OPINL SEC Filings

Office Properties Income Trust reported a net loss of $93,021 for the three months ended March 31, 2026, compared with a loss of $45,867 a year earlier. Rental income declined to $108,868 from $113,615 as vacancies and lower renewal rents weighed on results.

The company is operating as a debtor-in-possession under Chapter 11, with $1,569,407 of liabilities classified as subject to compromise and a confirmed reorganization plan that has not yet become effective. Under the plan, existing common shares will be cancelled and receive no recovery, while senior debt will be largely exchanged into new secured notes and equity of the reorganized entity.

Total assets were $3,467,854 and shareholders’ equity was $788,131 at March 31, 2026. The company faces substantial doubt about its ability to continue as a going concern due to liquidity constraints, inability to refinance maturing debt and reliance on successful implementation of the restructuring plan, including a $125,000 debtor‑in‑possession term loan facility.

Office Properties Income Trust filed its 10-K describing a deep balance sheet restructuring under Chapter 11. The company owns 122 office and mixed‑use properties with 17.1 million rentable square feet and had $2.4 billion of consolidated debt as of December 31, 2025.

A confirmed Chapter 11 plan would cut debt by approximately $700 million through exchanges of several note issues into new secured notes and equity, and by amending its credit facility and term loan. Existing common shares will be cancelled with no recovery when the plan becomes effective, while new equity will be issued primarily to creditors and DIP lenders.

OPI highlights substantial doubt about its ability to continue as a going concern, relies on a $125 million debtor‑in‑possession facility for liquidity, and details significant risks from weak office demand, high leverage, bankruptcy uncertainties, and its prior delisting from Nasdaq.

Office Properties Income Trust reports deep losses and severe financial stress in its quarter ended September 30, 2025. Rental income fell to $109.1M from $120.6M a year earlier, while the company posted a quarterly net loss of $66.3M and a nine‑month net loss of $153.4M, compared with prior‑year nine‑month net income of $12.6M.

Total assets were $3.50B and shareholders’ equity $999.8M, supported by a 124‑property portfolio with about 17.2M rentable square feet that was 78.3% leased. However, heavy secured and unsecured borrowings, together with weak cash flow, led the company to conclude there is substantial doubt about its ability to continue as a going concern.

After period‑end, OPI and certain subsidiaries commenced Chapter 11 proceedings and arranged a $125M debtor‑in‑possession term loan. A confirmed reorganization plan would convert large portions of existing debt into new secured notes and equity and cancel existing common shares with no recovery for current shareholders. The company also suspended common dividends and its shares were delisted from Nasdaq.

Office Properties Income Trust notified the SEC it cannot timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026 because it needs additional time to complete documentation and reviews while finalizing its previously disclosed Chapter 11 bankruptcy proceedings. The company anticipates a net loss of $93.0 million for the quarter ended March 31, 2026, compared with a net loss of $45.9 million for the quarter ended March 31, 2025. The deterioration is attributed primarily to $59.5 million of reorganization expenses associated with professional fees approved by the Bankruptcy Court and an $11.2 million decline in interest expense recognition under ASC Topic 852, Reorganizations.

Office Properties Income Trust, which is operating under jointly administered Chapter 11 cases in the Southern District of Texas, filed Monthly Operating Reports covering March 1–31, 2026. The reports give basic financial and operating data but are unaudited, not prepared under GAAP, and may change.

The company also disclosed that lenders holding its 9.000% Senior Secured Notes due September 2029 agreed to extend the maturity of its up to $125.0 million debtor-in-possession term loan facility from May 4, 2026 to May 31, 2026, providing short-term financing continuity during the restructuring.

Office Properties Income Trust reports that the Bankruptcy Court has confirmed its Fourth Amended Joint Chapter 11 Plan of Reorganization. The plan provides that, on its Effective Date, all existing common shares will be cancelled and extinguished, and current shareholders will receive no property or recovery for their investment.

The company had 73,943,439 common shares outstanding as of October 30, 2025. Management notes that trading prices may bear little or no relationship to ultimate recoveries in the Chapter 11 cases and urges extreme caution with respect to existing and future investments in its common shares.

Office Properties Income Trust reports new developments in its ongoing Chapter 11 restructuring. The company, its 3.250% notes due 2026 holders, and 9.000% notes due 2029 holders entered into an Amended 2027 Settlement, documented in a revised settlement term sheet filed with the bankruptcy court and furnished as Exhibit 99.1. The Debtors also filed Monthly Operating Reports for February 1–28, 2026, with the company’s MOR attached as Exhibit 99.2, providing financial and operational data required by the court. The disclosure reiterates that the current Chapter 11 plan provides for the company’s common shares to be cancelled and extinguished on the plan’s effective date, with holders receiving no recovery, and urges extreme caution regarding existing and future investments in these shares.

Office Properties Income Trust is operating under Chapter 11 and has released audited 2025 financial statements showing deep losses and substantial going concern risk. The company reported a 2025 net loss of $272.4 million, wider than the $136.1 million loss in 2024, as rental income fell to $442.6 million from $502.0 million and it booked $78.3 million of reorganization items.

Total assets were $3.49 billion and liabilities subject to compromise reached $1.58 billion, underscoring the scale of the balance sheet restructuring. The auditor issued an unqualified opinion on the statements and internal control, but highlighted substantial doubt about OPI’s ability to continue as a going concern due to insufficient liquidity, limited financing options, maturing debt, and the ongoing bankruptcy process.

OPI has a debtor-in-possession term loan facility of up to $125 million at 12% interest and is pursuing a prearranged Chapter 11 plan under a restructuring support agreement. Milestones contemplate plan confirmation by April 24, 2026 and effectiveness by May 4, 2026. Negotiations continue with an ad hoc group of holders of 9.000% senior secured notes due March 2029, with the group asserting at least $321 million of claims and OPI last proposing to settle at $310 million, including advisor fees.

The company warns that trading in its common shares is highly speculative, notes the stock is no longer listed on Nasdaq, and indicates that market prices may bear little or no relationship to ultimate recoveries, including the risk that existing equity could be cancelled in the reorganization.

Office Properties Income Trust reports that court‑supervised mediations in its chapter 11 cases have produced two key settlements with noteholder groups and the unsecured creditors’ committee. A new $35 million equity rights offering, at a 15% discount to plan value and backstopped by certain unsecured noteholders, will help fund the reorganization.

Unsecured noteholders are slated to receive 6.3% of the reorganized common equity plus seven‑year warrants, while priority guaranteed unsecured notes are set for a 100% recovery in equity and September 2029 deficiency claims for 5.3% of equity if the DIP is equitized. Trade and vendor claims are expected to be paid in full in cash after the plan effective date.

A separate settlement for the 3.250% Senior Secured Notes due 2026 provides a $385,000,000 secured promissory note at 8.125% interest, with scheduled payments of $15,000,000 on or before August 1, 2026, another $15,000,000 by November 1, 2026, and $30,000,000 by February 1, 2027. The effective date of the plan is targeted on or before August 1, 2026.

The company warns that, under the plan, existing common shares will be cancelled and extinguished, with holders receiving no recovery, meaning invested amounts will not be recoverable. It urges extreme caution in trading its common shares during the chapter 11 process.