# Office Properties Income Trust (OPI)

> Source: Nexqual · https://nexqual.com/OPI · data as of 2026-10-23 16:16 UTC · cite as "Nexqual, Office Properties Income Trust (OPI), nexqual.com/OPI" · informational, not investment advice.

**Price:** USD 12.72 (-0.93% today) · US market open, as of October 23, 2026 at 16:16 UTC; quotes may be delayed. Prev close 12.84 · day 12.3–12.89 · 52w 12.3–49.69 · market cap $279M · NCM

## Key facts
- Last four reported quarters (through Mar 31, 2026): revenue $438M, net income -$320M (-73.0% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold OPI (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $7.1M; 3 not under a Rule 10b5-1 plan ($7.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (1 analysts), mean target USD 27 (range 27–27).
- Total return with dividends: 1Y -62.4% vs S&P 500 +14.7%; 5Y -62.4% vs S&P 500 +77.5%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $502M | $443M | $438M |
| Net income | -$8.2M | -$6.1M | -$69.4M | -$136M | -$272M | -$320M |
| EPS (diluted) | -$0.17 | -$0.14 | -$1.44 | -$2.63 | -$3.79 | — |
| Net margin | — | — | — | -27.1% | -61.5% | -73.0% |
| Revenue growth | — | — | — | — | -11.8% | — |
| Cash + short-term investments | $83.0M | $12.2M | $12.3M | $261M | $29.5M | — |
| Total debt | $2.58B | $2.43B | $2.57B | $2.53B | $2.41B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Mar 31, 2026)
P/S 0.6x · P/B 0.3x · Earnings yield -114.42% · Dividend yield (paid, TTM) 0.25%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OPI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | <0.01% | $184K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17…2026-08-18 | Redwood Capital Management, Llc |  | 196,420 | $3.7M | 4.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11…2026-08-13 | Redwood Capital Management, Llc |  | 6,855 | $130K | 0.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Redwood Capital Management, Llc |  | 162,254 | $3.2M | 3.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts; mean target USD 27 (low 27, high 27).

## Total return (dividends reinvested)
|  | 1Y (from 2026-06-18) | 5Y (from 2026-06-15) |
|---|---|---|
| Total return | -62.4% | -62.4% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | — | — |
| Volatility (annualized) | 129.1% | 114.6% |
| Max drawdown | -62.4% (Jun 2026→Oct 2026) | -62.4% (Jun 2026→Oct 2026) |

## Peers (REIT - Office)
BDN (Brandywine Realty Trust) USD 2.94 -0.51% · HPP (Hudson Pacific Properties, Inc.) USD 10.63 +0.43% · PSTL (Postal Realty Trust, Inc.) USD 21.85 -0.11% · DEA (Easterly Government Properties,) USD 22.49 -0.38% · PDM (Piedmont Realty Trust, Inc.) USD 9.64 +0.10% · ESBA (Empire State Realty OP, L.P. Se) USD 4.99 -0.10%

## More
Full page: https://nexqual.com/OPI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OPI's own 10-K filed 2026-05-22 (https://www.sec.gov/Archives/edgar/data/1456772/000145677226000022/opi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | The RMR Group | "•Actual and potential conflicts of interest with our related parties, including our Managing Trustees, RMR, Sonesta International Hotels Corporation, or Sonesta, and others affiliated with them," |
| Partner | Sonesta International Hotels | "Effective January 1, 2025, we entered into a management agreement with Sonesta, or the Sonesta Management Agreement, to replace the Sonesta Lease." |
| Partner | Clear Street | "In March 2025, we entered into a sales agreement with Clear Street LLC, or the Agent, pursuant to which we may issue and sell our common shares from time to time in transactions that are deemed to be an "at the market of…" |

## Customer concentration

Period ended 2026-06-30: 18% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |