Office Properties Income Trust (Nasdaq: OPI) today announced that it has completed the previously disclosed sale of a 171,061 square foot, four-property business park located in Fairfax, VA for $25.1 million, excluding closing costs. Proceeds from today’s announced sale will be used for general business purposes.
David Blackman, President and Chief Executive Officer of OPI, made the following statement:
“We are pleased with our ability to continue to execute on our capital recycling program to further support our low leverage and strong liquidity throughout the ongoing pandemic and resulting economic challenges. We remain focused on the health of our business and believe we are well positioned to advance our strategies as market conditions recover.”
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 this property sale could be that OPI will continue to be able to execute on its capital recycling program despite the current market uncertainty. 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.
Mr. Blackman states that OPI’s execution of its capital recycling program further supports its low leverage and strong liquidity. This may imply that OPI will maintain or further decrease its leverage and maintain or further improve its liquidity. However, OPI’s business is subject to various risks including the COVID-19 pandemic and the current economic conditions, and OPI’s pursuit of its business strategies may result in its needing to invest and borrow funds. As a result, OPI may not be able to maintain its current leverage or liquidity levels and its leverage and liquidity levels may decline.
Mr. Blackman references his belief that OPI is well positioned to advance its business strategies as market conditions recover. This may imply that OPI will successfully execute its business strategies and that doing so will benefit OPI. However, market conditions could continue for an extended period or worsen, and OPI may not succeed in executing its business strategies, and if it does succeed, it may not realize the benefits it expects.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005987/en/