$OPI
OFFICE PROPERTIES INCOME TRUST

2024 Q3 Form 10-Q Financial Statement

#000145677224000043 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $120.6M $123.7M $139.4M
YoY Change -9.55% -7.69% 5.3%
Cost Of Revenue $43.55M $41.88M $43.04M
YoY Change 3.18% -1.54% 3.98%
Gross Profit $77.07M $81.81M $96.40M
YoY Change -15.45% -10.56% 5.9%
Gross Profit Margin 63.9% 66.14% 69.14%
Selling, General & Admin $12.80M $11.05M $13.80M
YoY Change -2.91% -4.12% 4.63%
% of Gross Profit 16.6% 13.51% 14.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.50M $47.77M $29.70M
YoY Change -12.86% -3.46% 19.05%
% of Gross Profit 56.45% 58.39% 30.81%
Operating Expenses $58.84M $61.44M $64.14M
YoY Change -10.09% -2.67% -1.14%
Operating Profit $18.23M $20.36M $32.26M
YoY Change -29.1% -28.13% 23.35%
Interest Expense $42.58M $38.35M $35.48M
YoY Change 47.67% 44.58% 40.6%
% of Operating Profit 233.56% 188.31% 109.96%
Other Income/Expense, Net
YoY Change
Pretax Income -$58.02M $76.24M -$4.898M
YoY Change 209.71% -772.35% -1271.77%
Income Tax $230.0K -$107.0K $56.00K
% Of Pretax Income -0.14%
Net Earnings -$58.41M $76.17M -$5.184M
YoY Change 198.14% -722.21% 1062.33%
Net Earnings / Revenue -48.43% 61.58% -3.72%
Basic Earnings Per Share -$1.14 $1.56 -$0.11
Diluted Earnings Per Share -$1.14 $1.56 -$0.11
COMMON SHARES
Basic Shares Outstanding 50.25M shares 48.75M shares 48.75M shares
Diluted Shares Outstanding 51.20M shares 48.65M shares 48.47M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.36M $13.50M $23.51M
YoY Change -8.19% -46.46% 0.72%
Cash & Equivalents $22.36M $13.50M $23.51M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $146.6M $140.5M $137.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $168.9M $154.0M $161.0M
YoY Change 13.84% 13.4% 23.55%
LONG-TERM ASSETS
Property, Plant & Equipment $3.287B $3.397B $3.645B
YoY Change -11.9% -9.39% -2.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $17.55M $17.72M $17.90M
YoY Change -52.05% -52.58% -51.04%
Other Assets $235.1M $222.2M $118.3M
YoY Change 100.41% 133.8% 52.89%
Total Long-Term Assets $3.557B $3.646B $3.797B
YoY Change -8.71% -6.32% -2.06%
TOTAL ASSETS
Total Short-Term Assets $168.9M $154.0M $161.0M
Total Long-Term Assets $3.557B $3.646B $3.797B
Total Assets $3.726B $3.800B $3.958B
YoY Change -7.89% -5.65% -1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $105.9M $142.4M $109.7M
YoY Change -31.25% 5.96% -22.28%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.8M $148.4M $116.9M
YoY Change -30.9% 5.53% -21.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.322B $2.308B $2.579B
YoY Change -9.51% -9.07% 3.8%
Other Long-Term Liabilities $13.57M $13.88M $11.42M
YoY Change 7.49% 7.47% -18.88%
Total Long-Term Liabilities $2.336B $2.322B $2.591B
YoY Change -9.42% -8.99% 3.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.8M $148.4M $116.9M
Total Long-Term Liabilities $2.336B $2.322B $2.591B
Total Liabilities $2.447B $2.470B $2.708B
YoY Change -10.69% -8.23% 2.27%
SHAREHOLDERS EQUITY
Retained Earnings $112.7M $171.2M $94.99M
YoY Change -17.9% 9.08% -43.85%
Common Stock $2.634B $2.626B $2.622B
YoY Change 0.47% 0.18% 0.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.279B $1.330B $1.250B
YoY Change
Total Liabilities & Shareholders Equity $3.726B $3.800B $3.958B
YoY Change -7.89% -5.65% -1.22%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$58.41M $76.17M -$5.184M
YoY Change 198.14% -722.21% 1062.33%
Depreciation, Depletion And Amortization $43.50M $47.77M $29.70M
YoY Change -12.86% -3.46% 19.05%
Cash From Operating Activities -$17.06M $31.87M $26.63M
YoY Change -181.59% -12.28% -48.69%
INVESTING ACTIVITIES
Capital Expenditures $36.08M $16.97M $40.03M
YoY Change -2.24% -76.45% -39.95%
Acquisitions
YoY Change
Other Investing Activities $44.11M $50.00K $35.67M
YoY Change 344.55% -99.15% 1152.09%
Cash From Investing Activities $8.031M -$16.92M -$4.362M
YoY Change -129.76% -74.42% -93.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.91M -24.67M -$4.878M
YoY Change -45.14% -176.38% -121.2%
NET CHANGE
Cash From Operating Activities -17.06M 31.87M $26.63M
Cash From Investing Activities 8.031M -16.92M -$4.362M
Cash From Financing Activities 10.91M -24.67M -$4.878M
Net Change In Cash 1.882M -9.719M $17.39M
YoY Change -86.37% -492.21% 56.76%
FREE CASH FLOW
Cash From Operating Activities -$17.06M $31.87M $26.63M
Capital Expenditures $36.08M $16.97M $40.03M
Free Cash Flow -$53.13M $14.90M -$13.40M
YoY Change 232.11% -141.69% -9.23%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Revenue Recognition Leases
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<div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
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CY2024Q2 opi Tenant Reimbursement Income
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opi Tenant Reimbursement Income
TenantReimbursementIncome
40396000 usd
CY2023Q2 us-gaap Variable Lease Income
VariableLeaseIncome
22190000 usd
us-gaap Variable Lease Income
VariableLeaseIncome
43560000 usd
CY2023Q2 opi Tenant Reimbursement Income
TenantReimbursementIncome
20853000 usd
opi Tenant Reimbursement Income
TenantReimbursementIncome
40919000 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
567429000 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.09000
CY2024Q2 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
865219000 usd
CY2024Q2 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
865219000 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
567429000 usd
CY2024Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1406952 shares
CY2024Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.26
CY2024Q2 opi Number Of Trustees
NumberOfTrustees
9 trustee
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
11627 shares
CY2024Q2 us-gaap Share Price
SharePrice
2.15
CY2024Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
7505 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
8374 shares
CY2024Q2 opi Stock Repurchased During Period Price Per Share
StockRepurchasedDuringPeriodPricePerShare
2.02
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.01
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
487000 usd
CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.01
CY2024Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
488000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.02
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
975000 usd

Files In Submission

Name View Source Status
opi-20240630_cal.xml Edgar Link unprocessable
0001456772-24-000043-index-headers.html Edgar Link pending
0001456772-24-000043-index.html Edgar Link pending
0001456772-24-000043.txt Edgar Link pending
0001456772-24-000043-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
opi-20240630.htm Edgar Link pending
opi-20240630.xsd Edgar Link pending
opi_63024x10qex311.htm Edgar Link pending
opi_63024x10qex312.htm Edgar Link pending
opi_63024x10qex313.htm Edgar Link pending
opi_63024x10qex314.htm Edgar Link pending
opi_63024x10qex321.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
opi-20240630_def.xml Edgar Link unprocessable
opi-20240630_lab.xml Edgar Link unprocessable
opi-20240630_pre.xml Edgar Link unprocessable
opi-20240630_htm.xml Edgar Link completed
Show.js Edgar Link pending