OPI on Nasdaq
OFFICE PROPERTIES INCOME TRUST
We are a real estate investment trust, or REIT, formed in 2009 under Maryland law.3 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerOPI on Nasdaq1
- IndustryReal Estate1
- HeadquartersNewton, Massachusetts1
- Incorporated inMD2
- Business addressC/O The Rmr Group, Two Newton Pl., 255 Wash. St., Ste. 300, Newton, Ma 024582
- Filer categoryNon-accelerated filer, Smaller reporting company2
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We are a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2025, our wholly owned properties were comprised of 122 properties containing approximately 17.1 million rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 0.3 million rentable square feet. As of December 31, 2025, our properties have an undepreciated carrying value of approximately $3.7 billion and a depreciated carrying value of approximately $2.9 billion. As of December 31, 2025, our properties were leased to 212 different tenants, with a weighted average remaining lease term (based on annualized rental income as defined below) of approximately 6.6 years. The U.S. government is our large…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs54¢$239.0M
- Interest46¢$203.5M
- Income tax0¢$116.0K
Out of $442.6M in revenue.4 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Rental income | $442.6M | $502.0M |
| Real estate taxes | $49.0M | $62.4M |
| Utility expenses | $26.9M | $27.5M |
| Other operating expenses | $121.5M | $107.4M |
| Depreciation and amortization | $175.0M | $194.7M |
| Loss on impairment of real estate | $2.0M | $181.6M |
| Transaction related costs | $42.5M | $1.1M |
| General and administrative | $19.4M | $21.1M |
| Total expenses | $436.2M | $595.8M |
| Gain (loss) on sale of real estate | $916.0K | -$7.4M |
| Interest and other income | $3.1M | $3.7M |
| Interest expense (including net amortization of debt premiums, discounts and issuance costs of $40,825 and $13,463, respectively) | -$203.5M | -$163.7M |
| (Loss) gain on early extinguishment of debt | -$449.0K | $126.2M |
| Reorganization items, net | -$78.3M | $0 |
| Loss before income tax expense and equity in net losses of investees | -$271.9M | -$135.1M |
| Income tax expense | -$116.0K | -$203.0K |
| Equity in net losses of investees | -$405.0K | -$758.0K |
| Net loss | -$272.4M | -$136.1M |
| Weighted average common shares outstanding (basic) (in shares) | 71.9M shares | 51.8M shares |
| Weighted average common shares outstanding (diluted) (in shares) | 71.9M shares | 51.8M shares |
| Net loss (basic) (in dollars per share) | -$3.79 | -$2.63 |
| Net loss (diluted) (in dollars per share) | -$3.79 | -$2.63 |
| Net amortization of debt premiums, discounts and issuance costs | $40.8M | $13.5M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Land | $706.6M | $711.0M | |
| Buildings and improvements | $3.0B | $2.9B | |
| Total real estate properties, gross | $3.7B | $3.7B | |
| Accumulated depreciation | -$729.5M | -$618.6M | |
| Total real estate properties, net | $2.9B | $3.0B | |
| Assets of properties held for sale | $0 | $32.2M | |
| Investment in unconsolidated joint venture | $17.0M | $17.4M | |
| Acquired real estate leases, net | $150.3M | $193.7M | |
| Cash and cash equivalents | $29.5M | $261.3M | |
| Restricted cash | $51.2M | $13.8M | |
| Deferred leasing costs, net | $98.3M | $97.6M | |
| Other assets, net | $31.0M | $11.6M | |
| Total assets | $3.5B | $3.8B | |
| Unsecured debt, net | $0 | $662.3M | |
| Secured debt, net | $889.6M | $1.9B | |
| Liabilities of properties held for sale | $0 | $765.0K | |
| Accounts payable and other liabilities | $126.9M | $118.7M | |
| Due to related persons | $4.7M | $5.9M | |
| Assumed real estate lease obligations, net | $8.4M | $9.5M | |
| Total liabilities not subject to compromise | $1.0B | $2.7B | |
| Liabilities subject to compromise | $1.6B | $0 | |
| Total liabilities | $2.6B | $2.7B | |
| Common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 and 69,824,743 shares issued and outstanding, respectively | $739.0K | $698.0K | |
| Additional paid in capital | $2.7B | $2.7B | |
| Cumulative net loss | -$308.3M | -$35.9M | |
| Cumulative common distributions | -$1.5B | -$1.5B | |
| Total shareholders equity | $881.0M | $1.2B | $1.3B |
| Total liabilities and shareholders equity | $3.5B | $3.8B | |
| Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 | |
| Common shares of beneficial interest, shares authorized (in shares) | 250.0M shares | 250.0M shares | |
| Common shares of beneficial interest, shares issued (in shares) | 73.9M shares | 69.8M shares | |
| Common shares of beneficial interest, shares outstanding (in shares) | 73.9M shares | 69.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Land | $706.6M | $711.0M | |
| Buildings and improvements | $3.0B | $2.9B | |
| Total real estate properties, gross | $3.7B | $3.7B | |
| Accumulated depreciation | -$729.5M | -$618.6M | |
| Total real estate properties, net | $2.9B | $3.0B | |
| Assets of properties held for sale | $0 | $32.2M | |
| Investment in unconsolidated joint venture | $17.0M | $17.4M | |
| Acquired real estate leases, net | $150.3M | $193.7M | |
| Cash and cash equivalents | $29.5M | $261.3M | |
| Restricted cash | $51.2M | $13.8M | |
| Deferred leasing costs, net | $98.3M | $97.6M | |
| Other assets, net | $31.0M | $11.6M | |
| Total assets | $3.5B | $3.8B | |
| Unsecured debt, net | $0 | $662.3M | |
| Secured debt, net | $889.6M | $1.9B | |
| Liabilities of properties held for sale | $0 | $765.0K | |
| Accounts payable and other liabilities | $126.9M | $118.7M | |
| Due to related persons | $4.7M | $5.9M | |
| Assumed real estate lease obligations, net | $8.4M | $9.5M | |
| Total liabilities not subject to compromise | $1.0B | $2.7B | |
| Liabilities subject to compromise | $1.6B | $0 | |
| Total liabilities | $2.6B | $2.7B | |
| Common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 and 69,824,743 shares issued and outstanding, respectively | $739.0K | $698.0K | |
| Additional paid in capital | $2.7B | $2.7B | |
| Cumulative net loss | -$308.3M | -$35.9M | |
| Cumulative common distributions | -$1.5B | -$1.5B | |
| Total shareholders equity | $881.0M | $1.2B | $1.3B |
| Total liabilities and shareholders equity | $3.5B | $3.8B | |
| Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 | |
| Common shares of beneficial interest, shares authorized (in shares) | 250.0M shares | 250.0M shares | |
| Common shares of beneficial interest, shares issued (in shares) | 73.9M shares | 69.8M shares | |
| Common shares of beneficial interest, shares outstanding (in shares) | 73.9M shares | 69.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$272.4M | -$136.1M |
| Depreciation | $121.9M | $118.7M |
| Net amortization of debt premiums, discounts and issuance costs | $40.8M | $13.5M |
| Amortization of acquired real estate leases and assumed real estate lease obligations, net | $41.2M | $64.6M |
| Amortization of deferred leasing costs | $14.4M | $13.0M |
| (Gain) loss on sale of real estate | -$916.0K | $7.4M |
| Loss on impairment of real estate | $2.0M | $181.6M |
| Net gain on early extinguishment of debt | -$1.1M | -$138.6M |
| Non-cash reorganization items | $25.7M | $0 |
| Straight line rental income | -$23.1M | -$31.1M |
| Other non-cash expenses, net | $237.0K | $575.0K |
| Equity in net losses of investees | $405.0K | $758.0K |
| Rents receivable | $2.4M | $6.0M |
| Due from related persons | -$231.0K | $0 |
| Deferred leasing costs | -$18.8M | -$23.0M |
| Other assets | -$8.9M | $1.4M |
| Accounts payable and other liabilities | $71.1M | -$10.4M |
| Due to related persons | -$1.2M | -$1.2M |
| Net cash (used in) provided by operating activities | -$6.6M | $67.2M |
| Real estate improvements | -$37.6M | -$123.4M |
| Proceeds from sale of property, net | $39.8M | $190.0M |
| Net cash provided by investing activities | $2.2M | $66.6M |
| Repayment of senior unsecured notes | -$171.6M | -$350.2M |
| Proceeds from issuance of senior secured notes | $0 | $339.0M |
| Repayment of senior secured notes | -$27.0M | $0 |
| Borrowings on revolving credit facility | $0 | $452.0M |
| Repayments on revolving credit facility | $0 | -$332.0M |
| Borrowings on secured term loan | $0 | $100.0M |
| Borrowings on debtor-in-possession secured term loan | $10.0M | $0 |
| Payment of debt issuance costs | -$1.2M | -$91.8M |
| Proceeds from issuance of common shares, net | $1.1M | $0 |
| Repurchases of common shares | -$32.0K | -$192.0K |
| Distributions to common shareholders | -$1.4M | -$2.0M |
| Net cash (used in) provided by financing activities | -$190.1M | $114.7M |
| (Decrease) increase in cash, cash equivalents and restricted cash | -$194.5M | $248.5M |
| Interest paid | $130.6M | $145.3M |
| Income taxes paid | $192.0K | $361.0K |
| Cash paid for reorganization costs | $19.5M | $0 |
| Real estate improvements accrued, not paid | $18.1M | $16.8M |
| Capitalized interest | $0 | $969.0K |
| Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes | -$6.5M | $0 |
| Extinguishment of unsecured senior notes in exchange for senior secured notes and common shares | $0 | -$180.5M |
No quarter-by-quarter statement was filed.
Leadership
Who has led OFFICE PROPERTIES INCOME TRUST, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerDavid M. Blackman Sep 17, 2018 to Sep 23, 202013
- PresidentYael Duffy Jan 2, 2024 to now14
- PresidentChristopher J. Bilotto Sep 17, 2021 to Sep 20, 202315
- PresidentDavid M. Blackman Sep 20, 2011 to Sep 23, 202016
- PresidentAdam Portnoy Jun 2, 2009 to Sep 21, 201017
- Chief financial officerBrian E. Donley Oct 2, 2023 to now18
- Chief financial officerJeffrey C. Leer Jan 2, 2019 to Jan 2, 201919
- Chief financial officerMark Lawrence Kleifges Jan 11, 2011 to Jan 2, 201920
- Chief financial officerDavid M. Blackman Jun 2, 2009 to Sep 21, 201021
- Chief operating officerYael Duffy Jan 2, 2024 to now14
- Chief operating officerChristopher J. Bilotto Sep 21, 2020 to Sep 20, 202322
- Chief operating officerDavid M. Blackman Sep 20, 2011 to Sep 21, 201716
Board members and other officers (17)
- Vice PresidentChristopher J. Bilotto Mar 12, 2020 to Mar 12, 202023
- Board memberIrvin Schlussel Jun 24, 2026 to now24
- Board memberJonathan M. Heller Jun 25, 2026 to now25
- Board memberJonathan Kolatch Jul 1, 2026 to now26
- Board memberTimothy R. Pohl Jun 16, 2025 to now27
- Board memberMark A. Talley Apr 12, 2022 to Jun 17, 202428
- Board memberJennifer B. Clark Jun 17, 2021 to now29
- Board memberDavid M. Blackman Jan 2, 2019 to Sep 23, 202030
- Board memberDonna D. Fraiche Jan 22, 2019 to Jun 17, 202431
- Board memberWilliam A. Lamkin Jan 22, 2019 to now32
- Board memberMark Lawrence Kleifges Apr 4, 2018 to Jan 2, 201933
- Board memberElena Poptodorova Feb 22, 2017 to Jun 17, 202434
- Board memberAdam Portnoy Jun 2, 2009 to now17
- Board memberBarbara D. Gilmore Jun 2, 2009 to Jun 17, 202435
- Board memberBarry M. Portnoy Jun 2, 2009 to May 18, 201736
- Board memberJeffrey P. Somers Jun 2, 2009 to Jun 17, 202437
- Board memberJohn L. Harrington Jun 2, 2009 to Jun 17, 202438
Former names
- Government Properties Income TrustOct 27, 2016 to Jan 2, 20192
Timeline
- Sep 17, 2018New chief executive David M. Blackman becomes CEO13
Filings
270 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 80 major events, 69 insider forms, 33 large holders, 68 other. The latest 20:
- Sep 24, 20268-K EDGAR
- Sep 10, 20268-K EDGAR
- Aug 19, 2026SCHEDULE 13D/A EDGAR
- Aug 19, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 7, 20264/A EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20264 EDGAR
- Aug 6, 2026144 EDGAR
- Aug 5, 20268-K EDGAR
- Jul 24, 20263/A EDGAR
- Jul 24, 2026SCHEDULE 13D/A EDGAR
- Jul 10, 2026SCHEDULE 13G EDGAR
- Jul 6, 2026SCHEDULE 13G EDGAR
- Jul 1, 20263 OWNERSHIP DOCUMENT EDGAR
- Jun 26, 20263 EDGAR
- Jun 25, 20263 EDGAR
- Jun 25, 2026SCHEDULE 13D EDGAR
- Jun 25, 2026SCHEDULE 13D EDGAR
The 270 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
8 open-market trades by officers, directors and large owners since October 2021: 1 buys and 7 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Double Twins K, LLC10% owner | Sale | 175,734 | $19.03 | $3.3M | Form 4 |
| Aug 17, 2026 | Double Twins K, LLC10% owner | Sale | 20,686 | $19.03 | $393.7K | Form 4 |
| Aug 13, 2026 | Redwood Capital Management Holdings, LP10% owner | Sale | 1,826 | $19.00 | $34.7K | Form 4 |
| Aug 12, 2026 | Redwood Capital Management Holdings, LP10% owner | Sale | 2,616 | $19.04 | $49.8K | Form 4 |
| Aug 11, 2026 | Redwood Capital Management Holdings, LP10% owner | Sale | 2,413 | $19.00 | $45.8K | Form 4 |
| Aug 6, 2026 | Double Twins K, LLC10% owner | Sale | 162,254 | $19.71 | $3.2M | Form 4 |
| Aug 6, 2026 | REDWOOD CAPITAL MANAGEMENT, LLC10% owner | Sale | 162,254 | $19.71 | $3.2M | Form 4 |
| May 11, 2022 | Talley Mark A.Director | Buy | 400 | $19.81 | $7.9K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- REDWOOD CAPITAL MANAGEMENT, LLCSCHEDULE 13D/A, 3 filings Jun 25, 2026 to Aug 19, 202639
- BarclaysSCHEDULE 13G, 1 filing Aug 13, 202640
- LIBERTY MUTUAL HOLDING Co INC.SCHEDULE 13G, 1 filing Jul 10, 202641
- WHITEBOX ADVISORS LLCSCHEDULE 13G, 1 filing Jul 6, 202642
- Helix Partners Management LPSCHEDULE 13D, 1 filing Jun 25, 202643
- D. E. SHAW & CO, L.P.SCHEDULE 13G/A, 3 filings Dec 18, 2024 to Aug 14, 202544
- MSD Partners, L.P.SCHEDULE 13G/A, 2 filings Dec 17, 2024 to Aug 13, 202545
- VANGUARD GROUP INCSCHEDULE 13G/A, 9 filings Feb 10, 2022 to Jul 29, 202546
- InvescoSC 13G/A, 2 filings Feb 9, 2024 to Nov 7, 202447
- State Street CorporationSC 13G/A, 3 filings Feb 11, 2022 to Jan 22, 202448
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 35. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARYael Duffy, President
- 15SEC EDGARChristopher J. Bilotto, President
- 16SEC EDGARDavid M. Blackman, President
- 17SEC EDGARAdam Portnoy, President
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- 24SEC EDGARIrvin Schlussel, Board member
- 25SEC EDGARJonathan M. Heller, Board member
- 26SEC EDGARJonathan Kolatch, Board member
- 27SEC EDGARTimothy R. Pohl, Board member
- 28SEC EDGARMark A. Talley, Board member
- 29SEC EDGARJennifer B. Clark, Board member
- 30SEC EDGARDavid M. Blackman, Board member
- 31SEC EDGARDonna D. Fraiche, Board member
- 32SEC EDGARWilliam A. Lamkin, Board member
- 33SEC EDGARMark Lawrence Kleifges, Board member
- 34SEC EDGARElena Poptodorova, Board member
- 35SEC EDGARBarbara D. Gilmore, Board member
- 36SEC EDGARBarry M. Portnoy, Board member
- 37SEC EDGARJeffrey P. Somers, Board member
- 38SEC EDGARJohn L. Harrington, Board member
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