Office Properties Income Trust (NASDAQ:OPI) Q1 2024 Earnings Call Transcript

Office Properties Income Trust (NASDAQ:OPI) Q1 2024 Earnings Call Transcript May 2, 2024

Office Properties Income Trust isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning and welcome to Office Properties Income Trust’s First Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] At this time, for opening remarks and introductions, I would like to turn the call over to Kevin Barry, Senior Director of Investor Relations. Please, go ahead.

Kevin Barry: Thank you, and good morning, everyone. Thanks for joining us today. With me on the call are OPI's President and Chief Operating Officer, Yael Duffy; and Chief Financial Officer and Treasurer, Brian Donley. In just a moment, they will provide details about our business and our performance for the first quarter of 2024. I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on OPI's beliefs and expectations as of today, Thursday, May 2, 2024, and actual results may differ materially from those that we project.

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission or SEC, which can be accessed from our website, opireit.com or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations, or normalized FFO, cash available for distribution or CAD, and cash basis net operating income or cash basis NOI. A reconciliation of these non-GAAP figures to net income are available in OPI's earnings release presentation that we issued last night, which can be found on our website.

And finally, we will be providing guidance on this call, including normalized FFO and cash basis NOI. We are not providing a reconciliation of these non-GAAP measures as part of our guidance, because certain information required for such reconciliation is not available without unreasonable efforts or at all, such as gains and losses or impairment charges related to the disposition of real estate. I will now turn the call over to Yael.

Yael Duffy: Thank you, Kevin, and good morning. Last night OPI announced that it has commenced offers to exchange certain of its outstanding unsecured senior notes for up to $610 million of new senior secured notes subject to the terms and conditions set forth in an offering memorandum. Now that the offering period is open, today's call will focus on OPI's first quarter operating and financial results and we will not be taking any questions at the end of our prepared remarks. Before I begin I want to highlight the recent publication of the RMR Group's annual sustainability report, which provides a comprehensive overview of our managers' commitment to ESG goals. We are deeply committed to enhancing OPI's corporate sustainability practices and continuing to advance initiatives that benefit our tenants and communities.

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