Office Properties Income Trust : Presentation

Atlanta, GA

INVESTOR PRESENTATION

April 2024

WARNING REGARDING FORWARD LOOKING STATEMENTS, DISCLAIMERS

AND NON-GAAP FINANCIAL MEASURES

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "will", "may" and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: OPI's future leasing activity and pipeline and options to address upcoming debt maturities.

Forward-looking statements reflect OPI's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause OPI's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause OPI's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: OPI's ability to make required payments on debt or refinance debts as they mature or otherwise become due; OPI's ability to maintain sufficient liquidity, including the availability of borrowings under its revolving credit facility, and otherwise manage leverage; OPI's ability to comply with the terms of its debt agreements and meet financial covenants; the extent to which changes and trends in office space utilization and needs, including due to remote work arrangements, continue to impact demand for office space at OPI's properties; whether OPI's tenants will renew or extend their leases and not exercise early termination options pursuant to their leases or that OPI will obtain replacement tenants on terms as favorable to OPI as its prior leases; OPI's ability to increase or maintain occupancy at its properties on terms desirable to OPI, and OPI's ability to increase rents when its leases expire or renew; the impact of unfavorable market and commercial real estate industry conditions due to high interest rates, prolonged high inflation, labor market challenges, supply chain disruptions, volatility in the public equity and debt markets and in commercial real estate markets, generally and in the sectors OPI operates, geopolitical instability and tensions, economic downturns or a possible recession or changes in real estate utilization, among other things, on OPI and its tenants; the likelihood that OPI's tenants will pay rent or be negatively impacted by continuing unfavorable market and commercial real estate industry conditions or government budget constraints; OPI's ability to effectively raise and balance its use of debt and equity capital; OPI's ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance its properties and their appeal to tenants; the financial strength of OPI's tenants; OPI's ability to sell properties at prices it targets; OPI's tenant and geographic concentration; risks and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of prolonged high inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits or volatility in the commercial real estate markets; OPI's ability to acquire properties that realize its targeted returns; OPI's credit ratings; OPI's ability to pay distributions to its shareholders and to maintain or increase the amount of such distributions; the ability of OPI's manager, The RMR Group LLC ("RMR"), to successfully manage OPI; competition within the commercial real estate industry, particularly in those markets in which OPI's properties are located; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; the impact of any U.S. government shutdown or failure to increase the government debt ceiling on OPI's ability to collect rents and pay its operating expenses, debt obligations and distributions to shareholders on a timely basis; actual and potential conflicts of interest with OPI's related parties, including its Managing Trustees, RMR, Sonesta International Hotels Corporation, and others affiliated with them; limitations imposed by and OPI's ability to satisfy complex rules to maintain OPI's qualification for taxation as a REIT for U.S. federal income tax purposes; acts of terrorism, outbreaks or continuation of pandemics or other public health safety events or conditions, war or other hostilities, material or prolonged disruption to supply chains, global climate change or other manmade or natural disasters beyond OPI's control; and other matters.

These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in OPI's periodic filings. The information contained in OPI's filings with the SEC, including under the caption "Risk Factors" in its periodic reports, or incorporated therein, identifies other important factors that could cause differences from the forward-looking statements in this presentation. OPI's filings with the SEC are available on the SEC's website atwww.sec.gov.

You should not place undue reliance upon OPI's 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.

Notes Regarding Certain Information in this Presentation

This presentation contains industry and statistical data that OPI obtained from various third party sources. Nothing in the data used or derived from third party sources should be construed as investment advice. Some data and other information presented are also based on our good faith estimates and beliefs, derived from our review of internal surveys and independent sources and our experience. OPI believes that these external sources, estimates and beliefs are reliable and reasonable, but OPI has not independently verified them. Although OPI is not aware of any misstatements regarding the data presented herein, these estimates and beliefs involve inherent risks and uncertainties and are based on assumptions that are subject to change.

Unless otherwise expressly noted, (1) all data presented are as of or for the three months ended December 31, 2023, (2) references to "weighted average" mean a weighted average by annualized rental income, (3) references to "annualized rental income" mean the annualized contractual rents, as of December 31, 2023, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions, including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants (annualized rental income may differ from actual historical rental revenues calculated pursuant to U.S. Generally Accepted Accounting Principles, or GAAP), and (4) all data presented excludes three properties, which are encumbered by $82 million of mortgage notes, owned by two unconsolidated joint ventures in which OPI owns 51% and 50% interests.

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures including FFO, Normalized FFO, Cash Available for Distribution, EBITDA, EBITDAre, Adjusted EBITDAre, NOI and Cash Basis NOI. Calculations of, and reconciliations for these metrics to the closest GAAP metrics, are included in an Appendix hereto.

Please refer to Non-GAAP Financial Measures and Certain Definitions in the Appendix for terms used throughout this presentation.

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OPI AT A GLANCE

Office Properties Income Trust (Nasdaq: OPI) is a real estate investment trust (REIT) focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. In 2024, OPI was named as an Energy Star® Partner of the Year for the seventh consecutive year.

• (1) Total gross assets.

• (2) Based on annualized rental income.

RECENT COMPANY HIGHLIGHTS

2023 Business Highlights

• • Executed 1.7 million square feet of new and renewal leasing with a WALT of 8.5 years.

• • Completed a 428,000 square foot mixed-use redevelopment project in Washington, D.C., anchored by a hotel representing approximately 2% of OPI's annualized rental income.

• • Closed more than $177 million in interest-only mortgage financing with a weighted average interest rate of 7.8%, showcasing the quality of OPI's portfolio.

• • Sold eight non-core properties totaling 553,000 square feet for approximately $45 million.

• • Ended the year with 86.9% total portfolio occupancy and 89.5% same property occupancy.

  2024 Financing Activity

• • Recast revolving credit facility with a new 3-year $425 million credit agreement.

• • Completed a 5-year $300 million secured bond offering at a 9% coupon.

• • Redeemed $350 million of senior unsecured notes scheduled to mature in 2024.

• • Engaged Moelis & Company LLC as a financial advisor to

assist in evaluating options to address upcoming debt maturities.

SECURED CREDIT FACILITIES: COLLATERAL PROPERTIES(1)

$425 Million Credit Agreement: Collateral

Number of Properties 19

Rentable Square Feet (millions) 3.6

% Investment Grade Tenants 62%

WALT by Revenue (years) 7.9

% Leased 99%

2023 GAAP NOI $72.8M

Loan to Estimated Market Value(2) 45%

Gross Book Value (GBV) $941.9M

2023 Capital Expenditures

- Building Capital $9.0M

- Leasing Capital $16.5M

- Outstanding Lease Obligations $49.5M

Select Collateral Properties

1000 West Fulton Market Chicago, IL

Primary tenant: Alphabet, Inc. (Google)

GBV: $354 million

2555 Grand Boulevard Kansas City, MO

Primary tenant: Shook, Hardy & Bacon, L.L.P.

GBV: $101 million

600 West Peachtree St. Atlanta, GA

Primary tenant: State Properties Commission GBV: $68 million

• (1) See page 14 for additional information regarding these properties. All information is as of or for the year ended December 31, 2023.

• (2) Estimated market value based on third party appraisals dated August 2023 - September 2023.

SENIOR SECURED NOTES DUE 2029: COLLATERAL PROPERTIES(1)

$300 Million Senior Secured Notes: Collateral

Number of Properties 17

Rentable Square Feet (millions) 2.1

% Investment Grade Tenants 38%

WALT by Revenue (years) 9.7

% Leased 98%

2023 GAAP NOI $42.1M

Loan to Estimated Market Value(2) 52%

GBV $574.3M

2023 Capital Expenditures

- Building Capital $4.6M

- Leasing Capital $24.5M

- Outstanding Lease Obligations $25.3M

1224 Hammond Drive Atlanta, GA

Primary tenant: IG Investments Holdings LLC GBV: $195 million

1800 Novell Place Provo, UT

Primary tenant: Micro Focus International plc GBV: $80 million

350 West Java Drive Sunnyvale, CA

Primary tenant: CommScope Holding

Company Inc.

GBV: $32 million

• (1) See page 15 for additional information regarding these properties. All information is as of or for the year ended December 31, 2023.

  Select Collateral Properties

• (2) Estimated market value based on third party appraisals dated August 2023 - September 2023 and broker opinion of value dated December 2023 - January 2024.

SECURE AND STABLE CASH FLOW SUPPORTED BY HIGH CREDIT

TENANT BASE AND GEOGRAPHICALLY DIVERSE PORTFOLIO

Top Tenants

Tenant Credit Profile

(Various Agencies)

Portfolio Highlights(2)

Tenant Industry

OPI Strategic Markets

Top MSAs

Washington DC(1)

Chicago

Atlanta

Silicon Valley Dallas/Ft. Worth

Seattle South Florida

Boston Indianapolis

Kansas City Sacramento

Denver Charlotte Baltimore

Provo

22.2%

Real Estate & Finanical

Investment GradeNot RatedNon-Investment GradeU.S. Government

Technology & Comms.

Manuf./Transportation

Other Government

• (1) Includes the District of Columbia, Northern Virginia and Maryland.

• (2) Represents percentage of total annualized rental income.

Legal/Professional Services

Other

Gov. Contractors

Property Type

Office

Government - Office

R&D - Office

Lease Type 4%

Managed Net

Full Service

Other

Modified Gross

Industrial

Triple Net

PROACTIVE ASSET MANAGEMENT AND LEASING

Leasing Activity

Square Feet ("SF") in 000s

Completed 1.7 million SF of leasing during 2023, including 402,000 SF of new leasing

3500

2,934

3000

2500

2000

1500

1000

500

0

2019

2020

2021

2022

RenewalsNew Leasing

Staggered Lease Expirations

% Total Annualized Rental Income Expiring

2023

Focused on retention and actively managing lease expirations amid challenging office sector fundamentals

80%

60%

40%

20%

0%

-20%

-40%

-60%

49.8%

2024

2025

2026

2027

2028

2029+

FOCUSED ON MANAGING DEBT MATURITIES(1)

Leverage Metrics

50.4%

Debt to Gross Book Value of Real Estate

8.4x

Net Debt to Adjusted EBITDAre

14.8%

Secured Debt to Adjusted Total Assets

2.3x

Adjusted EBITDAre to

Interest Expense

Debt ProfileRecent Financing Activity

January 2024

• • Recast revolving credit facility with a new $425 million credit agreement consisting of a $325 million secured revolving credit facility and a $100 million secured term loan.

  - Secured by 19 office properties with a gross carrying value of $942 million.

February 2024

• • Issued $300 million of new 9% senior secured notes.

  - Secured by 17 office properties with a gross carrying value of $574 million.

March 2024

• • Redeemed $350 million of 4.25% senior unsecured notes due 2024 using the proceeds from the new 9% senior secured notes and borrowings under revolving credit facility.

Debt Maturities

($ in Millions)

Secured Floating Rate Debt

Unsecured Fixed Rate Debt

Secured Fixed Rate Debt

2024

2025

2026

2027

2028

2029+

% Total Debt

-%

25%

11%

25%

5%

34%

(1)Pro forma for OPI entering into its new $425 million credit agreement in January 2024, issuing $300 million of 9.00% senior secured notes in February 2024 and redeeming $350 million of 4.25% senior unsecured notes in March 2024.

COMMITMENT TO SUSTAINABILITY

Environmental Awards & Certifications

2020-2024 ENERGY STAR®

Partner of the Year, Sustained Excellence

48 Certifications

7,277,047 SF

Recognized as Gold Level

Green Lease Leader

41 Certifications

6,310,734 SF

22 Certifications

3,456,512 SF

Continued Advancement of Initiatives

• • Encouraging consideration of ESG criteria in the broader context of investment and property management through internal Sustainability Reporting Committee.

• • Leveraging diversity professional associations, such as Commercial Real Estate Women (CREW) and The Partnership, Inc., to attract a more diverse pool of candidates.

• • Supporting employee health and wellness with activities such as LiveWell Week, Work Out at Home, Good Eats and Pay it Forward competitions.

• • Planning to integrate wellness initiatives across the portfolio.

• • Introduced Accelerated Women in Leadership Program (AWLP).

Active Environmental Programs

• • Real-Time Energy Monitoring.

• • Green Building Certifications.

• • Energy/Water Benchmarking.

• • Energy Efficiency and Sustainable Capital Projects.

• • Solar and Electric Vehicle Charging Station Evaluations.

• • Annual Energy Competitions.

For more information, please read The RMR Group's 2022 Sustainability Reporthere.

Focused on Good Governance

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