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Office Properties Income Trust

OPI
17
REIT - Office · Real Estate
Price
$17.71
+0.05 (+0.28%)
Market Cap
$1.31B
Exchange
NASDAQ
Winston Score
17
Winston is worried
Weak fundamentals across most pillars.
Data as of Sep 3, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Weak
Stability
Weak
Valuation
Data not available
Dividends
Weak

Share count rising — dilution

+49.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 48.2M (2021) → 71.9M (2025)

Winston Score History

The full picture

Office Properties Income Trust is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of June 30, 2025, approximately 59% of OPI revenues were from investment grade rated tenants. OPI owned 125 properties as of June 30, 2025, with approximately 17.3 million square feet located in 29 states and Washington, D.C. In 2024, OPI was named as an Energy Star Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group, a leading U.S. alternative asset management company with approximately 40 billion dollars in assets under management as of June 30, 2025, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquarters in Newton, MA. On October 30, 2025, Office Properties Income Trust, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. Office Properties Income Trust is incorporated in 2009 in Newton, Maryland.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Position

Cash flow positive

$1.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Office Properties Income Trust is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
-25.7%
Thin — -25.7% gross margin
Profit after running costs
Operating Margin
1.3%
Thin — 1.3% operating margin
Return on the money invested
ROCE
16.1%
Strong — 16.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-5.7%
Shrinking sales (-5.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-18.5%
Burning cash (-18.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
3.29
Heavy debt load (3.29)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
0.45%
Small dividend — 0.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-90.4%
Dividend cut (-90.4% YoY) — warning sign

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