Office Properties Income Trust Provides Update on Asset Sales and Redemption of Remaining 2025 Senior Notes Outstanding
Sold 17 Properties for $114.5 Million During the Fourth Quarter 2024
Announces Early Redemption of its Remaining $113 million of Outstanding 4.50% Senior Notes Due 2025
January 06, 2025 08:00 AM Eastern Standard Time
NEWTON, Mass.--( BUSINESS WIRE)-- Office Properties Income Trust (Nasdaq: OPI) today announced that it closed a series of property sales for an aggregate sales price of $114.5 million, excluding closing costs, in the fourth quarter of 2024. The sold properties include 17 unencumbered properties consisting of approximately 1,791,000 square feet and a gross book value of $255.6 million as of September 30, 2024. On a combined basis, these properties were 44% occupied with a weighted average remaining lease term of 2.3 years and generated trailing twelve months net operating income of approximately $17.8 million and cash basis net operating income of approximately $19.4 million. As of December 31, 2024, OPI is under agreement to sell six additional properties consisting of approximately 581,000 square feet for an aggregate sales price of $54.8 million, excluding closing costs. |
