{ "docId": "019de517-067f-703d-ad6d-afe1bf36e94a", "docSlug": "ce6d1056add6b81e9d11dde08cead45c", "documentTitle": "Office Properties Income Trust | Results Presentation Deck | 32 slides", "authorId": "office-properties-income-trust", "authorName": "Office Properties Income Trust", "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 27, "pageCount": 32, "prevPage": 26, "nextPage": 28, "slideType": "appendix_disclosure", "function": "appendix", "density": "overcrowded", "nDataPoints": 4, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-067f-703d-ad6d-afe1bf36e94a/27", "deckHref": "/decks/019de517-067f-703d-ad6d-afe1bf36e94a", "deckJsonHref": "/decks/019de517-067f-703d-ad6d-afe1bf36e94a.json", "deckAnchorHref": "/decks/019de517-067f-703d-ad6d-afe1bf36e94a#slide-27", "components": [ { "bbox": { "h": 0.028, "w": 0.069, "x": 0.91, "y": 0.049 }, "kind": "image", "text": "OFFICE PROPERTIES", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0d42d9e9-52e3-4f6e-9e2e-50fb68856fc1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.011, "w": 0.149, "x": 0.039, "y": 0.965 }, "kind": "list", "text": "RETURN TO TABLE OF CONTENTS", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2218808c-fa74-4774-b19d-ec89c1f97fb4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.947 }, "kind": "paragraph", "text": "Total debt represents the outstanding principal balance as of the date reported.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "20dfb0f9-27d2-4442-a31d-4b0471bef44c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.905 }, "kind": "paragraph", "text": "Same property NOI % margin is Same Property NOI as a percentage of same property rental income.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "28695244-0d75-469e-aed9-56f89aee1588", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.614 }, "kind": "paragraph", "text": "Percent leased includes (i) space being fitted out for occupancy pursuant to OPI's lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "29fe28b4-ea8f-4177-add5-07399334cc14", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.69 }, "kind": "paragraph", "text": "Rentable square feet represents total square feet available for lease as of the measurement date. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "344df7ee-6804-4ea4-a882-16f0d8cea360", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.382 }, "kind": "paragraph", "text": "Gross sales price is equal to the gross contract price and excludes closing costs.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3e7cf1ec-9d04-41a6-90c4-b93d4a465a98", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.94, "x": 0.039, "y": 0.25 }, "kind": "paragraph", "text": "Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, loss on asset impairment, gains and losses on early extinguishment of debt, gains and losses on sales of properties and equity in earnings of unconsolidated joint ventures and including distributions from OPI's unconsolidated joint ventures, if any, determined together with debt service for the period presented.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42776dff-270a-496a-acf6-247510bdf1df", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.302 }, "kind": "paragraph", "text": "Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenue.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "48e12324-54f8-4fd9-9561-4d2fd80ba7b4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.177 }, "kind": "paragraph", "text": "Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "492e389b-c11c-4c2b-b219-9301419c5e10", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.572 }, "kind": "paragraph", "text": "Leasing cost and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5105c7e5-5221-4c52-9c10-53f302631774", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.989 }, "kind": "paragraph", "text": "Weighted average remaining lease term is the average remaining lease term in years weighted based on annualized rental income.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6a4e8e2c-d1d8-4989-94c3-d3e03906a6d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.075, "w": 0.94, "x": 0.039, "y": 0.403 }, "kind": "paragraph", "text": "Investment grade tenants include: (a) investment grade rated tenants; (b) tenants with investment grade rated parent entities that guarantee the tenant's lease obligations; and/or (c) tenants with investment grade rated parent entities that do not guarantee the tenant's lease obligations. Tenants contributing 53.6% of annualized rental income as of September 30, 2023 were investment grade rated (or their payment obligations were guaranteed by an investment grade rated parent) and tenants contributing an additional 10.4% of annualized rental income as of September 30, 2023 were subsidiaries of an investment grade rated parent (although these parent entities are not liable for the payment of rents).", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6cb4c3e9-8de1-49f4-9a2a-e2e3f4f3cefa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.94, "x": 0.039, "y": 0.853 }, "kind": "paragraph", "text": "Same property cash basis NOI % margin is Same Property Cash Basis NOI as a percentage of same property cash basis rental income. Cash basis rental income excludes non-cash straightline rent adjustments, the net effect of non-cash amortization of intangible lease assets and liabilities and lease termination fees, if any.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "721a72c3-a5fd-4062-871a-ab866ce65175", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.481 }, "kind": "paragraph", "text": "Lease related costs generally include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7678fee7-c5f5-42c7-9db8-114c3c0073a7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.94, "x": 0.039, "y": 0.198 }, "kind": "paragraph", "text": "Cap rate represents the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on existing leases at the acquisition date, less estimated annual property operating expenses as of the date of the acquisition, excluding depreciation and amortization expense, to (y) the acquisition purchase price.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8bc0254e-4ee0-4955-ba10-fa45a3730e3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.94, "x": 0.039, "y": 0.749 }, "kind": "paragraph", "text": "Same properties for the three months ended September 30, 2023 is based on properties OPI owned continuously since July 1, 2022; excludes properties classified as held for sale and properties undergoing significant redevelopment, if any, and three properties owned by two unconsolidated joint ventures in which OPI owns a 51% and 50% interest.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a02c8106-0fb1-4826-8393-bf4aa2d78c2d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.08 }, "kind": "paragraph", "text": "Adjusted total assets and total unencumbered assets include the original cost of real estate assets calculated in accordance with GAAP before impairment writedowns, if any, and exclude depreciation and amortization, accounts receivable and intangible assets.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aae8ac85-0b67-4612-abdb-de4ba3ae9c01", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.118 }, "kind": "paragraph", "text": "Annualized dividend yield is the annualized dividend per common share paid during the period divided by the closing price of OPI's common shares at the end of the period.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b815732f-3fff-4602-ade4-2b81a858fb44", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.968 }, "kind": "paragraph", "text": "Total gross assets is total assets plus accumulated depreciation.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b86a4dcc-f29c-469c-b7da-0ed97dea6dbe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.652 }, "kind": "paragraph", "text": "Purchase price represents the gross purchase price, including assumed debt, if any, and excludes acquisition related costs and purchase price adjustments and allocations.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d4bb37ae-e754-4cce-a545-a305483007f5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.94, "x": 0.039, "y": 0.801 }, "kind": "paragraph", "text": "Same properties for the nine months ended September 30, 2023 is based on properties OPI owned continuously since January 1, 2022; excludes properties classified as held for sale and properties undergoing significant redevelopment, if any, and three properties owned by two unconsolidated joint ventures in which OPI owns a 51% and 50% interest.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d524571e-439f-4894-b104-65c39107457f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.344 }, "kind": "paragraph", "text": "Gross book value of real estate assets is real estate properties at cost, plus certain acquisition costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "deaab580-4b6a-491c-a466-8119229a3d2e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.728 }, "kind": "paragraph", "text": "Rolling four quarter CAD represents CAD for the preceding twelve month period as of the respective quarter end date.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f09ea066-4eff-448f-bb2d-ddb7f9e638de", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.593 }, "kind": "paragraph", "text": "Net debt is total debt less cash.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f8022522-8ba0-4a8b-8b57-952f4a975d00", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.94, "x": 0.039, "y": 0.52 }, "kind": "paragraph", "text": "Leased square feet is pursuant to leases existing as of September 30, 2023, and includes (i) space being fitted out for tenant occupancy pursuant to OPI's lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f90a6a7d-e374-4dac-8ffa-cab5e08a79aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.039, "y": 0.139 }, "kind": "paragraph", "text": "Annualized rental income is calculated using the annualized contractual base rents from OPI's tenants pursuant to its lease agreements as of September 30, 2023, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to OPI, and excluding lease value amortization.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fabe531a-5e30-4674-9046-8881d349cf4d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.926 }, "kind": "paragraph", "text": "SOFR is the secured overnight financing rate.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe04c31a-0ea5-4efd-a9e1-34e4051adec0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.94, "x": 0.039, "y": 0.323 }, "kind": "paragraph", "text": "GAAP is U.S. generally accepted accounting principles.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ff9803aa-85fd-4717-90e9-51cd805f7ff8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.011, "w": 0.074, "x": 0.905, "y": 0.965 }, "kind": "source-note", "text": "Q3 2023 27", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b989e8d5-9509-4bc4-acb8-e930b57d3240", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.047, "w": 0.78, "x": 0.039, "y": 0.03 }, "kind": "title", "text": "Non-GAAP Financial Measures and Certain Definitions (Continued)", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6669c950-9302-43a6-b5e5-0101de6fa0ac", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 32, "from": 23, "beatId": "9472215c-9a45-46da-bac9-837d9f7f1494", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Appendix", "beatSlug": null, "evidence": "The document includes an appendix with company profile, governance information, and non-GAAP financial measures.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }