What drove OPI's earnings beat in Q1 and Q4 of 2024?

Office Properties Income Trust (OPI) experienced a earnings beat in Q4 of 2024, with an EPS Surprise of $0.07 and an estimated revenue of $114.41 million, net income of -$148.68 million. Although OPI's earnings exceeded expectations in Q4 2024, it was not due to the revenue from office properties. The company's strategic moves, such as exchanging $488 million of new notes for $378 million of senior unsecured notes and using proceeds from the sale of 24 properties to repay the balance, significantly reduced total debt principal by nearly $200 million. These debt management strategies likely contributed to the company's positive earnings surprise. |code|Ticker|Name|Date|Revenue Surprise|market_code| |---|---|---|---|---|---| |OPI|OPI.O|Office Properties|2024 Q1|6380000|185| |OPI|OPI.O|Office Properties|2024 Q2|80000|185| |OPI|OPI.O|Office Properties|2024 Q3|500000|185| |OPI|OPI.O|Office Properties|2024 Q4|3831000|185| |code|Ticker|Name|Date|Net Income YoY|Net Income|market_code| |---|---|---|---|---|---|---| |OPI|OPI.O|Office Properties|2024 Q1|-1062.3318385650225|-5184000|185| |OPI|OPI.O|Office Properties|2024 Q2|722.2104231334749|7.6171E7|185| |OPI|OPI.O|Office Properties|2024 Q3|-198.13708977696115|-5.8414E7|185| |OPI|OPI.O|Office Properties|2024 Q4|-300.2045705364593|-1.4868E8|185| |code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code| |---|---|---|---|---|---|---| |OPI|OPI.O|Office Properties|2024 Q1|-1000|-0.11|185| |OPI|OPI.O|Office Properties|2024 Q2|724|1.56|185| |OPI|OPI.O|Office Properties|2024 Q3|-178.0487804878049|-1.14|185|