Here are 1-2 brief analogies for Office Properties Income Trust (OPI):

• It's like Realty Income (O), but for office buildings leased to government and high-credit tenants, rather than retail stores.

• It's like Boston Properties (BXP), but more focused on owning office buildings leased to just one, very reliable tenant like the government.

• Office Property Leasing: Providing commercial office space under lease agreements to single tenants, often those with high credit quality or government entities.
• Property Management & Operations: Overseeing the day-to-day operations, maintenance, and strategic management of its portfolio of owned office properties.

Office Properties Income Trust (OPI) leases properties primarily to single tenants and government entities. Its major customers, based on annualized cash basis rent as of December 31, 2023, include:

• United States Government (various agencies)
• Commonwealth of Virginia
• Thermo Fisher Scientific Inc. (NYSE: TMO)
• University of Maryland Medical System
• State of California
• Alexandria Real Estate Equities, Inc. (NYSE: ARE)
• Leidos Holdings, Inc. (NYSE: LDOS)
• The Hartford Financial Services Group, Inc. (NYSE: HIG)
• Citizens Bank N.A. (a subsidiary of Citizens Financial Group, Inc., NYSE: CFG)
• Sanofi U.S. (a subsidiary of Sanofi, NASDAQ: SNY)

The RMR Group Inc. (RMR)

Yael Duffy, President and Chief Executive Officer

Ms. Duffy has served as President of Office Properties Income Trust since 2024 and Chief Executive Officer since 2026. She is also an Executive Vice President of The RMR Group (RMR) and a member of the RMR Management Committee, responsible for directing asset management for office, industrial, and retail properties managed by RMR. Additionally, she is a Managing Trustee, President, and Chief Executive Officer of Industrial Logistics Properties Trust (ILPT). Prior to joining RMR in 2006, Ms. Duffy worked at Spaulding & Slye.

Brian Donley, Chief Financial Officer and Treasurer

Mr. Donley has been the Chief Financial Officer and Treasurer of Office Properties Income Trust since 2023. He also holds the positions of Senior Vice President of The RMR Group and Chief Financial Officer and Treasurer of Service Properties Trust (SVC). Mr. Donley has held various finance and accounting leadership roles at RMR since 1997, including previously serving as Chief Financial Officer and Treasurer of Industrial Logistics Properties Trust (ILPT). He brings over 25 years of experience in commercial real estate finance and is a certified public accountant.

Adam Portnoy, Chairman of the Board (Office Properties Income Trust), President and Chief Executive Officer (The RMR Group)

Mr. Portnoy has been a Managing Trustee of Office Properties Income Trust since 2009 and has served as Chair of its Board since 2019. He is also the President and Chief Executive Officer of The RMR Group (RMR), the external manager of OPI, and chairs the RMR Management Committee. His career includes roles as a banker at Donaldson, Lufkin & Jenrette and ABN AMRO, and in private equity at the International Finance Corporation (a member of The World Bank Group) and DLJ Merchant Banking Partners. Mr. Portnoy also founded and served as Chief Executive Officer of a telecommunications company. He serves on the Boards of several other companies managed by RMR or its affiliates.

Lindsey Getz, Secretary

Ms. Getz serves as the Secretary for Office Properties Income Trust.

1. Challenging Office Real Estate Market and Reduced Demand

OPI faces substantial risks due to the ongoing structural shifts in office space utilization, driven by the widespread adoption of remote and hybrid work models. This has led to fundamentally reduced demand for traditional office space, resulting in declining property valuations, lower occupancy rates, and reduced rental income for OPI. For instance, OPI experienced a sustained decline in portfolio occupancy and reported a net loss of $41.2 million in Q2 2025, with rental income also decreasing.

2. High Debt Burden and Refinancing Risk

Despite undergoing a Chapter 11 reorganization, OPI has emerged with a substantial debt burden, totaling approximately $1.46 billion. The company previously faced significant financial distress, including "substantial doubt about its ability to continue as a going concern" and mounting debt obligations, with around $1.1 billion in maturities over 24 months at the time of its bankruptcy filing. Managing this elevated debt, especially in challenging financing markets, remains a critical risk to OPI's financial stability and its ability to achieve projected deleveraging targets.

3. Tenant Concentration and Government Lease Termination Risk

While OPI's tenant roster includes approximately 220 distinct tenants, the U.S. Government represents its largest single tenant, contributing about 17.1% of annualized rental income as of June 30, 2025. This concentration exposes OPI to risks associated with federal austerity measures and telework policies. Moreover, certain government leases include termination rights linked to annual appropriations, creating a potential vulnerability for OPI's revenue stream should government demand for office space decrease or funding be withdrawn.

The widespread and sustained adoption of remote and hybrid work models poses a clear emerging threat to Office Properties Income Trust. This fundamental shift in how companies utilize office space directly impacts the demand for their core product, potentially leading to increased vacancy rates, downward pressure on rental income, and reduced asset values across their office property portfolio.

The addressable market for Office Properties Income Trust (OPI) is primarily the U.S. office real estate market, with a specific focus on single-tenant properties and those leased to high credit quality entities like government organizations.

The United States office real estate market was valued at approximately USD 1.2 trillion in 2024 and is projected to grow to around USD 1.8 trillion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 4.6% from 2025 to 2032.

A significant segment of OPI's business involves properties leased to government entities. As of March 2024, the federal government leased 176 million square feet of real estate across the United States, predominantly consisting of office and industrial properties. The broader government-occupied real estate market typically maintains an occupancy rate of around 93%.

Office Properties Income Trust (OPI) identifies several key drivers that are expected to contribute to future revenue generation over the next two to three years:

1. Positive Rental Rate Growth on Renewed Leases: OPI has demonstrated the ability to secure renewed leases at higher rental rates. For instance, in Q2 2025, lease renewals were executed at rental rates approximately 6.4% higher than previous rates for the same spaces, contributing to annualized revenue. This trend continued into Q2 2026, with an increase in cash rents driving a notable rise in same-property cash basis Net Operating Income (NOI).
2. Increased Tenant Expense Reimbursements: A significant factor contributing to improved comparable-property NOI has been an increase in tenant expense reimbursements. This mechanism allows OPI to recover a portion of property operating expenses from its tenants, thereby enhancing its net revenue from existing leases.
3. Strategic Capital Investment in Leasing Activity: OPI is allocating substantial capital expenditures to support its leasing efforts. For the full year 2026, the company projects spending between $46 million and $54 million on leasing capital. These investments are aimed at attracting new tenants and retaining existing ones, which is crucial for securing and maintaining rental income.
4. Retention of High Credit Quality and Government Tenants: OPI's investment strategy focuses on properties primarily leased to single tenants, particularly those with high credit quality characteristics, such as government entities. As of June 30, 2026, approximately 62% of OPI's revenues were derived from investment-grade rated tenants, with the U.S. Government representing a substantial portion. This focus helps maintain a stable revenue base amidst broader office market challenges.

Share Issuance

• As part of its Chapter 11 reorganization, which concluded on June 17, 2026, all previously outstanding common shares were canceled, and approximately 22 million new common shares were issued.
• Holders of unsecured notes received newly issued common shares and warrants to purchase additional common shares, as well as rights to participate in a $35 million equity rights offering during the restructuring.
• In April 2025, Office Properties Income Trust announced an at-the-market (ATM) equity offering program, authorizing the sale of up to $99.7 million of common shares. The company also increased its authorized common shares from 200 million to 250 million.

Inbound Investments

• Following the Chapter 11 reorganization, a substantial portion of OPI's common shares are now held by its noteholders, including affiliates of Helix Partners Management LP and Redwood Capital Management, LLC, through debt-for-equity swaps.
• OPI secured a $125 million new money financing commitment to support its operations throughout the Chapter 11 restructuring process.

Capital Expenditures

• For the full year 2026, OPI projects total capital expenditures to be between $55 million and $65 million.
• The 2026 projected capital expenditures are allocated with $9 million to $11 million for building capital and $46 million to $54 million for leasing capital.
• Year-to-date in 2026, OPI invested $21 million in capital expenditures, with $17 million directed towards leasing activities and $4 million for routine building maintenance. In 2024, capital expenditures were focused on recurring items (tenant improvements, commissions, and building improvements) totaling $119.0 million, a reduction from $137.6 million in redevelopment spending in 2023.