| | ||||||||||||||
Title of Each Class of Securities Offered
|
| | |
Maximum
Amount to be Registered |
| | |
Amount of
Registration Fee(1) |
| ||||||
2.650% Senior Notes due 2026
|
| | | | $ | 300,000,000 | | | | | | $ | 32,730 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 99.833% | | | | | $ | 299,499,000 | | |
Underwriting discount
|
| | | | 0.600% | | | | | $ | 1,800,000 | | |
Proceeds, before expenses, to Office Properties Income Trust
|
| | | | 99.233% | | | | | $ | 297,699,000 | | |
|
BofA Securities
|
| |
Citigroup
|
| |
Wells Fargo Securities
|
|
|
PNC Capital Markets LLC
|
| |
RBC Capital Markets
|
| |
Regions Securities LLC
|
|
|
BMO Capital Markets
|
| |
Mizuho Securities
|
| |
SMBC Nikko
|
| |
Truist Securities
|
| |
US Bancorp
|
|
|
Ramirez & Co., Inc.
|
| |
Barclays
|
| |
FHN Financial Securities Corp.
|
|
| Morgan Stanley | | | | | |
UBS Investment Bank
|
|
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-6 | | | |
| | | | S-7 | | | |
| | | | S-15 | | | |
| | | | S-20 | | | |
| | | | S-25 | | | |
| | | | S-25 | | | |
| | | | S-25 | | | |
| | | | S-26 | | | |
| | | | S-27 | | | |
| | | | S-31 | | | |
Prospectus
|
| ||||||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
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| | | | 26 | | | |
| | | | 39 | | | |
| | | | 40 | | | |
| | | | 42 | | | |
| | | | 42 | | | |
| | | | 42 | | | |
| | | | 42 | | |
|
|
| |
|
|
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For the Three Months Ended
|
| |||||||||||||||||||||||||||
| | |
3/31/2021
|
| |
12/31/2020
|
| |
9/30/2020
|
| |
6/30/2020
|
| |
3/31/2020
|
| |||||||||||||||
Net income (loss)
|
| | | $ | 37,860 | | | | | $ | (1,664) | | | | | $ | (3,797) | | | | | $ | 1,299 | | | | | $ | 10,840 | | |
Add (less): Interest expense
|
| | | | 28,798 | | | | | | 28,842 | | | | | | 27,097 | | | | | | 25,205 | | | | | | 27,159 | | |
Income tax expense (benefit)
|
| | | | 435 | | | | | | 157 | | | | | | (54) | | | | | | 235 | | | | | | 39 | | |
Depreciation and amortization
|
| | | | 64,087 | | | | | | 62,226 | | | | | | 62,227 | | | | | | 64,170 | | | | | | 62,943 | | |
EBITDA
|
| | | | 131,180 | | | | | | 89,561 | | | | | | 85,473 | | | | | | 90,909 | | | | | | 100,981 | | |
Add (less): Loss on impairment of real estate
|
| | | | 7,660 | | | | | | — | | | | | | 2,954 | | | | | | — | | | | | | — | | |
Gain on sale of real estate
|
| | | | (54,004) | | | | | | (33) | | | | | | — | | | | | | (66) | | | | | | (10,756) | | |
Distributions received from unconsolidated joint ventures
|
| | | | 153 | | | | | | 204 | | | | | | 255 | | | | | | 102 | | | | | | 51 | | |
Equity in losses of unconsolidated joint ventures
|
| | | | 396 | | | | | | 378 | | | | | | 279 | | | | | | 260 | | | | | | 276 | | |
EBITDAre | | | | | 85,385 | | | | | | 90,110 | | | | | | 88,961 | | | | | | 91,205 | | | | | | 90,552 | | |
Add (less): Acquisition and transaction related costs
|
| | | | — | | | | | | 232 | | | | | | — | | | | | | — | | | | | | — | | |
General and administrative expense paid in common shares(1)
|
| | | | 321 | | | | | | 959 | | | | | | 856 | | | | | | 1,121 | | | | | | 379 | | |
Estimated business management incentive fees(2)
|
| | | | 5,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | 557 | | | | | | 3,282 | | |
Adjusted EBITDAre
|
| | | $ | 90,906 | | | | | $ | 91,301 | | | | | $ | 89,817 | | | | | $ | 92,883 | | | | | $ | 94,213 | | |
Underwriter
|
| |
Principal
Amount of Notes |
| |||
BofA Securities, Inc.
|
| | | $ | 46,500,000 | | |
Citigroup Global Markets Inc.
|
| | | | 46,500,000 | | |
Wells Fargo Securities, LLC
|
| | | | 46,500,000 | | |
PNC Capital Markets LLC
|
| | | | 26,250,000 | | |
RBC Capital Markets, LLC
|
| | | | 26,250,000 | | |
Regions Securities LLC
|
| | | | 26,250,000 | | |
BMO Capital Markets Corp.
|
| | | | 12,750,000 | | |
Mizuho Securities USA LLC
|
| | | | 12,750,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 12,750,000 | | |
Truist Securities, Inc.
|
| | | | 12,750,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 12,750,000 | | |
Samuel A. Ramirez & Company, Inc.
|
| | | | 6,000,000 | | |
Barclays Capital Inc.
|
| | | | 3,000,000 | | |
FHN Financial Securities Corp.
|
| | | | 3,000,000 | | |
Morgan Stanley & Co. LLC
|
| | | | 3,000,000 | | |
UBS Securities LLC
|
| | | | 3,000,000 | | |
Total
|
| | | $ | 300,000,000 | | |
| | |
Underwriting
Discount Paid by Us |
| |||
Per Note
|
| | | | 0.600% | | |
Total
|
| | | $ | 1,800,000 | | |
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| | | | | 2 | | | |
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