Investor Presentaiton
(dollars in thousands)
OFFICE PROPERTIES INCOME TRUST
CALCULATION AND RECONCILIATION OF NOI AND CASH BASIS NOI
Calculation of NOI and Cash Basis NOI:
Rental income
9/30/2023
$
For the Three Months Ended
3/31/2023
6/30/2023
12/31/2022
9/30/2022
133,361 $ 133,997 $ 132,422 $ 127,922 $ 137,683 $
(49,663)
(43,305)
For the Nine Months Ended
9/30/2023 9/30/2022
399,780 $ 426,353
(146,590)
Property operating expenses
ΝΟΙ
Non-cash straight line rent adjustments included in rental income
(48,277)
(48,650)
(52,137)
(151,910)
83,698
85,720
83,772
84,617
85,546
253,190
274,443
(8,691)
(4,256)
(4,173)
(3,604)
(1,765)
(17,120)
(7,226)
Lease value amortization included in rental income
Lease termination fees included in rental income
(56)
(61)
(79)
195
204
(196)
780
(1,576)
(1,485)
(99)
(176)
(83)
(3,160)
(7,200)
Non-cash amortization included in property operating expenses (1)
Cash Basis NOI
(121)
73,254 $
(121)
79,797 $
(121)
(121)
(121)
(363)
(363)
79,300
80,911 $
83,781
$
232,351 $
260,434
Reconciliation of Net (Loss) Income to NOI and Cash Basis NOI:
Net (loss) income
$
(19,593) $
Equity in net losses of investees
765
(12,242) $
691
(446) $
6,390
$
834
878
16,964
952
Income tax expense (benefit)
95
211
30
(161)
90
(32,281) $
2,290
336
(12,499)
2,631
431
(Loss) income before income tax expense (benefit) and equity in net
losses of investees
(18,733)
(11,340)
418
7,107
18,006
(29,655)
(Gain) loss on early extinguishment of debt
(759)
(9,437)
77
Interest expense
28,835
26,525
25,231
24,557
24,969
80,591
78,923
Interest and other income
(Gain) loss on sale of real estate
General and administrative
(281)
(337)
(164)
(144)
(56)
(782)
(73)
(244)
2,305
(2,548)
(3,564)
(16,925)
(487)
(7,437)
5,720
5,785
5,925
5,781
6,564
17,430
19,353
Acquisition and transaction related costs
Loss on impairment of real estate
16,135
11,181
3,218
68
30,534
224
21,820
Depreciation and amortization
52,266
51,601
51,692
51,571
52,988
155,559
170,993
ΝΟΙ
83,698
85,720
83,772
84,617
85,546
253,190
274,443
Non-cash amortization included in property operating expenses
Lease termination fees included in rental income
(1)
(121)
(121)
(121)
(121)
(121)
(363)
(363)
(1,576)
(1,485)
(99)
(176)
(83)
(3,160)
(7,200)
Lease value amortization included in rental income
Non-cash straight line rent adjustments included in rental income
Cash Basis NOI
(56)
(8,691)
(61)
(79)
195
204
(196)
(4,256)
(4,173)
(3,604)
(1,765)
(17,120)
780
(7,226)
73,254 $
79,797 $
79,300
80,911
$
83,781
232,351 $
260,434
(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 property operating expenses.
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