8-K

  UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 29, 2021

OFFICE PROPERTIES INCOME TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-34364	26-4273474
(Commission File Number)	(IRS Employer Identification No.)

Two Newton Place,	255 Washington Street,	Suite 300,	Newton,	Massachusetts	02458-1634
(Address of Principal Executive Offices)					(Zip Code)

617-219-1440

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name Of Each Exchange On Which Registered
Common Shares of Beneficial Interest	OPI	The Nasdaq Stock Market LLC
5.875% Senior Notes due 2046	OPINI	The Nasdaq Stock Market LLC
6.375% Senior Notes due 2050	OPINL	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On April 29, 2021, Office Properties Income Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter ended March 31, 2021, and also provided certain supplemental operating and financial data for the quarter ended March 31, 2021.  Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

Item 9.01.  Financial Statements and Exhibits.

(d)          Exhibits

99.1       Press release dated April 29, 2021

99.2       First Quarter 2021 Supplemental Operating and Financial Data

104        Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OFFICE PROPERTIES INCOME TRUST
By:	/s/ Matthew C. Brown
Name:	Matthew C. Brown
Title:	Chief Financial Officer and Treasurer

Dated:  April 29, 2021

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Office Properties Income Trust Announces First Quarter 2021 Results

First Quarter Net Income of $37.9 Million, or $0.78 Per Share

First Quarter Normalized FFO of $61.8 Million, or$1.28 Per Share

First Quarter CAD of $47.7 Million, or $0.99 Per Share

Completed 575,000 Square Feet of Leasing for a 3.2% Roll-up in Rents

Newton, MA (April 29, 2021): Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended March 31, 2021.

Christopher Bilotto, President and Chief Operating Officer of OPI, made the following statement:

“We entered 2021 following strong performance in 2020 and continued that trend through the first quarter as evidenced by our increased liquidity and positive leasing results. Rent collections remained strong over the past year averaging above 99% and our balance sheet has over $930 million of liquidity allowing OPI to remain focused on our primary growth strategies through leasing and acquisitions.

In the first quarter, we completed 575,000 square feet of new and renewal leasing with a roll-up in rent of 3.2% and a weighted average lease term of 5.4 years. We also have a current leasing pipeline of over three million square feet that is in active discussion. We are encouraged by this activity as tenants continue to advance decisions for their office needs and believe our portfolio composition has benefited OPI throughout the pandemic."

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.

Quarterly Results:

	Three Months Ended March 31,
	2021	2020
Financial	(dollars in thousands, except per share data)
Net income	$37,860	$10,840
Net income per share	$0.78	$0.23
Normalized FFO per share	$1.28	$1.40
CAD per share	$0.99	$0.98
Same Property Cash Basis NOI	$88,684	$90,295

•Net income for the quarter ended March 31, 2021 was $37.9 million, or $0.78 per diluted share, compared to net income of $10.8 million, or $0.23 per diluted share, for the quarter ended March 31, 2020. Net income for the quarter ended March 31, 2021 includes a $54.0 million, or $1.12 per diluted share, gain on sale of real estate, partially offset by a $7.7 million, or $0.16 per diluted share, loss on impairment of real estate and $5.2 million, or $0.11 per diluted share, of estimated business management incentive fee expense. Net income for the quarter ended March 31, 2020 includes a $10.8 million, or $0.22 per diluted share, gain on sale of real estate, partially offset by a $3.3 million, or $0.07 per diluted share, loss on early extinguishment of debt.

The estimated business management incentive fee expense recognized for the quarter ended March 31, 2021 is the result of OPI's common share total return, as defined in OPI's business management agreement, exceeding the returns for the SNL U.S. REIT Office index by 15.0% over the applicable measurement period. The actual amount of annual incentive fees for 2021, if any, will be based on OPI's common share total return for the three-year period ending December 31, 2021, and will be payable in January 2022.

•Normalized funds from operations, or Normalized FFO, and cash available for distribution, or CAD, for the quarter ended March 31, 2021 were $61.8 million, or $1.28 per diluted share, and $47.7 million, or $0.99 per diluted share, respectively, compared to Normalized FFO and CAD for the quarter ended March 31, 2020 of $67.6 million, or $1.40 per diluted share, and $47.4 million, or $0.98 per diluted share, respectively.

•Same Property cash basis net operating income, or Cash Basis NOI, decreased 1.8% for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020. The decrease in Same Property Cash Basis NOI is primarily due to a decrease in cash revenues of $1.4 million driven by a decrease of $0.7 million in parking revenue as a result of lower parking activity due to the COVID-19 pandemic and lower cash received from contractual rents of $0.7 million due to reductions in occupied space at certain of OPI's properties. Operating expenses also increased by $0.2 million, mainly driven by an increase in snow removal costs which were partially offset by lower utility and cleaning costs due to lower building utilization levels at OPI's properties.

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•Leasing activity for the quarter ended March 31, 2021 was as follows:

	Three Months Ended March 31, 2021
Leasing activity for new and renewal leases (rentable square feet)	575,000
Weighted average rental rate change (by rentable square feet)	3.2%
Weighted average lease term (by rentable square feet)	5.4 years
Leasing concessions and capital commitments (per square foot per lease year)	$2.28

	As of
Percent Leased	March 31, 2021	December 31, 2020	March 31, 2020
All properties	90.8%	91.2%	91.5%
Same properties	91.3%	92.1%	92.1%

Reconciliations of net income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, Normalized FFO, CAD, net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to Same Property NOI and Same Property Cash Basis NOI, for the quarters ended March 31, 2021 and 2020 appear later in this press release.

Acquisition Activities:

•As of April 28, 2021, OPI has entered into an agreement to acquire a property adjacent to a property it owns in Boston, MA containing approximately 49,000 rentable square feet for a purchase price of $27.0 million, excluding acquisition related costs. This property is 49.5% leased with a weighted average lease term of 2.3 years. This acquisition is expected to occur before the end of the second quarter.

Disposition Activities:

•As previously reported, in January 2021, OPI sold a warehouse facility adjacent to a property it owns in Kansas City, MO containing approximately 10,000 rentable square feet for a sales price of $0.8 million, excluding closing costs.

•Also as previously reported, in January 2021, OPI sold a property located in Richmond, VA containing approximately 311,000 rentable square feet for a sales price of $130.0 million, excluding closing costs.

•In April 2021, OPI sold a property located in Huntsville, AL containing approximately 1,371,000 rentable square feet for a sales price of $39.0 million, excluding closing costs.

•Also in April 2021, OPI entered into an agreement to sell a property located in Liverpool, NY containing approximately 38,000 rentable square feet for a sales price of $0.7 million, excluding closing costs. This sale is expected to occur before the end of the second quarter.

Liquidity:

•As of March 31, 2021, OPI had $184.5 million of cash and cash equivalents and $750.0 million available to borrow under its unsecured revolving credit facility.

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COVID-19 Update:

•OPI has granted temporary rent assistance to date totaling $2.5 million to 18 tenants, pursuant to deferred payment plans. These tenants are required to pay, in most cases, one month of rent over a 12-month period, all of which have commenced. The $2.5 million of granted temporary rent assistance is detailed as follows:

	Granted Rent Deferrals		Percentage of Total Granted Rent Deferrals
Year ended December 31, 2020	$	2,482,399	100.0%
Quarter ended March 31, 2021	770		—%
Future deferrals	257		—%
Total granted deferrals	$	2,483,426	100.0%
Less: Amounts repaid (1)	(2,118,234)		85.3%
Outstanding granted rent deferral balance	$	365,192	14.7%

(1)Represents rent deferrals repaid as of April 26, 2021.

•For the quarter ended March 31, 2021, OPI collected approximately 99% of contractual rent obligations before and after giving effect to such rent deferrals.

Conference Call:

On Friday, April 30, 2021 at 10:00 a.m. Eastern Time, President and Chief Operating Officer, Christopher Bilotto, and Chief Financial Officer and Treasurer, Matthew Brown, will host a conference call to discuss OPI’s first quarter 2021 financial results.

The conference call telephone number is (877) 328-1172. Participants calling from outside the United States and Canada should dial (412) 317-5418. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Friday, May 7, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10153730.

A live audio webcast of the conference call will also be available in a listen only mode on OPI’s website, at www.opireit.com. Participants wanting to access the webcast should visit OPI’s website about five minutes before the call. The archived webcast will be available for replay on OPI’s website following the call for about one week. The transcription, recording and retransmission in any way of OPI’s first quarter conference call are strictly prohibited without the prior written consent of OPI.

Supplemental Data:

A copy of OPI’s First Quarter 2021 Supplemental Operating and Financial Data is available for download at OPI’s website, www.opireit.com. OPI’s website is not incorporated as part of this press release.

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Non-GAAP Financial Measures:

OPI presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC, including FFO, Normalized FFO, CAD, NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income as indicators of OPI’s operating performance or as measures of OPI’s liquidity. These measures should be considered in conjunction with net income as presented in OPI's condensed consolidated statements of income. OPI considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a real estate investment trust, or REIT, along with net income. OPI believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of OPI’s operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of OPI's properties.

Please see the pages attached hereto for a more detailed statement of OPI’s operating results and financial condition and for an explanation of OPI’s calculation of FFO, Normalized FFO, CAD, NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI and a reconciliation of those amounts to amounts determined in accordance with GAAP.

OPI is a REIT focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics such as government entities. OPI is managed by the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts.

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Office Properties Income Trust

Condensed Consolidated Statements of Income

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended March 31,
	2021		2020
Rental income	$	144,524	$	149,885
Expenses:
Real estate taxes	16,154		16,807
Utility expenses	6,432		7,012
Other operating expenses	25,439		25,880
Depreciation and amortization	64,087		62,943
Loss on impairment of real estate (1)	7,660		—
General and administrative (2)	11,272		7,109
Total expenses	131,044		119,751
Gain on sale of real estate (3)	54,004		10,756
Interest and other income	5		706
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,432 and $2,283, respectively)	(28,798)		(27,159)
Loss on early extinguishment of debt (4)	—		(3,282)
Income before income tax expense and equity in net losses of investees	38,691		11,155
Income tax expense	(435)		(39)
Equity in net losses of investees	(396)		(276)
Net income	$	37,860	$	10,840
Weighted average common shares outstanding (basic)	48,161		48,095
Weighted average common shares outstanding (diluted)	48,196		48,095
Per common share amounts (basic and diluted):
Net income	$	0.78	$	0.23

See Notes on pages 7 and 8.

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Office Properties Income Trust

Funds from Operations, Normalized Funds from Operations and Cash Available for Distribution

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended March 31,
	2021		2020
Calculation of FFO, Normalized FFO and CAD (5)(6):
Net income	$	37,860	$	10,840
Add (less): Depreciation and amortization:
Consolidated properties	64,087		62,943
Unconsolidated joint venture properties	1,006		1,241
Loss on impairment of real estate (1)	7,660		—
Gain on sale of real estate (3)	(54,004)		(10,756)
FFO	56,609		64,268
Loss on early extinguishment of debt (4)	—		3,282
Estimated business management incentive fees (2)	5,200		—
Normalized FFO	61,809		67,550
Add (less): Non-cash expenses (7)	(1)		79
Distributions from unconsolidated joint ventures	153		51
Depreciation and amortization - unconsolidated joint ventures	(1,006)		(1,241)
Equity in net losses of investees	396		276
Loss on early extinguishment of debt settled in cash	—		(1,138)
Non-cash straight line rent adjustments included in rental income	(5,357)		(5,583)
Lease value amortization included in rental income	722		1,432
Net amortization of debt premiums, discounts and issuance costs	2,432		2,283
Recurring capital expenditures	(11,496)		(16,343)
CAD (6)	$	47,652	$	47,366
Weighted average common shares outstanding (basic)	48,161		48,095
Weighted average common shares outstanding (diluted)	48,196		48,095
Per common share amounts (basic and diluted):
Net income	$	0.78	$	0.23
FFO (basic)	$	1.18	$	1.34
FFO (diluted)	$	1.17	$	1.34
Normalized FFO	$	1.28	$	1.40
CAD	$	0.99	$	0.98
Distributions declared per share	$	0.55	$	0.55

(1)Loss on impairment of real estate for the three months ended March 31, 2021 represents an adjustment of $7,660 to reduce the carrying value of two properties to their estimated fair values less costs to sell.

(2)Incentive fees under OPI's business management agreement with The RMR Group LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in OPI’s condensed consolidated statements of income. In calculating net income in accordance with GAAP, OPI recognizes estimated business management incentive fee expense, if any, in the first, second and third quarters. Although OPI recognizes this expense, if any, in the first, second and third quarters for purposes of calculating net income, OPI does not include such expense in the calculation of Normalized FFO until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. Net income includes $5,200 of estimated business management incentive fee expense for the three months ended March 31, 2021. No estimated business management incentive fee expense was included in net income for the three months ended March 31, 2020.

(3)Gain on sale of real estate for the three months ended March 31, 2021 represents a $54,004 net gain on the sale of two properties. Gain on sale of real estate for the three months ended March 31, 2020 represents a $10,756 net gain on the sale of six properties.

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(4)Loss on early extinguishment of debt for the three months ended March 31, 2020 includes prepayment fees related to the repayment of two mortgage notes, as well as write offs of the unamortized portion of certain discounts and issuance costs resulting from the early repayment of debt.

(5)OPI calculates FFO and Normalized FFO as shown above. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, which is net income, calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and its proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties, but excluding impairment charges on real estate assets and any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to OPI. In calculating Normalized FFO, OPI adjusts for the other items shown above and includes business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of OPI’s core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. FFO and Normalized FFO are among the factors considered by OPI’s Board of Trustees when determining the amount of distributions to OPI’s shareholders. Other factors include, but are not limited to, requirements to maintain OPI's qualification for taxation as a REIT, limitations in OPI’s credit agreement and public debt covenants, the availability to OPI of debt and equity capital, OPI’s expectation of its future capital requirements and operating performance and OPI’s expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than OPI does.

(6)OPI calculates CAD as shown above. OPI defines CAD as Normalized FFO minus recurring real estate related capital expenditures and other non-cash and non-recurring items. CAD is among the factors considered by OPI's Board of Trustees when determining the amount of distributions to its shareholders. Other real estate companies and REITs may calculate CAD differently than OPI does.

(7)Non-cash expenses include equity based compensation, adjustments recorded to capitalize interest expense and amortization of the liability for the amount by which the estimated fair value for accounting purposes exceeded the price OPI paid for its former investment in The RMR Group Inc., or RMR Inc., common stock in June 2015. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to business management fee expense and property management fee expense, which are included in general and administrative and other operating expenses, respectively.

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Office Properties Income Trust

Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and

Same Property Cash Basis NOI (1)

(amounts in thousands)

(unaudited)

	Three Months Ended March 31,
	2021		2020
Calculation of NOI and Cash Basis NOI:
Rental income	$	144,524	$	149,885
Property operating expenses	(48,025)		(49,699)
NOI	96,499		100,186
Non-cash straight line rent adjustments included in rental income	(5,357)		(5,583)
Lease value amortization included in rental income	722		1,432
Lease termination fees included in rental income	—		(3)
Non-cash amortization included in property operating expenses (2)	(121)		(121)
Cash Basis NOI	$	91,743	$	95,911
Reconciliation of Net Income to NOI and Cash Basis NOI:
Net income	$	37,860	$	10,840
Equity in net losses of investees	396		276
Income tax expense	435		39
Income before income tax expense and equity in net losses of investees	38,691		11,155
Loss on early extinguishment of debt	—		3,282
Interest expense	28,798		27,159
Interest and other income	(5)		(706)
Gain on sale of real estate	(54,004)		(10,756)
General and administrative	11,272		7,109
Loss on impairment of real estate	7,660		—
Depreciation and amortization	64,087		62,943
NOI	96,499		100,186
Non-cash amortization included in property operating expenses (2)	(121)		(121)
Lease termination fees included in rental income	—		(3)
Lease value amortization included in rental income	722		1,432
Non-cash straight line rent adjustments included in rental income	(5,357)		(5,583)
Cash Basis NOI	$	91,743	$	95,911
Reconciliation of NOI to Same Property NOI (3):
Rental income	$	144,524	$	149,885
Property operating expenses	(48,025)		(49,699)
NOI	96,499		100,186
Less: NOI of properties not included in same property results	(2,640)		(6,086)
Same Property NOI	$	93,859	$	94,100
Calculation of Same Property Cash Basis NOI (3):
Same Property NOI	$	93,859	$	94,100
Add: Lease value amortization included in rental income	722		839
Less: Non-cash straight line rent adjustments included in rental income	(5,782)		(4,528)
Lease termination fees included in rental income	—		(3)
Non-cash amortization included in property operating expenses (2)	(115)		(113)
Same Property Cash Basis NOI	$	88,684	$	90,295

See Notes on page 10.

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(1)    The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to OPI’s property level results of operations. OPI calculates NOI and Cash Basis NOI as shown above. OPI defines NOI as income from its rental of real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that OPI records as depreciation and amortization expense. OPI defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash amortization included in other operating expenses. OPI calculates Same Property NOI and Same Property Cash Basis NOI in the same manner that it calculates the corresponding Cash Basis NOI amounts, except that it only includes same properties in calculating Same Property NOI and Same Property Cash Basis NOI. OPI uses NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI differently than OPI does.

(2)    OPI recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price OPI paid for its former investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fee expense, which is included in property operating expenses.

(3)    For the three months ended March 31, 2021 and 2020, Same Property NOI and Same Property Cash Basis NOI are based on properties OPI owned continuously since January 1, 2020, and exclude properties classified as held for sale and properties undergoing significant redevelopment, if any, and three properties owned by two unconsolidated joint ventures in which OPI owns 51% and 50% interests.

10

Office Properties Income Trust

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share data)

(unaudited)

	March 31,		December 31,
	2021		2020
ASSETS
Real estate properties:
Land	$	824,622	$	830,884
Buildings and improvements	2,650,159		2,691,259
Total real estate properties, gross	3,474,781		3,522,143
Accumulated depreciation	(467,085)		(451,914)
Total real estate properties, net	3,007,696		3,070,229
Assets of properties held for sale	47,918		75,177
Investments in unconsolidated joint ventures	37,402		37,951
Acquired real estate leases, net	505,582		548,943
Cash and cash equivalents	184,462		42,045
Restricted cash	17,013		14,810
Rents receivable	94,879		101,766
Deferred leasing costs, net	44,680		42,626
Other assets, net	12,947		12,889
Total assets	$	3,952,579	$	3,946,436
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	$	—	$	—
Senior unsecured notes, net	2,035,304		2,033,242
Mortgage notes payable, net	169,204		169,729
Liabilities of properties held for sale	84		891
Accounts payable and other liabilities	103,617		116,480
Due to related persons	13,370		6,114
Assumed real estate lease obligations, net	10,002		10,588
Total liabilities	2,331,581		2,337,044
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,318,366 shares issued and outstanding	483		483
Additional paid in capital	2,615,626		2,615,305
Cumulative net income	221,755		183,895
Cumulative common distributions	(1,216,866)		(1,190,291)
Total shareholders’ equity	1,620,998		1,609,392
Total liabilities and shareholders’ equity	$	3,952,579	$	3,946,436

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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:

•Mr. Bilotto's statements about OPI's strong performance, including with respect to rent collections, leasing activity and roll-ups in rent, may imply that OPI will continue to have similar and better performance in future periods. However, OPI's rent collections, ability to realize positive leasing activity and roll-ups in rent depend on various factors, including market conditions, the impact of the COVID-19 pandemic, the financial strength of OPI's tenants, tenants' demand for OPI's properties, the timing of lease expirations and OPI's ability to successfully compete for tenants, among other factors. As a result, OPI may not have positive rent collections or realize positive leasing activity and rent roll-ups in the future and OPI's rent collections, leasing activity, and occupancy could decline and OPI may realize rent roll-downs and decreased rental income in the future,

•Mr. Bilotto states that OPI has over $930 million of liquidity. This may imply that OPI will maintain this level of liquidity in the future. However, OPI's liquidity is largely dependent on the availability of funds under its revolving credit facility. OPI's revolving credit facility allows OPI to borrow, repay and reborrow funds under that facility, subject to satisfying conditions. As a result, OPI may, and likely will, borrow funds under its revolving credit facility in the future, which in turn would cause its liquidity to decline. In addition, OPI may use its current liquidity for investments or other business opportunities, which may reduce its liquidity,

•Mr. Bilotto's statements about OPI's growth strategies including acquisitions may imply that OPI will be able to continue to execute on its investment strategies and create value from those investments. However, OPI may not be able to identify and successfully negotiate and complete acquisitions and it may not realize its target returns on investments it may make,

•Mr. Bilotto states that OPI has a current leasing pipeline of over three million square feet that is in active discussion. This may imply that OPI will successfully execute leases for that space on terms that are on acceptable terms to OPI. However, OPI may not be able to successfully negotiate and execute leases for any or all of that space on terms that are acceptable to OPI,

•Mr. Bilotto's statements regarding OPI's tenants advancing decisions for their office needs may imply that OPI's tenants will re-enter OPI's properties in the future. However, if the COVID-19 pandemic and the current economic conditions continue or worsen, OPI’s tenants may be significantly adversely impacted, which may result in additional tenants seeking relief from their rent obligations, tenants being unable to pay rent, tenants terminating their leases or tenants not renewing their leases or renewing their leases for less space. Further, under those conditions, tenants may delay re-entry or may utilize less space upon re-entry and later seek to reduce their leased space or terminate or not renew their leases. In addition, leases for 3,517,000 square feet are currently subject to expire by March 31, 2022, and OPI currently expects tenants that lease 2,701,000 of that square feet will not renew their leases. OPI may not be able to re-lease that space, or sell any properties it identifies for sale that include a portion of that space, and it may take an extended period to identify replacement tenants and negotiate and enter new lease agreements for that space and OPI may realize rent roll-downs with respect to any such new leases, and

•OPI has entered into an agreement to acquire a property for a purchase price of $27.0 million, excluding acquisition related costs, and an agreement to sell a property for a sales price of $0.7 million, excluding closing costs. These transactions are subject to conditions. Those conditions may not be satisfied and these transactions may not occur, may be delayed or the terms may change.

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.

12

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.

Contact:

Olivia Snyder, Manager, Investor Relations

(617) 219-1410

(END)

13

EX-99.2

Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. FIRST QUARTER 2021 Exhibit 99.2 Atlanta, GA

Supplemental Q1 2021 2 Table of Contents CORPORATE INFORMATION Company Profile......................................................................................................................................................................................... 3 Investor Information................................................................................................................................................................................... 4 Research Coverage.................................................................................................................................................................................... 5 FINANCIALS Key Financial Data...................................................................................................................................................................................... 6 Condensed Consolidated Balance Sheets.............................................................................................................................................. 7 Condensed Consolidated Statements of Income.................................................................................................................................. 8 Debt Summary............................................................................................................................................................................................ 9 Debt Maturity Schedule............................................................................................................................................................................. 10 Leverage Ratios, Coverage Ratios and Public Debt Covenants........................................................................................................... 11 Capital Expenditures Summary................................................................................................................................................................ 12 Property Acquisitions and Dispositions Information Since January 1, 2021...................................................................................... 13 Investments in Unconsolidated Joint Ventures...................................................................................................................................... 14 Calculation and Reconciliation of NOI and Cash Basis NOI................................................................................................................. 15 Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI............................................................ 16 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre.................................................................................................................. 17 Calculation of FFO, Normalized FFO and CAD...................................................................................................................................... 18 PORTFOLIO INFORMATION Summary Same Property Results.............................................................................................................................................................. 19 Occupancy and Leasing Summary........................................................................................................................................................... 20 Tenant Diversity and Credit Characteristics............................................................................................................................................ 21 Tenants Representing 1% or More of Total Annualized Rental Income.............................................................................................. 22 Lease Expiration Schedule........................................................................................................................................................................ 23 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS.................................................................................................................... 24 WARNING CONCERNING FORWARD-LOOKING STATEMENTS........................................................................................................................ 26 Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Unless otherwise noted, all data presented in this supplemental operating and financial data report excludes three properties, which are encumbered by $82.0 million of mortgage notes, owned by two unconsolidated joint ventures in which we own 51% and 50% interests. See page 14 for information regarding these joint ventures and related mortgage notes.

Supplemental Q1 2021 3 The Company: Office Properties Income Trust, or OPI, we, our, or us, is a real estate investment trust, or REIT, focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics such as government entities. The majority of our properties are office buildings. OPI is a component of 135 market indices and it comprises more than 1% of the following indices as of March 31, 2021: Invesco KBW Premium Yield Equity REIT ETF INAV Index (KBWYIV), BI North America Office REIT Valuation Peers (BROFFRTV), Invesco S&P SmallCap Financials ETF INAV Index (PSCFIV), Bloomberg Reit Office Property Index (BBREOFPY), Invesco S&P SmallCap 600 Pure Value ETF INAV Index (RZVIV), TFMS HIPS Index (TFMSHIPP) and the Bloomberg WBZ Massachusetts Index (BCMAX). Management: OPI is managed by The RMR Group LLC, or RMR LLC, the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of March 31, 2021, RMR had $31.8 billion of real estate assets under management and the combined RMR managed companies had approximately $10 billion of annual revenues, nearly 2,100 properties and approximately 43,000 employees. We believe that being managed by RMR is a competitive advantage for OPI because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services if we were self managed. RETURN TO TABLE OF CONTENTS Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (617) 219-1440 Stock Exchange Listing: Nasdaq Trading Symbols: Common Shares: OPI Senior Unsecured Notes due 2046: OPINI Senior Unsecured Notes due 2050: OPINL Snapshot (as of March 31, 2021): Total properties: 180 Rentable sq. ft.: 24.6 million Percent leased: 90.8% Company Profile

Supplemental Q1 2021 4 Board of Trustees Donna D. Fraiche Barbara D. Gilmore John L. Harrington Independent Trustee Independent Trustee Independent Trustee William A. Lamkin Elena B. Poptodorova Jeffrey P. Somers Independent Trustee Lead Independent Trustee Independent Trustee David M. Blackman Adam D. Portnoy Managing Trustee Chair of the Board & Managing Trustee Executive Officers Christopher J. Bilotto Matthew C. Brown President and Chief Operating Officer Chief Financial Officer and Treasurer Contact Information Investor Relations Inquiries Office Properties Income Trust Financial, investor and media inquiries should be directed to: Two Newton Place Olivia Snyder, Manager, Investor Relations, 255 Washington Street, Suite 300 at (617) 219-1410 or osnyder@opireit.com Newton, MA 02458-1634 (617) 219-1410 ir@opireit.com www.opireit.com Investor Information RETURN TO TABLE OF CONTENTS Washington, DC

Supplemental Q1 2021 5 Equity Research Coverage B. Riley Securities, Inc. BofA Securities Bryan Maher James Feldman bmaher@brileyfin.com james.feldman@baml.com (646) 885-5423 (646) 855-5808 JMP Securities Mizuho Securities Aaron Hecht Omotayo Okusanya ahecht@jmpsecurities.com omotayo.okusanya@mizuhogroup.com (415) 835-3963 (646) 949-9672 Morgan Stanley RBC Capital Markets Vikram Malhotra Michael Carroll vikram.malhotra@morganstanley.com michael.carroll@rbccm.com (212) 761-7064 (440) 715-2649 Rating Agencies Moody's Investors Service S&P Global Lori Marks Michael Souers lori.marks@moodys.com michael.souers@spglobal.com (212) 553-0376 (212) 438-2508 OPI is followed by the analysts and its credit is rated by the rating agencies listed on this page. Please note that any opinions, estimates or forecasts regarding OPI’s performance made by these analysts or agencies do not represent opinions, forecasts or predictions of OPI or its management. OPI does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies. Research Coverage Issuer Ratings: Moody's: Baa3 S&P Global: BBB- RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 6 As of and for the Three Months Ended As of 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 3/31/2021 Selected Balance Sheet Data: Capitalization: Total gross assets $ 4,419,664 $ 4,398,350 $ 4,409,391 $ 4,400,379 $ 4,431,934 Total common shares (at end of period) 48,318,366 Total assets $ 3,952,579 $ 3,946,436 $ 3,973,045 $ 3,977,663 $ 4,028,705 Closing price (at end of period) $ 27.52 Total liabilities $ 2,331,581 $ 2,337,044 $ 2,336,373 $ 2,311,233 $ 2,338,331 Equity market capitalization (at end of period) $ 1,329,721 Total shareholders' equity $ 1,620,998 $ 1,609,392 $ 1,636,672 $ 1,666,430 $ 1,690,374 Debt (principal balance) 2,242,198 Total market capitalization $ 3,571,919 Selected Income Statement Data: Rental income $ 144,524 $ 146,625 $ 145,806 $ 145,603 $ 149,885 Liquidity: Net income (loss) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ 10,840 Cash and cash equivalents $ 184,462 NOI $ 96,499 $ 97,168 $ 95,763 $ 98,834 $ 100,186 Availability under $750,000 unsecured revolving credit facility 750,000 Adjusted EBITDAre $ 90,906 $ 91,301 $ 89,817 $ 92,883 $ 94,213 FFO $ 56,609 $ 61,610 $ 62,628 $ 66,640 $ 64,268 Total liquidity $ 934,462 Normalized FFO $ 61,809 $ 61,842 $ 62,628 $ 67,197 $ 67,550 CAD $ 47,652 $ 42,344 $ 44,557 $ 45,543 $ 47,366 Rolling four quarter CAD $ 180,096 $ 179,810 $ 177,210 $ 171,277 $ 182,453 Per Common Share Data (basic and diluted): Net income (loss) $ 0.78 $ (0.03) $ (0.08) $ 0.03 $ 0.23 FFO (basic) $ 1.18 $ 1.28 $ 1.30 $ 1.39 $ 1.34 FFO (diluted) $ 1.17 $ 1.28 $ 1.30 $ 1.39 $ 1.34 Normalized FFO $ 1.28 $ 1.28 $ 1.30 $ 1.40 $ 1.40 CAD $ 0.99 $ 0.88 $ 0.93 $ 0.95 $ 0.98 Rolling four quarter CAD $ 3.75 $ 3.74 $ 3.68 $ 3.56 $ 3.79 Dividends: Annualized dividends paid per share during the period $ 2.20 $ 2.20 $ 2.20 $ 2.20 $ 2.20 Annualized dividend yield (at end of period) 8.0% 9.7% 10.6% 8.5% 8.1% Normalized FFO payout ratio 43.0% 43.0% 42.3% 39.3% 39.3% Rolling four quarter CAD payout ratio 58.7% 58.8% 59.6% 61.8% 58.0% (dollars in thousands, except per share data) RETURN TO TABLE OF CONTENTS Key Financial Data

Supplemental Q1 2021 7 March 31, December 31, 2021 2020 ASSETS Real estate properties: Land $ 824,622 $ 830,884 Buildings and improvements 2,650,159 2,691,259 Total real estate properties, gross 3,474,781 3,522,143 Accumulated depreciation (467,085) (451,914) Total real estate properties, net 3,007,696 3,070,229 Assets of properties held for sale 47,918 75,177 Investments in unconsolidated joint ventures 37,402 37,951 Acquired real estate leases, net 505,582 548,943 Cash and cash equivalents 184,462 42,045 Restricted cash 17,013 14,810 Rents receivable 94,879 101,766 Deferred leasing costs, net 44,680 42,626 Other assets, net 12,947 12,889 Total assets $ 3,952,579 $ 3,946,436 LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured revolving credit facility $ — $ — Senior unsecured notes, net 2,035,304 2,033,242 Mortgage notes payable, net 169,204 169,729 Liabilities of properties held for sale 84 891 Accounts payable and other liabilities 103,617 116,480 Due to related persons 13,370 6,114 Assumed real estate lease obligations, net 10,002 10,588 Total liabilities 2,331,581 2,337,044 Commitments and contingencies Shareholders’ equity: Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,318,366 shares issued and outstanding 483 483 Additional paid in capital 2,615,626 2,615,305 Cumulative net income 221,755 183,895 Cumulative common distributions (1,216,866) (1,190,291) Total shareholders’ equity 1,620,998 1,609,392 Total liabilities and shareholders’ equity $ 3,952,579 $ 3,946,436 Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) RETURN TO TABLE OF CONTENTS Columbia, MD

Supplemental Q1 2021 8 Three Months Ended March 31, 2021 2020 Rental income $ 144,524 $ 149,885 Expenses: Real estate taxes 16,154 16,807 Utility expenses 6,432 7,012 Other operating expenses 25,439 25,880 Depreciation and amortization 64,087 62,943 Loss on impairment of real estate 7,660 — General and administrative (1) 11,272 7,109 Total expenses 131,044 119,751 Gain on sale of real estate 54,004 10,756 Interest and other income 5 706 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,432 and $2,283, respectively) (28,798) (27,159) Loss on early extinguishment of debt — (3,282) Income before income tax expense and equity in net losses of investees 38,691 11,155 Income tax expense (435) (39) Equity in net losses of investees (396) (276) Net income $ 37,860 $ 10,840 Weighted average common shares outstanding (basic) 48,161 48,095 Weighted average common shares outstanding (diluted) 48,196 48,095 Per common share amounts (basic and diluted): Net income $ 0.78 $ 0.23 Additional Data: General and administrative expenses / total assets (at end of period) 0.29% 0.18% Non-cash straight line rent adjustments included in rental income $ 5,357 $ 5,583 Lease value amortization included in rental income $ (722) $ (1,432) Lease termination fees included in rental income $ — $ 3 Non-cash amortization included in other operating expenses (2) $ 121 $ 121 Non-cash amortization included in general and administrative expenses (2) $ 151 $ 151 Condensed Consolidated Statements of Income (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS (1) Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income. In calculating net income in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income, we do not include such expense in the calculations of Adjusted EBITDAre or Normalized FFO until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. Net income includes estimated business management incentive fee expense of $5,200 for the three months ended March 31, 2021. No estimated business management incentive fee expense was included in net income for the three months ended March 31, 2020. (2) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our former investment in The RMR Group Inc., or RMR Inc., common stock in June 2015. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to business management fee expense and property management fee expense, which are included in general and administrative and other operating expenses, respectively.

Supplemental Q1 2021 9 Fixed vs. Variable Rate Debt Fixed 100% Coupon Rate (1) Interest Rate (2) Principal Balance Maturity Date Due at Maturity Years to Maturity Unsecured Floating Rate Debt: $750,000 unsecured revolving credit facility (3) (4) 1.188% 1.188% $ — 1/31/2023 $ — 1.8 Unsecured Fixed Rate Debt: Senior unsecured notes due 2022 4.150% 4.196% 300,000 2/1/2022 300,000 0.8 Senior unsecured notes due 2022 4.000% 4.000% 300,000 7/15/2022 300,000 1.3 Senior unsecured notes due 2024 4.250% 4.404% 350,000 5/15/2024 350,000 3.1 Senior unsecured notes due 2025 4.500% 4.521% 650,000 2/1/2025 650,000 3.8 Senior unsecured notes due 2046 5.875% 5.875% 310,000 5/1/2046 310,000 25.1 Senior unsecured notes due 2050 6.375% 6.375% 162,000 6/23/2050 162,000 29.2 Subtotal / weighted average 4.687% 4.726% 2,072,000 2,072,000 8.1 Secured Fixed Rate Debt: Mortgage debt - One property in Washington, DC 4.220% 4.190% 25,619 7/1/2022 24,668 1.3 Mortgage debt - Three properties in Seattle, WA 3.550% 4.210% 71,000 5/1/2023 71,000 2.1 Mortgage debt - One property in Chicago, IL 3.700% 4.210% 50,000 6/1/2023 50,000 2.2 Mortgage debt - One property in Washington, DC 4.800% 4.190% 23,579 6/1/2023 22,584 2.2 Subtotal / weighted average 3.868% 4.204% 170,198 168,252 2.0 Total / weighted average 4.625% 4.687% $ 2,242,198 $ 2,240,252 7.6 See accompanying notes on the following page. Secured vs. Unsecured Debt Unsecured 92.4% Secured 7.6% Debt Summary As of March 31, 2021 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 10 $600,000 $350,000 $650,000 $472,000 $143,784 Unsecured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2021 2022 2023 2024 2025 2026 and thereafter $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Year Unsecured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt Total Debt % of Total Debt 2021 $ — $ — $ 896 $ 896 —% 2022 — 600,000 25,518 625,518 27.9% 2023 — — 143,784 143,784 6.4% 2024 — 350,000 — 350,000 15.6% 2025 — 650,000 — 650,000 29.0% 2026 and thereafter — 472,000 — 472,000 21.1% Total principal balance $ — $ 2,072,000 $ 170,198 $ 2,242,198 100.0% Percent of total principal balance 0.0% 92.4% 7.6% 100.0% $25,518 RETURN TO TABLE OF CONTENTS Debt Maturity Schedule As of March 31, 2021 (dollars in thousands) (5) (5) (1) Reflects the interest rate stated in, or determined pursuant to, the contract terms. (2) Includes the effect of mark to market accounting for certain mortgages and discounts and premiums on senior unsecured notes. Excludes the effect of debt issuance costs amortization. (3) We are required to pay interest on borrowings under our revolving credit facility at a rate of LIBOR plus a premium of 110 basis points per annum. We also pay a facility fee of 25 basis points per annum on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. The interest rate listed is as of March 31, 2021 and excludes the 25 basis point facility fee. Subject to the payment of an extension fee and meeting certain other conditions, we may extend the maturity date of our revolving credit facility by two additional six month periods. (4) The maximum aggregate borrowing availability under the credit agreement governing our revolving credit facility may be increased to up to $1,950,000 in certain circumstances. (5) Represents the amount, if any, outstanding under our revolving credit facility at March 31, 2021. (6) Represents Secured Fixed Rate Debt payments in 2021. $896 (6)

Supplemental Q1 2021 11 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Leverage Ratios: Net debt / total gross assets 46.6% 50.0% 49.9% 49.9% 50.2% Net debt / gross book value of real estate assets 44.4% 46.9% 46.6% 46.4% 47.1% Secured debt / total assets 4.3% 4.3% 4.3% 5.3% 6.1% Variable rate debt / net debt 0.0% 0.0% 0.0% 9.1% 15.7% Coverage Ratios: Adjusted EBITDAre / interest expense 3.2x 3.2x 3.3x 3.7x 3.5x Net debt / annualized Adjusted EBITDAre 5.7x 6.0x 6.1x 5.9x 5.9x Public Debt Covenants: Total debt / adjusted total assets (maximum 60.0%) 45.7% 46.3% 46.4% 46.3% 47.1% Secured debt / adjusted total assets (maximum 40.0%) 3.5% 3.5% 3.5% 4.4% 5.1% Consolidated income available for debt service / debt service (minimum 1.50x) 3.2x 3.4x 3.3x 3.7x 3.8x Total unencumbered assets / unsecured debt (minimum 150.0%) 218.4% 214.0% 213.3% 215.8% 208.1% Indianapolis, IN

Supplemental Q1 2021 12 For the Three Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Lease related costs $ 6,970 $ 8,746 $ 7,192 $ 11,921 $ 7,113 Building improvements 4,526 11,466 10,579 10,005 9,230 Recurring capital expenditures 11,496 20,212 17,771 21,926 16,343 Development, redevelopment and other activities 4,906 5,598 5,521 2,578 3,161 Total capital expenditures $ 16,402 $ 25,810 $ 23,292 $ 24,504 $ 19,504 Average rentable sq. ft. during period 24,729 24,899 24,909 24,908 25,316 Building improvements per average sq. ft. during period $ 0.18 $ 0.46 $ 0.42 $ 0.40 $ 0.36 Capital Expenditures Summary (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS Fairfax, VA

Supplemental Q1 2021 13 Acquisitions: We have not acquired any properties since January 1, 2021. Dispositions: Date Sold Location Number of Properties Sq. Ft. Gross Sales Price 1/13/2021 Kansas City, MO (1) — 10 $ 845 1/22/2021 Richmond, VA 1 311 130,000 4/22/2021 Huntsville, AL 1 1,371 39,000 Total 2 1,692 $ 169,845 (1) Consists of a warehouse facility adjacent to a property we own in Kansas City, MO. Property Acquisitions and Dispositions Information Since January 1, 2021 (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS Fort Mill, SC

Supplemental Q1 2021 14 Unconsolidated Joint Ventures: Joint Venture OPI Ownership OPI Investment Number of Properties Location Square Feet Occupancy Weighted Average Remaining Lease Term (1) Prosperity Metro Plaza 51% $ 21,715 2 Fairfax, VA 329 75.1% 3.4 years 1750 H Street, NW 50% 15,687 1 Washington, D.C. 115 57.5% 0.4 years Total / Weighted Average $ 37,402 3 444 70.5% 2.5 years (1) Lease term is weighted based on annualized rental income. (2) Includes the effect of interest rate protection and mark to market accounting. (3) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the applicable joint venture; none of the debt is recourse to us. (4) The mortgage loan requires interest-only payments through December 2024, at which time the loan requires principal and interest payments through its maturity date. (5) Reflects our proportionate share of operating results based on our ownership percentage of the respective joint ventures. (6) Includes interest expense, net of other income. (7) Our unconsolidated joint ventures report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to the unconsolidated joint ventures by their tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. Investments in Unconsolidated Joint Ventures As of March 31, 2021 (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Results of Operations - Unconsolidated Joint Ventures: (5) For the Three Months Ended March 31, 2021 Prosperity Metro Plaza 1750 H Street, NW Total Equity in losses $ (20) $ (376) $ (396) Depreciation and amortization 600 406 1,006 Other expenses, net (6) 258 156 414 NOI 838 186 1,024 Lease value amortization included in rental income (7) (1) — (1) Non-cash straight line rent adjustments included in rental income (7) (58) 15 (43) Cash Basis NOI $ 779 $ 201 $ 980 Distributions received by OPI $ 153 $ — $ 153 Outstanding Unconsolidated Debt: Joint Venture OPI Ownership Interest Rate (2) Maturity Date Principal Balance Annualized Debt Service Principal Balance at Maturity OPI Share of Principal Balance (3) Prosperity Metro Plaza (4) 51% 4.090% 12/1/2029 $ 50,000 $ 2,045 $ 45,246 $ 25,500 1750 H Street, NW 50% 3.690% 8/1/2024 32,000 1,181 32,000 16,000 Total / Weighted Average 3.934% $ 82,000 $ 3,226 $ 77,246 $ 41,500

Supplemental Q1 2021 15 For the Three Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Calculation of NOI and Cash Basis NOI: Rental income $ 144,524 $ 146,625 $ 145,806 $ 145,603 $ 149,885 Property operating expenses (48,025) (49,457) (50,043) (46,769) (49,699) NOI 96,499 97,168 95,763 98,834 100,186 Non-cash straight line rent adjustments included in rental income (5,357) (3,116) (3,912) (3,468) (5,583) Lease value amortization included in rental income 722 1,291 1,312 1,405 1,432 Lease termination fees included in rental income — (90) (2) (3) (3) Non-cash amortization included in property operating expenses (1) (121) (121) (121) (121) (121) Cash Basis NOI $ 91,743 $ 95,132 $ 93,040 $ 96,647 $ 95,911 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net income (loss) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ 10,840 Equity in net losses of investees 396 378 279 260 276 Income tax expense (benefit) 435 157 (54) 235 39 Income (loss) before income tax expense (benefit) and equity in net losses of investees 38,691 (1,129) (3,572) 1,794 11,155 Loss on early extinguishment of debt — — — 557 3,282 Interest expense 28,798 28,842 27,097 25,205 27,159 Interest and other income (5) (41) (2) (30) (706) Gain on sale of real estate (54,004) (33) — (66) (10,756) General and administrative 11,272 7,071 7,059 7,204 7,109 Acquisition and transaction related costs — 232 — — — Loss on impairment of real estate 7,660 — 2,954 — — Depreciation and amortization 64,087 62,226 62,227 64,170 62,943 NOI 96,499 97,168 95,763 98,834 100,186 Non-cash amortization included in property operating expenses (1) (121) (121) (121) (121) (121) Lease termination fees included in rental income — (90) (2) (3) (3) Lease value amortization included in rental income 722 1,291 1,312 1,405 1,432 Non-cash straight line rent adjustments included in rental income (5,357) (3,116) (3,912) (3,468) (5,583) Cash Basis NOI $ 91,743 $ 95,132 $ 93,040 $ 96,647 $ 95,911 (1) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our former investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees expense, which is included in property operating expenses. Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 16 For the Three Months Ended 3/31/2021 3/31/2020 Reconciliation of NOI to Same Property NOI: Rental income $ 144,524 $ 149,885 Property operating expenses (48,025) (49,699) NOI 96,499 100,186 Less: NOI of properties not included in same property results (2,640) (6,086) Same Property NOI $ 93,859 $ 94,100 Calculation of Same Property Cash Basis NOI: Same Property NOI $ 93,859 $ 94,100 Add: Lease value amortization included in rental income 722 839 Less: Non-cash straight line rent adjustments included in rental income (5,782) (4,528) Lease termination fees included in rental income — (3) Non-cash amortization included in property operating expenses (1) (115) (113) Same Property Cash Basis NOI $ 88,684 $ 90,295 (1) We recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our former investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fees expense, which is included in other operating expenses. Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS Provo, UT

Supplemental Q1 2021 17 For the Three Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Net income (loss) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ 10,840 Add (less): Interest expense 28,798 28,842 27,097 25,205 27,159 Income tax expense (benefit) 435 157 (54) 235 39 Depreciation and amortization 64,087 62,226 62,227 64,170 62,943 EBITDA 131,180 89,561 85,473 90,909 100,981 Add (less): Loss on impairment of real estate 7,660 — 2,954 — — Gain on sale of real estate (54,004) (33) — (66) (10,756) Distributions received from unconsolidated joint ventures 153 204 255 102 51 Equity in losses of unconsolidated joint ventures 396 378 279 260 276 EBITDAre 85,385 90,110 88,961 91,205 90,552 Add (less): Acquisition and transaction related costs — 232 — — — General and administrative expense paid in common shares (1) 321 959 856 1,121 379 Estimated business management incentive fees (2) 5,200 — — — — Loss on early extinguishment of debt — — — 557 3,282 Adjusted EBITDAre $ 90,906 $ 91,301 $ 89,817 $ 92,883 $ 94,213 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) (1) Amounts represent equity based compensation to our Trustees, our officers and certain other employees of RMR LLC. (2) Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income (loss). In calculating net income (loss) in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income (loss), we do not include such expense in the calculation of Adjusted EBITDAre until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 18 For the Three Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Net income (loss) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ 10,840 Add (less): Depreciation and amortization: Consolidated properties 64,087 62,226 62,227 64,170 62,943 Unconsolidated joint venture properties 1,006 1,081 1,244 1,237 1,241 Loss on impairment of real estate 7,660 — 2,954 — — Gain on sale of real estate (54,004) (33) — (66) (10,756) FFO 56,609 61,610 62,628 66,640 64,268 Add (less): Acquisition and transaction related costs — 232 — — — Loss on early extinguishment of debt — — — 557 3,282 Estimated business management incentive fees (1) 5,200 — — — — Normalized FFO 61,809 61,842 62,628 67,197 67,550 Add (less): Non-cash expenses (2) (1) 607 533 808 79 Distributions from unconsolidated joint ventures 153 204 255 102 51 Depreciation and amortization - unconsolidated joint ventures (1,006) (1,081) (1,244) (1,237) (1,241) Equity in net losses of investees 396 378 279 260 276 Loss on early extinguishment of debt settled in cash — — — — (1,138) Non-cash straight line rent adjustments included in rental income (5,357) (3,116) (3,912) (3,468) (5,583) Lease value amortization included in rental income 722 1,291 1,312 1,405 1,432 Net amortization of debt premiums, discounts and issuance costs 2,432 2,431 2,477 2,402 2,283 Recurring capital expenditures (11,496) (20,212) (17,771) (21,926) (16,343) CAD $ 47,652 $ 42,344 $ 44,557 $ 45,543 $ 47,366 Weighted average common shares outstanding (basic) 48,161 48,161 48,132 48,106 48,095 Weighted average common shares outstanding (diluted) 48,196 48,161 48,132 48,106 48,095 Per common share amounts (basic and diluted): Net income (loss) $ 0.78 $ (0.03) $ (0.08) $ 0.03 $ 0.23 FFO (basic) $ 1.18 $ 1.28 $ 1.30 $ 1.39 $ 1.34 FFO (diluted) $ 1.17 $ 1.28 $ 1.30 $ 1.39 $ 1.34 Normalized FFO $ 1.28 $ 1.28 $ 1.30 $ 1.40 $ 1.40 CAD $ 0.99 $ 0.88 $ 0.93 $ 0.95 $ 0.98 (1) Incentive fees under our business management agreement with RMR LLC are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in our condensed consolidated statements of income (loss). In calculating net income (loss) in accordance with GAAP, we recognize estimated business management incentive fee expense, if any, in the first, second and third quarters. Although we recognize this expense, if any, in the first, second and third quarters for purposes of calculating net income (loss), we do not include such expense in the calculation of Normalized FFO until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined. (2) Non-cash expenses include equity based compensation, adjustments recorded to capitalize interest expense and amortization of the liability for the amount by which the estimated fair value for accounting purposes exceeded the price we paid for our former investment in RMR Inc. common stock in June 2015. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to business management fee expense and property management fee expense, which are included in general and administrative and other operating expenses, respectively. Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 19 For the Three Months Ended 3/31/2021 3/31/2020 Properties (end of period) (1) 175 175 Rentable sq. ft. 22,662 22,658 Percent leased 91.3% 92.1% Rental income $ 140,975 $ 140,931 Same Property NOI $ 93,859 $ 94,100 Same Property Cash Basis NOI $ 88,684 $ 90,295 Same Property NOI % margin 66.6% 66.8% Same Property Cash Basis NOI % margin 65.2% 65.8% Same Property NOI % change (0.3%) Same Property Cash Basis NOI % change (1.8%) (1) Includes one leasable land parcel. Summary Same Property Results (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Seattle, WA

Supplemental Q1 2021 20 As of and for the Three Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Properties (end of period) (1) 180 181 184 184 184 Rentable sq. ft. (1) 24,568 24,889 24,909 24,909 24,906 Percentage leased 90.8% 91.2% 91.2% 91.7% 91.5% Leasing Activity (sq. ft.): New leases 33 97 18 78 81 Renewals 542 42 577 564 508 Total 575 139 595 642 589 % Change in GAAP Rent: (2) New leases 27.0% (11.9%) 0.8% 23.5% 10.0% Renewals 2.3% 8.5% 33.1% 1.0% 3.6% Total 3.2% (7.0%) 31.0% 3.9% 4.1% Weighted Average Lease Term by Sq. Ft. (years): New leases 7.0 11.6 4.0 12.8 10.8 Renewals 5.3 5.1 10.8 5.1 3.8 Total 5.4 9.7 10.6 6.1 4.8 Leasing Cost and Concession Commitments: New leases $ 1,207 $ 6,845 $ 193 $ 8,158 $ 6,160 Renewals 5,938 862 6,045 8,371 6,770 Total $ 7,145 $ 7,707 $ 6,238 $ 16,529 $ 12,930 Leasing Cost and Concession Commitments per Sq. Ft.: New leases $ 35.97 $ 70.08 $ 10.95 $ 104.83 $ 75.98 Renewals $ 10.96 $ 20.62 $ 10.48 $ 14.85 $ 13.32 Total $ 12.42 $ 55.26 $ 10.49 $ 25.76 $ 21.94 Leasing Cost and Concession Commitments per Sq. Ft. per Year: New leases $ 5.12 $ 6.04 $ 2.77 $ 8.16 $ 7.04 Renewals $ 2.05 $ 4.05 $ 0.97 $ 2.90 $ 3.49 Total $ 2.28 $ 5.73 $ 0.99 $ 4.25 $ 4.60 (1) Includes one leasable land parcel. (2) Percent difference in prior rents charged for same space or, in the case of space acquired vacant, market rental rates for similar space in the building at the date of acquisition. Rents include estimated recurring expense reimbursements paid to us, exclude lease value amortization and are net of lease concessions. Occupancy and Leasing Summary (dollars and sq. ft. in thousands, except per sq. ft. data) This leasing summary is based on leases entered during the periods indicated. RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 21 Investment Grade 64.7% Non-Investment Grade 10.1% Not Rated 25.2% Percentage of Total Annualized Rental Income Tenant Credit Characteristics ( 4 ) (3) Government: 43.4% Technology & Communications: 16.2% Real Estate & Financial: 16.0% Legal & Other Professional Services: 9.8% Manufacturing & Transportation: 8.5% Food: 2.1% Life Sciences and Medical: 1.6% Energy Services: 1.0% Education and Social Services: 0.7% Other: 0.7% Tenant Industry (1) Includes the U.S. Government, state governments, municipalities and government contractors. Tenant Diversity and Credit Characteristics As of March 31, 2021 RETURN TO TABLE OF CONTENTS (1) Santa Clara, CA

Supplemental Q1 2021 22 ( 4 ) (3) Tenant Credit Rating Sq. Ft. % of Leased Sq. Ft. Annualized Rental Income % of Total Annualized Rental Income 1 U.S. Government Investment Grade 5,310 23.8% $ 145,196 25.9% 2 Shook, Hardy & Bacon L.L.P. Not Rated 596 2.7% 19,377 3.5% 3 State of California Investment Grade 648 2.9% 19,243 3.4% 4 Bank of America Corporation Investment Grade 577 2.6% 15,803 2.8% 5 F5 Networks, Inc. Not Rated 299 1.3% 13,027 2.3% 6 Commonwealth of Massachusetts Investment Grade 311 1.4% 12,281 2.2% 7 CareFirst Inc. Not Rated 207 0.9% 11,870 2.1% 8 Northrop Grumman Corporation Investment Grade 337 1.5% 11,447 2.0% 9 Tyson Foods, Inc. Investment Grade 248 1.1% 11,198 2.0% 10 Micro Focus International plc Non Investment Grade 406 1.8% 8,710 1.6% 11 CommScope Holding Company Inc Non Investment Grade 228 1.0% 8,166 1.5% 12 State of Georgia Investment Grade 308 1.4% 7,248 1.3% 13 PNC Bank Investment Grade 441 2.0% 6,915 1.2% 14 Compass Group plc Investment Grade 267 1.2% 6,639 1.2% 15 ServiceNow, Inc. Investment Grade 149 0.7% 6,623 1.2% 16 Allstate Insurance Co. Investment Grade 468 2.1% 6,473 1.2% 17 Automatic Data Processing, Inc. Investment Grade 289 1.3% 6,037 1.1% 18 Church & Dwight Co., Inc. Investment Grade 250 1.1% 6,031 1.1% 11,339 50.8% $ 322,284 57.6% Tenants Representing 1% Or More of Total Annualized Rental Income As of March 31, 2021 (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Charlotte, NC

Supplemental Q1 2021 23 Year (1) Number of Leases Expiring Leased Square Feet Expiring % of Total Leased Square Feet Expiring Cumulative % of Total Leased Square Feet Expiring Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2021 57 3,219 14.4% 14.4% $ 56,305 10.0% 10.0% 2022 82 2,120 9.5% 23.9% 60,395 10.8% 20.8% 2023 63 2,402 10.8% 34.7% 77,080 13.7% 34.5% 2024 56 3,534 15.8% 50.5% 88,579 15.8% 50.3% 2025 55 2,146 9.6% 60.1% 46,562 8.3% 58.6% 2026 32 1,734 7.8% 67.9% 46,244 8.2% 66.8% 2027 32 1,923 8.6% 76.5% 48,638 8.7% 75.5% 2028 15 875 3.9% 80.4% 25,723 4.6% 80.1% 2029 15 934 4.2% 84.6% 24,831 4.4% 84.5% 2030 and thereafter 43 3,415 15.4% 100.0% 86,667 15.5% 100.0% Total 450 22,302 100.0% $ 561,024 100.0% Weighted average remaining lease term (in years) 4.9 4.9 (1) The year of lease expiration is pursuant to current contract terms. Lease Expiration Schedule As of March 31, 2021 (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Columbia, MD

Supplemental Q1 2021 24 Non-GAAP Financial Measures We present certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC, including NOI, Cash Basis NOI, Same Property NOI, Same Property Cash Basis NOI, EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Normalized FFO and CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our condensed consolidated statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties. NOI and Cash Basis NOI The calculations of net operating income, or NOI, and Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to our property level results of operations. We calculate NOI and Cash Basis NOI as shown on page 15 and Same Property NOI and Same Property Cash Basis NOI as shown on page 16. We define NOI as income from our rental of real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization expense. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash amortization included in other operating expenses. We calculate Same Property NOI and Same Property Cash Basis NOI in the same manner that we calculate the corresponding NOI and Cash Basis NOI amounts, except that we only include same properties in calculating Same Property NOI and Same Property Cash Basis NOI. We use NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI differently than we do. EBITDA, EBITDAre and Adjusted EBITDAre We calculate earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 17. EBITDAre is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding gains and losses on the sale of real estate, loss on impairment of real estate assets and adjustments to reflect our share of EBITDAre of our unconsolidated joint ventures. In calculating Adjusted EBITDAre, we adjust for the items shown on page 17 and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. FFO and Normalized FFO We calculate funds from operations, or FFO, and Normalized FFO as shown on page 18. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and our proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties, but excluding impairment charges on real estate assets and any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO, we adjust for the other items shown on page 18 and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in our credit agreement and public debt covenants, the availability to us of debt and equity capital, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than we do. Cash Available for Distribution (CAD) We calculate cash available for distribution, or CAD, as shown on page 18. We define CAD as Normalized FFO minus recurring real estate related capital expenditures and other non-cash and non-recurring items. CAD is among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other real estate companies and REITs may calculate CAD differently than we do. Non-GAAP Financial Measures and Certain Definitions RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 25 Adjusted total assets and total unencumbered assets include the original cost of real estate assets calculated in accordance with GAAP before impairment writedowns, if any, and exclude depreciation and amortization, accounts receivable and intangible assets. Annualized dividend yield is the annualized dividend per share paid during the period divided by the closing price of our common shares at the end of the period. Annualized rental income is calculated using the annualized contractual base rents from our tenants pursuant to our lease agreements as of March 31, 2021, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. Cap rate represents the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on existing leases at the acquisition date, less estimated annual property operating expenses as of the date of the acquisition, excluding depreciation and amortization expense, to (y) the acquisition purchase price, including the principal amount of assumed debt, if any, and excluding acquisition related costs. Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, loss on asset impairment, gains and losses on early extinguishment of debt, gains and losses on sales of properties and equity in earnings of unconsolidated joint ventures and including distributions from our unconsolidated joint ventures, if any, determined together with debt service for the period presented. Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenue. GAAP is U.S. generally accepted accounting principles. Gross book value of real estate assets is real estate properties at cost, plus certain acquisition costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. Gross sales price is equal to the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. Investment grade tenants include: (a) investment grade rated tenants; (b) tenants with investment grade rated parent entities that guarantee the tenant's lease obligations; and/or (c) tenants with investment grade rated parent entities that do not guarantee the tenant's lease obligations. Tenants contributing 56.1% of annualized rental income were investment grade rated (or their payment obligations were guaranteed by an investment grade rated parent) and tenants contributing an additional 8.6% of annualized rental income were subsidiaries of an investment grade rated parent (although these parent entities are not liable for the payment of rents). Leased square feet is pursuant to leases existing as of March 31, 2021, and includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Lease related costs generally include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Leasing cost and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Net debt is total debt less cash. Percent leased includes (i) space being fitted out for occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date. Purchase price represents the gross purchase price, including assumed debt, if any, and excludes acquisition related costs and purchase price allocations. Rentable square feet represents total square feet available for lease as of March 31, 2021. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Rolling four quarter CAD represents CAD for the preceding twelve month period as of the respective quarter end date. Same properties for the three months ended March 31, 2021 is based on properties we owned continuously since January 1, 2020; excludes properties classified as held for sale and properties undergoing significant redevelopment, if any, and three properties owned by two unconsolidated joint ventures in which we own 51% and 50% interests. Same property cash basis NOI margin is Same Property Cash Basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straightline rent adjustments, the net effect of non-cash amortization of intangible lease assets and liabilities and lease termination fees, if any. Same property NOI margin is Same Property NOI as a percentage of rental income. Total debt represents the outstanding principal balance as of the date reported. Total gross assets is total assets plus accumulated depreciation. Weighted average remaining lease term is the average remaining lease term in years weighted based on rental income. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2021 26 This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our 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 our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our 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, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements RETURN TO TABLE OF CONTENTS Addison, TX

XML

Cover Page	Apr. 29, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 29, 2021
Entity Registrant Name	OFFICE PROPERTIES INCOME TRUST
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34364
Entity Tax Identification Number	26-4273474
Entity Address, Address Line One	Two Newton Place,
Entity Address, Address Line Two	255 Washington Street,
Entity Address, Address Line Three	Suite 300,
Entity Address, City or Town	Newton,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1440
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001456772
Amendment Flag	false
Common Shares Of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	OPI
Security Exchange Name	NASDAQ
5.875% Senior Notes Due 2046
Entity Information [Line Items]
Title of 12(b) Security	5.875% Senior Notes due 2046
Trading Symbol	OPINI
Security Exchange Name	NASDAQ
6.375% Senior Notes due 2050
Entity Information [Line Items]
Title of 12(b) Security	6.375% Senior Notes due 2050
Trading Symbol	OPINL
Security Exchange Name	NASDAQ