Investor Presentaiton
OFFICE PROPERTIES INCOME TRUST
CALCULATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre
For the Three Months Ended
For the Nine Months Ended
(dollars in thousands)
Net (loss) income
Add (less): Interest expense
9/30/2023
6/30/2023
3/31/2023
12/31/2022
9/30/2022
9/30/2023
9/30/2022
$
(19,593) $ (12,242) $
(446) $
6,390 $
16,964 $
28,835
26,525
25,231
24,557
24,969
(32,281) $
80,591
(12,499)
78,923
Income tax expense (benefit)
95
211
30
(161)
90
336
431
Depreciation and amortization
52,266
51,601
51,692
51,571
52,988
155,559
170,993
EBITDA
61,603
66,095
76,507
82,357
95,011
204,205
237,848
Add (less): Loss on impairment of real estate
21,820
(Gain) loss on sale of real estate
(244)
2,305
(2,548)
(3,564)
(16,925)
(487)
(7,437)
Distributions received from unconsolidated joint ventures
51
Equity in losses of unconsolidated joint ventures
765
691
834
878
952
2,290
EBITDAre
62,124
69,091
74,793
79,671
79,038
Add (less): Acquisition and transaction related costs
16,135
11,181
3,218
68
206,008
30,534
2,631
254,913
224
General and administrative expense paid in common shares (1)
(Gain) loss on early extinguishment of debt
651
741
476
499
919
1,868
2,406
(759)
77
Adjusted EBITDAre
$
78,910
$
81,013 $
78,487
$
79,479
$
79,957 $ 238,410 $
257,620
(1) Amounts represent equity based compensation to OPI's Trustees, OPI's officers and certain other employees of RMR.
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