David Blackman, president and CEO of Office Properties Income Trust
NEWTON, MA—Locally-based Office Properties Income Trust reports it has sold five office buildings in three states for a total sale price of $223 million.
The firm reports that the properties that changed hands included:
• A one-story, 182,630 square foot office building located at 2115-2116 E. Randol Mill Road, Arlington, TX;
• A one-story, 94,800 square foot office building located at 500 Canal View Blvd., Rochester, NY;
• A one-story, 502,300 square foot vacant office building located at 501 Ridge Ave., Hanover, PA.
• And a two-building, six-story and 14-story, 618,000 square foot office property located at 19100 Ridgewood Parkway, San Antonio, TX.
Office Properties Income Trust did not reveal the buyer of the portfolio.
"We continue to make progress on deleveraging our balance sheet through asset sales," states David Blackman, president and CEO of Office Properties Income Trust. "With the completion of today's announced sales, our leverage is below 6.5x net debt to EBITDA, which is the high end of our target leverage range. We also continue to work through the execution of additional property sales and expect to further reduce leverage through the remainder of 2019."
The sales proceeds were used for general business purposes, including the repayment of the remaining balance on the company's unsecured term loan, with additional proceeds used to pay down its revolving credit facility.
On Aug. 2, OPI reported that since January 1, 2019, it had sold or currently had under agreement, deals to sell 54 properties for $683.8 million.
At the time, the company reported a second quarter net loss available to shareholders of $64 million or $1.35 per share.
The firm's occupancy increased 200 basis points to 91.6% and the company had completed 571,000 square feet of leasing in the second quarter.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
