Apr. 18 at 8:39 PM
$SVC $DHC $ILPT
OPI, a REIT managed by RMR, reported
$114M in “Normalized FFO” for 2024 — but their actual NAREIT FFO was
$250M.
This lower number excluded early debt costs and transaction fees, creating the appearance of a liquidity shortfall.
Yet, cash from
$200M+ in asset sales suggests they may have had ample capacity to pay dividends.
Instead, an ATM offering followed — and the stock dropped hard.
If this was purely about cash, why the selective adjustments?
Some investors now question whether the perceived shortfall was used to justify dilution.
Keep an eye on SVC,dhc,ilpt another REIT under RMR’s management, in case a similar pattern emerges.
Transparency matters.
