Government Properties Income Trust

What Government Properties Income Trust does

Office Properties Income Trust (Nasdaq: OPI), formerly Government Properties Income Trust until its 2015 rebrand, is a Maryland-domiciled real estate investment trust founded in 2009 that owns and leases a national portfolio of office properties to high credit quality tenants. As of March 31, 2026, OPI wholly owned 122 office properties containing approximately 17.1 million rentable square feet across 29 states and Washington D.C., with 60.1% of revenue from investment grade rated tenants (including a 0.5% contribution from subsidiaries of investment grade parents) and 81.3% same-property portfolio occupancy. The customer base is concentrated in two verticals: Government Tenants (agencies with high security needs or mission-strategic locations) and Investment Grade Rated Corporate Tenants (single-tenant corporate headquarters, built-to-suit properties), with a minimum remaining lease term of seven years. Distribution is direct leasing through OPI's asset management team.

OPI's business model is rental income from long-dated commercial real estate leases, with the company externally managed by The RMR Group (Nasdaq: RMR), a U.S. alternative asset manager with approximately $37 billion in AUM as of March 31, 2026. Revenue is recurring in nature and historically was distributed to shareholders via quarterly dividends, which were cut from $0.55 to $0.01 per share in 2025 as part of restructuring preparation. The company was named Energy Star Partner of the Year for the seventh consecutive year in 2024, reflecting its sustainability program rather than technology differentiation.

In October 2025, OPI entered into a Restructuring Support Agreement with an ad hoc group of its senior secured noteholders and filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas, supported by a $125 million DIP financing commitment. The company emerged from Chapter 11 on June 17, 2026 having reduced corporate debt by approximately $714 million to a post-emergence balance of about $1.7 billion, canceled all previously outstanding common shares, and issued 22 million new common shares that began trading on Nasdaq under OPI on June 18, 2026. Post-emergence ownership is dominated by former noteholders including affiliates of Helix Partners Management LP (whose Founder and CEO Jonathan Heller serves as Chairman) and Redwood Capital Management, while The RMR Group continues as external manager under new five-year agreements. Yael Duffy serves as President and Chief Executive Officer and Brian Donley as Chief Financial Officer and Treasurer, both continuing in their roles through the restructuring.

Name

Government Properties Income Trust

Legal name

Office Properties Income Trust

Website

https://govreit.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

Office Properties Income Trust (Nasdaq: OPI) is a Maryland REIT that owns 122 office properties totaling 17.1 million square feet across 29 states and Washington D.C., leased primarily to government agencies and investment grade rated corporate tenants, externally managed by The RMR Group.

Ownership category

akta.pro rank

Product category

Commercial Real Estate / Office REIT

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (53112), Nonresidential Property Managers (531312)

SIC

Lessors Of Real Property, Nec (6519), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Office Real Estate Asset Management (BPAJAMAG)

akta.pro secondary industries

Office Property Management (BPAJAGAA), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Office property REIT
• Commercial real estate
• Government tenant leasing
• Office building leasing
• Real estate investment trust

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Commercial Real Estate Rental Income: OPI generates revenue through rental income from its portfolio of 122 wholly owned office properties leased to high credit quality tenants, including government agencies and investment grade rated corporate tenants, located across 29 states and Washington D.C.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Office Properties Income Trust owns and leases a national portfolio of 122 wholly owned office properties totaling approximately 17.1 million rentable square feet across 29 states and Washington, D.C. Properties are leased primarily to government agencies and investment grade rated corporate tenants under long-term leases (minimum seven years), with 60.1% of revenue from investment grade rated tenants and 81.3% same-property portfolio occupancy as of Q1 2026. The portfolio is externally managed by The RMR Group under business management and property management agreements.

Product overview

Office Properties Income Trust (OPI) is a single-property-type REIT operating a unified portfolio of office properties. The company's core offering consists of its portfolio of 122 office properties totaling 17.1 million square feet across 29 states and Washington, D.C., leased primarily to investment-grade rated government and corporate tenants. OPI does not operate a modular product architecture; its business is the ownership, leasing, and management of this real estate portfolio. The company is managed by The RMR Group under a business management agreement.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Properties Income Trust (OPI) National Office Property Portfolio A national REIT focused on owning and leasing a portfolio of 122 wholly owned office properties containing approximately 17.1 million rentable square feet across 29 states and Washington, D.C., leased to high credit quality government and corporate tenants.

Quantifiable outcome

• 81.3% same property portfolio occupancy rate
• +2 more outcomes

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

Four partnerships are on record, tiered core and supporting.

• The RMR Group (Nasdaq: RMR)coreStrategic or Co-development Partner · 17 June 2026OPI is managed by The RMR Group, a leading U.S. alternative asset management company with over 40 years of institutional experience in commercial real estate. RMR manages OPI's business operations, property management, and has approximately $37 billion in assets under management as of March 31, 2026. Post-restructuring, new five-year business management and property management agreements were established.
• Latham & Watkins LLPsupportingImplementation/ SI/ Consulting Partner · 17 June 2026Served as legal counsel to OPI during the Chapter 11 restructuring process along with Hunton Andrews Kurth LLP and Sullivan & Worcester LLP.
• Moelis & Company LLCsupportingImplementation/ SI/ Consulting Partner · 17 June 2026Served as investment banker to OPI during the Chapter 11 restructuring process.
• Kroll Restructuring Administration LLCsupportingImplementation/ SI/ Consulting Partner · 17 June 2026Served as claims, noticing and solicitation agent for OPI during the Chapter 11 proceedings.

Scale indicators9 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Boston Properties: BXP is the largest publicly-traded developer and owner of Class A office properties in the U.S., concentrated in Boston, NYC, San Francisco, and Washington D.C. markets. Directly comparable to OPI's national Class A office strategy serving government and high-credit tenants.
• Cousins Properties: Cousins owns and operates Class A office properties in high-growth Sun Belt markets. While focused on different geographies, it is a direct peer in the office REIT category serving investment-grade corporate tenants with similar single-tenant and multi-tenant strategies.
• Douglas Emmett: Douglas Emmett owns and operates Class A office and multifamily properties in Los Angeles and Honolulu. Direct peer in the office REIT space with similar tenant credit-quality focus and long-term lease structures.
• SL Green Realty Corp. SL Green is a leading office REIT focused on Manhattan commercial properties. While geographically concentrated in NYC, it competes directly with OPI in the office leasing market with similar tenant profile focus on creditworthy corporate and government tenants.
• Highwoods Properties: Highwoods is an office REIT operating in the best business districts of the Sun Belt. Comparable to OPI as a publicly-traded office REIT focused on credit-quality tenants in strong economic markets.
• Vornado Realty Trust: Vornado is an office REIT with a portfolio concentrated in NYC and Washington D.C. The D.C. overlap with OPI's government-tenant focus makes it a highly comparable peer, particularly for the federal tenancy segment.
• Kilroy Realty Corporation: Kilroy is a West Coast-focused office REIT with properties primarily in Los Angeles, San Diego, the San Francisco Bay Area, and Austin. Direct peer to OPI in the publicly-traded office REIT category serving high-credit corporate tenants.
• Empire State Realty Trust: ESRT owns and operates office and retail properties in NYC and the greater New York metropolitan area. Comparable office REIT with focus on Class A office space and investment-grade tenants.

Broad incumbents

• Service Properties Trust: Service Properties Trust is a sister REIT also managed by The RMR Group. While focused on hotels and net lease retail rather than office, it shares RMR's external management structure and is governed by similar agreements, making it a structurally comparable peer.
• Industrial Logistics Properties Trust: ILPT is another RMR-managed REIT, focused on industrial and logistics properties. Operates under the same external management structure with same President and CEO (Yael Duffy) and CFO (Brian Donley) as OPI, providing direct executive management comparability.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

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

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments

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

Frequently asked questions about Government Properties Income Trust