10-Q · May 22, 2026
Office Properties Income Trust (OPI) reported Q1 2026 results with revenues of $109 million, matching estimates but witnessing a diluted EPS loss of -$1.26, missing expectations. The company continues to face challenges…
Earnings analysis · 10-K
OPI earnings analysis
Filed May 22, 2026 · Our reading of the company's report
The latest report
Office Properties Income Trust reported significant financial challenges as of December 31, 2025, with a net loss of $272 million and ongoing bankruptcy proceedings. The company has a substantial amount of debt,…
Read full summary
Office Properties Income Trust reported significant financial challenges as of December 31, 2025, with a net loss of $272 million and ongoing bankruptcy proceedings. The company has a substantial amount of debt, totaling $2.4 billion, and has suspended its cash distributions to shareholders since July 2025. Despite ongoing efforts to restructure during Chapter 11 bankruptcy, the outlook remains uncertain, especially regarding revenue from tenants and occupancy rates in a challenging office rental market.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-3.79
What stood out
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Revenue Decline
Total revenue for 2025 decreased by 11.8% to $442 million compared to $502 million in 2024.
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Cash Flow Challenges
FCF was negative $6.5 million for the year, a drastic shift from positive $67 million in 2024.
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High Debt Levels
As of December 31, 2025, the company had total debt of $2.4 billion, with $1.9 billion secured by its properties.
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Tenant Income Concentration
Approximately 25.7% of rental income is derived from U.S. government and state tenants.
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Management Restructuring
Post-bankruptcy plan includes a $125 million debtor-in-possession financing that aims to stabilize operations.
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Suspension of Distributions
Quarterly cash distributions were suspended in July 2025, with no expectations to resume prior to the conclusion of bankruptcy.
What to watch
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Going Concern Warnings
The company admitted significant uncertainty regarding its ability to continue as a going concern due to insufficient liquidity.
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Debt Obligations
As of December 31, 2025, the company had $1.58 billion in liabilities subject to compromise in bankruptcy.
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Declining Occupancy Rates
As of December 31, 2025, occupancy was at 78.2%, down from 85.0% a year prior, indicating weakening demand for office space.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 3
10-Q · May 22, 2026
Office Properties Income Trust reported Q1 2026 earnings, showing a revenue of $109 million, consistent with the previous quarter but a decline from the prior year. The company sustained a diluted EPS loss of -$1.26, an…
10-Q · July 30, 2025
Office Properties Income Trust reported significant declines in both revenue and net income in Q2 2025 compared to Q2 2024, primarily due to increased vacancies and lower rental rates. Despite a modest growth in rental…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.