Investor Presentaiton
National
Scale
Diversification
OFFICE PROPERTIES
INCOME TRUST
WHY INVEST IN OPI?
•
$4.7 billion office REIT.(1)
.
200 properties.
•
27.3 million square feet.
.
Properties are located across 36 states and Washington, DC.
Other than government, which accounts for 40% of annualized rent, the next largest tenant
industry concentration is technology and communications (16%).
No tenant other than the U.S. Government accounts for more than 3% of annualized rent.
•
Secure and
Stable Income
40% of OPI's rental income is paid by government tenants.
.
64% of OPI's rental income is derived from investment grade rated tenants.
.
60% of leases expire in 2024 and after.
Capital
Recycling
Program
Strong
Dividend
Position
•
RMR
Benefits
Initially selling assets to reduce leverage to OPI's long term target of 6.0x to 6.5x net debt
to annualized Adjusted EBITDAre.
$100 million to $300 million annually to reinvest in properties intended to improve the
portfolio quality.
Dividend of $0.55 per share per quarter ($2.20 per share per year).
Dividend is well covered and on target to be below 75% of cash available for distribution
(CAD) for 2019.
Dividend yield of 7.2% at September 30, 2019.
RMR provides OPI with scale and efficiencies from its $32.8 billion platform.
600 commercial real estate professionals across more than 30 nationwide offices.
G&A expense compares favorably to OPI's peer group.
(1) Total gross assets.
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