Office Properties Income Trust 8-K, filed Nov 9, 2026
Office Properties Income Trust (OPI)
8-K
2026-11-09
For: 2026-11-09
View Original
Added on
November 09, 2026
About this 8-K
Office Properties Income Trust filed this 8-K on November 9, 2026.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 9, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name Of Each Exchange On Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 9, 2026, Office Properties Income Trust, or the Company, issued a summary press release and a detailed earnings presentation announcing the Company’s financial results for the quarter and nine months ended September 30, 2026. Copies of the Company's summary press release and detailed earnings presentation are furnished as Exhibits 99.1 and 99.2 hereto, respectively.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
104 Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OFFICE PROPERTIES INCOME TRUST | ||||||||
| By: | /s/ Brian E. Donley | |||||||
| Name: | Brian E. Donley | |||||||
| Title: | Chief Financial Officer and Treasurer | |||||||
Dated: November 9, 2026
3
Exhibit 99.1
| FOR IMMEDIATE RELEASE | |||||
Office Properties Income Trust Announces Third Quarter 2026 Results
Newton, MA (November 9, 2026): Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended September 30, 2026, which can be found at the Quarterly Results section of OPI’s website at https://www.opireit.com/investors/financial-information/default.aspx.
A conference call discussing OPI's third quarter results will be held on Tuesday, November 10, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 328-1172 or (412) 317-5418 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 5128682. A live audio webcast of the conference call will also be available in a listen only mode on OPI’s website, at www.opireit.com. The archived webcast will be available for replay on OPI’s website after the call. The transcription, recording and retransmission in any way of OPI's third quarter conference call are strictly prohibited without the prior written consent of OPI.
About Office Properties Income Trust:
OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of September 30, 2026, approximately 62% of OPI's revenues were from investment grade rated tenants. OPI owned 109 properties as of September 30, 2026, with approximately 15.6 million square feet located in 27 states and Washington, D.C. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $37 billion in assets under management as of September 30, 2026, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.
| Contact: | |||||
| Kevin Barry, Senior Director, Investor Relations | |||||
| (617) 219-1410 | |||||
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Financial Results and Supplemental Information THIRD QUARTER 2026 Exhibit 99.2 November 9, 2026
2Q3 2026 Table of Contents QUARTERLY RESULTS Office Properties Income Trust Announces Third Quarter 2026 Financial Results .......................................................... 4 Third Quarter 2026 Summary ..................................................................................................................................................... 5 FINANCIALS Key Financial Data ......................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss) ........................................................................................................ 8 Condensed Consolidated Balance Sheets ............................................................................................................................... 9 Debt Summary ............................................................................................................................................................................... 10 Debt Maturity Schedule ................................................................................................................................................................ 11 Capital Expenditures Summary .................................................................................................................................................. 12 Property Dispositions .................................................................................................................................................................... 13 Office Properties Income Intermediate Holdco I Trust LLC .................................................................................................. 14 Investment in Unconsolidated Joint Venture ........................................................................................................................... 16 PORTFOLIO INFORMATION Summary Same Property Results ................................................................................................................................................ 18 Occupancy and Leasing Summary ............................................................................................................................................. 19 Tenant Diversity and Credit Characteristics ............................................................................................................................. 20 Tenants Representing 1% or More of Total Annualized Rental Income ............................................................................. 21 Lease Expiration Schedule ........................................................................................................................................................... 22 APPENDIX Company Profile and Governance Information ....................................................................................................................... 24 Calculation and Reconciliation of NOI and Cash Basis NOI .................................................................................................. 25 Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI .......................................... 27 Property Detail (by Collateral Pool) ............................................................................................................................................ 28 Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense ............................ 35 Calculation of FFO, Normalized FFO and CAD ....................................................................................................................... 37 Non-GAAP Financial Measures and Certain Definitions ........................................................................................................ 39 WARNING CONCERNING FORWARD-LOOKING STATEMENTS ....................................................................................................... 42 Trading Symbol: Common Shares: OPI Investor Relations Contact: Kevin Barry, Senior Director (617) 219-1410 kbarry@opireit.com ir@opireit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634 www.opireit.com All amounts in this presentation are unaudited. Unless otherwise noted, all data presented in this presentation excludes two properties, which are encumbered by a $48.4 million mortgage note, owned by an unconsolidated joint venture in which OPI owns a 51% interest. See page 16 for information regarding this joint venture and its related mortgage note. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this presentation.
3RETURN TO TABLE OF CONTENTS Q3 2026 Quarterly Results
4RETURN TO TABLE OF CONTENTS Q3 2026 OFFICE PROPERTIES INCOME TRUST ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS Newton, MA (November 9, 2026). Office Properties Income Trust (Nasdaq: OPI) today announced its financial results for the quarter ended September 30, 2026. Conference Call A conference call discussing OPI's third quarter results will be held on Tuesday, November 10, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 328-1172 or (412) 317-5418 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 5128682. A live audio webcast of the conference call will also be available in a listen only mode on OPI’s website, at www.opireit.com. The archived webcast will be available for replay on OPI’s website after the call. The transcription, recording and retransmission in any way of OPI's third quarter conference call are strictly prohibited without the prior written consent of OPI. About Office Properties Income Trust OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of September 30, 2026, approximately 62% of OPI's revenues were from investment grade rated tenants. OPI owned 109 properties as of September 30, 2026, with approximately 15.6 million square feet located in 27 states and Washington, D.C. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $37 billion in assets under management as of September 30, 2026, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.Washington, D.C.
Q3 2026 5RETURN TO TABLE OF CONTENTS Third Quarter 2026 Summary Portfolio Update • Executed 400,000 square feet of total leasing at a weighted average lease term of 8.7 years, with lease renewals accounting for 96.8% of leased square footage. • Ended the quarter with same property portfolio occupancy of 88.8% and a weighted average lease term of 6.2 years (by annualized revenue). Financial Results • Net loss of $45.8 million, or $2.09 per common share. • Normalized FFO of $20.5 million, or $0.93 per common share. • Same property Cash Basis NOI of $51.5 million, a 14.8% increase year over year. Disposition Update • Of the previously announced 32 properties classified as held for sale as of June 30, 2026: ◦ Sold 13 properties during the quarter, consisting of approximately 1,538,000 square feet, for an aggregate sales price of $143.4 million, excluding closing costs. ◦ In October 2026, sold one property, consisting of approximately 135,000 square feet, for a sales price of $12.1 million, excluding closing costs. ◦ Under agreement to sell 15 properties, consisting of approximately 1,717,000 square feet, for an aggregate sales price of $134.1 million, excluding closing costs. ◦ Three properties, consisting of approximately 300,000 square feet, being actively marketed. • Identified an additional 26 properties for sale that are in various stages of marketing, consisting of approximately 3,467,000 square feet with a combined occupancy of 76.9%. Financing Activity • Issued $425 million of new 8.75% Senior Secured Notes due 2031, or the October 2031 Notes. The net proceeds of the offering were approximately $408 million. • Fully repaid and terminated $325 million revolving credit facility and $100 million term loan due January 2027 using proceeds from the October 2031 Notes offering and cash on hand. • Redeemed $48.6 million of 8.375% Senior Secured Notes due 2029 during the quarter, including $43.6 million in connection with collateral asset sales and a $5.0 million mandatory principal payment. • Redeemed an additional $29.6 million of 8.375% Senior Secured Notes due 2029 in October 2026, including $14.6 million in connection with a collateral asset sale and a $15.0 million mandatory principal payment. • Optionally redeemed $31.6 million of 10.000% Senior Secured Notes due June 2031 in November 2026 using proceeds from collateral asset sales.
6RETURN TO TABLE OF CONTENTS Q3 2026 Financials
Q3 2026 7RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended September 30, 2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 As of September 30, 2026 Selected Income Statement Data: Capitalization: Rental income $ 114,165 $ 18,359 $ 98,473 Total common shares (at end of period) 21,953,601 Net loss $ (45,783) $ (3,087) $ (789,019) Closing price (at end of period) $ 15.93 NOI $ 63,459 $ 11,214 $ 56,770 Equity market capitalization (at end of period) $ 349,721 Adjusted EBITDAre $ 59,099 $ 10,900 $ 53,813 Debt (principal balance) 1,658,706 FFO $ 15,885 $ 5,091 $ (734,124) Total market capitalization $ 2,008,427 Normalized FFO $ 20,461 $ 4,494 $ 15,118 CAD $ 2,258 $ (2,795) $ 15,292 Per Common Share Data (basic and diluted): Net loss $ (2.09) $ (0.14) $ (10.82) FFO $ 0.72 $ 0.23 $ (10.07) Normalized FFO $ 0.93 $ 0.20 $ 0.21 CAD $ 0.10 $ (0.13) $ 0.21 Selected Balance Sheet Data: As of September 30, 2026 As of June 30, 2026 Total gross assets $ 2,204,232 $ 2,375,276 Total assets $ 2,198,742 $ 2,374,530 Total liabilities $ 1,733,069 $ 1,863,075 Total shareholders’ equity $ 465,673 $ 511,455 (dollars in thousands, except per share data) Key Financial Data
Q3 2026 8RETURN TO TABLE OF CONTENTS Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2026 September 30, 2025 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 September 30, 2025 Rental income $ 114,165 $ 109,127 $ 132,524 $ 207,341 $ 337,241 Expenses: Real estate taxes 12,895 13,648 14,940 23,830 39,217 Utility expenses 8,320 7,718 9,401 13,743 20,968 Other operating expenses 29,491 30,739 33,510 56,585 93,181 Depreciation and amortization 49,746 42,834 57,840 98,519 130,405 Loss on impairment of real estate 5,858 — 5,858 — 2,426 Transaction related costs — 22,904 — — 27,720 General and administrative 4,916 4,964 6,179 8,512 14,838 Total expenses 111,226 122,807 127,728 201,189 328,755 (Loss) gain on sale of real estate (5,543) 6 (5,543) — (4,572) Fair value adjustment of warrants 647 — 2,138 — — Interest and other income 556 802 1,505 799 2,752 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $1,627, $11,986, $1,863, $4,653 and $35,269, respectively) (39,918) (53,259) (46,462) (84,548) (159,144) Net loss on early extinguishment of debt (1,047) (354) (1,047) — (449) Reorganization items, net (4,176) — (5,070) (804,874) — Loss before income taxes and equity in net earnings (losses) of investees (46,542) (66,485) (49,683) (882,471) (152,927) Income tax benefit (expense) 382 261 344 (61) 30 Equity in net earnings (losses) of investees 377 (115) 469 492 (495) Net loss $ (45,783) $ (66,339) $ (48,870) $ (882,040) $ (153,392) Weighted average common shares outstanding (basic and diluted): 21,954 73,480 21,954 73,267 71,355 Per common share amounts (basic and diluted): Net loss $ (2.09) $ (0.90) $ (2.23) $ (12.04) $ (2.15) Additional Data: General and administrative expenses / total assets (at end of period) 0.22% 0.14% 0.28% 0.41% 0.42% Non-cash straight line rent adjustments included in rental income $ 7,652 $ 4,750 $ 8,989 $ (1,063) $ 18,242 Lease value amortization included in rental income $ 907 $ 140 $ 1,048 $ 258 $ 422 Lease termination fees included in rental income $ 361 $ 1,179 $ 442 $ 9,903 $ 2,320 (amounts in thousands, except per share data) Chicago, IL Condensed Consolidated Statements of Income (Loss)
Q3 2026 9RETURN TO TABLE OF CONTENTS Successor Predecessor September 30, December 31, ASSETS 2026 2025 Real estate properties: Land $ 607,033 $ 706,623 Buildings and improvements 506,249 2,970,072 Total real estate properties, gross 1,113,282 3,676,695 Accumulated depreciation (5,490) (729,543) Total real estate properties, net 1,107,792 2,947,152 Acquired real estate leases, net 780,803 150,254 Assets of properties held for sale 149,541 — Cash and cash equivalents 60,643 29,486 Restricted cash 24,884 51,175 Rents receivable 26,546 164,114 Investment in unconsolidated joint venture 13,233 16,965 Deferred leasing costs, net 6,177 98,268 Due from related persons — 231 Other assets, net 29,123 30,951 Total assets $ 2,198,742 $ 3,488,596 LIABILITIES AND SHAREHOLDERS’ EQUITY Secured debt, net $ 1,619,058 $ 889,557 Accounts payable and other liabilities 74,374 126,856 Assumed real estate lease obligations, net 30,991 8,374 Liabilities of properties held for sale 5,179 — Due to related persons 3,467 4,689 Total liabilities not subject to compromise 1,733,069 1,029,476 Liabilities subject to compromise — 1,578,133 Total liabilities 1,733,069 2,607,609 Commitments and contingencies Shareholders’ equity: Successor common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized, 21,953,601 shares issued and outstanding in 2026 220 — Predecessor common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 shares issued and outstanding in 2025 — 739 Additional paid in capital 514,323 2,658,471 Cumulative net loss (48,870) (308,307) Cumulative common distributions — (1,469,916) Total shareholders’ equity 465,673 880,987 Total liabilities and shareholders’ equity $ 2,198,742 $ 3,488,596 Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) Sterling, VA
Q3 2026 10RETURN TO TABLE OF CONTENTS Interest Rate Principal Balance Maturity Date Due at Maturity Years to Maturity Secured Fixed Rate Debt: Secured Senior Notes Senior secured notes due March 2029 (2) 9.000% $ 300,000 3/31/2029 $ 300,000 2.5 Senior secured notes due December 2029 (3) 8.375% 336,386 12/31/2029 186,756 3.3 Senior secured notes due June 2031 (4) 10.000% 420,000 6/17/2031 420,000 4.7 Senior secured notes due October 2031 (5) 8.750% 425,000 10/1/2031 425,000 5.0 Subtotal / weighted average 9.070% 1,481,386 1,331,756 4.0 Secured Property Mortgages Mortgage debt - One property 8.272% 42,700 7/1/2028 42,700 1.8 Mortgage debt - One property 8.139% 26,340 7/1/2028 26,340 1.8 Mortgage debt - Two properties 7.671% 54,300 10/6/2028 54,300 2.0 Mortgage debt - One property 7.210% 30,680 7/1/2033 29,105 6.8 Mortgage debt - One property 7.305% 8,400 7/1/2033 8,400 6.8 Mortgage debt - One property 7.717% 14,900 9/1/2033 14,900 6.9 Subtotal / weighted average 7.792% 177,320 175,745 3.4 Total / weighted average 8.933% $ 1,658,706 $ 1,507,501 3.9 Debt Summary (1) As of September 30, 2026 (dollars in thousands) (1) See pages 28 to 34 for additional information regarding collateral properties. (2) These notes are guaranteed by certain of OPI's subsidiaries and secured by first mortgage liens on 17 properties. (3) These notes are issued by Office Properties Income Intermediate Holdco II Trust LLC, a wholly owned subsidiary of OPI, or the 2029 Notes Issuer, and guaranteed by certain of OPI's subsidiaries and currently secured by first mortgage liens on 26 properties. See pages 14 to 15 for more information regarding the operations of these collateral properties. During the three months ended September 30, 2026, OPI redeemed $48,614 of principal under these notes, including $43,614 related to collateral asset sales and a $5,000 mandatory principal payment. Subsequent to September 30, 2026, OPI redeemed an additional $14,630 of principal under these notes related to a collateral asset sale and on October 30, 2026, OPI paid a $15,000 mandatory principal payment under these notes. These notes also require a future mandatory principal payment of $30,000 by February 1, 2027, which is guaranteed by OPI, and additional mandatory principal payments of $45,000 by each of February 1, 2028 and 2029, which payments may be made from proceeds of collateral asset sales. (4) These notes are guaranteed by certain of OPI's subsidiaries and secured by first liens on 40 properties and second liens on the 19 properties securing the October 2031 notes. OPI optionally redeemed $31,587 of principal under these notes in November 2026 using proceeds from previously completed collateral asset sales. (5) These notes are guaranteed by certain of OPI's subsidiaries and secured by first mortgage liens on 19 properties.
Q3 2026 11RETURN TO TABLE OF CONTENTS $300,000 $29,630 $30,000 $45,000 $231,756 $420,000 $425,000 $123,487 $279 $300 $53,254 $300M March 2029 Notes $336M December 2029 Notes $420M June 2031 Notes $425M October 2031 Notes Mortgage Debt 2026 2027 2028 2029 2030 2031 and thereafter 0 150,000 300,000 450,000 600,000 750,000 900,000 Debt Maturity Schedule As of September 30, 2026 (dollars in thousands) (1) (1) Includes $14,630 redeemed in October 2026 related to a collateral asset sale completed on September 30, 2026 and a $15,000 mandatory principal payment made on October 30, 2026.
Q3 2026 12RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended September 30, 2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 Lease related costs $ 8,157 $ 5,745 $ 2,757 $ 8,458 $ 15,624 $ 4,257 Building improvements 2,216 126 1,989 2,350 2,292 3,922 Recurring capital expenditures 10,373 5,871 4,746 10,808 17,916 8,179 Development, redevelopment and other activities 57 4 (115) 109 (262) 598 Total capital expenditures $ 10,430 $ 5,875 $ 4,631 $ 10,917 $ 17,654 $ 8,777 Average rentable sq. ft. during period 16,344 17,113 17,113 17,113 17,164 17,242 Building improvements per average sq. ft. during period $ 0.14 $ 0.01 $ 0.12 $ 0.14 $ 0.13 $ 0.23 Capital Expenditures Summary (dollars and sq. ft. in thousands, except per sq. ft. data) Capital Expenditures Summary:
Q3 2026 13RETURN TO TABLE OF CONTENTS Dispositions: Date Sold Location Number of Properties Sq. Ft. Occupancy (1) Gross Sales Price Gross Sales Price Per Sq. Ft. 7/20/2026 100 Redwood Shores Parkway, Redwood City, CA 1 63 23.5% $ 16,500 $ 263.07 7/30/2026 8800 Tinicum Boulevard, Philadelphia, PA 1 441 —% 42,000 95.24 8/20/2026 9201 Forest Hill Avenue, Richmond, VA 1 50 100.0% 3,250 64.69 8/21/2026 4201 Patterson Avenue, Baltimore, MD 1 85 100.0% 5,050 59.64 8/21/2026 12795 West Alameda Parkway, Lakewood, CO 1 167 —% 3,700 22.19 9/2/2026 1212 Pittsford - Victor Road, Pittsford, NY 1 55 100.0% 3,750 68.81 9/9/2026 2001-2003 & 2009-2011 Commerce Park Drive, Annapolis, MD 2 103 75.0% 18,500 179.00 9/18/2026 7601 & 7635 Interactive Way, Indianapolis, IN 2 275 100.0% 5,500 19.99 9/29/2026 51 Rio Robles, San Jose, CA 1 61 100.0% 17,000 280.69 9/29/2026 1211 Connecticut Avenue, NW, Washington, D.C. 1 140 38.0% 6,150 44.07 9/30/2026 2115 O'Nel Drive, San Jose, CA 1 98 100.0% 22,000 222.51 10/21/2026 1775 Wiehle Avenue, Reston, VA 1 135 60.0% 12,100 89.32 Total 14 1,673 $ 155,500 $ 93.27 Property Dispositions Since January 1, 2026 (dollars and sq. ft. in thousands, except per sq. ft. data) (1) Represents occupancy at quarter end prior to disposition.
Q3 2026 14RETURN TO TABLE OF CONTENTS Occupancy, Leasing and Operational Summary Number of Properties Sq. Ft. Occupancy Weighted Average Remaining Lease Term Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI 26 2,786 75.1% 4.6 $ 41,422 $ 35,379 Office Properties Income Intermediate Holdco I Trust LLC (1) Consolidated Statements of Income (Loss) of Office Properties Income Intermediate Holdco I Trust LLC Three Months Ended September 30, 2026 Period from June 18 through September 30, 2026 Rental income $ 21,977 $ 25,626 Expenses: Real estate taxes 2,571 3,040 Utility expenses 2,210 2,482 Other operating expenses 4,912 5,557 Depreciation and amortization 8,381 9,686 Loss on impairment of real estate 243 243 General and administrative 1,156 1,401 Total expenses 19,473 22,409 Loss on sale of real estate (1,935) (1,935) Interest and other income 16 16 Interest expense (8,285) (9,639) Loss on early extinguishment of debt (1,047) (1,047) Reorganization items, net (821) (1,031) Loss before income taxes (9,568) (10,419) Income tax benefit 90 90 Net loss $ (9,478) $ (10,329) As of September 30, 2026 (dollars and sq. ft. in thousands) (1) Office Properties Income Intermediate Holdco I Trust LLC, or Intermediate Holdco I, and its subsidiaries are the obligors of the $336,386 senior notes due December 2029. Intermediate Holdco I is a special purpose bankruptcy remote, wholly owned direct subsidiary of OPI, which, together with its subsidiaries, are separate legal entities and the sole owners of their respective assets and liabilities. See page 10 for more information regarding these notes.
Q3 2026 15RETURN TO TABLE OF CONTENTS Senior Secured Notes due December 2029 (1) Interest Rate Principal Balance Maturity Date Due at Maturity Years to Maturity 8.375% $336,386 12/31/2029 $186,756 3.3 Office Properties Income Intermediate Holdco I Trust LLC (Cont.) Consolidated Balance Sheet of Office Properties Income Intermediate Holdco I Trust LLC ASSETS As of September 30, 2026 Real estate properties: Land $ 147,965 Buildings and improvements 128,465 Total real estate properties, gross 276,430 Accumulated depreciation (1,319) Total real estate properties, net 275,111 Assets of properties held for sale 25,086 Acquired real estate leases, net 100,017 Cash and cash equivalents 2,605 Restricted cash 13,695 Rents receivable 11,181 Deferred leasing costs, net 88 Other assets, net 19,702 Total assets $ 447,485 LIABILITIES Secured debt, net $ 328,551 Liabilities of properties held for sale 1,199 Accounts payable and other liabilities 9,727 Due to related persons 9,128 Assumed real estate lease obligations, net 2,728 Total liabilities $ 351,333 Total shareholders' equity $ 96,152 $29,630 $30,000 $45,000 $231,756 2026 2027 2028 2029 0 50,000 100,000 150,000 200,000 250,000 300,000 (dollars and sq. ft. in thousands) Debt Maturity Schedule (1) (1) See page 10 for more information regarding required principal payments under these notes and pages 29 to 30 for more information regarding the collateral properties.
Q3 2026 16RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture: Joint Venture OPI Ownership OPI Investment Number of Properties Location Sq. Ft. Occupancy Weighted Average Remaining Lease Term Prosperity Metro Plaza 51% $ 13,233 2 Fairfax, VA 346 93.0% 4.5 years (1) Includes the effect of mark to market accounting. (2) Reflects OPI's proportionate share of the principal debt balance based on its ownership percentage of the joint venture; none of the debt is recourse to OPI. (3) Reflects OPI's proportionate share of operating results based on its ownership percentage of the joint venture. (4) Includes interest expense, net of other income. (5) OPI's unconsolidated joint venture reports rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes expense reimbursements, tax escalations, parking revenues, service income and other fixed and variable charges paid to the unconsolidated joint venture by its tenants, as well as the net effect of non-cash amortization of intangible lease assets and liabilities. Investment in Unconsolidated Joint Venture As of September 30, 2026 (dollars and sq. ft. in thousands) Results of Operations - Prosperity Metro Plaza: (3) Successor Predecessor Three Months Ended September 30, 2026 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 Equity in earnings $ 377 $ 469 $ 492 Depreciation and amortization 521 605 1,041 Other expenses, net (4) 246 284 453 NOI 1,144 1,358 1,986 Non-cash straight line rent adjustments included in rental income (5) (150) (259) (86) Cash Basis NOI $ 994 $ 1,099 $ 1,900 Outstanding Unconsolidated Debt: Joint Venture OPI Ownership Interest Rate (1) Maturity Date Principal Balance Annual Debt Service Principal Balance at Maturity OPI Share of Principal Balance (2) Prosperity Metro Plaza 51% 4.090% 12/1/2029 $ 48,412 $ 2,833 $ 45,246 $ 24,690
17RETURN TO TABLE OF CONTENTS Q3 2026 Portfolio Information
Q3 2026 18RETURN TO TABLE OF CONTENTS Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2026 September 30, 2025 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 September 30, 2025 Properties (end of period) 90 90 90 90 Rentable sq. ft. 13,422 13,423 13,422 13,422 Percent leased 88.8% 88.8% 88.7% 88.8% Rental income $ 104,973 $ 95,564 $ 121,715 $ 182,890 $ 293,276 Same Property NOI $ 60,555 $ 50,860 $ 71,022 $ 101,821 $ 160,649 Same Property Cash Basis NOI $ 51,525 $ 44,867 $ 60,424 $ 96,560 $ 139,798 Same Property NOI % margin 57.7% 53.2% 58.4% 55.7% 54.8% Same Property Cash Basis NOI % margin 53.7% 50.1% 54.4% 54.4% 51.3% Same Property NOI % change 19.1% Same Property Cash Basis NOI % change 14.8% Summary Same Property Results (dollars and sq. ft. in thousands) Houston, TX
Q3 2026 19RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of and for the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Properties (end of period) 109 122 122 122 124 109 Rentable sq. ft. 15,575 17,113 17,113 17,113 17,214 15,575 Percentage leased 80.7% 77.9% 78.2% 78.2% 78.3% 80.7% Leasing Activity (Sq. Ft.): New leases 13 22 35 49 51 70 Renewals 387 154 177 104 131 718 Total 400 176 212 153 182 788 Weighted Average Lease Term by Sq. Ft. (years): New leases 8.3 4.1 1.6 7.5 4.7 3.7 Renewals 8.7 7.7 5.1 7.9 4.2 7.6 Total 8.7 7.3 4.5 7.8 4.3 7.2 Leasing Cost and Concession Commitments: New leases $ 660 $ 327 $ 513 $ 1,084 $ 1,217 $ 1,500 Renewals 7,039 2,486 4,003 5,664 1,292 13,528 Total $ 7,699 $ 2,813 $ 4,516 $ 6,748 $ 2,509 $ 15,028 Leasing Cost and Concession Commitments per Sq. Ft.: New leases $ 49.54 $ 14.71 $ 14.73 $ 21.75 $ 23.90 $ 21.31 Renewals $ 18.17 $ 16.18 $ 22.67 $ 54.88 $ 9.81 $ 18.85 Total $ 19.21 $ 16.00 $ 21.36 $ 44.09 $ 13.74 $ 19.07 Leasing Cost and Concession Commitments per Sq. Ft. per Year: New leases $ 6.00 $ 3.55 $ 9.24 $ 2.88 $ 5.10 $ 5.82 Renewals $ 2.09 $ 2.10 $ 4.48 $ 6.91 $ 2.33 $ 2.49 Total $ 2.22 $ 2.20 $ 4.76 $ 5.64 $ 3.16 $ 2.64 Occupancy and Leasing Summary (1) (dollars and sq. ft. in thousands, except per sq. ft. data) (1) This leasing summary is based on leases entered during the periods indicated.
Q3 2026 20RETURN TO TABLE OF CONTENTS Investment Grade: 62.4% Not Rated: 32.0% Non-Investment Grade: 5.6% Percentage of Total Annualized Rental Income Tenant Credit Characteristics ( 4 ) (3) Tenant Industry Tenant Diversity and Credit Characteristics As of September 30, 2026 U.S. Government: 18.9% Real Estate & Financial: 15.9% Technology & Communications: 14.3%Legal & Other Professional Services: 14.0% Manufacturing & Transportation: 11.4% Government Contractors: 9.5% State and Municipalities: 8.4% Other: 5.6% Life Sciences and Medical: 2.0%
Q3 2026 21RETURN TO TABLE OF CONTENTS Tenant Credit Rating Sq. Ft. % of Leased Sq. Ft. Annualized Rental Income % of Total Annualized Rental Income 1 U.S. Government Investment Grade 2,398 19.1% $ 73,937 18.9% 2 Alphabet Inc. (Google) Investment Grade 386 3.1% 22,478 5.8% 3 IG Investments Holdings LLC Not Rated 337 2.7% 19,228 4.9% 4 Bank of America Corporation Investment Grade 577 4.6% 18,762 4.8% 5 Shook, Hardy & Bacon L.L.P. Not Rated 412 3.3% 13,872 3.6% 6 Northrop Grumman Corporation Investment Grade 337 2.7% 11,888 3.0% 7 State of California Investment Grade 367 2.9% 11,030 2.8% 8 State of Georgia Investment Grade 308 2.5% 9,260 2.4% 9 Compass Group plc Investment Grade 267 2.1% 6,876 1.8% 10 Automatic Data Processing, Inc. Investment Grade 289 2.3% 6,724 1.7% 11 Primerica, Inc. Investment Grade 344 2.7% 6,163 1.6% 12 Leidos Holdings Inc. Investment Grade 159 1.3% 6,100 1.6% 13 Church & Dwight Co., Inc. Investment Grade 250 2.0% 6,098 1.6% 14 AT&T Inc. Investment Grade 425 3.4% 5,984 1.5% 15 Science Applications International Corp Non Investment Grade 159 1.3% 5,438 1.4% 16 CommScope Holding Company Inc. Non Investment Grade 96 0.8% 5,009 1.3% 17 Rocky Mountain University of Health Professions, Inc. Not Rated 170 1.4% 4,936 1.3% 18 Hartford Financial Services Group Inc Investment Grade 143 1.1% 4,584 1.2% 19 Berkshire Hathaway Inc. Investment Grade 134 1.1% 4,535 1.2% 20 Open Text Corporation Non Investment Grade 142 1.1% 4,136 1.1% 21 Commonwealth of Virginia Investment Grade 172 1.4% 4,066 1.0% 22 BAE Systems plc Investment Grade 139 1.1% 4,033 1.0% Tenants not representing 1% or more of total annualized rental income 4,552 36.0% 135,101 34.5% 12,563 100.0% $ 390,238 100.0% Tenants Representing 1% or More of Total Annualized Rental Income As of September 30, 2026 (dollars and sq. ft. in thousands)
Q3 2026 22RETURN TO TABLE OF CONTENTS Year (1) Number of Leases Expiring Leased Square Feet Expiring % of Total Leased Square Feet Expiring Cumulative % of Total Leased Square Feet Expiring Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2026 12 152 1.2% 1.2% $ 6,239 1.6% 1.6% 2027 33 1,163 9.3% 10.5% 35,734 9.2% 10.8% 2028 22 527 4.2% 14.7% 28,687 7.4% 18.2% 2029 37 1,070 8.5% 23.2% 35,114 9.0% 27.2% 2030 32 1,024 8.2% 31.4% 33,815 8.7% 35.9% 2031 29 1,673 13.3% 44.7% 42,897 11.0% 46.9% 2032 21 691 5.5% 50.2% 22,500 5.8% 52.7% 2033 15 1,162 9.2% 59.4% 23,912 6.1% 58.8% 2034 11 1,728 13.8% 73.2% 46,843 12.0% 70.8% 2035 and thereafter 35 3,373 26.8% 100.0% 114,497 29.2% 100.0% Total 247 12,563 100.0% $ 390,238 100.0% Weighted average remaining lease term (in years) 6.3 6.2 (1) The year of lease expiration is pursuant to current contract terms. Lease Expiration Schedule As of September 30, 2026 (dollars and sq. ft. in thousands) Atlanta, GA
23RETURN TO TABLE OF CONTENTS Q3 2026 Appendix
24RETURN TO TABLE OF CONTENTS Q3 2026 Management: OPI is managed by The RMR Group (Nasdaq: RMR). RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As of September 30, 2026, RMR had approximately $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating CRE. OPI believes that being managed by RMR is a competitive advantage for OPI because of RMR’s depth of management and experience in the real estate industry. OPI also believes RMR provides management services to it at a lower cost than OPI would have to pay for similar quality services if it were self managed. Company Profile and Governance Information Board of Trustees Jonathan Heller Jonathan Kolatch William A. Lamkin Chairman of the Board Independent Trustee Independent Trustee Adam D. Portnoy Irvin Schlussel Trustee Independent Trustee Executive Officers Yael Duffy Brian E. Donley President and Chief Executive Officer Chief Financial Officer and Treasurer
Q3 2026 25RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended 9/30/2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 114,165 $ 18,359 $ 98,473 $ 108,868 $ 105,315 $ 109,127 Property operating expenses (50,706) (7,145) (41,703) (52,455) (43,980) (52,105) NOI 63,459 11,214 56,770 56,413 61,335 57,022 Non-cash straight line rent adjustments included in rental income (7,652) (1,337) 2,999 (1,936) (4,832) (4,750) Lease value amortization included in rental income (907) (141) (118) (140) (140) (140) Lease termination fees included in rental income (361) (81) (9,248) (655) (817) (1,179) Non-cash amortization included in other operating expenses — — (11) (13) (13) (13) Cash Basis NOI $ 54,539 $ 9,655 $ 50,392 $ 53,669 $ 55,533 $ 50,940 Reconciliation of Net (Loss) Income to NOI and Cash Basis NOI: Net loss $ (45,783) $ (3,087) $ (789,019) $ (93,021) $ (118,982) $ (66,339) Equity in net (earnings) losses of investees (377) (92) (382) (110) (90) 115 Income tax (benefit) expense (382) 38 207 (146) 146 (261) Loss before income taxes and equity in net (earnings) losses of investees (46,542) (3,141) (789,194) (93,277) (118,926) (66,485) Reorganization items, net 4,176 894 745,342 59,532 78,333 — Net loss on early extinguishment of debt 1,047 — — — — 354 Interest expense 39,918 6,544 42,341 42,207 44,310 53,259 Fair value adjustment of warrants (647) (1,491) — — — — Interest and other income (556) (949) (368) (431) (394) (802) Loss (gain) on sale of real estate 5,543 — — — (5,488) (6) General and administrative 4,916 1,263 4,213 4,299 4,591 4,964 Transaction related costs — — — — 14,735 22,904 Loss (gain) on impairment of real estate 5,858 — — — (378) — Depreciation and amortization 49,746 8,094 54,436 44,083 44,552 42,834 NOI 63,459 11,214 56,770 56,413 61,335 57,022 Non-cash amortization included in other operating expenses — — (11) (13) (13) (13) Lease termination fees included in rental income (361) (81) (9,248) (655) (817) (1,179) Lease value amortization included in rental income (907) (141) (118) (140) (140) (140) Non-cash straight line rent adjustments included in rental income (7,652) (1,337) 2,999 (1,936) (4,832) (4,750) Cash Basis NOI $ 54,539 $ 9,655 $ 50,392 $ 53,669 $ 55,533 $ 50,940 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands)
Q3 2026 26RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 For the Nine Months Ended September 30, 2025 Calculation of NOI and Cash Basis NOI: Rental income $ 132,524 $ 207,341 $ 337,241 Property operating expenses (57,851) (94,158) (153,366) NOI 74,673 113,183 183,875 Non-cash straight line rent adjustments included in rental income (8,989) 1,063 (18,242) Lease value amortization included in rental income (1,048) (258) (422) Lease termination fees included in rental income (442) (9,903) (2,320) Non-cash amortization included in other operating expenses — (24) (39) Cash Basis NOI $ 64,194 $ 104,061 $ 162,852 Reconciliation of Net (Loss) Income to NOI and Cash Basis NOI: Net loss $ (48,870) $ (882,040) $ (153,392) Equity in net (earnings) losses of investees (469) (492) 495 Income tax (benefit) expense (344) 61 (30) Loss before income taxes and equity in net (earnings) losses of investees (49,683) (882,471) (152,927) Reorganization items, net 5,070 804,874 — Net loss on early extinguishment of debt 1,047 — 449 Interest expense 46,462 84,548 159,144 Fair value adjustment of warrants (2,138) — — Interest and other income (1,505) (799) (2,752) Loss on sale of real estate 5,543 — 4,572 General and administrative 6,179 8,512 14,838 Transaction related costs — — 27,720 Loss on impairment of real estate 5,858 — 2,426 Depreciation and amortization 57,840 98,519 130,405 NOI 74,673 113,183 183,875 Non-cash amortization included in other operating expenses — (24) (39) Lease termination fees included in rental income (442) (9,903) (2,320) Lease value amortization included in rental income (1,048) (258) (422) Non-cash straight line rent adjustments included in rental income (8,989) 1,063 (18,242) Cash Basis NOI $ 64,194 $ 104,061 $ 162,852 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands)
Q3 2026 27RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2026 September 30, 2025 Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 September 30, 2025 Reconciliation of NOI to Same Property NOI: Rental income $ 114,165 $ 109,127 $ 132,524 $ 207,341 $ 337,241 Property operating expenses (50,706) (52,105) (57,851) (94,158) (153,366) NOI 63,459 57,022 74,673 113,183 183,875 Less: NOI of properties not included in same property results (2,904) (6,162) (3,651) (11,362) (23,226) Same Property NOI $ 60,555 $ 50,860 $ 71,022 $ 101,821 $ 160,649 Calculation of Same Property Cash Basis NOI: Same Property NOI $ 60,555 $ 50,860 $ 71,022 $ 101,821 $ 160,649 Add: Lease value amortization included in rental income (907) (129) (1,048) (238) (436) Less: Non-cash straight line rent adjustments included in rental income (7,762) (5,185) (9,108) (3,945) (19,597) Lease termination fees included in rental income (361) (686) (442) (1,093) (843) Non-cash amortization included in property operating expenses — 7 — 15 25 Same Property Cash Basis NOI $ 51,525 $ 44,867 $ 60,424 $ 96,560 $ 139,798 Reconciliation and Calculation of Same Property NOI and Same Property Cash Basis NOI (dollars in thousands)
Q3 2026 28RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) (1) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $300M Senior Notes due 2029 15451 North 28th Avenue, Phoenix, AZ 1 67 — 100.0% 6.3 $ 1,614 $ 891 $ 808 $ — $ 9,023 2500 Walsh Avenue, Santa Clara, CA 1 66 — 100.0% 8.3 3,042 2,235 2,059 — 20,274 2548 Campbell Place, Carlsbad, CA ** 1 46 — 100.0% 4.5 1,991 1,575 1,583 — 10,726 350 West Java Drive, Sunnyvale, CA 1 96 — 100.0% 6.2 5,009 3,745 3,701 — 33,893 77 Rio Robles Drive, San Jose, CA 1 68 — 100.0% 4.2 2,960 1,930 1,986 — 23,363 915 L Street, Sacramento, CA 1 164 5 98.0% 4.2 5,988 3,817 3,809 — 26,586 9815 Goethe Road, Sacramento, CA 1 88 — 100.0% 6.8 2,296 1,195 1,176 — 10,043 7850 Southwest 6th Court, Plantation, FL 1 136 — 100.0% 11.1 4,535 2,894 2,667 — 28,614 1224 Hammond Drive NE, Atlanta, GA 1 358 — 98.4% 9.1 19,595 13,092 12,067 182 79,358 1185 South Vinnell Way, Boise, ID 1 30 — 100.0% 15.4 1,185 645 573 — 3,863 1249 South Vinnell Way, Boise, ID 1 60 — 100.0% 5.1 1,446 752 739 860 5,003 1387 South Vinnell Way, Boise, ID 1 91 — 100.0% 5.1 2,096 1,208 1,109 1,309 5,961 12515-4 Research Boulevard, Austin, TX ** 1 93 — 100.0% 2.8 3,184 2,098 2,195 — 17,139 3600 Wiseman Boulevard, San Antonio, TX 1 100 — 100.0% 6.1 3,442 2,055 1,996 — 15,351 1800 Novell Place, Provo, UT 1 412 — 87.8% 9.2 10,261 6,384 5,719 118 44,668 2101 Bermuda Hundred Drive, Chester, VA 1 225 — 100.0% 7.3 1,504 1,134 1,077 — 9,538 65 Bowdoin Street, S. Burlington, VT 1 26 — 100.0% 2.8 1,331 688 683 — 7,048 Total $300M Senior Notes due 2029 17 2,126 5 97.4% 7.5 71,479 46,338 43,947 2,469 350,451 (1) See notes on page 10 regarding OPI's debt agreements and encumbrances.
Q3 2026 29RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $336M Senior Notes due 2029 (Same Properties) 2544 Campbell Place, Carlsbad, CA ** 1 45 — 100.0% 5.8 1,383 716 654 1,109 7,195 47131 Bayside Parkway, Fremont, CA ** 1 101 — 100.0% 11.3 3,487 2,613 1,070 — 23,869 11 Dupont Circle, NW, Washington, D.C. ** 1 159 — 74.7% 5.7 7,909 4,747 3,498 103 27,857 20 Massachusetts Avenue NW, Washington, D.C. (1) 1 188 — —% — — 2,678 2,960 — 60,954 625 Indiana Avenue, NW, Washington, D.C. ** 1 165 2 94.7% 6.9 8,642 4,801 4,570 — 23,934 8900 Grand Oak Circle, Tampa, FL ** 1 68 — 100.0% 5.5 2,068 1,159 1,161 — 7,578 100 North Washington Street, Boston, MA 1 49 17 33.7% 1.0 648 21 26 121 6,605 126-132 North Washington Street, Boston, MA 1 13 13 100.0% 0.8 406 92 93 — 5,139 25 Newport Avenue Extension, Quincy, MA ** 1 93 1 100.0% 4.7 2,630 1,067 995 — 12,837 251 Causeway Street, Boston, MA 1 141 — —% — — (1,416) (1,426) — 4,350 10320 Little Patuxent Parkway, Columbia, MD ** 1 155 10 47.6% 2.8 2,550 736 736 — 7,423 520 Gaither Road, Rockville, MD ** 1 139 — 100.0% 5.4 4,033 2,272 709 4,020 29,710 530 Gaither Road, Rockville, MD ** 1 216 114 100.0% 2.0 7,713 5,235 3,758 234 26,564 534 Gaither Road, Rockville, MD ** 1 3 — 100.0% 10.2 23 (22) (22) — 1,264 540 Gaither Road, Rockville, MD ** 1 131 12 63.9% 2.9 2,308 605 773 — 23,009 7001 Columbia Gateway Drive, Columbia, MD ** 1 117 — 69.5% 3.8 2,716 1,314 1,320 957 12,188 446 Wrenplace Road, Fort Mill, SC ** 1 150 — 100.0% 5.0 3,160 2,794 2,721 — 21,622 1511 East Common Street, New Braunfels, TX ** 1 63 — 100.0% 3.8 2,030 1,112 1,050 — 10,106 45600 Woodland Road, Sterling, VA ** 1 110 — 100.0% 3.5 3,652 3,133 2,860 — 17,787 45610 Woodland Road, Sterling, VA ** 1 111 2 75.0% 5.0 2,737 1,401 1,123 4 18,150 7987 Ashton Avenue, Manassas, VA ** 1 69 — 100.0% 4.3 1,702 1,051 1,042 929 10,805 9960 Mayland Drive, Richmond, VA ** 1 174 170 99.5% 0.3 4,066 2,355 2,611 — 23,120 $336M Senior Notes due 2029 (Same Properties) 22 2,460 341 75.5% 4.7 63,863 38,464 32,282 7,477 382,066 (1) Sq. Ft. excludes 240 square feet under a hotel management agreement.
Q3 2026 30RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $336M Senior Notes due 2029 (HFS) 4241 NE 34th Street, Kansas City, MO 1 88 — 100.0% 4.0 2,048 962 955 — 3,310 10b Airline Drive, Colonie, NY 1 64 — 100.0% 4.4 965 386 416 34 3,001 1401 K Street, NW, Washington, D.C. 1 130 15 57.7% 4.2 4,404 1,714 1,828 73 14,539 6315 Hillside Court, Columbia, MD 1 44 5 19.6% 1.7 186 (104) (102) — 3,269 $336M Senior Notes due 2029 (HFS) * 4 326 20 72.4% 4.1 7,603 2,958 3,097 107 24,119 Total $336M Senior Notes due 2029 26 2,786 361 75.1% 4.6 71,466 41,422 35,379 7,584 406,185 $420M Senior Notes due June 2031 (Same Properties) 445 Jan Davis Drive, Huntsville, AL 1 57 — 100.0% 4.8 1,019 962 868 — 9,737 10350 NW 112th Avenue, Miami, FL 1 79 79 100.0% 1.3 3,337 2,401 2,401 — 19,417 4712 Southpark Boulevard, Ellenwood, GA 1 352 — 100.0% 7.9 4,588 2,638 1,683 3,230 19,888 1415 West Diehl Road, Naperville, IL ** 1 735 8 55.5% 5.7 11,596 7,518 6,562 — 66,464 330 Billerica Road, Chelmsford, MA ** 1 98 — 61.6% 8.2 1,696 807 711 — 1,488 2645 and 2655 Long Lake Road, Roseville, MN 1 58 — 100.0% 8.7 1,432 675 579 — 4,698 18010 Burt Street, Omaha, NE ** 1 101 — 100.0% 7.8 2,602 1,877 1,661 — 12,318 2231 Schrock Road, Columbus, OH 1 42 — 100.0% 5.8 546 452 401 — 3,606 10451 Clay Road, Houston, TX 1 97 — 100.0% 2.5 2,535 2,156 1,906 — 18,748 16001 North Dallas Parkway, Addison, TX 2 554 — 100.0% 10.4 17,991 11,431 7,538 7,277 100,651 202 North Castlegory Road, Houston, TX 1 84 84 100.0% 1.3 2,920 1,754 1,721 — 13,379 3400 West Plano Parkway, Plano, TX 1 235 — 100.0% 4.6 1,772 2,166 1,546 — 23,036 4221 W. John Carpenter Freeway, Irving, TX 1 54 — 100.0% 6.7 972 704 639 — 5,997
Q3 2026 31RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $420M Senior Notes due June 2031 (Same Properties) - Continued 14660 Lee Road, Chantilly, VA 1 80 — 100.0% 3.3 3,112 2,152 2,099 — 16,673 Two Commercial Place, Norfolk, VA 1 289 289 100.0% 0.8 6,724 4,178 4,400 — 20,066 711 S 14th Avenue, Safford, AZ 1 36 2 100.0% 2.6 1,158 595 590 — 4,472 10949 N. Mather Boulevard, Rancho Cordova, CA 1 94 94 100.0% 0.8 2,957 1,600 1,707 — 17,239 11020 Sun Center Drive, Rancho Cordova, CA 1 83 — 100.0% 10.2 2,107 1,098 1,021 — 9,375 7958 South Chester Street, Centennial, CO ** 1 167 — 48.4% 6.8 2,078 (447) (1,120) 268 16,267 8305 NW 62nd Avenue, Johnston, IA 1 199 — 100.0% 10.4 3,363 2,832 3,183 695 21,052 18020 Burt Street, Omaha, NE ** 1 101 — 44.7% 9.8 1,277 8 (578) — 7,619 9680 Old Bailes Road, Fort Mill, SC 1 60 — 100.0% 6.2 868 701 716 — 5,794 12515-3 Research Boulevard, Austin, TX ** 1 55 — —% — — (475) (475) — 3,211 2900 West Plano Parkway, Plano, TX 1 191 — 100.0% 4.6 4,212 2,733 2,530 — 29,869 Vacant land parcels and other — — — —% — — (86) (86) 6 9,979 $420M Senior Notes due June 2031 (Same Properties) 25 3,901 556 85.7% 6.2 80,862 50,430 42,203 11,476 461,043 $420M Senior Notes due June 2031 (HFS) 131 Clayton Street, Montgomery, AL 1 58 58 100.0% 0.8 1,780 1,062 1,058 — 4,554 603 San Juan Avenue, Stockton, CA 1 22 22 100.0% 0.5 1,168 521 643 — 5,505 4344 Carmichael Road, Montgomery, AL 1 49 — 100.0% 2.6 1,680 1,172 1,076 — 6,660
Q3 2026 32RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $420M Senior Notes due June 2031 (HFS) - Continued 1760 Business Center Drive, Reston, VA 1 275 — —% — — (805) (825) — 17,203 840 First Street, NE, Washington, D.C. 1 253 — 15.4% 4.0 2,480 (1,058) (917) — 8,184 1775 Wiehle Avenue, Reston, VA (1) 1 135 19 60.0% 4.7 2,934 1,364 1,705 634 9,519 6310 Hillside Court, Columbia, MD 1 43 3 92.2% 3.4 1,094 668 693 — 6,287 3550 Green Court, Ann Arbor, MI 1 82 81 100.0% 1.1 1,848 1,651 1,712 — 3,074 299 Jefferson Road, Parsippany, NJ 1 151 — —% — — (823) (823) — 12,128 8675, 8701-8711 Freeport Pkwy and 8901 Esters Blvd, Irving, TX 3 458 — —% — — (2,120) (2,120) — 30,451 351 Elliott Ave West, Seattle, WA 1 108 — —% — — (1,122) (1,122) — 5,148 401 Elliott Ave West, Seattle, WA 1 77 — 1.9% 2.4 91 (1,190) (1,189) — 5,500 501 Elliott Ave West, Seattle, WA 1 114 — 39.3% 7.2 3,272 8,713 3,852 — 8,140 $420M Senior Notes due June 2031 (HFS) * 15 1,825 183 22.6% 3.6 16,347 8,033 3,743 634 122,353 Total $420M Senior Notes due June 2031 40 5,726 739 65.6% 5.7 97,209 58,463 45,946 12,110 583,396 $425M Senior Notes due October 2031 2235 Iron Point Road, Folsom, CA 1 96 — 100.0% 3.1 3,033 2,350 2,438 2,368 22,128 4560 Viewridge Avenue, San Diego, CA 1 93 — 100.0% 4.7 3,470 2,254 2,289 — 12,980 440 First Street, NW, Washington, D.C. 1 142 30 82.9% 5.7 8,628 4,502 4,061 144 28,127 180 Ted Turner Drive SW, Atlanta, GA 1 91 — 100.0% 10.9 3,608 2,539 2,265 — 37,272 600 West Peachtree Street NW, Atlanta, GA 1 387 3 94.8% 3.1 11,078 6,094 6,419 323 37,143 1000 West Fulton Market, Chicago, IL 1 545 18 92.9% 3.0 28,719 15,939 15,461 — 114,057 (1) Property was sold in October 2026.
Q3 2026 33RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets $425M Senior Notes due October 2031 - Continued 2020 S. Arlington Heights, Arlington Heights, IL 1 58 — 100.0% 14.3 2,087 1,138 1,186 — 8,235 2555 Grand Boulevard, Kansas City, MO 1 596 — 69.2% 7.4 13,880 7,456 6,883 7,417 52,846 2300 Yorkmont Road, Charlotte, NC 1 151 — 94.2% 4.3 3,474 2,175 2,326 — 10,983 2400 Yorkmont Road, Charlotte, NC 1 133 — 100.0% 4.3 3,402 1,688 1,832 — 12,361 14668 Lee Road, Chantilly, VA 1 170 — 98.7% 12.5 6,181 4,234 2,271 — 32,058 14672 Lee Road, Chantilly, VA 1 159 159 100.0% 0.6 5,438 3,822 3,988 — 15,566 1751 Blue Hills Drive, Roanoke, VA 1 399 — 100.0% 7.0 2,370 1,919 1,821 — 16,838 45101 Warp Drive, Sterling, VA 1 161 — 100.0% 7.9 5,677 3,472 3,528 — 37,345 45201 Warp Drive, Sterling, VA 1 88 — 100.0% 7.9 3,118 1,975 1,901 — 20,766 45301 Warp Drive, Sterling, VA 1 88 — 100.0% 7.9 3,092 1,976 1,896 401 19,882 2420 Stevens Center Place, Richland, WA 1 93 — 100.0% 7.0 2,865 1,767 1,529 — 9,606 2430 Stevens Center Place, Richland, WA 1 47 — 100.0% 7.0 1,457 825 704 — 5,128 5353 Yellowstone Road, Cheyenne, WY 1 106 — 92.9% 13.9 3,112 1,819 1,162 137 9,288 Total $425M Senior Notes October due 2031 19 3,603 210 91.9% 5.8 114,689 67,944 63,960 10,790 502,609
Q3 2026 34RETURN TO TABLE OF CONTENTS Property Detail (by Collateral Pool) As of September 30, 2026 (dollars and sq. ft. in thousands) Number of Properties Sq. Ft. Sq. Ft. Expiring Through December 31, 2027 Occupancy Weighted Average Remaining Lease Term Annualized Rental Income Trailing Twelve Months NOI Trailing Twelve Months Cash Basis NOI Unspent Leasing Related Obligations Gross Book Value of Real Estate Assets Mortgage Notes 145 Rio Robles Drive, San Jose, CA 1 58 — 100.0% 6.8 2,394 1,692 1,582 — 17,310 One Primerica Parkway, Duluth, GA 1 344 — 100.0% 9.3 6,163 5,440 5,213 7,347 52,792 3300 75th Avenue, Landover, MD 1 266 — 100.0% 12.9 6,720 4,719 4,544 — 37,036 1220 Echelon Parkway, Jackson, MS 1 110 — 100.0% 18.1 4,398 2,255 1,655 682 17,017 500 Charles Ewing Boulevard, Ewing, NJ 1 250 — 100.0% 6.7 6,098 5,697 5,803 — 53,859 701 Clay Road, Waco, TX 1 139 — 100.0% 9.3 3,538 1,890 1,964 — 12,777 22330 Glenn Drive, Sterling, VA 1 167 — 100.0% 4.9 6,084 3,856 3,747 1,683 30,006 Total Mortgage Notes 7 1,334 — 100.0% 9.7 35,395 25,549 24,508 9,712 220,797 Sold Properties — — — —% — — 9,475 10,048 — — Total / Weighted Average 109 15,575 1,315 80.7% 6.2 $ 390,238 $ 249,191 $ 223,788 $ 42,665 $ 2,063,438 *As of September 30, 2026, OPI had 19 properties containing approximately 2,152 rentable square feet classified as held for sale in its condensed consolidated balance sheet, one of which was sold in October 2026 for a gross sales price of $12,100, 15 of which are under agreement to sell for an aggregate gross sales price of $134,077 and the remaining three of which are being actively marketed. **In addition to the 19 properties classified as held for sale as of September 30, 2026, OPI has identified an additional 26 properties containing approximately 3,467 rentable square feet that are in various stages of marketing for sale.
Q3 2026 35RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended 9/30/2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 Net loss $ (45,783) $ (3,087) $ (789,019) $ (93,021) $ (118,982) $ (66,339) Add (less): Interest expense 39,918 6,544 42,341 42,207 44,310 53,259 Income tax (benefit) expense (382) 38 207 (146) 146 (261) Depreciation and amortization 49,746 8,094 54,436 44,083 44,552 42,834 EBITDA 43,499 11,589 (692,035) (6,877) (29,974) 29,493 Add (less): Loss (gain) on impairment of real estate 5,858 — — — (378) — Loss (gain) on sale of real estate 5,543 — — — (5,488) (6) Equity in net (earnings) losses of investees (377) (92) (382) (110) (90) 115 EBITDAre 54,523 11,497 (692,417) (6,987) (35,930) 29,602 Add (less): Reorganization items, net 4,176 894 745,342 59,532 78,333 — Transaction related costs — — — — 14,735 22,904 Fair value adjustment of warrants (647) (1,491) — — — — General and administrative expense paid in common shares (1) — — 888 166 170 239 Net loss on early extinguishment of debt 1,047 — — — — 354 Adjusted EBITDAre $ 59,099 $ 10,900 $ 53,813 $ 52,711 $ 57,308 $ 53,099 Adjusted EBITDAre / Interest Expense 1.5x 1.7x 1.3x 1.2x 1.3x 1.0x Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense (dollars in thousands) (1) Amounts represent equity based compensation to OPI's Trustees, OPI's officers and certain other employees of RMR.
Q3 2026 36RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 For the Nine Months Ended September 30, 2025 Net loss $ (48,870) $ (882,040) $ (153,392) Add (less): Interest expense 46,462 84,548 159,144 Income tax (benefit) expense (344) 61 (30) Depreciation and amortization 57,840 98,519 130,405 EBITDA 55,088 (698,912) 136,127 Add (less): Loss on impairment of real estate 5,858 — 2,426 Loss on sale of real estate 5,543 — 4,572 Equity in net (earnings) losses of investees (469) (492) 495 EBITDAre 66,020 (699,404) 143,620 Add (less): Reorganization items, net 5,070 804,874 — Transaction related costs — — 27,720 Fair value adjustment of warrants (2,138) — — General and administrative expense paid in common shares (1) — 1,054 723 Net loss on early extinguishment of debt 1,047 — 449 Adjusted EBITDAre $ 69,999 $ 106,524 $ 172,512 Adjusted EBITDAre / Interest Expense 1.5x 1.3x 1.1x Calculation of EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre / Interest Expense (dollars in thousands) (1) Amounts represent equity based compensation to OPI's Trustees, OPI's officers and certain other employees of RMR.
Q3 2026 37RETURN TO TABLE OF CONTENTS Successor Predecessor For the Three Months Ended 9/30/2026 Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 Net loss $ (45,783) $ (3,087) $ (789,019) $ (93,021) $ (118,982) $ (66,339) Add (less): Depreciation and amortization: Consolidated properties 49,746 8,094 54,436 44,083 44,552 42,834 Unconsolidated joint venture properties 521 84 459 582 576 684 Loss (gain) on impairment of real estate 5,858 — — — (378) — Loss (gain) on sale of real estate 5,543 — — — (5,488) (6) FFO 15,885 5,091 (734,124) (48,356) (79,720) (22,827) Add (less): Reorganization items, net 4,176 894 745,342 59,532 78,333 — Default interest expense — — 3,900 3,292 1,308 — Transaction related costs — — — — 14,735 22,904 Fair value adjustment of warrants (647) (1,491) — — — — Net loss on early extinguishment of debt 1,047 — — — — 354 Normalized FFO 20,461 4,494 15,118 14,468 14,656 431 Add (less): Non-cash expenses — — 750 2 6 75 Depreciation and amortization - unconsolidated joint ventures (521) (84) (459) (582) (576) (684) Equity in net (earnings) losses of investees (377) (92) (382) (110) (90) 115 Non-cash straight line rent adjustments included in rental income (7,652) (1,337) 2,999 (1,936) (4,832) (4,750) Lease value amortization included in rental income (907) (141) (118) (140) (140) (140) Net amortization of debt premiums, discounts and issuance costs 1,627 236 2,130 2,523 5,556 11,986 Principal amortization — — — — — (6,500) Recurring capital expenditures (10,373) (5,871) (4,746) (10,808) (17,916) (8,179) CAD $ 2,258 $ (2,795) $ 15,292 $ 3,417 $ (3,336) $ (7,646) Weighted average common shares outstanding (basic and diluted) 21,954 21,954 72,916 73,577 73,577 73,480 Per common share amounts (basic and diluted): Net loss $ (2.09) $ (0.14) $ (10.82) $ (1.26) $ (1.62) $ (0.90) FFO $ 0.72 $ 0.23 $ (10.07) $ (0.66) $ (1.08) $ (0.31) Normalized FFO $ 0.93 $ 0.20 $ 0.21 $ 0.20 $ 0.20 $ 0.01 CAD $ 0.10 $ (0.13) $ 0.21 $ 0.05 $ (0.05) $ (0.10) Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data)
Q3 2026 38RETURN TO TABLE OF CONTENTS Successor Predecessor Period from June 18 through September 30, 2026 Period from January 1 through June 17, 2026 For the Nine Months Ended September 30, 2025 Net loss $ (48,870) $ (882,040) $ (153,392) Add (less): Depreciation and amortization: Consolidated properties 57,840 98,519 130,405 Unconsolidated joint venture properties 605 1,041 2,020 Loss on impairment of real estate 5,858 — 2,426 Loss on sale of real estate 5,543 — 4,572 FFO 20,976 (782,480) (13,969) Add (less): Reorganization items, net 5,070 804,874 — Default interest expense — 7,192 — Transaction related costs — — 27,720 Fair value adjustment of warrants (2,138) — — Net loss on early extinguishment of debt 1,047 — 449 Normalized FFO 24,955 29,586 14,200 Add (less): Non-cash expenses — 752 231 Depreciation and amortization - unconsolidated joint ventures (605) (1,041) (2,020) Equity in net (earnings) losses of investees (469) (492) 495 Non-cash straight line rent adjustments included in rental income (8,989) 1,063 (18,242) Lease value amortization included in rental income (1,048) (258) (422) Net amortization of debt premiums, discounts and issuance costs 1,863 4,653 35,269 Principal amortization — — (19,500) Recurring capital expenditures (16,244) (15,554) (35,074) CAD $ (537) $ 18,709 $ (25,063) Weighted average common shares outstanding (basic and diluted) 21,954 73,267 71,355 Per common share amounts (basic and diluted): Net loss $ (2.23) $ (12.04) $ (2.15) FFO $ 0.96 $ (10.68) $ (0.20) Normalized FFO $ 1.14 $ 0.40 $ 0.20 CAD $ (0.02) $ 0.26 $ (0.35) Calculation of FFO, Normalized FFO and CAD (amounts in thousands, except per share data)
39RETURN TO TABLE OF CONTENTS Q3 2026 Non-GAAP Financial Measures OPI presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including net operating income, or NOI, Cash Basis NOI, Same Property NOI, Same Property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, normalized funds from operations, or Normalized FFO and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of OPI's operating performance or as measures of OPI's liquidity. These measures should be considered in conjunction with net income (loss) as presented in OPI's consolidated statements of income (loss). OPI considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). OPI believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of OPI's operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of OPI's properties. NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI The calculations of NOI and Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to OPI's property level results of operations. OPI calculates NOI and Cash Basis NOI as shown on pages 25 to 26 and Same Property NOI and Same Property Cash Basis NOI as shown on page 27. OPI defines NOI as income from OPI's real estate less OPI's property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that OPI records as depreciation and amortization expense. OPI defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash amortization included in other operating expenses. OPI calculates Same Property NOI and Same Property Cash Basis NOI in the same manner that OPI calculates the corresponding NOI and Cash Basis NOI amounts, except that OPI only includes same properties in calculating Same Property NOI and Same Property Cash Basis NOI. OPI uses NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI differently than OPI does. EBITDA, EBITDAre and Adjusted EBITDAre OPI calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on pages 35 to 36. EBITDAre is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding gains and losses on the sale of real estate, loss on impairment of real estate assets and adjustments to reflect OPI's share of EBITDAre of its unconsolidated joint venture. In calculating Adjusted EBITDAre, OPI adjusts for the items shown on pages 35 to 36. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than OPI does. FFO and Normalized FFO OPI calculates FFO and Normalized FFO as shown on pages 37 to 38. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and OPI's proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties, but excluding impairment charges on real estate assets and any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO, OPI adjusts for the other items shown on pages 37 to 38. FFO and Normalized FFO are among the factors considered by OPI's Board of Trustees when determining the amount of distributions to OPI's shareholders. Other factors include, but are not limited to, requirements to maintain OPI's qualification for taxation as a REIT, limitations in OPI's debt agreements, the availability to OPI of debt and equity capital, OPI's expectation of its future capital requirements and operating performance and OPI's expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than OPI does. Cash Available for Distribution OPI calculates CAD as shown on pages 37 to 38. OPI defines CAD as Normalized FFO minus recurring real estate related capital expenditures and adjusted for other non-cash and non-recurring items and certain amounts excluded from Normalized FFO but settled in cash. CAD is among the factors considered by OPI's Board of Trustees when determining the amount of distributions to OPI's shareholders. Other real estate companies and REITs may calculate CAD differently than OPI does. Non-GAAP Financial Measures and Certain Definitions
40RETURN TO TABLE OF CONTENTS Q3 2026 Annualized rental income is calculated using the annualized contractual base rents from OPI's tenants pursuant to its lease agreements as of September 30, 2026, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to OPI, and excluding lease value amortization. Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenue. GAAP is U.S. generally accepted accounting principles. Gross book value of real estate assets is real estate properties at cost calculated in accordance with GAAP, plus certain acquisition costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. Gross sales price is equal to the gross contract price and excludes closing costs. HFS refers to properties classified as held for sale. Investment grade tenants include: (a) investment grade rated tenants; (b) tenants with investment grade rated parent entities that guarantee the tenant's lease obligations; and/or (c) tenants with investment grade rated parent entities that do not guarantee the tenant's lease obligations. Tenants contributing 61.8% of annualized rental income as of September 30, 2026 were investment grade rated (or their payment obligations were guaranteed by an investment grade rated parent) and tenants contributing an additional 0.6% of annualized rental income as of September 30, 2026 were subsidiaries of an investment grade rated parent (although these parent entities are not liable for the payment of rents). Lease related costs generally include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Leased square feet is pursuant to leases existing as of September 30, 2026, and includes (i) space being fitted out for tenant occupancy pursuant to OPI's lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Leasing cost and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Percent leased includes (i) space being fitted out for occupancy pursuant to OPI's lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date. Predecessor refers to the financial position and results of operations of OPI up to and including its emergence from Chapter 11 Bankruptcy on June 17, 2026. REIT is a real estate investment trust. Rentable square feet represents total square feet available for lease as of the measurement date. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Non-GAAP Financial Measures and Certain Definitions (Continued)
41RETURN TO TABLE OF CONTENTS Q3 2026 Same properties for the three months ended September 30, 2026 is based on properties OPI owned continuously since July 1, 2025; excludes 19 properties classified as held for sale (HFS) and two properties owned by an unconsolidated joint venture in which OPI owns a 51% interest. Same properties for the nine months ended September 30, 2026 is based on properties OPI owned continuously since January 1, 2025; excludes 19 properties classified as held for sale (HFS) and two properties owned by an unconsolidated joint venture in which OPI owns a 51% interest. Same property cash basis NOI % margin is Same Property Cash Basis NOI as a percentage of same property cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, the net effect of non-cash amortization of intangible lease assets and liabilities and lease termination fees, if any. Same property NOI % margin is Same Property NOI as a percentage of same property rental income. Successor refers to the financial position and results of operations of OPI subsequent to its emergence from Chapter 11 Bankruptcy on June 17, 2026. Total gross assets is total assets plus accumulated depreciation. Weighted average remaining lease term is the average remaining lease term in years weighted based on annualized rental income. Non-GAAP Financial Measures and Certain Definitions (Continued)
42RETURN TO TABLE OF CONTENTS Q3 2026 Warning Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward- looking statements include, among others, statements about: OPI's leverage levels; demand for office space; OPI's future leasing activity, commitments and obligations; economic and market conditions; OPI's liquidity needs, debt repayments and financing sources, including payments required under the 2029 Secured Exit Notes; OPI's capital expenditure plans and commitments; OPI's pending or potential dispositions; and the amount and timing of future distributions. Forward-looking statements reflect OPI's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause OPI's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause OPI's actual results, performance or achievements to differ materially from those expressed or implied by forward- looking statements include, but are not limited to, the following: OPI's ability to comply with the terms of its debt agreements and meet financial covenants; OPI's ability to make required payments on its debt or refinance its debts as they mature or otherwise become due; OPI's ability to maintain sufficient liquidity, including its ability to obtain new debt or equity financing, and otherwise manage leverage; OPI's ability to effectively raise and balance its use of debt and equity capital; OPI's ability to sell properties at prices it targets and the timing of such sales; the impact of unfavorable market and commercial real estate industry conditions due to uncertainties surrounding interest rates and high inflation, changing tariffs and trade policies and related uncertainty, supply chain disruptions, volatility in the public equity and debt markets and in commercial real estate markets, generally and in the sectors OPI operates, geopolitical instability and tensions, pandemics, any U.S. government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate utilization, including continued hybrid and other alternative arrangements, among other things, on OPI and its tenants; whether OPI's tenants will renew or extend their leases and not exercise early termination options pursuant to their leases or that OPI will obtain replacement tenants on terms as favorable to OPI as its prior leases; the likelihood that OPI's government tenants will be negatively impacted by government budget constraints, or changes in the use of real estate by government agencies; OPI's ability to increase or maintain occupancy at its properties on terms desirable to OPI and its ability to increase rents when its leases expire or renew; OPI's tenant and geographic concentration; competition within the commercial real estate industry, particularly in those markets in which OPI's properties are located; OPI's ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance its properties and their appeal to tenants; the financial strength of OPI's tenants; risks and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of prolonged high inflation, interest rates, cost overruns, supply chain challenges, tariffs, labor shortages, construction delays or inability to obtain necessary permits or volatility in the commercial real estate markets; OPI's ability to pay distributions to its shareholders; OPI's ability to acquire properties that realize its targeted returns; the ability of OPI's manager, RMR, to successfully manage OPI; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; the impact of any U.S. government shutdown, elimination or reduction of government agencies and programs or failure to increase the government debt ceiling on OPI's ability to collect rents and pay its operating expenses, debt obligations and distributions to shareholders on a timely basis; actual and potential conflicts of interest with OPI's related parties, including Adam Portnoy, RMR, Sonesta International Hotels Corporation and others affiliated with them; limitations imposed by and OPI's ability to satisfy complex rules to maintain OPI's qualification for taxation as a REIT for U.S. federal income tax purposes; acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change, or other manmade or natural disasters beyond OPI's control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in OPI's periodic filings. The information contained in OPI's filings with the SEC, including under the caption "Risk Factors" in its periodic reports, or incorporated therein, identifies other important factors that could cause differences from the forward-looking statements in this presentation. OPI's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon OPI's forward-looking statements. Except as required by law, OPI does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.