OPITQ OFFICE PROPERTIES INCOME TRUST
Price Chart
Executive Summary
OPI filed its April 2026 Monthly Operating Report (MOR) in Chapter 11, showing a net loss of $4.6M for the month and a cumulative loss of $55.1M. The company also released Q1 2026 supplemental information revealing a 4.0% decline in rental income, an 8.4% drop in Same Property NOI, and occupancy falling to 78.2% from 85.4% a year earlier. The plan of reorganization was confirmed on April 22, 2026, but the effective date has not yet occurred, keeping the company in bankruptcy limbo.
Actionable Insight
The confirmed plan of reorganization has not yet gone effective, creating uncertainty around the timing and terms of emergence. Monitor for the effective date announcement and any updates on creditor recoveries. The continued occupancy decline and negative equity suggest common equity holders face near-total wipeout.
Key Facts
- OPI filed Chapter 11 on October 30, 2025; plan confirmed April 22, 2026 but effective date not yet occurred
- Q1 2026 rental income $99.7M vs $103.9M a year ago, down 4.0%
- Same Property NOI fell 8.4% year-over-year to $55.4M
- Portfolio occupancy declined to 78.2% from 85.4% a year ago
- Net loss of $93.0M for Q1 2026, including $59.5M in reorganization items
- Total liabilities of $4.26B exceed total assets of $3.63B, resulting in negative equity of $630.6M
- Prepetition unsecured debt of $2.77B and secured debt of $1.31B
- DIP financing of $125M drawn to date, including $40M in Tranche B during April 2026
- Cash balance at end of April 2026: $69.1M
- Professional fees in Chapter 11 total $21.1M cumulative through April 2026
Financial Impact
Q1 2026 net loss of $93.0M; cumulative Chapter 11 loss of $55.1M through April; negative equity of $630.6M
Risk Factors
- Plan effective date may be delayed, prolonging bankruptcy uncertainty
- Occupancy continues to decline, pressuring cash flows
- Negative equity of $630.6M suggests common stock has no residual value
- High professional fee burn ($4.3M/month) erodes estate value
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-070541 |
| Document: tm2616542d1_ex99-1.htm | 0001104659-26-070541 |
| Document: tm2616542d1_8k.htm | 0001104659-26-070541 |
| Document: 0001104659-26-070541-index-headers.html | 0001104659-26-070541 |
| Document: 0001104659-26-070541-index.html | 0001104659-26-070541 |
| Document: 0001104659-26-070541.txt | 0001104659-26-070541 |
| 8-K Data (Synthetic) | 0001104659-26-070541 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 4, 2026
8d ago
|
8-K
| $0.001000 awaiting T+5 | awaiting T+5 | — | $0.002500 (−150.00%) |
|
May 22, 2026
22d ago
|
EFFECT
| $0.000100 $0.002000 | ▼ −1900.00% | ▼ −1898.34% | $0.002500 (−2400.00%) |
|
May 6, 2026
5w ago
|
8-K
| $0.000200 $0.00 | ▲ +99.50% | ▲ +101.00% | $0.002500 (−1150.00%) |
|
Apr 28, 2026
6w ago
|
8-K
| $0.000100 $0.000500 | ▼ −400.00% | ▼ −396.89% | $0.002500 (−2400.00%) |
|
Mar 4, 2026
14w ago
|
8-K
| $0.0130 $0.001100 | ▲ +91.54% | ▲ +89.30% | $0.002500 (+80.77%) |
|
Feb 28, 2026
14w ago
|
Institutional Cluster
| $0.0130 $0.0130 | · 0.00% | ▼ −1.21% | $0.002500 (+80.77%) |
US Market Status
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