Office Properties Income Trust screens as statistically cheap with rising price accumulation above its 200-day average, but a collapsed operating margin, no economic moat, and declining revenue keep the quality picture below the investable floor.
Thesis pillars
- Operating Margin Collapse→Stable
- No Competitive Moat↓Deteriorating
- Declining Revenue→Stable
- +2 more pillars — see the Why tab for full reasoning
Office Properties Income Trust (OPI) Stock Analysis
Inst Constrain edge
Real Estate · REIT - Office
Hold if already holding. Not a fresh buy at $18.20, but acceptable to hold if already in. Reasons: Concentration risk — Counterparty: RMR (external manager); Market cap $396M below $400M minimum.
Office Properties Income Trust is a REIT owning 122 office and mixed-use properties totaling 17.1 million square feet across the U.S., leased to 212 tenants as of December 31, 2025. The U.S. government is its largest tenant at approximately 17.2% of annualized rental income. OPI... Read more
Hold if already holding. Not a fresh buy at $18.20, but acceptable to hold if already in. Reasons: Concentration risk — Counterparty: RMR (external manager); Market cap $396M below $400M minimum. Chart setup: No clear chart pattern; technical signals are mixed. Market cap $396M below $400M minimum. Not in investable universe. Score 5.1/10, moderate confidence.
Passes 6/9 gates (positive momentum, favorable risk/reward ratio, news events none recent, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Fails on clean insider activity and SEC filing concern. Suitability: aggressive.
About Office Properties Income Trust
About Office Properties Income Trust
Office Properties Income Trust owned 122 properties totaling 17.1 million rentable square feet as of December 31, 2025, carried at an undepreciated value of about $3.7 billion, leased to 212 tenants with a weighted average remaining lease term of 6.6 years. The U.S. government is the company's largest tenant, representing approximately 17.2% of annualized rental income, and the REIT emerged from Chapter 11 bankruptcy on June 17, 2026.
OPI earns rental income under leases with private sector and government tenants across office and mixed-use properties, with near-term rollover concentrated in 2027: 3.7% of annualized rental income expires in 2026 and 12.9% in 2027. As of December 31, 2025, consolidated debt stood at $2.4 billion with the revolving credit facility fully drawn; the Plan of Reorganization that took effect June 17, 2026 cuts debt by roughly $700 million by converting senior secured and unsecured noteholders into new secured notes and reorganized equity, while canceling pre-existing common shares. Day-to-day operations, leasing and capital allocation are externally managed by The RMR Group under a business management agreement carrying a $14 million annual fee for the first two years, plus up to 10% of reorganized common equity issuable to RMR based on financial performance tests.
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A geographic overlay compounds OPI's tenant exposure: 22.6% of annualized rental income comes from properties in the metropolitan Washington, D.C. market, where the 10-K flags weak conditions and reduced government demand for leased space. That overlap matters because the current administration is reportedly seeking to terminate existing U.S. government office leases, and OPI's own filing notes government tenants have already consolidated into government-owned buildings and cut space per employee -- a dynamic concentrated in the same market where the company holds its largest single-MSA position.
See also: Real Estate · REIT - Office
From Office Properties Income Trust's most recent 10-K filing, extracted August 2, 2026.
Recent developments
updated 2026-08-21Recent Developments — Office Properties Income Trust
Latest news
- NEWS Top 3 Real Estate Stocks That May Keep You Up At Night In August — benzinga Aug 4, 2026 neutral
Generated 2026-08-21T18:12:34Z.
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- LOWTenantU.S. government17%10-K Item 1: 'The U.S. government is our largest tenant, representing approximately 17.2% of our annualized rental income as of December 31, 2025.'
- MEDIUMTenantprivate sector single/majority tenants34%10-K Item 1A: 'As of December 31, 2025, 34.3% of our annualized rental income was from our properties leased to private sector single tenants or majority occupied tenants.'
- LOWGeographicmetropolitan Washington, D.C.23%10-K Item 1A: 'we derived approximately 22.6% of our annualized rental income from our consolidated properties located in the metropolitan Washington, D.C. market area'
- HIGHcounterpartyRMR (external manager)10-K Item 1: 'Our day to day operations are conducted by RMR.'
Material Events(8-K, last 90d)
- 2026-06-23Item 1.03HIGHOn June 17, 2026, OPI's Chapter 11 Plan of Reorganization became effective and the Debtors emerged from bankruptcy protection under the U.S. Bankruptcy Court for the Southern District of Texas. Reason cited: satisfaction of Plan effectiveness conditions.SEC filing →
- 2026-06-23Item 5.01HIGHIn connection with the Plan's effectiveness on June 17, 2026, OPI's pre-existing common shares were cancelled and new reorganized common equity was issued to former noteholders, effecting a change of control. No specific new controlling holder named.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
3 floor-breakers
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Unprofitable operations — net margin -243.2%. Quality floor flags this regardless of sector context.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $18.20, but acceptable to hold if already in. Reasons: Concentration risk — Counterparty: RMR (external manager); Market cap $396M below $400M minimum. Chart setup: No clear chart pattern; technical signals are mixed. Market cap $396M below $400M minimum. Not in investable universe. Target $22.95 (+26.1%), stop $16.93 (−7.5%), A.R:R 2.1:1. Score 5.1/10, moderate confidence.
Take-profit target: $22.95 (+26.1% upside). Target $22.95 (+26.1%), stop $16.93 (−7.5%), A.R:R 2.1:1. Stop-loss: $16.93.
Concentration risk — Counterparty: RMR (external manager); Market cap $396M below $400M minimum.
Office Properties Income Trust trades at a P/E of N/A (forward N/A). TrendMatrix value score: 7.9/10. Verdict: Hold.
9 analysts cover OPI with a consensus score of 2.3/5. Average price target: $27.
What does Office Properties Income Trust do?Office Properties Income Trust is a REIT owning 122 office and mixed-use properties totaling 17.1 million square feet...
Office Properties Income Trust is a REIT owning 122 office and mixed-use properties totaling 17.1 million square feet across the U.S., leased to 212 tenants as of December 31, 2025. The U.S. government is its largest tenant at approximately 17.2% of annualized rental income. OPI emerged from Chapter 11 bankruptcy on June 17, 2026, cancelling prior common shares and cutting debt by roughly $700 million.