The following is a summary of the Office Properties Income Trust (OPI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Office Properties Income Trust saw a decrease in normalized Funds from Operations (FFO) from $45.9 million in the previous quarter to $38.3 million in Q1 2024.

• The company experienced a decrease in same-property net income by 12% compared to Q1 of 2023.

• They managed to sell one property for $38.5 million and placed another property for sale priced at $7.8 million.

Business Progress:

• The company ended Q1 2024 with a consolidated occupancy rate of 85.6% across their portfolio of 151 properties spanning 20 million square feet.

• They managed to complete leases encompassing 488,000 square feet with an average term of 9.3 years.

• Tenant retention remains a challenge due to the present market conditions, despite ongoing discussions with tenants.

• The company's focus is on selling their vacant assets located in various locations.

• They marked a development milestone with the significant completion of a major redevelopment project in Seattle, Washington.

More details: Office Properties Income Trust IR

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