000 square feet of new and renewal leasing, with a weighted average lease term of six years and a roll-up in rent of 4% [18] - Same property occupancy increased to 91.2% in Q4 2021, with consolidated occupancy at 89.5%, a 50 basis points increase from the previous quarter [19] Market Data and Key Metrics Changes - More than 60% of Q4 leasing activity was driven by tenants in technology, communication, manufacturing, and transportation sectors [18] - Government tenants accounted for approximately 25% of Q4 leasing volume [19] Company Strategy and Development Direction - The company is focused on capital recycling, planning to dispose of non-core properties with targeted proceeds of $400 million to $500 million in 2022 [16][39] - The company aims to enhance its portfolio through strategic acquisitions and redevelopment projects, including two core properties in Atlanta and Chicago [17][39] - The company is dedicated to sustainability, having achieved ENERGY STAR Partner of the Year for the fourth consecutive year and plans to expand its sustainability efforts [28] Management's Comments on Operating Environment and Future Outlook - Management expects tenant utilization to improve as they navigate reentry plans, although timing remains uncertain [13][56] - The company anticipates an increase in expenses in 2022 due to higher utilization, inflation, and a lease restructure [59] - Management is optimistic about the leasing pipeline, which remains robust with discussions covering more than 3.4 million square feet [22] Other Important Information - The company completed the issuance of $1.1 billion of senior notes in 2021, reducing its cost of debt and increasing average debt maturity [17][38] - The company plans to redeploy proceeds from property sales into acquisitions and redevelopment projects [39] Q&A Session Summary Question: Why was the Brookhaven property transaction terminated? - Management indicated that the Brookhaven properties were not originally part of the capital recycling program and the buyer pivoted to another direction after evaluating their business plan [45][46] Question: What are the characteristics of the properties targeted for sale in 2022? - Management stated that the focus is asset-specific rather than geography-specific, with properties in the D.C. MSA and other markets being evaluated [47] Question: What is the expected capital expenditure for 2022? - Management expects recurring capital expenditures to be around $100 million, influenced by lease expirations and early renewals [48][63] Question: How will increased utilization affect expenses? - Management forecasts an increase in expenses due to higher utilization, inflation, and a lease restructure that shifts management responsibilities [59] Question: What is the outlook for acquisitions in 2022? - Management indicated a focus on dispositions and leasing, with potential acquisitions being considered but primarily as net sellers for the year [51][52]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 of Organization) (IRS Employer Identificati ...

OFFICE PROPERTIES THIRD QUARTER 2021 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Washington, DC 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 Financi ...

Office Properties Income Trust (NASDAQ:OPI) Q3 2021 Earnings Conference Call October 29, 2021 10:00 AM ET Company Participants Kevin Barry - Director, IR Chris Bilotto - President and COO Matt Brown - CFO and Treasurer Conference Call Participants Bryan Maher - B. Riley Ronald Kamden - Morgan Stanley Operator Good morning and welcome to the Office Properties Income Trust Third Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this even ...

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 September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-34364 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act ...

Office Properties Income Trust (NASDAQ:OPI) Q2 2021 Earnings Conference Call July 30, 2021 10:00 AM ET Company Participants Olivia Snyder - Manager, Investor Relations Chris Bilotto - President and Chief Operating Officer Matt Brown - Chief Financial Officer and Treasurer Conference Call Participants Bryan Maher - B. Riley FBR Vikram Malhotra - Morgan Stanley Jason Idoine - RBC Capital Markets Operator Good day and welcome to the Office Properties Income Trust Second Quarter 2021 Earnings Conference Call. [ ...