Office Properties Income Trust (OPI) announced the sale of 17 unencumbered properties during the fourth quarter of 2024 for an aggregate sales price of $114.5 million, excluding closing costs. These properties totaled approximately 1,791,000 square feet and had a gross book value of $255.6 million as of September 30, 2024. The properties were 44% occupied with a weighted average remaining lease term of 2.3 years.
The company also announced the early redemption of its remaining $113.1 million of outstanding 4.50% Senior Notes due 2025. This redemption is expected to occur around January 22, 2025, and OPI plans to fund it using cash on hand. This action fully addresses the 2025 debt maturities.
As of December 31, 2024, OPI is under agreement to sell six additional properties, totaling approximately 581,000 square feet, for an aggregate sales price of $54.8 million, excluding closing costs. These dispositions are part of OPI's strategy to manage its portfolio and enhance liquidity.
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