Office Properties Income Trust

What Office Properties Income Trust does

Office Properties Income Trust (Nasdaq: OPI) is a publicly traded real estate investment trust organized in Maryland and headquartered in Newton, Massachusetts, focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of March 31, 2026, the company owned 122 office properties comprising approximately 17.1 million rentable square feet across 29 states and Washington D.C., with 81.3% same-property portfolio occupancy and 60.1% of revenue derived from investment-grade rated tenants. The portfolio strategy centers on single-tenant and multi-tenant government facilities with high security or mission-strategic requirements, alongside corporate headquarters, built-to-suit properties, and buildings where tenants have invested meaningful capital, with minimum 7-year remaining lease terms providing recurring rental income.

The company operates a traditional landlord/lessor model, generating revenue through direct leasing of office space under long-term agreements. Distribution occurs via an internal leasing team accessible at [email protected] and through commercial real estate broker relationships, with property listings published on the corporate website. OPI is externally managed by The RMR Group (Nasdaq: RMR), a real estate operator with approximately $37 billion in AUM, under new five-year business and property management agreements established in connection with the company's June 2026 emergence from Chapter 11 bankruptcy. Investors are served through a standard public-company apparatus including SEC filings, quarterly results, investor relations communications, email alerts, RSS feeds, and participation in REIT industry conferences. The company pays quarterly dividends to shareholders, though the dividend was reduced from $0.55 per share in the 2021-2023 period to $0.01 per share in 2024-2025 as part of its broader financial restructuring.

Operationally, OPI recently completed a significant corporate restructuring. In October 2025 the company filed voluntary Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas after entering into a Restructuring Support Agreement with a noteholder group, and on June 17, 2026 it emerged with approximately $714 million of debt eliminated, post-restructuring debt of approximately $1.7 billion, and approximately 22 million newly issued common shares trading on Nasdaq under OPI. Previous common equity was canceled upon emergence, with control transferring to noteholders including Helix Partners Management LP and Redwood Capital Management. A new Board of Directors was constituted, led by Jonathan Heller as Chairman, and Yael Duffy transitioned from President and Chief Operating Officer to President and Chief Executive Officer. The company has accumulated seven consecutive years of EPA ENERGY STAR Partner of the Year recognition (2018-2024) and Gold Level Green Lease Leader status from the Institute for Market Transformation, reflecting sustained sustainability and energy management practices across the portfolio.

Name

Office Properties Income Trust

Legal name

Office Properties Income Trust

Website

https://opireit.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Office Properties Income Trust (Nasdaq: OPI) is a publicly traded REIT that owns and leases 122 office properties totaling 17.1 million square feet across 29 states, primarily to government agencies and investment-grade corporate tenants under long-term single-tenant lease arrangements, and is externally managed by The RMR Group.

Ownership category

akta.pro rank

Product category

Commercial Office Real Estate

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Finance and Insurance (52)

SIC

Real Estate (6500), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Office Real Estate Asset Management (BPAJAMAG)

akta.pro secondary industries

Office Property Management (BPAJAGAA), Real Assets — Operating Platforms & Direct Investments (FSAAAKAL), Office Tenant Representation (BPAJALAA)

Keywords

• Commercial office leasing
• Real estate investment trust
• Office property ownership
• Single-tenant office leases
• Government tenant leasing

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Commercial Office Leasing: OPI generates revenue primarily through rental income from its office properties. The company owns and leases 122 office properties (17.1 million square feet) to high credit quality tenants across 29 states and Washington D.C. Revenue is recurring in nature with long-term lease agreements, predominantly single-tenant arrangements with minimum 7-year remaining lease terms.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Office Properties Income Trust owns a 122-property office portfolio of approximately 17.1 million rentable square feet across 29 states and Washington D.C., leased predominantly under long-term, single-tenant arrangements (minimum 7-year remaining lease terms) to government agencies and investment-grade-rated corporate tenants. The company operates as a landlord/lessor and is externally managed by The RMR Group under five-year business and property management agreements. Following its June 2026 emergence from Chapter 11 restructuring, OPI carries approximately $1.7 billion in debt and trades on Nasdaq under the symbol OPI.

Product overview

Office Properties Income Trust (OPI) is a single-focus Real Estate Investment Trust that owns and operates a portfolio of office properties leased to investment-grade credit quality tenants. The company does not offer a multi-module software platform but rather operates as a traditional REIT with properties managed by The RMR Group under five-year management agreements. As of June 2026, following its Chapter 11 bankruptcy emergence, the company carries approximately $1.7 billion in debt with 22 million newly issued common shares trading on Nasdaq under the symbol OPI.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Property Leasing Portfolio Long-term leasing of a 122-property office portfolio totaling 17.1 million rentable square feet across 29 states and Washington D.C. to government agencies and investment-grade-rated corporate tenants under single-tenant and multi-tenant arrangements with a minimum 7-year remaining lease term.

Quantifiable outcome

• 60.1% of revenues from investment-grade rated tenants
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor.

• Latham & Watkins LLPminorOthers · 17 June 2026Legal counsel to OPI during Chapter 11 restructuring proceedings.
• Hunton Andrews Kurth LLPminorOthers · 17 June 2026Legal counsel to OPI during Chapter 11 restructuring proceedings.
• Moelis & Company LLCminorOthers · 17 June 2026Investment banker serving OPI during Chapter 11 restructuring.
• AP Services, LLC (AlixPartners)minorOthers · 17 June 2026Restructuring advisor to OPI during Chapter 11 proceedings.
• Kroll Restructuring Administration LLCminorOthers · 17 June 2026Claims, noticing and solicitation agent for OPI's Chapter 11 proceedings.

Scale indicators9 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Boston Properties: Boston Properties (BXP) is one of the largest publicly traded U.S. office REITs, focused on Class A office properties in gateway markets. Direct peer to OPI as a national office landlord with investment-grade tenant focus and similar REIT structure.
• Vornado Realty Trust: Vornado (VNO) is a U.S. office REIT concentrated in New York City and a few select markets. Comparable to OPI as a publicly traded office REIT with similar capital structure dynamics and focus on single-tenant/headquarter-grade office buildings.
• SL Green Realty: SL Green (SLG) is the largest office REIT in Manhattan, focused on Class A office properties. Comparable to OPI in business model (office REIT, public, dividend-paying) but with a concentrated NYC focus versus OPI's 29-state footprint.
• Highwoods Properties: Highwoods Properties (HIW) is a publicly traded office REIT focused on best-in-class office properties in the Sun Belt. Directly comparable to OPI as a U.S. office REIT with a national footprint and similar tenant-mix strategy.
• Kilroy Realty: Kilroy Realty (KRC) is a West Coast-focused U.S. office REIT with similar investment-grade tenant base and long-WALT leases. Direct peer to OPI in business model and tenant quality orientation.
• Douglas Emmett: Douglas Emmett (DEI) is a U.S. office and multifamily REIT concentrated in Los Angeles and Honolulu. Comparable to OPI as a publicly traded office landlord with a similar mix of single-tenant and multi-tenant office buildings.
• Empire State Realty Trust: Empire State Realty Trust (ESRT) is a U.S. office and observatory REIT concentrated in New York City. Comparable to OPI in operating as a publicly traded office REIT with a similar leased-property model and external management considerations.
• Cousins Properties: Cousins Properties (CUZ) is a Sun Belt-focused U.S. office REIT with a high-credit-quality tenant base. Comparable to OPI in business model and tenant-quality orientation, though Cousins is more geographically concentrated.
• Paramount Group: Paramount Group (PGRE) is a U.S. Class A office REIT with properties in New York, San Francisco, and Washington D.C. Direct peer to OPI as a publicly traded office REIT operating in major U.S. metro markets.
• Brandywine Realty Trust: Brandywine Realty Trust (BDN) is a U.S. office REIT with properties primarily in Philadelphia, Austin, and other select markets. Comparable to OPI as a publicly traded office REIT with a national-leaning footprint and similar investment-grade tenant focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/office-properties-income-trust

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Office Properties Income Trust