Office Properties Income Trust (Nasdaq: OPI) today announced that it has sold two properties for an aggregate sales price of $42.1 million, excluding closing costs. Proceeds from today’s announced sales will be used for general business purposes, including the repayment of debt. The two properties include:
- A 14-story, 267,025 square foot office building located at 50 W. State Street, Trenton, NJ which closed on March 11, 2020.
- A two-story, 222,717 square foot office building located at 475 Bond Street, Lincolnshire, IL which closed on February 28, 2020.
David Blackman, President and Chief Executive Officer of OPI, made the following statement:
"We are pleased to announce the sale of these two properties under our capital recycling program. Given current market volatility, we are especially pleased by the March 11th closing of the Trenton, NJ property which required a simultaneous loan closing with a commercial bank."
Office Properties Income Trust is a real estate investment trust, or REIT, focused on owning, operating and leasing buildings primarily leased to single tenants and those with high credit quality characteristics such as government entities. OPI is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever OPI uses words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "will", "may" and negatives or derivatives of these or similar expressions, OPI is making forward-looking statements. These forward-looking statements are based upon OPI’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by OPI’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond OPI's control. For example:
- An inference of Mr. Blackman’s statement on the closing of the Trenton, NJ property sale could be that OPI will continue to be able to execute on its capital recycling program despite the current market volatility. However, if the current market conditions continue, or if market conditions worsen, OPI may not be able to successfully execute on its capital recycling program, it may realize lower proceeds if it does continue to execute on its capital recycling program, it may take longer to execute on its capital recycling program or OPI may elect to suspend that program until market conditions improve or otherwise.
The information contained in OPI’s filings with the SEC, including under "Risk Factors" in OPI’s periodic reports, or incorporated therein, identifies other important factors that could cause OPI’s actual results to differ materially from those stated in or implied by OPI’s forward-looking statements. OPI’s filings with the SEC are available on the SEC's website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, OPI does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Olivia Snyder, Manager, Investor Relations