Office Properties Income Trust (OPITQ) Q1 2026 earnings summary

Executive summary

• Filed for Chapter 11 bankruptcy on October 30, 2025, and continues to operate as debtor-in-possession under court supervision.

• As of March 31, 2026, owns 122 wholly owned properties and a 51% interest in a joint venture with two properties, totaling about 17.1 million rentable square feet.

• Substantial doubt exists about ability to continue as a going concern due to liquidity constraints, inability to refinance maturing debt, and ongoing bankruptcy proceedings.

Financial highlights

• Net loss for Q1 2026 was $93.0 million, compared to $45.9 million in Q1 2025.

• Rental income decreased to $108.9 million from $113.6 million year-over-year, driven by increased vacancies and lower rents on renewals.

• Net operating income (NOI) was $56.4 million, down from $61.4 million in Q1 2025.

• Funds from operations (FFO) was $(0.66) per share, compared to $0.05 per share in Q1 2025.

• Cash, cash equivalents, and restricted cash at quarter-end totaled $87.7 million.

Outlook and guidance

• Effectiveness of the reorganization plan is subject to court approval and other conditions; no assurance all conditions will be met.

• Ongoing uncertainty in office demand due to remote work trends, tenant consolidations, and economic headwinds.

• Management's plans do not currently alleviate substantial doubt about the ability to continue as a going concern.