MeritValue

OFFICE PROPERTIES INCOME TRUST

OPIdata completeness 88%17 fiscal years on file
The thesis, from the filings

OFFICE PROPERTIES INCOME TRUST earns about 1% on invested capital, but has diluted owners by 49% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$502M1$442.6M1
Net income−$8.18M2−$6.11M2−$69.4M3−$136.1M4−$272.4M4
Operating cash flow$221.5M5$192.6M5$141.7M6$67.2M7−$6.57M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.58B8$2.43B9$2.57B10$2.53B11$2.41B11
Cash & equivalents$83M12$12.2M12$12.3M13$261.3M14$29.5M14
Diluted shares48.2M48.3M48.4M51.8M71.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$122.5
your share of equity
Profit it earned you last year
−$37.87
Free cash flow it threw off
—
Debt you’d be carrying
$334.93

10 shares is a claim on $122.5 of net worth that earned you −$37.87 last year, against $334.93 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 2%FY22 2%FY23 1%FY24 1%FY25 -2%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+49% shares · 5y

Share count is up 49% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001456772-26-000022 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001456772-24-000011 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001456772-25-000013 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001456772-26-000022 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001456772-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001456772-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001456772-26-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001456772-23-000012 (LongTermDebt)
  9. 10-K · period ending 2022-12-31 · accession 0001456772-24-000011 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0001456772-25-000013 (LongTermDebt)
  11. 10-K · period ending 2024-12-31 · accession 0001456772-26-000022 (LongTermDebt)
  12. 10-K · period ending 2021-12-31 · accession 0001456772-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001456772-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001456772-26-000022 (CashAndCashEquivalentsAtCarryingValue)