Office Properties Income Trust (OPITQ) Q3 2026 earnings summary

Executive summary

• Emerged from Chapter 11 on June 17, 2026, eliminating ~$714M of debt; fresh-start accounting makes predecessor and successor results non-comparable.

• Q3 net loss was $45.8M, or $2.09/share; Normalized FFO was $20.5M, or $0.93/share, and same-property Cash Basis NOI increased 14.8% YoY to $51.5M.

• Sales and refinancing are reshaping the portfolio, supporting liquidity and debt repayment.

Financial highlights

• Q3 rental income was $114.2M versus $109.1M in Q3 2025; NOI was $63.5M versus $57.0M, and net loss was $45.8M versus $66.3M.

• FFO was $15.9M, or $0.72/share; Adjusted EBITDAre was $59.1M, with Adjusted EBITDAre/interest expense of 1.5x.

• Q3 included a $5.9M real estate impairment, $5.5M net loss on property sales, and $4.2M of reorganization costs.

• Q3 capital expenditures were $10.4M: $8.2M lease-related costs and $2.2M building improvements.

Outlook and guidance

• 2026 G&A guidance was $19M-$21M; full-year CapEx was expected to be ~$50M, including $10M building capital and $40M leasing capital.

• Of 19 properties held for sale at quarter-end, 15 were under agreements for $134.1M; remaining dispositions and additional marketed assets were expected to extend into 2027, subject to closing and pricing.

• An additional 26 properties totaling 3.467M sq. ft. were at various marketing stages; expected 2027 proceeds were ~$360M.

• Leases representing $42.0M, or 10.8% of annualized rental income, expire on or before Dec. 31, 2027; planned sales reduce scheduled vacates or downsizes from 290,000 to 52,000 sq. ft.

• Mandatory payments on the 2029 secured notes include $30M by Feb. 1, 2027 and $45M by Feb. 1 in 2028 and 2029; planned funding includes cash and asset-sale proceeds.