Investor Presentaiton
OFFICE PROPERTIES INCOME TRUST
CALCULATION OF FFO, NORMALIZED FFO AND CAD
For the Three Months Ended
(amounts in thousands, except per share data)
Net (loss) income
9/30/2023
6/30/2023
3/31/2023 12/31/2022
$
(19,593) $
(12,242) $
(446) $
6,390
$
9/30/2022
16,964
For the Nine Months Ended
9/30/2023
9/30/2022
$
(32,281) $
(12,499)
Add (less): Depreciation and amortization:
Consolidated properties
Unconsolidated joint venture properties
Loss on impairment of real estate
(Gain) loss on sale of real estate
52,266
840
51,601
868
51,692
830
51,571
789
52,988
775
155,559
170,993
2,538
2,269
21,820
(244)
2,305
(2,548)
FFO
33,269
42,532
49,528
(3,564)
55,186
(16,925)
53,802
(487)
(7,437)
125,329
175,146
Add (less): Acquisition and transaction related costs
16,135
11,181
3,218
68
30,534
224
(Gain) loss on early extinguishment of debt
(759)
77
Normalized FFO
49,404
53,713
52,746
54,495
53,802
155,863
175,447
Add (less): Non-cash expenses (1)
(1,312)
(2,157)
(1,902)
(1,464)
(640)
(5,371)
(1,297)
Distributions from unconsolidated joint ventures
51
Depreciation and amortization - unconsolidated joint ventures
Equity in net losses of investees
(840)
(868)
(830)
(789)
(775)
(2,538)
(2,269)
765
691
834
878
952
2,290
2,631
Non-cash straight line rent adjustments included in rental income
Lease value amortization included in rental income
(8,691)
(4,256)
(4,173)
(3,604)
(1,765)
(17,120)
(7,226)
(56)
(61)
(79)
195
204
(196)
780
Net amortization of debt premiums, discounts and issuance costs
Recurring capital expenditures
2,276
(24,193)
CAD
$
17,353 $
2,327
(33,607)
15,782 $
2,205
2,188
(17,623)
(42,099)
2,176
(25,882)
6,808
6,946
(75,423)
(58,162)
31,178 $
9,800 $
28,072 $
64,313
116,901
Weighted average common shares outstanding (basic and diluted)
48,403
48,354
48,336
48,334
48,286
48,365
48,260
Per common share amounts (basic and diluted):
Net (loss) income
FFO
Normalized FFO
CAD
$
(0.41) $
(0.25) $
(0.01) $
0.13 $
$
0.69 $
0.88 $
1.02 $
1.14 $
$
1.02 $
1.11 $
1.09 $
1.13 $
0.35 $
1.11 $
1.11
(0.67) $
2.59
(0.27)
$
3.63
3.22 $
3.64
$
0.36 $
0.33
$
0.65
S
0.20
$
0.58 $
1.33
$
2.42
(1) Non-cash expenses include equity based compensation, adjustments recorded to capitalize interest expense and amortization of the 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. This liability is being
amortized on a straight line basis through December 31, 2035 as an allocated reduction to business management fee expense and property management fee expense,
which are included in general and administrative and other operating expenses, respectively.
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