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.
Market capitalization, or "market cap", is the aggregate market value of a company represented in a dollar amount. Since it represents the “market” value of a company, it is computed based on the current market price (CMP) of its shares and the total number of outstanding shares.
Enterprise value (EV) measures a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt and any cash or cash equivalents on the company's balance sheet.
The enterprise value-to-revenue multiple (EV/R) is a measure of the value of a stock that compares a company's enterprise value to its revenue. EV/R is one of several fundamental indicators that investors use to determine whether a stock is priced fairly. The EV/R multiple is also often used to determine a company's valuation in the case of a potential acquisition. It's also called the enterprise value-to-sales multiple.
The enterprise value to earnings before interest, taxes, depreciation, and amortization ratio (EV/EBITDA) compares the value of a company—debt included—to the company's cash earnings less non-cash expenses. It's best to use the EV/EBITDA metric when comparing companies within the same industry or sector. Typically, when evaluating a company, an EV/EBITDA value below 10 is seen as healthy.
It follows the same logic as the EV/EBITDA indicator, but instead of EBITDA, EBIT is used, which considers non-cash D&A expenses in the company's operating result.
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