Office Properties Income Trust Announces the Sale of Two Properties for $42.1 Million
March 12 2020 - 4:39PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200312005827/en/
Olivia Snyder, Manager, Investor Relations (617) 219-1410
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