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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 7, 2025

 

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
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.  ¨

 

 

 

 

 

 

In this Current Report on Form 8-K, the terms “we”, “us”, “our” or “the Company” refer to Office Properties Income Trust.

 

Item 8.01.Other Events.

 

On April 7, 2025, we filed with the Securities and Exchange Commission, or SEC, a prospectus supplement to the prospectus contained in our effective shelf registration statement on Form S-3 (Registration No. 333-284926), as amended, relating to the sale of our common shares of beneficial interest, $.01 par value per share, or common shares, having an aggregate sales price of up to $99,655,398 from time to time through or to Clear Street LLC, or the Agent, in transactions that are deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended, pursuant to the sales agreement dated March 14, 2025 between us and the Agent, as previously disclosed in our Current Report on Form 8-K filed with the SEC on March 14, 2025.

 

In connection with the filing of the prospectus supplement, a copy of the opinion of Venable LLP regarding the validity of the common shares being registered under the prospectus supplement, and a copy of the opinion of Sullivan & Worcester LLP regarding certain tax matters, are filed with this Current Report on Form 8-K as Exhibits 5.1 and 8.1, respectively.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit
Number
  Description
5.1   Opinion of Venable LLP.
8.1   Opinion of Sullivan & Worcester LLP as to tax matters.
23.1   Consent of Venable LLP (contained in Exhibit 5.1).
23.2   Consent of Sullivan & Worcester LLP (contained in Exhibit 8.1).
104   Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

 

 

 

 

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/ Brian E. Donley
  Name: Brian E. Donley
  Title: Chief Financial Officer and Treasurer

 

Dated:  April 7, 2025

 

 

 

Exhibit 5.1

 

 
   

 

April 7, 2025

 

Office Properties Income Trust
Two Newton Place

255 Washington Street, Suite 300
Newton, Massachusetts 02458-1634

 

Re:          Registration Statement on Form S-3 (File No. 333-284926)

 

Ladies and Gentlemen:

 

We have served as Maryland counsel to Office Properties Income Trust, a Maryland real estate investment trust (the “Company”), in connection with certain matters of Maryland law arising out of the sale and issuance of up to $99,655,398 in aggregate amount of common shares (the “Shares”) of beneficial interest, $.01 par value per share, of the Company, which may be sold from time to time pursuant to that certain Sales Agreement, dated as of March 14, 2025 (the “Agreement”), by and between the Company and Clear Street LLC, as agent and/or principal. The Shares are covered by the above-referenced Registration Statement, and all amendments thereto (the “Registration Statement”), filed by the Company with the United States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933 Act”). The Shares will be issued from time to time in public offerings at market or negotiated prices pursuant to the Prospectus Supplement, dated April 7, 2025 (the “Prospectus Supplement”).

 

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the “Documents”):

 

1.            The Registration Statement and the related form of prospectus included therein in the form in which it was transmitted to the Commission under the 1933 Act;

 

2.            The Prospectus Supplement, in the form to be filed by the Company with the Commission pursuant to Rule 424(b) under the 1933 Act;

 

3.            The Amended and Restated Declaration of Trust, as amended, of the Company (the “Declaration of Trust”), certified by the State Department of Assessments and Taxation of Maryland (the “SDAT”);

 

4.            The Third Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;

 

 

 

 

Office Properties Income Trust

April 7, 2025

Page 2

 

5.            A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

 

6.            The Agreement;

 

7.            Resolutions adopted by the Board of Trustees of the Company (the “Resolutions”), relating to, among other matters, the authorization of the issuance of the Shares, certified as of the date hereof by an officer of the Company;

 

8.            A certificate executed by an officer of the Company, dated as of the date hereof; and

 

9.            Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

 

In expressing the opinion set forth below, we have assumed the following:

 

1.            Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.

 

2.            Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

 

3.            Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party’s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

 

4.            All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all such Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

 

5.            The Shares will not be issued in violation of any restriction or limitation contained in the Declaration of Trust.

 

 

 

 

Office Properties Income Trust

April 7, 2025

Page 3

 

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

 

1.            The Company is a real estate investment trust duly formed and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

 

2.            The issuance of the Shares has been duly authorized and, when issued and delivered by the Company pursuant to the Resolutions, the Registration Statement and the Agreement, against payment of the consideration set forth therein, the Shares will be validly issued, fully paid and nonassessable.

 

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance with, or the applicability of, federal or state securities laws, including the securities laws of the State of Maryland.

 

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

 

This opinion is being furnished to you for submission to the Commission as an exhibit to the Company’s Current Report on Form 8-K relating to the Shares (the “Current Report”), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

 

 Very truly yours,
  
 /s/ Venable LLP

 

 

 

Exhibit 8.1

 

   

 

April 7, 2025

 

Office Properties Income Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458

 

Ladies and Gentlemen:

 

The following opinion is furnished to Office Properties Income Trust, a Maryland real estate investment trust (the “Company”), to be filed with the Securities and Exchange Commission (the “SEC”) as Exhibit 8.1 to the Company’s Current Report on Form 8-K filed on the date hereof (the “Form 8-K”) under the Securities Exchange Act of 1934, as amended (the “Act”).

 

We have acted as counsel for the Company in connection with the preparation of its Registration Statement on Form S-3, File No. 333-284926, as amended by Pre-Effective Amendment No. 1 thereto (as amended, the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities Act”). We have reviewed originals or copies of the Registration Statement, such corporate records, such certificates and statements of officers of the Company and of public officials, and such other documents as we have considered relevant and necessary in order to furnish the opinion hereinafter set forth. In doing so, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, and the authenticity of the originals of such documents. Specifically, and without limiting the generality of the foregoing, we have reviewed: (i) the Company’s amended and restated declaration of trust, as amended, and its third amended and restated bylaws; (ii) the prospectus supplement dated April 7, 2025 (the “Prospectus Supplement”) to the final prospectus dated April 7, 2025 (as supplemented by the Prospectus Supplement, the “Prospectus”), which forms a part of the Registration Statement, relating to, inter alia, the offering of common shares of beneficial ownership of the Company, par value $.01 per share (the common shares of beneficial ownership so offered, the “Offered Securities”); and (iii) the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2024 (the “Form 10-K”, which is incorporated by reference into the Registration Statement). For purposes of the opinion set forth below, we have assumed that any documents (other than documents which have been executed, delivered, adopted, or filed, as applicable, by the Company prior to the date hereof) that have been provided to us in draft form will be executed, delivered, adopted, and filed, as applicable, without material modification.

 

 

 

 

 

 

Office Properties Income Trust

April 7, 2025

Page 2

 

The opinion set forth below is based upon the Internal Revenue Code of 1986, as amended, the Treasury regulations issued thereunder, published administrative interpretations thereof, and judicial decisions with respect thereto, all as of the date hereof (collectively, “Tax Laws”), and upon the Employee Retirement Income Security Act of 1974, as amended, the Department of Labor regulations issued thereunder, published administrative interpretations thereof, and judicial decisions with respect thereto, all as of the date hereof (collectively, “ERISA Laws”). No assurance can be given that Tax Laws or ERISA Laws will not change. In the discussions with respect to Tax Laws matters and ERISA Laws matters in the sections of Item 1 of the Form 10-K captioned “Material United States Federal Income Tax Considerations” and “ERISA Plans, Keogh Plans and Individual Retirement Accounts”, each as supplemented by the discussions in the section of the Prospectus Supplement captioned “Material United States Federal Income Tax and ERISA Considerations”, certain assumptions have been made therein and certain conditions and qualifications have been expressed therein, all of which assumptions, conditions, and qualifications are incorporated herein by reference. With respect to all questions of fact on which our opinion is based, we have assumed the initial and continuing truth, accuracy, and completeness of: (i) the information set forth in the Prospectus, in the Registration Statement, in the Form 10-K, or in any exhibits thereto or any documents incorporated therein by reference; and (ii) representations made to us by officers of the Company or contained in the Prospectus, in the Registration Statement, in the Form 10-K, or in any exhibits thereto or any documents incorporated therein by reference, in each such instance without regard to qualifications such as “to the best knowledge of” or “in the belief of”. We have not independently verified such information.

 

We have relied upon, but not independently verified, the foregoing assumptions. If any of the foregoing assumptions are inaccurate or incomplete for any reason, or if the transactions described in the Prospectus, in the Registration Statement, in the Form 10-K, or in any exhibits thereto or any documents incorporated therein by reference, have been or are consummated in a manner that is inconsistent with the manner contemplated therein, our opinion as expressed below may be adversely affected and may not be relied upon.

 

Based upon and subject to the foregoing: (i) we are of the opinion that the discussions with respect to Tax Laws matters and ERISA Laws matters in the sections of Item 1 of the Form 10-K captioned “Material United States Federal Income Tax Considerations” and “ERISA Plans, Keogh Plans and Individual Retirement Accounts”, each as supplemented by the discussion in the section of the Prospectus Supplement captioned “Material United States Federal Income Tax and ERISA Considerations”, in all material respects are, subject to the limitations set forth therein, the material Tax Laws considerations and the material ERISA Laws considerations relevant to holders of the Offered Securities; and (ii) we hereby confirm that the opinions of counsel referred to in said sections represent our opinions on the subject matters thereof.

 

 

 

 

Office Properties Income Trust

April 7, 2025

Page 3

 

Our opinion above is limited to the matters specifically covered hereby, and we have not been asked to address, nor have we addressed, any other matters or any other transactions. Further, we disclaim any undertaking to advise you of any subsequent changes of the matters stated, represented, or assumed herein or any subsequent changes in Tax Laws or ERISA Laws.

 

This opinion is rendered to you in connection with the offering of the Offered Securities under the Prospectus. Purchasers and holders of the Offered Securities are urged to consult their own tax advisors or counsel, particularly with respect to their particular tax consequences of acquiring, holding, and disposing of the Offered Securities, which may vary for investors in different tax situations. We hereby consent to the filing of a copy of this opinion as an exhibit to the Form 8-K, which is incorporated by reference in the Registration Statement, and to the references to our firm in the Prospectus and the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or under the rules and regulations of the SEC promulgated thereunder.

 

 Very truly yours,
  
 /s/ Sullivan & Worcester LLP
  
 SULLIVAN & WORCESTER LLP