Office Properties Income Trust (OPI) saw its stock plummet by 6.99% on November 1, 2024, following the release of its third-quarter earnings report and the disclosure of substantial doubts about its ability to continue operating as a going concern.
During the Q3 2024 earnings call, OPI reported normalized funds from operations (FFO) of $22.1 million or $0.43 per share, missing the low end of its guidance range. The disappointing financial performance was primarily attributed to lower rental income, higher uncollectible rent reserves, and increased operating expenses.
Moreover, the company faces significant challenges due to shifts in office space utilization, such as increased remote work and tenant consolidation, which have disproportionately impacted its unencumbered portfolio. OPI reported total portfolio occupancy of 82.8% and same-property occupancy of 89.3% for the quarter.
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