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Office Properties Income Trust (OPI)

Market Price (10/7/2025): $0.238 | Market Cap: $17.0 Mil
Sector: Real Estate | Industry: Office REITs

Office Properties Income Trust (OPI)

Market Price (10/7/2025): $0.238
Market Cap: $17.0 Mil
Sector: Real Estate
Industry: Office REITs

Investment Highlights

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -68%		 Weak multi-year price returns
2Y Excs Rtn is -152%, 3Y Excs Rtn is -183%		 Penny stock
Mkt Price is 0.2
1 Attractive yield
Dividend Yield is 17%, FCF Yield is 88%		 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 16105%
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%, Rev Chg QQuarterly Revenue Change % is -7.4%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2050%
4   High stock price volatility
Vol 12M is 154%
0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -68%
1 Attractive yield
Dividend Yield is 17%, FCF Yield is 88%
2 Weak multi-year price returns
2Y Excs Rtn is -152%, 3Y Excs Rtn is -183%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
4 Penny stock
Mkt Price is 0.2
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 16105%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%, Rev Chg QQuarterly Revenue Change % is -7.4%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2050%
8 High stock price volatility
Vol 12M is 154%

Market Valuation & Key Metrics

OPIS&P 500
REVENUE GROWTHVERY POOR
Rev LTM ($ Bil)0.5
Rev Chg Q-7.4%6.1%
Rev Chg LTM-11.9%5.2%
Rev Chg 3Y Avg-7.0%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)0.1
Op Mgn LTM14.1%18.6%
CFO LTM ($ Bil)0.0
CFO/Rev LTM2.7%20.3%
Net Inc LTM ($ Bil)-0.3
Net Inc Mgn-63.0%12.6%
VALUATIONVERY LOW
P/S0.03.3
P/CFO1.416.0
P/FCF1.421.2
P/E-0.124.0
STABILITYVERY POOR
Debt/Equity139.940.21
Cash/Assets0.020.07

OPI Stock

Factor Drivers of Stock Movement
The -43.1% change in OPI stock from 4/7/2025 to 10/6/2025 was primarily driven by a -28.9% change in the company's P/S Multiple.

407202510062025Change
Stock Price ($)0.350.20-43.10%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)118.24114.50-3.16%
P/S Multiple0.180.12-28.88%
Shares Outstanding (Mil)58.8971.28-21.04%
Cumulative Contribution-45.62%

LTM = Last Twelve Months as of date shown
The -89.8% change in OPI stock from 10/6/2024 to 10/6/2025 was primarily driven by a -83.8% change in the company's P/S Multiple.

1006202410062025Change
Stock Price ($)1.960.20-89.78%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)123.69114.50-7.43%
P/S Multiple0.770.12-83.83%
Shares Outstanding (Mil)48.6571.28-46.53%
Cumulative Contribution-92.00%

LTM = Last Twelve Months as of date shown
The -97.9% change in OPI stock from 10/7/2022 to 10/6/2025 was primarily driven by a -96.2% change in the company's P/S Multiple.

1007202210062025Change
Stock Price ($)9.690.20-97.94%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)141.32114.50-18.98%
P/S Multiple3.310.12-96.24%
Shares Outstanding (Mil)48.2571.28-47.74%
Cumulative Contribution-98.41%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
OPI Return-23%18%-40%-36%-86%-79%-99%
Peers Return-15%26%-40%-3%-15%-1%-47%
S&P 500 Return16%27%-19%24%23%15%108%

Monthly Win Rates [3]
OPI Win Rate33%75%33%58%25%33% 
Peers Win Rate35%57%37%48%43%53% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
OPI Max Drawdown-44%-1%-46%-68%-86%-81% 
Peers Max Drawdown-42%-7%-45%-38%-29%-21% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HIW, HPP, PSTL, FSP, ARE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/6/2025 (YTD)

Downturns Compared

Unique KeyEventOPIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-87.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven714.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-49.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven98.3%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-74.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven286.2%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days


How Low Can It Go?

Office Properties Income Trust's stock fell -87.7% during the 2022 Inflation Shock from a high on 6/10/2021. A -87.7% loss requires a 714.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Office Properties Income Trust (OPI)

OPI is a REIT focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics such as government entities. OPI is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts.

Better Bets than Office Properties Income Trust (OPI)

 OPIBetter Performance than OPI
MetricValueIndustry (Office REITs)
Rev Chg LTM-11.9%ARE (2.0%), BXP (3.2%), VNO (1.4%), KRC (2.3%), CUZ (13.1%)
Rev Chg 3Y Avg-7.0%ARE (8.5%), BXP (4.9%), VNO (1.5%), KRC (3.5%), CUZ (7.3%)
Op Mgn LTM14.1%ARE (21.4%), BXP (29.8%), VNO (15.3%), KRC (29.8%), CUZ (22.6%)
CFO/Rev LTM2.7%ARE (47.0%), BXP (35.7%), VNO (77.1%), KRC (49.7%), CUZ (44.7%)
FCF/Rev LTM2.7%ARE (47.0%), BXP (35.7%), VNO (77.1%), KRC (13.3%), CUZ (31.1%)
Total Yield-2046.0%ARE (6.6%), BXP (3.0%), VNO (12.8%), KRC (9.5%), CUZ (5.6%)
 OPIBetter Performance than OPI
MetricValueAll Other Sectors
Rev Chg LTM-11.9%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg-7.0%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM14.1%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM2.7%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM2.7%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield-2046.0%NVDA (1.9%), MSFT (3.2%), AAPL (3.0%), GOOGL (4.1%), AMZN (3.0%)

Latest Trefis Analyses

Trade Ideas

Select past trade ideas related to OPI and Office REITs.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		1.4%1.4%-26.6%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		1.4%1.4%-26.6%

See Trefis Trade Ideas for more.

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More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Office Properties Income Trust

Financials

OPIHIWHPPPSTLFSPAREMedian
NameOffice P.Highwood.Hudson P.Postal R.Franklin.Alexandr. 
Mkt Price0.2032.102.7114.981.6179.998.85
Mkt Cap0.03.50.50.40.213.60.5
Rev LTM467811799871123,019633
Op Inc LTM66204-10227-864646
FCF LTM123646938-111,42054
FCF 3Y Avg9939118131-181,522140
CFO LTM12364923981,42066
CFO 3Y Avg9939120232151,522150

Growth & Margins

OPIHIWHPPPSTLFSPAREMedian
NameOffice P.Highwood.Hudson P.Postal R.Franklin.Alexandr. 
Rev Chg LTM-11.9%-2.3%-10.0%26.4%-16.3%2.0%-6.1%
Rev Chg 3Y Avg-7.0%0.1%-5.7%23.3%-14.3%8.5%-2.8%
Rev Chg Q-7.4%-2.0%-12.8%29.4%-13.3%-2.4%-4.9%
QoQ Delta Rev Chg LTM-1.9%-0.5%-3.4%6.5%-3.5%-0.6%-1.3%
Op Mgn LTM14.1%25.2%-12.8%31.1%-7.6%21.4%17.7%
Op Mgn 3Y Avg17.7%26.4%-1.1%24.7%-3.0%23.6%20.6%
QoQ Delta Op Mgn LTM-0.5%-0.5%-5.0%3.2%-1.2%-2.0%-0.8%
CFO/Rev LTM2.7%44.9%11.6%45.6%7.5%47.0%28.2%
CFO/Rev 3Y Avg18.7%47.3%21.4%44.6%10.4%52.7%33.0%
FCF/Rev LTM2.7%44.9%8.7%44.1%-9.8%47.0%26.4%
FCF/Rev 3Y Avg18.7%47.3%19.1%42.9%-13.0%52.7%31.0%

Valuation

OPIHIWHPPPSTLFSPAREMedian
NameOffice P.Highwood.Hudson P.Postal R.Franklin.Alexandr. 
Mkt Cap0.03.50.50.40.213.60.5
P/S0.04.30.74.11.54.52.8
P/EBIT-0.112.3-2.012.5-5.835.96.1
P/E-0.026.8-1.331.3-3.1-1,329.1-0.7
P/CFO1.19.55.98.919.99.69.2
Total Yield-2,046.0%9.9%-75.2%7.4%-29.6%6.6%-11.5%
Dividend Yield17.3%6.2%0.1%4.2%2.5%6.7%5.2%
FCF Yield 3Y Avg76.6%13.8%29.6%9.8%-11.4%9.1%11.8%
D/E166.51.07.50.91.51.01.2
Net D/E161.01.07.10.91.31.01.1

Returns

OPIHIWHPPPSTLFSPAREMedian
NameOffice P.Highwood.Hudson P.Postal R.Franklin.Alexandr. 
1M Rtn-11.5%0.8%-11.7%-6.1%-4.2%-4.1%-5.2%
3M Rtn-24.0%6.1%0.4%2.4%-4.7%8.3%1.4%
6M Rtn-43.1%26.9%13.4%17.8%3.2%6.3%9.9%
12M Rtn-89.8%4.5%-42.1%12.0%0.5%-26.0%-12.7%
3Y Rtn-97.9%63.6%-70.4%22.4%-30.4%-31.3%-30.8%
1M Excs Rtn-15.5%-3.2%-15.7%-10.1%-8.2%-8.1%-9.1%
3M Excs Rtn-47.6%-2.8%-8.3%-5.1%-11.9%-2.8%-6.7%
6M Excs Rtn-78.6%-10.5%-27.8%-19.9%-36.9%-31.0%-29.4%
12M Excs Rtn-108.0%-14.2%-58.5%-7.2%-19.3%-44.9%-32.1%
3Y Excs Rtn-183.2%-33.4%-157.6%-59.7%-120.7%-118.3%-119.5%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/30/20254/30/20252/13/202510/30/20247/31/20245/1/20242/15/202410/30/20237/26/20234/26/20232/15/202310/27/2022
Key Financials Quarterly            
Total Revenue114114118121124139134133134132128138
Ebitda5552-533116581676267778396
Operating Income171318182032222628262726
Net Income-41-46-149-5876-5-37-20-12-0617
EPS-0.58-0.66-2.88-1.141.56-0.11-0.77-0.41-0.25-0.010.130.35
Key Financials TTM            
Total Revenue TTM467476502518530541534528532539554574
Ebitda TTM84194223343375277273290323325324348
Operating Income TTM66698993100108102107108107111112
Net Income TTM-294-177-136-2514-74-69-26117-64
Growth Rates Quarterly            
Total Revenue Growth-7.4%-18.5%-11.6%-9.6%-7.7%5.3%4.6%-3.1%-5.2%-10.1%-13.1%-6.7%
EBITDA Growth-66.4%-36.2%-179.9%-50.9%147.0%4.6%-20.1%-35.0%-2.7%1.9%-22.8%5.6%
Operating Income Growth-17.4%-61.0%-17.6%-29.1%-28.1%23.4%-19.8%-1.1%1.9%-13.7%-1.6%-22.6%
Net Income Growth-154.1%-784.8%-300.2%-198.1%722.2%-1062.3%-681.4%-215.5%23.8%96.7%-62.3%357.0%
Margins Quarterly            
EBITDA Margin48.4%45.4%-45.0%25.4%133.4%58.0%49.7%46.8%49.8%58.4%65.1%69.7%
Operating Income Margin14.7%11.1%15.2%15.1%16.5%23.1%16.4%19.3%21.1%19.8%21.3%18.9%
Net Income Margin-36.0%-40.4%-125.7%-48.4%61.6%-3.7%-27.8%-14.7%-9.1%-0.3%5.0%12.3%
Cash & Debt            
Total Cash7864261221324122425231214
Total Debt2,3742,3702,5442,3322,3182,5902,5842,5782,5512,4982,4472,409
Net Debt / (Cash)2,2962,3062,2832,3102,3052,5672,5722,5542,5262,4752,4352,395
Cash Flows Quarterly            
FCF from Operations32-2926-173227332136524044
Cash Flows TTM            
FCF from Operations TTM12126774112116142149172194193215
Returns to Shareholders Quarterly            
Dividends111100121212272727
Share Repurchases0-00000000001
Return on Invested Capital (ROIC) Quarterly            
ROIC1.4%1.0%1.5%1.5%1.7%2.5%1.7%2.0%2.2%1.9%2.2%2.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM1.3%1.4%1.8%1.9%2.0%2.1%2.0%2.1%2.1%2.1%2.2%2.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Ownership and leasing of real estate properties534554576588678
Total534554576588678


Price Behavior

OPI Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta3.571.891.330.851.021.36
Up Beta38.405.372.410.510.501.01
Down Beta34.9810.1310.072.392.221.62
Up Capture195%75%14%-19%-18%33%
Bmk +ve Days13233574144420
Stock +ve Days817265094313
Down Capture-1449%-334%-309%37%135%110%
Bmk -ve Days8192952107330
Stock -ve Days13253775151418

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity11,583,920
Short Interest: % Change Since 8312025131.9%
Average Daily Volume49,826,465
Days-to-Cover Short Interest1
Basic Shares Quantity71,282,000
Short % of Basic Shares16.3%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20250.3%-2.6%-9.4%
4/30/2025-16.1%-32.2%-52.9%
2/13/2025-5.5%-9.5%-22.1%
10/30/2024-19.3%-29.9%-16.2%
7/31/20247.2%-11.2%-10.0%
5/1/202428.0%15.3%14.5%
2/15/2024-5.8%-24.0%-51.0%
10/30/20236.1%26.7%33.6%
...
SUMMARY STATS   
# Positive1287
# Negative121617
Median Positive2.2%3.2%14.5%
Median Negative-4.3%-6.2%-9.3%
Max Positive28.0%26.7%33.6%
Max Negative-19.3%-32.2%-52.9%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025730202510-Q 6/30/2025
3312025430202510-Q 3/31/2025
12312024213202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023215202410-K 12/31/2023
93020231030202310-Q 9/30/2023
6302023726202310-Q 6/30/2023
3312023426202310-Q 3/31/2023
12312022215202310-K 12/31/2022
93020221027202210-Q 9/30/2022
6302022728202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021216202210-K 12/31/2021
93020211028202110-Q 9/30/2021

Insider Activity

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External Quote Links


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