|
| ||||||||||||
Title of Each Class of Securities Offered
|
| |
Maximum
Amount to be Registered |
| |
Amount of
Registration Fee(1) |
| ||||||
4.50% Senior Notes due 2025
|
| | | $ | 250,000,000 | | | | | $ | 32,450 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 101.414% | | | | | $ | 253,535,000 | | |
Underwriting discount
|
| | | | 0.600% | | | | | $ | 1,500,000 | | |
Proceeds, before expenses, to Office Properties Income Trust
|
| | | | 100.814% | | | | | $ | 252,035,000 | | |
| Citigroup | | |
PNC Capital Markets LLC
|
| |
RBC Capital Markets
|
| |
Wells Fargo Securities
|
|
| Barclays | | |
BMO Capital Markets
|
| |
Mizuho Securities
|
| |
Morgan Stanley
|
|
|
Regions Securities LLC
|
| |
SMBC Nikko
|
| |
Truist Securities
|
| |
UBS Investment Bank
|
| |
US Bancorp
|
|
|
FHN Financial Securities Corp.
|
| |
Ramirez & Co., Inc.
|
|
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-7 | | | |
| | | | S-8 | | | |
| | | | S-16 | | | |
| | | | S-21 | | | |
| | | | S-26 | | | |
| | | | S-26 | | | |
| | | | S-26 | | | |
| | | | S-27 | | | |
| | | | S-28 | | | |
| | | | S-32 | | | |
Prospectus
|
| ||||||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 7 | | | |
| | | | 7 | | | |
| | | | 7 | | | |
| | | | 17 | | | |
| | | | 22 | | | |
| | | | 25 | | | |
| | | | 26 | | | |
| | | | 39 | | | |
| | | | 40 | | | |
| | | | 42 | | | |
| | | | 42 | | | |
| | | | 42 | | | |
| | | | 42 | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||||||||
| | |
6/30/2020
|
| |
3/31/2020
|
| |
12/31/2019
|
| |
9/30/2019
|
| |
6/30/2019
|
| |||||||||||||||
Net income (loss)
|
| | | $ | 1,299 | | | | | $ | 10,840 | | | | | $ | 65,029 | | | | | $ | (3,939) | | | | | $ | (64,774) | | |
Add (less): Interest expense
|
| | | | 25,205 | | | | | | 27,159 | | | | | | 30,032 | | | | | | 32,367 | | | | | | 35,348 | | |
Income tax expense (benefit)
|
| | | | 235 | | | | | | 39 | | | | | | 269 | | | | | | 156 | | | | | | (130) | | |
Depreciation and amortization
|
| | | | 64,170 | | | | | | 62,943 | | | | | | 63,512 | | | | | | 74,939 | | | | | | 73,913 | | |
EBITDA
|
| | | | 90,909 | | | | | | 100,981 | | | | | | 158,842 | | | | | | 103,523 | | | | | | 44,357 | | |
Add (less): Loss on impairment of real estate
|
| | | | — | | | | | | — | | | | | | 8,150 | | | | | | 8,521 | | | | | | 2,380 | | |
(Gain) loss on sale of real estate
|
| | | | (66) | | | | | | (10,756) | | | | | | (71,593) | | | | | | (11,463) | | | | | | 17 | | |
Distributions received from unconsolidated joint ventures
|
| | | | 102 | | | | | | 51 | | | | | | 397 | | | | | | 852 | | | | | | 600 | | |
Equity in losses of unconsolidated joint ventures
|
| | | | 260 | | | | | | 276 | | | | | | 350 | | | | | | 280 | | | | | | 272 | | |
EBITDAre | | | | | 91,205 | | | | | | 90,552 | | | | | | 96,146 | | | | | | 101,713 | | | | | | 47,626 | | |
Add (less): Acquisition and transaction related costs(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 98 | | |
General and administrative expense paid in common shares(2)
|
| | | | 1,121 | | | | | | 379 | | | | | | 367 | | | | | | 889 | | | | | | 967 | | |
Loss on early extinguishment of debt
|
| | | | 557 | | | | | | 3,282 | | | | | | — | | | | | | 284 | | | | | | 71 | | |
Loss on equity securities(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 66,135 | | |
Adjusted EBITDAre
|
| | | $ | 92,883 | | | | | $ | 94,213 | | | | | $ | 96,513 | | | | | $ | 102,886 | | | | | $ | 114,897 | | |
Underwriter
|
| |
Principal
Amount of Notes |
| |||
BofA Securities, Inc.
|
| | | $ | 65,000,000 | | |
Citigroup Global Markets Inc.
|
| | | | 21,875,000 | | |
PNC Capital Markets LLC
|
| | | | 21,875,000 | | |
RBC Capital Markets, LLC
|
| | | | 21,875,000 | | |
Wells Fargo Securities, LLC
|
| | | | 21,875,000 | | |
Barclays Capital Inc.
|
| | | | 10,000,000 | | |
BMO Capital Markets Corp.
|
| | | | 10,000,000 | | |
Mizuho Securities USA LLC
|
| | | | 10,000,000 | | |
Morgan Stanley & Co. LLC
|
| | | | 10,000,000 | | |
Regions Securities LLC
|
| | | | 10,000,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 10,000,000 | | |
Truist Securities, Inc.
|
| | | | 10,000,000 | | |
UBS Securities LLC
|
| | | | 10,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 10,000,000 | | |
FHN Financial Securities Corp.
|
| | | | 2,500,000 | | |
Samuel A. Ramirez & Company, Inc.
|
| | | | 5,000,000 | | |
Total | | | | $ | 250,000,000 | | |
| | |
Underwriting
Discount Paid by Us |
| |||
Per Note
|
| |
0.600%
|
| |||
Total
|
| | | $ | 1,500,000 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 7 | | | |
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| | | | | 39 | | | |
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| | | | | 42 | | |