Office Properties Income Trust, or OPI, is a real estate investment trust that owns and leases office and mixed-use properties across the U.S. OPI’s portfolio includes properties concentrated in Washington, D.C., and suburban infill markets. OPI primarily leases space to government agencies and large corporations through long-term contracts. The U.S. government is OPI’s largest tenant, and a significant portion of revenues comes from investment-grade rated entities. The company’s business model involves collecting contractual base rents and operating expense reimbursements from its tenants. The RMR Group externally manages OPI, handling all property management and investment decisions for the company. OPI filed for Chapter 11 bankruptcy in late 2025 due to high debt levels and a structural decline in office demand driven by remote work trends. Its older properties often lack the modern amenities found in newer buildings, leading to challenges in attracting and retaining tenants. A court-confirmed reorganization plan reduces OPI's debt and transfers equity to creditors, while existing shares are cancelled. OPI continues to navigate a difficult commercial real estate market characterized by high vacancy rates and efforts by the federal government to reduce its total office footprint.