Office Pptys Income Tr Stock Price, News & Analysis

Office Properties Income Trust (OPI) is a Maryland real estate investment trust (REIT) that focuses on owning and leasing office properties to high credit quality tenants in markets across the United States. OPI’s common shares of beneficial interest have historically traded under the symbol OPI, and its 6.375% Senior Notes due 2050 have traded under the symbol OPINL. According to company disclosures, OPI is headquartered in Newton, Massachusetts and is managed by The RMR Group, an alternative asset management company listed on Nasdaq.

Business focus and property portfolio

OPI describes itself as a national REIT focused on office properties leased to tenants with strong credit characteristics. Company press releases state that OPI owns a portfolio of office properties located in numerous U.S. states and Washington, D.C., with revenues significantly weighted toward investment grade rated tenants. OPI reports that its properties are located in multiple markets throughout the United States and that a substantial portion of its rental income is derived from tenants it characterizes as high credit quality or investment grade rated.

In its public communications, OPI has reported owning more than one hundred office properties, with tens of millions of rentable square feet, spread across dozens of states and the District of Columbia. These disclosures emphasize that OPI’s strategy centers on leasing to tenants with strong credit profiles, which the company highlights by disclosing the percentage of revenues attributable to investment grade rated tenants at various reporting dates.

Management by The RMR Group

OPI is externally managed by The RMR Group (Nasdaq: RMR). Company press releases describe The RMR Group as a U.S. alternative asset management company with decades of institutional experience in buying, selling, financing and operating commercial real estate. Under this management structure, RMR provides business and property management services to OPI. OPI has disclosed that RMR will continue to manage the company and lease and maintain its properties during its court-supervised restructuring process, and that OPI expects operations at its properties to continue without interruption during that process.

Tenant credit quality and recognition

OPI has repeatedly highlighted the credit quality of its tenant base. In multiple press releases, the company reported that a majority of its revenues at specific dates were derived from investment grade rated tenants. OPI has also noted that it was named an Energy Star Partner of the Year for multiple consecutive years, reflecting recognition it has received in connection with energy performance for its properties. These statements underscore the company’s focus on office assets and tenants that it characterizes as high credit quality.

Capital structure, trading status and restructuring

OPI has disclosed a complex capital structure that includes various series of secured and unsecured notes, mortgage debt and a secured credit facility. In a series of Form 8-K filings, the company reported missed interest payments on certain senior secured and senior notes, notices under its credit agreement, and efforts to pursue restructuring alternatives with different groups of noteholders and lenders.

On September 25, 2025, OPI reported that it had received a notification from The Nasdaq Stock Market LLC stating that its common shares were subject to delisting because the company had not regained compliance with Nasdaq’s minimum bid price requirement. OPI disclosed that, if it did not appeal, its common shares would be delisted at the opening of business on October 6, 2025, and stated that it did not expect to appeal this determination. Subsequent Form 8-K filings note that, on October 7, 2025, OPI’s securities were suspended from trading on The Nasdaq Global Select Market and that trades in its common shares began being quoted on the OTC Pink Market under the symbol “OPITS,” while its 6.375% Senior Notes due 2050 began being quoted on the OTC Pink Market under the symbol “OPILR.” The filings also state that Nasdaq had not yet filed a Form 25-NSE to delist the securities and remove them from registration under Section 12(b) of the Exchange Act.

On October 30, 2025, OPI announced that it and certain of its subsidiaries had commenced voluntary cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. According to the company’s press release and related Form 8-K filings, these chapter 11 cases are intended to implement a court-supervised financial restructuring pursuant to a Restructuring Support Agreement (RSA) with an ad hoc group of holders of its 9.000% Senior Secured Notes due September 2029 and The RMR Group LLC, in its capacity as manager.

The RSA and accompanying restructuring term sheet contemplate a series of transactions to restructure OPI’s funded debt obligations and capital structure. The company has disclosed that these transactions are expected to substantially reduce its total debt upon emergence from chapter 11, through measures that include equitization of a significant portion of its existing notes and the issuance of new secured exit notes. OPI has also reported that the RSA contemplates a new business management agreement and a new property management agreement with RMR, with an initial term of five years, to take effect upon the effectiveness of a plan of reorganization.

Debtor-in-possession financing and operations during chapter 11

To support its operations during the restructuring process, OPI has disclosed that it received a commitment for $125 million in new money debtor-in-possession (DIP) financing from an ad hoc group of holders of its September 2029 notes. A subsequent Form 8-K describes an interim court order authorizing OPI to enter into a secured debtor-in-possession term loan credit agreement providing for a multiple-draw DIP term loan facility in an aggregate principal amount of up to $125 million. According to that filing, the proceeds of the DIP facility are to be used for working capital and general corporate needs, transaction costs and professional fees, and other costs and expenses of administering the chapter 11 cases, in each case in accordance with an approved budget and the DIP credit agreement.

OPI has stated in its press release announcing the RSA and chapter 11 filings that it expects operations at its properties to continue in the normal course during the court-supervised process. The company has indicated that it will continue to honor its agreements with tenants, brokers and vendors and that RMR will continue to manage its business and maintain its properties throughout the restructuring.

Corporate governance and restructuring oversight

In connection with its restructuring efforts, OPI reported in a Form 8-K that its Board of Trustees appointed a Chief Restructuring Officer from AlixPartners, a firm that had been engaged to support its restructuring efforts. The company has also disclosed the election of an independent trustee with extensive experience in corporate restructurings, financing, mergers and acquisitions, valuation, liquidity and balance sheet assessment, capital markets, corporate law and restructuring law.

Status as a Maryland REIT

OPI describes itself as a Maryland real estate investment trust with transferable shares of beneficial interest. Company disclosures emphasize that its shares are transferable and that no shareholder, trustee or officer is personally liable for any act or obligation of the trust. This structure is typical for Maryland REITs and is highlighted in OPI’s press releases and filings as part of its legal and organizational framework.

Summary

In summary, Office Properties Income Trust is a U.S. office-focused REIT that owns and leases office properties to tenants it characterizes as high credit quality, with a portfolio spanning numerous states and Washington, D.C. The company is externally managed by The RMR Group and organized as a Maryland real estate investment trust. As disclosed in its press releases and SEC filings, OPI is undergoing a court-supervised financial restructuring under chapter 11 of the U.S. Bankruptcy Code, supported by a Restructuring Support Agreement with certain noteholders and debtor-in-possession financing, while continuing to operate its properties and maintain tenant relationships during the process.