Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Debt Investor Presentation (November 2024)
15 slides from Office Properties Income Trust's debt investor presentation, Nov 25, 2024
Slide 1: Office Properties Income Trust Investor Presentation November 2024
1 OFFICE PROPERTIES INCOME TRUST INVESTOR PRESENTATION November 2024 Washington, DC
Slide 2: Forward-looking statements
2 OFFICE PROPERTIES INCOME TRUST This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “an
Slide 3: No Offer or Sale
3 OFFICE PROPERTIES INCOME TRUST No Offer or Sale OPI is offering and selling the 3.25% senior secured notes due 2027, related guarantees and common shares of beneficial interest of OPI ("Exchange Shares") only by, and pursuant to, the terms of the exchange agreement with the parties thereto ("Excha
Slide 4: OPI Announces Entry into Private Exchange Agreement with Certain Noteholders
4 OFFICE PROPERTIES INCOME TRUST OPI Announces Entry into Private Exchange Agreement with Certain Noteholders to Address 2025 Debt Maturities Fort Mill, SC 4
Slide 5: Transaction Overview
5 OFFICE PROPERTIES INCOME TRUST Note: All information is as of or for the trailing twelve months ended September 30, 2024, except where otherwise indicated. (1) See page 6 for information on the 2024 Exchange Notes. TRANSACTION OVERVIEW Carlsbad, CA • Office Properties Income Trust (“OPI”, or the “
Slide 6: OPI Senior Secured Notes and First Lien Collateral Property Statistics
6 OFFICE PROPERTIES INCOME TRUST OPI SENIOR SECURED NOTES AND FIRST LIEN COLLATERAL PROPERTY STATISTICS Note Statistics First Lien Collateral Statistics(3)(4) Item New Senior Secured Notes 2024 Exchange Notes(1) February 2024 Senior Secured Notes Maturity 3/15/2027 9/30/2029 3/31/2029 Face Value of
Slide 7: $445 Million Senior Secured Notes Due 2027 First Lien Collateral Properties
7 OFFICE PROPERTIES INCOME TRUST $445 MILLION SENIOR SECURED NOTES DUE 2027 FIRST LIEN COLLATERAL PROPERTIES(1) Collateral Pool Statistics Number of Properties 35 Rentable Square Feet (millions) 4.5 % Investment Grade Tenants 56% WALT by Revenue (years) 6.5 LTM Cash NOI $51.8M Gross Book Value (GBV)
Slide 8: $445 Million Senior Secured Notes Due 2027 Cash Flow Schedule
8 OFFICE PROPERTIES INCOME TRUST $445 MILLION SENIOR SECURED NOTES DUE 2027 CASH FLOW SCHEDULE Projected Asset Sale Schedule (dollars in thousands) Mandatory Principal Repayment in Q1’26 (assuming no asset sales) (dollars in thousands) (1) Represents the Company’s estimated base case forecast for co
Slide 9: Pro Forma Metrics & Debt Maturities Schedule
9 OFFICE PROPERTIES INCOME TRUST PRO FORMA METRICS & DEBT MATURITIES SCHEDULE Future Sources & Uses of Liquidity • OPI intends to repurchase, redeem or repay the remaining $113.6 million of outstanding senior unsecured notes due 2025 with cash in connection with the consummation of the Exchange. • U
Slide 10: Pro Forma Capital Structure
10 OFFICE PROPERTIES INCOME TRUST PRO FORMA CAPITAL STRUCTURE (1) On October 4, 2024, OPI borrowed $125 million under its revolving credit facility. As of October 30, 2024, OPI was fully drawn under its revolving credit facility. (2) In October and November 2024, OPI exchanged an aggregate of $37.3
Slide 11: $445 Million Senior Secured Notes Due 2027 First Lien Collateral Properties
11 OFFICE PROPERTIES INCOME TRUST (1) Pursuant to the lease agreement with Sonesta International Hotels Corporation, the tenant has free rent through January 2025. Annual base rent of approximately $6.7 million will be due beginning in February 2025 and increase 10% every five years throughout the t
Slide 12: Appendix
12 OFFICE PROPERTIES INCOME TRUST Washington, D.C. Appendix
Slide 13: Calculation and Reconciliation of NOI and Cash NOI
13 OFFICE PROPERTIES INCOME TRUST CALCULATION AND RECONCILIATION OF NOI AND CASH NOI (dollars in thousands) Calculation of NOI and Cash NOI: Cash NOI: Reconciliation of Net (Loss) Income to NOI and Cash NOI: Cash NOI:
Slide 14: Non-GAAP Financial Measures and Certain Definitions
14 OFFICE PROPERTIES INCOME TRUST NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS Non-GAAP Financial Measures OPI presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including NOI and Cash NOI. These mea
Slide 15: OPIREIT.COM
15 OFFICE PROPERTIES INCOME TRUST INVESTOR PRESENTATION November 2024 Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458 OPIREIT.COM
Office Properties Income Trust — Debt Investor Presentation (November 2024) on 6ix