Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Q3 2026 Earnings Presentation
42 slides from Office Properties Income Trust's earnings presentation, Nov 9, 2026
Slide 1: Financial Results and Supplemental Information Third Quarter 2026
Financial Results and Supplemental Information THIRD QUARTER 2026 Exhibit 99.2 November 9, 2026
Slide 2: Table of Contents
2Q3 2026 Table of Contents QUARTERLY RESULTS Office Properties Income Trust Announces Third Quarter 2026 Financial Results .......................................................... 4 Third Quarter 2026 Summary .........................................................................................
Slide 3: Q3 2026 Quarterly Results
3RETURN TO TABLE OF CONTENTS Q3 2026 Quarterly Results
Slide 4: Office Properties Income Trust Announces Third Quarter 2026 Financial Results
4RETURN TO TABLE OF CONTENTS Q3 2026 OFFICE PROPERTIES INCOME TRUST ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS Newton, MA (November 9, 2026). Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended September 30, 2026. Conference Call A conference
Slide 5: Third Quarter 2026 Summary
Q3 2026 5RETURN TO TABLE OF CONTENTS Third Quarter 2026 Summary Portfolio Update • Executed 400,000 square feet of total leasing at a weighted average lease term of 8.7 years, with lease renewals accounting for 96.8% of leased square footage. • Ended the quarter with same property portfolio occupanc
Slide 6: Q3 2026 Financials
6RETURN TO TABLE OF CONTENTS Q3 2026 Financials
Slide 7: Key Financial Data
Q3 2026 7RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended September 30, 2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 As of September 30, 2026 Selected Income Statement Data: Capitalization: Rental income $ 114,165 $ 18,359 $ 98,
Slide 8: Condensed Consolidated Statements of Income (Loss)
Q3 2026 8RETURN TO TABLE OF CONTENTS Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2026 September 30, 2025 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 September 30, 2025 Rental income $ 114,165 $ 109,127
Slide 9: Condensed Consolidated Balance Sheets
Q3 2026 9RETURN TO TABLE OF CONTENTS Successor Predecessor September 30, December 31, ASSETS 2026 2025 Real estate properties: Land $ 607,033 $ 706,623 Buildings and improvements 506,249 2,970,072 Total real estate properties, gross 1,113,282 3,676,695 Accumulated depreciation (5,490) (729,543) Tota
Slide 10: Debt Summary
Q3 2026 10RETURN TO TABLE OF CONTENTS Interest Rate Principal Balance Maturity Date Due at Maturity Years to Maturity Secured Fixed Rate Debt: Secured Senior Notes Senior secured notes due March 2029 (2) 9.000% $ 300,000 3/31/2029 $ 300,000 2.5 Senior secured notes due December 2029 (3) 8.375% 336,3
Slide 11: Debt Maturity Schedule
Q3 2026 11RETURN TO TABLE OF CONTENTS $300,000 $29,630 $30,000 $45,000 $231,756 $420,000 $425,000 $123,487 $279 $300 $53,254 $300M March 2029 Notes $336M December 2029 Notes $420M June 2031 Notes $425M October 2031 Notes Mortgage Debt 2026 2027 2028 2029 2030 2031 and thereafter 0 150,000 300,000 45
Slide 12: Capital Expenditures Summary
Q3 2026 12RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended September 30, 2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 Lease related costs $ 8,157 $ 5
Slide 13: Property Dispositions
Q3 2026 13RETURN TO TABLE OF CONTENTS Dispositions: Date Sold Location Number of Properties Sq. Ft. Occupancy (1) Gross Sales Price Gross Sales Price Per Sq. Ft. 7/20/2026 100 Redwood Shores Parkway, Redwood City, CA 1 63 23.5% $ 16,500 $ 263.07 7/30/2026 8800 Tinicum Boulevard, Philadelphia, PA 1 4
Slide 14: Office Properties Income Intermediate Holdco I Trust LLC
Q3 2026 14RETURN TO TABLE OF CONTENTS Occupancy, Leasing and Operational Summary Number of Properties Sq. Ft. Occupancy Weighted Average Remaining Lease Term Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI 26 2,786 75.1% 4.6 $ 41,422 $ 35,379 Office Properties Income Intermediate Ho
Slide 15: Intermediate Holdco Senior Secured Notes and Balance Sheet
Q3 2026 15RETURN TO TABLE OF CONTENTS Senior Secured Notes due December 2029 (1) Interest Rate Principal Balance Maturity Date Due at Maturity Years to Maturity 8.375% $336,386 12/31/2029 $186,756 3.3 Office Properties Income Intermediate Holdco I Trust LLC (Cont.) Consolidated Balance Sheet of Offi
Slide 16: Investment in Unconsolidated Joint Venture
Q3 2026 16RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture: Joint Venture OPI Ownership OPI Investment Number of Properties Location Sq. Ft. Occupancy Weighted Average Remaining Lease Term Prosperity Metro Plaza 51% $ 13,233 2 Fairfax, VA 346 93.0% 4.5 years (1) Includes the effect of mark t
Slide 17: Q3 2026 Portfolio Information
17RETURN TO TABLE OF CONTENTS Q3 2026 Portfolio Information
Slide 18: Summary Same Property Results
Q3 2026 18RETURN TO TABLE OF CONTENTS Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2026 September 30, 2025 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 September 30, 2025 Properties (end of period) 90 90
Slide 19: Occupancy and Leasing Summary
Q3 2026 19RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of and for the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Properties (end of period) 109 122 122 122 124 109 Rentable sq. ft. 15,575 17,113 17,113 17,113 17,214 15,575 Percentage leased
Slide 20: Tenant Diversity and Credit Characteristics
Q3 2026 20RETURN TO TABLE OF CONTENTS Investment Grade: 62.4% Not Rated: 32.0% Non-Investment Grade: 5.6% Percentage of Total Annualized Rental Income Tenant Credit Characteristics ( 4 ) (3) Tenant Industry Tenant Diversity and Credit Characteristics As of September 30, 2026 U.S. Government: 18.9% R
Slide 21: Largest Tenants
Q3 2026 21RETURN TO TABLE OF CONTENTS Tenant Credit Rating Sq. Ft. % of Leased Sq. Ft. Annualized Rental Income % of Total Annualized Rental Income 1 U.S. Government Investment Grade 2,398 19.1% $ 73,937 18.9% 2 Alphabet Inc. (Google) Investment Grade 386 3.1% 22,478 5.8% 3 IG Investments Holdings L
Slide 22: Lease Expiration Schedule
Q3 2026 22RETURN TO TABLE OF CONTENTS Year (1) Number of Leases Expiring Leased Square Feet Expiring % of Total Leased Square Feet Expiring Cumulative % of Total Leased Square Feet Expiring Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualize
Slide 23: Q3 2026 Appendix
23RETURN TO TABLE OF CONTENTS Q3 2026 Appendix
Slide 24: Management and Company Profile and Governance Information
24RETURN TO TABLE OF CONTENTS Q3 2026 Management: OPI is managed by The RMR Group (Nasdaq: RMR). RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As of September 30, 2026, RMR had approximately $37 billion in ass
Slide 25: Calculation of NOI and Cash Basis NOI
Q3 2026 25RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended 9/30/2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 114,16
Slide 26: Calculation of NOI and Cash Basis NOI (Nine Months)
Q3 2026 26RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 For the Nine Months Ended September 30, 2025 Calculation of NOI and Cash Basis NOI: Rental income $ 132,524 $ 207,341 $ 337,241 Property operating ex
Slide 27: Reconciliation of NOI to Same Property NOI
Q3 2026 27RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2026 September 30, 2025 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 September 30, 2025 Reconciliation of
Slide 28: Property Detail (by Collateral Pool)
Q3 2026 28RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) (1) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve
Slide 29: Property Detail (by Collateral Pool)
Q3 2026 29RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Mont
Slide 30: Property Detail (by Collateral Pool)
Q3 2026 30RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Mont
Slide 31: Property Detail (by Collateral Pool)
Q3 2026 31RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Mont
Slide 32: Property Detail (by Collateral Pool)
Q3 2026 32RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Mont
Slide 33: Property Detail (by Collateral Pool)
Q3 2026 33RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Mont
Slide 34: Property Detail (by Collateral Pool)
Q3 2026 34RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Mont
Slide 35: EBITDA and Adjusted EBITDAre Reconciliation
Q3 2026 35RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended 9/30/2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 Net loss $ (45,783) $ (3,087) $ (789,019) $ (93,021) $ (118,9
Slide 36: EBITDA and Adjusted EBITDAre Reconciliation (Nine Months)
Q3 2026 36RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 For the Nine Months Ended September 30, 2025 Net loss $ (48,870) $ (882,040) $ (153,392) Add (less): Interest expense 46,462 84,548 159,144 Income ta
Slide 37: FFO and Normalized FFO Reconciliation
Q3 2026 37RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended 9/30/2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 Net loss $ (45,783) $ (3,087) $ (789,019) $ (93,021) $ (118,9
Slide 38: FFO and Normalized FFO Reconciliation (Nine Months)
Q3 2026 38RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 For the Nine Months Ended September 30, 2025 Net loss $ (48,870) $ (882,040) $ (153,392) Add (less): Depreciation and amortization: Consolidated prop
Slide 39: Non-GAAP Financial Measures
39RETURN TO TABLE OF CONTENTS Q3 2026 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 net operating income, or NOI, Cash Basis NOI, Same Property NOI, Same Prope
Slide 40: Definitions and Notes
40RETURN TO TABLE OF CONTENTS Q3 2026 Annualized rental income is calculated using the annualized contractual base rents from OPI's tenants pursuant to its lease agreements as of September 30, 2026, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to OPI,
Slide 41: Same Property Notes
41RETURN TO TABLE OF CONTENTS Q3 2026 Same properties for the three months ended September 30, 2026 is based on properties OPI owned continuously since July 1, 2025; excludes 19 properties classified as held for sale (HFS) and two properties owned by an unconsolidated joint venture in which OPI owns
Slide 42: Warning Concerning Forward-Looking Statements
42RETURN TO TABLE OF CONTENTS Q3 2026 Warning Concerning Forward-Looking Statements 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
Office Properties Income Trust — Q3 2026 Earnings Presentation on 6ix