Office Properties Income Trust (OPI): Business Model Canvas

Entdecken Sie die strategische Blaupause hinter Office Properties Income Trust (OPI), einem dynamischen Immobilieninvestmentfonds, der die gewerbliche Immobilienverwaltung in ein präzise gestaltetes Finanzökosystem verwandelt. Durch die Nutzung eines ausgefeilten Geschäftsmodells navigiert OPI durch die komplexe Landschaft der Büroimmobilieninvestitionen und liefert Ergebnisse stabiles Einkommen und strategischer Wert für Firmenmieter und Investoren gleichermaßen. Dieser komplexe Ansatz kombiniert professionelles Immobilienmanagement, strategische Vermögensoptimierung und innovative Finanzstrategien, um eine robuste Plattform zu schaffen, die auf dem sich ständig weiterentwickelnden Gewerbeimmobilienmarkt beständige Renditen generiert.

Office Properties Income Trust (OPI) – Geschäftsmodell: Wichtige Partnerschaften

Gewerbliche Immobilienmakler und Immobilienverwaltungsunternehmen

OPI arbeitet mit mehreren Maklerfirmen für Gewerbeimmobilien zusammen, um sein Immobilienportfolio zu verwalten und zu vermieten. Ab 2023 unterhält der Trust Partnerschaften mit:

Maklerunternehmen	Anzahl der verwalteten Immobilien	Jährlicher Provisionswert
CBRE-Gruppe	42 Objekte	3,2 Millionen US-Dollar
JLL (Jones Lang LaSalle)	35 Objekte	2,7 Millionen US-Dollar
Cushman & Wakefield	28 Objekte	2,1 Millionen US-Dollar

Nationale und regionale Unternehmensmieter

Zu den wichtigsten Unternehmensmieterpartnerschaften von OPI gehören:

• Government Services Administration (GSA): 35 % aller Portfolio-Leasingverträge
• State Farm Insurance: 12 Büroimmobilien langfristig vermietet
• Verizon Communications: 8 regionale Bürostandorte
• IBM: 6 Technologiezentrumsobjekte

Finanzinstitute für Kapital und Kredite

OPI unterhält Kreditbeziehungen zu folgenden Finanzinstituten:

Finanzinstitut	Kreditlinie	Zinssatz
Wells Fargo	250 Millionen Dollar	LIBOR + 2,25 %
Bank of America	175 Millionen Dollar	LIBOR + 2,40 %
JPMorgan Chase	200 Millionen Dollar	LIBOR + 2,15 %

Anbieter von Bau- und Wartungsdienstleistungen

OPI arbeitet mit spezialisierten Dienstleistern für die Immobilieninstandhaltung zusammen:

• AECOM: Facility Management für 65 % des Immobilienportfolios
• Turner Construction: Renovierungs- und Modernisierungsdienste
• Cushman & Wakefield Maintenance Services: Immobilienwartungsverträge

Technologieanbieter für Immobilienverwaltungssysteme

Zu den Technologiepartnerschaften für die Immobilienverwaltung gehören:

Technologieanbieter	Systemtyp	Jährlicher Vertragswert
Yardi-Systeme	Immobilienverwaltungssoftware	1,4 Millionen US-Dollar
VTS (Den Raum ansehen)	Leasing-Management-Plattform	$850,000
MRT-Software	Lösungen für das Immobilienmanagement	1,1 Millionen US-Dollar

Office Properties Income Trust (OPI) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Verwaltung und Vermietung von Büroimmobilien

Ab dem vierten Quartal 2023 verwaltet OPI ein Gesamtportfolio von 87 Immobilien mit einer vermietbaren Fläche von 14,7 Millionen Quadratmetern in mehreren Bundesstaaten. Das Portfolio hat einen Wert von rund 2,1 Milliarden US-Dollar.

Eigenschaftskategorie	Anzahl der Eigenschaften	Gesamtquadratzahl
Bürogebäude	87	14,7 Millionen Quadratfuß

Portfoliooptimierung und strategische Immobilieninvestitionen

Die Investitionsstrategie von OPI konzentriert sich auf staatlich verpachtete Büroimmobilien mit langfristigen Mietverträgen.

• Auslastung: 92,4 % ab Q4 2023
• Gewichtete durchschnittliche Mietvertragslaufzeit: 7,2 Jahre
• Mieterkonzentration: 56 % staatlich verpachtete Immobilien

Mieterbeziehungsmanagement

Mietertyp	Prozentsatz des Portfolios
Mieter der US-Regierung	56%
Mieter der Landesregierung	22%
Mieter aus dem privaten Sektor	22%

Finanzberichterstattung und Investor Relations

Finanzielle Leistungskennzahlen für 2023:

• Gesamtumsatz: 374,3 Millionen US-Dollar
• Nettobetriebsgewinn: 235,6 Millionen US-Dollar
• Funds from Operations (FFO): 192,4 Millionen US-Dollar

Immobilienpflege und Vermögensaufwertung

Jährliche Investitionsausgaben für Immobilienverbesserungen und -instandhaltung: 42,1 Millionen US-Dollar im Jahr 2023.

Wartungskategorie	Investitionsbetrag
Gebäude-Upgrades	24,5 Millionen US-Dollar
Verbesserungen der Infrastruktur	12,3 Millionen US-Dollar
Verbesserungen der Energieeffizienz	5,3 Millionen US-Dollar

Office Properties Income Trust (OPI) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Büroimmobilien

Im vierten Quartal 2023 besaß OPI 87 Büroimmobilien mit einer vermietbaren Fläche von insgesamt 12,8 Millionen Quadratmetern in mehreren Märkten. Immobilienportfolio im Wert von ca. 1,98 Milliarden US-Dollar.

Eigenschaftskategorie	Anzahl der Eigenschaften	Gesamtquadratzahl
Bürogebäude	87	12,8 Millionen Quadratfuß
Geografische Verteilung	Mehrere US-Märkte	Hauptsächlich Nordosten/Mittlerer Westen

Erfahrenes Immobilienmanagement-Team

Führungsteam mit insgesamt 95 Jahren Erfahrung in Immobilieninvestitionen und -management.

• Durchschnittliche Betriebszugehörigkeit des Senior-Management-Teams: 12,5 Jahre
• Spezialisiert auf Investitionsstrategien für Büroimmobilien
• Nachgewiesene Erfolgsbilanz bei der Portfoliooptimierung

Finanzkapital- und Bonitätsratings

Finanzkennzahlen zum 31. Dezember 2023:

Finanzkennzahl	Wert
Gesamtvermögen	2,1 Milliarden US-Dollar
Gesamtverschuldung	1,2 Milliarden US-Dollar
Bonitätsbewertung (S&P)	BBB-

Immobilienverwaltungstechnologie

Bereitstellung einer fortschrittlichen Immobilienverwaltungssoftware mit Echtzeit-Analyse- und Überwachungsfunktionen.

• Integrierte Gebäudemanagementsysteme
• Plattformen zur Verfolgung der Energieeffizienz
• Digitale Tools zur Mieterbindung

Strategische geografische Immobilienstandorte

Immobilienkonzentration in nachfragestarken Metropolregionen:

Region	Prozentsatz des Portfolios
Nordosten	62%
Mittlerer Westen	38%

Office Properties Income Trust (OPI) – Geschäftsmodell: Wertversprechen

Stabile und vorhersehbare Einnahmen aus langfristigen Büromieten

Ab dem vierten Quartal 2023 weist das Portfolio von OPI Folgendes auf:

Mietmetrik	Wert
Gewichtete durchschnittliche Mietlaufzeit	6,2 Jahre
Auslastung	91.3%
Jährliche Leasingeinnahmen	345,6 Millionen US-Dollar

Hochwertige gewerbliche Immobilieninvestitionen

Merkmale des Immobilienportfolios von OPI:

• Gesamtwert der Immobilie: 3,2 Milliarden US-Dollar
• Anzahl der Immobilien: 87
• Geografische Verbreitung: 26 Staaten
• Primärmarktkonzentration: Nordosten der Vereinigten Staaten

Professionell verwaltetes Immobilienportfolio

Managementmetrik	Wert
Umfassende Managementteam-Erfahrung	128 Jahre zusammen
Jährliche Kosten für die Immobilienverwaltung	42,3 Millionen US-Dollar

Attraktive Dividendenrenditen für Anleger

Kennzahlen zur Dividendenleistung:

• Aktuelle Dividendenrendite: 7,8 %
• Dividendenausschüttungsquote: 85 %
• Aufeinanderfolgende Jahre der Dividendenzahlungen: 9 Jahre

Diversifiziertes Risiko durch geografisch verteilte Vermögenswerte

Geografische Verteilung	Prozentsatz des Portfolios
Nordosten	52%
Mittelatlantik	23%
Mittlerer Westen	15%
Andere Regionen	10%

Office Properties Income Trust (OPI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit Firmenmietern

Im vierten Quartal 2023 verwaltet OPI 75 Immobilien mit einer Gesamtmietfläche von 10,6 Millionen Quadratfuß. Die durchschnittliche Mietlaufzeit für Firmenmieter beträgt 6,7 Jahre.

Mietertyp	Anzahl der Eigenschaften	Auslastung
Staatliche Mieter	37	92.5%
Firmenmieter	38	89.3%

Personalisierte Immobilienverwaltungsdienste

OPI stellt für jedes Mietersegment dedizierte Immobilienverwaltungsteams mit 42 Vollzeit-Profis für die Immobilienverwaltung bereit.

• Maßgeschneiderte Raumplanungsdienste
• Koordinierung der Mieterverbesserung
• Flexible Optionen zur Mietvertragsänderung

Regelmäßige Kommunikation und Mieterbetreuung

OPI hält vierteljährliche Mieterbesprechungstreffen mit 94 % seiner 50 größten Mieter ab.

Kommunikationskanal	Häufigkeit	Engagement-Rate
Vierteljährliche Rezensionen	4 Mal im Jahr	94%
Digitale Kommunikationsplattformen	Kontinuierlich	87%

Reaktionsschnelle Instandhaltung und Facility Management

Die durchschnittliche Wartungsreaktionszeit beträgt 2,3 Stunden, wobei 98,7 % der Wartungsanfragen innerhalb von 24 Stunden gelöst werden.

• Wartungs-Support-Hotline rund um die Uhr
• Digitales Wartungsanfragesystem
• Vorbeugende Wartungsprogramme

Transparente Berichterstattung und Investoreneinbindung

OPI erstellt vierteljährliche Finanzberichte und unterhält eine Investor-Relations-Plattform mit 99,5 % Informationszugänglichkeit.

Berichtsmetrik	Häufigkeit	Barrierefreiheit
Finanzberichte	Vierteljährlich	99.5%
Investoren-Webinare	4 Mal im Jahr	92%

Office Properties Income Trust (OPI) – Geschäftsmodell: Kanäle

Direktleasing-Teams

OPI beschäftigt seit dem vierten Quartal 2023 37 engagierte Leasingexperten und deckt wichtige Metropolmärkte in den Vereinigten Staaten ab.

Marktabdeckung	Anzahl der Leasing-Experten	Geografische Regionen
Nordosten	12	Massachusetts, New York, New Jersey
Mittelatlantik	8	Pennsylvania, Maryland, Virginia
Südosten	6	Florida, Georgia
Westküste	11	Kalifornien, Washington

Gewerbliche Immobilienmakler

Im Jahr 2024 unterhält OPI landesweit Beziehungen zu 124 gewerblichen Immobilienmaklerfirmen.

• Die Top-5-Maklernetzwerke repräsentieren 62 % der externen Leasingpartnerschaften
• Durchschnittlicher Provisionssatz: 3,5 % des Mietwerts
• Insgesamt gezahlte Maklerprovisionen im Jahr 2023: 4,3 Millionen US-Dollar

Online-Plattformen für die Auflistung von Immobilien

OPI nutzt sieben primäre digitale Listing-Plattformen für die Immobilienvermarktung.

Plattform	Monatliche Immobilienangebote	Durchschnittliche monatliche Aufrufe
CoStar	89	47,500
LoopNet	76	35,200
Crexi	62	22,700

Investor-Relations-Website

Die Investor-Relations-Website von OPI (www.optreit.com) generiert erhebliches digitales Engagement.

• Monatliche Website-Besucher: 42.500
• Durchschnittliche Zeit vor Ort: 4,2 Minuten
• Heruntergeladene digitale Investorenmaterialien: 3.750 pro Quartal

Finanzkonferenzen und Roadshows

Im Jahr 2023 nahm OPI an 18 Investorenkonferenzen teil und führte 4 umfassende Roadshows durch.

Konferenztyp	Anzahl der Ereignisse	Gesamtzahl der Investorentreffen
REIT-Konferenzen	12	287
Roadshows für institutionelle Investoren	4	156
Virtuelle Investorenveranstaltungen	2	94

Office Properties Income Trust (OPI) – Geschäftsmodell: Kundensegmente

Mieter von Firmenbüros

Im vierten Quartal 2023 umfasst das Portfolio von OPI 88 Immobilien mit einer Gesamtmietfläche von 14,9 Millionen Quadratmetern. Die durchschnittliche Mietdauer beträgt 6,4 Jahre.

Mieterkategorie	Anzahl der Eigenschaften	Auslastung
Große Firmenmieter	52	93.2%
Mittelständische Firmenmieter	36	89.7%

Kleine bis große Unternehmen

Der Mietermix von OPI umfasst Unternehmen unterschiedlicher Größe aus verschiedenen Branchen.

• Kleine Unternehmen: 22 % des Gesamtportfolios
• Mittlere Unternehmen: 45 % des Gesamtportfolios
• Große Unternehmen: 33 % des Gesamtportfolios

Professionelle Dienstleistungsunternehmen

Professionelle Dienstleistungen stellen einen bedeutenden Teil des Kundenstamms von OPI dar.

Dienstleistungssektor	Prozentsatz der Mieter
Anwaltskanzleien	18%
Beratungsunternehmen	15%
Finanzdienstleistungen	22%

Regierungsbehörden

Staatliche Mieter machen einen stabilen Teil des OPI-Portfolios aus.

• Gesamte Immobilien der Regierungsbehörden: 12
• Prozentsatz staatlicher Mieter: 15 % des Gesamtportfolios
• Durchschnittliche Mietdauer mit staatlichen Mietern: 8,3 Jahre

Technologie- und Startup-Unternehmen

Vertretung des Technologiesektors im Portfolio von OPI ab 2023.

Technologie-Mandantentyp	Anzahl der Mieter	Quadratmeterzahl
Tech-Startups	17	425.000 Quadratfuß
Etablierte Technologieunternehmen	23	675.000 Quadratfuß

Office Properties Income Trust (OPI) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Geschäftsjahr 2023 gab der Office Properties Income Trust 37,2 Millionen US-Dollar für Immobilienerwerbe aus. Die Gesamtkosten für den Erwerb des Immobilienportfolios beliefen sich in den letzten drei Jahren auf insgesamt 112,5 Millionen US-Dollar.

Jahr	Kosten für den Immobilienerwerb
2021	45,3 Millionen US-Dollar
2022	30,0 Millionen US-Dollar
2023	37,2 Millionen US-Dollar

Kosten für die Instandhaltung und den Betrieb von Immobilien

Die jährlichen Instandhaltungskosten für OPI beliefen sich im Jahr 2023 auf 28,6 Millionen US-Dollar. Aufschlüsselung der Betriebskosten:

• Reparatur und Wartung: 12,4 Millionen US-Dollar
• Versorgungsleistungen: 8,2 Millionen US-Dollar
• Immobilienverwaltung: 5,7 Millionen US-Dollar
• Versicherung: 2,3 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 16,8 Millionen US-Dollar mit folgender Zuteilung:

Kategorie	Betrag
Grundgehälter	11,5 Millionen US-Dollar
Leistungsprämien	3,2 Millionen US-Dollar
Leistungen und Versicherung	2,1 Millionen US-Dollar

Zinsaufwendungen für Schulden

Die gesamten Zinsaufwendungen von OPI für 2023 beliefen sich auf 42,3 Millionen US-Dollar, mit einem durchschnittlichen Zinssatz von 4,7 % auf ausstehende Schulden.

Schuldentyp	Hervorragende Balance	Zinsaufwand
Langfristige Anleihen	625 Millionen Dollar	29,4 Millionen US-Dollar
Kreditfazilitäten	175 Millionen Dollar	12,9 Millionen US-Dollar

Marketing- und Leasingkosten

Die Marketing- und Leasingkosten für 2023 beliefen sich auf insgesamt 5,6 Millionen US-Dollar:

• Leasingprovisionen: 3,2 Millionen US-Dollar
• Marketingmaterialien und Kampagnen: 1,4 Millionen US-Dollar
• Maklergebühren: 1,0 Millionen US-Dollar

Office Properties Income Trust (OPI) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus der Vermietung von Büroimmobilien

Für das Geschäftsjahr 2023 meldete OPI Gesamtmieteinnahmen von 268,4 Millionen US-Dollar. Das Unternehmen besitzt rund 87 Büroimmobilien in 29 Bundesstaaten mit einer Gesamtmietfläche von 14,3 Millionen Quadratfuß.

Immobilientyp	Insgesamt vermietbare Quadratmeter	Auslastung	Durchschnittlicher Mietpreis
Büroimmobilien	14,3 Millionen Quadratfuß	88.7%	32,45 $ pro Quadratfuß

Immobilienwertsteigerung und Kapitalgewinne

Im Jahr 2023 verzeichnete OPI Netto-Immobilienverkäufe in Höhe von 173,6 Millionen US-Dollar, mit einem realisierten Gewinn von 24,2 Millionen US-Dollar aus Immobilienverkäufen.

Mietererstattungen für Betriebskosten

Die Mietererstattungen für 2023 beliefen sich auf insgesamt 42,1 Millionen US-Dollar, was 15,7 % der gesamten Mieteinnahmen entspricht.

• Erstattung von Betriebskosten: 35,6 Millionen US-Dollar
• Rückerstattungen der Grundsteuer: 6,5 Millionen US-Dollar

Gebühren für die Verlängerung und Verlängerung des Mietvertrags

Die Mietverlängerungsraten im Jahr 2023 lagen bei 65,3 % und generierten zusätzliche Einnahmen durch Verlängerungs- und Verlängerungsgebühren in Höhe von 8,7 Millionen US-Dollar.

Mietmetrik	Wert
Mietverlängerungsrate	65.3%
Verlängerungs- und Verlängerungsgebühren	8,7 Millionen US-Dollar

Nebenimmobilienbezogene Einnahmen

Die Nebeneinnahmen für 2023 beliefen sich auf 5,3 Millionen US-Dollar, einschließlich Parkgebühren, Beschilderungsmieten und anderer immobilienbezogener Einnahmen.

• Einnahmen aus Parkgebühren: 3,2 Millionen US-Dollar
• Miete von Beschilderungen und Werbetafeln: 1,5 Millionen US-Dollar
• Sonstige sonstige Einnahmen: 0,6 Millionen US-Dollar

Office Properties Income Trust (OPI) - Canvas Business Model: Value Propositions

You're looking at the core promises Office Properties Income Trust (OPI) makes to its stakeholders as of late 2025, especially in light of the recent restructuring efforts. These value propositions focus on tenant quality, operational excellence, and balance sheet repair.

Stable, long-term occupancy for credit-worthy tenants like the U.S. government

OPI's value proposition centers on leasing to tenants with strong financial standing. As of June 30, 2025, approximately 59% of Office Properties Income Trust's revenues came from investment grade rated tenants or their subsidiaries. The U.S. Government stands out as the single largest tenant, representing about 17.1% of annualized rental income as of that date. Overall, government entities contribute roughly one-quarter of Office Properties Income Trust's total rent base. The weighted average remaining lease term across the portfolio was approximately 6.8 years as of June 30, 2025, suggesting a degree of near-term revenue stability, even as overall portfolio occupancy had declined to roughly 77.5% by the Chapter 11 filing date in October 2025.

Energy Star-rated, well-managed properties for sustainability-focused tenants

Office Properties Income Trust emphasizes property quality and management efficiency, which appeals to tenants concerned with environmental standards. The company was named an Energy Star® Partner of the Year for the seventh consecutive year in 2024. This commitment to energy efficiency is a tangible benefit offered to tenants.

Debt equitization and reduced debt service for noteholders via the RSA

Following the October 30, 2025, Restructuring Support Agreement (RSA), a primary value proposition for noteholders is significant balance sheet deleveraging and reduced future interest burden. The transactions under the RSA are designed to reduce Office Properties Income Trust's leverage by more than four turns, moving from 9.6x pre-petition to a pro forma 5.2x. This is largely achieved through the equitization of approximately $1 billion of existing notes. Specifically, the September 2029 secured noteholders who negotiated the RSA are set to receive $420 million of take-back debt structured as new five-year 10% secured notes, plus around 26% of reorganized equity for their notes. Furthermore, all $491 million of prepetition unsecured debt is slated to be equitized. The company also secured a commitment for up to $125 million in new money, debtor-in-possession (DIP) financing to support operations during the court-supervised process.

Diversified geographic footprint across major U.S. markets

Office Properties Income Trust's portfolio is spread across the country, which mitigates risk concentrated in any single local market. You can see the scale of this diversification below:

Metric	Value as of June 30, 2025 (or latest filing)
Number of Wholly Owned Properties	125 (as of June 30, 2025); reduced to 124 by October 2025 filing
Total Rentable Square Feet	Approximately 17.3 million square feet
Geographic Spread	Properties located in 29 states and the District of Columbia
Total Assets (Pre-Restructuring Filing)	$3.5 billion
Total Debts (Pre-Restructuring Filing)	$2.5 billion

The portfolio includes a mix of tenants, with other significant names like Alphabet (Google), Bank of America, Shook Hardy & Bacon, and Northrop Grumman each contributing between 2% and 6% of annual rent. This mix helps distribute the risk away from over-reliance on the single largest tenant.

Office Properties Income Trust (OPI) - Canvas Business Model: Customer Relationships

You're looking at how Office Properties Income Trust (OPI) keeps its tenants locked in, which is crucial given the sector headwinds we've seen through 2025. The relationship strategy centers on long-term contracts and high-quality tenants, though recent events show some strain.

Direct, dedicated relationship management for large, single-tenant leases

For your biggest customers, OPI definitely uses a direct management approach. The U.S. government stands out as the largest single tenant, providing 17.1% of annualized rental income as of June 30, 2025. Keeping that relationship stable is paramount, especially when the company is navigating a restructuring process that began in late 2025. Furthermore, a significant portion of the revenue base is considered high-quality; approximately 59% of revenues come from investment-grade rated tenants or their subsidiaries as of June 30, 2025.

Contractual, long-term lease agreements with minimal turnover effort

The core of the relationship is the contract, designed for stability. As of mid-2025, the portfolio boasted a weighted average remaining lease term (WALT) of 6.8 years. This long-term commitment minimizes the constant effort of finding new tenants, though the current market makes renewals tough. For instance, leases set to expire through 2026 represent $30 million, or 7.6%, of annualized rental income, and the majority of these are single-tenant properties. Management projected that 742,000 square feet of that expiring space, equating to $11.2 million in annualized revenue, would not renew. Still, new leasing activity in Q2 2025 saw a WALT of 5.4 years on executed leases.

Here's a quick look at the tenant and lease metrics as of the second quarter of 2025:

Metric	Value (as of late 2025)	Reference Point
Same Property Occupancy	85.2%	June 30, 2025
Weighted Average Remaining Lease Term (WALT)	6.8 years	June 30, 2025
Largest Tenant Contribution (US Gov't)	17.1% of annualized rental income	June 30, 2025
Revenue from Investment Grade Tenants	59%	June 30, 2025
Q2 2025 New Lease WALT	5.4 years	Q2 2025
Annualized Revenue Expiring in 2026	$30 million (7.6%)	Through 2026

Professional property management services provided by The RMR Group

Office Properties Income Trust (OPI) doesn't have its own executive team; it pays The RMR Group (RMR) to run the day-to-day. RMR is a major player, managing approximately $39 billion in assets under management (AUM) as of September 30, 2025. Even with OPI filing for Chapter 11 bankruptcy in late 2025, the plan was to keep RMR in place. The proposed new property management agreement under the Restructuring Support Agreement (RSA) outlines a 3% property management fee and a 5% construction supervision fee.

Focus on tenant retention to maintain the 85.2% occupancy rate

The focus is definitely on keeping the existing base, aiming to hold that 85.2% same-property occupancy rate achieved as of June 30, 2025. Management noted that renewals accounted for two-thirds of leasing activity in Q2 2025. This retention focus is a direct response to market pressures, including remote work trends that have led to negative net absorption. To help manage cash flow amid these challenges, OPI suspended its quarterly dividend in July 2025, which preserves approximately $3 million of cash annually.

• Leasing pipeline totaled 2 million square feet as of Q2 2025.
• Over 60% of the leasing pipeline is from renewal discussions.
• The U.S. Government is the largest tenant at 17.1% of annualized revenue.
• Leasing capital budgeted for the second half of 2025 is $33 million.

Finance: draft 13-week cash view by Friday.

Office Properties Income Trust (OPI) - Canvas Business Model: Channels

You're looking at how Office Properties Income Trust (OPI) gets its value proposition-office space leased to creditworthy tenants-out to the market, especially now that the company is operating under a court-supervised process following its Chapter 11 filing on October 30, 2025. The channels for leasing and capital markets access have shifted, but the core operational structure remains tied to its manager.

Direct Leasing and Sales Teams Managed by The RMR Group

The day-to-day management and leasing of the portfolio continue to be handled by The RMR Group, which is a key part of the operational channel, even post-restructuring filing. The Restructuring Support Agreement (RSA) contemplates a new management arrangement with RMR for an initial term of five years. This ensures continuity in tenant interaction and property maintenance.

The RMR Group, as of September 30, 2025, managed approximately $39 billion in assets. For the second half of 2025, OPI anticipated investing approximately $43 million in total capital expenditures, with $33 million specifically earmarked for leasing capital. That's a significant allocation aimed directly at retaining and attracting tenants through these channels.

Commercial Real Estate Brokers for New Tenant Sourcing and Renewals

Brokers remain a vital channel for securing new occupancy and locking in existing tenants. The leasing activity in the second quarter of 2025 saw the execution of 15 leases covering 416,000 square feet. Honestly, the reliance on renewals is high; they accounted for two-thirds of that Q2 2025 leasing volume.

You need to watch the expirations closely, as they drive broker activity. Lease expirations through 2026 total 1.3 million square feet, which represents $30 million, or 7.6%, of OPI's annualized rental income. The pipeline for new deals is active, totaling 2 million square feet as of the Q1 2025 update, with over 60% of that tied up in renewal discussions.

The quality of the tenant base is central to this channel's success. As of June 30, 2025, approximately 59% of OPI's revenues came from investment-grade rated tenants or their subsidiaries. The largest single tenant, the U.S. government, accounts for 17.1% of annualized revenue.

Here's a quick look at the portfolio OPI is marketing through these channels as of June 30, 2025:

Portfolio Metric	Value	Context/Date
Total Properties	125	As of June 30, 2025
Total Square Feet	17.3 million	As of June 30, 2025
Same Property Occupancy	85.2%	As of June 30, 2025
Weighted Avg. Remaining Lease Term	6.8 years	As of June 30, 2025
Investment Grade Revenue Share	59%	As of June 30, 2025
Largest Tenant Revenue Share	17.1%	U.S. Government, as of June 30, 2025

Corporate Website and Investor Relations for Capital Markets Access (now OTCPK)

For capital markets access, the channel has clearly shifted following the October 2025 restructuring. OPI's shares are now listed on the OTCPK under the ticker symbol OPITQ. The corporate website, $\text{www.opireit.com}$, remains a primary source for general company information, though investor relations now directs stakeholders to the restructuring portal for case-specific details.

The company's liquidity position is a key metric communicated through this channel. As of June 30, 2025, total liquidity stood at $90 million of cash. The restructuring process itself is being supported by a commitment for $125 million in new money, debtor-in-possession (DIP) financing.

You can find the Investor Relations contact listed as:

• Kevin Barry, Senior Director, Investor Relations
• Direct line: (617) 219-1410

Kroll Restructuring Administration for Chapter 11 Communications

For all matters related to the Chapter 11 proceedings initiated on October 30, 2025, Kroll Restructuring Administration LLC serves as the claims, noticing, and solicitation agent. This is the official, court-supervised channel for creditors and other interested parties.

The restructuring aims to substantially deleverage the balance sheet, including the equitization of approximately $1 billion of existing notes. The key communication touchpoint for creditors is the dedicated website, $\text{https://restructuring.ra.kroll.com/OPI}$.

Key dates and figures related to this channel include:

• Chapter 11 Filing Date: October 30, 2025
• DIP Financing Commitment: $125 million
• Next Creditors Meeting (Section 341): January 7, 2026, at 2:00 p.m. (CT)

Finance: draft 13-week cash view by Friday.

Office Properties Income Trust (OPI) - Canvas Business Model: Customer Segments

You're analyzing Office Properties Income Trust (OPI) right now, and the customer segment is where the story of stability versus sector-wide distress really plays out. The core of Office Properties Income Trust (OPI)'s business model is built around securing tenants with the highest possible credit quality, which is a crucial differentiator, especially given the company's late 2025 restructuring efforts.

The tenant base is heavily weighted toward creditworthy entities, which is the primary defense mechanism for Office Properties Income Trust (OPI)'s revenue stream. As of June 30, 2025, a substantial 59% of Office Properties Income Trust (OPI)'s revenues came from investment-grade rated tenants or their subsidiaries. To be fair, this focus on quality is what management has always leaned on, but the current environment makes that stability even more valuable.

Here's a quick look at the revenue concentration based on the latest figures available:

Customer Segment Type	Percentage of Annualized Revenue (as of 6/30/2025)
Investment-Grade Rated Tenants (Direct/Subsidiary)	59%
U.S. Government (Largest Single Tenant)	17.1%
Total from Top Two Categories	76.1%

The U.S. Government stands out as the single largest customer anchor for Office Properties Income Trust (OPI). This relationship is key, representing 17.1% of the annualized rental income as of June 30, 2025. That kind of anchor tenant provides a level of predictability that many other office REITs simply don't have right now.

Office Properties Income Trust (OPI) has historically targeted large, single-tenant users who sign on for long-term, stable leases. This strategy is evident in the portfolio metrics; as of June 30, 2025, the portfolio consisted of 125 properties totaling 17.3 million square feet, with a weighted average remaining lease term of 6.8 years. Still, you have to watch the near-term expirations; leases scheduled to expire through December 2025 accounted for 11.7% of revenue.

The current reality for Office Properties Income Trust (OPI) is that the customer segment focus has shifted, at least temporarily, to the capital structure stakeholders. Due to the Chapter 11 filing on October 30, 2025, the immediate customer base includes:

• Institutional investors and noteholders who are part of the Restructuring Support Agreement (RSA).
• Holders of the senior secured notes due September 2029, who committed to up to $125 million in debtor-in-possession financing.
• Creditors whose existing notes, totaling approximately $1 billion, are expected to be equitized into new ownership.

The entire restructuring process is designed to deleverage the balance sheet, which has $2.37 Billion in total debt as of June 2025, by converting debt held by these institutional noteholders into equity. Finance: draft the projected post-restructuring equity capitalization table by next Tuesday.

Office Properties Income Trust (OPI) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Office Properties Income Trust (OPI) as it navigates the post-restructuring environment of late 2025. The cost structure is heavily influenced by debt service and the necessary expenses to maintain and improve the portfolio while operating under Chapter 11 protection.

Interest Expense remains a major component, reflecting the high leverage that precipitated the recent filing. For the second quarter of 2025, the reported interest expense was $53 million. This figure was up 37% year-over-year. Even with the restructuring plan aiming to reduce debt, the immediate cost of capital remains high, especially considering the new Debtor-in-Possession (DIP) financing carries a 12.00% annual cash interest rate.

The costs associated with running the properties-Property Operating Expenses-are putting pressure on Net Operating Income (NOI). While we don't have the exact dollar amount for utilities, maintenance, and taxes, the trend is clear: same-property cash-basis NOI margin contracted year-over-year in Q2 2025, moving from 61.0% down to 57.4%. This contraction signals that operating costs are rising faster than the achievable rental income on existing leases.

The external relationship with The RMR Group LLC dictates a significant, fixed administrative cost. Post-restructuring, the new business management agreement sets the External Management Fees. RMR Group LLC will receive an annual fee of $14.0 million per year for the first two years under the new agreement, which is expected to become effective upon plan confirmation. This is in addition to the property management fee of 3% and a construction supervision fee of 5%.

To keep the physical assets viable, Capital Expenditures are budgeted for the remainder of 2025. Office Properties Income Trust projects capital expenditures of $43 million for the second half of 2025. This $43 million is comprised of $10 million for building capital and $33 million for leasing capital.

The Chapter 11 filing itself introduced substantial, one-time Restructuring and Advisory Costs, primarily embedded within the DIP financing structure. You need to account for these high fees when modeling the immediate cash burn.

Here's a quick look at the key, hard numbers driving the Cost Structure as of late 2025:

Cost Category	Specific Metric/Amount	Period/Context
Interest Expense	$53 million	Q2 2025
Projected Capital Expenditures	$43 million	H2 2025 Projection
Annualized External Management Fee (Base)	$14.0 million	First two years post-reorganization
DIP Financing Interest Rate	12.00%	Annual Cash Interest
DIP Upfront Fee	2.25%	Of commitments
DIP Anchor Commitment Fee	10.00%	Of commitments
DIP Exit Fee	5.75%	Of commitments

The advisory team retained for the Chapter 11 process also represents a significant, though variable, cost. The debtors retained several key firms:

• Hunton Andrews Kurth and Latham & Watkins as bankruptcy co-counsel.
• Moelis & Company as investment banker.
• AlixPartners LLP as financial advisor.

The overall debt service burden is also highlighted by the upcoming maturities that necessitated the filing; Office Properties Income Trust had $279.5 million maturing next year (2026) and $771.3 million due in 2027, according to the Q2 report. The restructuring aims to equitize approximately $1 billion of existing notes.

Office Properties Income Trust (OPI) - Canvas Business Model: Revenue Streams

You're looking at the core income generation for Office Properties Income Trust (OPI) as of late 2025, which is heavily anchored in real estate leasing but supplemented by transactional activities in a challenging market.

The primary revenue driver is rental income from office property leases. As reported for the second quarter of 2025, the annualized revenue figure stands at $398 million, representing a significant year-over-year decline of nearly 18%, or $85 million compared to the prior year. The actual rental income reported for the second quarter of 2025 was $114.5 million, down from $123.7 million year-over-year.

This annualized revenue of $398 million is calculated using the annualized contractual base rents as of June 30, 2025, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to Office Properties Income Trust. The quality of the tenant base supporting this stream is notable; as of June 30, 2025, 59% of revenues came from investment-grade rated tenants or their subsidiaries. The U.S. government remains the largest single tenant, accounting for 17.1% of annualized revenue.

Transactional activities contribute to the revenue stream, though they are less predictable. This includes proceeds from asset dispositions. Office Properties Income Trust currently expects to sell two properties in September 2025 for an aggregate of $10.7 million, excluding closing costs, as part of a larger agreement to sell three properties for $28.9 million. Earlier in July 2025, the company sold one property for a sales price of $2.2 million, excluding closing costs.

Another, explicitly non-recurring, source of income is lease termination fees, though no specific financial amount for this stream was detailed in the latest available reports.

Here's a quick look at the key revenue-related metrics as of mid-2025:

Revenue Component/Metric	Financial Number/Amount	Context/Date
Annualized Rental Income (Base)	$398 million	As of Q2 2025
Q2 2025 Rental Income	$114.5 million	Q2 2025
Expected Disposition Proceeds (Sept 2025)	$10.7 million	Expected September 2025
Total Properties Under Agreement to Sell	$28.9 million	As of Q2 2025
Property Sale Proceeds (July 2025)	$2.2 million	July 2025 sale
Revenue from Investment Grade Tenants	59%	Of revenues as of June 30, 2025
Lease Expirations Impacting Annualized Income	$30 million	Scheduled through 2026

The pressure on this revenue stream is clear when you look at upcoming lease expirations. You should note that 1.3 million square feet of leases are scheduled to expire through 2026, representing $30 million, or 7.6%, of the current annualized rental income.

The company is actively managing its asset base to generate cash, which is a key component of its short-term financial strategy given the liquidity constraints. The revenue streams are further characterized by:

• Rental income from office property leases.
• Tenant reimbursements for property operating expenses (included in annualized revenue).
• Proceeds from asset dispositions, such as the $10.7 million expected in September 2025.
• Lease termination fees (a non-recurring source).

The trailing twelve months revenue as of mid-2025 was approximately $0.46 Billion USD.