Investor Presentaiton
OFFICE PROPERTIES INCOME TRUST
RECONCILIATION AND CALCULATION OF SAME PROPERTY NOI AND SAME
PROPERTY CASH BASIS NOI
(dollars in thousands)
Reconciliation of NOI to Same Property NOI:
Rental income
Property operating expenses
ΝΟΙ
Less: NOI of properties not included in same property results
Same Property NOI
Calculation of Same Property Cash Basis NOI:
For the Three Months Ended
9/30/2023
9/30/2022
For the Nine Months Ended
9/30/2023
9/30/2022
$
133,361 $
137,683 $ 399,780
426,353
(49,663)
(52,137)
(146,590)
(151,910)
83,698
85,546
253,190
274,443
(901)
(2,556)
(801)
(17,382)
82,797 $
82,990 $
252,389
$
257,061
Same Property NOI
82,797 $
82,990 $
252,389 $
257,061
Add: Lease value amortization included in rental income
(56)
176
(204)
624
Less: Non-cash straight line rent adjustments included in rental income
(7,426)
(1,845)
(15,956)
(7,535)
Lease termination fees included in rental income
(1,576)
(83)
(3,160)
(3,465)
Non-cash amortization included in property operating expenses
(1)
(109)
(108)
(325)
(309)
Same Property Cash Basis NOI
$
73,630
$
81,130
$
232,744 $
246,376
(1) OPI recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price OPI paid for its former investment in RMR Inc. common
stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees expense,
which is included in other operating expenses.
20View entire presentation