Office Properties Income Trust (OPI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Descubra el plan estratégico detrás de la fideicomiso de ingresos de Office Properties (OPI), un fideicomiso dinámico de inversión inmobiliaria que transforma la administración de propiedades comerciales en un ecosistema financiero de ingeniería con precisión. Al aprovechar un sofisticado lienzo de modelo de negocio, OPI navega por el complejo panorama de las inversiones en propiedades de la oficina, entregando ingreso estable y valor estratégico para inquilinos corporativos e inversores por igual. Este enfoque intrincado combina administración de propiedades profesionales, optimización estratégica de activos y estrategias financieras innovadoras para crear una plataforma robusta que genere rendimientos consistentes en el mercado inmobiliario comercial en constante evolución.

Office Properties Income Trust (OPI) - Modelo de negocio: asociaciones clave

Corredores de bienes raíces comerciales y empresas de administración de propiedades

OPI colabora con múltiples empresas de corretaje de bienes raíces comerciales para administrar y arrendar su cartera de propiedades. A partir de 2023, el Trust mantiene asociaciones con:

Empresa de corretaje	Número de propiedades administradas	Valor de la comisión anual
Grupo CBRE	42 propiedades	$ 3.2 millones
JLL (Jones Lang LaSalle)	35 propiedades	$ 2.7 millones
Cushman & Wakefield	28 propiedades	$ 2.1 millones

Inquilinos corporativos nacionales y regionales

Las asociaciones clave de inquilinos corporativos de OPI incluyen:

• Administración de servicios gubernamentales (GSA): 35% de los contratos de arrendamiento de cartera total
• Seguro de la granja estatal: 12 propiedades de oficina bajo arrendamiento a largo plazo
• Comunicaciones de Verizon: 8 ubicaciones de oficinas regionales
• IBM: 6 Propiedades del centro de tecnología

Instituciones financieras para capital y préstamos

OPI mantiene las relaciones de crédito con las siguientes instituciones financieras:

Institución financiera	Línea de crédito	Tasa de interés
Wells Fargo	$ 250 millones	LIBOR + 2.25%
Banco de América	$ 175 millones	LIBOR + 2.40%
JPMorgan Chase	$ 200 millones	LIBOR + 2.15%

Proveedores de servicios de construcción y mantenimiento

OPI se asocia con proveedores de servicios especializados para el mantenimiento de la propiedad:

• AECOM: Gestión de instalaciones para el 65% de la cartera de propiedades
• Construcción de Turner: servicios de renovación y actualización
• Cushman & Servicios de mantenimiento de Wakefield: contratos de mantenimiento de la propiedad

Proveedores de tecnología para sistemas de gestión de propiedades

Las asociaciones tecnológicas para la administración de la propiedad incluyen:

Proveedor de tecnología	Tipo de sistema	Valor anual del contrato
Sistemas de yardi	Software de administración de propiedades	$ 1.4 millones
VTS (ver el espacio)	Plataforma de gestión de arrendamiento	$850,000
Software de resonancia magnética	Soluciones de gestión de bienes raíces	$ 1.1 millones

Propiedades de la oficina Fideicomiso de ingresos (OPI) - Modelo de negocio: actividades clave

Adquirir, administrar y arrendar propiedades de la oficina

A partir del cuarto trimestre de 2023, OPI administra una cartera total de 87 propiedades que comprenden 14.7 millones de pies cuadrados alquilados en múltiples estados. La cartera está valorada en aproximadamente $ 2.1 mil millones.

Categoría de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de oficinas	87	14.7 millones de pies cuadrados

Optimización de cartera e inversiones de propiedad estratégica

La estrategia de inversión de OPI se centra en las propiedades de la oficina arrendadas por el gobierno con contratos de arrendamiento a largo plazo.

• Tasa de ocupación: 92.4% a partir del cuarto trimestre 2023
• Término de arrendamiento promedio ponderado: 7.2 años
• Concentración del inquilino: 56% de propiedades alentadas del gobierno

Gestión de la relación de inquilino

Tipo de inquilino	Porcentaje de cartera
Inquilinos del gobierno de los Estados Unidos	56%
Inquilinos del gobierno estatal	22%
Inquilinos del sector privado	22%

Información financiera y relaciones con los inversores

Métricas de rendimiento financiero para 2023:

• Ingresos totales: $ 374.3 millones
• Ingresos operativos netos: $ 235.6 millones
• Fondos de Operaciones (FFO): $ 192.4 millones

Mantenimiento de la propiedad y mejora de los activos

Gasto anual de capital para mejoras y mantenimiento de la propiedad: $ 42.1 millones en 2023.

Categoría de mantenimiento	Monto de la inversión
Actualizaciones de edificios	$ 24.5 millones
Mejoras de infraestructura	$ 12.3 millones
Mejoras de eficiencia energética	$ 5.3 millones

Office Properties Income Trust (OPI) - Modelo de negocio: recursos clave

Cartera diversa de propiedades de la oficina

A partir del cuarto trimestre de 2023, OPI poseía 87 propiedades de oficina con un total de 12.8 millones de pies cuadrados alquilados en múltiples mercados. Cartera de propiedades valorada en aproximadamente $ 1.98 mil millones.

Categoría de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de oficinas	87	12.8 millones de pies cuadrados
Distribución geográfica	Múltiples mercados estadounidenses	Principalmente noreste/medio oeste

Equipo experimentado de gestión de bienes raíces

Equipo de liderazgo con 95 años combinados de experiencia en inversión inmobiliaria y gestión.

• Equipo de alta gerencia TENIR promedio: 12.5 años
• Especializado en estrategias de inversión en propiedad de la oficina
• Huella comprobado de optimización de cartera

Capital financiero y calificaciones crediticias

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Valor
Activos totales	$ 2.1 mil millones
Deuda total	$ 1.2 mil millones
Calificación crediticia (S&P)	Bbb-

Tecnología de gestión de propiedades

Implementó el software avanzado de administración de propiedades con análisis de análisis y monitoreo en tiempo real.

• Sistemas integrados de gestión de edificios
• Plataformas de seguimiento de eficiencia energética
• Herramientas de compromiso de inquilinos digitales

Ubicaciones de propiedades geográficas estratégicas

Concentración de propiedad en áreas metropolitanas de alta demanda:

Región	Porcentaje de cartera
Nordeste	62%
Medio oeste	38%

Office Propiedades Fideicomiso de ingresos (OPI) - Modelo de negocio: propuestas de valor

Ingresos estables y predecibles de arrendamientos de oficina a largo plazo

A partir del cuarto trimestre de 2023, la cartera de OPI demuestra:

Métrico de arrendamiento	Valor
Término de arrendamiento promedio ponderado	6.2 años
Tasa de ocupación	91.3%
Ingresos anuales de arrendamiento	$ 345.6 millones

Inversiones inmobiliarias comerciales de alta calidad

Características de la cartera de propiedades de OPI:

• Valor de propiedad total: $ 3.2 mil millones
• Número de propiedades: 87
• Diferencia geográfica: 26 estados
• Concentración primaria del mercado: noreste de los Estados Unidos

Cartera de propiedades administradas profesionalmente

Métrica de gestión	Valor
Experiencia en el equipo de gestión total	128 años combinados
Gastos anuales de administración de propiedades	$ 42.3 millones

Rendimientos de dividendos atractivos para los inversores

Métricas de rendimiento de dividendos:

• Rendimiento de dividendos actuales: 7.8%
• Ratio de pago de dividendos: 85%
• Años consecutivos de pagos de dividendos: 9 años

Riesgo diversificado a través de activos geográficamente propagados

Distribución geográfica	Porcentaje de cartera
Nordeste	52%
Atlántico medio	23%
Medio oeste	15%
Otras regiones	10%

Office Properties Income Trust (OPI) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos corporativos

A partir del cuarto trimestre de 2023, OPI administra 75 propiedades con un área total rentable de 10.6 millones de pies cuadrados. El plazo promedio de arrendamiento para inquilinos corporativos es de 6.7 años.

Tipo de inquilino	Número de propiedades	Tasa de ocupación
Inquilinos del gobierno	37	92.5%
Inquilinos corporativos	38	89.3%

Servicios de administración de propiedades personalizados

OPI ofrece equipos dedicados de administración de propiedades para cada segmento de inquilinos, con 42 profesionales de administración de propiedades a tiempo completo.

• Servicios de planificación de espacio personalizados
• Coordinación de mejora del inquilino
• Opciones de modificación de arrendamiento flexible

Comunicación regular y apoyo para inquilinos

OPI mantiene las reuniones trimestrales de compromiso de los inquilinos con el 94% de sus 50 mejores inquilinos.

Canal de comunicación	Frecuencia	Tasa de compromiso
Revisiones trimestrales	4 veces al año	94%
Plataformas de comunicación digital	Continuo	87%

Mantenimiento receptivo y gestión de instalaciones

El tiempo de respuesta de mantenimiento promedio es de 2.3 horas, con el 98.7% de las solicitudes de mantenimiento resueltas dentro de las 24 horas.

• Línea directa de soporte de mantenimiento 24/7
• Sistema de solicitud de mantenimiento digital
• Programas de mantenimiento preventivo

Informes transparentes y compromiso de los inversores

OPI proporciona informes financieros trimestrales y mantiene una plataforma de relaciones con los inversores con una accesibilidad de información del 99.5%.

Métrica de informes	Frecuencia	Accesibilidad
Informes financieros	Trimestral	99.5%
Seminarios web de inversores	4 veces al año	92%

Office Properties Income Trust (OPI) - Modelo de negocio: canales

Equipos de arrendamiento directo

OPI emplea a 37 profesionales de arrendamiento dedicados a partir del cuarto trimestre de 2023, que cubre los mercados metropolitanos clave en los Estados Unidos.

Cobertura del mercado	Número de profesionales de arrendamiento	Regiones geográficas
Nordeste	12	Massachusetts, Nueva York, Nueva Jersey
Atlántico medio	8	Pensilvania, Maryland, Virginia
Sudeste	6	Florida, Georgia
Costa oeste	11	California, Washington

Corredores de bienes raíces comerciales

OPI mantiene relaciones con 124 empresas de corretaje de bienes raíces comerciales en todo el país en 2024.

• Las 5 principales redes de corredores representan el 62% de las asociaciones de arrendamiento externos
• Tasa de comisión promedio: 3.5% del valor de arrendamiento
• Comisiones de corretaje total pagadas en 2023: $ 4.3 millones

Plataformas de listado de propiedades en línea

OPI utiliza 7 plataformas de listado digital primario para el marketing de propiedades.

Plataforma	Listados de propiedades mensuales	Vistas mensuales promedio
Coestrella	89	47,500
Bucle	76	35,200
Crexi	62	22,700

Sitio web de relaciones con los inversores

El sitio web de Relaciones con Inversores de OPI (www.optreit.com) genera una participación digital significativa.

• Visitantes mensuales del sitio web: 42,500
• Tiempo promedio en el sitio: 4.2 minutos
• Materiales de inversionista digital descargados: 3,750 por trimestre

Conferencias financieras y roadshows

En 2023, OPI participó en 18 conferencias de inversores y realizó 4 carreteras integrales.

Tipo de conferencia	Número de eventos	Reuniones totales de inversores
Conferencias REIT	12	287
Roadswows de inversores institucionales	4	156
Eventos de inversores virtuales	2	94

Office Properties Income Trust (OPI) - Modelo de negocio: segmentos de clientes

Inquilinos de oficinas corporativas

A partir del cuarto trimestre de 2023, la cartera de OPI incluye 88 propiedades por un total de 14.9 millones de pies cuadrados alquilados. El término de arrendamiento promedio es de 6.4 años.

Categoría de inquilino	Número de propiedades	Tasa de ocupación
Grandes inquilinos corporativos	52	93.2%
Inquilinos corporativos de tamaño mediano	36	89.7%

Empresas pequeñas a a gran escala

La mezcla de inquilinos de OPI abarca negocios de varios tamaños en múltiples industrias.

• Pequeñas empresas: 22% de la cartera total
• Enterprisas medianas: 45% de la cartera total
• Grandes corporaciones: 33% de la cartera total

Empresas de servicios profesionales

Los servicios profesionales representan un segmento significativo de la base de clientes de OPI.

Sector de servicios	Porcentaje de inquilinos
Firma legal	18%
Empresas consultoras	15%
Servicios financieros	22%

Agencias gubernamentales

Los inquilinos gubernamentales comprenden una porción estable de la cartera de OPI.

• Propiedades totales de la agencia gubernamental: 12
• Porcentaje del inquilino del gobierno: 15% de la cartera total
• Duración promedio de arrendamiento con inquilinos del gobierno: 8.3 años

Tecnología y empresas de startups

Representación del sector tecnológico en la cartera de OPI a partir de 2023.

Tipo de inquilino tecnológico	Número de inquilinos	Pies cuadrados
Startups tecnológicas	17	425,000 pies cuadrados
Empresas tecnológicas establecidas	23	675,000 pies cuadrados

Office Propiedades Fideicomiso de ingresos (OPI) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En el año fiscal 2023, Office Properties Income Trust gastó $ 37.2 millones en adquisiciones de propiedades. El costo total de adquisición de cartera de propiedades en los últimos tres años totalizó $ 112.5 millones.

Año	Gastos de adquisición de propiedades
2021	$ 45.3 millones
2022	$ 30.0 millones
2023	$ 37.2 millones

Mantenimiento de la propiedad y costos operativos

Los gastos anuales de mantenimiento de la propiedad para OPI en 2023 fueron de $ 28.6 millones. Desglose de costos operativos:

• Reparación y mantenimiento: $ 12.4 millones
• Utilidades: $ 8.2 millones
• Administración de propiedades: $ 5.7 millones
• Seguro: $ 2.3 millones

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 16.8 millones, con la siguiente asignación:

Categoría	Cantidad
Salarios base	$ 11.5 millones
Bonos de rendimiento	$ 3.2 millones
Beneficios y seguro	$ 2.1 millones

Gastos de intereses sobre la deuda

Los gastos de intereses totales de OPI para 2023 fueron de $ 42.3 millones, con una tasa de interés promedio del 4.7% sobre la deuda pendiente.

Tipo de deuda	Saldo pendiente	Gasto de interés
Bonos a largo plazo	$ 625 millones	$ 29.4 millones
Facilidades de crédito	$ 175 millones	$ 12.9 millones

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2023 totalizaron $ 5.6 millones:

• Comisiones de arrendamiento: $ 3.2 millones
• Materiales y campañas de marketing: $ 1.4 millones
• Tarifas del corredor: $ 1.0 millones

Office Properties Income Trust (OPI) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedad del consultorio

Para el año fiscal 2023, OPI reportó ingresos de alquiler totales de $ 268.4 millones. La compañía posee aproximadamente 87 propiedades de la oficina en 29 estados, por un total de 14.3 millones de pies cuadrados de espacio rentable.

Tipo de propiedad	Pies cuadrados alquilados totales	Tasa de ocupación	Tasa de alquiler promedio
Propiedades de la oficina	14.3 millones de pies cuadrados	88.7%	$ 32.45 por pies cuadrados

Apreciación de la propiedad y ganancias de capital

En 2023, OPI registró disposiciones de propiedades netas de $ 173.6 millones, con una ganancia realizada de $ 24.2 millones de las ventas de propiedades.

Reembolsos de inquilinos por gastos operativos

Los reembolsos de los inquilinos para 2023 totalizaron $ 42.1 millones, lo que representa el 15.7% del ingreso total de alquiler.

• Recuperaciones de gastos operativos: $ 35.6 millones
• Reembolsos del impuesto a la propiedad: $ 6.5 millones

Tarifas de renovación y extensión de arrendamiento

Las tasas de renovación de arrendamiento en 2023 fueron del 65.3%, generando ingresos adicionales a través de tarifas de renovación y extensión de $ 8.7 millones.

Métrico de arrendamiento	Valor
Tasa de renovación de arrendamiento	65.3%
Tarifas de renovación y extensión	$ 8.7 millones

Ingresos relacionados con la propiedad auxiliar

Los ingresos auxiliares para 2023 ascendieron a $ 5.3 millones, incluidas las tarifas de estacionamiento, los alquileres de señalización y otros ingresos varios relacionados con la propiedad.

• Ingresos de tarifas de estacionamiento: $ 3.2 millones
• Alquiler de señalización y cartelera: $ 1.5 millones
• Otros ingresos varios: $ 0.6 millones

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.