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Office Properties Income Trust (OPI-1.12%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $136.1 million for the year, compared to a net loss of $69.4 million in the previous year. The increase in net loss is attributed to a $181.6 million loss on impairment of real estate and a $7.4 million loss on the sale of real estate.
Rental income for the year was $501.9 million, down from $533.6 million in the previous year, primarily due to increased vacancies and lower rents from lease renewals.
Operating expenses totaled $595.8 million, an increase from $474.6 million in 2023, largely due to the impairment of real estate and transaction-related costs.
Interest expense increased to $163.7 million from $110.6 million, reflecting higher weighted average interest rates.
The company reported a gain on early extinguishment of debt of $126.2 million, resulting from a series of debt exchanges completed during the year.
Office Properties Income Trust's portfolio consists of 128 wholly owned properties and a 51% interest in an unconsolidated joint venture owning two properties, with a total of approximately 17.8 million rentable square feet.
The company has concluded that there is substantial doubt about its ability to continue as a going concern due to limited liquidity and upcoming debt maturities.
Office Properties Income Trust is actively pursuing strategic initiatives to improve liquidity, including asset sales and potential refinancing options.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Office Properties Income Trust annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.