--- title: "OFFICE PROPERTIES INCOME TRUST | 10-K: FY2025 Revenue: USD 408.6 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/287391191.md" datetime: "2026-05-22T17:13:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287391191.md) - [en](https://longbridge.com/en/news/287391191.md) - [zh-HK](https://longbridge.com/zh-HK/news/287391191.md) generator: "portal-rs" --- # OFFICE PROPERTIES INCOME TRUST | 10-K: FY2025 Revenue: USD 408.6 M Revenue: As of FY2025, the actual value is USD 408.6 M. EPS: As of FY2025, the actual value is USD -3.79. EBIT: As of FY2025, the actual value is USD 181.28 M. #### Segment Revenue - **Rental Income**: OFFICE PROPERTIES INCOME TRUST’s rental income decreased by $59,423 thousand, or -11.8%, from $501,979 thousand in 2024 to $442,556 thousand in 2025. #### Operational Metrics - **Net Loss**: The company reported a net loss of - $272,374 thousand in 2025, an increase of 100.1% from - $136,107 thousand in 2024. - **Net Operating Income (NOI)**: NOI decreased by $59,533 thousand, or -19.5%, from $304,743 thousand in 2024 to $245,210 thousand in 2025. - **Total Operating Expenses**: Total operating expenses slightly increased by $110 thousand, or 0.1%, from $197,236 thousand in 2024 to $197,346 thousand in 2025. - **Depreciation and Amortization**: This expense decreased from $194,737 thousand in 2024 to $174,957 thousand in 2025. - **Loss on Impairment of Real Estate**: The loss on impairment was $2,048 thousand in 2025, significantly down from $181,578 thousand in 2024. - **Transaction Related Costs**: These costs increased from $1,144 thousand in 2024 to $42,455 thousand in 2025, primarily due to advisory fees related to restructuring efforts. - **General and Administrative Expenses**: These decreased from $21,128 thousand in 2024 to $19,429 thousand in 2025. - **Interest Expense**: Interest expense increased by $39,709 thousand, or 24.3%, from - $163,745 thousand in 2024 to - $203,454 thousand in 2025. - **Gain (Loss) on Sale of Real Estate**: The company recorded a gain of $916 thousand in 2025, compared to a loss of - $7,410 thousand in 2024. - **Reorganization Items, Net**: This amounted to - $78,333 thousand in 2025, with no comparable amount in 2024. #### Cash Flow - **Net Cash Provided by (Used in) Operating Activities**: Cash flow from operating activities shifted from $67,167 thousand provided in 2024 to - $6,569 thousand used in 2025. - **Net Cash Provided by (Used in) Investing Activities**: Cash provided by investing activities decreased from $66,610 thousand in 2024 to $2,192 thousand in 2025. - **Net Cash Provided by (Used in) Financing Activities**: Cash flow from financing activities changed from $114,674 thousand provided in 2024 to - $190,127 thousand used in 2025. - **Cash, Cash Equivalents, and Restricted Cash (End of Period)**: The total decreased from $275,165 thousand in 2024 to $80,661 thousand in 2025. - **Total Available Liquidity (as of May 18, 2026)**: $118,501 thousand, comprising $56,253 thousand of unrestricted cash and $62,248 thousand of restricted cash. #### Unique Metrics - **Properties**: As of December 31, 2025, OFFICE PROPERTIES INCOME TRUST owned 122 wholly owned properties and held a 51% noncontrolling interest in an unconsolidated joint venture owning two properties. - **Rentable Square Feet**: The wholly owned properties contained approximately 17.1 million rentable square feet. - **Weighted Average Remaining Lease Term**: The weighted average remaining lease term was approximately 6.6 years as of December 31, 2025. - **Occupancy Rate (All Properties)**: The percentage leased for all properties was 78.2% in 2025, down from 85.0% in 2024. - **Occupancy Rate (Comparable Properties)**: For comparable properties, the percentage leased was 81.4% in 2025, a decrease from 89.3% in 2024. - **Average Effective Rental Rate per Square Foot (All Properties)**: This rate was $32.39 in 2025, up from $30.31 in 2024. - **Average Effective Rental Rate per Square Foot (Comparable Properties)**: This rate was $29.82 in 2025, compared to $29.24 in 2024. - **Lease Expirations (by Annualized Rental Income)**: Leases representing 3.7% of annualized rental income are scheduled to expire in 2026, and 12.9% in 2027. - **Tenant Concentration**: The U.S. government is the largest tenant, contributing approximately 17.2% of annualized rental income as of December 31, 2025, with 59.5% of annualized rental income from investment-grade rated tenants or those guaranteed by investment-grade parents. - **Capital Expenditures**: Total capital expenditures were $53,974 thousand in 2025, a decrease from $133,451 thousand in 2024, including $39,438 thousand for lease-related costs, $13,552 thousand for building improvements, and $984 thousand for development, redevelopment, and other activities. - **Unspent Leasing Related Obligations**: As of December 31, 2025, estimated unspent leasing related obligations were $55,076 thousand, with $37,910 thousand expected to be spent over the next 12 months. #### Outlook / Guidance OFFICE PROPERTIES INCOME TRUST’s ability to continue as a going concern depends on implementing its Plan of Reorganization and generating sufficient post-reorganization liquidity. The company plans to sell properties to manage leverage and improve liquidity, with one property already under agreement for sale in 2027 and 31 properties currently being marketed. However, there is no assurance that the Plan’s conditions will be met or that property sales will be successful. ### Related Stocks - [OPITQ.US](https://longbridge.com/en/quote/OPITQ.US.md) ## Related News & Research - [McDonald's: Traffic disappointed, but the rent still gets paid](https://longbridge.com/en/news/296251489.md) - [Gaming And Leisure Properties (GLPI) Could Be 57% Undervalued After Ballys Tenant Risk Jitters](https://longbridge.com/en/news/296514318.md) - [Hinge Health Enters 119,278-SF San Francisco Lease With ~$86M Base Rent, Expiring 2037](https://longbridge.com/en/news/296651160.md) - [Ramit Sethi Says Most Americans Believe Rent Only Goes Up. 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