$OPI
OFFICE PROPERTIES INCOME TRUST

2023 Q4 Form 10-Q Financial Statement

#000145677223000053 Filed on October 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $133.8M $133.4M
YoY Change 4.57% -3.14%
Cost Of Revenue $46.59M $42.20M
YoY Change 26.01% -4.41%
Gross Profit $87.19M $91.16M
YoY Change -4.14% -2.54%
Gross Profit Margin 65.18% 68.35%
Selling, General & Admin $11.62M $13.18M
YoY Change -4.11% -9.42%
% of Gross Profit 13.32% 14.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.30M $49.93M
YoY Change 2.52% -3.03%
% of Gross Profit 58.84% 54.77%
Operating Expenses $65.31M $65.45M
YoY Change 2.55% -3.1%
Operating Profit $21.88M $25.71M
YoY Change -19.77% -1.08%
Interest Expense -$48.98M $28.84M
YoY Change 100.64% 15.48%
% of Operating Profit -223.92% 112.15%
Other Income/Expense, Net
YoY Change
Pretax Income -$36.40M -$18.73M
YoY Change -612.1% -204.04%
Income Tax $15.00K $95.00K
% Of Pretax Income
Net Earnings -$37.22M -$19.59M
YoY Change -682.54% -215.5%
Net Earnings / Revenue -27.83% -14.69%
Basic Earnings Per Share -$0.41
Diluted Earnings Per Share -$0.77 -$0.41
COMMON SHARES
Basic Shares Outstanding 48.76M shares 48.59M shares
Diluted Shares Outstanding 48.40M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.32M $24.36M
YoY Change 0.54% 73.92%
Cash & Equivalents $12.32M $24.36M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $133.3M $124.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.6M $148.4M
YoY Change 23.49% 23.81%
LONG-TERM ASSETS
Property, Plant & Equipment $3.679B $3.731B
YoY Change -1.73% -0.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.13M $36.60M
YoY Change -48.4% 4.37%
Other Assets $138.7M $117.3M
YoY Change 83.41% 67.64%
Total Long-Term Assets $3.844B $3.897B
YoY Change -0.47% 1.23%
TOTAL ASSETS
Total Short-Term Assets $145.6M $148.4M
Total Long-Term Assets $3.844B $3.897B
Total Assets $3.990B $4.045B
YoY Change 0.24% 1.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.2M $154.1M
YoY Change 0.01% 0.73%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $147.2M $161.8M
YoY Change 0.39% 5.81%
LONG-TERM LIABILITIES
Long-Term Debt $2.573B $2.566B
YoY Change 5.75% 7.19%
Other Long-Term Liabilities $14.19M $12.62M
YoY Change -0.28% -21.41%
Total Long-Term Liabilities $2.587B $2.579B
YoY Change 5.71% 7.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.2M $161.8M
Total Long-Term Liabilities $2.587B $2.579B
Total Liabilities $2.734B $2.740B
YoY Change 5.41% 6.93%
SHAREHOLDERS EQUITY
Retained Earnings $100.2M $137.3M
YoY Change -40.94% -15.86%
Common Stock $2.622B $2.622B
YoY Change 0.07% 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.256B $1.305B
YoY Change
Total Liabilities & Shareholders Equity $3.990B $4.045B
YoY Change 0.24% 1.91%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$37.22M -$19.59M
YoY Change -682.54% -215.5%
Depreciation, Depletion And Amortization $51.30M $49.93M
YoY Change 2.52% -3.03%
Cash From Operating Activities $32.59M $20.91M
YoY Change -18.37% -52.24%
INVESTING ACTIVITIES
Capital Expenditures $56.16M $36.90M
YoY Change -16.27% -177.06%
Acquisitions
YoY Change
Other Investing Activities $18.28M $9.922M
YoY Change 37.73% -91.31%
Cash From Investing Activities -$37.88M -$26.98M
YoY Change -29.59% -140.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.628M 19.88M
YoY Change -171.99% -116.26%
NET CHANGE
Cash From Operating Activities 32.59M 20.91M
Cash From Investing Activities -37.88M -26.98M
Cash From Financing Activities -7.628M 19.88M
Net Change In Cash -12.91M 13.81M
YoY Change 294.2% -212.94%
FREE CASH FLOW
Cash From Operating Activities $32.59M $20.91M
Capital Expenditures $56.16M $36.90M
Free Cash Flow -$23.57M -$16.00M
YoY Change -13.18% -117.45%

Facts In Submission

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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-19593000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
16964000 usd
us-gaap Net Income Loss
NetIncomeLoss
-32281000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12499000 usd
CY2023Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
50000 usd
CY2022Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
99000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
232000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
299000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19643000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16865000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-32513000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12798000 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48403000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48403000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48286000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48286000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48365000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48365000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48260000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48260000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.41
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
CY2023Q3 opi Number Of Operating Lease Executed
NumberOfOperatingLeaseExecuted
29 lease
CY2023Q3 opi Operating Leases Committed Expenditures On Leases Executed In Period Area Of Leased Property
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriodAreaOfLeasedProperty
586000 sqft
CY2023Q3 opi Operating Leases Weighted Average Lease Term
OperatingLeasesWeightedAverageLeaseTerm
P7Y4M24D
CY2023Q3 opi Operating Leases Committed Expenditures On Leases Executed In Period
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriod
25359000 usd
opi Number Of Operating Lease Executed
NumberOfOperatingLeaseExecuted
68 lease
opi Operating Leases Committed Expenditures On Leases Executed In Period Area Of Leased Property
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriodAreaOfLeasedProperty
1502000 sqft
opi Operating Leases Weighted Average Lease Term
OperatingLeasesWeightedAverageLeaseTerm
P8Y8M12D
opi Operating Leases Committed Expenditures On Leases Executed In Period
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriod
74744000 usd
CY2023Q3 opi Operating Leases Committed Expenditures On Leases Executed In Period Committed But Unspent Tenant Related Obligations
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriodCommittedButUnspentTenantRelatedObligations
137223000 usd
us-gaap Variable Lease Income
VariableLeaseIncome
67820000 usd
CY2022Q3 opi Tenant Reimbursement Income
TenantReimbursementIncome
21953000 usd
opi Tenant Reimbursement Income
TenantReimbursementIncome
64437000 usd
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
Our leases provide for base rent payments and, in addition, may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis.
CY2023Q3 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
8691000 usd
CY2022Q3 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
1765000 usd
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
17120000 usd
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
7226000 usd
CY2023Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
103366000 usd
CY2022Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
86305000 usd
CY2023Q3 us-gaap Variable Lease Income
VariableLeaseIncome
21067000 usd
us-gaap Variable Lease Income
VariableLeaseIncome
64627000 usd
CY2023Q3 opi Tenant Reimbursement Income
TenantReimbursementIncome
19722000 usd
opi Tenant Reimbursement Income
TenantReimbursementIncome
60641000 usd
CY2022Q3 us-gaap Variable Lease Income
VariableLeaseIncome
23183000 usd
CY2023Q3 opi Number Of Mortgage Notes
NumberOfMortgageNotes
6 mortgage_note
CY2023Q3 opi Number Of Mortgage Notes
NumberOfMortgageNotes
6 mortgage_note
CY2023Q2 opi Number Of Trustees
NumberOfTrustees
9 trustee
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
3500 shares
CY2023Q2 us-gaap Share Price
SharePrice
7.90
CY2023Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
210300 shares
CY2023Q3 us-gaap Share Price
SharePrice
5.76
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
47858 shares
opi Stock Repurchased During Period Price Per Share
StockRepurchasedDuringPeriodPricePerShare
6.09
CY2023Q3 opi Stock Repurchased During Period Number Of Trustees
StockRepurchasedDuringPeriodNumberOfTrustees
1 trustee
opi Stock Repurchased During Period Number Of Trustees
StockRepurchasedDuringPeriodNumberOfTrustees
1 trustee
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.55
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
26710000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.25
CY2023Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12141000 usd
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.25
CY2023Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12147000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.05
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
50998000 usd
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture

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