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Office Properties Income Trust (OPI) stock

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NASDAQ: OPI Nasdaq Office REITs Next results ~November 4, 2026

Office Properties Income Trust is a US-listed company in the office REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Office Properties Income Trust is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Office Properties Income Trust valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds33 adding, 0 cuttingOf 6 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Office Properties Income Trust files

Where Office Properties Income Trust stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $438m. Free-cash-flow margin fell to -47.1% from -37.0% a year earlier. The diluted share count is up 28.1% on a year earlier, which dilutes existing holders. It passes 0 of our 3 financial-health checks.

Our model value for Office Properties Income Trust is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Office Properties Income Trust's trailing-twelve-month revenue fell 8.1% year on year, with a free-cash-flow margin of -47.1%.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 17.1% while net income fell 80.7%: a 64pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Office Properties Income Trust's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 8.1% over the last 12 months.
  • Burning cash. Free cash flow was -47.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 28.1% in a year.
  • High debt. Long-term debt exceeds cash by $1.6bn, more than 1.5 times annual revenue.
  • Insiders selling. 3 insiders sold $10M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q1

Filed May 22, 2026
Revenue
$109m, down 4.2% on a year earlier
Share reaction
-1.5% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500

Office Properties Income Trust's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.2%
  • 1 week+6.6%
  • 1 month-18.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$438M
Net margin
-73.0%
EPS (TTM, diluted)
$-4.38

Growth

Revenue growth
−8.1%
Change in growth rate
+3.8 pts
Share count change
+28.1%

Cash

Free cash flow (TTM)
-$206M
FCF margin
-47.1%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Office Properties Income Trust valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Our value per share comes from a discounted-cash-flow model of Office Properties Income Trust's free cash flow after stock-based pay ( $70.3M, FY2026 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$12.91
Market value$942m
+ Net debt (− = net cash)−$26m
Enterprise value$916m
Multiples
Price / sales 2.2x
Price / earnings —
Price / free cash flow —
EV / EBITDA —

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Office Properties Income Trust: too few analysts cover it.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering Office Properties Income Trust, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
4.63
at average volume
Short interest, 1 month
+397%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.0%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
−17.8%
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
0 up, 1 down
typical move ±1.5%
After a week
1 up, 0 down
typical move ±0.2%
After a month
0 up, 1 down
typical move ±6.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −1.5% −0.4% +0.2% −6.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Office Properties Income Trust
$400M $500M $600M $700M FY18 Q4 FY19 Q2 FY19 Q4 FY25 Q1 FY25 Q3 FY26 Q1 Revenue (TTM), FY18 Q4: $426.6M Revenue (TTM), FY19 Q1: $492.6M Revenue (TTM), FY19 Q2: $560.6M Revenue (TTM), FY19 Q3: $621.9M Revenue (TTM), FY19 Q4: $678.4M Revenue (TTM), FY24 Q4: $502M Revenue (TTM), FY25 Q1: $476.2M Revenue (TTM), FY25 Q2: $467M Revenue (TTM), FY25 Q3: $455.5M Revenue (TTM), FY25 Q4: $442.6M Revenue (TTM), FY26 Q1: $437.8M $437.8M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY18 Q4 $426.6M
FY19 Q1 $492.6M
FY19 Q2 $560.6M
FY19 Q3 $621.9M
FY19 Q4 $678.4M
FY24 Q4 $502M
FY25 Q1 $476.2M
FY25 Q2 $467M
FY25 Q3 $455.5M
FY25 Q4 $442.6M
FY26 Q1 $437.8M
FCF margin (TTM) Office Properties Income Trust
-60% -40% -20% 0% 20% 40% FY18 Q4 FY19 Q2 FY19 Q4 FY25 Q1 FY25 Q3 FY26 Q1 FCF margin (TTM), FY18 Q4: 22.8% FCF margin (TTM), FY19 Q1: 16.0% FCF margin (TTM), FY19 Q2: 20.0% FCF margin (TTM), FY19 Q3: 19.1% FCF margin (TTM), FY19 Q4: 22.5% FCF margin (TTM), FY24 Q4: -25.4% FCF margin (TTM), FY25 Q1: -37.0% FCF margin (TTM), FY25 Q2: -36.2% FCF margin (TTM), FY25 Q3: -35.3% FCF margin (TTM), FY25 Q4: -41.0% FCF margin (TTM), FY26 Q1: -47.1% -47.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY18 Q4 22.8%
FY19 Q1 16.0%
FY19 Q2 20.0%
FY19 Q3 19.1%
FY19 Q4 22.5%
FY24 Q4 -25.4%
FY25 Q1 -37.0%
FY25 Q2 -36.2%
FY25 Q3 -35.3%
FY25 Q4 -41.0%
FY26 Q1 -47.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2024 Dec 2024 2025 Dec 2025 LTM Mar 2026
Income
Revenue 317 427 678 502 443 438
EBITDA 164 — — — — —
Operating income 54 — — — — —
Net income 12 −22 30 −136 −272 −320
Diluted EPS $0.28 −$0.45 $0.63 −$2.63 −$3.79 −$4.38
Growth (year on year)
Revenue — +34.8% +59.0% −26.0% −11.8% −8.1%
Net income — −281.0% — −548.7% — —
Diluted EPS — −260.7% — −517.5% — —
Margins
EBITDA margin 51.8% — — — — —
Operating margin 17.2% — — — — —
Net margin 3.8% −5.1% 4.5% −27.1% −61.5% −73.0%
Free-cash-flow margin 28.9% 22.8% 22.5% 13.4% −1.5% −7.1%
Cash flow
Cash from operations 138 145 215 67 −7 −31
Capital spending 46 48 63 0 0 0
Free cash flow 92 97 153 67 −7 −31
Balance sheet
Cash 17 35 94 261 29 26
Total debt 2,263 3,311 2,386 2,627 2,432 —
Net debt (negative = net cash) 2,247 3,276 2,292 2,365 2,402 −26
Diluted shares 42m 50m 48m 52m 72m 73m
Returned to shareholders
Dividends 145 171 106 2 1 1
Buybacks 0 0 0 0 0 —
Total returned 145 171 106 2 1 1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 3 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $51m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 329% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 172% to 329% over five years.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Office Properties Income Trust's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$32,000
Dividends (TTM)
$709,000
Returned to shareholders
-1%
of free cash flow
Buybacks, last 3 fiscal years
$518,000
Diluted share count
+28.1%
year over year
Total shareholder yield
0.3%
dividends 0.3% + buybacks 0.0% of market value

Competitors: side by side with peers

Closest by revenue in office reits
Last 12 months unless stated OPI BDN PDM ESBA ESRT CDP Median
Revenue, last 12 months $438m $503m $582m $784m $784m $784m $784m
Revenue growth, last 12 months −8.1% 3.5% 2.9% 2.0% 2.0% 4.5% 1.9%
Revenue growth, 3-year average — −0.7% 0.1% 2.9% 2.9% 4.1% 0.5%
Revenue growth, latest quarter −4.2% 3.5% 8.7% 3.0% 3.0% 3.9% 3.0%
Gross margin — 59.5% — — — 77.5% 60.0%
Operating margin — 19.0% 22.0% −4.4% −4.4% 22.6% 22.3%
Operating margin, 3-year average — 4.8% 16.3% 11.8% 11.8% 17.9% 17.1%
Net margin −73.0% −27.6% −15.2% 0.6% 0.4% 20.9% −2.3%
Cash from operations / revenue −7.1% 22.5% 28.9% 29.0% 29.0% 43.0% 29.0%
Free-cash-flow margin −47.1% −14.8% −4.2% 13.2% 13.2% 40.6% 7.5%
Free-cash-flow margin, 3-year average −21.4% −6.4% −3.4% 9.9% 9.9% 39.3% 9.5%
Stock pay / revenue — 1.8% 1.7% 3.9% 3.9% 1.6% 1.7%
Change in share count 28.1% 0.5% 0.4% −0.0% −0.0% 0.9% 0.3%

Median of all 19 companies we cover in office reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Who owns it

Funds buying and selling
Reported value
$308M
Institutions reporting
33
Positions opened / closed
33 / 0

Top buyers and sellers, Q2 2026: 33 institutions bought and 0 sold ; the biggest buyer was Helix Partners Management LP (+5.6M shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Helix Partners Management LP $94.4M 5.6M 30.6% —
Redwood Capital Management, LLC $73.6M 4.3M 23.9% —
Whitebox Advisors LLC $29.7M 1.7M 9.6% —
Liberty Mutual Group Asset Management Inc. $22.3M 1.3M 7.2% —
Valueworks LLC $19.8M 1.2M 6.4% —
Exoduspoint Capital Management, LP $18.3M 1.1M 5.9% —
Apollo Management Holdings, L.P. $8.8M 517K 2.9% —
Jane Street Group, LLC $7.8M 459K 2.5% —
Barclays PLC $7.1M 417K 2.3% —
Littlejohn & Co LLC $5.6M 327K 1.8% —
Aviva PLC $4M 235K 1.3% —
Nuveen, LLC $3.6M 210K 1.2% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Office Properties Income Trust's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $10.3M 8 trades by 3 insiders · 0% under pre-set plans
Net ▼ $10.3M net selling
Insider Date Trade Shares Price Value
Double Twins K, Llc 10% owner August 18, 2026 Sell 175,734 $19.03 $3.3M
Double Twins K, Llc 10% owner August 17, 2026 Sell 20,686 $19.03 $393,655
Redwood Capital Management Holdings, Lp 10% owner August 13, 2026 Sell 1,826 $19.00 $34,694
Redwood Capital Management Holdings, Lp 10% owner August 12, 2026 Sell 2,616 $19.04 $49,809
Redwood Capital Management Holdings, Lp 10% owner August 11, 2026 Sell 2,413 $19.00 $45,847
Redwood Capital Management, Llc 10% owner August 6, 2026 Sell 162,254 $19.71 $3.2M
Double Twins K, Llc 10% owner August 6, 2026 Sell 25,605 $18.81 $481,630
Double Twins K, Llc 10% owner August 6, 2026 Sell 136,649 $19.88 $2.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Office Properties Income Trust disclosed in the last 12 months; 1 earlier trade on record.

  • Greg Gianforte(MT):Sale (partial), $15,001 - $50,000, traded January 28, 2019, filed March 6, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • June 4, 2026
  • October 31, 2025
  • July 30, 2025
  • April 30, 2025
  • February 13, 2025

Recent SEC filings

Data status

When each part of this page on Office Properties Income Trust was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Office Properties Income Trust in brief

What does Office Properties Income Trust do?
Office Properties Income Trust is a US-listed company in the office REITs industry. Its financial year ends in December.
What is Office Properties Income Trust's stock ticker?
Office Properties Income Trust trades under the ticker OPI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Office Properties Income Trust's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Office Properties Income Trust reported revenue of $438M, 8.1% lower than a year earlier, according to its SEC filings.
What is Office Properties Income Trust's free cash flow?
Office Properties Income Trust's free-cash-flow margin is -47.1% of revenue over the trailing twelve months.
Who are Office Properties Income Trust's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Helix Partners Management LP, Redwood Capital Management, LLC and Whitebox Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Office Properties Income Trust buying back stock, and does it pay a dividend?
Office Properties Income Trust spent $32,000 on share repurchases over the trailing twelve months, and its diluted share count still rose 28.1% over the year.
What is Office Properties Income Trust's market cap?
On November 2, 2026, Office Properties Income Trust's market capitalisation was about $942M and net debt of -$26.3M. Market figures come from third-party market data and may be delayed.
Does Office Properties Income Trust pay a dividend?
Yes: Office Properties Income Trust paid $709,000 in dividends over the trailing twelve months, a dividend yield of 0.25%.
How much debt does Office Properties Income Trust have?
Office Properties Income Trust's debt-to-equity ratio is 329.2%, from its latest balance sheet (172.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Office Properties Income Trust's competitors?
In our Office REITs peer group, the companies closest to Office Properties Income Trust are Brandywine Realty Trust, Piedmont Realty Trust, Inc., Empire State Realty OP, L.p., Empire State Realty Trust, Inc. and Copt Defense Properties. The side-by-side comparison below sets their revenue, margins and growth against Office Properties Income Trust's.
Are insiders buying or selling Office Properties Income Trust stock?
Over the last 12 months, Office Properties Income Trust's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Office Properties Income Trust's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Office Properties Income Trust announces its own schedule.