Office Properties Income Trust Optimistic About Tenants Returning to the Office
Mar. 12 2021
Chris Bilotto, President and COO of Office Properties Income Trust (Nasdaq: OPI), participated in a video interview with Nareit.
Bilotto said that Office Properties Income Trust’s portfolio is well-diversified, with the REIT broadly distributed across 34 states and Washington, D.C., with 65% of its annualized revenue coming from investment-grade-rated tenants.
“We believe our tenant strength, along with geographical diversification, has done well for us,” he said. “Collectively we have limited exposure to coastal cities, hardest hit by the pandemic.”
Turning to the work from home trend that became widespread during the pandemic, Bilotto said Office Properties Income Trust has been in a regular dialogue with its tenants on their needs, and the REIT anticipates a balance between time in the office and time at home in the future. He said because of the importance of company culture, mentorship, and other benefits of an office environment, he is generally optimistic about tenants returning.
“On the private sector side, the initial focus is really around reentry into the buildings,” he said. “Certainly the vaccine is going to play a critical role in the long-term plans and the short-term plans.”
This video was recorded in November 2020.