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Office Properties Income Trust (OPI)
NASDAQ:OPI
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Earnings Data
Report Date
Feb 13, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-0.54Last Year’s EPS
-0.61Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 01, 2018
|% Change Since: -53.30%
|Next Earnings Date:Aug 02, 2018
Earnings Call Sentiment|Negative
The earnings call reflects a challenging quarter for OPI, with significant financial performance declines, occupancy challenges, and uncertainties around debt maturities. Although there are positive actions in leasing and property dispositions, these are overshadowed by the financial and operational difficulties faced.Company Guidance
During the Office Properties Income Trust (OPI) third quarter 2024 earnings call, the executives provided detailed guidance focused on financial metrics and strategic actions. The company reported a normalized funds from operations (FFO) of $22.1 million, or $0.43 per share, which fell short of their guidance by $0.03 due to increased reserve for uncollectible rents and higher operating expenses. For the fourth quarter, OPI expects normalized FFO to range between $0.33 and $0.35 per share, driven by lower net operating income (NOI) and higher interest expenses. The same-property cash basis NOI declined by 4% compared to the previous year, coming in at $59.3 million. OPI's portfolio occupancy was reported at 82.8%, with same-property occupancy slightly higher at 89.3%. The company also highlighted efforts to manage debt maturities, having reduced the 2025 debt maturity from $650 million to approximately $457 million through strategic exchanges and property sales. They are actively negotiating potential debt exchanges and have outlined plans to sell 17 properties totaling 1.6 million square feet for $119 million to enhance liquidity. Despite challenges in the office sector, including shifts in space utilization and market conditions, OPI remains focused on tenant retention and property dispositions to navigate the financial landscape.Debt Reduction and Refinancing Efforts
OPI completed $1.3 billion in secured financings in the first half of the year, reducing total debt by nearly $300 million. They exchanged $42.5 million of unsecured senior notes for new secured senior notes and common shares, reducing 2025 debt maturity from $650 million to $457 million.
Leasing Activity
During the third quarter, OPI executed 14 leases totaling 987,000 square feet with a weighted average lease term of 10.2 years. Renewals included a 554,000 square foot lease with Bank of America at a 2% roll-up in rent and a 235,000 square foot lease with AT&T at an 11% roll-up in rent.
Property Dispositions
OPI sold 6 properties for $46 million in the third quarter and is under agreement to sell an additional 17 properties for $119 million.
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OPI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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OPI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 30, 2024 | $1.97 | $1.59 | -19.29% |
| Jul 31, 2024 | $2.48 | $2.66 | +7.26% |
| May 01, 2024 | $1.98 | $2.54 | +28.28% |
| Feb 15, 2024 | $3.94 | $3.72 | -5.58% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Office Properties Income Trust (OPI) report earnings?
Office Properties Income Trust (OPI) is schdueled to report earning on Feb 13, 2025, TBA Not Confirmed.
What is Office Properties Income Trust (OPI) earnings time?
Office Properties Income Trust (OPI) earnings time is at Feb 13, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is OPI EPS forecast?
OPI EPS forecast for the fiscal quarter 2024 (Q4) is -0.54.
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