OFFICE PROPERTIES INCOME TRUST (OPI) Company Report

Office Properties Income Trust (OPI) and certain subsidiaries initiated voluntary Chapter 11 bankruptcy cases on October 30, 2025, to pursue a court-supervised financial restructuring.
On November 5, 2025, the Bankruptcy Court approved an interim order for a secured debtor-in-possession (DIP) term loan facility of up to $125.0 million.
An initial $10.0 million from the DIP facility was made available on November 6, 2025, to cover working capital and Chapter 11 administration expenses.
OPI's securities were suspended from trading on The Nasdaq Global Select Market on October 7, 2025, and are now quoted on the OTC Pink Market.

Nov 6, 2025, 9:23 PM

Office Properties Income Trust Initiates Chapter 11 Process and Debt Restructuring

OPI

Debt Issuance

Legal Proceedings

Management Change

Office Properties Income Trust (OPI) has initiated a voluntary Chapter 11 process on October 30, 2025, after entering into a Restructuring Support Agreement (RSA) with noteholders to restructure its corporate debt.
The restructuring plan aims to substantially deleverage the balance sheet, reducing total debt from approximately $2.4 billion to approximately $1.3 billion upon emergence from Chapter 11.
OPI has secured a commitment for $125 million in new money, debtor-in-possession (DIP) financing to support operations during the restructuring.
The September 2029 Senior Secured Notes will be converted into reorganized common equity valued at $98.0 million and $420.0 million of secured exit notes.
The RMR Group will continue to manage OPI's business and properties without interruption during the restructuring process, with a new management arrangement for an initial term of five years contemplated upon the plan's effectiveness.

Oct 31, 2025, 11:10 AM

Office Properties Income Trust Engages in Debt Restructuring Discussions and Outlines Business Plan Projections

OPI

Debt Issuance

Legal Proceedings

Demand Weakening

Office Properties Income Trust (OPI) is engaged in confidential discussions with various ad hoc groups of holders of its funded debt obligations, including Senior Secured Notes and a Secured Credit Facility, regarding potential transactions.
OPI has identified 26 additional properties for potential disposition, totaling 3,300 thousand sq. ft. with an average occupancy of 55% as of March 31, 2025, to enhance liquidity and reduce costs.
Consolidated business plan projections (pro forma for the sale of 26 properties) forecast Property Revenue to grow from $390,976 thousand in 2025 to $449,875 thousand in 2030, and Cash Basis NOI from $205,523 thousand in 2025 to $248,142 thousand in 2030.
A $90-125 million Super-Priority Debtor-in-Possession (DIP) Credit Facility is being discussed, which would be backstopped by the Ad Hoc Group of 2027 Notes holders.
The proposed exit capital structure includes $902 million of reinstated existing debt and a $420 million takeback Exit Note, alongside an Equity Rights Offering.

Oct 31, 2025, 11:05 AM

Office Properties Income Trust Files for Chapter 11 Bankruptcy

OPI

Legal Proceedings

Debt Issuance

Demand Weakening

Office Properties Income Trust (OPI) has filed for Chapter 11 bankruptcy protection in the Southern District of Texas to implement a court-supervised financial restructuring.
The restructuring plan aims to reduce the company's total debt from $2.4 billion to $1.3 billion, which includes converting existing notes into equity and securing $125 million in new financing.
OPI reported $3.5 billion in assets against $2.5 billion in liabilities and continues to operate as a debtor-in-possession.
The company faces significant financial challenges, including declining revenues, high leverage, ongoing losses, and a dividend suspension, leading analysts to assign a Hold rating with a neutral outlook.

Oct 31, 2025, 10:30 AM

OFFICE PROPERTIES INCOME TRUST misses interest payment on 2031 Notes

OPI

Profit Warning

Demand Weakening

OFFICE PROPERTIES INCOME TRUST did not make a required interest payment of approximately $1.8 million on its 3.450% Senior Notes due 2031 on October 15, 2025.
The company has a 30-day grace period to make the payment before it constitutes an "event of default" under the indenture governing these notes.
OPI also notified Wells Fargo Bank, National Association, the administrative agent for its Credit Agreement, about the missed interest payment, which also triggers a 30-day grace period before becoming an "event of default" under that agreement.
The company is currently working with its advisors to pursue restructuring efforts.

Oct 16, 2025, 9:44 PM

OFFICE PROPERTIES INCOME TRUST Faces Nasdaq Delisting and Misses Interest Payments

OPI

Delisting/Listing Issues

Profit Warning

OFFICE PROPERTIES INCOME TRUST's common shares are subject to delisting from Nasdaq on October 6, 2025, as the company failed to regain compliance with the minimum bid price rule and does not expect to appeal this determination.
On September 30, 2025, the company did not make required interest payments of approximately $27.4 million on its 9.000% Senior Secured Notes due September 2029 and approximately $3.4 million on its 3.250% Senior Secured Notes due March 2027.
The company notified Wells Fargo of the missed interest payments and anticipates defaults under its Credit Agreement in connection with the upcoming Nasdaq delisting, while pursuing restructuring efforts.