NR Not Rated — Post-Bankruptcy Restructuring
Office Properties Income Trust emerged from Chapter 11 on June 17, 2026. The prior common equity was cancelled and the reorganized entity has no comparable operating history under the current capital structure. Grading it against the same five pillars applied to going-concern REITs would produce a score with no defensible basis, so we publish no grade until the post-emergence balance sheet and payout policy are established in filed financials.
Every listed REIT in our universe carries either a letter grade or a stated reason it is not rated. See the methodology.
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) | $13.05 +7.28% |
| Market Cap | $286M |
| Sector | Office · Single-Tenant Office |
Market data updates automatically several times daily. Last price refresh: Oct 20, 2026. Fundamentals reviewed against Q1 2026 SEC filings.
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.