Office Properties Income Trust (Nasdaq: OPI) cuts $714M debt amid Q2 2026 results

Rhea-AI Filing Summary

Office Properties Income Trust reported Q2 2026 results that straddle its June 17, 2026 emergence from Chapter 11. The Predecessor period from April 1 to June 17 recorded a net loss of $789.0 million, including $745.3 million of reorganization items, while the Successor period from June 18 to June 30 showed a net loss of $3.1 million. Through the restructuring, debt was reduced by $714 million, leaving total debt of $1.7 billion and shareholders’ equity of $511.5 million as of June 30, 2026.

Operationally, OPI executed 176,000 square feet of leasing at a weighted average term of 7.3 years, with renewals representing 87.3% of activity. Same property occupancy was 88.7% and the overall portfolio, comprising 122 properties totaling 17.1 million square feet, was 77.9% leased. Same property Cash Basis NOI was $8.9 million in the Successor period and $46.1 million in the Predecessor period, and Normalized FFO totaled $4.5 million and $15.1 million, respectively. The company is streamlining its portfolio, having sold two properties totaling 504,000 square feet in July 2026 for $58.5 million, is under agreement to sell nine more properties for $49.7 million, and is marketing an additional 21 properties. As of June 30, 2026, approximately 62% of revenues came from investment grade tenants, led by the U.S. Government at 18% of annualized rent.

Positive

• Completed a restructuring that reduced debt by $714 million upon exiting Chapter 11 bankruptcy, materially lowering the company’s debt load.
• Maintained a large, diversified portfolio of 122 properties and 17.1 million square feet, with 62% of revenues from investment grade tenants, including the U.S. Government at 18% of annualized rent.

Negative

• The Predecessor period from April 1 to June 17, 2026 recorded a net loss of $789.0 million, including $745.3 million of reorganization items, highlighting the substantial impact of the restructuring.
• Total debt remained high at a principal balance of $1,707,320 thousand as of June 30, 2026, with a weighted average interest rate of 9.017% and Adjusted EBITDAre covering interest expense by only 1.7x in the Successor period.

Filing Explained

As of June 30, OPI's fully drawn credit facility had no extension option beyond January 29, 2027, while other principal payments were scheduled.

This Form 8-K furnishes OPI’s second-quarter results and presentation; as of June 30, 2026, after its June 17, 2026 emergence, the credit agreement was fully drawn and had no extension option beyond January 29, 2027.

The agreement’s schedule lists a $325,000 revolving facility and a $100,000 term loan, with both maturing on January 29, 2027; the presentation reports dollar amounts in thousands.

OPI also disclosed a $5,000 principal payment on August 1, 2026, followed by required payments of $15,000 by November 1, 2026 and $30,000 by February 1, 2027; additional $45,000 payments are due in February 2028 and February 2029 and may be funded from collateral-asset sale proceeds.

The June 30 balance sheet lists $50,751 of cash and cash equivalents, $54,038 of restricted cash, and $1,707,320 of secured debt, all in thousands.

The concrete resolution points are the scheduled principal payments and the January 29, 2027 credit-agreement maturity; the filing does not state that the facility can be extended.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Debt reduction: $714 million Debt (principal balance): $1,707,320 thousand Net loss (Predecessor period Q2 2026): $789,019 thousand +5 more

8 metrics

Debt reduction $714 million Debt reduced through restructuring upon exit from Chapter 11 bankruptcy

Debt (principal balance) $1,707,320 thousand Total debt principal as of June 30, 2026

Net loss (Predecessor period Q2 2026) $789,019 thousand Period from April 1 through June 17, 2026

Reorganization items, net (Predecessor Q2 2026) $745,342 thousand Charges recorded in the Predecessor period contributing to net loss

Total shareholders’ equity $511,455 thousand Shareholders’ equity on June 30, 2026 balance sheet

Properties owned 122 properties Office portfolio size as of June 30, 2026

Portfolio percentage leased 77.9% Total portfolio leasing as of June 30, 2026

Same property occupancy 88.7% Same property portfolio occupancy at end of Q2 2026

Key Terms

Normalized FFO, Cash Basis NOI, Adjusted EBITDAre, Chapter 11 bankruptcy, +1 more

5 terms

Normalized FFO financial

"Normalized FFO of $4.5 million in the Successor period and $15.1 million"

Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.

Cash Basis NOI financial

"Same property Cash Basis NOI of $8.9 million in the Successor period"

Adjusted EBITDAre financial

"Adjusted EBITDAre $10,900 and $53,813 for Successor and Predecessor"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

Chapter 11 bankruptcy regulatory

"Restructuring • Exited from Chapter 11 bankruptcy; reduced debt by $714 million"

A Chapter 11 bankruptcy is a court-supervised process that lets a financially troubled company stay open while it reorganizes its debts and business operations, similar to giving a business a structured “time-out” to fix problems instead of shutting down. It matters to investors because the process can preserve, dilute or eliminate existing shares and change what creditors recover, so outcomes can dramatically alter stock and bond values and trading liquidity.

Held for sale financial

"32 properties containing approximately 3,690 rentable square feet classified as held for sale"

An asset or a group of assets classified as 'held for sale' is one the company intends to sell rather than keep using, and management has committed to that plan with an active effort to find a buyer. Investors care because these items are removed from ongoing operating results and valued differently, offering a clearer view of the business’s continuing performance—think of it like marking a piece of furniture for the garage sale rather than counting it as part of your regular household setup.

Earnings Snapshot

Net loss (Predecessor period April 1–June 17, 2026): $789,019 thousand

Quarter and six months ended June 30, 2026 (Successor and Predecessor periods)

Net loss (Predecessor period April 1–June 17, 2026) $789,019 thousand Net loss was $41,186 thousand for the quarter ended June 30, 2025.

Net loss (Successor period June 18–30, 2026) $3,087 thousand Represents results for the 13-day Successor period following emergence from Chapter 11.

Normalized FFO (Predecessor Q2 2026) $15,118 thousand Normalized FFO was $9,419 thousand for the quarter ended June 30, 2025.

Normalized FFO (Successor period June 18–30, 2026) $4,494 thousand Reflects Normalized FFO for the short Successor period only.

Same Property Cash Basis NOI (Successor Q2 2026) $8,899 thousand Same Property Cash Basis NOI was $46,060 thousand for the Predecessor portion of Q2 2026.

Debt reduction through restructuring $714 million Reported under Restructuring as the reduction upon exit from Chapter 11 bankruptcy.

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FAQ

What were Office Properties Income Trust (OPI) net results for Q2 2026?

OPI reported a net loss of $789.0 million in the Predecessor period (April 1–June 17, 2026), including $745.3 million of reorganization items, and a net loss of $3.1 million in the Successor period (June 18–30, 2026).

How much debt did OPI (OPI) reduce through its restructuring?

OPI’s restructuring reduced debt by $714 million upon exiting Chapter 11 bankruptcy, leaving total debt principal of $1,707,320 thousand as of June 30, 2026 and shareholders’ equity of $511,455 thousand on its balance sheet.

What is OPI (OPI) portfolio size and occupancy as of June 30, 2026?

OPI owned 122 properties with approximately 17.1 million square feet across 29 states and Washington, D.C. Overall portfolio leasing was 77.9%, while the same property portfolio ended Q2 2026 at 88.7% occupancy and a 6.2-year weighted average lease term.

How strong is tenant credit quality at OPI (OPI)?

As of June 30, 2026, approximately 62% of OPI’s revenues were from investment grade rated tenants. The U.S. Government alone accounted for 18.0% of total annualized rental income, with other major tenants including Alphabet, Bank of America and Northrop Grumman.

What were OPI (OPI) key non-GAAP metrics for Q2 2026?

For Q2 2026, Same property Cash Basis NOI was $8.9 million in the Successor period and $46.1 million in the Predecessor period. Normalized FFO totaled $4.5 million (Successor) and $15.1 million (Predecessor), while Adjusted EBITDAre was $10.9 million and $53.8 million, respectively.

What property sales and plans did OPI (OPI) disclose around Q2 2026?

In July 2026, OPI sold two properties totaling 504,000 square feet for $58.5 million. It is under agreement to sell nine properties totaling 994,000 square feet for $49.7 million and is marketing an additional 21 properties with a combined occupancy of 40.7%.

0001456772false00014567722026-08-052026-08-050001456772opi:CommonSharesOfBeneficialInterestMember2026-08-052026-08-05

  UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2026

OFFICE PROPERTIES INCOME TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-34364						26-4273474
(Commission File Number)						(IRS Employer Identification No.)

Two Newton Place,

255 Washington Street,

Suite 300,

Newton,

Massachusetts

02458-1634

(Address of Principal Executive Offices)

(Zip Code)

617-219-1440

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name Of Each Exchange On Which Registered

Common Shares of Beneficial Interest

OPI

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On August 5, 2026, Office Properties Income Trust, or the Company, issued a summary press release and a detailed earnings presentation announcing the Company’s financial results for the quarter and six months ended June 30, 2026. A copy of the Company's summary press release and detailed earnings presentation are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

Item 9.01.  Financial Statements and Exhibits.

(d)          Exhibits

99.1    Summary press release dated August 5, 2026.

99.2    Earnings presentation of Office Properties Income Trust dated August 5, 2026.

104    Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			OFFICE PROPERTIES INCOME TRUST
			By:			/s/ Brian E. Donley
			Name:			Brian E. Donley
			Title:			Chief Financial Officer and Treasurer

Dated:  August 5, 2026

3

Exhibit 99.1

FOR IMMEDIATE RELEASE

Office Properties Income Trust Announces Second Quarter 2026 Results

Newton, MA (August 5, 2026): Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended June 30, 2026, which can be found at the Quarterly Results section of OPI’s website at https://www.opireit.com/investors/financial-information/default.aspx.

A conference call discussing OPI's second quarter results will be held on Thursday, August 6, 2026 at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 328-1172 or (412) 317-5418 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 2878755. A live audio webcast of the conference call will also be available in a listen only mode on OPI’s website, at www.opireit.com. The archived webcast will be available for replay on OPI’s website after the call. The transcription, recording and retransmission in any way of OPI's second quarter conference call are strictly prohibited without the prior written consent of OPI.

About Office Properties Income Trust:

OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of June 30, 2026, approximately 62% of OPI's revenues were from investment grade rated tenants. OPI owned 122 properties as of June 30, 2026, with approximately 17.1 million square feet located in 29 states and Washington, D.C. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of June 30, 2026, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.

Contact:

Kevin Barry, Senior Director, Investor Relations

(617) 219-1410

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.

No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Financial Results and Supplemental Information SECOND QUARTER 2026 Exhibit 99.2

2Q2 2026 Table of Contents QUARTERLY RESULTS Office Properties Income Trust Announces Second Quarter 2026 Financial Results ...................................................... 4 Second Quarter 2026 Summary ................................................................................................................................................. 5 FINANCIALS Key Financial Data ......................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss) ........................................................................................................ 8 Condensed Consolidated Balance Sheets ............................................................................................................................... 9 Debt Summary ............................................................................................................................................................................... 10 Debt Maturity Schedule ................................................................................................................................................................ 11 Capital Expenditures Summary .................................................................................................................................................. 12 Property Dispositions .................................................................................................................................................................... 13 Office Properties Income Intermediate Holdco I Trust LLC .................................................................................................. 14 Investment in Unconsolidated Joint Venture ........................................................................................................................... 16 PORTFOLIO INFORMATION Summary Same Property Results ................................................................................................................................................ 18 Occupancy and Leasing Summary ............................................................................................................................................. 19 Tenant Diversity and Credit Characteristics ............................................................................................................................. 20 Tenants Representing 1% or More of Total Annualized Rental Income ............................................................................. 21 Lease Expiration Schedule ........................................................................................................................................................... 22 APPENDIX Company Profile and Governance Information ....................................................................................................................... 24 Calculation and Reconciliation of NOI and Cash Basis NOI .................................................................................................. 25 Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI .......................................... 27 Property Detail (by Collateral Pool) ............................................................................................................................................ 28 Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense ........................... 35 Calculation of FFO, Normalized FFO and CAD ....................................................................................................................... 37 Non-GAAP Financial Measures and Certain Definitions ........................................................................................................ 39 WARNING CONCERNING FORWARD-LOOKING STATEMENTS ....................................................................................................... 42 Trading Symbols: Common Shares: OPI Investor Relations Contact: Kevin Barry, Senior Director (617) 219-1410 kbarry@opireit.com ir@opireit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634 www.opireit.com All amounts in this presentation are unaudited. Unless otherwise noted, all data presented in this presentation excludes two properties, which are encumbered by a $48.6 million mortgage note, owned by an unconsolidated joint venture in which OPI owns a 51% interest. See page 16 for information regarding this joint venture and its related mortgage note. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this presentation.

3RETURN TO TABLE OF CONTENTS Q2 2026 Quarterly Results

4RETURN TO TABLE OF CONTENTS Q2 2026 OFFICE PROPERTIES INCOME TRUST ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS Newton, MA (August 5, 2026). Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended June 30, 2026. Conference Call A conference call discussing OPI's second quarter results will be held on Thursday, August 6, 2026 at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 328-1172 or (412) 317-5418 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 2878755. A live audio webcast of the conference call will also be available in a listen only mode on OPI’s website, at www.opireit.com. The archived webcast will be available for replay on OPI’s website after the call. The transcription, recording and retransmission in any way of OPI's second quarter conference call are strictly prohibited without the prior written consent of OPI. About Office Properties Income Trust OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of June 30, 2026, approximately 62% of OPI's revenues were from investment grade rated tenants. OPI owned 122 properties as of June 30, 2026, with approximately 17.1 million square feet located in 29 states and Washington, D.C. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of June 30, 2026, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.Washington, D.C.

Q2 2026 5RETURN TO TABLE OF CONTENTS Second Quarter 2026 Summary Portfolio Update • Executed 176,000 square feet of total leasing at a weighted average lease term of 7.3 years, with lease renewals accounting for 87.3% of leased square footage. • Ended the quarter with same property portfolio occupancy of 88.7% and a weighted average lease term of 6.2 years (by annualized revenue). Financial Results • Net loss of $3.1 million in the Successor period and $789.0 million in the Predecessor period (including $745.3 million of reorganization items, net). • Normalized FFO of $4.5 million in the Successor period and $15.1 million in the Predecessor period. • Same property Cash Basis NOI of $8.9 million in the Successor period and $46.1 million in the Predecessor period. Disposition Activity • In July 2026, OPI sold two properties, consisting of approximately 504,000 square feet, for an aggregate sales price of $58.5 million, excluding closing costs. • Under agreement to sell nine properties, consisting of approximately 994,000 square feet for an aggregate sales price of $49.7 million, excluding closing costs. • In various stages of marketing for sale an additional 21 properties with a combined occupancy of 40.7%. Restructuring • Exited from Chapter 11 bankruptcy; reduced debt by $714 million.

6RETURN TO TABLE OF CONTENTS Q2 2026 Financials

Q2 2026 7RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 As of June 30, 2026 Selected Income Statement Data: Capitalization: Rental income $ 18,359 $ 98,473 Total common shares (at end of period) 21,953,577 Net loss $ (3,087) $ (789,019) Closing price (at end of period) $ 17.00 NOI $ 11,214 $ 56,770 Equity market capitalization (at end of period) $ 373,211 Adjusted EBITDAre $ 10,900 $ 53,813 Debt (principal balance) 1,707,320 FFO $ 5,091 $ (734,124) Total market capitalization $ 2,080,531 Normalized FFO $ 4,494 $ 15,118 CAD $ (2,795) $ 15,292 Per Common Share Data (basic and diluted): Net loss $ (0.14) $ (10.82) FFO $ 0.23 $ (10.07) Normalized FFO $ 0.20 $ 0.21 CAD $ (0.13) $ 0.21 Selected Balance Sheet Data: As of June 30, 2026 Total gross assets $ 2,375,276 Total assets $ 2,374,530 Total liabilities $ 1,863,075 Total shareholders’ equity $ 511,455 (dollars in thousands, except per share data) Key Financial Data

Q2 2026 8RETURN TO TABLE OF CONTENTS Successor Predecessor Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Rental income $ 18,359 $ 98,473 $ 114,499 $ 18,359 $ 207,341 $ 228,114 Expenses:   Real estate taxes 2,045 10,736 12,111 2,045 23,830 25,569 Utility expenses 1,081 4,664 5,683 1,081 13,743 13,250 Other operating expenses 4,019 26,303 31,237 4,019 56,585 62,442 Depreciation and amortization 8,094 54,436 43,838 8,094 98,519 87,571 Loss on impairment of real estate — — 2,426 — — 2,426 Transaction related costs — — 3,940 — — 4,816 General and administrative 1,263 4,213 4,816 1,263 8,512 9,874 Total expenses 16,502 100,352 104,051 16,502 201,189 205,948 Gain (loss) on sale of real estate — — 159 — — (4,578) Fair value adjustment of warrants 1,491 — — 1,491 — — Interest and other income 949 368 788 949 799 1,950 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $236, $2,130, $11,364, $236, $4,653 and $23,283, respectively) (6,544) (42,341) (52,507) (6,544) (84,548) (105,885) Net gain (loss) on early extinguishment of debt — — 148 — — (95) Reorganization items, net (894) (745,342) — (894) (804,874) — Loss before income tax expense and equity in net earnings (losses) of investees (3,141) (789,194) (40,964) (3,141) (882,471) (86,442) Income tax expense (38) (207) (94) (38) (61) (231) Equity in net earnings (losses) of investees 92 382 (128) 92 492 (380) Net loss $ (3,087) $ (789,019) $ (41,186) $ (3,087) $ (882,040) $ (87,053) Weighted average common shares outstanding (basic and diluted) 21,954 72,916 71,282 21,954 73,267 70,275 Per common share amounts (basic and diluted):         Net loss $ (0.14) $ (10.82) $ (0.58) $ (0.14) $ (12.04) $ (1.24) Additional Data: General and administrative expenses / total assets (at end of period) 0.05% 0.18% 0.14% 0.05% 0.41% 0.28% Non-cash straight line rent adjustments included in rental income $ 1,337 $ (2,999) $ 6,636 $ 1,337 $ (1,063) $ 13,492 Lease value amortization included in rental income $ 141 $ 118 $ 159 $ 141 $ 258 $ 282 Lease termination fees included in rental income $ 81 $ 9,248 $ 582 $ 81 $ 9,903 $ 1,141 (amounts in thousands, except per share data) Chicago, IL Condensed Consolidated Statements of Income (Loss)

Q2 2026 9RETURN TO TABLE OF CONTENTS Successor Predecessor June 30, December 31, ASSETS 2026 2025 Real estate properties: Land $ 607,033 $ 706,623 Buildings and improvements 500,182 2,970,072 Total real estate properties, gross 1,107,215 3,676,695 Accumulated depreciation (746) (729,543) Total real estate properties, net 1,106,469 2,947,152 Assets of properties held for sale 294,960 — Investment in unconsolidated joint venture 12,856 16,965 Acquired real estate leases, net 826,305 150,254 Cash and cash equivalents 50,751 29,486 Restricted cash 54,038 51,175 Rents receivable 17,147 164,114 Due from related persons 407 231 Deferred leasing costs, net 2,688 98,268 Other assets, net 8,909 30,951 Total assets $ 2,374,530 $ 3,488,596 LIABILITIES AND SHAREHOLDERS’ EQUITY Secured debt, net $ 1,683,556 $ 889,557 Liabilities of properties held for sale 10,261 — Accounts payable and other liabilities 132,098 126,856 Due to related persons 4,751 4,689 Assumed real estate lease obligations, net 32,409 8,374 Total liabilities not subject to compromise 1,863,075 1,029,476 Liabilities subject to compromise — 1,578,133 Total liabilities 1,863,075 2,607,609 Commitments and contingencies Shareholders’ equity: Successor common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized, 21,953,577 shares issued and outstanding in 2026 220 — Predecessor common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 shares issued and outstanding in 2025 — 739 Additional paid in capital 514,322 2,658,471 Cumulative net loss (3,087) (308,307) Cumulative common distributions — (1,469,916) Total shareholders’ equity 511,455 880,987 Total liabilities and shareholders’ equity $ 2,374,530 $ 3,488,596 Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) Sterling, VA

Q2 2026 10RETURN TO TABLE OF CONTENTS Successor Interest Rate Principal Balance Maturity Date Due at Maturity Years to Maturity Secured Floating Rate Debt: $325,000 secured revolving credit facility (2) 9.150% $ 325,000 1/29/2027 $ 325,000 0.6 $100,000 secured term loan (2) 9.150% 100,000 1/29/2027 100,000 0.6 Subtotal / weighted average 9.150% 425,000 425,000 0.6 Secured Fixed Rate Debt: Secured Senior Notes Senior secured notes due March 2029 (3) 9.000% 300,000 3/31/2029 300,000 2.8 Senior secured notes due December 2029 (4) 8.375% 385,000 12/31/2029 245,000 3.5 Senior secured notes due 2031 (5) 10.000% 420,000 6/17/2031 420,000 5.0 Subtotal / weighted average 9.162% 1,105,000 965,000 3.9 Secured Property Mortgages Mortgage debt - One property 8.272% 42,700 7/1/2028 42,700 2.0 Mortgage debt - One property 8.139% 26,340 7/1/2028 26,340 2.0 Mortgage debt - Two properties 7.671% 54,300 10/6/2028 54,300 2.3 Mortgage debt - One property 7.210% 30,680 7/1/2033 29,105 7.0 Mortgage debt - One property 7.305% 8,400 7/1/2033 8,400 7.0 Mortgage debt - One property 7.717% 14,900 9/1/2033 14,900 7.2 Subtotal / weighted average 7.792% 177,320 175,745 3.6 Subtotal / weighted average 8.973% 1,282,320 1,140,745 3.9 Total / weighted average 9.017% $ 1,707,320 $ 1,565,745 3.0 Debt Summary (1) As of June 30, 2026 (dollars in thousands) (1) See Pages 28 to 34 for additional information regarding collateral properties. (2) OPI's secured revolving credit facility and term loan are governed by an amended and restated credit agreement, or the Credit Agreement, which matures on January 29, 2027 with no option to extend. OPI is required to pay interest under the Credit Agreement at a rate of SOFR plus a margin of 550 basis points, which margin increases to 750 basis points effective January 1, 2027. OPI also pays an unused facility fee on the amount of total lending commitments of 25 basis points per annum based on amounts outstanding under its secured revolving credit facility. The Credit Agreement is secured by first mortgage liens on 19 properties. As of June 30, 2026, OPI was fully drawn under its credit facility. (3) These notes are guaranteed by certain of OPI's subsidiaries and secured by first mortgage liens on 17 properties. (4) These notes are issued by Office Properties Income Intermediate Holdco II Trust LLC, a wholly owned subsidiary of OPI, or the 2029 Notes Issuer, and guaranteed by certain of OPI's subsidiaries and secured by first mortgage liens on 31 properties. See Pages 14 to 15 for more information regarding the operations of these collateral properties. On August 1, 2026, OPI paid a $5,000 principal payment under these notes. These notes also require future principal payments as follows: $15,000 by November 1, 2026 and $30,000 by February 1, 2027, each of which are guaranteed by OPI, and additional mandatory principal payments of $45,000 by each of February 1, 2028 and 2029, which payments may be made from proceeds of collateral asset sales. (5) These notes are guaranteed by certain of OPI's subsidiaries and secured by first liens on 48 properties and second liens on the 19 properties securing our credit agreement.

Q2 2026 11RETURN TO TABLE OF CONTENTS $425,000 $300,000 $20,000 $30,000 $45,000 $290,000 $420,000 $123,487 $279 $53,554 Credit Agreement $300M March 2029 Notes $385M December 2029 Notes $420M June 2031 Notes Mortgage Debt 2026 2027 2028 2029 2030 and thereafter 0 150,000 300,000 450,000 600,000 Debt Maturity Schedule As of June 30, 2026 (dollars in thousands) Fixed vs. Variable Rate Debt Fixed 75.1% Variable 24.9%

Q2 2026 12RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Lease related costs $ 5,745 $ 2,757 $ 8,458 $ 15,624 $ 4,257 $ 8,830 Building improvements 126 1,989 2,350 2,292 3,922 4,327 Recurring capital expenditures 5,871 4,746 10,808 17,916 8,179 13,157 Development, redevelopment and other activities 4 (115) 109 (262) 598 565 Total capital expenditures $ 5,875 $ 4,631 $ 10,917 $ 17,654 $ 8,777 $ 13,722 Average rentable sq. ft. during period 17,113 17,113 17,113 17,164 17,242 17,272 Building improvements per average sq. ft. during period $ 0.01 $ 0.12 $ 0.14 $ 0.13 $ 0.23 $ 0.25 Capital Expenditures Summary (dollars and sq. ft. in thousands, except per sq. ft. data) Capital Expenditures Summary:

Q2 2026 13RETURN TO TABLE OF CONTENTS Dispositions: Date Sold Location Number of Properties Sq. Ft. Occupancy at 6/30/2026 Gross Sales Price Gross Sales Price Per Sq. Ft. 7/20/2026 100 Redwood Shores Parkway, Redwood City, CA 1 63 23.5% $ 16,500 $ 263.16 7/30/2026 8800 Tinicum Boulevard, Philadelphia, PA 1 441 Vacant 42,000 95.24 Total 2 504 $ 58,500 $ 116.14 Property Dispositions Since January 1, 2026 (dollars and sq. ft. in thousands, except per sq. ft. data)

Q2 2026 14RETURN TO TABLE OF CONTENTS Occupancy, Leasing and Operational Summary Number of Properties Sq. Ft. Occupancy Weighted Average Remaining Lease Term Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI 31 3,517 67.7% 5.2 $ 42,196 $ 38,445 Office Properties Income Intermediate Holdco I Trust LLC (1) Consolidated Statement of Income (Loss) of Office Properties Income Intermediate Holdco I Trust LLC Period from June 18 through June 30, 2026 Rental income $ 3,649 Expenses: Real estate taxes 469 Utility expenses 272 Other operating expenses 645 Depreciation and amortization 1,304 General and administrative 246 Total expenses 2,936 Interest expense (1,354) Reorganization items, net (210) Net loss $ (851) (dollars and sq. ft. in thousands) (1) Office Properties Income Intermediate Holdco I Trust LLC, or Intermediate Holdco I, and its subsidiaries are the obligors of the $385,000 senior notes due December 2029. Intermediate Holdco I is a special purpose bankruptcy remote, wholly owned direct subsidiary of OPI, which, together with its subsidiaries, are separate legal entities and the sole owners of their respective assets and liabilities. See page 10 for more information regarding these notes.

Q2 2026 15RETURN TO TABLE OF CONTENTS Senior Secured Notes due December 2029 (1) Interest Rate Principal Balance Maturity Date Due at Maturity Years to Maturity 8.375% $385,000 12/31/2029 $245,000 3.5 Office Properties Income Intermediate Holdco I Trust LLC (Cont.) Consolidated Balance Sheet of Office Properties Income Intermediate Holdco I Trust LLC ASSETS As of June 30, 2026 Real estate properties: Land $ 147,965 Buildings and improvements 127,897 Total real estate properties, gross 275,862 Accumulated depreciation (178) Total real estate properties, net 275,684 Assets of properties held for sale 102,849 Acquired real estate leases, net 107,442 Cash and cash equivalents 186 Rents receivable 5,253 Due from related persons 3,797 Other assets, net 454 Total assets $ 495,665 LIABILITIES Secured debt, net $ 376,100 Liabilities of properties held for sale 2,599 Accounts payable and other liabilities 11,874 Due to related persons 1,593 Assumed real estate lease obligations, net 2,931 Total liabilities $ 395,097 Total shareholders' equity $ 100,568 $20,000 $30,000 $45,000 $290,000 2026 2027 2028 2029 0 50,000 100,000 150,000 200,000 250,000 300,000 (dollars and sq. ft. in thousands) Debt Maturity Schedule (1) (1) See Page 10 for more information regarding required principal payments under these notes and Pages 30 to 31 for more information regarding the collateral properties.

Q2 2026 16RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture: Joint Venture OPI Ownership OPI Investment Number of Properties Location Sq. Ft. Occupancy Weighted Average Remaining Lease Term Prosperity Metro Plaza 51% $ 12,856 2 Fairfax, VA 346 92.4% 4.6 years (1) Includes the effect of mark to market accounting. (2) Reflects OPI's proportionate share of the principal debt balance based on its ownership percentage of the joint venture; none of the debt is recourse to OPI. (3) Reflects OPI's proportionate share of operating results based on its ownership percentage of the joint venture. (4) Includes interest expense, net of other income. (5) OPI's unconsolidated joint venture reports rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to the unconsolidated joint venture by its tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. Investment in Unconsolidated Joint Venture As of June 30, 2026 (dollars and sq. ft. in thousands) Results of Operations - Prosperity Metro Plaza: (3) Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Equity in earnings $ 92 $ 382 Depreciation and amortization 84 459 Other expenses, net (4) 38 217 NOI 214 1,058 Non-cash straight line rent adjustments included in rental income (5) (109) — Cash Basis NOI $ 105 $ 1,058 Outstanding Unconsolidated Debt: Joint Venture OPI Ownership Interest Rate (1) Maturity Date Principal Balance Annual Debt Service Principal Balance at Maturity OPI Share of Principal Balance (2) Prosperity Metro Plaza 51% 4.090% 12/1/2029 $ 48,645 $ 2,833 $ 45,246 $ 24,809 Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Equity in earnings $ 92 $ 492 Depreciation and amortization 84 1,041 Other expenses, net (5) 38 453 NOI 214 1,986 Non-cash straight line rent adjustments included in rental income (5) (109) (86) Cash Basis NOI $ 105 $ 1,900

17RETURN TO TABLE OF CONTENTS Q2 2026 Portfolio Information

Q2 2026 18RETURN TO TABLE OF CONTENTS Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Successor Predecessor Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended June 30, 2025 Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 For the Six Months Ended June 30, 2025 Properties (end of period) 90 90 90 90 Rentable sq. ft. 13,422 13,423 13,422 13,423 Percent leased 88.7% 89.0% 88.7% 89.0% Rental income $ 16,742 $ 84,780 $ 99,429 $ 16,742 $ 182,890 $ 197,713 Same Property NOI $ 10,467 $ 48,327 $ 56,329 $ 10,467 $ 101,821 $ 109,789 Same Property Cash Basis NOI $ 8,899 $ 46,060 $ 49,105 $ 8,899 $ 96,560 $ 94,931 Same Property NOI % margin 62.5% 57.0% 56.7% 62.5% 55.7% 55.5% Same Property Cash Basis NOI % margin 58.6% 55.8% 53.3% 58.6% 53.3% 51.9% Summary Same Property Results (dollars and sq. ft. in thousands) Houston, TX

Q2 2026 19RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of and for the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Properties (end of period) 122 122 122 124 125 122 Rentable sq. ft. 17,113 17,113 17,113 17,214 17,270 17,113 Percentage leased 77.9% 78.2% 78.2% 78.3% 81.2% 77.9% Leasing Activity (Sq. Ft.): New leases 22 35 49 51 138 57 Renewals 154 177 104 131 278 331 Total 176 212 153 182 416 388 Weighted Average Lease Term by Sq. Ft. (years): New leases 4.1 1.6 7.5 4.7 4.7 2.6 Renewals 7.7 5.1 7.9 4.2 5.8 6.3 Total 7.3 4.5 7.8 4.3 5.4 5.7 Leasing Cost and Concession Commitments: New leases $ 327 $ 513 $ 1,084 $ 1,217 $ 6,050 $ 840 Renewals 2,486 4,003 5,664 1,292 1,924 6,489 Total $ 2,813 $ 4,516 $ 6,748 $ 2,509 $ 7,974 $ 7,329 Leasing Cost and Concession Commitments per Sq. Ft.: New leases $ 14.71 $ 14.73 $ 21.75 $ 23.90 $ 44.00 $ 14.72 Renewals $ 16.18 $ 22.67 $ 54.88 $ 9.81 $ 6.93 $ 19.65 Total $ 16.00 $ 21.36 $ 44.09 $ 13.74 $ 19.21 $ 18.93 Leasing Cost and Concession Commitments per Sq. Ft. per Year: New leases $ 3.55 $ 9.24 $ 2.88 $ 5.10 $ 9.34 $ 5.69 Renewals $ 2.10 $ 4.48 $ 6.91 $ 2.33 $ 1.20 $ 3.12 Total $ 2.20 $ 4.76 $ 5.64 $ 3.16 $ 3.53 $ 3.29 Occupancy and Leasing Summary (1) (dollars and sq. ft. in thousands, except per sq. ft. data) (1) This leasing summary is based on leases entered during the periods indicated.

Q2 2026 20RETURN TO TABLE OF CONTENTS Investment Grade: 62.2% Not Rated: 32.1% Non-Investment Grade: 5.7% Percentage of Total Annualized Rental Income Tenant Credit Characteristics ( 4 ) (3) Tenant Industry Tenant Diversity and Credit Characteristics As of June 30, 2026 U.S. Government: 18.0% Technology & Communications: 15.2% Real Estate & Financial: 15.0% Manufacturing & Transportation: 13.7% Legal & Other Professional Services: 13.6% Government Contractors: 9.0% State and Municipalities: 8.8% Other: 4.7% Life Sciences and Medical: 2.0%

Q2 2026 21RETURN TO TABLE OF CONTENTS Tenant Credit Rating Sq. Ft. % of Leased Sq. Ft. Annualized Rental Income % of Total Annualized Rental Income 1 U.S. Government Investment Grade 2,415 18.1% $ 74,469 18.0% 2 Alphabet Inc. (Google) Investment Grade 386 2.9% 22,473 5.4% 3 IG Investments Holdings LLC Not Rated 337 2.5% 19,240 4.7% 4 Bank of America Corporation Investment Grade 577 4.3% 18,756 4.5% 5 Shook, Hardy & Bacon L.L.P. Not Rated 412 3.1% 13,869 3.4% 6 Northrop Grumman Corporation Investment Grade 337 2.5% 11,882 2.9% 7 State of California Investment Grade 367 2.8% 10,899 2.6% 8 State of Georgia Investment Grade 308 2.3% 9,253 2.2% 9 Compass Group plc Investment Grade 267 2.0% 6,927 1.7% 10 Automatic Data Processing, Inc. Investment Grade 289 2.2% 6,722 1.6% 11 Genesys Cloud Services Holdings I, LLC Non-Investment Grade 275 2.1% 6,618 1.6% 12 Primerica, Inc. Investment Grade 344 2.6% 6,161 1.5% 13 Church & Dwight Co., Inc. Investment Grade 250 1.9% 6,098 1.5% 14 Leidos Holdings Inc. Investment Grade 159 1.2% 6,075 1.5% 15 AT&T Inc. Investment Grade 425 3.2% 5,981 1.4% 16 Science Applications International Corp Non-Investment Grade 159 1.2% 5,436 1.3% 17 CommScope Holding Company Inc. Investment Grade 96 0.7% 5,006 1.2% 18 Rocky Mountain University of Health Professions, Inc. Not Rated 170 1.3% 4,920 1.2% 19 Hartford Financial Services Group Inc Investment Grade 143 1.1% 4,583 1.1% 20 Berkshire Hathaway Inc. Investment Grade 134 1.0% 4,533 1.1% 21 BAE Systems plc Investment Grade 139 1.0% 4,283 1.0% 22 Open Text Corporation Non-Investment Grade 142 1.1% 4,132 1.0% Tenants not representing 1% or more of total annualized rental income 5,204 38.9% 154,411 37.6% 13,335 100.0% $ 412,727 100.0% Tenants Representing 1% or More of Total Annualized Rental Income As of June 30, 2026 (dollars and sq. ft. in thousands)

Q2 2026 22RETURN TO TABLE OF CONTENTS Year (1) Number of Leases Expiring Leased Square Feet Expiring % of Total Leased Square Feet Expiring Cumulative % of Total Leased Square Feet Expiring Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2026 24 206 1.5% 1.5% $ 8,028 1.9% 1.9% 2027 37 1,824 13.7% 15.2% 51,643 12.5% 14.4% 2028 20 514 3.9% 19.1% 28,375 6.9% 21.3% 2029 39 1,091 8.2% 27.3% 35,914 8.7% 30.0% 2030 33 1,079 8.1% 35.4% 35,009 8.5% 38.5% 2031 30 1,689 12.7% 48.1% 44,247 10.7% 49.2% 2032 18 612 4.6% 52.7% 20,462 5.0% 54.2% 2033 15 1,258 9.4% 62.1% 26,539 6.4% 60.6% 2034 12 1,736 13.0% 75.1% 47,053 11.4% 72.0% 2035 and thereafter 36 3,326 24.9% 100.0% 115,457 28.0% 100.0% Total 264 13,335 100.0% $ 412,727 100.0% Weighted average remaining lease term (in years) 6.2 6.2 (1) The year of lease expiration is pursuant to current contract terms. Lease Expiration Schedule As of June 30, 2026 (dollars and sq. ft. in thousands) Atlanta, GA

23RETURN TO TABLE OF CONTENTS Q2 2026 Appendix

24RETURN TO TABLE OF CONTENTS Q2 2026 Management: OPI is managed by The RMR Group (Nasdaq: RMR). RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As of June 30, 2026, RMR had over $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating CRE. OPI believes that being managed by RMR is a competitive advantage for OPI because of RMR’s depth of management and experience in the real estate industry. OPI also believes RMR provides management services to it at costs that are lower than OPI would have to pay for similar quality services if it were self managed. Company Profile and Governance Information Board of Trustees Jonathan Heller Jonathan Kolatch William A. Lamkin Chairman of the Board Independent Trustee Independent Trustee Adam D. Portnoy Irvin Schlussel Trustee Independent Trustee Executive Officers Yael Duffy Brian E. Donley President and Chief Executive Officer Chief Financial Officer and Treasurer

Q2 2026 25RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 18,359 $ 98,473 $ 108,868 $ 105,315 $ 109,127 $ 114,499 Property operating expenses (7,145) (41,703) (52,455) (43,980) (52,105) (49,031) NOI 11,214 56,770 56,413 61,335 57,022 65,468 Non-cash straight line rent adjustments included in rental income (1,337) 2,999 (1,936) (4,832) (4,750) (6,636) Lease value amortization included in rental income (141) (118) (140) (140) (140) (159) Lease termination fees included in rental income (81) (9,248) (655) (817) (1,179) (582) Non-cash amortization included in other operating expenses — (11) (13) (13) (13) (13) Cash Basis NOI $ 9,655 $ 50,392 $ 53,669 $ 55,533 $ 50,940 $ 58,078 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (3,087) $ (789,019) $ (93,021) $ (118,982) $ (66,339) $ (41,186) Equity in net (earnings) losses of investees (92) (382) (110) (90) 115 128 Income tax expense (benefit) 38 207 (146) 146 (261) 94 Loss before income tax expense (benefit) and equity in net (earnings) losses of investees (3,141) (789,194) (93,277) (118,926) (66,485) (40,964) Reorganization items, net 894 745,342 59,532 78,333 — — Net loss (gain) on early extinguishment of debt — — — — 354 (148) Interest expense 6,544 42,341 42,207 44,310 53,259 52,507 Fair value adjustment of warrants (1,491) — — Interest and other income (949) (368) (431) (394) (802) (788) Gain on sale of real estate — — — (5,488) (6) (159) General and administrative 1,263 4,213 4,299 4,591 4,964 4,816 Transaction related costs — — — 14,735 22,904 3,940 (Gain) loss on impairment of real estate — — — (378) — 2,426 Depreciation and amortization 8,094 54,436 44,083 44,552 42,834 43,838 NOI 11,214 56,770 56,413 61,335 57,022 65,468 Non-cash amortization included in other operating expenses — (11) (13) (13) (13) (13) Lease termination fees included in rental income (81) (9,248) (655) (817) (1,179) (582) Lease value amortization included in rental income (141) (118) (140) (140) (140) (159) Non-cash straight line rent adjustments included in rental income (1,337) 2,999 (1,936) (4,832) (4,750) (6,636) Cash Basis NOI $ 9,655 $ 50,392 $ 53,669 $ 55,533 $ 50,940 $ 58,078 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands)

Q2 2026 26RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 For the Six Months Ended June 30, 2025 Calculation of NOI and Cash Basis NOI: Rental income $ 18,359 $ 207,341 $ 228,114 Property operating expenses (7,145) (94,158) (101,261) NOI 11,214 113,183 126,853 Non-cash straight line rent adjustments included in rental income (1,337) 1,063 (13,492) Lease value amortization included in rental income (141) (258) (282) Lease termination fees included in rental income (81) (9,903) (1,141) Non-cash amortization included in other operating expenses — (24) (26) Cash Basis NOI $ 9,655 $ 104,061 $ 111,912 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (3,087) $ (882,040) $ (87,053) Equity in net (earnings) losses of investees (92) (492) 380 Income tax expense 38 61 231 Loss before income tax expense and equity in net (earnings) losses of investees (3,141) (882,471) (86,442) Reorganization items, net 894 804,874 — Net loss on early extinguishment of debt — — 95 Interest expense 6,544 84,548 105,885 Fair value adjustment of warrants (1,491) — — Interest and other income (949) (799) (1,950) Loss on sale of real estate — — 4,578 General and administrative 1,263 8,512 9,874 Transaction related costs — — 4,816 Loss on impairment of real estate — — 2,426 Depreciation and amortization 8,094 98,519 87,571 NOI 11,214 113,183 126,853 Non-cash amortization included in other operating expenses — (24) (26) Lease termination fees included in rental income (81) (9,903) (1,141) Lease value amortization included in rental income (141) (258) (282) Non-cash straight line rent adjustments included in rental income (1,337) 1,063 (13,492) Cash Basis NOI $ 9,655 $ 104,061 $ 111,912 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands)

Q2 2026 27RETURN TO TABLE OF CONTENTS Successor Predecessor Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended June 30, 2025 Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 For the Six Months Ended June 30, 2025 Reconciliation of NOI to Same Property NOI: Rental income $ 18,359 $ 98,473 $ 114,499 $ 18,359 $ 207,341 $ 228,114 Property operating expenses (7,145) (41,703) (49,031) (7,145) (101,303) (101,261) NOI 11,214 56,770 65,468 11,214 106,038 126,853 Less: NOI of properties not included in same property results (747) (8,443) (9,139) (747) (4,217) (17,064) Same Property NOI $ 10,467 $ 48,327 $ 56,329 $ 10,467 $ 101,821 $ 109,789 Calculation of Same Property Cash Basis NOI: Same Property NOI $ 10,467 $ 48,327 $ 56,329 $ 10,467 $ 101,821 $ 109,789 Add: Lease value amortization included in rental income (141) (109) (148) (141) (238) (307) Less: Non-cash straight line rent adjustments included in rental income (1,346) (1,727) (7,102) (1,346) (3,945) (14,412) Lease termination fees included in rental income (81) (438) (91) (81) (1,093) (157) Non-cash amortization included in property operating expenses — 7 117 — 15 18 Same Property Cash Basis NOI $ 8,899 $ 46,060 $ 49,105 $ 8,899 $ 96,560 $ 94,931 Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI (dollars in thousands)

Q2 2026 28RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) (1) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets Credit Agreement 2235 Iron Point Road, Folsom, CA 1 96 — 100.0% 3.3 $ 3,067 $ 2,310 $ 2,441 $ — $ 22,127 4560 Viewridge Avenue, San Diego, CA 1 93 — 100.0% 4.9 3,640 2,247 2,296 — 12,823 440 First Street, NW, Washington, D.C. 1 142 30 82.9% 6.0 8,607 4,340 3,918 199 28,127 180 Ted Turner Drive SW, Atlanta, GA 1 91 — 100.0% 11.2 3,688 2,092 1,270 — 37,271 600 West Peachtree Street NW, Atlanta, GA 1 387 3 94.8% 3.4 11,071 5,941 6,487 323 37,143 1000 West Fulton Market, Chicago, IL 1 545 34 92.9% 3.0 28,725 15,962 15,526 — 114,049 2020 S. Arlington Heights, Arlington Heights, IL 1 58 — 100.0% 14.5 2,087 1,037 1,126 — 8,218 2555 Grand Boulevard, Kansas City, MO 1 596 — 69.2% 7.7 13,876 7,575 7,017 7,417 52,754 2300 Yorkmont Road, Charlotte, NC 1 151 17 100.0% 4.0 3,921 2,111 2,286 — 10,984 2400 Yorkmont Road, Charlotte, NC 1 133 — 100.0% 4.5 3,455 1,688 1,846 — 12,360 14668 Lee Road, Chantilly, VA 1 170 — 97.5% 12.8 6,099 4,156 3,220 — 32,021 14672 Lee Road, Chantilly, VA 1 159 159 100.0% 0.8 5,436 3,700 3,921 — 15,566 1751 Blue Hills Drive, Roanoke, VA 1 399 — 100.0% 7.3 2,398 1,791 1,812 — 16,838 45101 Warp Drive, Sterling, VA 1 161 — 100.0% 8.2 5,675 3,408 3,504 — 37,345 45201 Warp Drive, Sterling, VA 1 88 — 100.0% 8.2 3,117 1,862 1,903 — 20,766 45301 Warp Drive, Sterling, VA 1 88 — 100.0% 8.2 3,091 1,863 1,898 401 19,882 2420 Stevens Center Place, Richland, WA 1 93 — 100.0% 7.3 2,865 1,708 1,481 — 9,463 2430 Stevens Center Place, Richland, WA 1 47 — 100.0% 7.3 1,457 823 708 — 5,063 5353 Yellowstone Road, Cheyenne, WY 1 106 — 92.9% 14.2 3,108 1,775 1,117 137 9,272 Total Credit Agreement 19 3,603 243 92.2% 5.9 115,383 66,389 63,777 8,477 502,072 (1) See notes on Page 10 regarding OPI's debt agreements and encumbrances.

Q2 2026 29RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $300M Senior Notes due 2029 15451 North 28th Avenue, Phoenix, AZ 1 67 — 100.0% 6.6 1,579 867 809 — 9,022 2500 Walsh Avenue, Santa Clara, CA 1 66 — 100.0% 8.5 3,040 2,175 2,027 — 20,274 2548 Campbell Place, Carlsbad, CA 1 46 — 100.0% 4.8 1,990 1,536 1,584 — 10,727 350 West Java Drive, Sunnyvale, CA 1 96 — 100.0% 6.4 5,006 3,603 3,658 — 33,893 77 Rio Robles Drive, San Jose, CA 1 68 — 100.0% 4.4 2,958 1,822 1,938 — 23,363 915 L Street, Sacramento, CA 1 164 8 98.0% 4.4 5,991 3,762 3,804 — 26,302 9815 Goethe Road, Sacramento, CA 1 88 — 100.0% 7.1 2,167 1,196 1,180 — 10,043 7850 Southwest 6th Court, Plantation, FL 1 136 — 100.0% 11.4 4,533 2,828 2,652 — 28,614 1224 Hammond Drive NE, Atlanta, GA 1 358 — 97.4% 9.4 19,372 12,475 11,979 192 79,300 1185 South Vinnell Way, Boise, ID 1 30 — 100.0% 15.7 1,185 630 569 — 3,856 1249 South Vinnell Way, Boise, ID 1 60 — 100.0% 5.3 1,446 760 746 860 5,003 1387 South Vinnell Way, Boise, ID 1 91 — 100.0% 5.3 2,096 1,171 1,117 1,309 5,961 12515-4 Research Boulevard, Austin, TX 1 93 — 100.0% 3.1 3,182 2,016 2,173 — 17,139 3600 Wiseman Boulevard, San Antonio, TX 1 100 — 100.0% 6.3 3,441 2,064 2,031 — 15,351 1800 Novell Place, Provo, UT 1 412 — 87.8% 9.5 10,225 6,112 5,318 118 44,642 2101 Bermuda Hundred Drive, Chester, VA 1 225 — 100.0% 7.6 1,503 1,119 1,073 — 9,537 65 Bowdoin Street, S. Burlington, VT 1 27 — 100.0% 3.0 1,320 710 704 — 7,006 Total $300M Senior Notes due 2029 17 2,127 8 96.9% 7.7 71,034 44,846 43,362 2,479 350,033

Q2 2026 30RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $385M Senior Notes due 2029 (Same Properties) 2544 Campbell Place, Carlsbad, CA 1 45 — 100.0% 6.1 1,382 668 503 1,109 7,151 47131 Bayside Parkway, Fremont, CA 1 101 — 100.0% 11.5 3,485 2,534 527 — 23,868 11 Dupont Circle, NW, Washington, D.C. 1 159 — 74.7% 6.1 8,073 4,503 3,183 103 27,857 20 Massachusetts Avenue NW, Washington, D.C. (1) 1 188 — —% — — 2,343 2,724 — 60,955 625 Indiana Avenue, NW, Washington, D.C. 1 165 2 94.7% 7.2 8,641 4,419 4,264 629 23,934 8900 Grand Oak Circle, Tampa, FL 1 68 — 100.0% 5.8 2,068 1,147 1,152 — 7,578 100 North Washington Street, Boston, MA 1 49 17 33.7% 1.1 669 (45) (32) 121 6,589 126-132 North Washington Street, Boston, MA 1 13 13 100.0% 0.9 396 61 63 — 5,139 25 Newport Avenue Extension, Quincy, MA 1 93 1 100.0% 5.0 2,628 1,066 1,025 — 12,833 251 Causeway Street, Boston, MA 1 141 — —% — — (1,443) (1,456) — 4,328 10320 Little Patuxent Parkway, Columbia, MD 1 155 10 47.6% 3.1 2,547 651 692 — 7,423 520 Gaither Road, Rockville, MD 1 139 — 100.0% 5.7 4,283 2,180 1,768 4,020 29,709 530 Gaither Road, Rockville, MD 1 216 114 100.0% 2.2 7,675 4,844 3,536 161 26,564 534 Gaither Road, Rockville, MD 1 3 — 100.0% 10.4 23 (11) (11) — 1,263 540 Gaither Road, Rockville, MD 1 131 12 63.9% 3.1 2,304 659 1,009 53 22,966 7001 Columbia Gateway Drive, Columbia, MD 1 117 — 69.5% 4.0 2,690 1,187 1,235 957 12,168 446 Wrenplace Road, Fort Mill, SC 1 150 — 100.0% 5.3 3,158 2,743 2,701 — 21,622 1511 East Common Street, New Braunfels, TX 1 63 — 100.0% 4.1 2,029 997 942 100 10,006 45600 Woodland Road, Sterling, VA 1 110 — 100.0% 3.8 3,652 2,619 2,548 — 17,788 45610 Woodland Road, Sterling, VA 1 111 1 75.0% 5.2 2,735 1,247 1,028 121 18,047 7987 Ashton Avenue, Manassas, VA 1 69 — 100.0% 4.6 1,701 1,004 1,063 929 10,590 9960 Mayland Drive, Richmond, VA 1 174 172 99.0% 0.6 4,066 2,301 2,638 — 23,119 $385M Senior Notes due 2029 (Same Properties) 22 2,460 342 75.4% 4.9 64,205 35,674 31,102 8,303 381,497 (1) Sq. Ft. excludes 240 square feet under a hotel management agreement.

Q2 2026 31RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $385M Senior Notes due 2029 (HFS)** 4241 NE 34th Street, Kansas City, MO 1 88 — 100.0% 4.2 2,048 853 844 — 3,310 4201 Patterson Avenue, Baltimore, MD 1 85 — 100.0% 9.8 1,534 765 714 855 5,463 10b Airline Drive, Colonie, NY 1 64 — 100.0% 4.7 965 464 504 34 2,960 1401 K Street, NW, Washington, D.C. 1 130 15 57.7% 4.4 4,402 1,541 1,737 88 14,783 2009-2011 Commerce Park Drive, Annapolis, MD 1 51 — 100.0% 10.8 1,970 1,238 1,117 — 9,085 6315 Hillside Court, Columbia, MD 1 44 5 19.6% 2.0 186 (116) (113) — 3,269 1212 Pittsford - Victor Road, Pittsford, NY 1 55 — 100.0% 3.6 1,192 499 490 — 3,573 2115 O'Nel Drive, San Jose, CA 1 99 — 100.0% 7.4 2,861 2,296 3,068 1,483 21,088 8800 Tinicum Boulevard, Philadelphia, PA 1 441 — —% — — (2,395) (2,395) — 38,715 $385M Senior Notes due 2029 (HFS) 9 1,057 20 49.8% 6.3 15,158 5,145 5,966 2,460 102,246 Total $385M Senior Notes due 2029 31 3,517 362 67.7% 6.1 79,363 40,819 37,068 10,763 483,743 $420M Senior Notes due 2031 (Same Properties) 445 Jan Davis Drive, Huntsville, AL 1 57 — 100.0% 5.1 1,018 869 865 — 9,737 10350 NW 112th Avenue, Miami, FL 1 79 79 100.0% 1.5 3,337 2,431 2,431 — 19,217 4712 Southpark Boulevard, Ellenwood, GA 1 352 — 100.0% 8.2 4,613 2,530 1,668 3,230 19,868 1415 West Diehl Road, Naperville, IL 1 735 8 55.5% 5.9 11,599 6,494 5,666 — 66,132 330 Billerica Road, Chelmsford, MA 1 98 5 59.1% 8.6 1,625 758 678 — 1,488 2645 and 2655 Long Lake Road, Roseville, MN 1 58 — 100.0% 8.9 1,432 642 560 — 4,698 18010 Burt Street, Omaha, NE 1 101 — 100.0% 8.1 2,601 1,827 1,503 — 12,317 2231 Schrock Road, Columbus, OH 1 42 — 100.0% 6.1 545 425 398 — 3,605 10451 Clay Road, Houston, TX 1 97 — 100.0% 2.8 2,534 2,171 1,890 — 18,748

Q2 2026 32RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $420M Senior Notes due 2031 (Same Properties) - Continued 16001 North Dallas Parkway, Addison, TX 2 554 — 100.0% 10.6 17,985 11,191 4,999 11,580 97,518 202 North Castlegory Road, Houston, TX 1 84 84 100.0% 1.5 2,920 1,666 1,708 — 13,367 3400 West Plano Parkway, Plano, TX 1 235 — 100.0% 4.8 1,771 1,830 1,532 — 23,036 4221 W. John Carpenter Freeway, Irving, TX 1 54 — 100.0% 6.9 972 699 639 288 5,709 14660 Lee Road, Chantilly, VA 1 80 — 100.0% 3.5 3,110 2,016 2,085 — 16,673 Two Commercial Place, Norfolk, VA 1 289 289 100.0% 1.0 6,722 4,055 4,357 — 19,956 711 S 14th Avenue, Safford, AZ 1 36 1 100.0% 2.8 1,150 644 638 — 4,381 10949 N. Mather Boulevard, Rancho Cordova, CA 1 94 94 100.0% 1.0 2,956 1,536 1,681 — 17,221 11020 Sun Center Drive, Rancho Cordova, CA 1 83 — 100.0% 10.4 2,105 1,118 1,050 341 9,333 7958 South Chester Street, Centennial, CO 1 167 — 47.7% 7.1 2,003 (713) (1,236) — 16,267 8305 NW 62nd Avenue, Johnston, IA 1 199 199 100.0% 0.5 3,363 2,709 3,178 — 21,051 18020 Burt Street, Omaha, NE 1 101 — 44.7% 10.0 1,273 (102) (855) — 7,619 9680 Old Bailes Road, Fort Mill, SC 1 60 60 100.0% 1.4 867 689 711 — 5,795 12515-3 Research Boulevard, Austin, TX 1 53 — —% — — (485) (485) — 3,211 2900 West Plano Parkway, Plano, TX 1 191 — 100.0% 4.8 4,210 2,300 2,238 — 29,818 Vacant land parcels and other — — — —% — — (89) (89) — 9,985 $420M Senior Notes due 2031 (Same Properties) 25 3,899 819 85.6% 6.0 80,711 47,211 37,810 15,439 456,750

Q2 2026 33RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $420M Senior Notes due 2031 (HFS)** 12795 West Alameda Parkway, Lakewood, CO 1 167 — —% — — (423) (440) — 3,425 131 Clayton Street, Montgomery, AL 1 58 58 100.0% 1.0 1,763 1,148 1,142 — 4,537 603 San Juan Avenue, Stockton, CA 1 22 22 100.0% 0.8 1,168 474 637 — 5,505 4344 Carmichael Road, Montgomery, AL 1 49 — 100.0% 2.8 1,680 1,208 1,084 — 6,660 1760 Business Center Drive, Reston, VA 1 275 — —% — — (692) (719) — 17,168 1211 Connecticut Avenue, NW, Washington, D.C. 1 140 10 38.0% 6.1 2,745 578 72 120 5,757 840 First Street, NE, Washington, D.C. 1 253 — 15.4% 4.3 2,478 (302) (72) — 8,918 1775 Wiehle Avenue, Reston, VA 1 135 18 60.0% 5.0 2,943 1,373 1,679 887 11,428 2001-2003 Commerce Park Drive, Annapolis, MD 1 52 12 50.1% 3.8 591 311 312 — 8,047 6310 Hillside Court, Columbia, MD 1 43 10 100.0% 3.0 1,306 693 733 — 6,287 3550 Green Court, Ann Arbor, MI 1 82 82 100.0% 1.3 1,847 1,621 1,704 — 5,644 51 Rio Robles Drive, San Jose, CA 1 61 61 100.0% 1.0 2,374 1,824 1,796 — 16,166 100 Redwood Shores Parkway, Redwood City, CA 1 63 — 23.5% 2.7 632 1,565 1,457 — 15,990 299 Jefferson Road, Parsippany, NJ 1 151 — —% — — (804) (804) — 12,046 8675,8701-8711 Freeport Pkwy and 8901 Esters Blvd, Irving, TX 3 458 — —% — — (2,141) (2,141) — 30,451 9201 Forest Hill Avenue, Richmond, VA 1 50 50 100.0% 1.5 1,456 769 886 — 2,967 7601 Interactive Way, Indianapolis, IN 1 120 120 100.0% 1.0 2,931 1,670 1,768 60 2,103 7635 Interactive Way, Indianapolis, IN 1 155 155 100.0% 1.0 3,686 2,140 2,266 76 2,785 351 Elliott Ave West, Seattle, WA 1 108 — —% — — (1,182) (1,182) — 5,148 401 Elliott Ave West, Seattle, WA 1 77 — 1.9% 2.7 91 (1,233) (1,232) — 5,500 501 Elliott Ave West, Seattle, WA 1 114 — 39.3% 7.4 3,295 10,181 5,234 — 8,140 $420M Senior Notes due 2031 (HFS) 23 2,633 598 34.2% 3.1 30,986 18,778 14,180 1,143 184,672 Total $420M Senior Notes due 2031 48 6,532 1,417 64.8% 6.9 111,697 65,989 51,990 16,582 641,422

Q2 2026 34RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of June 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets Mortgage Notes 145 Rio Robles Drive, San Jose, CA 1 58 — 100.0% 7.1 2,393 1,618 1,570 — 17,309 One Primerica Parkway, Duluth, GA 1 344 — 100.0% 9.5 6,161 5,338 5,199 7,572 52,566 3300 75th Avenue, Landover, MD 1 266 — 100.0% 13.2 6,596 4,619 4,514 — 37,028 1220 Echelon Parkway, Jackson, MS 1 110 — 100.0% 18.4 4,398 2,152 1,507 550 17,017 500 Charles Ewing Boulevard, Ewing, NJ 1 250 — 100.0% 6.9 6,098 5,681 5,793 — 53,861 701 Clay Road, Waco, TX 1 139 — 100.0% 9.5 3,538 1,730 1,932 — 12,777 22330 Glenn Drive, Sterling, VA 1 167 — 100.0% 5.1 6,066 3,765 3,669 1,683 30,001 Total Mortgage Notes 7 1,334 — 100.0% 9.9 35,250 24,903 24,184 9,805 220,559 Sold Properties — — — —% — — (192) (192) — — Total / Weighted Average 122 17,113 2,030 77.9% 6.2 $ 412,727 $ 242,754 $ 220,189 $ 48,106 $ 2,197,829 **As of June 30, 2026, OPI had 32 properties containing approximately 3,690 rentable square feet classified as held for sale in its condensed consolidated balance sheet, two of which were sold in July 2026 for an aggregate gross sales price of $58,500, nine of which are under agreement to sell for an aggregate gross sales price of $49,675 and the remaining 21 of which are being actively marketed.

Q2 2026 35RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net loss $ (3,087) $ (789,019) $ (93,021) $ (118,982) $ (66,339) $ (41,186) Add (less): Interest expense 6,544 42,341 42,207 44,310 53,259 52,507 Income tax expense (benefit) 38 207 (146) 146 (261) 94 Depreciation and amortization 8,094 54,436 44,083 44,552 42,834 43,838 EBITDA 11,589 (692,035) (6,877) (29,974) 29,493 55,253 Add (less): (Gain) loss on impairment of real estate — — — (378) — 2,426 Gain on sale of real estate — — — (5,488) (6) (159) Equity in net (earnings) losses of investees (92) (382) (110) (90) 115 128 EBITDAre 11,497 (692,417) (6,987) (35,930) 29,602 57,648 Add (less): Reorganization items, net 894 745,342 59,532 78,333 — — Transaction related costs — — — 14,735 22,904 3,940 Fair value adjustment of warrants (1,491) — — — — — General and administrative expense paid in common shares (1) — 888 166 170 239 205 Net loss (gain) on early extinguishment of debt — — — — 354 (148) Adjusted EBITDAre $ 10,900 $ 53,813 $ 52,711 $ 57,308 $ 53,099 $ 61,645 Adjusted EBITDAre / Interest Expense 1.7 x 1.3 x 1.2 x 1.3 x 1.0 x 1.2 x Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense (dollars in thousands) (1) Amounts represent equity based compensation to OPI's Trustees, OPI's officers and certain other employees of RMR.

Q2 2026 36RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 For the Six Months Ended June 30, 2025 Net loss $ (3,087) $ (882,040) $ (87,053) Add (less): Interest expense 6,544 84,548 105,885 Income tax expense 38 61 231 Depreciation and amortization 8,094 98,519 87,571 EBITDA 11,589 (698,912) 106,634 Add (less): Loss on impairment of real estate — — 2,426 Loss on sale of real estate — — 4,578 Equity in net (earnings) losses of investees (92) (492) 380 EBITDAre 11,497 (699,404) 114,018 Add (less): Reorganization items, net 894 804,874 — Transaction related costs — — 4,816 Fair value adjustment of warrants (1,491) — — General and administrative expense paid in common shares (1) — 1,054 484 Net loss on early extinguishment of debt — — 95 Adjusted EBITDAre $ 10,900 $ 106,524 $ 119,413 Adjusted EBITDAre / Interest Expense 1.7 x 1.3 x 1.1 x Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense (dollars in thousands) (1) Amounts represent equity based compensation to OPI's Trustees, OPI's officers and certain other employees of RMR.

Q2 2026 37RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the three months ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net loss $ (3,087) $ (789,019) $ (93,021) $ (118,982) $ (66,339) $ (41,186) Add (less): Depreciation and amortization: Consolidated properties 8,094 54,436 44,083 44,552 42,834 43,838 Unconsolidated joint venture properties 84 459 582 576 684 708 (Gain) loss on impairment of real estate — — — (378) — 2,426 Gain on sale of real estate — — — (5,488) (6) (159) FFO 5,091 (734,124) (48,356) (79,720) (22,827) 5,627 Add (less): Reorganization items, net 894 745,342 59,532 78,333 — — Default interest expense — 3,900 3,292 — — — Transaction related costs — — — 14,735 22,904 3,940 Fair value adjustment of warrants (1,491) — — Net loss (gain) on early extinguishment of debt — — — — 354 (148) Normalized FFO 4,494 15,118 14,468 13,348 431 9,419 Add (less): Non-cash expenses — 750 2 6 75 41 Depreciation and amortization - unconsolidated joint ventures (84) (459) (582) (576) (684) (708) Equity in net (earnings) losses of investees (92) (382) (110) (90) 115 128 Non-cash straight line rent adjustments included in rental income (1,337) 2,999 (1,936) (4,832) (4,750) (6,636) Lease value amortization included in rental income (141) (118) (140) (140) (140) (159) Net amortization of debt premiums, discounts and issuance costs 236 2,130 2,523 5,556 11,986 11,364 Principal amortization — — — — (6,500) (6,500) Recurring capital expenditures (5,871) (4,746) (10,808) (17,916) (8,179) (13,157) CAD $ (2,795) $ 15,292 $ 3,417 $ (4,644) $ (7,646) $ (6,208) Weighted average common shares outstanding (basic and diluted) 21,954 72,916 73,577 73,577 73,480 71,282 Per common share amounts (basic and diluted): Net loss $ (0.14) $ (10.82) $ (1.26) $ (1.62) $ (0.91) $ (0.58) FFO $ 0.23 $ (10.07) $ (0.66) $ (1.08) $ (0.31) $ 0.08 Normalized FFO $ 0.20 $ 0.21 $ 0.20 $ 0.18 $ 0.01 $ 0.13 CAD $ (0.13) $ 0.21 $ 0.05 $ (0.06) $ (0.10) $ (0.09) Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data)

Q2 2026 38RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 For the Six Months Ended June 30, 2025 Net loss $ (3,087) $ (882,040) $ (87,053) Add (less): Depreciation and amortization: Consolidated properties 8,094 98,519 87,571 Unconsolidated joint venture properties 84 1,041 1,336 Loss on impairment of real estate — — 2,426 Loss on sale of real estate — — 4,578 FFO 5,091 (782,480) 8,858 Add (less): Reorganization items, net 894 804,874 — Default interest expense — 7,192 — Transaction related costs — — 4,816 Fair value adjustment of warrants (1,491) — — Net loss on early extinguishment of debt — — 95 Normalized FFO 4,494 29,586 13,769 Add (less): Non-cash expenses — 752 156 Depreciation and amortization - unconsolidated joint ventures (84) (1,041) (1,336) Equity in net (earnings) losses of investees (92) (492) 380 Non-cash straight line rent adjustments included in rental income (1,337) 1,063 (13,492) Lease value amortization included in rental income (141) (258) (282) Net amortization of debt premiums, discounts and issuance costs 236 4,653 23,283 Principal amortization — — (13,000) Recurring capital expenditures (5,871) (15,554) (26,895) CAD $ (2,795) $ 18,709 $ (17,417) Weighted average common shares outstanding (basic and diluted) 21,954 73,267 70,275 Per common share amounts (basic and diluted): Net loss $ (0.14) $ (12.04) $ (1.24) FFO $ 0.23 $ (10.68) $ 0.13 Normalized FFO $ 0.20 $ 0.40 $ 0.20 CAD $ (0.13) $ 0.26 $ (0.25) Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data)

39RETURN TO TABLE OF CONTENTS Q2 2026 Non-GAAP Financial Measures OPI presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including net operating income, or NOI, Cash Basis NOI, Same Property NOI, Same Property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, normalized funds from operations, or Normalized FFO and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of OPI's operating performance or as measures of OPI's liquidity. These measures should be considered in conjunction with net income (loss) as presented in OPI's consolidated statements of income (loss). OPI considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). OPI believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of OPI's operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of OPI's properties. NOI and Cash Basis NOI The calculations of NOI and Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to OPI's property level results of operations. OPI calculates NOI and Cash Basis NOI as shown on page 25 to 26 and Same Property NOI and Same Property Cash Basis NOI as shown on page 27. OPI defines NOI as income from OPI's real estate less OPI's property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that OPI records as depreciation and amortization expense. OPI defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash amortization included in other operating expenses. OPI calculates Same Property NOI and Same Property Cash Basis NOI in the same manner that OPI calculates the corresponding NOI and Cash Basis NOI amounts, except that OPI only includes same properties in calculating Same Property NOI and Same Property Cash Basis NOI. OPI uses NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI differently than OPI does. EBITDA, EBITDAre and Adjusted EBITDAre OPI calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 35 to 36. EBITDAre is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding gains and losses on the sale of real estate, loss on impairment of real estate assets and adjustments to reflect OPI's share of EBITDAre of its unconsolidated joint venture. In calculating Adjusted EBITDAre, OPI adjusts for the items shown on page 35 to 36. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than OPI does. FFO and Normalized FFO OPI calculates FFO and Normalized FFO as shown on page 37 to 38. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and OPI's proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties, but excluding impairment charges on real estate assets and any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO, OPI adjusts for the other items shown on page 37 to 38. FFO and Normalized FFO are among the factors considered by OPI's Board of Trustees when determining the amount of distributions to OPI's shareholders. Other factors include, but are not limited to, requirements to maintain OPI's qualification for taxation as a REIT, limitations in OPI's credit agreement and public debt covenants, the availability to OPI of debt and equity capital, OPI's expectation of its future capital requirements and operating performance and OPI's expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than OPI does. Cash Available for Distribution OPI calculates CAD as shown on page 37 to 38. OPI defines CAD as Normalized FFO minus recurring real estate related capital expenditures and adjusted for other non-cash and non-recurring items and certain amounts excluded from Normalized FFO but settled in cash. CAD is among the factors considered by OPI's Board of Trustees when determining the amount of distributions to OPI's shareholders. Other real estate companies and REITs may calculate CAD differently than OPI does. Non-GAAP Financial Measures and Certain Definitions

40RETURN TO TABLE OF CONTENTS Q2 2026 Annualized rental income is calculated using the annualized contractual base rents from OPI's tenants pursuant to its lease agreements as of June 30, 2026, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to OPI, and excluding lease value amortization. Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenue. GAAP is U.S. generally accepted accounting principles. Gross book value of real estate assets is real estate properties at cost calculated in accordance with GAAP, plus certain acquisition costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. Gross sales price is equal to the gross contract price and excludes closing costs. HFS refers to properties classified as held for sale. Investment grade tenants include: (a) investment grade rated tenants; (b) tenants with investment grade rated parent entities that guarantee the tenant's lease obligations; and/or (c) tenants with investment grade rated parent entities that do not guarantee the tenant's lease obligations. Tenants contributing 61.0% of annualized rental income as of June 30, 2026 were investment grade rated (or their payment obligations were guaranteed by an investment grade rated parent) and tenants contributing an additional 1.2% of annualized rental income as of June 30, 2026 were subsidiaries of an investment grade rated parent (although these parent entities are not liable for the payment of rents). Lease related costs generally include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Leased square feet is pursuant to leases existing as of June 30, 2026, and includes (i) space being fitted out for tenant occupancy pursuant to OPI's lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Leasing cost and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Percent leased includes (i) space being fitted out for occupancy pursuant to OPI's lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date. Predecessor refers to the financial position and results of operations of OPI up to and including its emergence from Chapter 11 Bankruptcy on June 17, 2026. REIT is real estate investment trust. Rentable square feet represents total square feet available for lease as of the measurement date. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Non-GAAP Financial Measures and Certain Definitions (Continued)

41RETURN TO TABLE OF CONTENTS Q2 2026 Same properties for the three months ended June 30, 2026 is based on properties OPI owned continuously since April 1, 2025; excludes 32 properties classified as held for sale (HFS) and two properties owned by an unconsolidated joint venture in which OPI owns a 51% interest. Same properties for the six months ended June 30, 2026 is based on properties OPI owned continuously since January 1, 2025; excludes 32 properties classified as held for sale (HFS) and two properties owned by an unconsolidated joint venture in which OPI owns a 51% interest. Same property cash basis NOI % margin is Same Property Cash Basis NOI as a percentage of same property cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, the net effect of non-cash amortization of intangible lease assets and liabilities and lease termination fees, if any. Same property NOI % margin is Same Property NOI as a percentage of same property rental income. SOFR is the secured overnight financing rate. Successor refers to the financial position and results of operations of OPI subsequent to its emergence from Chapter 11 Bankruptcy on June 17, 2026. Total gross assets is total assets plus accumulated depreciation. Weighted average remaining lease term is the average remaining lease term in years weighted based on annualized rental income. Non-GAAP Financial Measures and Certain Definitions (Continued)

42RETURN TO TABLE OF CONTENTS Q2 2026 Warning Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward- looking statements include, among others, statements about: OPI's ability to continue as a going concern; OPI's leverage levels; demand for office space; OPI's future leasing activity, commitments and obligations; economic and market conditions; OPI's liquidity needs and sources, debt repayments and financing sources, including potentially refinancing our revolving credit facility and term loan; OPI's capital expenditure plans and commitments; OPI's pending or potential dispositions; and the amount and timing of future distributions. Forward-looking statements reflect OPI's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause OPI's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward- looking statements. Some of the risks, uncertainties and other factors that may cause OPI's actual results, performance or achievements to differ materially from those expressed or implied by forward- looking statements include, but are not limited to, the following: OPI's ability to comply with the terms of its debt agreements and meet financial covenants; OPI's ability to make required payments on its debt or refinance its debts as they mature or otherwise become due; OPI's ability to maintain sufficient liquidity, including the availability of borrowings under its revolving credit facility and its ability to obtain new debt or equity financing, and otherwise manage leverage; OPI's ability to effectively raise and balance its use of debt and equity capital; whether OPI's tenants will renew or extend their leases and not exercise early termination options pursuant to their leases or that OPI will obtain replacement tenants on terms as favorable to OPI as its prior leases; the likelihood that OPI's government tenants will be negatively impacted by government budget constraints, or changes in the use of real estate by government agencies; OPI's ability to increase or maintain occupancy at its properties on terms desirable to OPI and its ability to increase rents when its leases expire or renew; the impact of unfavorable market and commercial real estate industry conditions due to uncertainties surrounding interest rates and high inflation, changing tariffs and trade policies and related uncertainty, supply chain disruptions, volatility in the public equity and debt markets and in commercial real estate markets, generally and in the sectors OPI operates, geopolitical instability and tensions, pandemics, any U.S. government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate utilization, including due to continued hybrid and other alternative arrangements, among other things, on OPI and its tenants; OPI's tenant and geographic concentration; competition within the commercial real estate industry, particularly in those markets in which OPI's properties are located; OPI's ability to sell properties at prices it targets and the timing of such sales; OPI's ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance its properties and their appeal to tenants; the financial strength of OPI's tenants; risks and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of prolonged high inflation, cost overruns, supply chain challenges, tariffs, labor shortages, construction delays or inability to obtain necessary permits or volatility in the commercial real estate markets; OPI's ability to pay distributions to its shareholders; OPI's ability to acquire properties that realize its targeted returns; the ability of OPI's manager, RMR, to successfully manage OPI; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; the impact of any U.S. government shutdown, elimination or reduction of government agencies and programs or failure to increase the government debt ceiling on OPI's ability to collect rents and pay its operating expenses, debt obligations and distributions to shareholders on a timely basis; actual and potential conflicts of interest with OPI's related parties, including Adam Portnoy, RMR, Sonesta International Hotels Corporation and others affiliated with them; limitations imposed by and OPI's ability to satisfy complex rules to maintain OPI's qualification for taxation as a REIT for U.S. federal income tax purposes; acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change, or other manmade or natural disasters beyond OPI's control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in OPI's periodic filings. The information contained in OPI's filings with the SEC, including under the caption "Risk Factors" in its periodic reports, or incorporated therein, identifies other important factors that could cause differences from the forward-looking statements in this presentation. OPI's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon OPI's forward-looking statements. Except as required by law, OPI does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

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