Every 8-K that Office Properties Income Trust (OPI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow OPI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full OPI filings page.
Office Properties Income Trust (OPI) announced that it has priced an offering of $425 million aggregate principal amount of 8.75% senior secured notes due 2031 in a private placement to persons reasonably believed to be qualified institutional buyers and to non-U.S. persons under Regulation S. The notes are expected to settle on September 24, 2026, subject to customary closing conditions.
The notes will be guaranteed by certain subsidiaries and secured by first-priority liens on 19 office properties and a pledge of the equity interests of the subsidiary guarantors. OPI expects to use the net proceeds, together with cash on hand, to repay all outstanding borrowings under its secured revolving credit facility and its secured term loan, contingent on the closing of the offering.
OPI describes itself as a national REIT focused on office properties, with 122 properties totaling about 17.1 million square feet across 29 states and Washington, D.C. As of June 30, 2026, approximately 62% of revenues came from investment grade rated tenants, and it is managed by The RMR Group, which reported over $37 billion in assets under management as of that date.
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.
Office Properties Income Trust has emerged from Chapter 11 with a new capital structure, new board and rewritten governance documents. On June 17, 2026, its reorganization plan became effective, cancelling all 73,943,439 old common shares, which received no recovery, and issuing 21,953,577 shares of new common equity and new warrants.
The company issued $420 million of 10.000% senior secured exit notes due 2031 and $385 million of new 8.375% senior secured notes due 2029, amended its secured credit facility, and terminated its $125 million DIP facility through equity conversions. Certain former noteholders and DIP lenders now own about 67% of the reorganized equity, and a largely reconstituted board, including Helix Partners and Redwood Capital designees, took office. The declaration of trust and bylaws were amended to change removal rights, board designation rights and shareholder mechanics, while a new five-year management package with RMR includes fixed fees and equity-based compensation.
Office Properties Income Trust commenced voluntary Chapter 11 cases on October 30, 2025 and obtained court approval for a debtor‑in‑possession term loan facility of up to $125.0 million. An initial $10.0 million became available after the interim order and execution of the DIP credit agreement on November 6, 2025.
The DIP loans carry 12.00% annual cash interest and include an upfront fee of 2.25% of commitments, an anchor commitment fee of 10.00%, and an exit fee of 5.75%, each payable in cash or common equity of the reorganized debtors as specified. Maturity is the earliest of 185 days after the Petition Date, the plan’s effective date, a section 363 sale of substantially all assets, or acceleration after default. Proceeds may fund working capital, corporate needs, transaction costs, professional fees, and other case expenses under an approved budget, with superpriority claims and liens securing the facility.
Office Properties Income Trust commenced voluntary Chapter 11 cases in the Southern District of Texas to implement a court-supervised restructuring supported by an RSA with holders of its 9.000% Senior Secured Notes due September 2029 and The RMR Group LLC.
The RSA contemplates reducing total debt from approximately $2.4 billion to approximately $1.3 billion upon emergence and sets milestones for plan confirmation within 175 days of the petition date and plan effectiveness within 185 days. A first‑day hearing is noticed for November 3, 2025. OPI continues operating as debtor-in-possession and has sought customary first‑day relief.
The RSA term sheet provides for new management agreements with RMR, including a business management fee of $14.0 million per year for the first two years, with property management fees consistent with the current agreement. Filing the cases triggered events of default and accelerated obligations under certain debt instruments, though enforcement is stayed by the Bankruptcy Code. The company cautions that holders of its common shares could experience a significant or complete loss depending on case outcomes.
Office Properties Income Trust furnished “Cleansing Material” under Regulation FD, sharing information from confidential discussions with multiple creditor ad hoc groups about one or more potential transactions involving its funded debt obligations, including the 3.25% Senior Secured Notes due 2027 and 9.000% Senior Secured Notes due March and September 2029, as well as its secured credit facility and certain unsecured notes.
The company states no agreement has been reached with the 2027, March 2029, secured facility, or unsecured ad hoc groups, and it offers no assurance that terms will be agreed. The materials were provided solely to facilitate discussions and are furnished, not filed. This report is not an offer to sell or exchange any securities.
Separately, the company notes its common shares and 6.375% Senior Notes due 2050 were suspended from Nasdaq trading on October 7, 2025 and began quotation on the OTC Pink Market under symbols OPITS and OPILR.
Office Properties Income Trust reported it did not make the required interest payment of approximately $1.8 million due on its 3.450% Senior Notes due 2031 on October 15, 2025. Under the indenture, there is a 30-day grace period to cure the non-payment before it becomes an event of default.
The company also notified Wells Fargo, the administrative agent under its credit agreement, of the missed 2031 Notes payment. The credit agreement provides a 30-day grace period before this becomes an event of default under that agreement. The company stated it is working with advisors to pursue restructuring efforts.
Office Properties Income Trust reports that Nasdaq has notified the company its common shares are subject to delisting after failing to regain the required $1.00 minimum bid price by September 22, 2025. Unless appealed, the shares are expected to be delisted at the opening of business on October 6, 2025, and the company states it does not expect to appeal.
The company also discloses that on September 30, 2025 it did not make an approximately $27.4 million interest payment due on its 9.000% Senior Secured Notes due September 2029 and an approximately $3.4 million interest payment due on its 3.250% Senior Secured Notes due March 2027. Under the governing indentures and its credit agreement, there is a 30‑day grace period before these non-payments and the anticipated delisting can become events of default, while the company continues to work with advisors on restructuring efforts.
Office Properties Income Trust reported that its Board of Trustees appointed John Castellano, a Partner and Managing Director at AlixPartners, LLP, as Chief Restructuring Officer on September 15, 2025. The company notes that AlixPartners had already been engaged to support its restructuring efforts, and this appointment formalizes that role inside the organization.