Strengthening
Office Properties Income Trust for the Future

Frequently Asked Questions

• What did OPI announce?

  • OPI and certain of its subsidiaries have initiated a voluntary court-supervised restructuring process under chapter 11 of the U.S. Bankruptcy Code.
    
  • Taking these steps will provide OPI with enhanced financial flexibility and additional resources, which will better position the Company to continue investing in its properties.
    
  • Throughout this process, our focus remains on serving tenants and working with our brokers and other vendors in the ordinary course.
    

• Why is OPI doing this?

  • Taking these steps will provide us with enhanced financial flexibility and additional resources to continue owning and leasing office properties to quality tenants.
    
  • Our decision to initiate this process follows a thorough review of strategies to address OPI’s capital structure as we continue to navigate sector headwinds and liquidity constraints.
    
  • Having evaluated numerous potential options, we are confident that, under these circumstances, this agreement is the right next step in our efforts to position OPI for long-term stability and success.
    

• What does Chapter 11 mean for OPI’s business?

  • Our focus remains on serving tenants and working with our brokers and other vendors in the ordinary course.
    
  • We expect that the properties in OPI’s portfolio will continue to operate without interruption throughout the court-supervised process and benefit from the support of our property and business manager, The RMR Group.
    
  • We have sufficient liquidity to continue meeting our obligations to stakeholders, including a $125 million new money financing commitment that will be used to support our operations throughout this process.
    

• What does this mean for OPI tenants?

  • Serving our tenants remains our top priority as we take these steps to strengthen our balance sheet.
    
  • We remain committed to maintaining our buildings to the high standards our tenants have come to expect.
    
  • We fully expect ongoing building or tenant improvement projects will be completed as scheduled and that we will continue funding tenant improvement obligations.
    
  • Importantly, our existing lease agreements with you are expected to remain in place, and we anticipate that there will be no changes to how we serve you, your company contacts or payment processes.
    
  • Thank you for your continued business and support.
    

• What does this mean for OPI’s brokers?

  • We appreciate the important role you play in helping us meet tenants’ needs.
    
  • Our restructuring process provides for brokers to continue to be paid in the ordinary course.
    
  • We have sufficient liquidity to continue meeting our obligations and fully expect to continue paying you under normal terms for leasing services provided on or after the chapter 11 filing date, and do not anticipate any material changes to our existing agreements with you.
    
  • Thank you for your continued partnership.
    

• What does this mean for OPI’s vendors and suppliers?

  • Our restructuring process provides for our vendors and suppliers to be paid in the ordinary course.
    
  • We have sufficient liquidity to continue meeting our obligations and fully expect to continue paying you under normal terms for goods and services provided on or after the chapter 11 filing date.
    
  • We expect to emerge from this process as an even stronger partner to you.
    
  • By enhancing our financial flexibility and accessing additional resources, we will be better equipped to advance our strategic initiatives while continuing to invest in our properties.