Office Properties Income Trust (OPI) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Office Properties Income Trust second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Office Properties Income Trust 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級總監 Kevin Barry。請繼續。

Good morning, and thank you 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 second quarter of 2025. I would like to note that the recording and re-transmission of today's conference call is prohibited without the prior written consent of the company.

早安，感謝您今天加入我們。與我一起參加電話會議的還有 OPI 總裁兼營運長 Yael Duffy 和財務長兼財務主管 Brian Donley。他們馬上就會提供有關我們的業務和 2025 年第二季業績的詳細資訊。我想指出的是，未經公司事先書面同意，禁止錄製和重新播放今天的電話會議。

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 security laws. These forward-looking statements are based on OPI's beliefs and expectations as of today, Thursday, July 31, 2025, 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.

另外請注意，今天的電話會議包含《1995 年私人證券訴訟改革法案》和其他證券法所定義的前瞻性陳述。這些前瞻性聲明是基於 OPI 截至今天（2025 年 7 月 31 日星期四）的信念和預期，實際結果可能與我們的預測有重大差異。本公司不承擔修改或公開發布今天電話會議中前瞻性陳述的任何修改結果的義務。

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be accessed from our website opireit.com. 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 FFO and cash basis net operating income or cash basis NOI.

有關可能導致這些差異的因素的更多信息，請參閱我們提交給美國證券交易委員會的文件，該文件可透過我們的網站 opireit.com 取得。敬請投資人不要過度依賴任何前瞻性陳述。此外，我們將在本次電話會議中討論非 GAAP 數據，包括標準化 FFO 和現金基礎淨營業收入或現金基礎 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 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.

這些非 GAAP 數據與淨收入的對帳表可在我們昨晚發布的 OPI 收益報告中找到，該報告可在我們的網站上找到。最後，我們將為本次電話會議提供指導，包括標準化的 FFO 和現金基礎 NOI。我們沒有提供這些非公認會計準則指標的對帳作為我們指導的一部分，因為此類對帳所需的某些資訊如果不付出不合理的努力就無法獲得，或者根本無法獲得，例如與房地產處置相關的損益或減值費用。

I will now turn the call to Yael.

現在我將把電話轉給 Yael。

Thank you, Kevin, and good morning. On today's call, I will begin with an overview of our portfolio before discussing OPI's second-quarter leasing and disposition activity. From there, Brian will review our financial results and outlook.

謝謝你，凱文，早安。在今天的電話會議上，我將首先概述我們的投資組合，然後討論 OPI 的第二季租賃和處置活動。從那裡，布萊恩將回顧我們的財務表現和前景。

As of June 30, 2025, OPI's portfolio included 125 properties totaling 17.3 million square feet, with a weighted average remaining lease term of 6.8 years. We ended the quarter with same-property occupancy of 85.2%. Approximately 59% of our revenues come from investment-grade-rated tenants or their subsidiaries. The US government is our largest tenant, representing 17.1% of our annualized revenue.

截至 2025 年 6 月 30 日，OPI 的投資組合包括 125 處房產，總面積達 1,730 萬平方英尺，加權平均剩餘租賃期限為 6.8 年。本季結束時，同店入住率為 85.2%。我們約 59% 的收入來自投資等級租戶或其子公司。美國政府是我們最大的租戶，占我們年收入的 17.1%。

As we have long telegraphed, OPI's financial performance has materially declined as leasing challenges in the office sector have persisted. Specifically, annualized revenue of $398 million is down $85 million, or nearly 18%, compared to a year ago. Interest expense in the second quarter of $53 million is up $14 million, or 37%, year over year. We have little room under our debt covenants, which restricts us from refinancing or issuing new debt.

正如我們長期以來所報導的，由於辦公大樓領域的租賃挑戰持續存在，OPI 的財務表現大幅下滑。具體而言，年化收入為 3.98 億美元，與去年同期相比下降了 8,500 萬美元，降幅近 18%。第二季利息支出為 5,300 萬美元，較去年同期增加 1,400 萬美元，增幅為 37%。我們的債務契約空間很小，這限制了我們進行再融資或發行新債。

Nearly $280 million in debt principal payments are due in 2026, and our total liquidity is $90 million of cash. Despite these ongoing challenges, we continue to lease and operate our properties while simultaneously exploring options to address our financial commitments and reduce costs. To that end, earlier this month, OPI's Board of Trustees made the decision to suspend the quarterly dividend, allowing us to preserve approximately $3 million of cash annually.

2026 年將有近 2.8 億美元的債務本金到期，我們的總流動資金為 9,000 萬美元的現金。儘管面臨這些持續的挑戰，我們仍繼續租賃和經營我們的物業，同時探索解決財務承諾和降低成本的方案。為此，本月初，OPI 董事會決定暫停季度股息，使我們每年能夠保留約 300 萬美元的現金。

Turning to leasing activity. In the second quarter, we executed 15 leases totaling 416,000 square feet at a weighted average lease term of 5.4 years and at rental rates that were 6.4% higher than prior rental rates for the same space. Renewals accounted for 2/3 of our activity and secured over $7 million in annualized revenue. Concessions and capital commitments of $3.53 per square foot per year declined 24% quarter over quarter.

轉向租賃活動。第二季度，我們執行了 15 份租約，總面積為 416,000 平方英尺，加權平均租期為 5.4 年，租金比同一空間的先前租金高出 6.4%。續約占我們活動的三分之二，並確保了超過 700 萬美元的年收入。每年每平方英尺 3.53 美元的優惠和資本承諾比上一季下降了 24%。

We have 1.3 million square feet of leases scheduled to expire through 2026, representing $30 million, or 7.6%, of OPI's annualized rental income. The majority of these expirations are related to single-tenant properties, and we expect 742,000 square feet, or $11.2 million of annualized revenue will not renew.

我們有 130 萬平方英尺的租約將於 2026 年到期，相當於 OPI 年租金收入的 3,000 萬美元，即 7.6%。這些到期合約大部分與單一租戶物業有關，我們預計 742,000 平方英尺或 1,120 萬美元的年收入將不會續約。

Today, our leasing pipeline totals 2 million square feet, of which over 60% is attributable to renewal discussions. Any leasing that results in positive net absorption will likely come from our multi-tenant properties, where the infrastructure and building amenities to attract new tenants already exist.

如今，我們的租賃儲備面積總計 200 萬平方英尺，其中 60% 以上來自續約談判。任何導致淨吸收量為正的租賃都可能來自我們的多租戶物業，這些物業中已經存在吸引新租戶的基礎設施和建築設施。

Turning to dispositions. Earlier this month, we sold one property totaling 56,000 square feet via auction for $2.2 million, excluding closing costs. As property valuations continue to decline and the potential buyer pool targeting office acquisitions is limited, dispositions remain challenging. We have found that transaction timelines have significantly lengthened and often require a relaunching of marketing efforts as buyers are unable to transact.

轉向處置。本月初，我們透過拍賣以 220 萬美元（不含成交費用）的價格出售了一處總面積為 56,000 平方英尺的房產。由於房地產估值持續下降，且針對辦公室收購的潛在買家群體有限，因此處置仍然具有挑戰性。我們發現交易時間已大大延長，由於買家無法進行交易，通常需要重新啟動行銷工作。

Despite these dynamics, we continue to evaluate disposition opportunities that may mitigate occupancy risk and reduce the carrying costs associated with vacant properties.

儘管存在這些動態，我們仍在繼續評估可能減輕入住風險並降低與空置物業相關的持有成本的處置機會。

I will now turn the call over to Brian.

我現在將電話轉給布萊恩。

Thank you, Yael, and good morning. For the second quarter, we reported normalized FFO of $9.4 million, or $0.13 per share, which came in $0.02 above the high end of our guidance range as a result of lower-than-anticipated seasonal operating expenses. This compares to normalized FFO of $4.4 million, or $0.06 per share, for the first quarter of 2025. The increase on a sequential quarter basis was driven by higher NOI as a result of lower operating expenses and stronger performance from our hotel at 20 Mass Ave in Washington, DC.

謝謝你，Yael，早安。對於第二季度，我們報告的正常化 FFO 為 940 萬美元，即每股 0.13 美元，由於季節性營運費用低於預期，比我們的指導範圍高端高出 0.02 美元。相比之下，2025 年第一季的正常化 FFO 為 440 萬美元，即每股 0.06 美元。季度環比增長的推動力是，由於營運費用降低以及位於華盛頓特區馬薩諸塞大道 20 號的酒店業績強勁，導致淨營業利潤率上升。

Turning to our outlook for the third quarter of 2025, we expect normalized FFO to be between $0.07 and $0.09 per share for Q3. The decrease sequentially from Q2 is primarily driven by lower NOI related to lower rental income, higher operating expenses, and the seasonally weaker quarter expected from our hotel at 20 Mass Ave. We project recurring G&A expense to be approximately $5 million for Q3, and our current estimated quarterly interest expense run rate is approximately $52 million, consisting of $41 million of cash interest expense and $11 million of non-cash amortization and financing costs.

展望 2025 年第三季的展望，我們預計第三季的正常化 FFO 將在每股 0.07 美元至 0.09 美元之間。與第二季相比，營業利潤的下降主要是由於租金收入下降、營運費用增加以及我們位於馬薩諸塞大道 20 號的飯店預計會出現季節性疲軟導致的 NOI 下降。我們預計第三季經常性一般及行政費用約為 500 萬美元，目前估計季度利息支出運行率約為 5,200 萬美元，其中包括 4,100 萬美元的現金利息支出和 1,100 萬美元的非現金攤提和融資成本。

We expect same-property cash basis NOI to decrease 7% to 9% as compared to the third quarter of 2024, driven by tenant vacancies. This NOI guidance does not include any potential changes to our same-store portfolio. Year to date, we have invested nearly $28 million in capital expenditures. For the second half of 2025, we anticipate approximately $43 million in CapEx, comprised of $10 million of building capital and $33 million of leasing capital.

我們預計，受租戶空置率的影響，同物業現金基礎 NOI 將與 2024 年第三季相比下降 7% 至 9%。本 NOI 指引不包括我們同店組合的任何潛在變化。今年迄今為止，我們已投資近 2,800 萬美元的資本支出。到 2025 年下半年，我們預計資本支出約為 4,300 萬美元，其中包括 1,000 萬美元的建築資本和 3,300 萬美元的租賃資本。

At quarter-end, we had three properties with a carrying value of $8 million classified as held for sale. In July, we sold one of these properties, which was encumbered by 2027 senior secured notes, for $2.2 million excluding closing costs, and used the net proceeds to pay down the principal balance of that debt.

截至季末，我們有三處帳面價值為 800 萬美元的房產被歸類為持有待售。7 月份，我們以 220 萬美元（不含成交費用）的價格出售了其中一處房產，該房產附有 2027 年優先擔保票據，並用淨收益償還了該債務的本金餘額。

Today, we have three properties under agreement to sell for $28.9 million excluding closing costs. We currently expect two of the three properties to sell in September 2025 for $10.7 million, and the third property to close in 2027.

今天，我們有三處房產已達成出售協議，售價為 2,890 萬美元（不含成交費用）。我們目前預計三處房產中的兩處將於 2025 年 9 月以 1,070 萬美元的價格售出，第三處房產將於 2027 年成交。

Turning to the balance sheet, our total liquidity today is $90 million of cash. We're currently projecting cash from operations to be a use of $45 million to $55 million during the balance of 2025, including capital expenditures.

從資產負債表來看，我們今天的總流動資金為 9,000 萬美元現金。我們目前預計，2025 年餘下的營運現金流量（包括資本支出）將達到 4,500 萬至 5,500 萬美元。

Given our liquidity position, financial covenant constraints under our debt agreement, and debt principal payments coming due in 2026, we continue to evaluate options to address these maturities with our financial advisor.

鑑於我們的流動性狀況、債務協議下的財務契約限制以及 2026 年到期的債務本金支付，我們將繼續與財務顧問一起評估解決這些到期債務的方案。

That concludes our prepared remarks. Thank you for joining us today. Operator, you may now end the call.

我們的準備好的演講到此結束。感謝您今天加入我們。接線員，您現在可以結束通話了。

Thank you. The conference is now concluded.

謝謝。會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。