Office Properties Income

Office Properties Income Trust (OPI) is a national real estate investment trust (REIT) that specializes in the acquisition, ownership, and leasing of office and mixed-use properties throughout the United States. Originally founded in 2009 as Government Properties Income Trust, the company rebranded following a 2018 merger with Select Income REIT. OPI's business model centers on securing long-term leases with high credit quality corporate and government tenants. The U.S. government is a cornerstone of its tenant base, historically accounting for over 17% of its annualized rental income, alongside major corporate tenants like Alphabet and Bank of America. Geographically, OPI's portfolio spans approximately 29 states and Washington, D.C., encompassing over 17 million rentable square feet. The company is externally managed by The RMR Group LLC, an alternative asset management firm that oversees its day-to-day operations, property management, and leasing activities. Facing macroeconomic headwinds in the office sector—including reduced demand from remote work trends and a challenging financing environment—OPI filed for Chapter 11 bankruptcy protection in October 2025. The company successfully emerged from restructuring in June 2026 with a significantly deleveraged balance sheet, a reinstated credit facility, and a new board of directors, positioning it for long-term operational stability in the evolving commercial real estate market.