OFFICE PROPERTIES INCOME TRUST OPI
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.17 | 0.14 | 0.63 | — | — | — |
| EPS, diluted | -3.79 | -2.63 | -1.44 | -0.14 | -0.17 | 0.14 | 0.63 | -0.90 | 0.56 | 3.26 |
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $316.5M | $426.6M | $678.4M | — | — | — | — | $502.0M | $442.6M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $57.8M | $12.1M | -$21.9M | $30.3M | $6.7M | -$8.2M | -$6.1M | -$69.4M | -$136.1M | -$272.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Bankruptcy or receivership The company has entered bankruptcy or had a receiver appointed. Item 1.03
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CBRE | CBRE GROUP, INC. | $35.70B | 32.0x | 13.4% |
| TRNO | Terreno Realty Corp | $7.10B | 16.7x | 24.5% |
| CIGI | Colliers International Group Inc. | $4.72B | 46.0x | 15.3% |
| MRP | Millrose Properties, Inc. | $3.96B | 9.8x | — |
| CURB | Curbline Properties Corp. | $3.05B | 78.0x | 51.3% |
| CWK | Cushman & Wakefield Ltd. | $2.78B | 31.1x | 8.9% |
| UE | Urban Edge Properties | $2.44B | 26.1x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $1.73B | 20.7x | 9.0% |