Office Properties Income Trust (NASDAQ: OPI) is the office sector’s cautionary landmark: the first major office REIT Chapter 11. Filed October 30, 2025; emerged June 17, 2026, with all 73.9 million old common shares cancelled at zero recovery. The ticker now represents a reorganized, creditor-owned company. We do not grade the old equity (it no longer exists) and the new entity has no payout record to grade; this page explains what happened.
| Office Properties Income Trust (OPI) Snapshot | |
|---|---|
| Share Price (delayed) | $17.96 +5.15% |
| Market Cap | $1.3B |
| Sector | Office ยท Single-Tenant Office |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
What Happened
OPI entered the downturn as a commodity-office landlord (122 properties, heavy government tenancy) carrying $2.4 billion of debt that remote work made unsupportable. The pre-negotiated restructuring cut roughly $1 billion of funded debt through debt-for-equity conversion: noteholders and DIP lenders received about 67% of the reorganized equity plus new secured notes (8.375% and 10% coupons), while common holders received nothing. RMR continues as external manager of the reorganized company.
The Lesson Our Framework Draws
Every element our methodology penalizes converged here: commodity office product, high leverage, external management, and a dividend that was cut, then suspended, then irrelevant. Equity in a leveraged REIT is an option on refinancing, and options expire. The reorganized OPI may earn a grade once it establishes a record; the wipeout is the permanent exhibit.
Frequently Asked Questions
What did OPI shareholders receive in the bankruptcy?
Nothing: all old common shares were cancelled with zero recovery when the reorganization plan became effective June 17, 2026; creditors own the new equity.
Is OPI still a REIT?
Yes, the reorganized company maintains REIT status with a new capital structure and board; it has no dividend or trading record yet on which to base a grade.
Based on bankruptcy court and SEC disclosures through June 2026. Independent research, not investment advice.