opi-20210729

Exhibit 99.1


FOR IMMEDIATE RELEASE

Office Properties Income Trust Announces Second Quarter 2021 Results

Second Quarter Net Loss of $66.7 Million, or $1.38 Per Share

Second Quarter Normalized FFO of $55.4 Million, or $1.15 Per Share

Second Quarter CAD of $33.8 Million, or $0.70 Per Share

Leased 548,000 Square Feet with a 17.1% Roll-up in Rents

Acquired Two Class A Urban Core Office Properties for $550.0 Million

Newton, MA (July 29, 2021): Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended June 30, 2021.

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

"During the second quarter, we further advanced OPI's capital recycling program with the acquisition of two newly constructed, long-term leased office properties in strong urban core locations for $550 million. These Class A properties are majority leased to high credit quality tenants, including Google as its Midwest headquarters in Chicago and Insight Global as its corporate headquarters in Atlanta. During the second quarter and subsequent to quarter end, we sold three properties for a total of $46 million, addressing two of our known major vacates for 2021 and bringing total proceeds from our capital recycling efforts since 2020 to $287 million.

In May, we completed a successful bond offering in which we issued $300 million of 2.65% senior unsecured notes and applied the net proceeds to the redemption of $310 million of 5.875% senior unsecured notes, resulting in approximately $10 million of annual interest expense savings.

Our leasing activity also remained strong during the quarter as we completed 548,000 square feet of new and renewal leasing, with a weighted average lease term of 16.6 years and weighted average roll up in rents of 17.1%. New leasing activity absorbed 269,000 square feet of vacant space, inclusive of a long-term lease with Sonesta International Hotels Corporation at our 20 Massachusetts Avenue redevelopment in Washington, D.C., which represents approximately 54% of the total square feet upon its estimated completion in the first quarter of 2023.

The continued execution of our capital recycling program, our ability to efficiently raise capital and our strong leasing volume all contributed to enhance and diversify the quality of our office portfolio."

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 June 30,
	2021	2020

Financial	(dollars in thousands, except per share data)
Net income (loss)	($66,697)	$1,299
Net income (loss) per share	($1.38)	$0.03
Normalized FFO per share	$1.15	$1.40
CAD per share	$0.70	$0.95
Same Property Cash Basis NOI	$84,399	$87,064

•Net loss for the quarter ended June 30, 2021 was $66.7 million, or $1.38 per diluted share, compared to net income of $1.3 million, or $0.03 per diluted share, for the quarter ended June 30, 2020. Net loss for the quarter ended June 30, 2021 includes a $48.2 million, or $1.00 per diluted share, loss on impairment of real estate, a $11.8 million, or $0.24 per diluted share, loss on early extinguishment of debt and $5.9 million, or $0.12 per diluted share, of estimated business management incentive fee expense. Net income for the quarter ended June 30, 2020 includes a $0.6 million, or $0.01 per diluted share, loss on early extinguishment of debt.

The $48.2 million loss on impairment of real estate for the quarter ended June 30, 2021 includes a $33.9 million loss on impairment of real estate related to a property located in Fresno, CA containing approximately 532,000 rentable square feet that was sold in July 2021, as well as losses on impairment of real estate totaling $14.3 million related to four properties with approximately 546,000 rentable square feet that were classified as held for sale as of June 30, 2021.

The $5.9 million of estimated business management incentive fee expense recognized for the quarter ended June 30, 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 15.1% over the applicable measurement period. The estimated business management incentive fee for the six months ended June 30, 2021 is $11.1 million, which equates to a $22.2 million fee on an annual basis. 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 June 30, 2021 were $55.4 million, or $1.15 per diluted share, and $33.8 million, or $0.70 per diluted share, respectively, compared to Normalized FFO and CAD for the quarter ended June 30, 2020 of $67.2 million, or $1.40 per diluted share, and $45.5 million, or $0.95 per diluted share, respectively.

•Same Property cash basis net operating income, or Cash Basis NOI, decreased 3.1% for the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020. The decrease in Same Property Cash Basis NOI is primarily due to a decrease in cash revenues of $2.0 million primarily resulting from reductions in occupied space at certain of OPI's properties. Operating expenses also increased by $0.7 million, primarily driven by an increase in real estate taxes primarily due to refunds received in the 2020 period at certain of OPI's properties as a result of successful real estate tax appeals, as well as the effect of higher valuation assessments at certain of OPI's properties in 2021.

•Leasing activity for the quarter ended June 30, 2021 was as follows:


			Three Months Ended June 30, 2021
Leasing activity for new and renewal leases (rentable square feet)			548,000
Weighted average rental rate change (by rentable square feet)			17.1%
Weighted average lease term (by rentable square feet)			16.6 years
Leasing concessions and capital commitments (per square foot per lease year) (1)			$8.42

(1)Includes commitments totaling approximately $66,000 in connection with the lease OPI entered with Sonesta International Hotels Corporation in June 2021 related to the redevelopment of a property in Washington, D.C. These costs represent the estimated costs related to the planned hotel component of the property.


	As of
Percent Leased	June 30, 2021	March 31, 2021	June 30, 2020
All properties	89.5%	90.8%	91.7%
Same properties	91.8%	93.0%	94.0%

Reconciliations of net income (loss) determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, Normalized FFO, CAD, net operating income (loss), 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 June 30, 2021 and 2020 appear later in this press release.

Acquisition Activities:

•In June 2021, OPI acquired a property in Chicago, IL containing approximately 531,000 rentable square feet for a purchase price of $355.0 million, excluding purchase price adjustments and acquisition related costs. This property is 99% leased with a weighted average lease term of 6.6 years.

•Also in June 2021, OPI acquired a property in Atlanta, GA containing approximately 346,000 rentable square feet for a purchase price of $195.0 million, excluding purchase price adjustments and acquisition related costs. This property is 98% leased with a weighted average lease term of 14.2 years.

•As previously reported, 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 59% leased with a weighted average lease term of 2.1 years. This acquisition is expected to occur before the end of the third quarter.

Disposition Activities:

•As previously reported, 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.

•In July 2021, OPI sold a property located in Fresno, CA containing approximately 532,000 rentable square feet for a sales price of $6.0 million, excluding closing costs.

•Also in July 2021, OPI sold a property located in Liverpool, NY containing approximately 38,000 rentable square feet for a sales price of $0.7 million, excluding closing costs.

•In addition, OPI entered into an agreement in May 2021 to sell a property located in Memphis, TN containing approximately 205,000 rentable square feet for a sales price of $15.3 million, excluding closing costs. This sale is expected to occur before the end of the third quarter.

Liquidity and Financing Activities:

•As of June 30, 2021, OPI had $18.7 million of cash and cash equivalents and $365.0 million available to borrow under its $750.0 million unsecured revolving credit facility.

•In May 2021, OPI issued $300.0 million of 2.650% senior unsecured notes due 2026 in an underwritten public offering raising net proceeds of $296.8 million, after deducting underwriters' discounts and offering expenses.

•In June 2021, OPI redeemed, at par plus accrued interest, all $310.0 million of its 5.875% senior unsecured notes due 2046 using cash on hand and the net proceeds from the issuance of its 2.650% senior unsecured notes due 2026.

•Also in June 2021, OPI prepaid, at a premium plus accrued interest, a mortgage note secured by three properties with an outstanding principal balance of $71.0 million, an annual interest rate of 3.55% and a maturity date in May 2023 using cash on hand and borrowings under its revolving credit facility.

Conference Call:

On Friday, July 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 second 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, August 6, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10157583.

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 second quarter conference call are strictly prohibited without the prior written consent of OPI.

Supplemental Data:

A copy of OPI’s Second 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.

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 (loss) as indicators of OPI’s operating performance or as measures of OPI’s liquidity. These measures should be considered in conjunction with net income (loss) as presented in OPI's condensed consolidated statements of income (loss). 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 (loss). 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.

Office Properties Income Trust

Condensed Consolidated Statements of Income (Loss)

(amounts in thousands, except per share data)

(unaudited)



	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Rental income	$	137,099	$	145,603	$	281,623	$	295,488

Expenses:
Real estate taxes	15,912		15,781		32,066		32,588
Utility expenses	5,310		5,201		11,742		12,213
Other operating expenses	24,898		25,787		50,337		51,667
Depreciation and amortization	55,371		64,170		119,458		127,113
Loss on impairment of real estate (1)	48,197		—		55,857		—

General and administrative (2)	12,970		7,204		24,242		14,313
Total expenses	162,658		118,143		293,702		237,894


Gain on sale of real estate (3)	114		66		54,118		10,822


Interest and other income	2		30		7		736

Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,492, $2,402, $4,924 and $4,685, respectively)	(29,001)		(25,205)		(57,799)		(52,364)
Loss on early extinguishment of debt (4)	(11,794)		(557)		(11,794)		(3,839)




Income (loss) before income tax (expense) benefit and equity in net losses of investees	(66,238)		1,794		(27,547)		12,949
Income tax (expense) benefit	121		(235)		(314)		(274)
Equity in net losses of investees	(580)		(260)		(976)		(536)






Net income (loss)	$	(66,697)	$	1,299	$	(28,837)	$	12,139




Weighted average common shares outstanding (basic and diluted)	48,165		48,106		48,163		48,101


Per common share amounts (basic and diluted):



Net income (loss)	$	(1.38)	$	0.03	$	(0.60)	$	0.25

See Notes on pages 7 and 8.

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 June 30,						Six Months Ended June 30,
		2021			2020			2021			2020
Calculation of FFO, Normalized FFO and CAD (5)(6):
Net income (loss)		$	(66,697)		$	1,299		$	(28,837)		$	12,139
Add (less): Depreciation and amortization:
Consolidated properties		55,371			64,170			119,458			127,113
Unconsolidated joint venture properties	923			1,237			1,929			2,478


Loss on impairment of real estate (1)	48,197			—			55,857			—


Gain on sale of real estate (3)		(114)			(66)			(54,118)			(10,822)

FFO		37,680			66,640			94,289			130,908



Loss on early extinguishment of debt (4)		11,794			557			11,794			3,839



Estimated business management incentive fees (2)		5,911			—			11,111			—

Normalized FFO		55,385			67,197			117,194			134,747
Add (less): Non-cash expenses (7)		804			808			803			887
Distributions from unconsolidated joint ventures		153			102			306			153
Depreciation and amortization - unconsolidated joint ventures		(923)			(1,237)			(1,929)			(2,478)
Equity in net losses of investees		580			260			976			536
Loss on early extinguishment of debt settled in cash		(2,500)			—			(2,500)			(1,138)
Non-cash straight line rent adjustments included in rental income		(3,847)			(3,468)			(9,204)			(9,051)
Lease value amortization included in rental income		667			1,405			1,389			2,837
Net amortization of debt premiums, discounts and issuance costs		2,492			2,402			4,924			4,685
Recurring capital expenditures		(18,980)			(21,926)			(30,476)			(38,269)
CAD (6)		$	33,831		$	45,543		$	81,483		$	92,909

Weighted average common shares outstanding (basic and diluted)		48,165			48,106			48,163			48,101


Per common share amounts (basic and diluted):
Net income (loss)		$	(1.38)		$	0.03		$	(0.60)		$	0.25

FFO		$	0.78		$	1.39		$	1.96		$	2.72

Normalized FFO		$	1.15		$	1.40		$	2.43		$	2.80

CAD		$	0.70		$	0.95		$	1.69		$	1.93
Distributions declared per share		$	0.55		$	0.55		$	1.10		$	1.10

(1)Loss on impairment of real estate for the three months ended June 30, 2021 represents an adjustment of $48,197 to reduce the carrying value of five properties to their estimated fair values less costs to sell, which includes $33,917 related to a property located in Fresno, CA containing approximately 532,000 rentable square feet that was sold in July 2021, as well as $14,280 related to four properties containing approximately 546,000 rentable square feet that were classified as held for sale as of June 30, 2021. Loss on impairment of real estate for the six months ended June 30, 2021 also includes an adjustment of $7,660 to reduce the carrying value of two properties to their estimated fair values less costs to sell recorded during the three months ended March 31, 2021.

(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 (loss). In calculating net income (loss) 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 (loss), 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 (loss) includes $5,911 and $11,111 of estimated business management incentive fee expense for the three and six months ended June 30, 2021, respectively. No estimated business management incentive fee expense was included in net income for the three and six months ended June 30, 2020.

(3)Gain on sale of real estate for the six months ended June 30, 2021 represents a $54,118 net gain on the sale of two properties. Gain on sale of real estate for the six months ended June 30, 2020 represents a $10,822 net gain on the sale of six properties.

(4)Loss on early extinguishment of debt for the three and six months ended June 30, 2021 includes prepayment fees related to the repayment of one mortgage note, as well as write offs of the unamortized portion of certain discounts and issuance costs resulting from the early repayment of debt. Loss on early extinguishment of debt for the three and six months ended June 30, 2020 includes prepayment fees related to the repayment of two mortgage notes, write offs of the unamortized portion of certain discounts and issuance costs resulting from the early repayment of debt and a loss related to the settlement of a mortgage note receivable in connection with a property OPI sold in 2016.

(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 (loss), 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 adjusted for other non-cash and non-recurring items plus certain amounts excluded from Normalized FFO but settled in cash. 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.

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Calculation of NOI and Cash Basis NOI:
Rental income	$	137,099	$	145,603	$	281,623	$	295,488
Property operating expenses	(46,120)		(46,769)		(94,145)		(96,468)
NOI	90,979		98,834		187,478		199,020
Non-cash straight line rent adjustments included in rental income	(3,847)		(3,468)		(9,204)		(9,051)
Lease value amortization included in rental income	667		1,405		1,389		2,837
Lease termination fees included in rental income	—		(3)		—		(6)
Non-cash amortization included in property operating expenses (2)	(121)		(121)		(242)		(242)
Cash Basis NOI	$	87,678	$	96,647	$	179,421	$	192,558

Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI:
Net income (loss)	$	(66,697)	$	1,299	$	(28,837)	$	12,139




Equity in net losses of investees	580		260		976		536
Income tax expense (benefit)	(121)		235		314		274
Income (loss) before income tax expense (benefit) and equity in net losses of investees	(66,238)		1,794		(27,547)		12,949
Loss on early extinguishment of debt	11,794		557		11,794		3,839
Interest expense	29,001		25,205		57,799		52,364
Interest and other income	(2)		(30)		(7)		(736)


Gain on sale of real estate	(114)		(66)		(54,118)		(10,822)

General and administrative	12,970		7,204		24,242		14,313

Loss on impairment of real estate	48,197		—		55,857		—
Depreciation and amortization	55,371		64,170		119,458		127,113
NOI	90,979		98,834		187,478		199,020
Non-cash amortization included in property operating expenses (2)	(121)		(121)		(242)		(242)
Lease termination fees included in rental income	—		(3)		—		(6)
Lease value amortization included in rental income	667		1,405		1,389		2,837
Non-cash straight line rent adjustments included in rental income	(3,847)		(3,468)		(9,204)		(9,051)
Cash Basis NOI	$	87,678	$	96,647	$	179,421	$	192,558


Reconciliation of NOI to Same Property NOI (3) (4):
Rental income	$	137,099	$	145,603	$	281,623	$	295,488
Property operating expenses	(46,120)		(46,769)		(94,145)		(96,468)
NOI	90,979		98,834		187,478		199,020
Less: NOI of properties not included in same property results	(3,319)		(9,388)		(10,781)		(20,260)


Same Property NOI	$	87,660	$	89,446	$	176,697	$	178,760


Calculation of Same Property Cash Basis NOI (3) (4):
Same Property NOI	$	87,660	$	89,446	$	176,697	$	178,760
Add: Lease value amortization included in rental income	679		814		1,401		1,653
Less: Non-cash straight line rent adjustments included in rental income	(3,841)		(3,099)		(9,656)		(7,629)

Non-cash amortization included in property operating expenses (2)	(99)		(97)		(198)		(194)
Same Property Cash Basis NOI	$	84,399	$	87,064	$	168,244	$	172,590

See Notes on page 10.

(1) The calculations of NOI and Cash Basis NOI exclude certain components of net income (loss) 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 NOI and 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 June 30, 2021 and 2020, Same Property NOI and Same Property Cash Basis NOI are based on properties OPI owned continuously since April 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.

(4) For the six months ended June 30, 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.

Office Properties Income Trust

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share data)

(unaudited)


	June 30,		December 31,
	2021		2020
ASSETS
Real estate properties:
Land	$	865,218	$	830,884
Buildings and improvements	2,982,746		2,691,259
Total real estate properties, gross	3,847,964		3,522,143
Accumulated depreciation	(455,135)		(451,914)
Total real estate properties, net	3,392,829		3,070,229


Assets of properties held for sale	47,698		75,177
Investments in unconsolidated joint ventures	36,669		37,951
Acquired real estate leases, net	570,449		548,943

Cash and cash equivalents	18,667		42,045
Restricted cash	1,414		14,810
Rents receivable	90,985		101,766
Deferred leasing costs, net	46,185		42,626
Other assets, net	6,317		12,889
Total assets	$	4,211,213	$	3,946,436

LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	$	385,000	$	—

Senior unsecured notes, net	2,032,764		2,033,242
Mortgage notes payable, net	98,739		169,729

Liabilities of properties held for sale	2,427		891
Accounts payable and other liabilities	127,359		116,480
Due to related persons	17,882		6,114
Assumed real estate lease obligations, net	18,492		10,588
Total liabilities	2,682,663		2,337,044

Commitments and contingencies



Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,334,357 and 48,318,366 shares issued and outstanding, respectively	483		483
Additional paid in capital	2,616,450		2,615,305
Cumulative net income	155,058		183,895

Cumulative common distributions	(1,243,441)		(1,190,291)
Total shareholders’ equity	1,528,550		1,609,392
Total liabilities and shareholders’ equity	$	4,211,213	$	3,946,436

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 statement that OPI advanced its capital recycling program during the quarter may imply that OPI will continue to advance its capital recycling program in the future and execute on its investment strategies. However, OPI may not be able to identify and successfully negotiate and complete acquisitions or sales and it may not realize its target returns on investments it may make or its target proceeds on properties it elects to sell,

•Mr. Bilotto states that OPI's bond offering of $300 million of 2.65% senior unsecured notes resulted in annual interest expense savings of approximately $10 million as a result of applying the net proceeds from that offering to repay other debt that had a higher interest rate. This may imply that OPI will have similar demand in capital markets in the future, that future offerings will be accretive to OPI's operating results and that OPI's interest expense will be lower in future periods. However, OPI may not have similar demand for future bond offerings or be able to access capital and the resulting interest expense of any future offerings may not be lower than the interest rates on OPI's existing debt. Further, OPI expects to borrow additional amounts in the future to grow its business and for other needs and its interest expense will likely increase in future periods as a result from time-to-time,

•Mr. Bilotto's statements about OPI's leasing activity and roll-ups in rents may imply that OPI will continue to have similar and better leasing activity in future periods. However, OPI's ability to realize positive leasing activity and roll-ups in rents 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 realize positive leasing activity and rent roll-ups in the future and OPI's leasing activity and occupancy could decline and OPI may realize rent roll-downs and decreased rental income in the future,

•Mr. Bilotto's statements regarding OPI's redevelopment of 20 Massachusetts Avenue in Washington, D.C., its leasing at the property and the expected delivery date of the redeveloped property may imply that OPI will be able to complete this redevelopment project within the expected timeline, that there will be demand to lease the redeveloped property and that the resulting leases will be accretive to OPI's operating results. However, this redevelopment will require significant capital and time to complete and could be delayed, there may not be demand to lease the redeveloped property upon its completion and as a result, OPI's operating results could decline, 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 $15.3 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.

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)

Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. SECOND QUARTER 2021 Exhibit 99.2 Chicago, IL

Supplemental Q2 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 (Loss)............................................................................................................................ 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 Q2 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 tenants with high credit quality characteristics such as government entities. The majority of our properties are office buildings. OPI is included in 144 market indices and comprises more than 1% of the following indices as of June 30, 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), Invesco S&P SmallCap 600 Pure Value ETF INAV Index (RZVIV), Bloomberg Reit Office Property Index (BBREOFPY), TFMS HIPS Index (TFMSHIPP) and the Invesco S&P SmallCap 600 Equal Weight ETF INAV Index (EWSCIV). 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 June 30, 2021, RMR had $32.4 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 42,000 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 2050: OPINL Snapshot (as of June 30, 2021): Total properties: 181 Rentable sq. ft.: 24.1 million Percent leased: 89.5% Company Profile

Supplemental Q2 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 Jennifer B. Clark 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 [email protected] Newton, MA 02458-1634 (617) 219-1410 [email protected] www.opireit.com Investor Information RETURN TO TABLE OF CONTENTS Washington, DC

Supplemental Q2 2021 5 Equity Research Coverage B. Riley Securities, Inc. BofA Securities Bryan Maher James Feldman [email protected] [email protected] (646) 885-5423 (646) 855-5808 JMP Securities Morgan Stanley Aaron Hecht Vikram Malhotra [email protected] [email protected] (415) 835-3963 (212) 761-7064 RBC Capital Markets Michael Carroll [email protected] (440) 715-2649 Rating Agencies Moody's Investors Service S&P Global Lori Marks Michael Souers [email protected] [email protected] (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 Q2 2021 6 As of and for the Three Months Ended As of 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 Selected Balance Sheet Data: Capitalization: Total gross assets $ 4,666,348 $ 4,419,664 $ 4,398,350 $ 4,409,391 $ 4,400,379 Total common shares (at end of period) 48,334,357 Total assets $ 4,211,213 $ 3,952,579 $ 3,946,436 $ 3,973,045 $ 3,977,663 Closing price (at end of period) $ 29.31 Total liabilities $ 2,682,663 $ 2,331,581 $ 2,337,044 $ 2,336,373 $ 2,311,233 Equity market capitalization (at end of period) $ 1,416,680 Total shareholders' equity $ 1,528,550 $ 1,620,998 $ 1,609,392 $ 1,636,672 $ 1,666,430 Debt (principal balance) 2,545,903 Total market capitalization $ 3,962,583 Selected Income Statement Data: Rental income $ 137,099 $ 144,524 $ 146,625 $ 145,806 $ 145,603 Liquidity: Net income (loss) $ (66,697) $ 37,860 $ (1,664) $ (3,797) $ 1,299 Cash and cash equivalents $ 18,667 NOI $ 90,979 $ 96,499 $ 97,168 $ 95,763 $ 98,834 Availability under $750,000 unsecured revolving credit facility 365,000 Adjusted EBITDAre $ 85,251 $ 90,906 $ 91,301 $ 89,817 $ 92,883 FFO $ 37,680 $ 56,609 $ 61,610 $ 62,628 $ 66,640 Total liquidity $ 383,667 Normalized FFO $ 55,385 $ 61,809 $ 61,842 $ 62,628 $ 67,197 CAD $ 33,831 $ 47,652 $ 42,344 $ 44,557 $ 45,543 Rolling four quarter CAD $ 168,384 $ 180,096 $ 179,810 $ 177,210 $ 171,277 Per Common Share Data (basic and diluted): Net income (loss) $ (1.38) $ 0.78 $ (0.03) $ (0.08) $ 0.03 FFO (basic) $ 0.78 $ 1.18 $ 1.28 $ 1.30 $ 1.39 FFO (diluted) $ 0.78 $ 1.17 $ 1.28 $ 1.30 $ 1.39 Normalized FFO $ 1.15 $ 1.28 $ 1.28 $ 1.30 $ 1.40 CAD $ 0.70 $ 0.99 $ 0.88 $ 0.93 $ 0.95 Rolling four quarter CAD $ 3.50 $ 3.75 $ 3.74 $ 3.68 $ 3.56 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) 7.5% 8.0% 9.7% 10.6% 8.5% Normalized FFO payout ratio 47.8% 43.0% 43.0% 42.3% 39.3% Rolling four quarter CAD payout ratio 62.9% 58.7% 58.8% 59.6% 61.8% (dollars in thousands, except per share data) RETURN TO TABLE OF CONTENTS Key Financial Data

Supplemental Q2 2021 7 June 30, December 31, 2021 2020 ASSETS Real estate properties: Land $ 865,218 $ 830,884 Buildings and improvements 2,982,746 2,691,259 Total real estate properties, gross 3,847,964 3,522,143 Accumulated depreciation (455,135) (451,914) Total real estate properties, net 3,392,829 3,070,229 Assets of properties held for sale 47,698 75,177 Investments in unconsolidated joint ventures 36,669 37,951 Acquired real estate leases, net 570,449 548,943 Cash and cash equivalents 18,667 42,045 Restricted cash 1,414 14,810 Rents receivable 90,985 101,766 Deferred leasing costs, net 46,185 42,626 Other assets, net 6,317 12,889 Total assets $ 4,211,213 $ 3,946,436 LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured revolving credit facility $ 385,000 $ — Senior unsecured notes, net 2,032,764 2,033,242 Mortgage notes payable, net 98,739 169,729 Liabilities of properties held for sale 2,427 891 Accounts payable and other liabilities 127,359 116,480 Due to related persons 17,882 6,114 Assumed real estate lease obligations, net 18,492 10,588 Total liabilities 2,682,663 2,337,044 Commitments and contingencies Shareholders’ equity: Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,334,357 and 48,318,366 shares issued and outstanding, respectively 483 483 Additional paid in capital 2,616,450 2,615,305 Cumulative net income 155,058 183,895 Cumulative common distributions (1,243,441) (1,190,291) Total shareholders’ equity 1,528,550 1,609,392 Total liabilities and shareholders’ equity $ 4,211,213 $ 3,946,436 Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) RETURN TO TABLE OF CONTENTS Fort Mill, SC

Supplemental Q2 2021 8 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Rental income $ 137,099 $ 145,603 $ 281,623 $ 295,488 Expenses: Real estate taxes 15,912 15,781 32,066 32,588 Utility expenses 5,310 5,201 11,742 12,213 Other operating expenses 24,898 25,787 50,337 51,667 Depreciation and amortization 55,371 64,170 119,458 127,113 Loss on impairment of real estate 48,197 — 55,857 — General and administrative (1) 12,970 7,204 24,242 14,313 Total expenses 162,658 118,143 293,702 237,894 Gain on sale of real estate 114 66 54,118 10,822 Interest and other income 2 30 7 736 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,492, $2,402, $4,924 and $4,685, respectively) (29,001) (25,205) (57,799) (52,364) Loss on early extinguishment of debt (11,794) (557) (11,794) (3,839) Income (loss) before income tax (expense) benefit and equity in net losses of investees (66,238) 1,794 (27,547) 12,949 Income tax (expense) benefit 121 (235) (314) (274) Equity in net losses of investees (580) (260) (976) (536) Net income (loss) $ (66,697) $ 1,299 $ (28,837) $ 12,139 Weighted average common shares outstanding (basic and diluted) 48,165 48,106 48,163 48,101 Per common share amounts (basic and diluted): Net income (loss) $ (1.38) $ 0.03 $ (0.60) $ 0.25 Additional Data: General and administrative expenses / total assets (at end of period) 0.31% 0.18% 0.58% 0.36% Non-cash straight line rent adjustments included in rental income $ 3,847 $ 3,468 $ 9,204 $ 9,051 Lease value amortization included in rental income $ (667) $ (1,405) $ (1,389) $ (2,837) Lease termination fees included in rental income $ — $ 3 $ — $ 6 Non-cash amortization included in other operating expenses (2) $ 121 $ 121 $ 242 $ 242 Non-cash amortization included in general and administrative expenses (2) $ 151 $ 151 $ 302 $ 302 Condensed Consolidated Statements of Income (Loss) (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 (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 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 (loss) includes estimated business management incentive fee expense of $5,911 and $11,111 for the three and six months ended June 30, 2021, respectively. No estimated business management incentive fee expense was included in net income (loss) for the three and six months ended June 30, 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 Q2 2021 9 Fixed vs. Variable Rate Debt Fixed 84.9% Variable 15.1% 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) 1.190% 1.190% $ 385,000 1/31/2023 $ 385,000 1.6 Unsecured Fixed Rate Debt: Senior unsecured notes due 2022 4.150% 4.196% 300,000 2/1/2022 300,000 0.6 Senior unsecured notes due 2022 4.000% 4.000% 300,000 7/15/2022 300,000 1.0 Senior unsecured notes due 2024 4.250% 4.404% 350,000 5/15/2024 350,000 2.9 Senior unsecured notes due 2025 4.500% 4.521% 650,000 2/1/2025 650,000 3.6 Senior unsecured notes due 2026 2.650% 2.815% 300,000 6/15/2026 300,000 5.0 Senior unsecured notes due 2050 6.375% 6.375% 162,000 6/23/2050 162,000 29.0 Subtotal / weighted average 4.212% 4.275% 2,062,000 2,062,000 4.9 Secured Fixed Rate Debt: Mortgage debt - One property in Washington, DC 4.220% 4.190% 25,433 7/1/2022 24,668 1.0 Mortgage debt - One property in Chicago, IL 3.700% 4.210% 50,000 6/1/2023 50,000 1.9 Mortgage debt - One property in Washington, DC 4.800% 4.190% 23,470 6/1/2023 22,584 1.9 Subtotal / weighted average 4.095% 4.200% 98,903 97,252 1.7 Total / weighted average 3.750% 3.806% $ 2,545,903 $ 2,544,252 4.2 See accompanying notes on the following page. Secured vs. Unsecured Debt Unsecured 96.1% Secured 3.9% Debt Summary As of June 30, 2021 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 10 $385,000 $600,000 $350,000 $650,000 $462,000 $72,784 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 $ — $ — $ 601 $ 601 —% 2022 — 600,000 25,518 625,518 24.6% 2023 385,000 — 72,784 457,784 18.0% 2024 — 350,000 — 350,000 13.8% 2025 — 650,000 — 650,000 25.5% 2026 and thereafter — 462,000 — 462,000 18.1% Total principal balance $ 385,000 $ 2,062,000 $ 98,903 $ 2,545,903 100.0% Percent of total principal balance 15.1% 81.0% 3.9% 100.0% $25,518 RETURN TO TABLE OF CONTENTS Debt Maturity Schedule As of June 30, 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 June 30, 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 June 30, 2021. (6) Represents Secured Fixed Rate Debt payments in 2021. $601 (6)

Supplemental Q2 2021 11 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Leverage Ratios: Net debt / total gross assets 54.2% 46.6% 50.0% 49.9% 49.9% Net debt / gross book value of real estate assets 49.7% 44.4% 46.9% 46.6% 46.4% Secured debt / total assets 2.3% 4.3% 4.3% 4.3% 5.3% Variable rate debt / net debt 15.2% 0.0% 0.0% 0.0% 9.1% Coverage Ratios: Adjusted EBITDAre / interest expense 2.9x 3.2x 3.2x 3.3x 3.7x Net debt / annualized Adjusted EBITDAre 6.9x 5.7x 6.0x 6.1x 5.9x Public Debt Covenants: Total debt / adjusted total assets (maximum 60.0%) 49.2% 45.7% 46.3% 46.4% 46.3% Secured debt / adjusted total assets (maximum 40.0%) 1.9% 3.5% 3.5% 3.5% 4.4% Consolidated income available for debt service / debt service (minimum 1.50x) 3.2x 3.2x 3.4x 3.3x 3.7x Total unencumbered assets / unsecured debt (minimum 150.0%) 200.8% 218.4% 214.0% 213.3% 215.8% Atlanta, GA (1) (1) Annualized Adjusted EBITDAre for the three months ended June 30, 2021 is pro forma as if the acquisitions of two properties during the quarter occurred on April 1, 2021. Net debt / annualized Adjusted EBITDAre would have been 7.4x, excluding the pro forma Adjusted EBITDAre adjustment of $5,671 for the two property acquisitions.

Supplemental Q2 2021 12 For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Lease related costs $ 11,215 $ 6,970 $ 8,746 $ 7,192 $ 11,921 Building improvements 7,765 4,526 11,466 10,579 10,005 Recurring capital expenditures 18,980 11,496 20,212 17,771 21,926 Development, redevelopment and other activities 12,738 4,906 5,598 5,521 2,578 Total capital expenditures $ 31,718 $ 16,402 $ 25,810 $ 23,292 $ 24,504 Average rentable sq. ft. during period 24,330 24,729 24,899 24,909 24,908 Building improvements per average sq. ft. during period $ 0.32 $ 0.18 $ 0.46 $ 0.42 $ 0.40 Capital Expenditures Summary (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS Provo, UT

Supplemental Q2 2021 13 Acquisitions: Date Aquired Location Number of Properties Sq. Ft. Purchase Price Purchase Price / Sq. Ft. Cap Rate Weighted Average Remaining Lease Term in Years Percent Leased at Acquisition 6/24/2021 Chicago, IL 1 531 $ 355,000 $ 668 4.7% 6.6 99.2% 6/25/2021 Atlanta, GA 1 346 195,000 564 6.3% 14.2 98.4% Total / Weighted Average 2 877 $ 550,000 $ 627 5.3% 9.8 98.9% 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 7/7/2021 Fresno, CA 1 532 6,000 7/15/2021 Liverpool, NY 1 38 650 Total 4 2,262 $ 176,495 (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 Chicago, IL

Supplemental Q2 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% $ 21,431 2 Fairfax, VA 329 71.7% 3.4 years 1750 H Street, NW 50% 15,238 1 Washington, D.C. 115 9.5% 2.4 years Total / Weighted Average $ 36,669 3 444 55.5% 3.4 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 June 30, 2021 (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Results of Operations - Unconsolidated Joint Ventures: (5) For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 Prosperity Metro Plaza 1750 H Street, NW Total Prosperity Metro Plaza 1750 H Street, NW Total Equity in losses $ (131) $ (449) $ (580) $ (151) $ (825) $ (976) Depreciation and amortization 597 326 923 1,197 732 1,929 Other expenses, net (6) 258 149 407 516 305 821 NOI 724 26 750 1,562 212 1,774 Lease value amortization included in rental income (7) (1) — (1) (2) — (2) Non-cash straight line rent adjustments included in rental income (7) (63) 11 (52) (121) 26 (95) Cash Basis NOI $ 660 $ 37 $ 697 $ 1,439 $ 238 $ 1,677 Distributions received by OPI $ 153 $ — $ 153 $ 306 $ — $ 306 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 Q2 2021 15 For the Three Months Ended For the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 6/30/2020 Calculation of NOI and Cash Basis NOI: Rental income $ 137,099 $ 144,524 $ 146,625 $ 145,806 $ 145,603 $ 281,623 $ 295,488 Property operating expenses (46,120) (48,025) (49,457) (50,043) (46,769) (94,145) (96,468) NOI 90,979 96,499 97,168 95,763 98,834 187,478 199,020 Non-cash straight line rent adjustments included in rental income (3,847) (5,357) (3,116) (3,912) (3,468) (9,204) (9,051) Lease value amortization included in rental income 667 722 1,291 1,312 1,405 1,389 2,837 Lease termination fees included in rental income — — (90) (2) (3) — (6) Non-cash amortization included in property operating expenses (1) (121) (121) (121) (121) (121) (242) (242) Cash Basis NOI $ 87,678 $ 91,743 $ 95,132 $ 93,040 $ 96,647 $ 179,421 $ 192,558 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net income (loss) $ (66,697) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ (28,837) $ 12,139 Equity in net losses of investees 580 396 378 279 260 976 536 Income tax expense (benefit) (121) 435 157 (54) 235 314 274 Income (loss) before income tax expense (benefit) and equity in net losses of investees (66,238) 38,691 (1,129) (3,572) 1,794 (27,547) 12,949 Loss on early extinguishment of debt 11,794 — — — 557 11,794 3,839 Interest expense 29,001 28,798 28,842 27,097 25,205 57,799 52,364 Interest and other income (2) (5) (41) (2) (30) (7) (736) Gain on sale of real estate (114) (54,004) (33) — (66) (54,118) (10,822) General and administrative 12,970 11,272 7,071 7,059 7,204 24,242 14,313 Acquisition and transaction related costs — — 232 — — — — Loss on impairment of real estate 48,197 7,660 — 2,954 — 55,857 — Depreciation and amortization 55,371 64,087 62,226 62,227 64,170 119,458 127,113 NOI 90,979 96,499 97,168 95,763 98,834 187,478 199,020 Non-cash amortization included in property operating expenses (1) (121) (121) (121) (121) (121) (242) (242) Lease termination fees included in rental income — — (90) (2) (3) — (6) Lease value amortization included in rental income 667 722 1,291 1,312 1,405 1,389 2,837 Non-cash straight line rent adjustments included in rental income (3,847) (5,357) (3,116) (3,912) (3,468) (9,204) (9,051) Cash Basis NOI $ 87,678 $ 91,743 $ 95,132 $ 93,040 $ 96,647 $ 179,421 $ 192,558 (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 Q2 2021 16 For the Three Months Ended For the Six Months Ended 6/30/2021 6/30/2020 6/30/2021 6/30/2020 Reconciliation of NOI to Same Property NOI: Rental income $ 137,099 $ 145,603 $ 281,623 $ 295,488 Property operating expenses (46,120) (46,769) (94,145) (96,468) NOI 90,979 98,834 187,478 199,020 Less: NOI of properties not included in same property results (3,319) (9,388) (10,781) (20,260) Same Property NOI $ 87,660 $ 89,446 $ 176,697 $ 178,760 Calculation of Same Property Cash Basis NOI: Same Property NOI $ 87,660 $ 89,446 $ 176,697 $ 178,760 Add: Lease value amortization included in rental income 679 814 1,401 1,653 Less: Non-cash straight line rent adjustments included in rental income (3,841) (3,099) (9,656) (7,629) Non-cash amortization included in property operating expenses (1) (99) (97) (198) (194) Same Property Cash Basis NOI $ 84,399 $ 87,064 $ 168,244 $ 172,590 (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 Reston, VA

Supplemental Q2 2021 17 For the Three Months Ended For the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 6/30/2020 Net income (loss) $ (66,697) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ (28,837) $ 12,139 Add (less): Interest expense 29,001 28,798 28,842 27,097 25,205 57,799 52,364 Income tax expense (benefit) (121) 435 157 (54) 235 314 274 Depreciation and amortization 55,371 64,087 62,226 62,227 64,170 119,458 127,113 EBITDA 17,554 131,180 89,561 85,473 90,909 148,734 191,890 Add (less): Loss on impairment of real estate 48,197 7,660 — 2,954 — 55,857 — Gain on sale of real estate (114) (54,004) (33) — (66) (54,118) (10,822) Distributions received from unconsolidated joint ventures 153 153 204 255 102 306 153 Equity in losses of unconsolidated joint ventures 580 396 378 279 260 976 536 EBITDAre 66,370 85,385 90,110 88,961 91,205 151,755 181,757 Add (less): Acquisition and transaction related costs — — 232 — — — — General and administrative expense paid in common shares (1) 1,176 321 959 856 1,121 1,497 1,500 Estimated business management incentive fees (2) 5,911 5,200 — — — 11,111 — Loss on early extinguishment of debt 11,794 — — — 557 11,794 3,839 Adjusted EBITDAre $ 85,251 $ 90,906 $ 91,301 $ 89,817 $ 92,883 $ 176,157 $ 187,096 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 Q2 2021 18 For the Three Months Ended For the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 6/30/2020 Net income (loss) $ (66,697) $ 37,860 $ (1,664) $ (3,797) $ 1,299 $ (28,837) $ 12,139 Add (less): Depreciation and amortization: Consolidated properties 55,371 64,087 62,226 62,227 64,170 119,458 127,113 Unconsolidated joint venture properties 923 1,006 1,081 1,244 1,237 1,929 2,478 Loss on impairment of real estate 48,197 7,660 — 2,954 — 55,857 — Gain on sale of real estate (114) (54,004) (33) — (66) (54,118) (10,822) FFO 37,680 56,609 61,610 62,628 66,640 94,289 130,908 Add (less): Acquisition and transaction related costs — — 232 — — — — Loss on early extinguishment of debt 11,794 — — — 557 11,794 3,839 Estimated business management incentive fees (1) 5,911 5,200 — — — 11,111 — Normalized FFO 55,385 61,809 61,842 62,628 67,197 117,194 134,747 Add (less): Non-cash expenses (2) 804 (1) 607 533 808 803 887 Distributions from unconsolidated joint ventures 153 153 204 255 102 306 153 Depreciation and amortization - unconsolidated joint ventures (923) (1,006) (1,081) (1,244) (1,237) (1,929) (2,478) Equity in net losses of investees 580 396 378 279 260 976 536 Loss on early extinguishment of debt settled in cash (2,500) — — — — (2,500) (1,138) Non-cash straight line rent adjustments included in rental income (3,847) (5,357) (3,116) (3,912) (3,468) (9,204) (9,051) Lease value amortization included in rental income 667 722 1,291 1,312 1,405 1,389 2,837 Net amortization of debt premiums, discounts and issuance costs 2,492 2,432 2,431 2,477 2,402 4,924 4,685 Recurring capital expenditures (18,980) (11,496) (20,212) (17,771) (21,926) (30,476) (38,269) CAD $ 33,831 $ 47,652 $ 42,344 $ 44,557 $ 45,543 $ 81,483 $ 92,909 Weighted average common shares outstanding (basic) 48,165 48,161 48,161 48,132 48,106 48,163 48,101 Weighted average common shares outstanding (diluted) 48,165 48,196 48,161 48,132 48,106 48,163 48,101 Per common share amounts (basic and diluted): Net income (loss) $ (1.38) $ 0.78 $ (0.03) $ (0.08) $ 0.03 $ (0.60) $ 0.25 FFO (basic) $ 0.78 $ 1.18 $ 1.28 $ 1.30 $ 1.39 $ 1.96 $ 2.72 FFO (diluted) $ 0.78 $ 1.17 $ 1.28 $ 1.30 $ 1.39 $ 1.96 $ 2.72 Normalized FFO $ 1.15 $ 1.28 $ 1.28 $ 1.30 $ 1.40 $ 2.43 $ 2.80 CAD $ 0.70 $ 0.99 $ 0.88 $ 0.93 $ 0.95 $ 1.69 $ 1.93 (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 Q2 2021 19 For the Three Months Ended For the Six Months Ended 6/30/2021 6/30/2020 6/30/2021 6/30/2020 Properties (end of period) (1) 169 169 168 168 Rentable sq. ft. 21,114 21,111 21,101 21,098 Percent leased 91.8% 94.0% 91.8% 94.1% Rental income $ 130,827 $ 131,948 $ 264,015 $ 265,083 Same Property NOI $ 87,660 $ 89,446 $ 176,697 $ 178,760 Same Property Cash Basis NOI $ 84,399 $ 87,064 $ 168,244 $ 172,590 Same Property NOI % margin 67.0% 67.8% 66.9% 67.4% Same Property Cash Basis NOI % margin 66.1% 67.1% 65.8% 66.6% Same Property NOI % change (2.0%) (1.2%) Same Property Cash Basis NOI % change (3.1%) (2.5%) (1) Includes one leasable land parcel. Summary Same Property Results (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS San Jose, CA

Supplemental Q2 2021 20 As of and for the Three Months Ended As of and for the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 Properties (end of period) (1) 181 180 181 184 184 181 Rentable sq. ft. (1) 24,091 24,568 24,889 24,909 24,909 24,091 Percentage leased 89.5% 90.8% 91.2% 91.2% 91.7% 89.5% Leasing Activity (sq. ft.): New leases 269 33 97 18 78 302 Renewals 279 542 42 577 564 821 Total 548 575 139 595 642 1,123 % Change in GAAP Rent: (2) New leases 23.1% 27.0% (11.9%) 0.8% 23.5% 23.3% Renewals 10.0% 2.3% 8.5% 33.1% 1.0% 5.3% Total 17.1% 3.2% (7.0%) 31.0% 3.9% 11.2% Weighted Average Lease Term by Sq. Ft. (years): New leases 26.4 7.0 11.6 4.0 12.8 24.3 Renewals 7.2 5.3 5.1 10.8 5.1 6.0 Total 16.6 5.4 9.7 10.6 6.1 10.9 Leasing Cost and Concession Commitments: New leases (3) $ 69,988 $ 1,207 $ 6,845 $ 193 $ 8,158 $ 71,195 Renewals 6,714 5,938 862 6,045 8,371 12,652 Total $ 76,702 $ 7,145 $ 7,707 $ 6,238 $ 16,529 $ 83,847 Leasing Cost and Concession Commitments per Sq. Ft.: New leases (3) $ 260.02 $ 35.97 $ 70.08 $ 10.95 $ 104.83 $ 235.19 Renewals $ 24.09 $ 10.96 $ 20.62 $ 10.48 $ 14.85 $ 15.42 Total $ 139.98 $ 12.42 $ 55.26 $ 10.49 $ 25.76 $ 74.66 Leasing Cost and Concession Commitments per Sq. Ft. per Year: New leases (3) $ 9.85 $ 5.12 $ 6.04 $ 2.77 $ 8.16 $ 9.69 Renewals $ 3.35 $ 2.05 $ 4.05 $ 0.97 $ 2.90 $ 2.58 Total $ 8.42 $ 2.28 $ 5.73 $ 0.99 $ 4.25 $ 6.85 (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. (3) Data as of June 30, 2021 includes commitments totaling approximately $66,000 in connection with the lease we entered with Sonesta International Hotels Corporation, or Sonesta, in June 2021 related to the redevelopment of a property in Washington, D.C. These costs represent the estimated costs related to the planned hotel component of the building. 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 Q2 2021 21 Investment Grade 63.3% Non-Investment Grade 10.2% Not Rated 26.5% Percentage of Total Annualized Rental Income Tenant Credit Characteristics ( 4 ) (3) Government: 38.6% Technology & Communications: 18.3% Real Estate & Financial: 15.5% Legal & Other Professional Services: 11.1% Manufacturing & Transportation: 8.6% Food: 2.4% Hospitality: 2.0% Life Sciences and Medical: 1.5% Energy Services: 0.9% Other: 1.1% Tenant Industry (1) Includes the U.S. Government, state governments, municipalities and government contractors. Tenant Diversity and Credit Characteristics As of June 30, 2021 RETURN TO TABLE OF CONTENTS (1) Columbia, MD

Supplemental Q2 2021 22 Tenant Credit Rating Sq. Ft. % of Leased Sq. Ft. Annualized Rental Income % of Total Annualized Rental Income 1 U.S. Government Investment Grade 5,068 23.5% $ 130,564 22.0% 2 Alphabet Inc (Google) Investment Grade 386 1.8% 21,132 3.6% 3 State of California Investment Grade 651 3.0% 19,372 3.3% 4 Shook, Hardy & Bacon L.L.P. Not Rated 596 2.8% 19,187 3.2% 5 Bank of America Corporation Investment Grade 577 2.7% 15,803 2.7% 6 IG Investments Holdings LLC Non Investment Grade 333 1.5% 14,748 2.5% 7 F5 Networks, Inc. Not Rated 299 1.4% 13,027 2.2% 8 Commonwealth of Massachusetts Investment Grade 311 1.4% 12,260 2.1% 9 CareFirst Inc. Not Rated 207 1.0% 11,870 2.0% 10 Northrop Grumman Corporation Investment Grade 337 1.6% 11,447 1.9% 11 Tyson Foods, Inc. Investment Grade 248 1.1% 11,198 1.9% 12 Sonesta International Hotels Corporation (1) Not Rated 230 1.1% 10,745 1.8% 13 Micro Focus International plc Non Investment Grade 406 1.9% 8,710 1.5% 14 CommScope Holding Company Inc Non Investment Grade 228 1.1% 8,166 1.4% 15 State of Georgia Investment Grade 308 1.4% 7,248 1.2% 16 PNC Bank Investment Grade 441 2.0% 6,924 1.2% 17 ServiceNow, Inc . Investment Grade 149 0.7% 6,623 1.1% 18 Compass Group plc Investment Grade 267 1.2% 6,496 1.1% 19 Allstate Insurance Co. Investment Grade 468 2.2% 6,475 1.1% 20 Automatic Data Processing, Inc. Investment Grade 289 1.3% 6,037 1.0% 21 Church & Dwight Co., Inc. Investment Grade 250 1.2% 6,031 1.0% 12,049 55.9% $ 354,063 59.8% Tenants Representing 1% Or More of Total Annualized Rental Income As of June 30, 2021 (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Houston, TX (1) In June 2021, we entered into a 30-year lease with Sonesta. The lease relates to the redevelopment of a property we own in Washington, D.C to a mixed use and Sonesta's lease relates to the planned hotel component of the property. The term of the lease commences upon our delivery of the completed hotel, which is estimated to occur in the first quarter of 2023.

Supplemental Q2 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 39 1,231 5.7% 5.7% $ 27,972 4.7% 4.7% 2022 83 1,942 9.0% 14.7% 55,421 9.3% 14.0% 2023 65 2,415 11.2% 25.9% 77,849 13.1% 27.1% 2024 61 3,724 17.3% 43.2% 95,663 16.1% 43.2% 2025 53 2,157 10.0% 53.2% 46,546 7.8% 51.0% 2026 37 1,749 8.1% 61.3% 46,924 7.9% 58.9% 2027 36 1,967 9.1% 70.4% 51,418 8.7% 67.6% 2028 16 1,261 5.9% 76.3% 46,856 7.9% 75.5% 2029 18 966 4.5% 80.8% 26,456 4.5% 80.0% 2030 and thereafter 50 4,141 19.2% 100.0% 118,047 20.0% 100.0% Total 458 21,553 100.0% $ 593,152 100.0% Weighted average remaining lease term (in years) 5.6 5.9 (1) The year of lease expiration is pursuant to current contract terms. Lease Expiration Schedule As of June 30, 2021 (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS Chicago, IL

Supplemental Q2 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 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 adjusted for other non-cash and non-recurring items plus certain amounts excluded from Normalized FFO but settled in cash. 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 Q2 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 June 30, 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 purchase price adjustments and 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 54.1% 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 9.2% of annualized rental income were subsidiaries of an investment grade rated parent (although these parent entities are not liable for the payment of rents). 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. Leased square feet is pursuant to leases existing as of June 30, 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. 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 adjustments and allocations. Rentable square feet represents total square feet available for lease as of June 30, 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 June 30, 2021 is based on properties we owned continuously since April 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 properties for the six months ended June 30, 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 Q2 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 Provo, UT



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


			OFFICE PROPERTIES INCOME TRUST


			By:			/s/ Matthew C. Brown
			Name:			Matthew C. Brown
			Title:			Chief Financial Officer and Treasurer