Office Properties Income Trust
OPI on Nasdaq. Office Properties Income Trust leases office properties to the U.S. government and other tenants. Market value $338m.
Figures from the annual report for the year ended 31 December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-12.69 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 1 cents a year. Above 10 is good.
Quality score: 18 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$15.87 a share, 8% above its 1-year low
Over the past year the price has ranged from $14.64 to $49.69.
Dividend: 0.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | $502m | $443m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | 5.7% | -15.5% |
| Debt to equity | |||||
| Debt to equity | 1.72 | 1.75 | 2.05 | 2.20 | 2.73 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.06bn | 0.07bn | 0.02bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.73× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 55% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| September 2024 | $121m |
| December 2024 | $118m |
| March 2025 | $114m |
| June 2025 | $114m |
| September 2025 | $109m |
| December 2025 | $105m |
| March 2026 | $109m |
| June 2026 | Not reported |
| Quarter to | Amount |
|---|---|
| September 2024 | -$58m |
| December 2024 | -$149m |
| March 2025 | -$46m |
| June 2025 | -$41m |
| September 2025 | -$66m |
| December 2025 | -$119m |
| March 2026 | -$93m |
| June 2026 | Not reported |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 22 May 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, up from 0 last quarter. 35 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| ValueWorksCharles Lemonides | $20m | 4.1% | New |
| Oaktree Capital ManagementHoward Marks | $184,467 | <0.1% | New |
Largest holders overall
- Helix Partners Management LP$94mNew
- Redwood Capital Management$74mNew
- Whitebox Advisors$30mNew
- Liberty Mutual Group Asset Management$22mNew
- ValueWorks$20mNew
- ExodusPoint Capital Management, LP$18mNew
- Apollo Management Holdings, L.P.$9mNew
- Jane Street Group$8mNew
- Barclays$7mNew
- Littlejohn$6mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Helix Partners Management LPInsider or founderat least 25.3%(filed with 3 related holders)Since 17 June 2026
What they said
The response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the Secured Exit Notes, the Common Shares, and the Warrants in connection with the Issuer's emergence from bankruptcy on the Effective Date. On the Effective Date, the…
Read the filing - Double Twins K, LLCat least 19.7%(filed with 1 related holder)Since 17 June 2026
What they said
The response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the Secured Exit Notes and the Common Shares in connection with the Issuer's emergence from bankruptcy on the Effective Date. On the Effective Date, the Issuer adopted…
Read the filing - at least 18.0%−1.7 pts(filed with 3 related holders)Since 18 August 2026
What they said
The response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the Secured Exit Notes and the Common Shares in connection with the Issuer's emergence from bankruptcy on the Effective Date. On the Effective Date, the Issuer adopted…
Read the filing - Barclays PLCPassive investor8.4%Since 30 June 2026
- WHITEBOX ADVISORS LLCPassive investorat least 8.2%(filed with 1 related holder)Since 17 June 2026
- Liberty Mutual Holding Company Inc.Passive investorat least 6.0%(filed with 7 related holders)Since 30 June 2026
- D. E. Shaw & Co., L.P.Passive investorat least 3.5%−2.2 pts(filed with 1 related holder)Since 30 June 2025
- D. E. Shaw & Co., L.L.C.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 30 June 2025
- MSD Partners, L.P.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Helix Partners Management LP Insider or founder | at least 25.3% (filed with 3 related holders) | 17 June 2026 | What they saidThe response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the Secured Exit Notes, the Common Shares, and the Warrants in connection with the Issuer's emergence from bankruptcy on the Effective Date. On the Effective Date, the… Read the filing |
Double Twins K, LLC | at least 19.7% (filed with 1 related holder) | 17 June 2026 | What they saidThe response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the Secured Exit Notes and the Common Shares in connection with the Issuer's emergence from bankruptcy on the Effective Date. On the Effective Date, the Issuer adopted… Read the filing |
at least 18.0%−1.7 pts (filed with 3 related holders) | 18 August 2026 | What they saidThe response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the Secured Exit Notes and the Common Shares in connection with the Issuer's emergence from bankruptcy on the Effective Date. On the Effective Date, the Issuer adopted… Read the filing | |
Barclays PLC Passive investor | 8.4% | 30 June 2026 | |
WHITEBOX ADVISORS LLC Passive investor | at least 8.2% (filed with 1 related holder) | 17 June 2026 | |
Liberty Mutual Holding Company Inc. Passive investor | at least 6.0% (filed with 7 related holders) | 30 June 2026 | |
D. E. Shaw & Co., L.P. Passive investor | at least 3.5%−2.2 pts (filed with 1 related holder) | 30 June 2025 | |
D. E. Shaw & Co., L.L.C. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 30 June 2025 | |
MSD Partners, L.P. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 22 May 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.7× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.