olivlawolivlaw

olivLaw · US equity research

Office Properties Income Trust OPI

Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)

13.01USD+0.23% · 1 dayClose 04 Nov 2026

Office Properties Income Trust is a REIT that owns and leases office properties to high credit quality tenants in major US markets. After a Chapter 11 reorganization completed in 2026, the company cut its debt by about 714 million dollars and is now trying to stabilise occupancy and cash flow in a still weak office sector.

At the close of 04 Nov 2026, Office Properties Income Trust (OPI) stock was 13.01 USD (+0.23% on the day), with market capitalisation 285.6 m USD, dividend yield 0.15%, 52-week range 12.11–33.85 USD. Latest reported quarter (Q1 2026): revenue of 108.9 m USD (−4.2% YoY), net income of -93.0 m USD, diluted EPS -1.26 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
285.6 m USD
shares as of 04 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -4.36 · TTM to 31 Mar 2026
E/P (TTM)
-33.49%
TTM to 31 Mar 2026
Dividend yield
0.15%
DPS 12m 0.02
Beta (2y)
unavailable
Volatility (1y) 126%
52-week range
12.1133.85

Price history

Loading chart…

Technical reading

RSI (14)
40.4
weak (30–45)
Bollinger (20, 2)
11.60 – 15.45
in the lower half of the band · %B 0.37 · band width 28.5%
SMA 50 / 200
15.50 / unavailable
MACD (12, 26, 9)
-0.77 / -0.89
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−15.5%−1.1%−14.4 pp—
3 months−31.5%−0.5%−31.1 pp—
6 monthsunavailable+4.4%unavailable—
Year to dateunavailable+12.3%unavailable—
1 yearunavailable+13.5%unavailable−11.6%
3 yearsunavailable+76.4%unavailable−3.9%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−64.2%
18 Jun 2026 → 26 Oct 2026
Max drawdown (5y)
−64.2%
18 Jun 2026 → 26 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2026 · 31 Mar 2026

Revenue
108.9 m USD
−4.2% YoY
Net income
-93.0 m USD
unavailable YoY
Diluted EPS
-1.26
unavailable YoY
net / operating
-85.4% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue123.7 m120.6 m118.2 m113.6 m114.5 m109.1 m105.3 m108.9 m
Depreciation & amortisation50.4 m46.0 m48.0 m43.7 m43.8 m42.8 m44.6 m44.1 m
Interest expense38.3 m42.6 m47.3 m53.4 m52.5 m53.3 m44.3 m42.2 m
Pre-tax income76.2 m-58.0 m-148.5 m-45.5 m-41.0 m-66.5 m-118.9 m-93.3 m
Income tax-107.0 k230.0 k24.0 k137.0 k94.0 k-261.0 k146.0 k-146.0 k
Net income76.2 m-58.4 m-148.7 m-45.9 m-41.2 m-66.3 m-119.0 m-93.0 m
Diluted EPS1.56-1.14-2.53 ≈-0.66-0.58-0.90-1.62 ≈-1.26
Operating cash flow31.9 m ≈-17.1 m ≈25.7 m-28.6 m32.4 m ≈-12.2 m ≈1.8 m-52.9 m
Dividends paid488.0 k ≈502.0 k ≈556.0 k698.0 k709.0 k ≈0 ≈00
Share repurchases15.0 k ≈170.0 k ≈1.0 k05.0 k ≈27.0 k ≈0—

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue426.6 m678.4 munavailableunavailableunavailableunavailable502.0 m442.6 m
Revenue YoY+34.8%+59.0%unavailableunavailableunavailableunavailableunavailable−11.8%
Net income-21.9 m30.3 m6.7 m-8.2 m-6.1 m-69.4 m-136.1 m-272.4 m
Net income YoY−281.0%unavailable−78.0%−222.5%unavailableunavailableunavailableunavailable
Diluted EPSunavailable0.630.14-0.17-0.14-1.44-2.63-3.79
Diluted EPS YoYunavailableunavailable−77.8%−221.4%unavailableunavailableunavailableunavailable
net %-5.1%4.5%unavailableunavailableunavailableunavailable-27.1%-61.5%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
29.5 m USD
Financial debt
2.4 bn USD
Net debt
2.4 bn USD
Equity
881.0 m USD
Total assets
3.5 bn USD
Debt / equity
2.73x
Current ratio
unavailable
ROE
-26.8%
ROA
-7.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2024
502.0 m
2025
442.6 m

SEC (XBRL)· 22 May 2026verified

Depreciation & amortisation
2023
209.3 m
2024
194.7 m
2025
175.0 m

SEC (XBRL)· 22 May 2026verified

Interest expense
2023
110.6 m
2024
163.7 m
2025
203.5 m

SEC (XBRL)· 22 May 2026verified

Pre-tax income
2023
-46.9 m
2024
-135.1 m
2025
-271.9 m

SEC (XBRL)· 22 May 2026verified

Income tax
2023
351.0 k
2024
203.0 k
2025
116.0 k

SEC (XBRL)· 22 May 2026verified

Net income
2023
-69.4 m
2024
-136.1 m
2025
-272.4 m

SEC (XBRL)· 22 May 2026verified

Diluted EPS
2023
-1.44
2024
-2.63
2025
-3.79

SEC (XBRL)· 22 May 2026verified

Weighted average diluted shares
2023
48.4 m
2024
51.8 m
2025
71.9 m

SEC (XBRL)· 22 May 2026verified

Dividend per share
2023
1.30
2024
0.04
2025
0.02

SEC (XBRL)· 22 May 2026verified

Balance sheet · USD

Cash
2023
12.3 m
2024
261.3 m
2025
29.5 m

SEC (XBRL)· 22 May 2026verified

Intangibles (excl. goodwill)
2023
263.5 m
2024
193.7 m
2025
150.3 m

SEC (XBRL)· 22 May 2026verified

Total assets
2023
4.0 bn
2024
3.8 bn
2025
3.5 bn

SEC (XBRL)· 22 May 2026verified

Long-term debt
2023
2.6 bn
2024
2.5 bn
2025
2.4 bn

SEC (XBRL)· 22 May 2026verified

Total liabilities
2023
2.7 bn
2024
2.7 bn
2025
2.6 bn

SEC (XBRL)· 22 May 2026verified

Equity
2023
1.3 bn †
2024
1.2 bn †
2025
881.0 m †

SEC (XBRL)· 22 May 2026verified

Cash flow · USD

Operating cash flow
2023
141.7 m
2024
67.2 m
2025
-6.6 m

SEC (XBRL)· 22 May 2026verified

Investing cash flow
2023
-194.8 m
2024
66.6 m
2025
2.2 m

SEC (XBRL)· 22 May 2026verified

Financing cash flow
2023
67.6 m
2024
114.7 m
2025
-190.1 m

SEC (XBRL)· 22 May 2026verified

Dividends paid
2023
63.2 m
2024
2.0 m
2025
1.4 m

SEC (XBRL)· 22 May 2026verified

Share repurchases
2023
294.0 k
2024
192.0 k
2025
32.0 k

SEC (XBRL)· 22 May 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-11.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-73.0%
computed by olivLawTTM to 31 Mar 2026
FCF margin
unavailable
input data missing

Returns

ROE
-40.5%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 30 Jun 2026
ROA
-10.8%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
3.3x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-30.9 m USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
285.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
1.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-33.5%
computed by olivLawTTM to 31 Mar 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.7x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
4.4x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 30 Jun 2026
Dividend yield
0.2%
computed by olivLawTTM to 31 Mar 2026
Shareholder yield (distributions)
0.3%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 30 Jun 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 41.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

13.01 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 285.6 m USD

Key indicators

Market capitalisation
285.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-40.5%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 30 Jun 2026
Net margin
-73.0%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
-11.8%
computed by olivLawFY 2025
Dividend yield
0.2%
computed by olivLawTTM to 31 Mar 2026

Coverage and freshness

20/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 04 Aug 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 1643derived 152

Score by group

41% · Insufficient data

Estimated value range

Low
5.93
USD per share
Mid
10.46
USD per share
High
19.23
USD per share
Price: 13.01 USD
The price is within the range
Potential to the central value: -19.6% (value / price − 1)
Margin of safety: -24.4% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.26 – 38.10 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)0.26 – 0.35 (Mid 0.30)
  • Peers: P/B11.60 – 38.10 (Mid 20.61)
    18 companies used · median multiple 0.9x · quartiles 0.5x – 1.6x
    AEI, AHRT, AIRE, BEEP, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, TRC, TRNO, UE
Multiple comparisons use the SIC vertical: Real Estate (SIC 6500)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 41.3% of at least 60%

FactorValueScoreWeight used
ROE · Quality-40.5%7 (vs peers)16%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation0.6x72 (vs peers)47%
P/E (TTM) · Valuationunavailableunavailable—
Dividend yield · Returns0.2%7 (vs peers)37%
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth· partialunavailable · 0/1 factors with a value
  • Quality· partial7/100 · 1/2 factors with a value
  • Returns· partial7/100 · 1/2 factors with a value
  • Valuation· partial72/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

OFFICE PROPERTIES INCOME TRUST (OPI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 442.6 m USD in 2025; YoY growth -11.8%; net margin -73.0%; ROE -40.5%.

The estimated value range is 5.93–19.23 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 10.46 USD, the price of 13.01 USD leaves a potential of -19.6% (value / price − 1) and a margin of safety of -24.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 41.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • P/B: 0.6x

What contradicts it

  • ROE: -40.5%
  • Dividend yield: 0.2%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), Payout ratio (EPS).

Versus the vertical median

Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies

Multiples and returns vs the median

P/E
—
vertical median 27.4x
EV/EBITDA
—
vertical median 13.3x
P/S
0.7x
vertical median 2.3x
below median (−72.2%)
P/B
0.6x
vertical median 1.0x
below median (−42.9%)
ROE
-40.5%
vertical median 1.3%
below median (−3,184.4%)
Net margin
-73.0%
vertical median 3.1%
below median (−2,478.5%)
EBIT margin
—
vertical median 6.1%
Revenue YoY
-11.8%
vertical median 9.0%
below median (−232.1%)
Net debt/EBITDA
—
vertical median 2.6x
Dividend yield
0.2%
vertical median 5.2%
below median (−97.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CBRECbre Group, Inc.40.7 bn30.216.1%3.1%+13.4%−13% / +79%
VTMXVesta Real Estate Corporation, S.A.B. de C.V.32.7 bn131.89.1%85.4%+12.2%+19% / −2%
TRNOTerreno Realty Corporation7.5 bn20.38.3%68.1%+24.5%+8% / +19%
FSVFirstService Corporation7.1 bn49.014.9%3.5%+5.4%−1% / −1%
CIGIColliers International Group Inc.4.0 bn48.815.7%4.0%+15.3%−32% / −5%
CURBCurbline Properties Corp.3.7 bn125.41.3%11.2%+51.3%+26% / unavailable
CWKCushman & Wakefield Ltd.3.5 bn50.53.4%0.6%+8.9%−11% / +82%
UEUrban Edge Properties2.7 bn24.67.9%22.2%+6.1%+10% / +26%
GTYGetty Realty Corp.1.9 bn17.48.9%42.4%+9.0%+1% / −2%
IIPRInnovative Industrial Properties, Inc.1.6 bn12.57.6%53.2%−13.8%+14% / −31%
FORForestar Group Inc.1.3 bn7.59.6%9.9%+10.1%−2% / −18%
HPPHudson Pacific Properties, Inc.572.8 m—-19.8%-69.1%−1.3%−24% / −74%
DUOFangdd Network Group Ltd.548.5 m—-17.9%-23.9%+9.2%−68% / −96%
AHRTAh Realty Trust, Inc.500.6 m—-6.7%-18.2%+4.1%+3% / −38%
TRCTejon Ranch Co.439.9 m71.31.3%10.6%+18.4%+0% / +3%
FRPHFrp Holdings, Inc.360.7 m2,041,655.00.0%0.2%+2.6%−19% / −32%
MLPMaui Land & Pineapple Co Inc289.5 m—-16.1%-28.6%+68.2%−8% / −2%
OPIOffice Properties Income Trust285.6 m—-40.5%-73.0%−11.8%unavailable / unavailable
CMTGClaros Mortgage Trust, Inc.261.0 m—-36.5%-391.9%−24.4%−44% / −85%
CHCIComstock Holding Companies, Inc.165.7 m6.736.4%32.2%+22.6%+46% / +352%
BEEPMobile Infrastructure Corporation100.4 m—-16.1%-67.2%−5.2%−22% / −54%
LPALogistic Properties of the Americas78.1 m7.54.3%20.9%+14.3%−27% / unavailable
OZBelpointe PREP, LLC47.6 m——-212.1%+243.4%−41% / −50%
AEIAlset Inc.21.1 m—-43.4%-951.4%−78.8%−80% / −54%
CWDCalibercos Inc.4.7 m——-117.3%−60.7%−80% / −98%

1- and 3-year price returns: for OPI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Office Properties Income Trust is a REIT that owns and leases office properties to high credit quality tenants in major US markets. After a Chapter 11 reorganization completed in 2026, the company cut its debt by about 714 million dollars and is now trying to stabilise occupancy and cash flow in a still weak office sector.

    SWOT

    Strengths

    • Geographically diverse portfolio with quality tenants and a high share of revenue from investment grade rated tenants.
    • Debt sharply reduced through reorganization and maturities extended, improving financial flexibility.
    • Relisting on Nasdaq and renewed access to capital markets after emerging from bankruptcy proceedings.

    Weaknesses

    • Portfolio occupancy has fallen over the past year, which reduces rental income.
    • High concentration in one major tenant, the US government, with exposure to federal budgets and policy.
    • Reliance on an external manager for strategy and day-to-day property management.

    Opportunities

    • Selling some properties could generate cash to reduce remaining debt.
    • Re-leasing vacant space to high credit tenants could stabilise revenue.
    • A recovery in capital markets could allow more favourable refinancing.

    Threats

    • Near-term maturities on the credit facility and secured notes could create refinancing pressure.
    • Lower office demand from hybrid work could reduce rents and property values.
    • Government policy on federal office space could reduce income from the largest tenant.

    Risks

    • Near-term debt refinancinghigh

      The credit facility and part of the debt have near maturities, and refinancing could come on tougher terms if markets weaken 2.

    • Dependence on the government tenanthigh

      A large share of income comes from the US government, and federal budgets or policy could reduce demand or cause payment problems 12.

    • Lease expirationsmedium

      A significant share of leases expires before the end of 2027, and re-leasing could be costly or could lower rents 12.

    • Portfolio occupancymedium

      Occupancy has fallen over the past year, and recovering vacant space takes time and significant investment 12.

    • Reliance on the external managerlow

      The company depends on an external manager for strategy and operations, and conflicts of interest with related parties could influence decisions 1.

    Investment thesis

    What would need to be true (bull case)

    • If debt reduction and asset sales follow the plan, the company could have a more stable financial structure than before the reorganization.
    • A portfolio of quality tenants and a high share of investment grade revenue could support cash flow even in a difficult environment.
    • If central office markets stabilise, re-leasing vacant space could improve occupancy and revenue.

    What would break the thesis

    • Office demand could stay weak if hybrid work and space consolidation continue, keeping rents under pressure.
    • Refinancing the credit facility could prove more expensive or more restrictive, limiting the company's flexibility.
    • If asset sales take place below book values, income and net asset value could be hit.

    What to watch

    • Progress on refinancing the credit facility and the 2027 maturities2027
    • Pace of sales of properties identified for salenext 10-Q
    • Trend in occupancy and re-leasing ratesQ3 2026
    • Change in the US government share of rental income and federal budget developmentsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company holds 122 properties with about 17.1 million rentable square feet across 29 states and the District of Columbia 23. Revenue comes mainly from rents, and its largest tenant is the US government, at 18.0% of annualized rental income as of June 30, 2026 2. The 2026 restructuring reduced debt, which stood at 2.4 billion dollars on December 31, 2025 1, and the company was relisted on Nasdaq under the symbol OPI 2.

    The stated strategy is to raise rents and occupancy on existing properties and to sell assets to manage leverage. The company says it does not currently plan significant property acquisitions, but it does not rule out future investments in offices or specialty-use properties 1. Day-to-day management is provided by The RMR Group under management agreements that were kept in place through the reorganization plan 13.

    As of June 30, 2026, the company says about 62% of revenues came from investment grade rated tenants 3. Portfolio occupancy, however, fell from 81.2% to 77.9% between June 2025 and June 2026 across all properties 2, so re-leasing vacant space remains the main operational challenge.

    Segments

    Urban and suburban offices

    The core segment is office properties in central business district, urban infill and suburban locations, with a focus on markets that have high barriers to entry 1. The concentration in the Washington, D.C. area exposes the company to changes in federal leasing policy 2.

    Single or majority tenant properties

    A second group consists of properties leased to a single or majority tenant, often on long leases and built to suit. This model gives steady income but depends on the creditworthiness of a small number of tenants, including the federal government 1.

    Hotel and mixed-use components

    The company also mentions a hotel component of a mixed-use property in Washington, D.C., reported separately in its financial statements 2. This component is not central to the office portfolio and may be affected by hospitality markets.

    Market context

    Demand for office space remains under pressure because of hybrid work, tenants consolidating their footprints and falling re-leasing rents 12. The company reports that re-leasing space is becoming more costly and that credit for office REITs is limited 1.

    Interest rates, inflation, tariffs and government policy on federal office space affect tenants' ability to pay and renew 12. If these conditions improve, property values and access to financing could recover, but the sector remains exposed to considerable risks.

    Trends

    • Hybrid work and space consolidationheadwind

      Changes in how office space is used, including remote work and smaller footprints, are weighing on demand and rents across the sector 12. Over the longer term these practices could reduce demand for office space, including at the company's properties 1.

    • Re-leasing costsheadwind

      Companies spend significant sums on improvements and commissions when they re-lease space, which reduces property returns 1. The high cost of retaining tenants is a continuing pressure on cash flow 2.

    • Debt reduction after reorganizationtailwind

      The restructuring cut debt by about 714 million dollars and extended maturities, which could improve financial flexibility if capital markets stay open 2. This relief is temporary and depends on executing the plan.

    Competitive position

    The company operates in a fragmented market of office REITs and private office investors, where competition shows up in rents, tenant terms and financing costs 1. The sources do not detail specific competitors, but urban and suburban office markets are competitive and properties with high credit tenants are in demand.

    The company's stated advantage lies in properties with high barriers to entry and quality tenants, but that advantage depends on keeping occupancy up in a market where demand is falling 13. Competitors with less debt may have more flexibility in acquisitions and in attracting tenants.

    • Other US-listed office REITs

      The sources do not name specific competitors with ticker symbols; any comparison should be made separately using each issuer's public data.

    • Private office investors

      Private funds and institutional investors compete for the same properties and tenants, though the sources do not identify them.

    • Urban office developers

      Developers can offer new or refurbished space, which may attract tenants reconfiguring their workplaces.

    • Suburban space owners

      Suburban properties compete on rent and flexibility for tenants reducing their space.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report24 Sept 2026
      Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report10 Sept 2026
      Other events · Financial statements and exhibits
    • Quarterly report06 Aug 2026
    • Current report05 Aug 2026
      Results of operations · Financial statements and exhibits
    • Current report23 Jun 2026
      Material agreement · Termination of a material agreement · Item 1.03 · Creation of a direct financial obligation · Item 3.02 · Item 3.03 · Item 5.01 · Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
    • Current report04 Jun 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report22 May 2026
    • Annual report22 May 2026
    • Quarterly report22 May 2026
    • Current report06 May 2026
      Regulation FD disclosure · Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Office Properties Income Trust · 22 May 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Office Properties Income Trust · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Office Properties Income Trust · 05 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.