OFFICE PROPERTIES INCOME TRUST OPI

Real estate SIC 6500 - Real Estate Nasdaq

We are a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2025, our wholly owned properties were comprised of 122 properties containing approximately 17.1 million rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 0.3 million rentable square feet. As of December 31, 2025, our properties have an undepreciated carrying value of approximately $3.7 billion and a depreciated carrying value of approximately $2.9 billion. As of December 31, 2025, our properties were leased to 212 different tenants, with a weighted average remaining lease term (based on annualized rental income as defined below) of approximately 6.6 years. The U.S. government is our largest tenant, representing approximately 17.2% of our annualized rental income as of December 31, 2025. The term annualized rental income as used herein is defined as the annualized contractual base rents from our tenants pursuant to our lease agreements as of December 31, 2025, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization.

Last close 17.73 2026-09-04
Market cap $389.2M 2026-08-04 share count
52-week range 0.20 - 27.80

Valuation FY2025 figures against the last close

P/S0.9x
P/E
P/FCF
EV/EBITDA
Dividend yield0.4%
Diluted EPS-3.79

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $442.6M$502.0M$678.4M$426.6M$316.5M
SG&A $19.4M$21.1M$22.7M$25.1M$26.9M$28.4M$32.7M$24.9M$18.8M$14.9M
Total operating expenses $436.2M$595.8M$474.6M$465.0M$533.8M$479.2M$574.5M$376.3M$262.2M$191.5M
Operating income $54.3M$66.7M
Interest expense $203.5M$163.7M$110.6M$103.5M$112.4M$108.3M$134.9M$89.9M$65.4M$45.1M
Pre-tax income -$271.9M-$135.1M-$46.9M-$2.3M-$5.4M$8.2M$32.4M-$25.2M-$9.6M$22.9M
Income tax $116.0K$203.0K$351.0K$270.0K$251.0K$377.0K$778.0K$117.0K$101.0K$101.0K
Net income -$272.4M-$136.1M-$69.4M-$6.1M-$8.2M$6.7M$30.3M-$21.9M$12.1M$57.8M
EPS, basic -3.79-2.63-1.44-0.14-0.170.140.63
EPS, diluted -3.79-2.63-1.44-0.14-0.170.140.63-0.900.563.26
Shares, diluted (wtd. avg.) $71.9M$51.8M$48.4M$48.3M$48.2M$48.1M$48.1M$24.8M$21.2M$17.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $29.5M$261.3M$26.7M$12.2M$83.0M$56.9M$100.7M$38.9M$19.7M$30.5M
Other intangibles $150.3M$193.7M$263.5M$369.3M$505.6M$548.9M$732.4M$1.06B$351.9M$124.8M
Total assets $3.49B$3.82B$3.99B$3.98B$4.24B$3.95B$4.19B$5.24B$3.70B$2.39B
Long-term debt $2.41B$2.53B$2.57B$2.43B$2.58B$2.20B$2.34B$3.25B$2.25B$1.38B
Total liabilities $2.61B$2.67B$2.73B$2.59B$2.74B$2.34B$2.49B$3.46B$2.35B$1.45B
Retained earnings -$308.3M-$35.9M$100.2M$169.6M$175.7M$183.9M$177.2M$146.9M$108.1M$96.3M
Total equity $881.0M$1.15B$1.26B$1.39B$1.50B$1.61B$1.71B$1.78B$1.33B$935.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$6.6M$67.2M$141.7M$192.6M$221.5M$233.6M$215.3M$144.9M$137.6M$126.7M
Depreciation and amortisation $121.9M$118.7M$107.5M$97.0M$92.3M$83.8M$89.4M$66.7M$52.4M$42.5M
Capital expenditure $62.7M$47.5M$45.9M$33.0M
Investing cash flow $2.2M$66.6M-$194.8M-$4.6M-$443.0M-$23.0M$877.8M$738.7M-$1.19B-$218.1M
Financing cash flow -$190.1M$114.7M$67.6M-$260.3M$249.2M-$254.5M-$1.03B-$864.3M$1.04B$112.1M
Dividends paid $1.4M$2.0M$63.2M$106.6M$106.4M$106.1M$105.9M$170.6M$145.2M$122.4M
Buybacks $32.0K$192.0K$294.0K$540.0K$1.0M$434.0K$473.0K$232.0K$264.0K$337.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001456772-26-000022.

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