Office Properties Rending Trust (OPI): modelo de negócios [Jan-2025 Atualizado]

Descubra o plano estratégico por trás do Office Properties Belicity Trust (OPI), uma confiança dinâmica de investimento imobiliário que transforma o gerenciamento de propriedades comerciais em um ecossistema financeiro de engenharia com precisão. Ao alavancar uma teia sofisticada do modelo de negócios, a OPI navega no cenário complexo dos investimentos em propriedades do escritório, entregando renda estável e valor estratégico para inquilinos e investidores corporativos. Essa abordagem complexa combina gerenciamento profissional de propriedades, otimização estratégica de ativos e estratégias financeiras inovadoras para criar uma plataforma robusta que gera retornos consistentes no mercado imobiliário comercial em constante evolução.

Office Properties Renda Trust (OPI) - Modelo de Negócios: Principais Parcerias

Corretores imobiliários comerciais e empresas de gerenciamento de propriedades

A OPI colabora com várias corretoras de imóveis comerciais para gerenciar e arrendar seu portfólio de propriedades. A partir de 2023, o Trust mantém parcerias com:

Corretora	Número de propriedades gerenciadas	Valor anual da Comissão
Grupo CBRE	42 propriedades	US $ 3,2 milhões
JLL (Jones Lang Lasalle)	35 propriedades	US $ 2,7 milhões
Cushman & Wakefield	28 propriedades	US $ 2,1 milhões

Inquilinos corporativos nacionais e regionais

As principais parcerias de inquilinos corporativas da OPI incluem:

• Administração de Serviços Governamentais (GSA): 35% do total de contratos de arrendamento de portfólio
• Seguro agrícola estadual: 12 propriedades do escritório sob arrendamento de longo prazo
• Comunicações da Verizon: 8 locais de escritório regional
• IBM: 6 Propriedades do Centro de Tecnologia

Instituições financeiras para capital e empréstimos

O OPI mantém as relações de crédito com as seguintes instituições financeiras:

Instituição financeira	Linha de crédito	Taxa de juro
Wells Fargo	US $ 250 milhões	Libor + 2,25%
Bank of America	US $ 175 milhões	Libor + 2,40%
JPMorgan Chase	US $ 200 milhões	Libor + 2,15%

Provedores de serviços de construção e manutenção

A OPI faz parceria com provedores de serviços especializados para manutenção de propriedades:

• AECOM: Gerenciamento de instalações para 65% do portfólio de propriedades
• Turner Construction: Renovação e atualização de serviços
• Cushman & Serviços de manutenção de Wakefield: Contratos de manutenção de propriedades

Fornecedores de tecnologia para sistemas de gerenciamento de propriedades

As parcerias de tecnologia para gerenciamento de propriedades incluem:

Fornecedor de tecnologia	Tipo de sistema	Valor anual do contrato
Sistemas Yardi	Software de gerenciamento de propriedades	US $ 1,4 milhão
VTS (veja o espaço)	Plataforma de gerenciamento de leasing	$850,000
Software de ressonância magnética	Soluções de gerenciamento imobiliário	US $ 1,1 milhão

Office Properties Renda Trust (OPI) - Modelo de negócios: Atividades -chave

Aquisição, gerenciamento e arrendamento Propriedades do escritório

A partir do quarto trimestre de 2023, a OPI gerencia um portfólio total de 87 propriedades, compreendendo 14,7 milhões de pés quadrados alugáveis ​​em vários estados. O portfólio é avaliado em aproximadamente US $ 2,1 bilhões.

Categoria de propriedade	Número de propriedades	Mágua quadrada total
Edifícios de escritórios	87	14,7 milhões de pés quadrados

Otimização de portfólio e investimentos em propriedades estratégicas

A estratégia de investimento da OPI se concentra nas propriedades de escritório arrendadas pelo governo com acordos de arrendamento de longo prazo.

• Taxa de ocupação: 92,4% a partir do quarto trimestre 2023
• Termo médio ponderado de arrendamento: 7,2 anos
• Concentração do inquilino: 56% de propriedades arrendadas pelo governo

Gerenciamento de relacionamento inquilino

Tipo de inquilino	Porcentagem de portfólio
Inquilinos do governo dos EUA	56%
Inquilinos do governo do estado	22%
Inquilinos do setor privado	22%

Relatórios financeiros e relações de investidores

Métricas de desempenho financeiro para 2023:

• Receita total: US $ 374,3 milhões
• Receita operacional líquida: US $ 235,6 milhões
• Fundos das operações (FFO): US $ 192,4 milhões

Manutenção de propriedades e aprimoramento de ativos

Despesas anuais de capital para melhorias e manutenção de propriedades: US $ 42,1 milhões em 2023.

Categoria de manutenção	Valor do investimento
Construindo atualizações	US $ 24,5 milhões
Melhorias de infraestrutura	US $ 12,3 milhões
Aprimoramentos de eficiência energética	US $ 5,3 milhões

Office Properties Renda Trust (OPI) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades do escritório

A partir do quarto trimestre de 2023, a OPI possuía 87 propriedades de escritórios, totalizando 12,8 milhões de pés quadrados alugáveis ​​em vários mercados. O portfólio de propriedades avaliado em aproximadamente US $ 1,98 bilhão.

Categoria de propriedade	Número de propriedades	Mágua quadrada total
Edifícios de escritórios	87	12,8 milhões de pés quadrados
Distribuição geográfica	Vários mercados dos EUA	Principalmente nordeste/Centro -Oeste

Equipe de gestão imobiliária experiente

Equipe de liderança com 95 anos de experiência em investimentos imobiliários e gerenciamento.

• Time Sênior da Equipe Média de Posse: 12,5 anos
• Especializado em estratégias de investimento imobiliário de escritório
• Histórico comprovado de otimização de portfólio

Capital financeiro e classificações de crédito

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Valor
Total de ativos	US $ 2,1 bilhões
Dívida total	US $ 1,2 bilhão
Classificação de crédito (S&P)	BBB-

Tecnologia de gerenciamento de propriedades

Implantado software avançado de gerenciamento de propriedades com recursos de análise e monitoramento em tempo real.

• Sistemas de gerenciamento de construção integrados
• Plataformas de rastreamento de eficiência energética
• Ferramentas de engajamento de inquilinos digitais

Locais estratégicos de propriedades geográficas

Concentração da propriedade em áreas metropolitanas de alta demanda:

Região	Porcentagem de portfólio
Nordeste	62%
Centro -Oeste	38%

Office Properties Rending Trust (OPI) - Modelo de Negócios: Proposições de Valor

Renda estável e previsível de arrendamentos de escritórios de longo prazo

A partir do quarto trimestre 2023, o portfólio da OPI demonstra:

Métrica de arrendamento	Valor
Termo de arrendamento médio ponderado	6,2 anos
Taxa de ocupação	91.3%
Receita anual de arrendamento	US $ 345,6 milhões

Investimentos imobiliários comerciais de alta qualidade

Características do portfólio de propriedades da OPI:

• Valor total da propriedade: US $ 3,2 bilhões
• Número de propriedades: 87
• Espalhamento geográfico: 26 estados
• Concentração do mercado primário: Nordeste dos Estados Unidos

Portfólio de propriedades gerenciadas profissionalmente

Métrica de Gerenciamento	Valor
Experiência total da equipe de gerenciamento	128 anos combinados
Despesas anuais de gerenciamento de propriedades	US $ 42,3 milhões

Atraente rendimento de dividendos para investidores

Métricas de desempenho de dividendos:

• Rendimento atual de dividendos: 7,8%
• Taxa de pagamento de dividendos: 85%
• Anos consecutivos de pagamentos de dividendos: 9 anos

Riscos diversificados por meio de ativos geograficamente espalhados

Distribuição geográfica	Porcentagem de portfólio
Nordeste	52%
Meio do atlântico	23%
Centro -Oeste	15%
Outras regiões	10%

Office Properties Rending Trust (OPI) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com inquilinos corporativos

A partir do quarto trimestre de 2023, a OPI gerencia 75 propriedades com uma área total alugável de 10,6 milhões de pés quadrados. O prazo médio de arrendamento para inquilinos corporativos é de 6,7 anos.

Tipo de inquilino	Número de propriedades	Taxa de ocupação
Inquilinos do governo	37	92.5%
Inquilinos corporativos	38	89.3%

Serviços personalizados de gerenciamento de propriedades

A OPI fornece equipes de gerenciamento de propriedades dedicadas para cada segmento de inquilinos, com 42 profissionais de gerenciamento de propriedades em tempo integral.

• Serviços de planejamento espacial personalizado
• Coordenação de melhoria do inquilino
• Opções flexíveis de modificação de arrendamento

Comunicação regular e suporte de inquilino

A OPI mantém reuniões trimestrais de engajamento de inquilinos, com 94% de seus 50 principais inquilinos.

Canal de comunicação	Freqüência	Taxa de engajamento
Revisões trimestrais	4 vezes por ano	94%
Plataformas de comunicação digital	Contínuo	87%

Manutenção responsiva e gerenciamento de instalações

O tempo médio de resposta à manutenção é de 2,3 horas, com 98,7% das solicitações de manutenção resolvidas dentro de 24 horas.

• 24/7 de suporte de manutenção linear
• Sistema de solicitação de manutenção digital
• Programas de manutenção preventiva

Relatórios transparentes e engajamento de investidores

A OPI fornece relatórios financeiros trimestrais e mantém uma plataforma de relações com investidores com 99,5% de acessibilidade à informação.

Métrica de relatório	Freqüência	Acessibilidade
Relatórios financeiros	Trimestral	99.5%
Webinars de investidores	4 vezes por ano	92%

Office Properties Renda Trust (OPI) - Modelo de Negócios: Canais

Equipes diretas de leasing

A OPI emprega 37 profissionais de leasing dedicados a partir do quarto trimestre de 2023, cobrindo os principais mercados metropolitanos nos Estados Unidos.

Cobertura de mercado	Número de profissionais de leasing	Regiões geográficas
Nordeste	12	Massachusetts, Nova York, Nova Jersey
Meio do atlântico	8	Pensilvânia, Maryland, Virgínia
Sudeste	6	Flórida, Geórgia
Costa Oeste	11	Califórnia, Washington

Corretores imobiliários comerciais

A OPI mantém o relacionamento com 124 corretoras comerciais de corretagem imobiliária em todo o país em 2024.

• As 5 principais redes de corretores representam 62% das parcerias externas de leasing
• Taxa média de comissão: 3,5% do valor do arrendamento
• Comissões totais de corretagem pagas em 2023: US $ 4,3 milhões

Plataformas de listagem de propriedades online

A OPI utiliza 7 plataformas primárias de listagem digital para marketing de propriedades.

Plataforma	Listagens mensais de propriedades	Visualizações mensais médias
Costar	89	47,500
Loopnet	76	35,200
Crexi	62	22,700

Site de Relações com Investidores

O site de relações com investidores da OPI (www.optreit.com) gera engajamento digital significativo.

• Visitantes mensais do site: 42.500
• Tempo médio no local: 4,2 minutos
• Materiais de investidores digitais baixados: 3.750 por trimestre

Conferências financeiras e roadshows

Em 2023, a OPI participou de 18 conferências de investidores e conduziu 4 roadshows abrangentes.

Tipo de conferência	Número de eventos	Total de reuniões de investidores
Conferências REIT	12	287
Roadshows de investidores institucionais	4	156
Eventos de investidores virtuais	2	94

Office Properties Renda Trust (OPI) - Modelo de negócios: segmentos de clientes

Inquilinos de escritório corporativo

A partir do quarto trimestre de 2023, o portfólio da OPI inclui 88 propriedades, totalizando 14,9 milhões de pés quadrados alugáveis. O termo médio de arrendamento é de 6,4 anos.

Categoria de inquilino	Número de propriedades	Taxa de ocupação
Grandes inquilinos corporativos	52	93.2%
Inquilinos corporativos de tamanho médio	36	89.7%

Pequenas a grandes empresas

A mistura de inquilinos da OPI abrange negócios de vários tamanhos em vários setores.

• Pequenas empresas: 22% do portfólio total
• Médio Empresas: 45% do portfólio total
• Grandes empresas: 33% do portfólio total

Empresas de serviços profissionais

Os serviços profissionais representam um segmento significativo da base de clientes da OPI.

Setor de serviço	Porcentagem de inquilinos
Empresas jurídicas	18%
Empresas de consultoria	15%
Serviços financeiros	22%

Agências governamentais

Os inquilinos do governo compreendem uma parte estável do portfólio da OPI.

• Propriedades totais da agência governamental: 12
• Porcentagem de inquilino do governo: 15% do portfólio total
• Duração média do arrendamento com inquilinos do governo: 8,3 anos

Empresas de tecnologia e startups

Representação do setor de tecnologia no portfólio da OPI a partir de 2023.

Tipo de Tecnologia Tipo de inquilino	Número de inquilinos	Metragem quadrada
Startups de tecnologia	17	425.000 pés quadrados
Empresas de tecnologia estabelecidas	23	675.000 pés quadrados

Office Properties Rending Trust (OPI) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

No ano fiscal de 2023, o Office Properties Renda Trust gastou US $ 37,2 milhões em aquisições de propriedades. O custo total de aquisição de portfólio de propriedades nos últimos três anos totalizou US $ 112,5 milhões.

Ano	Despesas de aquisição de propriedades
2021	US $ 45,3 milhões
2022	US $ 30,0 milhões
2023	US $ 37,2 milhões

Manutenção de propriedades e custos operacionais

As despesas anuais de manutenção de propriedades para OPI em 2023 foram de US $ 28,6 milhões. Redução de custos operacionais:

• Reparo e manutenção: US $ 12,4 milhões
• Utilitários: US $ 8,2 milhões
• Gerenciamento de propriedades: US $ 5,7 milhões
• Seguro: US $ 2,3 milhões

Salários e benefícios dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 16,8 milhões, com a seguinte alocação:

Categoria	Quantia
Salários da base	US $ 11,5 milhões
Bônus de desempenho	US $ 3,2 milhões
Benefícios e seguro	US $ 2,1 milhões

Despesas de juros em dívida

As despesas totais de juros da OPI em 2023 foram de US $ 42,3 milhões, com uma taxa de juros média de 4,7% em dívidas pendentes.

Tipo de dívida	Saldo pendente	Despesa de juros
Títulos de longo prazo	US $ 625 milhões	US $ 29,4 milhões
Linhas de crédito	US $ 175 milhões	US $ 12,9 milhões

Despesas de marketing e leasing

Os custos de marketing e leasing para 2023 totalizaram US $ 5,6 milhões:

• Comissões de leasing: US $ 3,2 milhões
• Materiais e campanhas de marketing: US $ 1,4 milhão
• Taxas de corretor: US $ 1,0 milhão

Office Properties Rending Trust (OPI) - Modelo de negócios: fluxos de receita

Receita de aluguel de arrendamentos de propriedades

Para o ano fiscal de 2023, a OPI registrou uma receita total de aluguel de US $ 268,4 milhões. A empresa possui aproximadamente 87 propriedades de escritórios em 29 estados, totalizando 14,3 milhões de pés quadrados de espaço alugado.

Tipo de propriedade	Total de pés quadrados alugáveis	Taxa de ocupação	Taxa média de aluguel
Propriedades do escritório	14,3 milhões de pés quadrados	88.7%	US $ 32,45 por metro quadrado

Apreciação de propriedades e ganhos de capital

Em 2023, a OPI registrou disposições de propriedade líquida de US $ 173,6 milhões, com um ganho realizado de US $ 24,2 milhões em vendas de propriedades.

Reembolsos de inquilinos para despesas operacionais

Os reembolsos de inquilino para 2023 totalizaram US $ 42,1 milhões, representando 15,7% do total de renda de aluguel.

• Recuperações de despesas operacionais: US $ 35,6 milhões
• Reembolsos de imposto sobre a propriedade: US $ 6,5 milhões

Arrendamento de renovação e taxas de extensão

As taxas de renovação do arrendamento em 2023 foram de 65,3%, gerando receita adicional por meio de taxas de renovação e extensão de US $ 8,7 milhões.

Métrica de arrendamento	Valor
Taxa de renovação do arrendamento	65.3%
Taxas de renovação e extensão	US $ 8,7 milhões

Receitas relacionadas à propriedade auxiliares

As receitas auxiliares de 2023 totalizaram US $ 5,3 milhões, incluindo taxas de estacionamento, aluguel de sinalizações e outras receitas relacionadas à propriedade.

• Receitas de taxa de estacionamento: US $ 3,2 milhões
• Aluguel de sinalização e outdoor: US $ 1,5 milhão
• Outras receitas diversas: US $ 0,6 milhão

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.