Office Properties me Trust(US:OPI)2025-02-14 18:48Financial Performance - Office Properties Income Trust (OPI) reported a net loss of $148.7 million, or $2.52 per common share, for Q4 2024[16] - Normalized FFO was $20.9 million, or $0.36 per common share[16] - Same property cash basis NOI increased by 4.9% year-over-year, reaching $60.9 million[9, 16] - Total liquidity as of February 13, 2025, was $113.0 million in cash[16] Portfolio & Leasing - Same-property portfolio occupancy grew to 89.4%[9] - OPI completed 359,000 square feet of new and renewal leasing with a 24.3% roll-up in rent and a weighted average lease term of 7.1 years[9] - Lease renewals accounted for 91% of leased square footage[16] - Approximately 58% of OPI's revenues were from investment grade rated tenants as of December 31, 2024[14] Debt & Disposition - OPI sold 17 office properties for approximately $114 million[8] - OPI exchanged $37.8 million of outstanding senior unsecured notes due 2025 for $42.6 million of new 9.0% senior secured notes due 2029 and 4.4 million common shares[16] - OPI issued $445.0 million of new 3.25% senior secured notes due 2027 and 11.5 million common shares in exchange for $340.0 million of the 2025 Notes[16] Covenants - Total unencumbered assets / unsecured debt was 169.2%[33] - Total debt / adjusted total assets was 49.8%[33] - Secured debt / adjusted total assets was 39.7%[33] - Consolidated income available for debt service / debt service was 1.6x[33]