Office Properties Income Trust · OTC:OPITQ
Office Properties Income Trust — Q2 2026 Earnings Presentation
42 slides from Office Properties Income Trust's earnings presentation, Aug 6, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information SECOND QUARTER 2026
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS Office Properties Income Trust Announces Second Quarter 2026 Financial Results ...................................................... 4 Second Quarter 2026 Summary ....................................................................................................
Slide 3: Quarterly Results
Quarterly Results RETURN TO TABLE OF CONTENTS Q2 2026 3
Slide 4: Office Properties Income Trust Announces Second Quarter 2026 Financial Results
OFFICE PROPERTIES INCOME TRUST ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS Newton, MA (August 5, 2026). Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended June 30, 2026. Conference Call A conference call discussing OPI's second quarter result
Slide 5: Second Quarter 2026 Summary
Second Quarter 2026 Summary • Executed 176,000 square feet of total leasing at a weighted average lease term of 7.3 years, with lease Portfolio renewals accounting for 87.3% of leased square footage. Update • Ended the quarter with same property portfolio occupancy of 88.7% and a weighted average le
Slide 6: Financials
Financials RETURN TO TABLE OF CONTENTS Q2 2026 6
Slide 7: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) Successor Predecessor Period from June Period from April As of 18 through June 1 through June 30, 2026 17, 2026 June 30, 2026 Selected Income Statement Data: Capitalization: Rental income $ 18,359 $ 98,473 Total common shares (at end o
Slide 8: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) Successor Predecessor Successor Predecessor Period from Period from Three Period from Period from June 18 April 1 Months June 18 January 1 Six Months through June through June Ended June through June thr
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) Successor Predecessor June 30, December 31, ASSETS 2026 2025 Real estate properties: Land $ 607,033 $ 706,623 Buildings and improvements 500,182 2,970,072 Total real estate properties, gross 1,107,215 3,676,695 Accum
Slide 10: Debt Summary
Debt Summary (1) As of June 30, 2026 (dollars in thousands) Successor (1) See Pages 28 to 34 for additional information Principal Years to regarding collateral properties. (2) OPI's secured revolving credit facility and term loan Interest Rate Balance Maturity Date Due at Maturity Maturity are gover
Slide 11: Debt Maturity Schedule
Debt Maturity Schedule As of June 30, 2026 (dollars in thousands) 600,000 $279 $290,000 450,000 $30,000 $53,554 Fixed vs. Variable Rate Debt $420,000 Variable 24.9% 300,000 $425,000 Fixed 75.1% 150,000 $300,000 $123,487 $45,000 0 $20,000 2026 2027 2028 2029 2030 and thereafter Credit Agreement $300M
Slide 12: Capital Expenditures Summary
Capital Expenditures Summary (dollars and sq. ft. in thousands, except per sq. ft. data) Capital Expenditures Summary: Successor Predecessor Period from June 18 Period from April 1 For the Three Months Ended through June 30, through June 17, 2026 2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Lease r
Slide 13: Property Dispositions
Property Dispositions Since January 1, 2026 (dollars and sq. ft. in thousands, except per sq. ft. data) Dispositions: Number of Occupancy at Gross Sales Price Date Sold Location Properties Sq. Ft. 6/30/2026 Gross Sales Price Per Sq. Ft. 7/20/2026 100 Redwood Shores Parkway, Redwood City, CA 1 63 23.
Slide 14: Office Properties Income Intermediate Holdco I Trust LLC
Office Properties Income Intermediate Holdco I Trust LLC (1) (dollars and sq. ft. in thousands) Occupancy, Leasing and Operational Summary Number of Weighted Average Trailing Twelve Trailing Twelve Months Properties Sq. Ft. Occupancy Remaining Lease Term Months NOI Cash Basis NOI 31 3,517 67.7% 5.2
Slide 15: Office Properties Income Intermediate Holdco I Trust LLC (Cont.)
Office Properties Income Intermediate Holdco I Trust LLC (Cont.) (dollars and sq. ft. in thousands) Consolidated Balance Sheet of Office Properties Income Intermediate Holdco I Trust LLC Senior Secured Notes due December 2029 (1) ASSETS As of June 30, 2026 Real estate properties: Interest Rate Princ
Slide 16: Investment in Unconsolidated Joint Venture
Investment in Unconsolidated Joint Venture As of June 30, 2026 (dollars and sq. ft. in thousands) Unconsolidated Joint Venture: OPI Number of Weighted Average Joint Venture Ownership OPI Investment Properties Location Sq. Ft. Occupancy Remaining Lease Term Prosperity Metro Plaza 51% $ 12,856 2 Fairf
Slide 17: Portfolio Information
Portfolio Information RETURN TO TABLE OF CONTENTS Q2 2026 17
Slide 18: Summary Same Property Results
Summary Same Property Results (dollars and sq. ft. in thousands) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Successor Predecessor Successor Predecessor Period from Period from Period from For the Three Period from January 1 For the Six Months June 18 through April 1 through Mont
Slide 19: Occupancy and Leasing Summary
Occupancy and Leasing Summary (1) (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Six Months As of and for the Three Months Ended Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Properties (end of period) 122 122 122 124 125 122 Rentable sq. ft. 17,11
Slide 20: Tenant Diversity and Credit Characteristics
Tenant Diversity and Credit Characteristics As of June 30, 2026 Percentage of Total Annualized Rental Income Tenant Industry Tenant Credit Characteristics Life Sciences and Medical: 2.0% Non-Investment Grade: Other: 4.7% 5.7% State and Municipalities: U.S. Government: 18.0% 8.8% ( (3) 4 ) Government
Slide 21: Tenants Representing 1% or More of Total Annualized Rental Income
Tenants Representing 1% or More of Total Annualized Rental Income As of June 30, 2026 (dollars and sq. ft. in thousands) % of Total % of Leased Annualized Annualized Tenant Credit Rating Sq. Ft. Sq. Ft. Rental Income Rental Income 1 U.S. Government Investment Grade 2,415 18.1% $ 74,469 18.0% 2 Alpha
Slide 22: Lease Expiration Schedule
Lease Expiration Schedule As of June 30, 2026 (dollars and sq. ft. in thousands) Cumulative Cumulative % of Total % of Total % of Total % of Total Number of Leased Square Leased Leased Annualized Annualized Annualized Leases Feet Square Feet Square Feet Rental Income Rental Income Rental Income Year
Slide 23: Appendix
Appendix RETURN TO TABLE OF CONTENTS Q2 2026 23
Slide 24: Company Profile and Governance Information
Company Profile and Governance Information Management: Board of Trustees Jonathan Heller Jonathan Kolatch William A. Lamkin OPI is managed by The RMR Group (Nasdaq: RMR). Chairman of the Board Independent Trustee Independent Trustee RMR is a leading U.S. alternative asset management company, unique
Slide 25: Calculation and Reconciliation of NOI and Cash Basis NOI
Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) Successor Predecessor Period from June 18 Period from through June April 1 through For the Three Months Ended 30, 2026 June 17, 2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Calculation of NOI and Cash Basis NOI: Rental
Slide 26: Calculation and Reconciliation of NOI and Cash Basis NOI
Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) Successor Predecessor Period from June 18 Period from January 1 through June 30, through June 17, For the Six Months 2026 2026 Ended June 30, 2025 Calculation of NOI and Cash Basis NOI: Rental income $ 18,359 $ 207,341 $
Slide 27: Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI
Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI (dollars in thousands) Successor Predecessor Successor Predecessor Period from Period from Period from For the Three Period from January 1 For the Six June 18 through April 1 through Months Ended June 18 through thr
Slide 28: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) (1) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Propertie
Slide 29: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Properties Sq
Slide 30: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Properties Sq
Slide 31: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Properties Sq
Slide 32: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Properties Sq
Slide 33: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Properties Sq
Slide 34: Property Detail (by Collateral Pool)
Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Sq. Ft. Trailing Expiring Weighted Trailing Twelve Unspent Number Through Average Annualized Twelve Months Leasing Gross Book of December Remaining Rental Months Cash Basis Related Value of Real Properties Sq
Slide 35: Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense
Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense (dollars in thousands) Successor Predecessor Period from June 18 Period from through June April 1 through For the Three Months Ended 30, 2026 June 17, 2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net loss $
Slide 36: Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense
Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense (dollars in thousands) Successor Predecessor Period from June 18 Period from January through June 30, 1 through June 17, For the Six Months 2026 2026 Ended June 30, 2025 Net loss $ (3,087) $ (882,040) $ (87,0
Slide 37: Calculation of FFO, Normalized FFO and CAD
Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) Successor Predecessor For the three months ended Period from June Period from April 18 through June 1 through June 30, 2026 17, 2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net loss $ (3,087) $ (789,019) $ (93,
Slide 38: Calculation of FFO, Normalized FFO and CAD
Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) Successor Predecessor Period from June 18 Period from January 1 For the Six Months through June 30, 2026 through June 17, 2026 Ended June 30, 2025 Net loss $ (3,087) $ (882,040) $ (87,053) Add (less): Depreciati
Slide 39: Non-GAAP Financial Measures and Certain Definitions
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 net operating income, or NOI, Cash Basis NOI, Same Property N
Slide 40: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Annualized rental income is calculated using the annualized contractual base rents from OPI's tenants pursuant to its lease agreements as of June 30, 2026, plus straight line rent adjustments and estimated recurring expense reimbursemen
Slide 41: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Same properties for the three months ended June 30, 2026 is based on properties OPI owned continuously since April 1, 2025; excludes 32 properties classified as held for sale (HFS) and two properties owned by an unconsolidated joint ven
Slide 42: Warning Concerning Forward-Looking Statements
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 may include words such as “believe”,
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