Office Properties Income Trust (OPI) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-34364
Entity Registrant Name	OFFICE PROPERTIES INCOME TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-4273474
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1440
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,586,735
Entity Central Index Key	0001456772
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Common shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	OPI
Security Exchange Name	NASDAQ
6.375% Senior Unsecured Notes Due 2050
Document Information [Line Items]
Title of 12(b) Security	6.375% Senior Notes due 2050
Trading Symbol	OPINL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate properties:
Land	$ 809,590	$ 821,238
Buildings and improvements	3,225,963	3,114,836
Total real estate properties, gross	4,035,553	3,936,074
Accumulated depreciation	(605,789)	(561,458)
Total real estate properties, net	3,429,764	3,374,616
Assets of properties held for sale	11,731	2,516
Investments in unconsolidated joint ventures	37,367	35,129
Acquired real estate leases, net	318,975	369,333
Cash and cash equivalents	25,212	12,249
Restricted cash	610	0
Rents receivable	110,599	105,639
Deferred leasing costs, net	82,691	73,098
Other assets, net	10,619	7,397
Total assets	4,027,568	3,979,977
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	240,000	195,000
Senior unsecured notes, net	2,191,676	2,187,875
Mortgage notes payable, net	106,365	49,917
Liabilities of properties held for sale	28	73
Accounts payable and other liabilities	134,425	140,151
Due to related persons	6,232	6,469
Assumed real estate lease obligations, net	12,887	14,157
Total liabilities	2,691,613	2,593,642
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,587,650 and 48,565,644 shares issued and outstanding, respectively	486	486
Additional paid in capital	2,620,691	2,619,532
Cumulative net income	156,918	169,606
Cumulative common distributions	(1,442,140)	(1,403,289)
Total shareholders’ equity	1,335,955	1,386,335
Total liabilities and shareholders’ equity	$ 4,027,568	$ 3,979,977

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized (in shares)	200,000,000	200,000,000
Common shares of beneficial interest, shares issued (in shares)	48,587,650	48,565,644
Common shares of beneficial interest, shares outstanding (in shares)	48,587,650	48,565,644

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Rental income	$ 133,997	$ 141,316	$ 266,419	$ 288,670
Expenses:
Real estate taxes	15,901	16,583	31,234	33,228
Utility expenses	5,742	5,820	13,002	12,685
Other operating expenses	26,634	26,497	52,691	53,860
Depreciation and amortization	51,601	57,536	103,293	118,005
Loss on impairment of real estate	0	4,773	0	21,820
Acquisition and transaction related costs	11,181	224	14,399	224
General and administrative	5,785	7,083	11,710	12,789
Total expenses	116,844	118,516	226,329	252,611
Gain (loss) on sale of real estate	(2,305)	(11,637)	243	(9,488)
Interest and other income	337	16	501	17
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,327, $2,366, $4,532 and $4,770, respectively)	(26,525)	(26,515)	(51,756)	(53,954)
Loss on early extinguishment of debt	0	(77)	0	(77)
Loss before income tax (expense) benefit and equity in net losses of investees	(11,340)	(15,413)	(10,922)	(27,443)
Income tax (expense) benefit	(211)	190	(241)	(341)
Equity in net losses of investees	(691)	(833)	(1,525)	(1,679)
Net loss	$ (12,242)	$ (16,056)	$ (12,688)	$ (29,463)
Weighted average common shares outstanding (basic) (in shares)	48,354	48,249	48,345	48,246
Weighted average common shares outstanding (diluted) (in shares)	48,354	48,249	48,345	48,246
Per common share amounts (basic and diluted):
Net loss (basic) (in dollars per share)	$ (0.25)	$ (0.33)	$ (0.27)	$ (0.61)
Net loss (diluted) (in dollars per share)	$ (0.25)	$ (0.33)	$ (0.27)	$ (0.61)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net amortization of debt premiums, discounts and issuance costs	$ 2,327	$ 2,366	$ 4,532	$ 4,770

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Common Distributions
Beginning balance (in shares) at Dec. 31, 2021		48,425,665
Beginning balance at Dec. 31, 2021	$ 1,496,709	$ 484	$ 2,617,169	$ 175,715	$ (1,296,659)
Increase (Decrease) in Shareholders' Equity
Share grants	415		415
Share forfeitures (in shares)		(400)
Share forfeitures	(1)		(1)
Net loss	(13,407)			(13,407)
Distributions to common shareholders	(26,634)				(26,634)
Ending balance (in shares) at Mar. 31, 2022		48,425,265
Ending balance at Mar. 31, 2022	1,457,082	$ 484	2,617,583	162,308	(1,323,293)
Beginning balance (in shares) at Dec. 31, 2021		48,425,665
Beginning balance at Dec. 31, 2021	1,496,709	$ 484	2,617,169	175,715	(1,296,659)
Increase (Decrease) in Shareholders' Equity
Net loss	(29,463)
Ending balance (in shares) at Jun. 30, 2022		48,455,075
Ending balance at Jun. 30, 2022	1,415,450	$ 485	2,618,640	146,252	(1,349,927)
Beginning balance (in shares) at Mar. 31, 2022		48,425,265
Beginning balance at Mar. 31, 2022	1,457,082	$ 484	2,617,583	162,308	(1,323,293)
Increase (Decrease) in Shareholders' Equity
Share grants (in shares)		31,500
Share grants	1,079	$ 1	1,078
Share forfeitures (in shares)		(1,690)
Share forfeitures	(21)		(21)
Net loss	(16,056)			(16,056)
Distributions to common shareholders	(26,634)				(26,634)
Ending balance (in shares) at Jun. 30, 2022		48,455,075
Ending balance at Jun. 30, 2022	1,415,450	$ 485	2,618,640	146,252	(1,349,927)
Beginning balance (in shares) at Dec. 31, 2022		48,565,644
Beginning balance at Dec. 31, 2022	1,386,335	$ 486	2,619,532	169,606	(1,403,289)
Increase (Decrease) in Shareholders' Equity
Share grants	477		477
Share forfeitures and repurchases (in shares)		(1,935)
Share forfeitures and repurchases	(15)		(15)
Net loss	(446)			(446)
Distributions to common shareholders	(26,710)				(26,710)
Ending balance (in shares) at Mar. 31, 2023		48,563,709
Ending balance at Mar. 31, 2023	1,359,641	$ 486	2,619,994	169,160	(1,429,999)
Beginning balance (in shares) at Dec. 31, 2022		48,565,644
Beginning balance at Dec. 31, 2022	1,386,335	$ 486	2,619,532	169,606	(1,403,289)
Increase (Decrease) in Shareholders' Equity
Net loss	(12,688)
Ending balance (in shares) at Jun. 30, 2023		48,587,650
Ending balance at Jun. 30, 2023	1,335,955	$ 486	2,620,691	156,918	(1,442,140)
Beginning balance (in shares) at Mar. 31, 2023		48,563,709
Beginning balance at Mar. 31, 2023	1,359,641	$ 486	2,619,994	169,160	(1,429,999)
Increase (Decrease) in Shareholders' Equity
Share grants (in shares)		31,500
Share grants	744		744
Share forfeitures and repurchases (in shares)		(7,559)
Share forfeitures and repurchases	(47)		(47)
Net loss	(12,242)			(12,242)
Distributions to common shareholders	(12,141)				(12,141)
Ending balance (in shares) at Jun. 30, 2023		48,587,650
Ending balance at Jun. 30, 2023	$ 1,335,955	$ 486	$ 2,620,691	$ 156,918	$ (1,442,140)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (12,688)	$ (29,463)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		50,459	49,455
Net amortization of debt premiums, discounts and issuance costs		4,532	4,770
Amortization of acquired real estate leases and assumed real estate lease obligations, net		48,581	65,691
Amortization of deferred leasing costs		4,739	4,096
(Gain) loss on sale of real estate		(243)	9,488
Loss on impairment of real estate		0	21,820
Loss on early extinguishment of debt		0	77
Straight line rental income		(8,429)	(5,461)
Other non-cash expenses, net		673	943
Equity in net losses of investees		1,525	1,679
Change in assets and liabilities:
Rents receivable		3,440	6,770
Deferred leasing costs		(13,106)	(15,194)
Other assets		3,234	4,821
Accounts payable and other liabilities		5,748	(10,460)
Due to related persons		(237)	(119)
Net cash provided by operating activities		88,228	108,913
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements		(138,724)	(89,144)
Distributions in excess of earnings from unconsolidated joint ventures		0	51
Contributions to unconsolidated joint ventures		(3,763)	(2,202)
Proceeds from sale of properties, net		12,527	74,183
Net cash used in investing activities		(129,960)	(17,112)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of mortgage notes payable		(50,000)	(25,283)
Proceeds from issuance of mortgage notes payable		108,120	0
Repayment of senior unsecured notes		0	(300,000)
Borrowings on unsecured revolving credit facility		205,000	230,000
Repayments on unsecured revolving credit facility		(160,000)	0
Payment of debt issuance costs		(8,907)	0
Repurchase of common shares		(57)	(16)
Distributions to common shareholders		(38,851)	(53,268)
Net cash provided by (used in) financing activities		55,305	(148,567)
Increase (decrease) in cash, cash equivalents and restricted cash		13,573	(56,766)
Cash, cash equivalents and restricted cash at beginning of period		12,249	84,515
Cash, cash equivalents and restricted cash at end of period		25,822	27,749
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		51,134	56,490
Income taxes paid		339	283
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued, not paid		30,852	25,706
Capitalized interest		4,732	1,600
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents		25,212	26,006
Restricted cash	[1]	610	1,743
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows		$ 25,822	$ 27,749
[1]Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Office Properties Income Trust and its subsidiaries, or OPI, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. The preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles. Pending Merger with Diversified Healthcare Trust On April 11, 2023, we and Diversified Healthcare Trust, or DHC, entered into an Agreement and Plan of Merger, or the Merger Agreement, pursuant to which, on the terms and subject to the satisfaction or waiver of the conditions thereof, DHC will be merged with and into us, with us continuing as the surviving entity in the merger, or the Merger. Pursuant to the terms and subject to the conditions and limitations set forth in the Merger Agreement, at the date and time the Merger becomes effective, or the Effective Time, each common share of beneficial interest, $0.01 par value per share, of DHC, or the DHC Common Shares, issued and outstanding as of immediately prior to the Effective Time will be automatically converted into the right to receive 0.147 (such ratio, the Exchange Ratio) of our common shares of beneficial interest, $0.01 par value per share, or our common shares, subject to adjustment for certain reclassifications, distributions, recapitalizations or similar transactions and other exceptional distributions as described in the Merger Agreement, with cash paid in lieu of fractional shares. Other than as provided in the Merger Agreement, the Exchange Ratio is fixed and will not be adjusted to reflect changes in the market price of our common shares or the DHC Common Shares prior to the Effective Time. Our common shares issued and outstanding immediately prior to the Effective Time will remain issued and outstanding common shares of beneficial ownership of the surviving entity following the Merger. In connection with the Merger, we expect to change our name to “Diversified Properties Trust” and, following the Effective Time, will change our ticker symbol to “DPT.” The transactions contemplated by the Merger Agreement and the terms thereof were evaluated, negotiated and recommended to our Board of Trustees, or our Board, by a special committee of our Board, or the OPI Special Committee, and to DHC’s board of trustees, or the DHC Board, by a special committee of DHC’s Board, or the DHC Special Committee, each consisting of disinterested, independent trustees of us and DHC, respectively. Following the recommendations of the OPI Special Committee and the DHC Special Committee, our Board and the DHC Board each approved the Merger Agreement and the transactions contemplated thereby and resolved to recommend that the OPI and DHC shareholders, respectively, vote in favor of approval of the Merger and the transactions contemplated thereby. Our shareholders will be asked to vote on the approval of the Merger and related matters, including the issuance of our common shares in the Merger, at a special meeting of our shareholders. The consummation of the Merger is subject to the satisfaction or waiver of certain closing conditions, including, among others: (1) the approval of the Merger by the affirmative vote of at least a majority of all the votes entitled to be cast by holders of outstanding DHC Common Shares at the meeting held for that purpose; (2) the approval of the Merger by the affirmative vote of at least a majority of all the votes entitled to be cast by holders of our outstanding common shares at the meeting held for that purpose; (3) the approval of the issuance of our common shares to be issued in the Merger, or the Share Issuance, by the affirmative vote of at least a majority of all votes cast by holders of our outstanding common shares at the meeting held for that purpose; (4) the absence of any statute, rule or regulation by any governmental entity of competent jurisdiction or any temporary, preliminary or permanent judgment, order or decree by any court of competent jurisdiction which would prohibit or make illegal or prevent the consummation of the Merger or any of the transactions contemplated by the Merger Agreement; (5) the effectiveness of the registration statement on Form S-4, as amended, or the Form S-4, filed by us with the Securities and Exchange Commission, or the SEC, in connection with the Share Issuance; (6) the approval (subject to notice of issuance) of The Nasdaq Stock Market LLC, or Nasdaq, of the listing of our common shares to be issued in the Merger; (7) the replacement of our existing revolving credit agreement, on terms that, among other things, would not be reasonably likely to be materially adverse to the business, operations or financial condition of us after giving effect to the Merger and would not delay or prevent the consummation of the Merger; (8) the receipt of certain tax opinions by us and DHC; and (9) the other party’s representations and warranties being accurate (subject to certain customary materiality exceptions) and the other party having performed or complied in all material respects with its agreements and covenants in the Merger Agreement. The Merger Agreement contains certain customary representations, warranties and covenants, including covenants providing that we and DHC will use reasonable best efforts to conduct our and its respective businesses in all material respects in the ordinary course during the period between the execution of the Merger Agreement and the earlier of the Effective Time or the termination of the Merger Agreement, and to refrain from taking certain types of actions without the other party’s consent during the period between the execution of the Merger Agreement and the earlier of the Effective Time or the termination of the Merger Agreement, subject in each case to specified exceptions. In connection with the execution of the Merger Agreement, we entered into a commitment letter, dated as of April 11, 2023, with JPMorgan Chase Bank, N.A., or JPM, pursuant to which JPM committed to provide, subject to the terms and conditions of the commitment letter, a senior secured bridge facility to us in an aggregate principal amount of $368,000. As of June 30, 2023, we have issued four mortgage notes with an aggregate principal balance of $108,120 secured by properties that previously collateralized the senior secured bridge facility, and as a result, we subsequently amended the commitment letter to reduce the principal amount of the senior secured bridge facility to $259,880. For more information regarding our mortgage notes, see Note 6.

Per Common Share Amounts

Per Common Share Amounts	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Per Common Share Amounts	Per Common Share Amounts We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerators: Net loss $ (12,242) $ (16,056) $ (12,688) $ (29,463) Income attributable to unvested participating securities (56) (100) (182) (200) Net loss used in calculating earnings per share $ (12,298) $ (16,156) $ (12,870) $ (29,663) Denominators: Weighted average common shares outstanding - basic and diluted 48,354 48,249 48,345 48,246 Net loss per common share - basic and diluted $ (0.25) $ (0.33) $ (0.27) $ (0.61)

Real Estate Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Properties	Real Estate PropertiesAs of June 30, 2023, our wholly owned properties were comprised of 155 properties containing approximately 20,784,000 rentable square feet, with an undepreciated carrying value of $4,050,183, including $14,630 classified as held for sale. We also had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties containing approximately 444,000 rentable square feet. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2023 and 2053. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the three months ended June 30, 2023, we entered into 23 leases for approximately 713,000 rentable square feet for a weighted (by rentable square feet) average lease term of 10.3 years and we made commitments of $40,638 for leasing related costs. During the six months ended June 30, 2023, we entered into 39 leases for approximately 916,000 rentable square feet for a weighted (by rentable square feet) average lease term of 9.5 years and we made commitments for approximately $49,385 of leasing related costs. As of June 30, 2023, we had estimated unspent leasing related obligations of $151,798. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives. Disposition Activities During the six months ended June 30, 2023, we sold five properties containing approximately 296,000 rentable square feet for an aggregate sales price of $13,075, excluding closing costs. The sales of these properties, as presented in the table below, do not represent significant dispositions individually or in the aggregate, nor do they represent a strategic shift in our business. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our condensed consolidated statements of comprehensive income (loss). Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate January 2023 3 Richmond, VA 89,000 $ 5,350 $ 2,548 April 2023 1 Phoenix, AZ 107,000 4,900 511 June 2023 1 Vernon Hills, IL 100,000 2,825 (2,816) 5 296,000 $ 13,075 $ 243 (1) Gross sales price is the gross contract price, excluding closing costs. As of June 30, 2023, we had two properties classified as held for sale in our condensed consolidated balance sheet. As of July 25, 2023, we have entered into an agreement to sell one of the properties classified as held for sale containing approximately 80,000 rentable square feet for a sales price of $10,500, excluding closing costs. This pending sale is subject to conditions, and accordingly, we cannot be sure that we will complete this sale or that this sale will not be delayed or the terms will not change. Unconsolidated Joint Ventures We own interests in two joint ventures that own three properties. We account for these investments under the equity method of accounting. As of June 30, 2023 and December 31, 2022, our investments in unconsolidated joint ventures consisted of the following: OPI Carrying Value of Investments at Joint Venture OPI Ownership June 30, December 31, 2022 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51% $ 18,810 $ 19,237 2 Fairfax, VA 329,000 1750 H Street, NW 50% 18,557 15,892 1 Washington, D.C. 115,000 Total $ 37,367 $ 35,129 3 444,000 The following table provides a summary of the mortgage debt of our two unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at June 30, 2023 and December 31, 2022 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW (3) 3.69% 8/1/2027 32,000 Weighted Average / Total 3.93% $ 82,000 (1) Includes the effect of mark to market purchase accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we do not own. None of the debt is recourse to us. (3) In July 2023, the maturity date of this mortgage loan was extended by three years at the same interest rate. At June 30, 2023, the aggregate unamortized basis difference of our two unconsolidated joint ventures of $6,245 was primarily attributable to the difference between the amount we paid to purchase our interest in these joint ventures, including transaction costs, and the historical carrying value of the net assets of these joint ventures. This difference is being amortized over the remaining useful life of the related properties and the resulting amortization expense is included in equity in net losses of investees in our condensed consolidated statements of comprehensive income (loss).

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. We increased rental income to record revenue on a straight line basis by $4,256 and $2,775 for the three months ended June 30, 2023 and 2022, respectively, and $8,429 and $5,461 for the six months ended June 30, 2023 and 2022, respectively. Rents receivable, excluding properties classified as held for sale, included $94,705 and $86,305 of straight line rent receivables at June 30, 2023 and December 31, 2022, respectively.
Leases	Leases Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. We increased rental income to record revenue on a straight line basis by $4,256 and $2,775 for the three months ended June 30, 2023 and 2022, respectively, and $8,429 and $5,461 for the six months ended June 30, 2023 and 2022, respectively. Rents receivable, excluding properties classified as held for sale, included $94,705 and $86,305 of straight line rent receivables at June 30, 2023 and December 31, 2022, respectively.

Concentration

Concentration	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentration	Concentration Tenant and Credit Concentration We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. As of June 30, 2023 and 2022, the U.S. government and certain state and other government tenants combined were responsible for approximately 28.5% and 28.4%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 19.6% and 18.5% of our annualized rental income as of June 30, 2023 and 2022, respectively. Geographic Concentration At June 30, 2023, our 155 wholly owned properties were located in 30 states and the District of Columbia. Properties located in California, Virginia, Illinois, the District of Columbia and Georgia were responsible for approximately 11.9%, 11.1%, 10.7%, 10.3% and 9.2% of our annualized rental income as of June 30, 2023, respectively.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at June 30, 2023 were: (1) $240,000 of outstanding borrowings under our $750,000 unsecured revolving credit facility; (2) $2,212,000 aggregate outstanding principal amount of senior unsecured notes; and (3) $108,120 aggregate outstanding principal amount of mortgage notes. Our $750,000 revolving credit facility is governed by a credit agreement, or our credit agreement, with a syndicate of institutional lenders that includes a feature under which the maximum aggregate borrowing availability may be increased to up to $1,950,000 in certain circumstances. Our revolving credit facility is available for general business purposes, including acquisitions. In June 2023, we exercised our option to extend the maturity date of our revolving credit facility by six months to January 31, 2024 and paid an extension fee of $469. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity and no principal repayment is due until maturity. In March 2023, we amended our credit agreement to, among other things, replace LIBOR with the secured overnight financing rate, or SOFR, as the benchmark interest rate for calculating interest payable on the amounts outstanding under our revolving credit facility. We are required to pay interest at a rate of SOFR plus a premium, which was 145 basis points per annum at June 30, 2023, on the amount outstanding under our revolving credit facility. We also pay a facility fee on the total amount of lending commitments under our revolving credit facility, which was 30 basis points per annum at June 30, 2023. Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. As of June 30, 2023 and December 31, 2022, the annual interest rate payable on borrowings under our revolving credit facility was 6.6% and 5.4%, respectively. The weighted average annual interest rate for borrowings under our revolving credit facility was 6.5% and 6.2% for the three and six months ended June 30, 2023, respectively, and 2.4% for both the three and six months ended June 30, 2022. As of June 30, 2023 and July 25, 2023, we had $240,000 and $230,000, respectively, outstanding under our revolving credit facility, and $510,000 and $520,000, respectively, available for borrowing. Our credit agreement and senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes The RMR Group LLC, or RMR, ceasing to act as our business and property manager. Our credit agreement and senior unsecured notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our credit agreement and senior unsecured notes indentures and their supplements at June 30, 2023. Mortgage Note Issuances During the six months ended June 30, 2023, we issued the following four mortgage notes with an aggregate principal balance of $108,120 and a weighted average interest rate of 7.863%: Issuance Date Principal Balance Interest Rate Maturity May 2023 $ 30,680 7.210% 7/1/2033 June 2023 26,340 8.139% 7/1/2028 June 2023 42,700 8.272% 7/1/2028 June 2023 8,400 7.305% 7/1/2033 Total / Weighted Average $ 108,120 7.863% Mortgage Note Repayment In June 2023, we repaid at maturity, a mortgage note secured by one property with an outstanding principal balance of $50,000 and an annual interest rate of 3.70%.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, accounts payable, a revolving credit facility, senior unsecured notes, mortgage notes payable, amounts due to related persons, other accrued expenses and security deposits. At June 30, 2023 and December 31, 2022, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of June 30, 2023 As of December 31, 2022 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.25% interest rate, due in 2024 $ 348,004 $ 330,082 $ 346,863 $ 331,601 Senior unsecured notes, 4.50% interest rate, due in 2025 644,542 561,672 642,818 589,388 Senior unsecured notes, 2.650% interest rate, due in 2026 298,151 221,097 297,839 232,770 Senior unsecured notes, 2.400% interest rate, due in 2027 347,776 235,344 347,466 256,606 Senior unsecured notes, 3.450% interest rate, due in 2031 396,396 210,204 396,178 268,004 Senior unsecured notes, 6.375% interest rate, due in 2050 156,807 79,704 156,711 113,075 Mortgage notes payable (2) (3) 106,365 111,230 49,917 49,099 Total $ 2,298,041 $ 1,749,333 $ 2,237,792 $ 1,840,543 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $22,079 and $24,208 as of June 30, 2023 and December 31, 2022, respectively. (2) Balances as of December 31, 2022 include a mortgage note secured by one property with an outstanding principal balance of $50,000 that was repaid in June 2023. (3) Balances as of June 30, 2023 include four mortgage notes issued during the six months ended June 30, 2023 with an aggregate outstanding principal balance of $108,120. We estimated the fair values of our senior unsecured notes (except for our senior unsecured notes due 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair value of our senior unsecured notes due 2050 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Awards On June 13, 2023, in accordance with our Trustee compensation agreements, we awarded to each of our nine Trustees 3,500 of our common shares, valued at $7.90 per share, the closing price of our common shares on Nasdaq on that day. Share Purchases During the three and six months ended June 30, 2023, we purchased an aggregate of 6,779 and 7,754 of our common shares, valued at a weighted average share price of $6.48 and $7.37 from one of our Trustees and certain former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions During the six months ended June 30, 2023, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Distributions Per Common Share Total Distributions January 12, 2023 January 23, 2023 February 16, 2023 $ 0.55 $ 26,710 April 13, 2023 April 24, 2023 May 18, 2023 0.25 12,141 $ 0.80 $ 38,851 On July 13, 2023, we declared a regular quarterly distribution payable to common shareholders of record on July 24, 2023 in the amount of $0.25 per share, or approximately $12,150. We expect to pay this distribution on or about August 17, 2023.

Business and Property Managemen

Business and Property Management Agreements with RMR	6 Months Ended
	Jun. 30, 2023
Property Management Fee [Abstract]
Business and Property Management Agreements with RMR	Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Pursuant to our business management agreement with RMR, we recognized net business management fees of $3,592 and $7,543 for the three and six months ended June 30, 2023, respectively, and $4,492 and $9,202 for the three and six months ended June 30, 2022, respectively. Based on our common share total return, as defined in our business management agreement, as of June 30, 2023, no estimated incentive fees are included in the net business management fees we recognized for the three and six months ended June 30, 2023. The actual amount of annual incentive fees for 2023, if any, will be based on our common share total return for the three year period ending December 31, 2023, and will be payable in January 2024. We did not incur an incentive fee payable to RMR for the year ended December 31, 2022. We include business management fees in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). Pursuant to our property management agreement with RMR, we recognized aggregate net property management and construction supervision fees of $6,163 and $12,482 for the three and six months ended June 30, 2023, respectively, and $6,394 and $12,522 for the three and six months ended June 30, 2022, respectively. Of these amounts, for the three and six months ended June 30, 2023, $3,801 and $7,534, respectively, were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $2,362 and $4,948, respectively, were capitalized as building improvements in our condensed consolidated balance sheet. For the three and six months ended June 30, 2022, $4,015 and $8,241, respectively, were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $2,379 and $4,281, respectively, were capitalized as building improvements in our condensed consolidated balance sheet. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. In connection with the Merger, on April 11, 2023, we and RMR entered into a Third Amended and Restated Property Management Agreement, or the Amended Property Management Agreement. For more information about the Amended Property Management Agreement, refer to Note 10. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $6,617 and $12,964 for these expenses and costs for the three and six months ended June 30, 2023, respectively, and $6,047 and $12,013 for the three and six months ended June 30, 2022, respectively. We included these amounts in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss). Management Agreements Between Our Joint Ventures and RMR . RMR provides management services to our two unconsolidated joint ventures. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint ventures. The joint ventures pay management fees directly to RMR.

Related Person Transactions

Related Person Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director, the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Jennifer B. Clark, our other Managing Trustee and our Secretary, also serves as a managing director and the executive vice president, general counsel and secretary of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. Each of our officers is an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR serve as managing trustees or officers of certain of these companies. Our Manager, RMR. We have two agreements with RMR to provide management services to us. RMR also provides management services to our two unconsolidated joint ventures. See Note 9 for more information regarding our and our unconsolidated joint ventures’ management agreements with RMR. Leases with RMR. We lease office space to RMR in certain of our properties for RMR’s property management offices. Pursuant to our lease agreements with RMR, we recognized rental income from RMR for leased office space of $244 and $467 for the three and six months ended June 30, 2023, respectively, and $285 and $569 for the three and six months ended June 30, 2022, respectively. Sonesta . In June 2021, we entered into a 30-year lease agreement with a subsidiary of Sonesta International Hotels Corporation, or Sonesta, in connection with the redevelopment of an office property we own in Washington, D.C. as a mixed-use property. Sonesta’s lease is for the full-service hotel component of the property that includes approximately 230,000 rentable square feet, which represents approximately 54% of the total square feet upon completion of the redevelopment. We substantially completed the redevelopment in June 2023 and the term of the lease is estimated to commence in August 2023. Sonesta has two options to extend the term for 10 years each. Pursuant to the lease agreement, Sonesta will pay us annual base rent of approximately $6,436 beginning 18 months after the lease commences. The annual base rent will increase by 10% every five years throughout the term. Sonesta is also obligated to pay its pro rata share of the operating costs for the building. We estimate that the total cost to build the hotel space will be approximately $77,000, of which approximately $73,000 has been incurred as of June 30, 2023. Mr. Portnoy is a director and controlling shareholder of Sonesta and Ms. Clark is also a director of Sonesta. Merger Agreement with Diversified Healthcare Trust . As described further in Note 1, on April 11, 2023, we and DHC entered into the Merger Agreement, pursuant to which, on the terms and subject to the satisfaction or waiver of the conditions thereof, DHC will be merged with and into us, with us continuing as the surviving entity in the merger. Subject to the satisfaction or waiver of the conditions to closing, the Merger is expected to close during the third quarter of 2023. RMR serves as our and DHC’s manager and will continue to manage the surviving entity following the Merger. Contemporaneously with the execution of the Merger Agreement, on April 11, 2023, we and RMR entered into the Amended Property Management Agreement. The effectiveness of the Amended Property Management Agreement is conditioned upon and will be concurrent with the consummation of the Merger. If the Merger is not consummated, the Amended Property Management Agreement will not become effective and the Second Amended and Restated Property Management Agreement, or the Current Property Management Agreement, will remain in effect. Pursuant to the Amended Property Management Agreement, at the Effective Time, properties currently owned by DHC that are subject to its existing property management agreement, including its medical office and life science properties, will become subject to the terms and conditions of the Amended Property Management Agreement. Also pursuant to the Amended Property Management Agreement, RMR will be entitled to a renovation and repositioning fee equal to 3% of the cost of any major capital projects and repositionings at senior living communities currently owned by DHC that the surviving entity may request RMR to oversee from time to time, consistent with DHC’s existing property management agreement with RMR. The terms of the Amended Property Management Agreement are otherwise consistent with the terms of the Current Property Management Agreement. In addition, contemporaneously with the execution of the Merger Agreement, we, DHC and RMR entered into a letter agreement pursuant to which, on the terms and subject to conditions contained therein, DHC and RMR have acknowledged and agreed that, effective upon consummation of the Merger, DHC shall have terminated its business and property management agreements with RMR for convenience, and RMR shall have waived its right to receive payment of the termination fee pursuant to each such agreement upon such termination. The foregoing terminations and waivers apply only in respect of the Merger and do not apply to any other transaction or arrangement. For more information about these and other such relationships and certain other related person transactions, refer to our 2022 Annual Report and our joint proxy statement/prospectus that is included in our registration statement on Form S-4 filed with the SEC.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The accompanying condensed consolidated financial statements of Office Properties Income Trust and its subsidiaries, or OPI, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Basis of Presentation	The preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
Revenue Recognition	Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis.

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerators: Net loss $ (12,242) $ (16,056) $ (12,688) $ (29,463) Income attributable to unvested participating securities (56) (100) (182) (200) Net loss used in calculating earnings per share $ (12,298) $ (16,156) $ (12,870) $ (29,663) Denominators: Weighted average common shares outstanding - basic and diluted 48,354 48,249 48,345 48,246 Net loss per common share - basic and diluted $ (0.25) $ (0.33) $ (0.27) $ (0.61)

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of disposition activities	Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate January 2023 3 Richmond, VA 89,000 $ 5,350 $ 2,548 April 2023 1 Phoenix, AZ 107,000 4,900 511 June 2023 1 Vernon Hills, IL 100,000 2,825 (2,816) 5 296,000 $ 13,075 $ 243 (1) Gross sales price is the gross contract price, excluding closing costs.
Schedule of joint ventures	As of June 30, 2023 and December 31, 2022, our investments in unconsolidated joint ventures consisted of the following: OPI Carrying Value of Investments at Joint Venture OPI Ownership June 30, December 31, 2022 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51% $ 18,810 $ 19,237 2 Fairfax, VA 329,000 1750 H Street, NW 50% 18,557 15,892 1 Washington, D.C. 115,000 Total $ 37,367 $ 35,129 3 444,000 The following table provides a summary of the mortgage debt of our two unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at June 30, 2023 and December 31, 2022 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW (3) 3.69% 8/1/2027 32,000 Weighted Average / Total 3.93% $ 82,000 (1) Includes the effect of mark to market purchase accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we do not own. None of the debt is recourse to us. (3) In July 2023, the maturity date of this mortgage loan was extended by three years at the same interest rate.

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of mortgage note issuances	During the six months ended June 30, 2023, we issued the following four mortgage notes with an aggregate principal balance of $108,120 and a weighted average interest rate of 7.863%: Issuance Date Principal Balance Interest Rate Maturity May 2023 $ 30,680 7.210% 7/1/2033 June 2023 26,340 8.139% 7/1/2028 June 2023 42,700 8.272% 7/1/2028 June 2023 8,400 7.305% 7/1/2033 Total / Weighted Average $ 108,120 7.863%

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value and carrying value of financial instruments	At June 30, 2023 and December 31, 2022, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of June 30, 2023 As of December 31, 2022 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.25% interest rate, due in 2024 $ 348,004 $ 330,082 $ 346,863 $ 331,601 Senior unsecured notes, 4.50% interest rate, due in 2025 644,542 561,672 642,818 589,388 Senior unsecured notes, 2.650% interest rate, due in 2026 298,151 221,097 297,839 232,770 Senior unsecured notes, 2.400% interest rate, due in 2027 347,776 235,344 347,466 256,606 Senior unsecured notes, 3.450% interest rate, due in 2031 396,396 210,204 396,178 268,004 Senior unsecured notes, 6.375% interest rate, due in 2050 156,807 79,704 156,711 113,075 Mortgage notes payable (2) (3) 106,365 111,230 49,917 49,099 Total $ 2,298,041 $ 1,749,333 $ 2,237,792 $ 1,840,543 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $22,079 and $24,208 as of June 30, 2023 and December 31, 2022, respectively. (2) Balances as of December 31, 2022 include a mortgage note secured by one property with an outstanding principal balance of $50,000 that was repaid in June 2023.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Dividends	During the six months ended June 30, 2023, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Distributions Per Common Share Total Distributions January 12, 2023 January 23, 2023 February 16, 2023 $ 0.55 $ 26,710 April 13, 2023 April 24, 2023 May 18, 2023 0.25 12,141 $ 0.80 $ 38,851

Basis of Presentation (Details)

Basis of Presentation (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2023 USD ($) mortgage_note $ / shares	Apr. 11, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Number of mortgage notes | mortgage_note	4
Mortgages
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal balance	$ 108,120
Outstanding principal amount	108,120
Senior Secured Bridge Facility | Bridge Loan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal balance	$ 259,880	$ 368,000
Diversified Healthcare Trust
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01
Business combination, exchange ratio		0.147

Per Common Share Amounts - Inco

Per Common Share Amounts - Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerators:
Net loss	$ (12,242)	$ (446)	$ (16,056)	$ (13,407)	$ (12,688)	$ (29,463)
Income attributable to unvested participating securities	(56)		(100)		(182)	(200)
Net loss used in calculating earnings per share	$ (12,298)		$ (16,156)		$ (12,870)	$ (29,663)
Denominators:
Weighted average common shares outstanding - basic (in shares)	48,354		48,249		48,345	48,246
Weighted average common shares outstanding (diluted) (in shares)	48,354		48,249		48,345	48,246
Net loss (basic) (in dollars per share)	$ (0.25)		$ (0.33)		$ (0.27)	$ (0.61)
Net loss (diluted) (in dollars per share)	$ (0.25)		$ (0.33)		$ (0.27)	$ (0.61)

Real Estate Properties - Additi

Real Estate Properties - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) ft² lease property	Jun. 30, 2023 USD ($) ft² joint_venture property lease	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Real estate aggregate undepreciated carrying value	$ 4,035,553	$ 4,035,553	$ 3,936,074
Number of joint ventures | joint_venture		2
Number of leases entered | lease	23	39
Rentable square feet (in square feet) | ft²	713,000	916,000
Weighted average lease term	10 years 3 months 18 days	9 years 6 months
Expenditures committed on leases	$ 40,638	$ 49,385
Committed but unspent tenant related obligations estimated	$ 151,798	$ 151,798
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of properties (in properties) | property	3	3
Rentable square feet (in square feet) | ft²	444,000	444,000
Number of buildings, noncontrolling interest | property		3
Joint Venture 1
Real Estate Properties [Line Items]
Ownership percentage	51%	51%
Joint Venture 2
Real Estate Properties [Line Items]
Ownership percentage	50%	50%
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties (in properties) | property	2	2
Real estate held-for-sale	$ 14,630	$ 14,630
Continuing operations
Real Estate Properties [Line Items]
Number of properties (in properties) | property	155	155
Rentable square feet (in square feet) | ft²	20,784,000	20,784,000
Real estate aggregate undepreciated carrying value	$ 4,050,183	$ 4,050,183

Real Estate Properties - Dispos

Real Estate Properties - Disposition Activities (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 25, 2023 USD ($) ft² property	Jun. 30, 2023 USD ($) ft² property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² property	Jun. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate		$ (2,305)	$ (11,637)	$ 243	$ (9,488)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties (in properties) | property		5		5
Rentable square feet (in square feet) | ft²		296,000		296,000
Gross sales price				$ 13,075
Gain (loss) on sale of real estate				$ 243
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Rentable square feet (in square feet) | ft²	80,000
Gross sales price	$ 10,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Richfield, VA
Real Estate Properties [Line Items]
Number of properties (in properties) | property		3		3
Rentable square feet (in square feet) | ft²		89,000		89,000
Gross sales price				$ 5,350
Gain (loss) on sale of real estate				$ 2,548
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Phoenix, AZ
Real Estate Properties [Line Items]
Number of properties (in properties) | property		1		1
Rentable square feet (in square feet) | ft²		107,000		107,000
Gross sales price				$ 4,900
Gain (loss) on sale of real estate				$ 511
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Vernon Hills, IL
Real Estate Properties [Line Items]
Number of properties (in properties) | property		1		1
Rentable square feet (in square feet) | ft²		100,000		100,000
Gross sales price				$ 2,825
Gain (loss) on sale of real estate				$ (2,816)
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties (in properties) | property		2		2
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Number of properties (in properties) | property	1

Real Estate Properties - Uncons

Real Estate Properties - Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023 USD ($) ft² joint_venture property	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number of joint ventures | joint_venture		2
Mortgages
Real Estate [Line Items]
Interest rate (as a percent)		7.863%
Principal balance		$ 108,120
Unconsolidated Joint Ventures
Real Estate [Line Items]
Number of properties (in properties) | property		3
Investment at carrying value		$ 37,367	$ 35,129
Rentable Square Feet (in square feet) | ft²		444,000
Unamortized basis difference		$ 6,245
Unconsolidated Joint Ventures | Mortgages
Real Estate [Line Items]
Interest rate (as a percent)		3.93%
Principal balance		$ 82,000	82,000
Unconsolidated Joint Ventures | Prosperity Metro Plaza
Real Estate [Line Items]
Number of properties (in properties) | property		2
Ownership percentage		51%
Investment at carrying value		$ 18,810	19,237
Rentable Square Feet (in square feet) | ft²		329,000
Unconsolidated Joint Ventures | Prosperity Metro Plaza | Mortgages
Real Estate [Line Items]
Interest rate (as a percent)		4.09%
Principal balance		$ 50,000	50,000
Unconsolidated Joint Ventures | 1750 H Street, NW
Real Estate [Line Items]
Number of properties (in properties) | property		1
Ownership percentage		50%
Investment at carrying value		$ 18,557	15,892
Rentable Square Feet (in square feet) | ft²		115,000
Unconsolidated Joint Ventures | 1750 H Street, NW | Mortgages
Real Estate [Line Items]
Interest rate (as a percent)		3.69%
Principal balance		$ 32,000	$ 32,000
Unconsolidated Joint Ventures | 1750 H Street, NW | Mortgages | Subsequent Event
Real Estate [Line Items]
Extension term	3 years

Leases - Lease Receivables (Det

Leases - Lease Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases [Abstract]
Straight line rent adjustments	$ 4,256	$ 2,775	$ 8,429	$ 5,461
Straight line rent receivables	94,705		94,705		$ 86,305
Variable lease, income	22,190	22,101	43,560	44,637
Tenant reimbursements and other income	$ 20,853	$ 21,009	$ 40,919	$ 42,484

Concentration (Details)

Concentration (Details)	6 Months Ended
	Jun. 30, 2023 state property	Jun. 30, 2022
Continuing operations
Concentration
Number of wholly owned properties | property	155
Number of states in which acquired properties located | state	30
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government, State Governments and Four Other Governments
Concentration
Concentration risk percentage	28.50%	28.40%
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government
Concentration
Concentration risk percentage	19.60%	18.50%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | California
Concentration
Concentration risk percentage	11.90%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | Virginia
Concentration
Concentration risk percentage	11.10%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | Illinois
Concentration
Concentration risk percentage	10.70%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | District of Columbia
Concentration
Concentration risk percentage	10.30%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | Georgia
Concentration
Concentration risk percentage	9.20%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		25 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2022	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jul. 26, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Borrowings outstanding	$ 240,000	$ 240,000		$ 240,000		$ 240,000		$ 195,000
Repayment of mortgage notes payable				$ 50,000	$ 25,283
Number of buildings secured by mortgage notes | property	4	4		4		4
Aggregate net book value of secured properties	$ 153,078	$ 153,078		$ 153,078		$ 153,078
Mortgages
Debt Instrument [Line Items]
Outstanding principal amount	$ 108,120	$ 108,120		$ 108,120		$ 108,120
Interest rate (as a percent)	7.863%	7.863%		7.863%		7.863%
Weighted average interest rate				7.863%
Principal balance	$ 108,120	$ 108,120		$ 108,120		$ 108,120
Mortgages | 7.210% Mortgage Notes Payable
Debt Instrument [Line Items]
Interest rate (as a percent)	7.21%	7.21%		7.21%		7.21%
Principal balance	$ 30,680	$ 30,680		$ 30,680		$ 30,680
Mortgages | 3.700% Mortgage Notes Payable
Debt Instrument [Line Items]
Interest rate (as a percent)	3.70%	3.70%		3.70%		3.70%
Repayment of mortgage notes payable	$ 50,000
Number of buildings secured by mortgage notes | property	1	1		1		1
Unsecured revolving credit facility
Debt Instrument [Line Items]
Borrowings outstanding	$ 240,000	$ 240,000		$ 240,000		$ 240,000
Maximum borrowing capacity on revolving credit facility	750,000	750,000		750,000		750,000
Aggregate principal amount on secured properties	1,950,000	1,950,000		1,950,000		$ 1,950,000
Extension term						6 months
Extension fee	$ 469	$ 469		$ 469		$ 469
Facility fee (as a percent)				0.30%
Interest rate (as a percent)	6.60%	6.60%		6.60%		6.60%		5.40%
Weighted average annual interest rate		6.50%	2.40%	6.20%	2.40%
Line of credit facility, remaining borrowing capacity	$ 510,000	$ 510,000		$ 510,000		$ 510,000
Unsecured revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Borrowings outstanding							$ 230,000
Line of credit facility, remaining borrowing capacity							$ 520,000
Unsecured revolving credit facility | SOFR
Debt Instrument [Line Items]
Interest rate premium (as a percent)				1.45%
Senior unsecured notes
Debt Instrument [Line Items]
Borrowings outstanding	$ 2,212,000	$ 2,212,000		$ 2,212,000		$ 2,212,000

Indebtedness - Mortgage Note Is

Indebtedness - Mortgage Note Issuances (Details) - Mortgages $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Principal balance	$ 108,120
Interest rate (as a percent)	7.863%
7.210% Mortgage Notes Payable
Debt Instrument [Line Items]
Principal balance	$ 30,680
Interest rate (as a percent)	7.21%
8.139% Mortgage Notes Payable
Debt Instrument [Line Items]
Principal balance	$ 26,340
Interest rate (as a percent)	8.139%
8.272% Mortgage Notes Payable
Debt Instrument [Line Items]
Principal balance	$ 42,700
Interest rate (as a percent)	8.272%
7.305% Mortgage Notes Payable
Debt Instrument [Line Items]
Principal balance	$ 8,400
Interest rate (as a percent)	7.305%

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Financial Instruments (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) mortgage_note property	Jun. 30, 2023 USD ($) mortgage_note property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value of Financial Instruments
Senior notes	$ 2,191,676	$ 2,191,676		$ 2,187,875
Mortgage notes payable	$ 106,365	106,365		49,917
Repayment of mortgage notes payable		$ 50,000	$ 25,283
Number of mortgage notes | mortgage_note	4	4
4.25% Senior Unsecured Notes Due 2024
Fair Value of Financial Instruments
Interest rate (as a percent)	4.25%	4.25%
4.50% Senior Unsecured Notes Due 2025
Fair Value of Financial Instruments
Interest rate (as a percent)	4.50%	4.50%
2.650% Senior Unsecured Notes Due 2026
Fair Value of Financial Instruments
Interest rate (as a percent)	2.65%	2.65%
2.400% Senior Unsecured Notes Due 2027
Fair Value of Financial Instruments
Interest rate (as a percent)	2.40%	2.40%
3.450% Senior Unsecured Notes Due 2031
Fair Value of Financial Instruments
Interest rate (as a percent)	3.45%	3.45%
6.375% Senior Unsecured Notes Due 2050
Fair Value of Financial Instruments
Interest rate (as a percent)	6.375%	6.375%
3.700% Mortgage Notes Payable
Fair Value of Financial Instruments
Number of properties (in properties) | property	1	1
Mortgages
Fair Value of Financial Instruments
Interest rate (as a percent)	7.863%	7.863%
Outstanding principal amount	$ 108,120	$ 108,120
Mortgages | 3.700% Mortgage Notes Payable
Fair Value of Financial Instruments
Interest rate (as a percent)	3.70%	3.70%
Repayment of mortgage notes payable	$ 50,000
Senior Notes And Mortgages
Fair Value of Financial Instruments
Unamortized debt premiums, discounts and issuance costs	22,079	$ 22,079		24,208
Carrying Value
Fair Value of Financial Instruments
Fair value of financial instruments	2,298,041	2,298,041		2,237,792
Carrying Value | 4.25% Senior Unsecured Notes Due 2024
Fair Value of Financial Instruments
Senior notes	348,004	348,004		346,863
Carrying Value | 4.50% Senior Unsecured Notes Due 2025
Fair Value of Financial Instruments
Senior notes	644,542	644,542		642,818
Carrying Value | 2.650% Senior Unsecured Notes Due 2026
Fair Value of Financial Instruments
Senior notes	298,151	298,151		297,839
Carrying Value | 2.400% Senior Unsecured Notes Due 2027
Fair Value of Financial Instruments
Senior notes	347,776	347,776		347,466
Carrying Value | 3.450% Senior Unsecured Notes Due 2031
Fair Value of Financial Instruments
Senior notes	396,396	396,396		396,178
Carrying Value | 6.375% Senior Unsecured Notes Due 2050
Fair Value of Financial Instruments
Senior notes	156,807	156,807		156,711
Carrying Value | Mortgages
Fair Value of Financial Instruments
Mortgage notes payable	106,365	106,365		49,917
Fair Value
Fair Value of Financial Instruments
Fair value of financial instruments	1,749,333	1,749,333		1,840,543
Fair Value | 4.25% Senior Unsecured Notes Due 2024
Fair Value of Financial Instruments
Senior notes	330,082	330,082		331,601
Fair Value | 4.50% Senior Unsecured Notes Due 2025
Fair Value of Financial Instruments
Senior notes	561,672	561,672		589,388
Fair Value | 2.650% Senior Unsecured Notes Due 2026
Fair Value of Financial Instruments
Senior notes	221,097	221,097		232,770
Fair Value | 2.400% Senior Unsecured Notes Due 2027
Fair Value of Financial Instruments
Senior notes	235,344	235,344		256,606
Fair Value | 3.450% Senior Unsecured Notes Due 2031
Fair Value of Financial Instruments
Senior notes	210,204	210,204		268,004
Fair Value | 6.375% Senior Unsecured Notes Due 2050
Fair Value of Financial Instruments
Senior notes	79,704	79,704		113,075
Fair Value | Mortgages
Fair Value of Financial Instruments
Mortgage notes payable	$ 111,230	$ 111,230		$ 49,099

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands					3 Months Ended	6 Months Ended
	Jul. 13, 2023 USD ($) $ / shares	Jun. 13, 2023 trustee $ / shares shares	May 18, 2023 USD ($) $ / shares	Feb. 16, 2023 USD ($) $ / shares	Jun. 30, 2023 trustee	Jun. 30, 2023 USD ($) trustee $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases (in shares) | shares						6,779	7,754
Stock repurchase price (in dollars per share)						$ 6.48	$ 7.37
Stock repurchased during period, number of trustees | trustee					1	1
Cash distribution to common shareholders (in dollars per share)			$ 0.25	$ 0.55		$ 0.80
Distributions to common shareholders | $			$ 12,141	$ 26,710		$ 38,851	$ 53,268
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.25
Dividends declared | $	$ 12,150
Share Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trustees | trustee		9
Trustees | Share Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares		3,500
Share price (in dollars per share)		$ 7.90

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) joint_venture agreement employee	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Number of joint ventures | joint_venture			2
RMR LLC
Related Party Transaction [Line Items]
Number of employees | employee			0
Number of agreements | agreement			2
Incentive fee	$ 0		$ 0		$ 0
Reimbursement expense	6,617	$ 6,047	12,964	$ 12,013
RMR LLC | Net Business Management Fees
Related Party Transaction [Line Items]
Related party transaction amount	3,592	4,492	7,543	9,202
RMR LLC | Net Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction amount	6,163	6,394	12,482	12,522
RMR LLC | Net Property Management and Construction Supervision Fees | Buildings and Improvements
Related Party Transaction [Line Items]
Related party transaction amount	2,362	2,379	4,948	4,281
RMR LLC | Net Property Management and Construction Supervision Fees | Other Operating Income (Expense)
Related Party Transaction [Line Items]
Related party transaction amount	$ 3,801	$ 4,015	$ 7,534	$ 8,241

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		25 Months Ended
	Apr. 11, 2023	Jun. 30, 2021 USD ($) ft² renewal_option	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement joint_venture	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Number of joint ventures | joint_venture					2
Rental income			$ 133,997	$ 141,316	$ 266,419	$ 288,670
Real estate payments incurred					$ 138,724	89,144
Related Party | RMR LLC
Related Party Transaction [Line Items]
Number of agreements | agreement					2
Rental income			$ 244	$ 285	$ 467	$ 569
Related Party | Sonesta
Related Party Transaction [Line Items]
Lessor, operating lease, lease not yet commenced, term of contract		30 years
Rentable Square Feet (in square feet) | ft²		230,000
Area of real estate property percentage upon completion of re-development		54%
Number of renewal options | renewal_option		2
Renewal term		10 years
Annual base rent		$ 6,436
Deferred payment plan period		18 months
Annual percentage increase		10%
Annual base rent increase period		5 years
Estimated build cost							$ 77,000
Real estate payments incurred					$ 73,000
Related Party | Diversified Healthcare Trust
Related Party Transaction [Line Items]
Renovation and reposition fee percent	3%