OFFICE PROPERTIES INCOME TRUST, 10-K filed on 5/22/2026
Annual Report
v3.26.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
May 18, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-34364    
Entity Registrant Name OFFICE PROPERTIES INCOME TRUST    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 26-4273474    
Entity Address, Address Line One Two Newton Place,    
Entity Address, Address Line Two 255 Washington Street,    
Entity Address, Address Line Three Suite 300,    
Entity Address, City or Town Newton,    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02458-1634    
City Area Code 617    
Local Phone Number 219-1440    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 18.2
Entity Common Stock, Shares Outstanding   73,941,128  
Documents Incorporated by Reference
References in this Annual Report on Form 10-K to the Company, OPI, we, us or our mean Office Properties Income Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise.
    
Entity Central Index Key 0001456772    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.26.1
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Boston, Massachusetts
Auditor Firm ID 34
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate properties:    
Land $ 706,623 $ 711,039
Buildings and improvements 2,970,072 2,946,520
Total real estate properties, gross 3,676,695 3,657,559
Accumulated depreciation (729,543) (618,650)
Total real estate properties, net 2,947,152 3,038,909
Assets of properties held for sale 0 32,199
Investment in unconsolidated joint venture 16,965 17,370
Acquired real estate leases, net 150,254 193,739
Cash and cash equivalents 29,486 261,318
Restricted cash 51,175 13,847
Deferred leasing costs, net 98,268 97,642
Other assets, net 30,951 11,594
Total assets 3,488,596 3,822,286
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Unsecured debt, net 0 662,277
Secured debt, net 889,557 1,872,357
Liabilities of properties held for sale 0 765
Accounts payable and other liabilities 126,856 118,689
Due to related persons 4,689 5,869
Assumed real estate lease obligations, net 8,374 9,525
Total liabilities not subject to compromise 1,029,476 2,669,482
Liabilities subject to compromise 1,578,133 0
Total liabilities 2,607,609 2,669,482
Commitments and contingencies
Shareholders’ equity:    
Common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 and 69,824,743 shares issued and outstanding, respectively 739 698
Additional paid in capital 2,658,471 2,656,548
Cumulative net loss (308,307) (35,933)
Cumulative common distributions (1,469,916) (1,468,509)
Total shareholders’ equity 880,987 1,152,804
Total liabilities and shareholders’ equity 3,488,596 3,822,286
Related Party    
Real estate properties:    
Rents receivable 164,114 155,668
Nonrelated Party    
Real estate properties:    
Rents receivable $ 231 $ 0
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common shares of beneficial interest, par value (in dollars per share) $ 0.01 $ 0.01
Common shares of beneficial interest, shares authorized (in shares) 250,000,000 250,000,000
Common shares of beneficial interest, shares issued (in shares) 73,941,128 69,824,743
Common shares of beneficial interest, shares outstanding (in shares) 73,941,128 69,824,743
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Rental income $ 442,556 $ 501,979
Expenses:    
Real estate taxes 49,010 62,369
Utility expenses 26,880 27,467
Other operating expenses 121,456 107,400
Depreciation and amortization 174,957 194,737
Loss on impairment of real estate 2,048 181,578
Transaction related costs 42,455 1,144
General and administrative 19,429 21,128
Total expenses 436,235 595,823
Gain (loss) on sale of real estate 916 (7,410)
Interest and other income 3,146 3,668
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $40,825 and $13,463, respectively) (203,454) (163,745)
(Loss) gain on early extinguishment of debt (449) 126,185
Reorganization items, net (78,333) 0
Loss before income tax expense and equity in net losses of investees (271,853) (135,146)
Income tax expense (116) (203)
Equity in net losses of investees (405) (758)
Net loss $ (272,374) $ (136,107)
Weighted average common shares outstanding (basic) (in shares) 71,915 51,806
Weighted average common shares outstanding (diluted) (in shares) 71,915 51,806
Per common share amounts (basic and diluted):    
Net loss (basic) (in dollars per share) $ (3.79) $ (2.63)
Net loss (diluted) (in dollars per share) $ (3.79) $ (2.63)
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Net amortization of debt premiums, discounts and issuance costs $ 40,825 $ 13,463
v3.26.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid In Capital
Cumulative Net Income (Loss)
Cumulative Common Distributions
Balance beginning (in shares) at Dec. 31, 2023   48,755,415      
Balance beginning at Dec. 31, 2023 $ 1,255,679 $ 488 $ 2,621,493 $ 100,174 $ (1,466,476)
Increase (Decrease) in Shareholders' Equity          
Issuance of common shares (in shares)   20,505,468      
Issuance of common shares 33,796 $ 205 33,591    
Common share grants (in shares)   649,198      
Common share grants 1,661 $ 6 1,655    
Common stock repurchases (in shares)   (85,338)      
Common share repurchases (192) $ (1) (191)    
Net loss (136,107)     (136,107)  
Distributions to common shareholders (2,033)       (2,033)
Balance ending (in shares) at Dec. 31, 2024   69,824,743      
Balance ending at Dec. 31, 2024 1,152,804 $ 698 2,656,548 (35,933) (1,468,509)
Increase (Decrease) in Shareholders' Equity          
Issuance of common shares (in shares)   4,171,689      
Issuance of common shares 1,106 $ 42 1,064    
Common share grants 893   893    
Common stock repurchases (in shares)   (55,304)      
Common share repurchases (35) $ (1) (34)    
Net loss (272,374)     (272,374)  
Distributions to common shareholders (1,407)       (1,407)
Balance ending (in shares) at Dec. 31, 2025   73,941,128      
Balance ending at Dec. 31, 2025 $ 880,987 $ 739 $ 2,658,471 $ (308,307) $ (1,469,916)
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (272,374) $ (136,107)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 121,856 118,710
Net amortization of debt premiums, discounts and issuance costs 40,825 13,463
Amortization of acquired real estate leases and assumed real estate lease obligations, net 41,153 64,636
Amortization of deferred leasing costs 14,402 12,990
(Gain) loss on sale of real estate (916) 7,410
Loss on impairment of real estate 2,048 181,578
Net gain on early extinguishment of debt (1,146) (138,603)
Non-cash reorganization items 25,654 0
Straight line rental income (23,074) (31,102)
Other non-cash expenses, net 237 575
Equity in net losses of investees 405 758
Change in assets and liabilities:    
Rents receivable 2,409 5,999
Due from related persons (231) 0
Deferred leasing costs (18,819) (22,969)
Other assets (8,901) 1,377
Accounts payable and other liabilities 71,085 (10,392)
Due to related persons (1,182) (1,156)
Net cash (used in) provided by operating activities (6,569) 67,167
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (37,635) (123,376)
Proceeds from sale of property, net 39,827 189,986
Net cash provided by investing activities 2,192 66,610
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (171,600) (350,242)
Proceeds from issuance of senior secured notes 0 338,986
Repayment of senior secured notes (26,998) 0
Borrowings on revolving credit facility 0 452,000
Repayments on revolving credit facility 0 (332,000)
Borrowings on secured term loan 0 100,000
Borrowings on debtor-in-possession secured term loan 10,000 0
Payment of debt issuance costs (1,196) (91,845)
Proceeds from issuance of common shares, net 1,106 0
Repurchases of common shares (32) (192)
Distributions to common shareholders (1,407) (2,033)
Net cash (used in) provided by financing activities (190,127) 114,674
(Decrease) increase in cash, cash equivalents and restricted cash (194,504) 248,451
Cash, cash equivalents and restricted cash at beginning of period 275,165 26,714
Cash, cash equivalents and restricted cash at end of period 80,661 275,165
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 130,554 145,326
Income taxes paid 192 361
Cash paid for reorganization costs 19,501 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 18,078 16,767
Capitalized interest 0 969
NON-CASH FINANCING ACTIVITIES:    
Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes (6,537) 0
Extinguishment of unsecured senior notes in exchange for senior secured notes and common shares 0 (180,548)
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 29,486 261,318
Restricted cash 51,175 13,847
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 80,661 $ 275,165
v3.26.1
Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Business
Office Properties Income Trust, or OPI, and its consolidated subsidiaries, or, together with OPI, we, us or our, is a real estate investment trust, or REIT, formed in 2009 under Maryland law.
As of December 31, 2025, our wholly owned properties were comprised of 122 properties containing approximately 17,113,000 rentable square feet and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties totaling approximately 346,000 rentable square feet.
Chapter 11 Bankruptcy Proceedings
On October 30, 2025, or the Petition Date, OPI and certain of its subsidiaries, or the Debtors, voluntarily commenced cases, or the Chapter 11 Cases, under chapter 11 of title 11, or Chapter 11, of the United States Code, or the Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. In connection with the filing of the Chapter 11 Cases, OPI entered into a Restructuring Support Agreement, or the RSA, with certain holders of our 9.00% senior secured notes due September 2029, or the September 2029 Notes, to implement a court-supervised financial restructuring pursuant to the transactions contemplated in the RSA. In connection with the Chapter 11 Cases, certain holders of the September 2029 Notes provided OPI with a $125,000 debtor-in-possession financing, or the DIP Facility, which was approved by the Bankruptcy Court on a final basis on February 4, 2026. See Note 9 for more information regarding the DIP Facility.
The Debtors continue to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As debtors-in-possession, the Debtors are authorized to pay all debts and honor all obligations arising in the ordinary course of our business after the Petition Date. However, generally, the Debtors may not pay third-party claims or creditors on account of obligations arising before the Petition Date or engage in transactions outside the ordinary course of business without prior approval of the Bankruptcy Court.
While the commencement of the Chapter 11 Cases constituted an event of default under certain of our debt agreements, enforcement of any remedies in respect of which is automatically stayed during the pendency of the Chapter 11 Cases. There are a number of risks and uncertainties associated with our bankruptcy proceedings, including, among others, that our prearranged plan of reorganization may not become effective.
On April 21, 2026, the Debtors filed the Fourth Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and Its Debtor Affiliates, or the Plan. On April 22, 2026, the Bankruptcy Court entered the Order Confirming Fourth Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and Its Debtor Affiliates confirming the Plan. After the satisfaction or waiver of the conditions precedent to the effectiveness of the Plan, the Debtors intend to effect the transactions contemplated by the Plan and emerge from Chapter 11 protection. There are a number of risks and uncertainties associated with our bankruptcy proceedings, including, among others, that the Plan may not become effective.
The Plan generally contemplates, among other things, that the following transactions and creditor treatment will be implemented:
•Holders of the September 2029 Notes will convert their debt into (i) $300,000 in newly issued 10.000% senior secured notes due 2031, or the Secured Exit Notes, and (ii) up to $120,000 of Secured Exit Notes and $98,000 in newly issued shares of the reorganized common equity (subject to dilution pursuant to the Plan), or the Recovery Pool; certain holders of the September 2029 Notes will be able to elect any combination of Secured Exit Notes and reorganized common equity up to their pro rata portion of the Recovery Pool, while the non-electing holders will receive their fixed pro rata portion of the Recovery Pool;
•Holders of our 3.25% Senior Secured Notes due 2027 will convert their debt into $385,000 in newly issued 8.375% senior secured notes due 2029, or the New 2029 Secured Notes, to be issued by a wholly owned subsidiary of OPI;
•Holders of our 8.00% senior priority guaranteed unsecured notes due 2030, or the 2030 Notes, will receive 100% of their claims in newly issued shares of the reorganized common equity (subject to dilution pursuant to the Plan);
•Our existing secured revolving credit facility and term loan will be amended and restated;
•Our 9.00% Senior Secured Notes due March 2029 will be reinstated and rendered unimpaired;
•Any claims under our mortgage notes will be unimpaired;
•Holders of DIP Facility claims will receive (x) newly issued shares of the reorganized common equity (subject to dilution pursuant to the Plan) at a discount to Plan value of 37%; (y) in respect of the upfront fee under the DIP Facility, reorganized common equity (subject to dilution pursuant to the Plan) to be issued at a discount to Plan value of 37% and (z) in respect of the anchor capital commitment fee and the exit fee under the DIP Facility, reorganized common equity (subject to dilution pursuant to the Plan) to be issued at Plan value;
•Holders of our other series of unsecured notes and certain unsecured deficiency claims will be treated as follows:
▪Holders of our other series of unsecured notes will receive their pro rata share of 6.3% of newly issued shares of the reorganized common equity (subject to dilution pursuant to the Plan), new warrants and the opportunity to participate in an equity rights offering in the aggregate amount of $35,000;
▪Holders of unsecured deficiency claims relating to the September 2029 Notes will receive their pro rata share of 5.3% of newly issued shares of the reorganized common equity (subject to dilution pursuant to the Plan);
•Allowed administrative claims, priority tax claims, other secured claims, trade and vendor claims and other priority claims will be paid in full in cash or receive such other treatment reinstating such claims or rendering such claims unimpaired;
•Other general unsecured claims that are allowed for $25 or less will be paid in full in cash and other general unsecured claims that are allowed for more than $25 may receive $25 in cash; and
•Holders of our common shares prior to the effective date of the Plan will not receive any distribution and such common shares will be cancelled, released and discharged on the effective date of the Plan.
The Plan also contemplates a new business management agreement and new property management agreements with The RMR Group LLC, or RMR, which agreements would take effect upon effectiveness of the Plan. The initial term of the new management agreements will be five years, with the annual fee under the business management agreement set at $14,000 per year for the first two years and the fees under our property management agreements being consistent with the fees under the existing property management agreement. In addition to the management fees, the Plan contemplates that we will issue to RMR, on the effective date of the Plan, 2% of the reorganized common equity, and, following the effective date of the Plan, we may issue up to an additional 8% of the reorganized common equity based on the satisfaction of certain financial tests. Our current management agreements with RMR will remain in effect during the pendency of the Chapter 11 Cases, and RMR will continue to manage our business in the ordinary course. See Note 6 for more information regarding our existing management agreements with RMR.
Under the Bankruptcy Code, we may assume, modify, assign or reject certain executory contracts and unexpired leases, including, without limitation, leases of real property and equipment, subject to the approval of the Bankruptcy Court and to certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves us from performing the future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires us to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease in these financial statements including, where applicable, the express termination rights thereunder or a quantification of their obligations, must be read in conjunction with, and is qualified by, any overriding rejection rights we have under the Bankruptcy Code.
The Plan has not yet become effective as of the date of issuance of these financial statements. Effectiveness of the Plan is subject to a number of conditions precedent. There can be no assurance that all conditions to the effectiveness of the Plan will be satisfied or waived, or that the Plan will become effective on the timeline currently contemplated, or at all.
Going Concern
Substantial doubt about our ability to continue as a going concern exists due to (1) insufficient liquidity to satisfy our obligations as they come due, (2) limited alternatives available to us to obtain debt or equity financing, (3) inability to refinance our maturing debt, and (4) the resulting Chapter 11 Cases. Our ability to continue as a going concern is contingent upon, among other things, our ability to implement the Plan and generate sufficient liquidity following the reorganization to meet our obligations, restructured debt obligations and operating needs.
The transactions contemplated by the Plan are subject to certain conditions. Accordingly, no assurance can be given that the transactions described therein will be consummated. As a result, we have concluded that management’s plans at this stage do not alleviate substantial doubt about our ability to continue as a going concern.
The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles, or GAAP, applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
v3.26.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation. These consolidated financial statements include the accounts of OPI and its subsidiaries, all of which are wholly owned directly or indirectly by OPI. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Financial Reporting during Bankruptcy Proceedings. We began to apply Financial Accounting Standards Board Accounting Standards Codification, or ASC, Topic 852, Reorganizations, effective on the Petition Date, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions directly associated with the reorganization from activities related to the ongoing operations of the business within the financial statements for periods subsequent to the Petition Date. Expenses, realized gains and losses, and provisions for losses that are directly associated with reorganization proceedings must be reported separately as reorganization items, net in the consolidated statement of comprehensive income (loss). In addition, the consolidated balance sheet must distinguish certain liabilities subject to compromise, or LSTC. LSTC are pre-petition obligations that are not fully secured and have at least a possibility of not being repaid at the full claim amount. Where there is uncertainty about whether a secured claim will be paid or impaired pursuant to the Chapter 11 Cases, we have classified the entire amount of the claim as LSTC.
Upon emergence from bankruptcy on the effective date of the Plan, we expect to qualify for fresh-start reporting. In order to qualify for fresh-start reporting (i) the holders of existing voting shares of OPI prior to its emergence must receive less than 50% of the outstanding voting shares of the reorganized company following its emergence from bankruptcy and (ii) the reorganization value of OPI’s assets immediately prior to confirmation of the Plan must be less than the post-petition liabilities and allowed claims. Under the principles of fresh-start reporting, a new reporting entity, or the Successor, will be considered to have been created, and, as a result, the Successor will allocate the reorganization value of the Successor to its individual assets based on their estimated fair values.
Liabilities Subject to Compromise. As of December 31, 2025, we reclassified certain LSTC in our consolidated balance sheet. These liabilities are reported at the amounts expected to be allowed as claims by the Bankruptcy Court. The amounts are preliminary and may be subject to future adjustments depending on Bankruptcy Court actions, developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims,
rejection of executory contracts, continued reconciliation or other events. The following table presents LSTC as of December 31, 2025:
As of December 31, 2025
Debt$1,519,069 
Accrued interest42,230 
Accounts payable and other liabilities
16,834 
Total liabilities subject to compromise$1,578,133 
The determination of how liabilities will ultimately be settled or treated cannot be made until the Bankruptcy Court confirms a Chapter 11 plan of reorganization and such plan becomes effective. Accordingly, we cannot determine the ultimate amount of such liabilities at this time.
Contractual interest. Effective as of the Petition Date, we ceased accruing interest expense on our unsecured debt instruments. As a result, we did not recognize $3,521 of aggregate contractual interest expense during the year ended December 31, 2025 that would have otherwise been recorded under these instruments.
Reorganization items, net. Reorganization items, net, represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of bankruptcy-related professional fees and adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts. Reorganization items, net from the Petition Date through December 31, 2025 include the following:
Year Ended December 31, 2025
Professional fees$29,885 
Debt valuation adjustments25,429 
Debt issuance costs23,019 
Total reorganization items, net$78,333 
Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill.
We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net increases to rental income of $562 and $402 during the years ended December 31, 2025 and 2024, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $41,716 and $65,039 during the years ended December 31, 2025 and 2024, respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease.
As of December 31, 2025 and 2024, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows:
 December 31,
20252024
Acquired real estate leases:
Capitalized above market lease values$4,620 $7,715 
Less: accumulated amortization(3,569)(5,814)
Capitalized above market lease values, net1,051 1,901 
Lease origination value344,445 433,347 
Less: accumulated amortization(195,242)(241,509)
Lease origination value, net149,203 191,838 
Acquired real estate leases, net$150,254 $193,739 
Assumed real estate lease obligations:
Capitalized below market lease values$14,098 $14,177 
Less: accumulated amortization(5,724)(4,652)
Assumed real estate lease obligations, net$8,374 $9,525 
As of December 31, 2025, the weighted average amortization periods for capitalized above market leases, lease origination value and capitalized below market lease values were 4.6 years, 7.2 years and 11.5 years, respectively. Future amortization of net intangible lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31,
2025 are estimated to be $33,081 in 2026, $27,234 in 2027, $14,871 in 2028, $13,716 in 2029, $13,203 in 2030 and $39,775 thereafter.
We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash. Restricted cash consists of amounts segregated related to the activity of the properties secured by our credit facility and term loan, escrowed for professional fees, utility deposits, borrowings under the DIP Facility and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.
Deferred Leasing Costs. Deferred leasing costs include brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We recorded amortization of deferred leasing costs of $11,385 and $10,988, and reductions to rental income related to the amortization of inducements of $3,018 and $2,003 for the years ended December 31, 2025 and 2024, respectively. Deferred leasing costs, excluding properties classified as held for sale, totaled $138,986 and $127,095 at December 31, 2025 and 2024, respectively, and accumulated amortization of deferred leasing costs totaled $40,718 and $29,453 at December 31, 2025 and 2024, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2025 are estimated to be $14,671 in 2026, $12,970 in 2027, $12,200 in 2028, $11,360 in 2029, $10,151 in 2030 and $36,916 thereafter.
Debt Issuance Costs. Costs related to the issuance or assumption of debt are capitalized and amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our $325,000 secured revolving credit facility are included in other assets in our consolidated balance sheets. As of December 31, 2025 and 2024, debt issuance costs for our revolving credit facility were $7,838 and accumulated amortization of debt issuance costs for our revolving credit facility were $4,995 and $2,396, respectively. Debt issuance costs for the DIP Facility are expensed as incurred and included in reorganization items, net in our consolidated statement of comprehensive net income (loss). Debt issuance costs, net of accumulated amortization, for our senior notes, term loan and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2025 and 2024, debt issuance costs, net of accumulated amortization, for our senior notes, term loan and mortgage notes payable totaled $10,648 and $65,802, respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and term loan, senior notes and mortgage notes payable as of December 31, 2025 are estimated to be $6,294 in 2026, $3,150 in 2027, $2,635 in 2028, $687 in 2029, $203 in 2030 and $522 thereafter.
Equity Method Investments. As of December 31, 2025, we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties. The properties owned by the joint venture were encumbered by $49,106 of mortgage indebtedness. We did not control the activities that are most significant to the joint venture and, as a result, we accounted for our investment in the joint venture under the equity method of accounting. See Note 4 for more information regarding our unconsolidated joint ventures.
We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value.
Revenue Recognition. We are a lessor of commercial office properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements.
Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income.
Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have made the policy election to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply ASC Topic 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).
Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. See Note 5 for more information regarding our leases.
Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes.
Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share.
Use of Estimates. Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
v3.26.1
Per Common Share Amounts
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Per Common Share Amounts Per Common Share Amounts
The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share data):
Year Ended December 31,
20252024
Numerators:
Net loss$(272,374)$(136,107)
Income attributable to unvested participating securities(12)(14)
Net loss used in calculating earnings per common share$(272,386)$(136,121)
Denominators:
Weighted average common shares outstanding - basic and diluted (1)
71,915 51,806 
Net loss per common share - basic and diluted$(3.79)$(2.63)
(1)For the years ended December 31, 2025 and 2024, there were no dilutive common shares.
v3.26.1
Real Estate Properties
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Properties Real Estate Properties
As of December 31, 2025, our 122 wholly owned properties contained approximately 17,113,000 rentable square feet, with an undepreciated carrying value of $3,676,695. We also had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2026 and 2044. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the year ended December 31, 2025, we entered into 46 leases for approximately 974,000 rentable square feet for a weighted (by rentable square feet) average lease term of 6.7 years and we made commitments of $27,854 for leasing related costs. As of December 31, 2025, we had estimated unspent leasing related obligations of $55,076.
Disposition Activities
The sales completed during the years ended December 31, 2025 and 2024, as presented in the tables below, do not represent a strategic shift in our business. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).
2025 Disposition Activities
During the year ended December 31, 2025, we sold six properties containing approximately 406,000 rentable square feet for an aggregate sales price of $40,088, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real Estate
Loss on Impairment of Real Estate
February 20251
Parsippany, NJ
100,000 $5,750 $(4,641)$— 
February 20252Santa Clara, CA149,000 21,150 42 — 
July 20251Detroit, MI56,000 2,150 27 (2,048)
December 20252Tempe, AZ101,000 11,038 5,488 — 
6406,000 $40,088 $916 $(2,048)
(1)Gross sales price is the gross contract price, excluding closing costs.
2024 Disposition Activities
During the year ended December 31, 2024, we sold 24 properties containing approximately 2,789,000 rentable square feet for an aggregate sales price of $199,351, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real EstateLoss on Impairment of Real Estate
March 20241
Chicago, IL
248,000 $38,500 $(2,448)$— 
July 20241Malden, MA126,000 7,800 (10)(13,973)
August 20243Indianapolis, IN434,000 10,100 729 (50,851)
September 20241Atlanta, GA126,000 17,610 8,690 — 
September 20241San Jose, CA64,000 10,800 (954)(819)
November 20241Colorado Springs, CO156,000 26,164 12,962 — 
November 20241Rocklin, CA19,000 2,627 1,084 — 
November 20243Lakewood, CO213,000 8,100 (9,132)— 
December 20245Atlanta, GA379,000 18,100 79 (21,937)
December 20241Florence, KY168,000 3,250 (6,966)— 
December 20241Sacramento, CA338,000 21,000 (6,502)(33,902)
December 20241Reston, VA131,000 7,200 (869)(18,540)
December 20241Kansas City, MO87,000 8,000 32 (4,370)
December 20241Westford, MA175,000 5,100 (6,481)(3,554)
December 20242Provo, UT125,000 15,000 2,376 — 
242,789,000 $199,351 $(7,410)$(147,946)
(1)Gross sales price is the gross contract price, excluding closing costs.
Unconsolidated Joint Venture
As of December 31, 2025, we owned an interest in one joint venture that owned two properties. We accounted for this investment under the equity method of accounting.
As of December 31, 2025 and 2024, our investment in our unconsolidated joint venture consisted of the following:
OPI OwnershipOPI Carrying Value of Investments at December 31, Number of PropertiesLocationRentable Square Feet
Joint Venture20252024
Prosperity Metro Plaza51%$16,965 $17,370 2Fairfax, VA346
The following table provides a summary of the mortgage debt of our unconsolidated joint venture as of December 31, 2025 and 2024:
Principal Balance at December 31,
Joint Venture
 Interest Rate (1)
Maturity Date
2025 (2)
2024 (2)
Prosperity Metro Plaza4.09%12/1/2029$49,106 $50,000 
(1)Includes the effect of mark to market purchase accounting.
(2)Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interest in the joint venture we did not own. None of the debt is recourse to us.
The filing of the Chapter 11 Cases constituted an event of default under the mortgage note secured by the properties owned by the Prosperity Metro Plaza joint venture. The Prosperity Metro Plaza joint venture remains current on debt service under this mortgage note and continues to own, operate and lease the collateral properties.
As of December 31, 2025, the unamortized basis difference of our joint venture of $645 was primarily attributable to the difference between the amount we paid to purchase our interest in the joint venture, including transaction costs, and the historical carrying value of the net assets of the joint venture. The difference is being amortized over the remaining useful life of the related property and the resulting amortization expense is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss).
During the year ended December 31, 2024, our former 1750 H Street, NW joint venture did not have sufficient cash flow to pay its monthly debt service resulting in an event of default under the mortgage, and the non-recourse mortgage lender to this joint venture completed a foreclosure of the property, after which, the joint venture ceased to have an economic interest in the property. We wrote off our full investment in this joint venture as of December 31, 2023 and did not make capital contributions to this joint venture during the year ended December 31, 2024.
v3.26.1
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income to record revenue on a straight line basis by $23,074 and $31,102 for the years ended December 31, 2025 and 2024, respectively. Rents receivable, excluding properties classified as held for sale, included $151,525 and $140,132 of straight line rent receivables at December 31, 2025 and 2024, respectively.
We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $74,516 and $86,903 for the years ended December 31, 2025 and 2024, respectively, of which tenant reimbursements totaled $71,152 and $82,647, respectively.
The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2044 as of December 31, 2025:
YearAmount
2026$316,220 
2027301,108 
2028269,293 
2029258,549 
2030230,579 
Thereafter927,651 
Total$2,303,400 
As of December 31, 2025, tenants representing approximately 1.2% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximately 1.3%, 2.1%, 6.2%, 4.7%, 3.4%, 1.1%, 8.1%, 1.7%, 3.7%, 0.8%, 0.7% and 2.3% of our total operating lease maturities, respectively. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2025, five of our tenants had the right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These five tenants represented approximately 2.9% of our total operating lease maturities as of December 31, 2025.
Leases Leases
Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income to record revenue on a straight line basis by $23,074 and $31,102 for the years ended December 31, 2025 and 2024, respectively. Rents receivable, excluding properties classified as held for sale, included $151,525 and $140,132 of straight line rent receivables at December 31, 2025 and 2024, respectively.
We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $74,516 and $86,903 for the years ended December 31, 2025 and 2024, respectively, of which tenant reimbursements totaled $71,152 and $82,647, respectively.
The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2044 as of December 31, 2025:
YearAmount
2026$316,220 
2027301,108 
2028269,293 
2029258,549 
2030230,579 
Thereafter927,651 
Total$2,303,400 
As of December 31, 2025, tenants representing approximately 1.2% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximately 1.3%, 2.1%, 6.2%, 4.7%, 3.4%, 1.1%, 8.1%, 1.7%, 3.7%, 0.8%, 0.7% and 2.3% of our total operating lease maturities, respectively. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2025, five of our tenants had the right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These five tenants represented approximately 2.9% of our total operating lease maturities as of December 31, 2025.
v3.26.1
Business and Property Management Agreements with RMR
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Business and Property Management Agreements with RMR Business and Property Management Agreements with RMR
We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations.
Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms:
•Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of:
•the sum of (a) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR provided business management or property management services, or the Transferred Assets, plus (b) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000, plus (c) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000; and
•the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000.
The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such
real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves.
•Incentive Management Fee. The incentive management fee which may be earned by RMR for an annual period is calculated as follows:
•An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of:
•our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and
•the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Office REIT Index is the applicable benchmark index.

For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period.
•The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period.
•No incentive management fee is payable by us unless our total return per share during the measurement period is positive.
•The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated.
•If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable index in any year by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market index).
•The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period.
•Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements.
Business management fees are included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2025 or 2024.
•Property Management and Construction Supervision Fees. The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs. Property management fees are included in other operating expenses in our consolidated statements of net income (loss) and construction supervision fees are capitalized as building improvements in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets.

•Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR which are included in other operating expenses and general and administrative expense, as applicable, in our consolidated statements of comprehensive income (loss).
•Term. Our management agreements with RMR have terms that end on December 31, 2045, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension.
•Termination Rights. We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein.
•Termination Fee. If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination, would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10-year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR.
•Transition Services. RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable.
•Vendors. Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers.
•Investment Opportunities. Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR.
In January 2025, in connection with a $100,000 credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., or Citibank, and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements under the security agreement. Pursuant to the consent, we agreed, among other things, that upon notice that an event of default under the RMR credit agreement has occurred and is continuing, we will continue to make all payments under our management agreements in accordance with the instructions of Citibank, and that if there is an event of default by RMR under our management agreements that would allow us to terminate or suspend our obligations, we will not terminate or suspend without notice to Citibank and providing Citibank 30 days to cure the default on RMR’s behalf. The consent was approved by our Independent Trustees.
For the years ended December 31, 2025 and 2024, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Year Ended December 31,
20252024
Pursuant to business management agreement:
Business management fees (1)
$12,252 $13,145 
Pursuant to property management agreement:
Property management fees (2)
$11,256 $13,584 
Construction supervision fees1,250 2,872 
$12,506 $16,456 
Expense Reimbursement:
Property level expenses
$20,779 $25,797 
(1)The net business management fees we recognized for the years ended December 31, 2025 and 2024 each reflect a reduction of $603 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)The net property management fees we recognized for the years ended December 31, 2025 and 2024 each reflect a reduction of $484 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.

Management Agreements Between Our Joint Venture and RMR. RMR provides management services to our unconsolidated joint venture. We are not obligated to pay management fees to RMR under our management agreement with RMR for the services it provides regarding the joint venture. The joint venture pays management fees directly to RMR.
See Note 1 for further information regarding our agreements with RMR as it relates to the Plan.
v3.26.1
Related Person Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Person Transactions Related Person Transactions
We have relationships and historical and continuing transactions with RMR, RMR Inc. and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Jennifer Clark, our other Managing Trustee until December 31, 2025, was a managing director and the executive vice president, general counsel and secretary of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. Yael Duffy, our other Managing Trustee since January 1, 2026, and our President and Chief Executive Officer, is also an executive vice president of RMR Inc. and a managing trustee and president and chief executive officer of Industrial Logistics Properties Trust, one of the other public companies managed by RMR. Each of our other officers is also an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including Ms. Duffy, serve as managing trustees or officers of certain of these public companies.
Leases with RMR. We lease office space to RMR in certain of our properties for RMR’s property management offices. Pursuant to our lease agreements with RMR, we recognized rental income from RMR for leased office space of $816 and $807 for the years ended December 31, 2025 and 2024, respectively. Our office space leases with RMR are terminable by RMR if our management agreements with RMR are terminated.
Share Awards to RMR Employees. As described further in Note 11, we have awarded shares to our officers and other employees of RMR. Generally, one fifth of these awards vest on the grant date and one fifth vests on each of the next four anniversaries of the grant dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR. These awards to RMR employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR. See Note 11 for more information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards.
Sonesta. Prior to January 1, 2025, we leased 240,000 rentable square feet of a mixed-use property in Washington, D.C. pursuant to a lease with a subsidiary of Sonesta International Hotels Corporation, or Sonesta, and such lease, the Sonesta Lease. We terminated the Sonesta Lease, effective January 1, 2025. The Sonesta Lease commenced in August 2023 and was amended in September 2024 to expand the premises by 5,900 rentable square feet. Pursuant to the amended Sonesta Lease, Sonesta was required to pay us annual base rent of approximately $6,724 beginning February 2025, and the annual base rent would have increased by 10% every five years throughout the term. Sonesta was also obligated to pay its pro rata share of the operating costs for the property. We recognized rental income of $12,428 in 2024 under the Sonesta Lease. As of December 31, 2024, we had paid approximately $76,834 of tenant improvement costs for the build out of the hotel space pursuant to the Sonesta Lease.
Effective January 1, 2025, we entered into a management agreement with Sonesta, or the Sonesta Management Agreement, to replace the Sonesta Lease. The Sonesta Management Agreement expires on December 31, 2040, and includes two 10-year renewal options. The Sonesta Management Agreement provides that we are paid an annual owner’s priority return if gross revenues of the hotel, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta Management Agreement further provides that we are paid an additional return of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding furniture, fixtures and equipment, or FF&E, reserves and paying Sonesta’s incentive fee, if applicable. The stated annual owner’s priority return is $7,500 and increases by 8.0% of our out-of-pocket capital expenditures and will increase annually to 102% of our prior year’s annual owner’s priority return. We recognized $29,644 of hotel operating revenues for the year ended December 31, 2025, which is included in rental income in our consolidated statements of comprehensive income (loss). We realized returns under the Sonesta Management Agreement of $4,496 during the year ended December 31, 2025. We are responsible for any capital expenditures in excess of available funds in the FF&E reserve. The Sonesta Management Agreement requires that 1.0% of gross revenues for 2025, 3.0% of gross revenues for 2026 and 4.0% of gross revenues for each calendar year thereafter be escrowed for future capital expenditures as FF&E reserves. FF&E escrow deposits of $296 were required during the year ended December 31, 2025. Sonesta owed us $231 in returns under the Sonesta Management Agreement as of December 31, 2025. Amounts due from Sonesta are included in due from related person in our consolidated balance sheets.
Pursuant to the Sonesta Management Agreement, we are required to pay Sonesta, after payment of hotel operating expenses, a base management fee equal to 1.5% of gross revenues, as defined in the Sonesta Management Agreement, for 2025 and 3.0% of gross revenues each calendar year thereafter. Additionally, we are required to pay (i) an incentive fee equal to 20% of net operating profit, as defined in the Sonesta Management Agreement, in excess of the annual owner’s priority; (ii) a brand promotion fee of 1.75% of gross revenues for 2025 and 3.5% of gross revenues for each calendar year thereafter; and (iii) a loyalty fee of the greater of 1.0% of room revenues or 4.5% of qualified room revenues from guests participating in certain loyalty programs. Sonesta’s incentive management fee, but not its other fees, is earned only after our annual owner’s priority return is paid. The Sonesta Management Agreement also provides that the pro rata costs Sonesta incurs for advertising, marketing, promotional and public relations programs and campaigns, including its Rewards Program, for the benefit of this hotel are subject to reimbursement by us or are otherwise treated as hotel operating expenses.
We incurred management, brand promotion and loyalty fees of $837 for the year ended December 31, 2025. These fees and costs are included in other operating expenses in our consolidated statements of comprehensive income (loss). We are required to maintain working capital under the Sonesta Management Agreement and advanced $548 of working capital in 2025 to meet the cash needs for hotel operations.
As of December 31, 2024, we had a straight line rent receivable related to the Sonesta Lease totaling $12,343. Due to our ongoing relationship with Sonesta under the Sonesta Management Agreement, upon termination of the Sonesta Lease, we reclassified this receivable to other assets, net in our consolidated balance sheet. We are amortizing this receivable through the original Sonesta Lease expiration date, or July 2053, as an increase to other operating expenses in our consolidated statements of comprehensive income (loss). We recognized $432 of amortization expense during the year ended December 31, 2025 and as of December 31, 2025, the remaining unamortized balance was $11,911.
The Sonesta Management Agreement also provides that, prior to August 2, 2026, our approval is required for Sonesta to operate another Royal Sonesta Hotel in Washington D.C., other than the Royal Sonesta Washington Dupont Circle located at 2121 P Street, N.W., Washington D.C. In general, we and Sonesta may terminate the Sonesta Management Agreement for events of default and casualty and condemnation events. We also have the right to terminate the Sonesta Management Agreement if minimum performance thresholds are not met starting in 2027 for any two consecutive calendar years. Pursuant to the Sonesta Management Agreement, we or Sonesta may be obligated to pay the other party damages if the terminating party terminates the Sonesta Management Agreement due to the other party’s event of default.

Mr. Portnoy is a director and controlling shareholder of Sonesta. Another officer and employee of RMR is a director and president and chief executive officer of Sonesta.
v3.26.1
Concentration
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Concentration Concentration
Tenant and Credit Concentration
As of December 31, 2025 and 2024, the U.S. government and certain state and other government tenants combined were responsible for approximately 25.7% and 24.8%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 17.2% and 17.0% of our annualized rental income as of December 31, 2025 and 2024, respectively. We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization.
Geographic Concentration
As of December 31, 2025, our 122 wholly owned properties were located in 29 states and the District of Columbia. Properties located in Virginia, California, Illinois, Georgia and Texas were responsible for approximately 14.2%, 11.4%, 10.9%, 10.8% and 10.1% of our annualized rental income as of December 31, 2025, respectively.
v3.26.1
Indebtedness
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
As of December 31, 2025 and 2024, our outstanding indebtedness consisted of the following:
 December 31,
20252024
Secured revolving credit facility, due in 2027$325,000 $325,000 
Secured term loan, due in 2027100,000 100,000 
Debtor-in-possession term loan, 12.000% interest rate, due in 2026
10,225 — 
Senior unsecured notes, 4.500% interest rate, due in 2025 (1)
— 171,586 
Senior unsecured notes, 2.650% interest rate, due in 2026 (1)
133,929 140,488 
Senior unsecured notes, 2.400% interest rate, due in 2027 (1)
78,306 80,784 
Senior secured notes, 3.250% interest rate, due in 2027 (1)
417,994 444,992 
Mortgage note payable, 8.272% interest rate, due in 2028
42,700 42,700 
Mortgage note payable, 8.139% interest rate, due in 2028
26,340 26,340 
Mortgage note payable, 7.671% interest rate, due in 2028
54,300 54,300 
Senior secured notes, 9.000% interest rate, due in March 2029
300,000 300,000 
Senior secured notes, 9.000% interest rate, due in September 2029 (1)
609,999 609,999 
Senior unsecured notes, 8.000% interest rate, due in 2030 (1)
14,439 — 
Senior unsecured notes, 3.450% interest rate, due in 2031 (1)
102,402 114,355 
Mortgage note payable, 7.210% interest rate, due in 2033
30,680 30,680 
Mortgage note payable, 7.305% interest rate, due in 2033
8,400 8,400 
Mortgage note payable, 7.717% interest rate, due in 2033
14,900 14,900 
Senior unsecured notes, 6.375% interest rate, due in 2050 (1)
162,000 162,000 
2,431,614 2,626,524 
Unamortized debt premiums, discounts and issuance costs(22,988)(91,890)
$2,408,626 $2,534,634 
(1)In connection with the commencement of the Chapter 11 Cases, the principal amount of these instruments was reclassified to LSTC in our consolidated balance sheet as of December 31, 2025 and the applicable debt issuance costs and discounts were written off to reorganization items, net in our consolidated statement of comprehensive net income (loss).
Our $325,000 secured revolving credit facility and $100,000 secured term loan are governed by a credit agreement, or our credit agreement, with a syndicate of institutional lenders. As collateral for all loans and other obligations under our credit agreement, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 19 properties that had a gross book value of real estate assets of $1,035,653 as of December 31, 2025. The maturity date of our credit agreement is January 29, 2027. Our credit agreement contains a number of covenants, including covenants that require us to maintain certain financial ratios, restrict our ability to incur additional debt in excess of calculated amounts and, subject to limited exceptions, restrict our ability to increase our distribution rate above $0.01 per common share per quarter and enter into share repurchases. Availability of borrowings under our credit agreement is subject to ongoing minimum performance and market values of the 19 collateral properties, our satisfying certain financial covenants and other credit facility conditions.
Interest payable on borrowings under our credit agreement was previously at a rate of the secured overnight financing rate plus a margin of 350 basis points through the Petition Date. Effective on the Petition Date, interest payable on borrowings under our credit agreement changed to a rate of the U.S. federal prime rate plus a margin of 250 basis points. Effective February 4, 2026, in accordance with an order entered by the Bankruptcy Court, the margin increased to 450 basis points pursuant to the default rate stipulated in our credit agreement. We are also required to pay an unused facility fee on the amount of total lending commitments of 25 basis points per annum based on amounts outstanding. As of December 31, 2025, our $325,000 revolving credit facility was fully drawn and $100,000 was outstanding under our term loan.
As of December 31, 2025, the annual interest rate payable on borrowings under our credit agreement was 9.3%. The weighted average annual interest rate for borrowings under our credit agreement for the year ended December 31, 2025 was 8.2%.
Senior Notes Redemptions and Repayments
In January 2025, we redeemed, at par plus accrued interest, all of the remaining $171,586 of our 4.50% senior unsecured notes due 2025.
In February 2025, in connection with the sale of a collateral property, we redeemed, at par plus accrued interest, $5,469 of our senior secured notes due 2027. As a result, we recorded a loss on early extinguishment of debt of $928 during the year ended December 31, 2025 which represented the unamortized discounts and issuance costs related to these notes.
In July 2025, in connection with the sale of a collateral property, we redeemed, at par plus accrued interest, $2,029 of our senior secured notes due 2027. As a result, we recorded a loss on early extinguishment of debt of $285 during the year ended December 31, 2025 which represented the unamortized discounts and issuance costs related to these notes.
Our senior secured notes due 2027 require quarterly principal repayments of $6,500. We have made $19,500 of scheduled quarterly principal repayments on these notes in 2025. We ceased scheduled quarterly principal payments due on December 31, 2025 and did not make the additional March 2026 principal repayment following the commencement of the Chapter 11 Cases.
Senior Notes Exchanges
In March 2025, we exchanged $14,439 of the 2030 Notes for an aggregate $20,990 of our outstanding unsecured senior notes, or the Existing Notes, and such transaction, the Senior Note Exchange, as follows:
Existing Notes ExchangedAggregate Principal Amount of Existing Notes Accepted for Exchange
Aggregate Principal Amount of September 2029 Notes Delivered
Existing 2.650% 2026 Notes
$6,559 $5,836 
Existing 2.400% 2027 Notes
2,478 1,882 
Existing 3.450% 2031 Notes
11,953 6,721 
Total$20,990 $14,439 
The 2030 Notes are fully and unconditionally guaranteed on a joint, several and unsecured basis by certain of our subsidiaries which also guarantee our senior secured notes due 2027. The 2030 Notes require semi-annual payments of interest only and are prepayable, at par plus accrued interest, after March 12, 2029. During the year ended December 31, 2025, we recorded an aggregate gain related to the Senior Note Exchange of $764, or $0.01 per common share, which is included in net gain (loss) on early extinguishment of debt in our consolidated statements of comprehensive income (loss).
Our credit agreement and senior notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR, ceasing to act as our business and property manager. Our credit agreement and senior notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to increase our distribution rate above the level of $0.01 per common share per quarter. The filing of the Chapter 11 Cases constituted an event of default under our credit agreement and senior notes indentures and their supplements which accelerated amounts due under the applicable agreements. Efforts to enforce financial obligations under the applicable agreements are stayed as a result of the filing of the Chapter 11 Cases and the creditors’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. Our credit agreement is being amended and restated pursuant to the Plan to resolve any defaults thereunder and address certain terms to facilitate the Debtors’ restructuring. The amended and restated credit agreement will become effective on the effective date of the Plan.
As of December 31, 2025, seven of our properties with an aggregate gross book value of real estate assets of $305,859 were encumbered by mortgage notes, or our Mortgage Notes, with an aggregate principal amount of $177,320. Our Mortgage Notes are non-recourse, subject to certain limited exceptions and do not contain any material financial covenants. The borrowers under our Mortgage Notes, or the Mortgage Note Borrowers, are certain of our subsidiaries that are not included in the Chapter 11 Cases. However, we provide certain guarantees under our Mortgage Notes, and as a result, the filing of the Chapter 11 Cases constituted an event of default under our Mortgage Notes and each Mortgage Note was transferred to special servicing. The Mortgage Note Borrowers continue to own, operate and lease the applicable collateral properties and remain current on their debt service obligations. As of May 18, 2026, two of the Mortgage Note Borrowers have entered into waiver agreements with their respective lenders. We remain in negotiations with the special servicers and lenders of our other Mortgage Notes regarding potential waiver agreements.
DIP Term Loan Credit Agreement
On November 5, 2025, the Bankruptcy Court entered an interim order allowing us to enter into a secured debtor-in-possession term loan credit agreement, or the Initial DIP Credit Agreement. The Initial DIP Credit Agreement provided for a multiple draw secured debtor-in-possession term loan facility in an aggregate principal amount of up to $125,000. An initial borrowing of $10,000 was made following the entry of the interim order and our entry into the Initial DIP Credit Agreement on November 6, 2025.
On February 5, 2026, we entered into an amended and restated DIP term loan credit agreement, or the A&R DIP Credit Agreement pursuant to a final order entered by the Bankruptcy Court on February 4, 2026. The A&R DIP Credit Agreement provides for the DIP Facility, a multiple draw secured debtor-in-possession term loan facility in an aggregate principal amount of up to $125,000, of which: (a) we borrowed $10,000 on November 6, 2025 pursuant to an interim order entered by the Bankruptcy Court; (b) $75,000 was made available to us and drawn as follows: (i) we borrowed $64,300 on February 5, 2026, and (ii) we borrowed $10,700 on March 13, 2026; and (c) and we borrowed $40,000, or the Tranche B Term Loan, on April 7, 2026. The DIP Facility had an original maturity date of May 4, 2026, with the option to extend under certain circumstances. In May 2026, the maturity date was extended to May 31, 2026. Borrowings under the DIP Facility may be repaid in reorganized common equity or cash, at the Debtors’ election. On April 5, 2026, the Debtors filed a notice of their intent to equitize the DIP Facility with the Bankruptcy Court.
Borrowings under the DIP Facility bear interest, payable in cash, at a rate of 12.00% per annum. Fees and expenses under the DIP Facility include: (a) an upfront fee equal to (i) cash at 2.25% of the lenders’ commitments or (ii) common equity of the reorganized OPI in an aggregate amount equal to 3.60% of the commitments, which fee was earned upon the initial funding of each loan under the DIP Facility and is payable in kind; (b) an anchor capital commitment fee of 10.00% of the lenders’ commitments under the DIP Facility payable to certain backstop parties, which was earned upon the initial funding of the DIP Facility, and may be paid, at our election, in cash or common equity of the reorganized company; and (c) an exit fee of 4.50% of the aggregate borrowings under the DIP Facility, which is due and payable upon the repayment of any loans under the DIP Facility, at our election, in cash or common equity of the reorganized company. In the event of a voluntary prepayment, we are required to pay, for the ratable account of each lender, in cash a prepayment premium equal to 1.0% multiplied by the sum of the principal amount of the borrowings that are being repaid at such time. A commitment fee is also due for the ratable account of each Tranche B Term Loan lender, in an aggregate amount equal to 0.75% per annum times the actual daily amount of the aggregate undrawn Tranche B Term Loan commitments.
The DIP Facility contains customary conditions precedent, representations and warranties, affirmative and negative covenants, milestones for the Chapter 11 Cases, events of default and other terms and conditions customary for financings of this type. The DIP Facility obligations are entitled to superpriority administrative expense claims and secured by first-priority liens on certain of our unencumbered assets and junior-priority liens on certain of our encumbered assets.
The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2025 were as follows:
YearPrincipal Payment
2026$144,154 
2027921,300 
2028123,487 
2029910,278 
203014,739 
Thereafter317,656 
Total (1)
$2,431,614 
(1)Total consolidated debt outstanding as of December 31, 2025, net of unamortized premiums, discounts and issuance costs totaling $22,988, was $2,408,626.
v3.26.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
Our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, amounts due from related persons, accounts payable, a revolving credit facility, a term loan, senior notes, mortgage notes payable, a debtor-in-possession secured term loan, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2025 and 2024, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
 As of December 31, 2025As of December 31, 2024
Financial Instrument
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Senior unsecured notes, 4.500% interest rate, due in 2025
$— $— $171,607 $169,302 
Senior unsecured notes, 2.650% interest rate, due in 2026
133,929 13,393 139,578 106,078 
Senior unsecured notes, 2.400% interest rate, due in 2027
78,306 7,831 80,486 49,475 
Senior secured notes, 3.250% interest rate, due in 2027
417,994 336,485 363,432 383,806 
Senior secured notes, 9.000% interest rate, due in March 2029
281,366 306,444 275,632 293,100 
Senior secured notes, 9.000% interest rate, due in September 2029
609,999 530,699 637,052 529,436 
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030
14,439 4,918 — — 
Senior unsecured notes, 3.450% interest rate, due in 2031
102,402 10,240 113,511 49,688 
Senior unsecured notes, 6.375% interest rate, due in 2050
162,000 12,312 157,096 80,676 
Mortgage notes payable173,840 182,223 172,912 177,295 
Total $1,974,275 $1,404,545 $2,111,306 $1,838,856 
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $22,115 and $90,218 as of December 31, 2025 and 2024, respectively.
We estimated the fair values of our senior notes (except for our senior priority guaranteed unsecured notes due 2030 and senior unsecured notes due 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair value of our senior unsecured notes due 2050 based on the closing price on The Nasdaq Stock Market LLC, or Nasdaq, (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior priority guaranteed unsecured notes due 2030 and our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values. The fair values presented are estimates and may not represent what investors may expect to receive as a result of the Chapter 11 Cases.
v3.26.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Issuances
In March 2025, we entered into a sales agreement with Clear Street LLC, or the Agent, pursuant to which we may issue and sell our common shares from time to time, in transactions that are deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended, for up to an aggregate sales price of $100,000, or the ATM Program. We were required to pay the Agent a cash commission of 3% of the gross sales prices of any common shares we sold under the ATM Program. During the year ended December 31, 2025, we sold an aggregate 4,171,689 of our common shares under the ATM Program valued at a weighted average share price of $0.27 for net proceeds of $1,106 after deducting Agent commissions and other offering costs. In June 2025, we suspended use of the ATM Program and we did not sell any common shares under the ATM Program subsequent to June 30, 2025.
Share Awards
We have common shares available for issuance under the terms of our Second Amended and Restated 2009 Incentive Share Award Plan, or the 2009 Plan. During the year ended December 31, 2025, we did not award any annual share awards to our Trustees, officers or other employees of RMR. During the year ended December 31, 2024, we awarded to our officers and other employees of RMR annual share awards of 544,555 of our common shares, valued at $1,160, in aggregate. During the year ended December 31, 2024, we awarded each of our nine Trustees, in accordance with our Trustee compensation arrangements, 11,627 of our common shares with an aggregate value of $225 ($25 per Trustee). The values of the share awards were based upon the closing price on Nasdaq of our common shares on the date of award. The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award. The common shares awarded to our Trustees vest immediately. We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses ratably over the vesting period.
A summary of shares awarded, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2025 and 2024, is as follows:
20252024
Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Unvested at beginning of year591,879 $4.32 288,681 $12.01 
Awarded— $— 649,198 $2.14 
Forfeited (4,488)$2.53 — $— 
Vested(223,438)$5.78 (346,000)$6.62 
Unvested at end of year363,953 $3.44 591,879 $4.32 
The 363,953 unvested shares as of December 31, 2025 are scheduled to vest as follows: 142,692 shares in 2026, 125,998 shares in 2027 and 95,263 shares in 2028. As of December 31, 2025, the estimated future compensation expense for the unvested shares was $1,053. The weighted average period over which the compensation expense will be recorded is approximately 19 months. During the years ended December 31, 2025 and 2024, we recorded $893 and $1,662, respectively, of
compensation expense related to the 2009 Plan. At December 31, 2025, 2,116,553 of our common shares remained available for issuance under the 2009 Plan.
Share Purchases
During the years ended December 31, 2025 and 2024, we purchased 50,816 and 85,338 of our common shares, respectively, valued at weighted average share prices of $0.65 and $2.25 per common share, respectively, from certain of our Trustees and certain current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of prior awards of our common shares.
Distributions
During the years ended December 31, 2025 and 2024, we paid distributions on our common shares as follows:
Annual Per Share DistributionTotal DistributionsCharacterization of Distributions
Year Return of CapitalOrdinary IncomeQualified Dividend
2025$0.02 $1,407 100.00%—%—%
2024$0.04 $2,033 100.00%—%—%
In July 2025, we suspended our quarterly cash distribution on our common shares. We do not expect to pay any future distributions prior to the conclusion of the Chapter 11 Cases.
v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We manage our business on a consolidated basis and therefore have one reportable segment: ownership and leasing of real estate properties. The chief operating decision maker, or CODM, is our President and Chief Executive Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income (loss) as shown in our consolidated statements of comprehensive income (loss). The CODM is also regularly provided with information on expenses related to our management agreements with RMR, which are detailed in Note 6. The accounting policies of our reportable segment are the same as those described in Note 2. The measure of segment assets is reported as total assets in our consolidated balance sheets.
v3.26.1
Condensed Combined Debtor-in-Possession Financial Information
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Condensed Combined Debtor-in-Possession Financial Information Condensed Combined Debtor-in-Possession Financial Information
The financial statements below represent the unaudited condensed combined financial statements of the Debtors. As of and for the year ended December 31, 2025, the results of OPI’s subsidiaries that are not included in the Chapter 11 Cases, or the Non-Filing Entities, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors' financial statements.
Debtors’ Condensed Combined Balance Sheet
 December 31, 2025
ASSETS
Real estate properties:
Land$675,765 
Buildings and improvements2,769,685 
Total real estate properties, gross3,445,450 
Accumulated depreciation(670,326)
Total real estate properties, net2,775,124 
Acquired real estate leases, net121,204 
Cash and cash equivalents29,481 
Restricted cash43,410 
Rents receivable147,120 
Due from related persons231 
Intercompany due from non-debtor entities
151,002 
Deferred leasing costs, net89,707 
Other assets, net330,656 
Total assets$3,687,935 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Secured debt, net$715,718 
Accounts payable and other liabilities122,336 
Due to related persons4,455 
Intercompany due to non-debtor entities
433,548 
Assumed real estate lease obligations, net7,976 
Liabilities subject to compromise1,578,132 
Total liabilities2,862,165 
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest739 
Additional paid in capital2,658,471 
Cumulative net loss(363,524)
Cumulative common distributions(1,469,916)
Total shareholders’ equity825,770 
Total liabilities and shareholders’ equity$3,687,935 
Debtors’ Condensed Combined Statement of Operations
Year Ended
December 31, 2025
Rental income$408,597 
Expenses:
Real estate taxes46,750 
Utility expenses25,775 
Other operating expenses115,934 
Depreciation and amortization163,608 
Loss on impairment of real estate2,048 
Transaction related costs42,455 
General and administrative19,266 
Total expenses415,836 
Gain on sale of real estate
916 
Interest and other income3,143 
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $39,898)
(188,518)
Loss on early extinguishment of debt
(449)
Reorganization items, net(78,333)
Income before income tax expense
(270,480)
Income tax expense(116)
Net loss$(270,596)
Debtors’ Condensed Combined Statement of Cash Flows
Year Ended
December 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(270,596)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation115,034 
Net amortization of debt premiums, discounts and issuance costs39,898 
Amortization of acquired real estate leases and assumed real estate lease obligations, net37,367 
Amortization of deferred leasing costs13,683 
Gain on sale of real estate(916)
Loss on impairment of real estate2,048 
Net gain on early extinguishment of debt
(1,146)
Non-cash reorganization items
25,654 
Straight line rental income(21,160)
Other non-cash expenses, net237 
Equity in net losses of investees
405 
Change in assets and liabilities:
Rents receivable
2,020 
Due from related persons(231)
Deferred leasing costs(18,819)
Other assets(9,426)
Accounts payable and other liabilities70,773 
Due to related persons9,027 
Net cash used in operating activities
(6,148)
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements(36,449)
Proceeds from sale of property, net39,827 
Net cash used in investing activities3,378 
​
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior unsecured notes(171,600)
Repayment of senior secured notes(26,998)
Payment of debt issuance costs(1,196)
Borrowings on debtor-in-possession secured term loan
10,000 
Proceeds from issuance of common shares, net1,106 
Repurchases of common shares(32)
Distributions to common shareholders(1,407)
Net cash provided by financing activities
(190,127)
Decrease in cash, cash equivalents and restricted cash
(192,897)
Cash, cash equivalents and restricted cash at beginning of period265,788 
Cash, cash equivalents and restricted cash at end of period$72,891 
v3.26.1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
   Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionCost amount carried at Close of Period
Property *LocationNumber of Properties
Encumbrances (1)
LandBuildings
and
Equipment		Impairments/
Writedowns		LandBuildings
and
Equipment
Total (2)
Accumulated
Depreciation (3)
Date(s)
Acquired		Original
Construction
Date(s)
445 Jan Davis Drive (8)
 Huntsville, AL 1$— $1,501 $1,492 $— $— $1,501 $1,492 $2,993 $(278)12/31/20182007
131 Clayton Street Montgomery, AL 1— 920 9,084 569 — 920 9,653 10,573 (3,509)6/22/20112007
4344 Carmichael Road Montgomery, AL 1— 1,374 11,658 571 — 1,374 12,229 13,603 (3,796)12/17/20132009
15451 North 28th Avenue (6)
 Phoenix, AZ 1— 1,917 7,416 1,630 — 1,917 9,046 10,963 (2,637)9/10/20141996
711 S 14th Avenue Safford, AZ 1— 460 11,708 1,182 (4,440)364 8,546 8,910 (2,411)6/16/20101992
2544 Campbell Place (7)
 Carlsbad, CA 1— 2,687 1,796 1,614 — 2,687 3,410 6,097 (1,149)12/31/20182007
2548 Campbell Place (6)
 Carlsbad, CA 1— 3,082 2,075 5,156 — 3,082 7,231 10,313 (3,011)12/31/20182007
Folsom Corporate Center (5)
 Folsom, CA 1— 2,904 5,583 1,587 — 2,904 7,170 10,074 (2,130)12/31/20182008
Bayside Technology Park (7)
 Fremont, CA 1— 10,784 648 1,477 — 10,784 2,125 12,909 (313)12/31/20181990
10949 N. Mather Boulevard Rancho Cordova, CA 1— 562 16,923 1,390 — 562 18,313 18,875 (5,701)10/30/20132012
11020 Sun Center Drive Rancho Cordova, CA 1— 1,466 8,797 4,798 — 1,466 13,595 15,061 (2,751)12/20/20161983
100 Redwood Shores Parkway Redwood City, CA 1— 14,454 7,721 — — 14,454 7,721 22,175 (1,498)12/31/20181993
9815 Goethe Road (6)
 Sacramento, CA 1— 1,450 9,465 5,574 — 1,450 15,039 16,489 (4,055)9/14/20111992
Capitol Place (6)
 Sacramento, CA 1— 2,290 35,891 9,978 — 2,290 45,869 48,159 (19,214)12/17/20091988
4560 Viewridge Road (5)
 San Diego, CA 1— 4,269 18,316 6,370 — 4,347 24,608 28,955 (16,705)3/31/19971996
2115 O’Nel Drive (7)
 San Jose, CA 1— 12,305 5,062 386 — 12,305 5,448 17,753 (1,124)12/31/20181984
51 Rio Robles Drive San Jose, CA 1— 7,416 4,782 582 — 7,416 5,364 12,780 (1,243)12/31/20181984
77 Rio Robles Drive (6)
 San Jose, CA 1— 8,362 5,393 9,476 — 8,362 14,869 23,231 (4,532)12/31/20181984
145 Rio Robles Drive
 San Jose, CA 18,116 7,909 3,523 6,607 — 7,909 10,130 18,039 (2,404)12/31/20181984
2500 Walsh Avenue (6)
 Santa Clara, CA 1— 6,687 8,326 3,490 — 6,687 11,816 18,503 (1,915)12/31/20181982
603 San Juan Avenue Stockton, CA 1— 563 5,470 216 — 563 5,686 6,249 (1,957)7/20/20122012
350 West Java Drive (6)
 Sunnyvale, CA 1— 24,609 462 3,296 — 24,609 3,758 28,367 (740)12/31/20181984
7958 South Chester Street Centennial, CO 1— 6,682 7,153 3,551 — 6,682 10,704 17,386 (2,090)12/31/20182000
12795 West Alameda Parkway Lakewood, CO 1— 2,640 23,777 277 (22,489)585 3,620 4,205 (190)1/15/20101988
11 Dupont Circle, NW (7)
 Washington, DC 1— 28,255 44,743 24,516 — 28,255 69,259 97,514 (19,111)10/2/20171974
1211 Connecticut Avenue, NW Washington, DC 1— 30,388 24,667 3,588 — 30,388 28,255 58,643 (7,558)10/2/20171967
1401 K Street, NW (7)
 Washington, DC 1— 29,215 34,656 8,522 — 29,215 43,178 72,393 (12,925)10/2/20171929
20 Massachusetts Avenue (7)
 Washington, DC 1— 12,009 51,527 220,376 — 12,230 271,682 283,912 (70,611)3/31/19971996
440 First Street, NW (5)
 Washington, DC 1— 27,903 38,624 3,589 — 27,903 42,213 70,116 (8,840)10/2/20171982
625 Indiana Avenue (7)
 Washington, DC 1— 26,000 25,955 13,258 — 26,000 39,213 65,213 (16,061)8/17/20101989
   Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionCost amount carried at Close of Period
Property *LocationNumber of Properties
Encumbrances (1)
LandBuildings
and
Equipment		Impairments/
Writedowns		LandBuildings
and
Equipment
Total (2)
Accumulated
Depreciation (3)
Date(s)
Acquired		Original
Construction
Date(s)
840 First Street, NE Washington, DC 1— 42,727 73,278 2,895 — 42,727 76,173 118,900 (16,614)10/2/20172003
10350 NW 112th Avenue (8)
 Miami, FL 1— 4,798 2,757 2,413 — 4,798 5,170 9,968 (1,348)12/31/20182002
7850 Southwest 6th Court (6)
 Plantation, FL 1— 4,800 30,592 17,033 — 4,800 47,625 52,425 (13,524)5/12/20111999
8900 Grand Oak Circle (7)
 Tampa, FL 1— 1,100 11,773 1,835 — 1,100 13,608 14,708 (5,091)10/15/20101994
180 Ted Turner Drive SW (5)
 Atlanta, GA 1— 5,717 20,017 2,826 — 5,717 22,843 28,560 (7,386)7/25/20122007
1224 Hammond Drive (6)
 Atlanta, GA 1— 13,040 135,459 11,718 — 13,040 147,177 160,217 (20,443)6/25/20212020
One Georgia Center (5)
 Atlanta, GA 1— 10,250 27,933 22,799 — 10,250 50,732 60,982 (18,264)9/30/20111968
One Primerica Parkway (4)
 Duluth, GA 126,421 6,927 22,951 3,110 — 6,927 26,061 32,988 (4,464)12/31/20182013
4712 Southpark Boulevard (8)
 Ellenwood, GA 1— 1,390 19,635 1,564 — 1,390 21,199 22,589 (6,995)7/25/20122005
8305 NW 62nd Avenue Johnston, IA 1— 2,649 7,997 — — 2,649 7,997 10,646 (1,552)12/31/20182011
1185, 1249 & 1387 S. Vinnell Way (6)
 Boise, ID 3— 3,390 29,026 1,740 — 3,390 30,766 34,156 (10,385)9/11/20121996; 1997; 2002
2020 S. Arlington Heights (5)
 Arlington Heights, IL 1— 1,450 13,588 2,190 — 1,450 15,778 17,228 (6,133)12/29/20091998
1000 W. Fulton (5)
 Chicago, IL 1— 42,935 252,914 1,319 — 42,935 254,233 297,168 (38,351)6/24/20212015
HUB 1415 (8)
 Naperville, IL 1— 12,333 20,586 31,674 — 12,333 52,260 64,593 (14,009)12/31/20182001
7601 and 7635 Interactive Way Indianapolis, IN 2— 3,337 14,522 34 — 3,337 14,556 17,893 (2,664)12/31/20182003
251 Causeway Street (7)
 Boston, MA 3— 26,851 36,756 6,928 — 26,848 43,687 70,535 (12,139)8/17/20101987
330 Billerica Road (8)
 Chelmsford, MA 1— 2,477 — 10,273 — 2,477 10,273 12,750 (3,562)12/31/20181984
25 Newport Avenue (7)
 Quincy, MA 1— 2,700 9,199 2,895 — 2,700 12,094 14,794 (4,459)2/16/20111985
2009-2011 Commerce Park Drive (7)
 Annapolis, MD 1— 1,580 3,825 4,096 — 1,580 7,921 9,501 (2,073)10/2/20171989
2001-2003 Commerce Park Drive Annapolis, MD 1— 2,477 3,840 1,197 — 2,476 5,038 7,514 (1,410)10/2/20171989
4201 Patterson Avenue (7)
 Baltimore, MD 1— 901 8,097 3,159 (85)893 11,179 12,072 (6,707)10/15/19981989
7001 Columbia Gateway Drive (7)
 Columbia, MD 1— 5,642 10,352 5,004 — 5,642 15,356 20,998 (3,001)12/31/20182008
6310 Hillside Center Columbia, MD 1— 1,424 2,084 450 — 1,424 2,534 3,958 (747)10/2/20172001
6315 Hillside Center (7)
 Columbia, MD 1— 2,013 2,144 531 — 2,013 2,675 4,688 (782)10/2/20172001
TenThreeTwenty (7)
 Columbia, MD 1— 3,126 16,361 5,167 — 3,126 21,528 24,654 (4,958)10/2/20171982
3300 75th Avenue Landover, MD 129,756 4,110 36,371 3,959 — 4,110 40,330 44,440 (16,122)2/26/20101985
Redland 520/530 (7)
 Rockville, MD 3— 12,714 61,377 8,568 — 12,714 69,945 82,659 (15,024)10/2/20172008
Redland 540 (7)
 Rockville, MD 1— 10,740 17,714 3,259 — 10,740 20,973 31,713 (4,895)10/2/20172003
   Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionCost amount carried at Close of Period
Property *LocationNumber of Properties
Encumbrances (1)
LandBuildings
and
Equipment		Impairments/
Writedowns		LandBuildings
and
Equipment
Total (2)
Accumulated
Depreciation (3)
Date(s)
Acquired		Original
Construction
Date(s)
3550 Green Court Ann Arbor, MI 1— 3,630 4,857 — — 3,630 4,857 8,487 (1,000)12/31/20181998
Rosedale Corporate Plaza (8)
 Roseville, MN 1— 672 6,045 4,487 — 672 10,532 11,204 (4,314)12/1/19991987
2555 Grand Boulevard (5)
 Kansas City, MO 1— 4,209 51,522 5,775 — 4,209 57,297 61,506 (12,089)12/31/20182003
4241 NE 34th Street (7)
 Kansas City, MO 1— 1,133 5,649 5,331 — 1,470 10,643 12,113 (6,224)3/31/19971995
1220 Echelon Parkway Jackson, MS 114,571 440 25,458 2,334 — 440 27,792 28,232 (9,008)7/25/20122009
2300 and 2400 Yorkmont Road (5)
 Charlotte, NC 2— 1,334 19,075 4,576 — 1,334 23,651 24,985 (5,438)12/31/20181995
18010 Burt Street (8)
 Omaha, NE 1— 2,819 6,250 4,647 — 2,819 10,897 13,716 (1,623)12/31/20182012
18020 Burt Street Omaha, NE 1— 4,158 6,250 2,436 — 4,158 8,686 12,844 (1,240)12/31/20182012
500 Charles Ewing Boulevard Ewing, NJ 142,453 4,808 26,002 1,846 — 4,808 27,848 32,656 (5,523)12/31/20182012
299 Jefferson Road (7)
 Parsippany, NJ 1— 4,543 2,914 1,686 — 4,543 4,600 9,143 (1,061)12/31/20182011
Airline Corporate Center (7)
 Colonie, NY 1— 790 6,400 2,202 — 790 8,602 9,392 (2,990)6/22/20122004
1212 Pittsford - Victor Road (7)
 Pittsford, NY 1— 608 78 1,738 — 608 1,816 2,424 (545)12/31/20181965
2231 Schrock Road (8)
 Columbus, OH 1— 716 217 578 — 716 795 1,511 (294)12/31/20181999
8800 Tinicum Boulevard (7)
 Philadelphia, PA 1— 5,573 22,686 7,093 — 5,573 29,779 35,352 (5,496)12/31/20182000
446 Wrenplace Road (7)
 Fort Mill, SC 1— 5,031 22,524 43 — 5,031 22,567 27,598 (2,835)12/22/20202019
9680 Old Bailes Road Fort Mill, SC 1— 834 2,944 91 — 834 3,035 3,869 (615)12/31/20182007
16001 North Dallas Parkway (8)
 Addison, TX 2— 10,282 63,071 5,071 — 10,282 68,142 78,424 (13,538)12/31/20181987
Research Park (6)
 Austin, TX 2— 4,258 13,747 2,935 — 4,258 16,682 20,940 (5,128)12/31/20181999
10451 Clay Road (8)
 Houston, TX 1— 5,495 10,253 2,433 — 5,495 12,686 18,181 (3,159)12/31/20182013
202 North Castlegory Road (8)
 Houston, TX 1— 863 5,024 98 — 863 5,122 5,985 (939)12/31/20182016
4221 W. John Carpenter Freeway (8)
 Irving, TX 1— 1,413 2,365 778 — 1,413 3,143 4,556 (954)12/31/20181995
8675,8701-8711 Freeport Pkwy and 8901 Esters Boulevard (7)
 Irving, TX 3— 12,970 31,566 851 — 12,970 32,417 45,387 (6,125)12/31/20181990
1511 East Common Street (7)
 New Braunfels, TX 1— 4,965 1,266 1,110 — 4,965 2,376 7,341 (259)12/31/20182005
2900 West Plano Parkway Plano, TX 1— 6,819 8,831 3,049 — 6,819 11,880 18,699 (1,715)12/31/20181998
3400 West Plano Parkway (8)
 Plano, TX 1— 4,543 15,964 321 — 4,543 16,285 20,828 (3,203)12/31/20181994
3600 Wiseman Boulevard (6)
 San Antonio, TX 1— 3,493 6,662 4,764 — 3,493 11,426 14,919 (2,161)12/31/20182004
701 Clay Road (4)
 Waco, TX 126,421 2,030 8,708 15,089 — 2,060 23,767 25,827 (12,503)12/23/19971997
1800 Novell Place (6)
 Provo, UT 1— 7,487 43,487 21,383 — 7,487 64,870 72,357 (12,404)12/31/20182000
   Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionCost amount carried at Close of Period
Property *LocationNumber of Properties
Encumbrances (1)
LandBuildings
and
Equipment		Impairments/
Writedowns		LandBuildings
and
Equipment
Total (2)
Accumulated
Depreciation (3)
Date(s)
Acquired		Original
Construction
Date(s)
14660 Lee Road (8)
 Chantilly, VA 1— 2,536 14,686 3,261 — 2,537 17,946 20,483 (4,207)12/22/20161998
14672 Lee Road (5)
 Chantilly, VA 1— 2,253 24,749 4,933 — 2,253 29,682 31,935 (8,849)12/22/20162002
14668 Lee Road (5)
 Chantilly, VA 1— 2,177 34,779 18,619 — 2,177 53,398 55,575 (10,049)12/22/20162006
Enterchange at Meadowville (6)
 Chester, VA 1— 1,478 9,594 1,369 — 1,478 10,963 12,441 (3,424)8/28/20131999
7987 Ashton Avenue (7)
 Manassas, VA 1— 1,562 8,253 1,337 — 1,562 9,590 11,152 (2,594)1/3/20171989
Two Commercial Place (8)
 Norfolk, VA 1— 4,494 21,508 1,145 — 4,494 22,653 27,147 (4,283)12/31/20181974
1760 Business Center Drive Reston, VA 1— 5,033 50,141 6,685 — 5,033 56,826 61,859 (16,797)5/28/20141987
1775 Wiehle Avenue Reston, VA 1— 4,138 26,120 6,044 — 4,138 32,164 36,302 (8,101)10/2/20172001
9201 Forest Hill Avenue Richmond, VA 1— 1,344 375 668 — 1,344 1,043 2,387 (404)12/31/20181985
9960 Mayland Drive (7)
 Richmond, VA 1— 2,614 15,930 5,075 — 2,614 21,005 23,619 (6,794)5/20/20141994
1751 Blue Hills Drive (5)
 Roanoke, VA 1— 2,689 7,761 — — 2,689 7,761 10,450 (1,506)12/31/20182003
Atlantic Corporate Park (7)
 Sterling, VA 2— 5,752 29,316 4,720 — 5,752 34,036 39,788 (7,648)10/2/20172008
Orbital Sciences Campus (5)
 Sterling, VA 3— 12,275 19,320 37,505 — 12,269 56,831 69,100 (8,563)12/31/20182001
Sterling Park Business Center Sterling, VA 126,102 5,871 44,324 134 — 5,871 44,458 50,329 (9,193)10/2/20172016
65 Bowdoin Street (6)
 S. Burlington, VT 1— 700 8,416 231 — 700 8,647 9,347 (3,406)4/9/20102009
Stevens Center (5)
 Richland, WA 2— 3,970 17,035 4,917 — 4,042 21,880 25,922 (14,565)3/31/19971995
Unison Elliott Bay-Lab Space (8)
 Seattle, WA 2— 17,316 34,281 147,293 — 17,316 181,574 198,890 (21,467)12/31/20182000
Unison Elliott Bay-Office Space (8)
 Seattle, WA 1— 9,324 18,459 4,893 — 9,324 23,352 32,676 (4,559)12/31/20182000
5353 Yellowstone Road (5)
 Cheyenne, WY 1— 1,915 8,217 4,935 — 1,950 13,117 15,067 (7,190)3/31/19971995
122$173,840 $708,018 $2,136,920 $858,771 $(27,014)$706,623 $2,970,072 $3,676,695 $(729,543)
(1) Represents mortgage debt, net of the unamortized balance of debt issuance costs totaling $3,480.
(2) Excludes the value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $7,069,942.
(3) Depreciation on building and improvements is provided for periods ranging up to 40 years and on equipment up to seven years.
(4) These two properties are collateral for our $54,300 mortgage note.
(5) These 19 properties are first lien collateral for our $425,000 credit agreement and second lien collateral for our $610,000 of 9.000% senior secured notes due September 2029.
(6) These 17 properties are collateral for our $300,000 of 9.000% senior secured notes due March 2029.
(7) These 35 properties are first lien collateral for our $445,000 of 3.250% senior secured notes due March 2027, or the March 2027 Notes.
(8) These 19 properties are first lien collateral for the September 2029 Notes and second lien collateral for the March 2027 Notes.

*All properties that are not otherwise noted as collateral for certain debt instruments serve as first lien collateral for our $125,000 secured debtor-in-possession term loan.
An analysis of the carrying amount of real estate properties and accumulated depreciation is as follows:
 Real Estate PropertiesAccumulated Depreciation
Balance at December 31, 20234,065,679 650,179 
Additions107,912 118,710 
Loss on asset impairment(181,578)— 
Disposals(283,534)(131,024)
Cost basis adjustment (1)
(9,185)(9,185)
Reclassification of assets of properties held for sale(41,735)(10,030)
Balance at December 31, 20243,657,559 618,650 
Additions38,945 121,856 
Loss on asset impairment(2,426)— 
Disposals(17,383)(10,963)
Balance at December 31, 2025$3,676,695 $729,543 
(1)    Represents the reclassification between accumulated depreciation and building made to certain properties measured at fair value in accordance with GAAP.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Role of Management [Text Block] We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation. These consolidated financial statements include the accounts of OPI and its subsidiaries, all of which are wholly owned directly or indirectly by OPI. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Financial Reporting during Bankruptcy Proceedings
Financial Reporting during Bankruptcy Proceedings. We began to apply Financial Accounting Standards Board Accounting Standards Codification, or ASC, Topic 852, Reorganizations, effective on the Petition Date, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions directly associated with the reorganization from activities related to the ongoing operations of the business within the financial statements for periods subsequent to the Petition Date. Expenses, realized gains and losses, and provisions for losses that are directly associated with reorganization proceedings must be reported separately as reorganization items, net in the consolidated statement of comprehensive income (loss). In addition, the consolidated balance sheet must distinguish certain liabilities subject to compromise, or LSTC. LSTC are pre-petition obligations that are not fully secured and have at least a possibility of not being repaid at the full claim amount. Where there is uncertainty about whether a secured claim will be paid or impaired pursuant to the Chapter 11 Cases, we have classified the entire amount of the claim as LSTC.
Upon emergence from bankruptcy on the effective date of the Plan, we expect to qualify for fresh-start reporting. In order to qualify for fresh-start reporting (i) the holders of existing voting shares of OPI prior to its emergence must receive less than 50% of the outstanding voting shares of the reorganized company following its emergence from bankruptcy and (ii) the reorganization value of OPI’s assets immediately prior to confirmation of the Plan must be less than the post-petition liabilities and allowed claims. Under the principles of fresh-start reporting, a new reporting entity, or the Successor, will be considered to have been created, and, as a result, the Successor will allocate the reorganization value of the Successor to its individual assets based on their estimated fair values.
Liabilities Subject to Compromise
Liabilities Subject to Compromise. As of December 31, 2025, we reclassified certain LSTC in our consolidated balance sheet. These liabilities are reported at the amounts expected to be allowed as claims by the Bankruptcy Court. The amounts are preliminary and may be subject to future adjustments depending on Bankruptcy Court actions, developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims,
rejection of executory contracts, continued reconciliation or other events. The following table presents LSTC as of December 31, 2025:
As of December 31, 2025
Debt$1,519,069 
Accrued interest42,230 
Accounts payable and other liabilities
16,834 
Total liabilities subject to compromise$1,578,133 
The determination of how liabilities will ultimately be settled or treated cannot be made until the Bankruptcy Court confirms a Chapter 11 plan of reorganization and such plan becomes effective. Accordingly, we cannot determine the ultimate amount of such liabilities at this time.
Contractual interest Contractual interest. Effective as of the Petition Date, we ceased accruing interest expense on our unsecured debt instruments.
Reorganization items, net Reorganization items, net. Reorganization items, net, represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of bankruptcy-related professional fees and adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts.
Real Estate Properties
Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill.
We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net increases to rental income of $562 and $402 during the years ended December 31, 2025 and 2024, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $41,716 and $65,039 during the years ended December 31, 2025 and 2024, respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease.
We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Cash and Cash Equivalents
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash
Restricted Cash. Restricted cash consists of amounts segregated related to the activity of the properties secured by our credit facility and term loan, escrowed for professional fees, utility deposits, borrowings under the DIP Facility and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.
Deferred Leasing Costs Deferred Leasing Costs. Deferred leasing costs include brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss).
Debt Issuance Costs Debt Issuance Costs. Costs related to the issuance or assumption of debt are capitalized and amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our $325,000 secured revolving credit facility are included in other assets in our consolidated balance sheets. As of December 31, 2025 and 2024, debt issuance costs for our revolving credit facility were $7,838 and accumulated amortization of debt issuance costs for our revolving credit facility were $4,995 and $2,396, respectively. Debt issuance costs for the DIP Facility are expensed as incurred and included in reorganization items, net in our consolidated statement of comprehensive net income (loss). Debt issuance costs, net of accumulated amortization, for our senior notes, term loan and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets.
Equity Method Investments
Equity Method Investments. As of December 31, 2025, we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties. The properties owned by the joint venture were encumbered by $49,106 of mortgage indebtedness. We did not control the activities that are most significant to the joint venture and, as a result, we accounted for our investment in the joint venture under the equity method of accounting. See Note 4 for more information regarding our unconsolidated joint ventures.
We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value.
Revenue Recognition
Revenue Recognition. We are a lessor of commercial office properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements.
Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income.
Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have made the policy election to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply ASC Topic 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).
Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. See Note 5 for more information regarding our leases.
Income Taxes Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes.
Per Common Share Amounts
Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share.
Use of Estimates
Use of Estimates. Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Liabilities Subject to Compromise The following table presents LSTC as of December 31, 2025:
As of December 31, 2025
Debt$1,519,069 
Accrued interest42,230 
Accounts payable and other liabilities
16,834 
Total liabilities subject to compromise$1,578,133 
Schedule of Reorganization Items Reorganization items, net from the Petition Date through December 31, 2025 include the following:
Year Ended December 31, 2025
Professional fees$29,885 
Debt valuation adjustments25,429 
Debt issuance costs23,019 
Total reorganization items, net$78,333 
Schedule of Real Estate Properties
As of December 31, 2025 and 2024, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows:
 December 31,
20252024
Acquired real estate leases:
Capitalized above market lease values$4,620 $7,715 
Less: accumulated amortization(3,569)(5,814)
Capitalized above market lease values, net1,051 1,901 
Lease origination value344,445 433,347 
Less: accumulated amortization(195,242)(241,509)
Lease origination value, net149,203 191,838 
Acquired real estate leases, net$150,254 $193,739 
Assumed real estate lease obligations:
Capitalized below market lease values$14,098 $14,177 
Less: accumulated amortization(5,724)(4,652)
Assumed real estate lease obligations, net$8,374 $9,525 
v3.26.1
Per Common Share Amounts (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share data):
Year Ended December 31,
20252024
Numerators:
Net loss$(272,374)$(136,107)
Income attributable to unvested participating securities(12)(14)
Net loss used in calculating earnings per common share$(272,386)$(136,121)
Denominators:
Weighted average common shares outstanding - basic and diluted (1)
71,915 51,806 
Net loss per common share - basic and diluted$(3.79)$(2.63)
(1)For the years ended December 31, 2025 and 2024, there were no dilutive common shares.
v3.26.1
Real Estate Properties (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Disposal Groups
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real Estate
Loss on Impairment of Real Estate
February 20251
Parsippany, NJ
100,000 $5,750 $(4,641)$— 
February 20252Santa Clara, CA149,000 21,150 42 — 
July 20251Detroit, MI56,000 2,150 27 (2,048)
December 20252Tempe, AZ101,000 11,038 5,488 — 
6406,000 $40,088 $916 $(2,048)
(1)Gross sales price is the gross contract price, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real EstateLoss on Impairment of Real Estate
March 20241
Chicago, IL
248,000 $38,500 $(2,448)$— 
July 20241Malden, MA126,000 7,800 (10)(13,973)
August 20243Indianapolis, IN434,000 10,100 729 (50,851)
September 20241Atlanta, GA126,000 17,610 8,690 — 
September 20241San Jose, CA64,000 10,800 (954)(819)
November 20241Colorado Springs, CO156,000 26,164 12,962 — 
November 20241Rocklin, CA19,000 2,627 1,084 — 
November 20243Lakewood, CO213,000 8,100 (9,132)— 
December 20245Atlanta, GA379,000 18,100 79 (21,937)
December 20241Florence, KY168,000 3,250 (6,966)— 
December 20241Sacramento, CA338,000 21,000 (6,502)(33,902)
December 20241Reston, VA131,000 7,200 (869)(18,540)
December 20241Kansas City, MO87,000 8,000 32 (4,370)
December 20241Westford, MA175,000 5,100 (6,481)(3,554)
December 20242Provo, UT125,000 15,000 2,376 — 
242,789,000 $199,351 $(7,410)$(147,946)
(1)Gross sales price is the gross contract price, excluding closing costs.
Schedule of Joint Ventures
As of December 31, 2025 and 2024, our investment in our unconsolidated joint venture consisted of the following:
OPI OwnershipOPI Carrying Value of Investments at December 31, Number of PropertiesLocationRentable Square Feet
Joint Venture20252024
Prosperity Metro Plaza51%$16,965 $17,370 2Fairfax, VA346
The following table provides a summary of the mortgage debt of our unconsolidated joint venture as of December 31, 2025 and 2024:
Principal Balance at December 31,
Joint Venture
 Interest Rate (1)
Maturity Date
2025 (2)
2024 (2)
Prosperity Metro Plaza4.09%12/1/2029$49,106 $50,000 
(1)Includes the effect of mark to market purchase accounting.
(2)Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interest in the joint venture we did not own. None of the debt is recourse to us.
v3.26.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Future Contractual Lease Payments to be Received
The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2044 as of December 31, 2025:
YearAmount
2026$316,220 
2027301,108 
2028269,293 
2029258,549 
2030230,579 
Thereafter927,651 
Total$2,303,400 
v3.26.1
Business and Property Management Agreements with RMR (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For the years ended December 31, 2025 and 2024, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Year Ended December 31,
20252024
Pursuant to business management agreement:
Business management fees (1)
$12,252 $13,145 
Pursuant to property management agreement:
Property management fees (2)
$11,256 $13,584 
Construction supervision fees1,250 2,872 
$12,506 $16,456 
Expense Reimbursement:
Property level expenses
$20,779 $25,797 
(1)The net business management fees we recognized for the years ended December 31, 2025 and 2024 each reflect a reduction of $603 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)The net property management fees we recognized for the years ended December 31, 2025 and 2024 each reflect a reduction of $484 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.
v3.26.1
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
As of December 31, 2025 and 2024, our outstanding indebtedness consisted of the following:
 December 31,
20252024
Secured revolving credit facility, due in 2027$325,000 $325,000 
Secured term loan, due in 2027100,000 100,000 
Debtor-in-possession term loan, 12.000% interest rate, due in 2026
10,225 — 
Senior unsecured notes, 4.500% interest rate, due in 2025 (1)
— 171,586 
Senior unsecured notes, 2.650% interest rate, due in 2026 (1)
133,929 140,488 
Senior unsecured notes, 2.400% interest rate, due in 2027 (1)
78,306 80,784 
Senior secured notes, 3.250% interest rate, due in 2027 (1)
417,994 444,992 
Mortgage note payable, 8.272% interest rate, due in 2028
42,700 42,700 
Mortgage note payable, 8.139% interest rate, due in 2028
26,340 26,340 
Mortgage note payable, 7.671% interest rate, due in 2028
54,300 54,300 
Senior secured notes, 9.000% interest rate, due in March 2029
300,000 300,000 
Senior secured notes, 9.000% interest rate, due in September 2029 (1)
609,999 609,999 
Senior unsecured notes, 8.000% interest rate, due in 2030 (1)
14,439 — 
Senior unsecured notes, 3.450% interest rate, due in 2031 (1)
102,402 114,355 
Mortgage note payable, 7.210% interest rate, due in 2033
30,680 30,680 
Mortgage note payable, 7.305% interest rate, due in 2033
8,400 8,400 
Mortgage note payable, 7.717% interest rate, due in 2033
14,900 14,900 
Senior unsecured notes, 6.375% interest rate, due in 2050 (1)
162,000 162,000 
2,431,614 2,626,524 
Unamortized debt premiums, discounts and issuance costs(22,988)(91,890)
$2,408,626 $2,534,634 
(1)In connection with the commencement of the Chapter 11 Cases, the principal amount of these instruments was reclassified to LSTC in our consolidated balance sheet as of December 31, 2025 and the applicable debt issuance costs and discounts were written off to reorganization items, net in our consolidated statement of comprehensive net income (loss).
Schedule of Senior Note Exchanges
In March 2025, we exchanged $14,439 of the 2030 Notes for an aggregate $20,990 of our outstanding unsecured senior notes, or the Existing Notes, and such transaction, the Senior Note Exchange, as follows:
Existing Notes ExchangedAggregate Principal Amount of Existing Notes Accepted for Exchange
Aggregate Principal Amount of September 2029 Notes Delivered
Existing 2.650% 2026 Notes
$6,559 $5,836 
Existing 2.400% 2027 Notes
2,478 1,882 
Existing 3.450% 2031 Notes
11,953 6,721 
Total$20,990 $14,439 
Schedule of Required Principal Payments
The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2025 were as follows:
YearPrincipal Payment
2026$144,154 
2027921,300 
2028123,487 
2029910,278 
203014,739 
Thereafter317,656 
Total (1)
$2,431,614 
(1)Total consolidated debt outstanding as of December 31, 2025, net of unamortized premiums, discounts and issuance costs totaling $22,988, was $2,408,626.
v3.26.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value and Carrying Value of Financial Instruments At December 31, 2025 and 2024, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
 As of December 31, 2025As of December 31, 2024
Financial Instrument
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Senior unsecured notes, 4.500% interest rate, due in 2025
$— $— $171,607 $169,302 
Senior unsecured notes, 2.650% interest rate, due in 2026
133,929 13,393 139,578 106,078 
Senior unsecured notes, 2.400% interest rate, due in 2027
78,306 7,831 80,486 49,475 
Senior secured notes, 3.250% interest rate, due in 2027
417,994 336,485 363,432 383,806 
Senior secured notes, 9.000% interest rate, due in March 2029
281,366 306,444 275,632 293,100 
Senior secured notes, 9.000% interest rate, due in September 2029
609,999 530,699 637,052 529,436 
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030
14,439 4,918 — — 
Senior unsecured notes, 3.450% interest rate, due in 2031
102,402 10,240 113,511 49,688 
Senior unsecured notes, 6.375% interest rate, due in 2050
162,000 12,312 157,096 80,676 
Mortgage notes payable173,840 182,223 172,912 177,295 
Total $1,974,275 $1,404,545 $2,111,306 $1,838,856 
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $22,115 and $90,218 as of December 31, 2025 and 2024, respectively.
v3.26.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Summary of Shares Granted And Vested Under The Terms of The Entity's 2009 Plan
A summary of shares awarded, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2025 and 2024, is as follows:
20252024
Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Unvested at beginning of year591,879 $4.32 288,681 $12.01 
Awarded— $— 649,198 $2.14 
Forfeited (4,488)$2.53 — $— 
Vested(223,438)$5.78 (346,000)$6.62 
Unvested at end of year363,953 $3.44 591,879 $4.32 
Schedule of Dividends
During the years ended December 31, 2025 and 2024, we paid distributions on our common shares as follows:
Annual Per Share DistributionTotal DistributionsCharacterization of Distributions
Year Return of CapitalOrdinary IncomeQualified Dividend
2025$0.02 $1,407 100.00%—%—%
2024$0.04 $2,033 100.00%—%—%
v3.26.1
Condensed Combined Debtor-in-Possession Financial Information (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Financial Statements included in Chapter 11 Cases
The financial statements below represent the unaudited condensed combined financial statements of the Debtors. As of and for the year ended December 31, 2025, the results of OPI’s subsidiaries that are not included in the Chapter 11 Cases, or the Non-Filing Entities, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors' financial statements.
Debtors’ Condensed Combined Balance Sheet
 December 31, 2025
ASSETS
Real estate properties:
Land$675,765 
Buildings and improvements2,769,685 
Total real estate properties, gross3,445,450 
Accumulated depreciation(670,326)
Total real estate properties, net2,775,124 
Acquired real estate leases, net121,204 
Cash and cash equivalents29,481 
Restricted cash43,410 
Rents receivable147,120 
Due from related persons231 
Intercompany due from non-debtor entities
151,002 
Deferred leasing costs, net89,707 
Other assets, net330,656 
Total assets$3,687,935 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Secured debt, net$715,718 
Accounts payable and other liabilities122,336 
Due to related persons4,455 
Intercompany due to non-debtor entities
433,548 
Assumed real estate lease obligations, net7,976 
Liabilities subject to compromise1,578,132 
Total liabilities2,862,165 
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest739 
Additional paid in capital2,658,471 
Cumulative net loss(363,524)
Cumulative common distributions(1,469,916)
Total shareholders’ equity825,770 
Total liabilities and shareholders’ equity$3,687,935 
Debtors’ Condensed Combined Statement of Operations
Year Ended
December 31, 2025
Rental income$408,597 
Expenses:
Real estate taxes46,750 
Utility expenses25,775 
Other operating expenses115,934 
Depreciation and amortization163,608 
Loss on impairment of real estate2,048 
Transaction related costs42,455 
General and administrative19,266 
Total expenses415,836 
Gain on sale of real estate
916 
Interest and other income3,143 
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $39,898)
(188,518)
Loss on early extinguishment of debt
(449)
Reorganization items, net(78,333)
Income before income tax expense
(270,480)
Income tax expense(116)
Net loss$(270,596)
Debtors’ Condensed Combined Statement of Cash Flows
Year Ended
December 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(270,596)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation115,034 
Net amortization of debt premiums, discounts and issuance costs39,898 
Amortization of acquired real estate leases and assumed real estate lease obligations, net37,367 
Amortization of deferred leasing costs13,683 
Gain on sale of real estate(916)
Loss on impairment of real estate2,048 
Net gain on early extinguishment of debt
(1,146)
Non-cash reorganization items
25,654 
Straight line rental income(21,160)
Other non-cash expenses, net237 
Equity in net losses of investees
405 
Change in assets and liabilities:
Rents receivable
2,020 
Due from related persons(231)
Deferred leasing costs(18,819)
Other assets(9,426)
Accounts payable and other liabilities70,773 
Due to related persons9,027 
Net cash used in operating activities
(6,148)
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements(36,449)
Proceeds from sale of property, net39,827 
Net cash used in investing activities3,378 
​
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior unsecured notes(171,600)
Repayment of senior secured notes(26,998)
Payment of debt issuance costs(1,196)
Borrowings on debtor-in-possession secured term loan
10,000 
Proceeds from issuance of common shares, net1,106 
Repurchases of common shares(32)
Distributions to common shareholders(1,407)
Net cash provided by financing activities
(190,127)
Decrease in cash, cash equivalents and restricted cash
(192,897)
Cash, cash equivalents and restricted cash at beginning of period265,788 
Cash, cash equivalents and restricted cash at end of period$72,891 
v3.26.1
Business (Details)
$ in Thousands
Apr. 22, 2026
USD ($)
Feb. 04, 2026
USD ($)
Dec. 31, 2025
USD ($)
ft²
property
Nov. 05, 2025
USD ($)
Oct. 30, 2025
Subsequent Event | Minimum          
Real Estate Properties [Line Items]          
Other general unsecured claims $ 25        
Cash receivable for other general unsecured claims 25        
Subsequent Event | Maximum          
Real Estate Properties [Line Items]          
Other general unsecured claims $ 25        
Subsequent Event | Business management agreement | RMR LLC          
Real Estate Properties [Line Items]          
Agreement term 5 years        
Annual fee under agreement $ 14,000        
Annual fee period 2 years        
Subsequent Event | Business management agreement | RMR LLC | Minimum          
Real Estate Properties [Line Items]          
Percentage of reorganized common equity payable under agreement 2.00%        
Subsequent Event | Business management agreement | RMR LLC | Maximum          
Real Estate Properties [Line Items]          
Percentage of reorganized common equity payable under agreement 8.00%        
Senior secured notes, 9.000% interest rate, due in September 2029          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     9.00%    
Senior secured notes, 3.250% interest rate, due in 2027          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     3.25%    
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     8.00%    
Senior secured notes, 9.000% interest rate, due in March 2029          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     9.00%    
Senior Notes | Senior secured notes, 9.000% interest rate, due in September 2029          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     9.00%   9.00%
Aggregate principal amount     $ 610,000    
Senior Notes | Senior secured notes, 9.000% interest rate, due in September 2029 | Subsequent Event          
Real Estate Properties [Line Items]          
Debt converted $ 98,000        
Percentage of equity receivable 5.30%        
Senior Notes | Secured Exit Notes | Subsequent Event          
Real Estate Properties [Line Items]          
Interest rate (as a percent) 10.00%        
Aggregate principal amount $ 300,000        
Debt converted $ 120        
Senior Notes | Senior secured notes, 3.250% interest rate, due in 2027          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     3.25%    
Aggregate principal amount     $ 445,000    
Senior Notes | Senior secured notes, 3.250% interest rate, due in 2027 | Subsequent Event          
Real Estate Properties [Line Items]          
Interest rate (as a percent) 3.25%        
Senior Notes | 8.375% Senior Secured Notes | Subsequent Event          
Real Estate Properties [Line Items]          
Interest rate (as a percent) 8.375%        
Aggregate principal amount $ 385,000        
Senior Notes | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     8.00%    
Senior Notes | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 | Subsequent Event          
Real Estate Properties [Line Items]          
Interest rate (as a percent) 8.00%        
Percentage of claims receivable 100.00%        
Senior Notes | Senior secured notes, 9.000% interest rate, due in March 2029          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     9.00%    
Aggregate principal amount     $ 300,000    
Senior Notes | Senior secured notes, 9.000% interest rate, due in March 2029 | Subsequent Event          
Real Estate Properties [Line Items]          
Interest rate (as a percent) 9.00%        
Secured Debt | A&R DIP Credit Agreement          
Real Estate Properties [Line Items]          
Interest rate (as a percent)     12.00%    
Aggregate principal amount       $ 125,000  
Secured Debt | A&R DIP Credit Agreement | Subsequent Event          
Real Estate Properties [Line Items]          
Interest rate (as a percent)   12.00%      
Aggregate principal amount   $ 125,000      
Plan equity value discount percentage 37.00%        
Unsecured Debt | Subsequent Event          
Real Estate Properties [Line Items]          
Pro rata percentage of equity and warrants receivable 6.30%        
Aggregate amount of equity rights offering $ 35,000        
Joint Venture Property 1          
Real Estate Properties [Line Items]          
Percentage of ownership interest     51.00%    
Joint Venture Property 1 | Unconsolidated Properties          
Real Estate Properties [Line Items]          
Number of Properties (in properties) | property     2    
Rentable area of properties (in square feet) | ft²     346,000    
Continuing Operations          
Real Estate Properties [Line Items]          
Number of Properties (in properties) | property     122    
Rentable area of properties (in square feet) | ft²     17,113,000    
v3.26.1
Summary of Significant Accounting Policies - Financial Reporting during Bankruptcy Proceedings, Narrative (Details)
Apr. 22, 2026
Subsequent Event  
Accounting Policies [Line Items]  
Percentage of outstanding voting shares of reorganized company following emergency from bankruptcy to qualify as fresh-start reporting 50.00%
v3.26.1
Summary of Significant Accounting Policies - Schedule of Liabilities Subject To Compromise (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Debt $ 1,519,069  
Accrued interest 42,230  
Accounts payable and other liabilities 16,834  
Total liabilities subject to compromise $ 1,578,133 $ 0
v3.26.1
Summary of Significant Accounting Policies - Contractual Interest, Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]  
Aggregate contractual interest expense not recognized $ 3,521
v3.26.1
Summary of Significant Accounting Policies - Schedule of Reorganization Items (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Professional fees $ 29,885  
Debt valuation adjustments 25,429  
Debt issuance costs 23,019  
Total reorganization items, net $ 78,333 $ 0
v3.26.1
Summary of Significant Accounting Policies - Real Estate Properties, Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
Net increase (decrease) to rental income $ 562 $ 402
Amortization of the value of leases 41,153 64,636
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations    
2025 33,081  
2026 27,234  
2027 14,871  
2028 13,716  
2030 13,203  
Thereafter 39,775  
Original Value Lease    
Real Estate [Line Items]    
Amortization of the value of leases $ 41,716 $ 65,039
Minimum | Building and Building Improvements    
Real Estate [Line Items]    
Property, plant and equipment, useful life 7 years  
Maximum | Building and Building Improvements    
Real Estate [Line Items]    
Property, plant and equipment, useful life 40 years  
Weighted Average    
Real Estate [Line Items]    
Below market, acquired lease amortization period 11 years 6 months  
Weighted Average | Above Market Lease    
Real Estate [Line Items]    
Acquired lease amortization period 4 years 7 months 6 days  
Weighted Average | Original Value Lease    
Real Estate [Line Items]    
Acquired lease amortization period 7 years 2 months 12 days  
v3.26.1
Summary of Significant Accounting Policies - Schedule of Real Estate Assets and Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
Acquired real estate leases, net $ 150,254 $ 193,739
Capitalized below market lease values 14,098 14,177
Less: accumulated amortization (5,724) (4,652)
Assumed real estate lease obligations, net 8,374 9,525
Above Market Lease    
Real Estate [Line Items]    
Real estate leases 4,620 7,715
Less: accumulated amortization (3,569) (5,814)
Acquired real estate leases, net 1,051 1,901
Original Value Lease    
Real Estate [Line Items]    
Real estate leases 344,445 433,347
Less: accumulated amortization (195,242) (241,509)
Acquired real estate leases, net $ 149,203 $ 191,838
v3.26.1
Summary of Significant Accounting Policies - Deferred Leasing and Debt Issuance Costs, Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jan. 01, 2025
Debt Instrument [Line Items]      
Amortization of deferred leasing costs $ 11,385 $ 10,988  
Deferred sales inducement cost, amortization expense 3,018 2,003  
Deferred leasing costs, gross 138,986 127,095  
Accumulated amortization of deferred leasing costs 40,718 29,453  
Future amortization of deferred leasing costs, excluding those classified as discontinued operations      
2026 14,671    
2027 12,970    
2028 12,200    
2029 11,360    
2030 10,151    
Thereafter 36,916    
Deferred financing fees, net 10,648 65,802  
Future amortization of deferred financing fees      
2025 6,294    
2026 3,150    
2027 2,635    
2028 687    
2029 203    
Thereafter 522    
Line of Credit      
Future amortization of deferred leasing costs, excluding those classified as discontinued operations      
Maximum borrowing capacity on revolving credit facility 425,000   $ 100,000
Line of Credit      
Future amortization of deferred leasing costs, excluding those classified as discontinued operations      
Deferred financing fees, gross 7,838 7,838  
Accumulated amortization of deferred financing fees 4,995 $ 2,396  
Revolving credit facility | Line of Credit      
Future amortization of deferred leasing costs, excluding those classified as discontinued operations      
Maximum borrowing capacity on revolving credit facility $ 325,000    
v3.26.1
Summary of Significant Accounting Policies - Equity Method Investments, Narrative (Details) - Joint Venture Property 1
$ in Thousands
Dec. 31, 2025
USD ($)
property
Schedule of Equity Method Investments [Line Items]  
Percentage of ownership interest 51.00%
Unconsolidated Properties  
Schedule of Equity Method Investments [Line Items]  
Number of Properties (in properties) | property 2
Unconsolidated Properties | Mortgage notes payable  
Schedule of Equity Method Investments [Line Items]  
Principal balance | $ $ 49,106
v3.26.1
Per Common Share Amounts - Income (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Numerators:    
Net loss $ (272,374) $ (136,107)
Income attributable to unvested participating securities (12) (14)
Net loss used in calculating earnings per common share $ (272,386) $ (136,121)
Denominators:    
Weighted average common shares outstanding - basic (in shares) 71,915 51,806
Weighted average common shares outstanding - diluted (in shares) 71,915 51,806
Net loss per common share - basic (in dollars per share) $ (3.79) $ (2.63)
Net loss per common share - diluted (in dollars per share) $ (3.79) $ (2.63)
v3.26.1
Real Estate Properties - Real Estate Properties Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
property
lease
Dec. 31, 2024
USD ($)
Real Estate Properties [Line Items]    
Real estate aggregate undepreciated carrying value $ 3,676,695 $ 3,657,559
Number of leases entered | lease 46  
Rentable square feet (in square feet) | ft² 974,000  
Weighted average lease term 6 years 8 months 12 days  
Expenditures committed on leases $ 27,854  
Operating leases committed expenditures on leases executed in period committed but unspent tenant related obligations $ 55,076  
Joint Venture Property 1    
Real Estate Properties [Line Items]    
Percentage of ownership interest 51.00%  
Joint Venture Property 1 | Unconsolidated Properties    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 2  
Area of properties (in square feet) | ft² 346,000  
Continuing Operations    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 122  
Area of properties (in square feet) | ft² 17,113,000  
Real estate aggregate undepreciated carrying value $ 3,676,695  
v3.26.1
Real Estate Properties - Disposition Activities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
property
Dec. 31, 2024
USD ($)
ft²
property
Real Estate Properties [Line Items]    
Gain (Loss) on Sale of Real Estate $ 916 $ (7,410)
Loss on Impairment of Real Estate $ (2,048) $ (181,578)
Disposal Group, Disposed of by Sale    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 6 24
Rentable Square Feet (in square feet) | ft² 406,000 2,789,000
Gross Sales Price $ 40,088 $ 199,351
Gain (Loss) on Sale of Real Estate 916 (7,410)
Loss on Impairment of Real Estate $ (2,048) $ 147,946
Disposal Group, Disposed of by Sale | Parsippany, NJ    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 1  
Rentable Square Feet (in square feet) | ft² 100,000  
Gross Sales Price $ 5,750  
Gain (Loss) on Sale of Real Estate (4,641)  
Loss on Impairment of Real Estate $ 0  
Disposal Group, Disposed of by Sale | Santa Clara, CA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 2  
Rentable Square Feet (in square feet) | ft² 149,000  
Gross Sales Price $ 21,150  
Gain (Loss) on Sale of Real Estate 42  
Loss on Impairment of Real Estate $ 0  
Disposal Group, Disposed of by Sale | Detroit, MI    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 1  
Rentable Square Feet (in square feet) | ft² 56,000  
Gross Sales Price $ 2,150  
Gain (Loss) on Sale of Real Estate 27  
Loss on Impairment of Real Estate $ (2,048)  
Disposal Group, Disposed of by Sale | Tempe, AZ    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property 2  
Rentable Square Feet (in square feet) | ft² 101,000  
Gross Sales Price $ 11,038  
Gain (Loss) on Sale of Real Estate 5,488  
Loss on Impairment of Real Estate $ 0  
Disposal Group, Disposed of by Sale | Chicago, IL    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   248,000
Gross Sales Price   $ 38,500
Gain (Loss) on Sale of Real Estate   (2,448)
Loss on Impairment of Real Estate   $ 0
Disposal Group, Disposed of by Sale | Malden, MA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   126,000
Gross Sales Price   $ 7,800
Gain (Loss) on Sale of Real Estate   (10)
Loss on Impairment of Real Estate   $ (13,973)
Disposal Group, Disposed of by Sale | Indianapolis, IN    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   3
Rentable Square Feet (in square feet) | ft²   434,000
Gross Sales Price   $ 10,100
Gain (Loss) on Sale of Real Estate   729
Loss on Impairment of Real Estate   $ (50,851)
Disposal Group, Disposed of by Sale | Atlanta, GA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   126,000
Gross Sales Price   $ 17,610
Gain (Loss) on Sale of Real Estate   8,690
Loss on Impairment of Real Estate   $ 0
Disposal Group, Disposed of by Sale | San Jose, CA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   64,000
Gross Sales Price   $ 10,800
Gain (Loss) on Sale of Real Estate   (954)
Loss on Impairment of Real Estate   $ (819)
Disposal Group, Disposed of by Sale | Colorado Springs, CO    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   156,000
Gross Sales Price   $ 26,164
Gain (Loss) on Sale of Real Estate   12,962
Loss on Impairment of Real Estate   $ 0
Disposal Group, Disposed of by Sale | Rocklin, CA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   19,000
Gross Sales Price   $ 2,627
Gain (Loss) on Sale of Real Estate   1,084
Loss on Impairment of Real Estate   $ 0
Disposal Group, Disposed of by Sale | Lakewood, CO    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   3
Rentable Square Feet (in square feet) | ft²   213,000
Gross Sales Price   $ 8,100
Gain (Loss) on Sale of Real Estate   (9,132)
Loss on Impairment of Real Estate   $ 0
Disposal Group, Disposed of by Sale | Atlanta, GA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   5
Rentable Square Feet (in square feet) | ft²   379,000
Gross Sales Price   $ 18,100
Gain (Loss) on Sale of Real Estate   79
Loss on Impairment of Real Estate   $ (21,937)
Disposal Group, Disposed of by Sale | Florence, KY    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   168,000
Gross Sales Price   $ 3,250
Gain (Loss) on Sale of Real Estate   (6,966)
Loss on Impairment of Real Estate   $ 0
Disposal Group, Disposed of by Sale | Sacramento, CA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   338,000
Gross Sales Price   $ 21,000
Gain (Loss) on Sale of Real Estate   (6,502)
Loss on Impairment of Real Estate   $ (33,902)
Disposal Group, Disposed of by Sale | Reston, VA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   131,000
Gross Sales Price   $ 7,200
Gain (Loss) on Sale of Real Estate   (869)
Loss on Impairment of Real Estate   $ (18,540)
Disposal Group, Disposed of by Sale | Kansas City, MO    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   87,000
Gross Sales Price   $ 8,000
Gain (Loss) on Sale of Real Estate   32
Loss on Impairment of Real Estate   $ (4,370)
Disposal Group, Disposed of by Sale | Westford, MA    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   1
Rentable Square Feet (in square feet) | ft²   175,000
Gross Sales Price   $ 5,100
Gain (Loss) on Sale of Real Estate   (6,481)
Loss on Impairment of Real Estate   $ (3,554)
Disposal Group, Disposed of by Sale | Provo, UT    
Real Estate Properties [Line Items]    
Number of Properties (in properties) | property   2
Rentable Square Feet (in square feet) | ft²   125,000
Gross Sales Price   $ 15,000
Gain (Loss) on Sale of Real Estate   2,376
Loss on Impairment of Real Estate   $ 0
v3.26.1
Real Estate Properties - Unconsolidated Joint Ventures (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
property
joint_venture
Dec. 31, 2024
USD ($)
Real Estate [Line Items]    
Number of joint ventures | joint_venture 1  
Unconsolidated Properties    
Real Estate [Line Items]    
Equity method investment, difference between carrying amount and underlying equity $ 645  
Unconsolidated Properties | Prosperity Metro Plaza    
Real Estate [Line Items]    
Number of Properties (in properties) | property 2  
OPI Ownership 51.00%  
OPI Carrying Value of Investments $ 16,965 $ 17,370
Rentable Square Feet (in square feet) | ft² 346,000  
Unconsolidated Properties | Prosperity Metro Plaza | Mortgage notes payable    
Real Estate [Line Items]    
Interest rate (as a percent) 4.09%  
Principal balance $ 49,106 $ 50,000
v3.26.1
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
tenant
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]    
Straight line rent adjustments $ 23,074 $ 31,102
Straight line rent receivables 151,525 140,132
Variable lease, income 74,516 86,903
Tenant reimbursement income $ 71,152 $ 82,647
Lessor, Operating Lease, Payment to be Received    
Lessee, Lease, Description [Line Items]    
Number of government tenants with the right to terminate their leases | tenant 5  
Lessor, Operating Lease, Payment to be Received | Tenant Concentration | Tenant with Exercisable Termination Rights    
Lessee, Lease, Description [Line Items]    
Concentration risk, percentage 1.20%  
2026 1.30%  
2027 2.10%  
2028 6.20%  
2029 4.70%  
2030 3.40%  
2031 1.10%  
2032 8.10%  
2034 1.70%  
2035 3.70%  
2036 0.80%  
2037 0.70%  
2040 2.30%  
Lessor, Operating Lease, Payment to be Received | Tenant Concentration | Fourteen Government Tenants    
Lessee, Lease, Description [Line Items]    
Concentration risk, percentage 2.90%  
v3.26.1
Leases - Operating Lease Maturity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 316,220
2027 301,108
2028 269,293
2029 258,549
2030 230,579
Thereafter 927,651
Total $ 2,303,400
v3.26.1
Business and Property Management Agreements with RMR - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
employee
agreement
Jan. 01, 2025
USD ($)
Line of Credit    
Related Party Transaction [Line Items]    
Maximum borrowing capacity on revolving credit facility $ 425,000 $ 100,000
RMR LLC    
Related Party Transaction [Line Items]    
Number of employees | employee 0  
Number of agreements with RMR LLC to provide management services | agreement 2  
Management fees as percentage of gross collected rents 3.00%  
Construction supervision fees as percentage of construction costs 5.00%  
RMR LLC | Transition Services    
Related Party Transaction [Line Items]    
Duration of transition services 120 days  
RMR LLC | Amended And Restate Business Management Agreement    
Related Party Transaction [Line Items]    
Percentage applied on average historical cost of real estate investment properties acquired 0.50%  
Base management fee payable as percentage of average historical cost of real estate investments 0.70%  
Percentage of average closing stock price on stock exchange 0.70%  
Management fee payable as percentage of average market capitalization exceeding specified amount 0.50%  
Percentage for limitation and adjustments of incentive management fee payable 12.00%  
Measurement period for incentive management fee 3 years  
Average closing price of our common shares, consecutive trading days 10 days  
Highest average closing price of our common shares, final consecutive trading days 30 days  
Percentage for limitation and adjustments of incentive management fee payable, minimum total return per share percentage change 5.00%  
Percentage of base business management fee payable in common shares 1.50%  
RMR LLC | Amended And Restate Business Management Agreement | Up C Transaction    
Related Party Transaction [Line Items]    
Written notice for convenience 60 days  
Window of written notice after calendar year 60 days  
Window for written notice after change of control 12 months  
Remaining termination fee term 10 years  
RMR LLC | Amended And Restate Business Management Agreement | Maximum    
Related Party Transaction [Line Items]    
Threshold amount of real estate investments $ 250,000  
Threshold amount of average market capitalization $ 250,000  
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction 5.00%  
RMR LLC | Amended And Restate Business Management Agreement | Maximum | Up C Transaction    
Related Party Transaction [Line Items]    
Termination fee term 20 years  
RMR LLC | Amended And Restate Business Management Agreement | Minimum    
Related Party Transaction [Line Items]    
Threshold amount of real estate investments $ 250,000  
Base management fee payable average market capitalization $ 250,000  
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction 2.00%  
RMR LLC | Amended And Restate Business Management Agreement | Minimum | Up C Transaction    
Related Party Transaction [Line Items]    
Termination fee term 19 years  
v3.26.1
Business and Property Management Agreements with RMR - Business Management Fees, Property Management Fees and Construction Supervision Fees (Details) - RMR LLC - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Business management agreement    
Related Party Transaction [Line Items]    
Transaction amount $ 12,252 $ 13,145
Recognized amortization of the liability 603 603
Property management agreement    
Related Party Transaction [Line Items]    
Transaction amount 12,506 16,456
Reimbursement amounts 484 484
Property management fees    
Related Party Transaction [Line Items]    
Transaction amount 11,256 13,584
Construction supervision fees    
Related Party Transaction [Line Items]    
Transaction amount 1,250 2,872
Expense Reimbursement    
Related Party Transaction [Line Items]    
Transaction amount $ 20,779 $ 25,797
v3.26.1
Related Person Transactions (Details)
$ in Thousands
 1 Months Ended 6 Months Ended 12 Months Ended
Jan. 01, 2025
USD ($)
renewalOption
year
Apr. 30, 2025
USD ($)
Jun. 30, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
ft²
Related Party Transaction [Line Items]          
Other operating expenses       $ 121,456 $ 107,400
Straight line rent receivables       151,525 140,132
Other assets, net       $ 30,951 11,594
Officers and Other Employees | 2009 Award Plan | Common Shares          
Related Party Transaction [Line Items]          
Award vesting period       4 years  
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 1          
Related Party Transaction [Line Items]          
Award vesting rights, percentage       20.00%  
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 2          
Related Party Transaction [Line Items]          
Award vesting rights, percentage       20.00%  
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 3          
Related Party Transaction [Line Items]          
Award vesting rights, percentage       20.00%  
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 4          
Related Party Transaction [Line Items]          
Award vesting rights, percentage       20.00%  
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 5          
Related Party Transaction [Line Items]          
Award vesting rights, percentage       20.00%  
Sonesta International Hotels Corporation | Management Agreement Realized Return          
Related Party Transaction [Line Items]          
Transaction amount       $ 4,496  
Related Party          
Related Party Transaction [Line Items]          
Rents receivable       164,114 155,668
Related Party | RMR LLC          
Related Party Transaction [Line Items]          
Rental income       816 807
Related Party | Sonesta International Hotels Corporation          
Related Party Transaction [Line Items]          
Rental income         $ 12,428
Rentable Square Feet (in square feet) | ft²         240,000
Additional area of real estate property (in square feet) | ft²         5,900
Annual base rent         $ 6,724
Annual percentage increase     10.00%    
Annual base rent increase     5 years    
Tenant improvements         76,834
Number of renewal options | renewalOption 2        
Renewal term 10 years        
Transaction amount $ 7,500        
Priority return increase percentage of out-of-pocket capital expenditures 8.00%        
Priority return percentage of prior year's annual owner's priority return 102.00%        
Rents receivable       231  
Incentive fee, percent of net operating profit 20.00%        
Loyalty fee, percent of room revenues 1.00%        
Loyalty fee, percent of qualified room revenues 4.50%        
Straight line rent receivables         $ 12,343
Other assets, net       11,911  
Performance years termination threshold | year 2        
Related Party | Sonesta International Hotels Corporation | Management, Brand Promotion And Loyalty Fees          
Related Party Transaction [Line Items]          
Rental income       29,644  
Other operating expenses       837  
Related Party | Sonesta International Hotels Corporation | Sonesta Management Agreement, Period One          
Related Party Transaction [Line Items]          
Required escrow deposit, percent of gross revenues 1.00%        
Base management fee, percent of gross revenues 1.50%        
Brand promotion fee, percent of gross revenues 1.75%        
Related Party | Sonesta International Hotels Corporation | Sonesta Management Agreement, Period Two          
Related Party Transaction [Line Items]          
Required escrow deposit, percent of gross revenues 3.00%        
Base management fee, percent of gross revenues 3.00%        
Brand promotion fee, percent of gross revenues 3.50%        
Related Party | Sonesta International Hotels Corporation | Sonesta Management Agreement, Period Three          
Related Party Transaction [Line Items]          
Required escrow deposit, percent of gross revenues 4.00%        
Escrow deposits required       296  
Related Party | Sonesta International Hotels Corporation | Working Capital          
Related Party Transaction [Line Items]          
Other operating expenses   $ 548      
Related Party | Sonesta International Hotels Corporation | Asset Management Amortization          
Related Party Transaction [Line Items]          
Other operating expenses       $ 432  
v3.26.1
Concentration (Details)
 12 Months Ended
Dec. 31, 2025
state
property
Dec. 31, 2024
Concentration Risk [Line Items]    
Number of states in which acquired properties located | state 29  
Continuing Operations    
Concentration Risk [Line Items]    
Number of Properties (in properties) | property 122  
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U S Government, State Governments, and Other Governments    
Concentration Risk [Line Items]    
Concentration risk, percentage 25.70% 24.80%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U.S. Government    
Concentration Risk [Line Items]    
Concentration risk, percentage 17.20% 17.00%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Virginia    
Concentration Risk [Line Items]    
Concentration risk, percentage 14.20%  
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | California    
Concentration Risk [Line Items]    
Concentration risk, percentage 11.40%  
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Illinois    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.90%  
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Georgia    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.80%  
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Texas    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.10%  
v3.26.1
Indebtedness - Outstanding Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Oct. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Borrowings outstanding $ 2,431,614   $ 2,626,524
Unamortized debt premiums, discounts and issuance costs (22,988)   (91,890)
Total borrowings outstanding $ 2,408,626   2,534,634
Senior unsecured notes, 4.500% interest rate, due in 2025      
Debt Instrument [Line Items]      
Interest rate (as a percent) 4.50%    
Senior unsecured notes, 2.650% interest rate, due in 2026      
Debt Instrument [Line Items]      
Interest rate (as a percent) 2.65%    
Senior unsecured notes, 2.400% interest rate, due in 2027      
Debt Instrument [Line Items]      
Interest rate (as a percent) 2.40%    
Senior secured notes, 3.250% interest rate, due in 2027      
Debt Instrument [Line Items]      
Interest rate (as a percent) 3.25%    
Senior secured notes, 9.000% interest rate, due in March 2029      
Debt Instrument [Line Items]      
Interest rate (as a percent) 9.00%    
Senior secured notes, 9.000% interest rate, due in September 2029      
Debt Instrument [Line Items]      
Interest rate (as a percent) 9.00%    
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030      
Debt Instrument [Line Items]      
Interest rate (as a percent) 8.00%    
Senior unsecured notes, 3.450% interest rate, due in 2031      
Debt Instrument [Line Items]      
Interest rate (as a percent) 3.45%    
Senior unsecured notes, 6.375% interest rate, due in 2050      
Debt Instrument [Line Items]      
Interest rate (as a percent) 6.375%    
Secured Debt | Secured term loan, due in 2027      
Debt Instrument [Line Items]      
Borrowings outstanding $ 100,000   100,000
Total borrowings outstanding $ 100,000    
Secured Debt | Debtor-in-possession term loan, 12.000% interest rate, due in 2026      
Debt Instrument [Line Items]      
Interest rate (as a percent) 12.00%    
Borrowings outstanding $ 10,225   0
Senior Notes | Senior unsecured notes, 4.500% interest rate, due in 2025      
Debt Instrument [Line Items]      
Interest rate (as a percent) 4.50%    
Borrowings outstanding $ 0   171,586
Senior Notes | Senior unsecured notes, 2.650% interest rate, due in 2026      
Debt Instrument [Line Items]      
Interest rate (as a percent) 2.65%    
Borrowings outstanding $ 133,929   140,488
Senior Notes | Senior unsecured notes, 2.400% interest rate, due in 2027      
Debt Instrument [Line Items]      
Interest rate (as a percent) 2.40%    
Borrowings outstanding $ 78,306   80,784
Senior Notes | Senior secured notes, 3.250% interest rate, due in 2027      
Debt Instrument [Line Items]      
Interest rate (as a percent) 3.25%    
Borrowings outstanding $ 417,994   444,992
Senior Notes | Senior secured notes, 9.000% interest rate, due in March 2029      
Debt Instrument [Line Items]      
Interest rate (as a percent) 9.00%    
Borrowings outstanding $ 300,000   300,000
Senior Notes | Senior secured notes, 9.000% interest rate, due in September 2029      
Debt Instrument [Line Items]      
Interest rate (as a percent) 9.00% 9.00%  
Borrowings outstanding $ 609,999   609,999
Senior Notes | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030      
Debt Instrument [Line Items]      
Interest rate (as a percent) 8.00%    
Borrowings outstanding $ 14,439   0
Senior Notes | Senior unsecured notes, 3.450% interest rate, due in 2031      
Debt Instrument [Line Items]      
Interest rate (as a percent) 3.45%    
Borrowings outstanding $ 102,402   114,355
Senior Notes | Senior unsecured notes, 6.375% interest rate, due in 2050      
Debt Instrument [Line Items]      
Interest rate (as a percent) 6.375%    
Borrowings outstanding $ 162,000   162,000
Mortgage notes payable      
Debt Instrument [Line Items]      
Total borrowings outstanding $ 177,320    
Mortgage notes payable | Mortgage note payable, 8.272% interest rate, due in 2028      
Debt Instrument [Line Items]      
Interest rate (as a percent) 8.272%    
Borrowings outstanding $ 42,700   42,700
Mortgage notes payable | Mortgage note payable, 8.139% interest rate, due in 2028      
Debt Instrument [Line Items]      
Interest rate (as a percent) 8.139%    
Borrowings outstanding $ 26,340   26,340
Mortgage notes payable | Mortgage note payable, 7.671% interest rate, due in 2028      
Debt Instrument [Line Items]      
Interest rate (as a percent) 7.671%    
Borrowings outstanding $ 54,300   54,300
Mortgage notes payable | Mortgage note payable, 7.210% interest rate, due in 2033      
Debt Instrument [Line Items]      
Interest rate (as a percent) 7.21%    
Borrowings outstanding $ 30,680   30,680
Mortgage notes payable | Mortgage note payable, 7.305% interest rate, due in 2033      
Debt Instrument [Line Items]      
Interest rate (as a percent) 7.305%    
Borrowings outstanding $ 8,400   8,400
Mortgage notes payable | Mortgage note payable, 7.717% interest rate, due in 2033      
Debt Instrument [Line Items]      
Interest rate (as a percent) 7.717%    
Borrowings outstanding $ 14,900   14,900
Revolving credit facility | Line of Credit | Secured revolving credit facility, due in 2027      
Debt Instrument [Line Items]      
Borrowings outstanding $ 325,000   $ 325,000
v3.26.1
Indebtedness - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 07, 2026
USD ($)
Mar. 13, 2026
USD ($)
Feb. 05, 2026
USD ($)
Feb. 04, 2026
USD ($)
Nov. 06, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
$ / shares
Dec. 31, 2024
USD ($)
Nov. 05, 2025
USD ($)
Jan. 01, 2025
USD ($)
Debt Instrument [Line Items]                  
Outstanding principal amount           $ 2,431,614 $ 2,626,524    
Long-term debt           2,408,626 2,534,634    
Borrowings on debtor-in-possession secured term loan           $ 10,000 0    
Line of Credit                  
Debt Instrument [Line Items]                  
Distribution rate (in dollars per share) | $ / shares           $ 0.01      
Interest rate (as a percent)           9.30%      
Weighted average annual interest rate           8.20%      
Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity on revolving credit facility           $ 425,000     $ 100,000
Line of Credit | SOFR                  
Debt Instrument [Line Items]                  
Interest rate premium (as a percent)           3.50%      
Line of Credit | Prime Rate                  
Debt Instrument [Line Items]                  
Interest rate premium (as a percent)           2.50%      
Line of Credit | Prime Rate | Subsequent Event                  
Debt Instrument [Line Items]                  
Interest rate premium (as a percent)       4.50%          
Line of Credit | Revolving credit facility                  
Debt Instrument [Line Items]                  
Number of properties used to secured mortgage note | property           19      
Aggregate gross book value of real estate assets           $ 1,035,653      
Commitment fee percentage           0.25%      
Maximum borrowing capacity on revolving credit facility           $ 325,000      
Line of Credit | Revolving credit facility | Secured revolving credit facility, due in 2027                  
Debt Instrument [Line Items]                  
Borrowings outstanding           325,000      
Outstanding principal amount           $ 325,000 325,000    
Line of Credit | Secured Debt                  
Debt Instrument [Line Items]                  
Number of properties used to secured mortgage note | property           19      
Aggregate gross book value of real estate assets           $ 1,035,653      
Secured Debt | Secured term loan, due in 2027                  
Debt Instrument [Line Items]                  
Outstanding principal amount           100,000 100,000    
Long-term debt           100,000      
Secured Debt | A&R DIP Credit Agreement                  
Debt Instrument [Line Items]                  
Outstanding principal amount           $ 10,225 $ 0    
Interest rate (as a percent)           12.00%      
Aggregate principal amount               $ 125,000  
Borrowings on debtor-in-possession secured term loan         $ 10,000        
Secured Debt | A&R DIP Credit Agreement | Subsequent Event                  
Debt Instrument [Line Items]                  
Interest rate (as a percent)       12.00%          
Aggregate principal amount       $ 125,000          
Borrowings on debtor-in-possession secured term loan $ 40,000 $ 10,700 $ 64,300            
Amount available to be drawn under credit agreement       $ 75,000          
Cash percentage of commitments as an upfront fee       2.25%          
Reorganized common equity percentage of commitments as an upfront fee       3.60%          
Capital commitment fee as a percentage of lenders' commitments       10.00%          
Exit fee percentage       4.50%          
Cash Prepayment premium as a percentage for voluntary prepayment       1.00%          
Secured Debt | A&R DIP Credit Agreement | Subsequent Event | Tranche B                  
Debt Instrument [Line Items]                  
Capital commitment fee as a percentage of lenders' commitments       0.75%          
v3.26.1
Indebtedness - Senior Notes Redemptions and Repayments Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jul. 30, 2025
Feb. 28, 2025
Jan. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Gain (loss) on early extinguishment of debt       $ 1,146 $ 138,603
Repayments of senior secured notes       $ 26,998 $ 0
Senior secured notes, 3.250% interest rate, due in 2027          
Debt Instrument [Line Items]          
Interest rate (as a percent)       3.25%  
Senior Notes | 4.500% Senior Unsecured Notes          
Debt Instrument [Line Items]          
Debt redeemed     $ 171,586    
Interest rate (as a percent)     4.50%    
Senior Notes | Senior secured notes, 3.250% interest rate, due in 2027          
Debt Instrument [Line Items]          
Debt redeemed $ 2,029 $ 5,469      
Interest rate (as a percent)       3.25%  
Gain (loss) on early extinguishment of debt     $ (928) $ (285)  
Repayments of principal debt       6,500  
Repayments of senior secured notes       $ 19,500  
v3.26.1
Indebtedness - Senior Notes Exchange (Details) - Senior Notes Exchange
$ in Thousands
 1 Months Ended
Mar. 31, 2025
USD ($)
Debt Conversion [Line Items]  
Aggregate Principal Amount of Notes Delivered $ 14,439
Aggregate Principal Amount of Existing Notes Accepted for Exchange 20,990
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030  
Debt Conversion [Line Items]  
Aggregate Principal Amount of Notes Delivered 14,439
Existing 2.650% 2026 Notes  
Debt Conversion [Line Items]  
Aggregate Principal Amount of Notes Delivered 5,836
Aggregate Principal Amount of Existing Notes Accepted for Exchange $ 6,559
Existing Notes Exchanged, Interest rate 2.65%
Existing 2.400% 2027 Notes  
Debt Conversion [Line Items]  
Aggregate Principal Amount of Notes Delivered $ 1,882
Aggregate Principal Amount of Existing Notes Accepted for Exchange $ 2,478
Existing Notes Exchanged, Interest rate 2.40%
Existing 3.450% 2031 Notes  
Debt Conversion [Line Items]  
Aggregate Principal Amount of Notes Delivered $ 6,721
Aggregate Principal Amount of Existing Notes Accepted for Exchange $ 11,953
Existing Notes Exchanged, Interest rate 3.45%
v3.26.1
Indebtedness - Senior Notes Exchange Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
$ / shares
Dec. 31, 2024
USD ($)
May 18, 2026
borrower
Debt Conversion [Line Items]      
Gain (loss) on early extinguishment of debt $ 1,146 $ 138,603  
Long-term debt $ 2,408,626 $ 2,534,634  
Line of Credit      
Debt Conversion [Line Items]      
Distribution rate (in dollars per share) | $ / shares $ 0.01    
Mortgage notes payable      
Debt Conversion [Line Items]      
Number of properties used to secured mortgage note | property 7    
Aggregate gross book value of real estate assets $ 305,859    
Long-term debt 177,320    
Mortgage notes payable | Subsequent Event      
Debt Conversion [Line Items]      
Number of borrowers that have entered waiver agreements | borrower     2
Senior Notes Exchange      
Debt Conversion [Line Items]      
Gain (loss) on early extinguishment of debt $ 764    
Gain on early extinguishment of debt per common share (in dollars per share) | $ / shares $ 0.01    
v3.26.1
Indebtedness - Future Principal Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 144,154  
2027 921,300  
2028 123,487  
2029 910,278  
2030 14,739  
Thereafter 317,656  
Total 2,431,614 $ 2,626,524
Unamortized debt premiums, discounts and issuance 22,988 91,890
Total debt outstanding $ 2,408,626 $ 2,534,634
v3.26.1
Fair Value of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value of Financial Instruments    
Mortgage notes payable $ 889,557 $ 1,872,357
Unamortized debt premiums, discounts and issuance 22,988 91,890
Senior Notes and Mortgages    
Fair Value of Financial Instruments    
Unamortized debt premiums, discounts and issuance $ 22,115 90,218
Senior unsecured notes, 4.500% interest rate, due in 2025    
Fair Value of Financial Instruments    
Interest rate (as a percent) 4.50%  
Senior unsecured notes, 2.650% interest rate, due in 2026    
Fair Value of Financial Instruments    
Interest rate (as a percent) 2.65%  
Senior unsecured notes, 2.400% interest rate, due in 2027    
Fair Value of Financial Instruments    
Interest rate (as a percent) 2.40%  
Senior secured notes, 3.250% interest rate, due in 2027    
Fair Value of Financial Instruments    
Interest rate (as a percent) 3.25%  
Senior secured notes, 9.000% interest rate, due in March 2029    
Fair Value of Financial Instruments    
Interest rate (as a percent) 9.00%  
Senior secured notes, 9.000% interest rate, due in September 2029    
Fair Value of Financial Instruments    
Interest rate (as a percent) 9.00%  
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030    
Fair Value of Financial Instruments    
Interest rate (as a percent) 8.00%  
Senior unsecured notes, 3.450% interest rate, due in 2031    
Fair Value of Financial Instruments    
Interest rate (as a percent) 3.45%  
Senior unsecured notes, 6.375% interest rate, due in 2050    
Fair Value of Financial Instruments    
Interest rate (as a percent) 6.375%  
Carrying Amount    
Fair Value of Financial Instruments    
Total $ 1,974,275 2,111,306
Carrying Amount | Senior unsecured notes, 4.500% interest rate, due in 2025    
Fair Value of Financial Instruments    
Senior notes 0 171,607
Carrying Amount | Senior unsecured notes, 2.650% interest rate, due in 2026    
Fair Value of Financial Instruments    
Senior notes 133,929 139,578
Carrying Amount | Senior unsecured notes, 2.400% interest rate, due in 2027    
Fair Value of Financial Instruments    
Senior notes 78,306 80,486
Carrying Amount | Senior secured notes, 3.250% interest rate, due in 2027    
Fair Value of Financial Instruments    
Senior notes 417,994 363,432
Carrying Amount | Senior secured notes, 9.000% interest rate, due in March 2029    
Fair Value of Financial Instruments    
Senior notes 281,366 275,632
Carrying Amount | Senior secured notes, 9.000% interest rate, due in September 2029    
Fair Value of Financial Instruments    
Senior notes 609,999 637,052
Carrying Amount | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030    
Fair Value of Financial Instruments    
Senior notes 14,439 0
Carrying Amount | Senior unsecured notes, 3.450% interest rate, due in 2031    
Fair Value of Financial Instruments    
Senior notes 102,402 113,511
Carrying Amount | Senior unsecured notes, 6.375% interest rate, due in 2050    
Fair Value of Financial Instruments    
Senior notes 162,000 157,096
Carrying Amount | Mortgage notes payable    
Fair Value of Financial Instruments    
Mortgage notes payable 173,840 172,912
Fair Value    
Fair Value of Financial Instruments    
Total 1,404,545 1,838,856
Fair Value | Senior unsecured notes, 4.500% interest rate, due in 2025    
Fair Value of Financial Instruments    
Senior notes 0 169,302
Fair Value | Senior unsecured notes, 2.650% interest rate, due in 2026    
Fair Value of Financial Instruments    
Senior notes 13,393 106,078
Fair Value | Senior unsecured notes, 2.400% interest rate, due in 2027    
Fair Value of Financial Instruments    
Senior notes 7,831 49,475
Fair Value | Senior secured notes, 3.250% interest rate, due in 2027    
Fair Value of Financial Instruments    
Senior notes 336,485 383,806
Fair Value | Senior secured notes, 9.000% interest rate, due in March 2029    
Fair Value of Financial Instruments    
Senior notes 306,444 293,100
Fair Value | Senior secured notes, 9.000% interest rate, due in September 2029    
Fair Value of Financial Instruments    
Senior notes 530,699 529,436
Fair Value | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030    
Fair Value of Financial Instruments    
Senior notes 4,918 0
Fair Value | Senior unsecured notes, 3.450% interest rate, due in 2031    
Fair Value of Financial Instruments    
Senior notes 10,240 49,688
Fair Value | Senior unsecured notes, 6.375% interest rate, due in 2050    
Fair Value of Financial Instruments    
Senior notes 12,312 80,676
Fair Value | Mortgage notes payable    
Fair Value of Financial Instruments    
Mortgage notes payable $ 182,223 $ 177,295
v3.26.1
Shareholders' Equity - Share Issuances and Share Awards (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
installment
property
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Issuance of common shares | $   $ 1,106 $ 33,796    
Number of trustees | property     9    
2009 Award Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares granted (in shares)   0 649,198    
Number of installments | installment     5    
Unvested shares (in shares) 363,953 363,953 591,879   288,681
2026 (in shares) 142,692 142,692      
2027 (in shares) 125,998 125,998      
2028 (in shares) 95,263 95,263      
Estimated future compensation expense for the unvested shares | $ $ 1,053 $ 1,053      
Weighted average period of recognition of compensation expenses (in years)   19 months      
Compensation expense | $   $ 893 $ 1,662    
Shares available for issuance under plan (in shares) 2,116,553 2,116,553      
Officers and Other Employees          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Issuance of common shares (in shares)   0 544,555    
Issuance of common shares | $     $ 1,160    
Trustees          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares granted (in shares)     11,627    
Trustees | 2009 Award Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Aggregate market value of shares awarded | $     $ 225    
Market value of common shares awarded to each trustee (in dollars) | $     $ 25    
ATM Offering          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Authorized sale price of common stock | $       $ 100  
Cash commission percentage       3.00%  
Number of shares sold (in shares) 4,171,689        
Weighted average share price of common shares sold (in dollars per share) | $ / shares $ 0.27        
Proceeds from sale of stock | $ $ 1,106        
v3.26.1
Shareholders' Equity - Unvested Shares Activity (Details) - 2009 Award Plan - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Number of Shares    
Unvested at the beginning of the period (in shares) 591,879 288,681
Granted (in shares) 0 649,198
Forfeited (in shares) (4,488) 0
Vested (in shares) (223,438) (346,000)
Unvested at the end of the period (in shares) 363,953 591,879
Weighted Average Grant Date Fair Value    
Unvested at the beginning of the period (in dollars per share) $ 4.32 $ 12.01
Granted (in dollars per share) 0 2.14
Forfeited (in dollars per share) 2.53 0
Vested (in dollars per share) 5.78 6.62
Unvested at the end of the period (in dollars per share) $ 3.44 $ 4.32
v3.26.1
Shareholders' Equity - Share Purchases (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Share repurchases (in shares) 50,816 85,338
Stock repurchase price (in dollars per share) $ 0.65 $ 2.25
v3.26.1
Shareholders' Equity - Distributions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Annual Per Share Distribution (in dollars per share) $ 0.02 $ 0.04
Total Distributions $ 1,407 $ 2,033
Characterization of Distribution, Return of Capital 100.00% 100.00%
Characterization of Distribution, Ordinary Income 0.00% 0.00%
Characterization of Distribution, Quality Dividend 0.00% 0.00%
v3.26.1
Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.26.1
Condensed Combined Debtor-in-Possession Financial Information - Schedule of Debtors' Condensed Combined Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real estate properties:      
Land $ 706,623 $ 711,039  
Buildings and improvements 2,970,072 2,946,520  
Total real estate properties, gross 3,676,695 3,657,559  
Accumulated depreciation (729,543) (618,650)  
Total real estate properties, net 2,947,152 3,038,909  
Acquired real estate leases, net 150,254 193,739  
Cash and cash equivalents 29,486 261,318  
Restricted cash 51,175 13,847  
Deferred leasing costs, net 98,268 97,642  
Other assets, net 30,951 11,594  
Total assets 3,488,596 3,822,286  
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Secured debt, net 889,557 1,872,357  
Accounts payable and other liabilities 126,856 118,689  
Due to related persons 4,689 5,869  
Assumed real estate lease obligations, net 8,374 9,525  
Liabilities subject to compromise 1,578,133 0  
Total liabilities 2,607,609 2,669,482  
Commitments and contingencies  
Shareholders’ equity:      
Common shares of beneficial interest 739 698  
Additional paid in capital 2,658,471 2,656,548  
Cumulative net loss (308,307) (35,933)  
Cumulative common distributions (1,469,916) (1,468,509)  
Total shareholders’ equity 880,987 1,152,804 $ 1,255,679
Total liabilities and shareholders’ equity 3,488,596 3,822,286  
Nonrelated Party      
Real estate properties:      
Rents receivable 231 0  
Related Party      
Real estate properties:      
Rents receivable 164,114 $ 155,668  
Reorganization, Chapter 11, Debtor-in-Possession      
Real estate properties:      
Land 675,765    
Buildings and improvements 2,769,685    
Total real estate properties, gross 3,445,450    
Accumulated depreciation (670,326)    
Total real estate properties, net 2,775,124    
Acquired real estate leases, net 121,204    
Cash and cash equivalents 29,481    
Restricted cash 43,410    
Intercompany due from non-debtor entities 151,002    
Deferred leasing costs, net 89,707    
Other assets, net 330,656    
Total assets 3,687,935    
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Secured debt, net 715,718    
Accounts payable and other liabilities 122,336    
Assumed real estate lease obligations, net 7,976    
Liabilities subject to compromise 1,578,132    
Total liabilities 2,862,165    
Commitments and contingencies    
Shareholders’ equity:      
Common shares of beneficial interest 739    
Additional paid in capital 2,658,471    
Cumulative net loss (363,524)    
Cumulative common distributions (1,469,916)    
Total shareholders’ equity 825,770    
Total liabilities and shareholders’ equity 3,687,935    
Reorganization, Chapter 11, Debtor-in-Possession | Nonrelated Party      
Real estate properties:      
Rents receivable 147,120    
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Due to related persons 433,548    
Reorganization, Chapter 11, Debtor-in-Possession | Related Party      
Real estate properties:      
Rents receivable 231    
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Due to related persons $ 4,455    
v3.26.1
Condensed Combined Debtor-in-Possession Financial Information - Schedule of Debtors' Condensed Combined Statement of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]    
Rental income $ 442,556 $ 501,979
Expenses:    
Real estate taxes 49,010 62,369
Utility expenses 26,880 27,467
Other operating expenses 121,456 107,400
Depreciation and amortization 174,957 194,737
Loss on impairment of real estate 2,048 181,578
Transaction related costs 42,455 1,144
General and administrative 19,429 21,128
Total expenses 436,235 595,823
Gain (loss) on sale of real estate 916 (7,410)
Interest and other income 3,146 3,668
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $39,898) (203,454) (163,745)
(Loss) gain on early extinguishment of debt (449) 126,185
Reorganization items, net (78,333) 0
Loss before income tax expense and equity in net losses of investees (271,853) (135,146)
Income tax expense (116) (203)
Net loss (272,374) (136,107)
Net amortization of debt premiums, discounts and issuance costs 40,825 $ 13,463
Reorganization, Chapter 11, Debtor-in-Possession    
Reorganization, Chapter 11 [Line Items]    
Rental income 408,597  
Expenses:    
Real estate taxes 46,750  
Utility expenses 25,775  
Other operating expenses 115,934  
Depreciation and amortization 163,608  
Loss on impairment of real estate 2,048  
Transaction related costs 42,455  
General and administrative 19,266  
Total expenses 415,836  
Gain (loss) on sale of real estate 916  
Interest and other income 3,143  
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $39,898) (188,518)  
(Loss) gain on early extinguishment of debt (449)  
Reorganization items, net (78,333)  
Loss before income tax expense and equity in net losses of investees (270,480)  
Income tax expense (116)  
Net loss (270,596)  
Net amortization of debt premiums, discounts and issuance costs $ 39,898  
v3.26.1
Condensed Combined Debtor-in-Possession Financial Information - Schedule of Debtors' Condensed Combined Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (272,374) $ (136,107)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 121,856 118,710
Net amortization of debt premiums, discounts and issuance costs 40,825 13,463
Amortization of acquired real estate leases and assumed real estate lease obligations, net 41,153 64,636
Amortization of deferred leasing costs 14,402 12,990
Gain on sale of real estate (916) 7,410
Loss on impairment of real estate 2,048 181,578
Net gain on early extinguishment of debt (1,146) (138,603)
Non-cash reorganization items 25,654 0
Straight Line Rent (23,074) (31,102)
Other non-cash expenses, net 237 575
Equity in net losses of investees 405 758
Change in assets and liabilities:    
Rents receivable 2,409 5,999
Due from related persons (231) 0
Deferred leasing costs (18,819) (22,969)
Other assets (8,901) 1,377
Accounts payable and other liabilities 71,085 (10,392)
Due to related persons (1,182) (1,156)
Net cash (used in) provided by operating activities (6,569) 67,167
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (37,635) (123,376)
Proceeds from sale of property, net 39,827 189,986
Net cash provided by investing activities 2,192 66,610
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (171,600) (350,242)
Repayment of senior secured notes (26,998) 0
Payment of debt issuance costs (1,196) (91,845)
Borrowings on debtor-in-possession secured term loan 10,000 0
Proceeds from issuance of common shares, net 1,106 0
Repurchases of common shares (32) (192)
Distributions to common shareholders (1,407) (2,033)
Net cash (used in) provided by financing activities (190,127) 114,674
(Decrease) increase in cash, cash equivalents and restricted cash (194,504) 248,451
Cash, cash equivalents and restricted cash at beginning of period 275,165 26,714
Cash, cash equivalents and restricted cash at end of period 80,661 275,165
Reorganization, Chapter 11, Debtor-in-Possession    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) (270,596)  
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 115,034  
Net amortization of debt premiums, discounts and issuance costs 39,898  
Amortization of acquired real estate leases and assumed real estate lease obligations, net 37,367  
Amortization of deferred leasing costs 13,683  
Gain on sale of real estate (916)  
Loss on impairment of real estate 2,048  
Net gain on early extinguishment of debt (1,146)  
Non-cash reorganization items 25,654  
Straight Line Rent (21,160)  
Other non-cash expenses, net 237  
Equity in net losses of investees 405  
Change in assets and liabilities:    
Rents receivable 2,020  
Due from related persons (231)  
Deferred leasing costs (18,819)  
Other assets (9,426)  
Accounts payable and other liabilities 70,773  
Due to related persons 9,027  
Net cash (used in) provided by operating activities (6,148)  
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (36,449)  
Proceeds from sale of property, net 39,827  
Net cash provided by investing activities 3,378  
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (171,600)  
Repayment of senior secured notes (26,998)  
Payment of debt issuance costs (1,196)  
Borrowings on debtor-in-possession secured term loan 10,000  
Proceeds from issuance of common shares, net 1,106  
Repurchases of common shares (32)  
Distributions to common shareholders (1,407)  
Net cash (used in) provided by financing activities (190,127)  
(Decrease) increase in cash, cash equivalents and restricted cash (192,897)  
Cash, cash equivalents and restricted cash at beginning of period 265,788  
Cash, cash equivalents and restricted cash at end of period $ 72,891 $ 265,788
v3.26.1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Real estate and accumulated depreciation      
Number of Properties | property 122    
Encumbrances $ 173,840    
Initial Cost to Company      
Land 708,018    
Buildings and Equipment 2,136,920    
Costs Capitalized Subsequent to Acquisition 858,771    
Impairment/ Writedowns (27,014)    
Cost amount carried at Close of Period      
Land 706,623    
Buildings and Equipment 2,970,072    
Total 3,676,695 $ 3,657,559 $ 4,065,679
Accumulated Depreciation $ (729,543) $ (618,650) $ (650,179)
445 Jan Davis Drive, Huntsville, AL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,501    
Buildings and Equipment 1,492    
Costs Capitalized Subsequent to Acquisition 0    
Cost amount carried at Close of Period      
Land 1,501    
Buildings and Equipment 1,492    
Total 2,993    
Accumulated Depreciation $ (278)    
131 Clayton Street, Montgomery, AL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 920    
Buildings and Equipment 9,084    
Costs Capitalized Subsequent to Acquisition 569    
Cost amount carried at Close of Period      
Land 920    
Buildings and Equipment 9,653    
Total 10,573    
Accumulated Depreciation $ (3,509)    
4344 Carmichael Road, Montgomery, AL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,374    
Buildings and Equipment 11,658    
Costs Capitalized Subsequent to Acquisition 571    
Cost amount carried at Close of Period      
Land 1,374    
Buildings and Equipment 12,229    
Total 13,603    
Accumulated Depreciation $ (3,796)    
15451 North 28th Avenue, Phoenix, AZ      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,917    
Buildings and Equipment 7,416    
Costs Capitalized Subsequent to Acquisition 1,630    
Cost amount carried at Close of Period      
Land 1,917    
Buildings and Equipment 9,046    
Total 10,963    
Accumulated Depreciation $ (2,637)    
711 S 14th Avenue, Safford, AZ      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 460    
Buildings and Equipment 11,708    
Costs Capitalized Subsequent to Acquisition 1,182    
Impairment/ Writedowns (4,440)    
Cost amount carried at Close of Period      
Land 364    
Buildings and Equipment 8,546    
Total 8,910    
Accumulated Depreciation $ (2,411)    
2544 Campbell Place, Carlsbad, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,687    
Buildings and Equipment 1,796    
Costs Capitalized Subsequent to Acquisition 1,614    
Cost amount carried at Close of Period      
Land 2,687    
Buildings and Equipment 3,410    
Total 6,097    
Accumulated Depreciation $ (1,149)    
2548 Campbell Place, Carlsbad, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 3,082    
Buildings and Equipment 2,075    
Costs Capitalized Subsequent to Acquisition 5,156    
Cost amount carried at Close of Period      
Land 3,082    
Buildings and Equipment 7,231    
Total 10,313    
Accumulated Depreciation $ (3,011)    
Folsom Corporate Center, Folsom, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,904    
Buildings and Equipment 5,583    
Costs Capitalized Subsequent to Acquisition 1,587    
Cost amount carried at Close of Period      
Land 2,904    
Buildings and Equipment 7,170    
Total 10,074    
Accumulated Depreciation $ (2,130)    
Bayside Technology Park, Fremont, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 10,784    
Buildings and Equipment 648    
Costs Capitalized Subsequent to Acquisition 1,477    
Cost amount carried at Close of Period      
Land 10,784    
Buildings and Equipment 2,125    
Total 12,909    
Accumulated Depreciation $ (313)    
10949 N. Mather Boulevard, Rancho Cordova, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 562    
Buildings and Equipment 16,923    
Costs Capitalized Subsequent to Acquisition 1,390    
Cost amount carried at Close of Period      
Land 562    
Buildings and Equipment 18,313    
Total 18,875    
Accumulated Depreciation $ (5,701)    
11020 Sun Center Drive, Rancho Cordova, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,466    
Buildings and Equipment 8,797    
Costs Capitalized Subsequent to Acquisition 4,798    
Cost amount carried at Close of Period      
Land 1,466    
Buildings and Equipment 13,595    
Total 15,061    
Accumulated Depreciation $ (2,751)    
100 Redwood Shores Parkway, Redwood City, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 14,454    
Buildings and Equipment 7,721    
Costs Capitalized Subsequent to Acquisition 0    
Cost amount carried at Close of Period      
Land 14,454    
Buildings and Equipment 7,721    
Total 22,175    
Accumulated Depreciation $ (1,498)    
9815 Goethe Road, Sacramento, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,450    
Buildings and Equipment 9,465    
Costs Capitalized Subsequent to Acquisition 5,574    
Cost amount carried at Close of Period      
Land 1,450    
Buildings and Equipment 15,039    
Total 16,489    
Accumulated Depreciation $ (4,055)    
Capitol Place, Sacramento, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,290    
Buildings and Equipment 35,891    
Costs Capitalized Subsequent to Acquisition 9,978    
Cost amount carried at Close of Period      
Land 2,290    
Buildings and Equipment 45,869    
Total 48,159    
Accumulated Depreciation $ (19,214)    
4560 Viewridge Road, San Diego, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,269    
Buildings and Equipment 18,316    
Costs Capitalized Subsequent to Acquisition 6,370    
Cost amount carried at Close of Period      
Land 4,347    
Buildings and Equipment 24,608    
Total 28,955    
Accumulated Depreciation $ (16,705)    
2115 O'Nel Drive, San Jose, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 12,305    
Buildings and Equipment 5,062    
Costs Capitalized Subsequent to Acquisition 386    
Cost amount carried at Close of Period      
Land 12,305    
Buildings and Equipment 5,448    
Total 17,753    
Accumulated Depreciation $ (1,124)    
51 Rio Robles Drive, San Jose, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 7,416    
Buildings and Equipment 4,782    
Costs Capitalized Subsequent to Acquisition 582    
Cost amount carried at Close of Period      
Land 7,416    
Buildings and Equipment 5,364    
Total 12,780    
Accumulated Depreciation $ (1,243)    
77 Rio Robles Drive, San Jose, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 8,362    
Buildings and Equipment 5,393    
Costs Capitalized Subsequent to Acquisition 9,476    
Cost amount carried at Close of Period      
Land 8,362    
Buildings and Equipment 14,869    
Total 23,231    
Accumulated Depreciation $ (4,532)    
145 Rio Robles Drive, San Jose, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 8,116    
Initial Cost to Company      
Land 7,909    
Buildings and Equipment 3,523    
Costs Capitalized Subsequent to Acquisition 6,607    
Cost amount carried at Close of Period      
Land 7,909    
Buildings and Equipment 10,130    
Total 18,039    
Accumulated Depreciation $ (2,404)    
2500 Walsh Avenue, Santa Clara, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 6,687    
Buildings and Equipment 8,326    
Costs Capitalized Subsequent to Acquisition 3,490    
Cost amount carried at Close of Period      
Land 6,687    
Buildings and Equipment 11,816    
Total 18,503    
Accumulated Depreciation $ (1,915)    
603 San Juan Avenue, Stockton, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 563    
Buildings and Equipment 5,470    
Costs Capitalized Subsequent to Acquisition 216    
Cost amount carried at Close of Period      
Land 563    
Buildings and Equipment 5,686    
Total 6,249    
Accumulated Depreciation $ (1,957)    
350 West Java Drive, Sunnyvale, CA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 24,609    
Buildings and Equipment 462    
Costs Capitalized Subsequent to Acquisition 3,296    
Cost amount carried at Close of Period      
Land 24,609    
Buildings and Equipment 3,758    
Total 28,367    
Accumulated Depreciation $ (740)    
7958 South Chester Street, Centennial, CO      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 6,682    
Buildings and Equipment 7,153    
Costs Capitalized Subsequent to Acquisition 3,551    
Cost amount carried at Close of Period      
Land 6,682    
Buildings and Equipment 10,704    
Total 17,386    
Accumulated Depreciation $ (2,090)    
12795 West Alameda Parkway, Lakewood, CO      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,640    
Buildings and Equipment 23,777    
Costs Capitalized Subsequent to Acquisition 277    
Impairment/ Writedowns (22,489)    
Cost amount carried at Close of Period      
Land 585    
Buildings and Equipment 3,620    
Total 4,205    
Accumulated Depreciation $ (190)    
11 Dupont Circle, NW, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 28,255    
Buildings and Equipment 44,743    
Costs Capitalized Subsequent to Acquisition 24,516    
Cost amount carried at Close of Period      
Land 28,255    
Buildings and Equipment 69,259    
Total 97,514    
Accumulated Depreciation $ (19,111)    
1211 Connecticut Avenue, NW, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 30,388    
Buildings and Equipment 24,667    
Costs Capitalized Subsequent to Acquisition 3,588    
Cost amount carried at Close of Period      
Land 30,388    
Buildings and Equipment 28,255    
Total 58,643    
Accumulated Depreciation $ (7,558)    
1401 K Street, NW, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 29,215    
Buildings and Equipment 34,656    
Costs Capitalized Subsequent to Acquisition 8,522    
Cost amount carried at Close of Period      
Land 29,215    
Buildings and Equipment 43,178    
Total 72,393    
Accumulated Depreciation $ (12,925)    
20 Massachusetts Avenue, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 12,009    
Buildings and Equipment 51,527    
Costs Capitalized Subsequent to Acquisition 220,376    
Cost amount carried at Close of Period      
Land 12,230    
Buildings and Equipment 271,682    
Total 283,912    
Accumulated Depreciation $ (70,611)    
440 First Street, NW, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 27,903    
Buildings and Equipment 38,624    
Costs Capitalized Subsequent to Acquisition 3,589    
Cost amount carried at Close of Period      
Land 27,903    
Buildings and Equipment 42,213    
Total 70,116    
Accumulated Depreciation $ (8,840)    
625 Indiana Avenue, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 26,000    
Buildings and Equipment 25,955    
Costs Capitalized Subsequent to Acquisition 13,258    
Cost amount carried at Close of Period      
Land 26,000    
Buildings and Equipment 39,213    
Total 65,213    
Accumulated Depreciation $ (16,061)    
840 First Street, NE, Washington DC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 42,727    
Buildings and Equipment 73,278    
Costs Capitalized Subsequent to Acquisition 2,895    
Cost amount carried at Close of Period      
Land 42,727    
Buildings and Equipment 76,173    
Total 118,900    
Accumulated Depreciation $ (16,614)    
10350 NW 112th Avenue, Miami, FL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,798    
Buildings and Equipment 2,757    
Costs Capitalized Subsequent to Acquisition 2,413    
Cost amount carried at Close of Period      
Land 4,798    
Buildings and Equipment 5,170    
Total 9,968    
Accumulated Depreciation $ (1,348)    
7850 Southwest 6th Court, Plantation, FL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,800    
Buildings and Equipment 30,592    
Costs Capitalized Subsequent to Acquisition 17,033    
Cost amount carried at Close of Period      
Land 4,800    
Buildings and Equipment 47,625    
Total 52,425    
Accumulated Depreciation $ (13,524)    
8900 Grand Oak Circle, Tampa, FL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,100    
Buildings and Equipment 11,773    
Costs Capitalized Subsequent to Acquisition 1,835    
Cost amount carried at Close of Period      
Land 1,100    
Buildings and Equipment 13,608    
Total 14,708    
Accumulated Depreciation $ (5,091)    
180 Ted Turner Drive SW, Atlanta, GA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 5,717    
Buildings and Equipment 20,017    
Costs Capitalized Subsequent to Acquisition 2,826    
Cost amount carried at Close of Period      
Land 5,717    
Buildings and Equipment 22,843    
Total 28,560    
Accumulated Depreciation $ (7,386)    
1224 Hammond Drive, Atlanta GA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 13,040    
Buildings and Equipment 135,459    
Costs Capitalized Subsequent to Acquisition 11,718    
Cost amount carried at Close of Period      
Land 13,040    
Buildings and Equipment 147,177    
Total 160,217    
Accumulated Depreciation $ (20,443)    
One Georgia Center, Atlanta, GA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 10,250    
Buildings and Equipment 27,933    
Costs Capitalized Subsequent to Acquisition 22,799    
Cost amount carried at Close of Period      
Land 10,250    
Buildings and Equipment 50,732    
Total 60,982    
Accumulated Depreciation $ (18,264)    
One Primerica Parkway, Duluth, GA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 26,421    
Initial Cost to Company      
Land 6,927    
Buildings and Equipment 22,951    
Costs Capitalized Subsequent to Acquisition 3,110    
Cost amount carried at Close of Period      
Land 6,927    
Buildings and Equipment 26,061    
Total 32,988    
Accumulated Depreciation $ (4,464)    
4712 Southpark Boulevard, Ellenwood, GA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,390    
Buildings and Equipment 19,635    
Costs Capitalized Subsequent to Acquisition 1,564    
Cost amount carried at Close of Period      
Land 1,390    
Buildings and Equipment 21,199    
Total 22,589    
Accumulated Depreciation $ (6,995)    
8305 NW 62nd Avenue, Johnston, IA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,649    
Buildings and Equipment 7,997    
Costs Capitalized Subsequent to Acquisition 0    
Cost amount carried at Close of Period      
Land 2,649    
Buildings and Equipment 7,997    
Total 10,646    
Accumulated Depreciation $ (1,552)    
1185, 1249 & 1387 S. Vinnell Way, Boise, ID      
Real estate and accumulated depreciation      
Number of Properties | property 3    
Initial Cost to Company      
Land $ 3,390    
Buildings and Equipment 29,026    
Costs Capitalized Subsequent to Acquisition 1,740    
Cost amount carried at Close of Period      
Land 3,390    
Buildings and Equipment 30,766    
Total 34,156    
Accumulated Depreciation $ (10,385)    
2020 S. Arlington Heights, Arlington Heights, IL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,450    
Buildings and Equipment 13,588    
Costs Capitalized Subsequent to Acquisition 2,190    
Cost amount carried at Close of Period      
Land 1,450    
Buildings and Equipment 15,778    
Total 17,228    
Accumulated Depreciation $ (6,133)    
1000 W. Fulton, Chicago, IL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 42,935    
Buildings and Equipment 252,914    
Costs Capitalized Subsequent to Acquisition 1,319    
Cost amount carried at Close of Period      
Land 42,935    
Buildings and Equipment 254,233    
Total 297,168    
Accumulated Depreciation $ (38,351)    
HUB 1415, Naperville IL      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 12,333    
Buildings and Equipment 20,586    
Costs Capitalized Subsequent to Acquisition 31,674    
Cost amount carried at Close of Period      
Land 12,333    
Buildings and Equipment 52,260    
Total 64,593    
Accumulated Depreciation $ (14,009)    
7601 and 7635 Interactive Way, Indianapolis, IN      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 3,337    
Buildings and Equipment 14,522    
Costs Capitalized Subsequent to Acquisition 34    
Cost amount carried at Close of Period      
Land 3,337    
Buildings and Equipment 14,556    
Total 17,893    
Accumulated Depreciation $ (2,664)    
251 Causeway Street, Boston, MA      
Real estate and accumulated depreciation      
Number of Properties | property 3    
Initial Cost to Company      
Land $ 26,851    
Buildings and Equipment 36,756    
Costs Capitalized Subsequent to Acquisition 6,928    
Cost amount carried at Close of Period      
Land 26,848    
Buildings and Equipment 43,687    
Total 70,535    
Accumulated Depreciation $ (12,139)    
330 Billerica road, Chelmsford, MA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,477    
Buildings and Equipment 0    
Costs Capitalized Subsequent to Acquisition 10,273    
Cost amount carried at Close of Period      
Land 2,477    
Buildings and Equipment 10,273    
Total 12,750    
Accumulated Depreciation $ (3,562)    
25 Newport Avenue, Quincy, MA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,700    
Buildings and Equipment 9,199    
Costs Capitalized Subsequent to Acquisition 2,895    
Cost amount carried at Close of Period      
Land 2,700    
Buildings and Equipment 12,094    
Total 14,794    
Accumulated Depreciation $ (4,459)    
2009-2011 Commerce Park Drive, Annapolis, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,580    
Buildings and Equipment 3,825    
Costs Capitalized Subsequent to Acquisition 4,096    
Cost amount carried at Close of Period      
Land 1,580    
Buildings and Equipment 7,921    
Total 9,501    
Accumulated Depreciation $ (2,073)    
2001-2003 Commerce Park Drive, Annapolis, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,477    
Buildings and Equipment 3,840    
Costs Capitalized Subsequent to Acquisition 1,197    
Cost amount carried at Close of Period      
Land 2,476    
Buildings and Equipment 5,038    
Total 7,514    
Accumulated Depreciation $ (1,410)    
4201 Patterson Avenue, Baltimore, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 901    
Buildings and Equipment 8,097    
Costs Capitalized Subsequent to Acquisition 3,159    
Impairment/ Writedowns (85)    
Cost amount carried at Close of Period      
Land 893    
Buildings and Equipment 11,179    
Total 12,072    
Accumulated Depreciation $ (6,707)    
7001 Columbia Gateway Drive, Columbia, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 5,642    
Buildings and Equipment 10,352    
Costs Capitalized Subsequent to Acquisition 5,004    
Cost amount carried at Close of Period      
Land 5,642    
Buildings and Equipment 15,356    
Total 20,998    
Accumulated Depreciation $ (3,001)    
6310 Hillside Center, Columbia, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,424    
Buildings and Equipment 2,084    
Costs Capitalized Subsequent to Acquisition 450    
Cost amount carried at Close of Period      
Land 1,424    
Buildings and Equipment 2,534    
Total 3,958    
Accumulated Depreciation $ (747)    
6315 Hillside Center, Columbia, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,013    
Buildings and Equipment 2,144    
Costs Capitalized Subsequent to Acquisition 531    
Cost amount carried at Close of Period      
Land 2,013    
Buildings and Equipment 2,675    
Total 4,688    
Accumulated Depreciation $ (782)    
TenThreeTwenty, Columbia, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 3,126    
Buildings and Equipment 16,361    
Costs Capitalized Subsequent to Acquisition 5,167    
Cost amount carried at Close of Period      
Land 3,126    
Buildings and Equipment 21,528    
Total 24,654    
Accumulated Depreciation $ (4,958)    
3300 75th Avenue, Landover, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 29,756    
Initial Cost to Company      
Land 4,110    
Buildings and Equipment 36,371    
Costs Capitalized Subsequent to Acquisition 3,959    
Cost amount carried at Close of Period      
Land 4,110    
Buildings and Equipment 40,330    
Total 44,440    
Accumulated Depreciation $ (16,122)    
Redland 520/530, Rockville, MD      
Real estate and accumulated depreciation      
Number of Properties | property 3    
Initial Cost to Company      
Land $ 12,714    
Buildings and Equipment 61,377    
Costs Capitalized Subsequent to Acquisition 8,568    
Cost amount carried at Close of Period      
Land 12,714    
Buildings and Equipment 69,945    
Total 82,659    
Accumulated Depreciation $ (15,024)    
Redland 540, Rockville, MD      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 10,740    
Buildings and Equipment 17,714    
Costs Capitalized Subsequent to Acquisition 3,259    
Cost amount carried at Close of Period      
Land 10,740    
Buildings and Equipment 20,973    
Total 31,713    
Accumulated Depreciation $ (4,895)    
3550 Green Court, Ann Arbor, MI      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 3,630    
Buildings and Equipment 4,857    
Costs Capitalized Subsequent to Acquisition 0    
Cost amount carried at Close of Period      
Land 3,630    
Buildings and Equipment 4,857    
Total 8,487    
Accumulated Depreciation $ (1,000)    
Rosedale Corporate Plaza, Roseville, MN      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 672    
Buildings and Equipment 6,045    
Costs Capitalized Subsequent to Acquisition 4,487    
Cost amount carried at Close of Period      
Land 672    
Buildings and Equipment 10,532    
Total 11,204    
Accumulated Depreciation $ (4,314)    
2555 Grand Boulevard, Kansas City, MO      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,209    
Buildings and Equipment 51,522    
Costs Capitalized Subsequent to Acquisition 5,775    
Cost amount carried at Close of Period      
Land 4,209    
Buildings and Equipment 57,297    
Total 61,506    
Accumulated Depreciation $ (12,089)    
4241 NE 34th Street, Kansas City, MO      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,133    
Buildings and Equipment 5,649    
Costs Capitalized Subsequent to Acquisition 5,331    
Cost amount carried at Close of Period      
Land 1,470    
Buildings and Equipment 10,643    
Total 12,113    
Accumulated Depreciation $ (6,224)    
1220 Echelon Parkway, Jackson, MS      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 14,571    
Initial Cost to Company      
Land 440    
Buildings and Equipment 25,458    
Costs Capitalized Subsequent to Acquisition 2,334    
Cost amount carried at Close of Period      
Land 440    
Buildings and Equipment 27,792    
Total 28,232    
Accumulated Depreciation $ (9,008)    
2300 and 2400 Yorkmont Road, Charlotte, NC      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 1,334    
Buildings and Equipment 19,075    
Costs Capitalized Subsequent to Acquisition 4,576    
Cost amount carried at Close of Period      
Land 1,334    
Buildings and Equipment 23,651    
Total 24,985    
Accumulated Depreciation $ (5,438)    
18010 Burt Street, Omaha, NE      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,819    
Buildings and Equipment 6,250    
Costs Capitalized Subsequent to Acquisition 4,647    
Cost amount carried at Close of Period      
Land 2,819    
Buildings and Equipment 10,897    
Total 13,716    
Accumulated Depreciation $ (1,623)    
18020 Burt Street, Omaha, NE      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,158    
Buildings and Equipment 6,250    
Costs Capitalized Subsequent to Acquisition 2,436    
Cost amount carried at Close of Period      
Land 4,158    
Buildings and Equipment 8,686    
Total 12,844    
Accumulated Depreciation $ (1,240)    
500 Charles Ewing Boulevard, Ewing, NJ      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 42,453    
Initial Cost to Company      
Land 4,808    
Buildings and Equipment 26,002    
Costs Capitalized Subsequent to Acquisition 1,846    
Cost amount carried at Close of Period      
Land 4,808    
Buildings and Equipment 27,848    
Total 32,656    
Accumulated Depreciation $ (5,523)    
299 Jefferson Road, Parsippany, NJ      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,543    
Buildings and Equipment 2,914    
Costs Capitalized Subsequent to Acquisition 1,686    
Cost amount carried at Close of Period      
Land 4,543    
Buildings and Equipment 4,600    
Total 9,143    
Accumulated Depreciation $ (1,061)    
Airline Corporate Center, Colonie, NY      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 790    
Buildings and Equipment 6,400    
Costs Capitalized Subsequent to Acquisition 2,202    
Cost amount carried at Close of Period      
Land 790    
Buildings and Equipment 8,602    
Total 9,392    
Accumulated Depreciation $ (2,990)    
1212 Pittsford - Victor Road, Pittsford, NY      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 608    
Buildings and Equipment 78    
Costs Capitalized Subsequent to Acquisition 1,738    
Cost amount carried at Close of Period      
Land 608    
Buildings and Equipment 1,816    
Total 2,424    
Accumulated Depreciation $ (545)    
2231 Schrock Road, Columbus, OH      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 716    
Buildings and Equipment 217    
Costs Capitalized Subsequent to Acquisition 578    
Cost amount carried at Close of Period      
Land 716    
Buildings and Equipment 795    
Total 1,511    
Accumulated Depreciation $ (294)    
8800 Tinicum Boulevard, Philadelphia, PA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 5,573    
Buildings and Equipment 22,686    
Costs Capitalized Subsequent to Acquisition 7,093    
Cost amount carried at Close of Period      
Land 5,573    
Buildings and Equipment 29,779    
Total 35,352    
Accumulated Depreciation $ (5,496)    
446 Wrenplace Road, Fort Mill, SC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 5,031    
Buildings and Equipment 22,524    
Costs Capitalized Subsequent to Acquisition 43    
Cost amount carried at Close of Period      
Land 5,031    
Buildings and Equipment 22,567    
Total 27,598    
Accumulated Depreciation $ (2,835)    
9680 Old Bailes Road, Fort Mill, SC      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 834    
Buildings and Equipment 2,944    
Costs Capitalized Subsequent to Acquisition 91    
Cost amount carried at Close of Period      
Land 834    
Buildings and Equipment 3,035    
Total 3,869    
Accumulated Depreciation $ (615)    
16001 North Dallas Parkway, Addison, TX      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 10,282    
Buildings and Equipment 63,071    
Costs Capitalized Subsequent to Acquisition 5,071    
Cost amount carried at Close of Period      
Land 10,282    
Buildings and Equipment 68,142    
Total 78,424    
Accumulated Depreciation $ (13,538)    
Research Park, Austin, TX      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 4,258    
Buildings and Equipment 13,747    
Costs Capitalized Subsequent to Acquisition 2,935    
Cost amount carried at Close of Period      
Land 4,258    
Buildings and Equipment 16,682    
Total 20,940    
Accumulated Depreciation $ (5,128)    
10451 Clay Road, Houston, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 5,495    
Buildings and Equipment 10,253    
Costs Capitalized Subsequent to Acquisition 2,433    
Cost amount carried at Close of Period      
Land 5,495    
Buildings and Equipment 12,686    
Total 18,181    
Accumulated Depreciation $ (3,159)    
202 North Castlegory Road, Houston, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 863    
Buildings and Equipment 5,024    
Costs Capitalized Subsequent to Acquisition 98    
Cost amount carried at Close of Period      
Land 863    
Buildings and Equipment 5,122    
Total 5,985    
Accumulated Depreciation $ (939)    
4221 W. John Carpenter Freeway, Irving, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,413    
Buildings and Equipment 2,365    
Costs Capitalized Subsequent to Acquisition 778    
Cost amount carried at Close of Period      
Land 1,413    
Buildings and Equipment 3,143    
Total 4,556    
Accumulated Depreciation $ (954)    
8675, 8701-8711 Freeport Pkwy and 8901 Esters Boulevard, Irving, TX      
Real estate and accumulated depreciation      
Number of Properties | property 3    
Initial Cost to Company      
Land $ 12,970    
Buildings and Equipment 31,566    
Costs Capitalized Subsequent to Acquisition 851    
Cost amount carried at Close of Period      
Land 12,970    
Buildings and Equipment 32,417    
Total 45,387    
Accumulated Depreciation $ (6,125)    
1511 East Common Street, New Braunfels, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,965    
Buildings and Equipment 1,266    
Costs Capitalized Subsequent to Acquisition 1,110    
Cost amount carried at Close of Period      
Land 4,965    
Buildings and Equipment 2,376    
Total 7,341    
Accumulated Depreciation $ (259)    
2900 West Plano Parkway, Plano, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 6,819    
Buildings and Equipment 8,831    
Costs Capitalized Subsequent to Acquisition 3,049    
Cost amount carried at Close of Period      
Land 6,819    
Buildings and Equipment 11,880    
Total 18,699    
Accumulated Depreciation $ (1,715)    
3400 West Plano Parkway, Plano, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,543    
Buildings and Equipment 15,964    
Costs Capitalized Subsequent to Acquisition 321    
Cost amount carried at Close of Period      
Land 4,543    
Buildings and Equipment 16,285    
Total 20,828    
Accumulated Depreciation $ (3,203)    
3600 Weismann Boulevard, San Antonio, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 3,493    
Buildings and Equipment 6,662    
Costs Capitalized Subsequent to Acquisition 4,764    
Cost amount carried at Close of Period      
Land 3,493    
Buildings and Equipment 11,426    
Total 14,919    
Accumulated Depreciation $ (2,161)    
701 Clay Road, Waco, TX      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 26,421    
Initial Cost to Company      
Land 2,030    
Buildings and Equipment 8,708    
Costs Capitalized Subsequent to Acquisition 15,089    
Cost amount carried at Close of Period      
Land 2,060    
Buildings and Equipment 23,767    
Total 25,827    
Accumulated Depreciation $ (12,503)    
1800 Novell Place, Provo, UT      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 7,487    
Buildings and Equipment 43,487    
Costs Capitalized Subsequent to Acquisition 21,383    
Cost amount carried at Close of Period      
Land 7,487    
Buildings and Equipment 64,870    
Total 72,357    
Accumulated Depreciation $ (12,404)    
14660 Lee Road, Chantilly, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,536    
Buildings and Equipment 14,686    
Costs Capitalized Subsequent to Acquisition 3,261    
Cost amount carried at Close of Period      
Land 2,537    
Buildings and Equipment 17,946    
Total 20,483    
Accumulated Depreciation $ (4,207)    
14672 Lee Road, Chantilly, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,253    
Buildings and Equipment 24,749    
Costs Capitalized Subsequent to Acquisition 4,933    
Cost amount carried at Close of Period      
Land 2,253    
Buildings and Equipment 29,682    
Total 31,935    
Accumulated Depreciation $ (8,849)    
14668 Lee Road, Chantilly, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,177    
Buildings and Equipment 34,779    
Costs Capitalized Subsequent to Acquisition 18,619    
Cost amount carried at Close of Period      
Land 2,177    
Buildings and Equipment 53,398    
Total 55,575    
Accumulated Depreciation $ (10,049)    
Enterchange At Meadowville, Chester, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,478    
Buildings and Equipment 9,594    
Costs Capitalized Subsequent to Acquisition 1,369    
Cost amount carried at Close of Period      
Land 1,478    
Buildings and Equipment 10,963    
Total 12,441    
Accumulated Depreciation $ (3,424)    
7987 Ashton Avenue, Manassas, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,562    
Buildings and Equipment 8,253    
Costs Capitalized Subsequent to Acquisition 1,337    
Cost amount carried at Close of Period      
Land 1,562    
Buildings and Equipment 9,590    
Total 11,152    
Accumulated Depreciation $ (2,594)    
Two Commercial Place, Norfolk, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,494    
Buildings and Equipment 21,508    
Costs Capitalized Subsequent to Acquisition 1,145    
Cost amount carried at Close of Period      
Land 4,494    
Buildings and Equipment 22,653    
Total 27,147    
Accumulated Depreciation $ (4,283)    
1760 Business Center Drive, Reston, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 5,033    
Buildings and Equipment 50,141    
Costs Capitalized Subsequent to Acquisition 6,685    
Cost amount carried at Close of Period      
Land 5,033    
Buildings and Equipment 56,826    
Total 61,859    
Accumulated Depreciation $ (16,797)    
1775 Wiehle Avenue, Reston, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 4,138    
Buildings and Equipment 26,120    
Costs Capitalized Subsequent to Acquisition 6,044    
Cost amount carried at Close of Period      
Land 4,138    
Buildings and Equipment 32,164    
Total 36,302    
Accumulated Depreciation $ (8,101)    
9201 Forest Hill Avenue, Richmond, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,344    
Buildings and Equipment 375    
Costs Capitalized Subsequent to Acquisition 668    
Cost amount carried at Close of Period      
Land 1,344    
Buildings and Equipment 1,043    
Total 2,387    
Accumulated Depreciation $ (404)    
9960 Mayland Drive, Richmond, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,614    
Buildings and Equipment 15,930    
Costs Capitalized Subsequent to Acquisition 5,075    
Cost amount carried at Close of Period      
Land 2,614    
Buildings and Equipment 21,005    
Total 23,619    
Accumulated Depreciation $ (6,794)    
1751 Blue Hills Drive, Roanoke, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 2,689    
Buildings and Equipment 7,761    
Costs Capitalized Subsequent to Acquisition 0    
Cost amount carried at Close of Period      
Land 2,689    
Buildings and Equipment 7,761    
Total 10,450    
Accumulated Depreciation $ (1,506)    
Atlantic Corporate Park, Sterling, VA      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 5,752    
Buildings and Equipment 29,316    
Costs Capitalized Subsequent to Acquisition 4,720    
Cost amount carried at Close of Period      
Land 5,752    
Buildings and Equipment 34,036    
Total 39,788    
Accumulated Depreciation $ (7,648)    
Orbital Sciences Campus, Sterling, VA      
Real estate and accumulated depreciation      
Number of Properties | property 3    
Initial Cost to Company      
Land $ 12,275    
Buildings and Equipment 19,320    
Costs Capitalized Subsequent to Acquisition 37,505    
Cost amount carried at Close of Period      
Land 12,269    
Buildings and Equipment 56,831    
Total 69,100    
Accumulated Depreciation $ (8,563)    
Sterling Park Business Center, Sterling, VA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Encumbrances $ 26,102    
Initial Cost to Company      
Land 5,871    
Buildings and Equipment 44,324    
Costs Capitalized Subsequent to Acquisition 134    
Cost amount carried at Close of Period      
Land 5,871    
Buildings and Equipment 44,458    
Total 50,329    
Accumulated Depreciation $ (9,193)    
65 Bowdoin Street, S. Burlington, VT      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 700    
Buildings and Equipment 8,416    
Costs Capitalized Subsequent to Acquisition 231    
Cost amount carried at Close of Period      
Land 700    
Buildings and Equipment 8,647    
Total 9,347    
Accumulated Depreciation $ (3,406)    
Stevens Center, Richland, WA      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 3,970    
Buildings and Equipment 17,035    
Costs Capitalized Subsequent to Acquisition 4,917    
Cost amount carried at Close of Period      
Land 4,042    
Buildings and Equipment 21,880    
Total 25,922    
Accumulated Depreciation $ (14,565)    
Unison Elliott Bay-Lab Space, Seattle, WA      
Real estate and accumulated depreciation      
Number of Properties | property 2    
Initial Cost to Company      
Land $ 17,316    
Buildings and Equipment 34,281    
Costs Capitalized Subsequent to Acquisition 147,293    
Cost amount carried at Close of Period      
Land 17,316    
Buildings and Equipment 181,574    
Total 198,890    
Accumulated Depreciation $ (21,467)    
Unison Elliott Bay-Office Space, Seattle, WA      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 9,324    
Buildings and Equipment 18,459    
Costs Capitalized Subsequent to Acquisition 4,893    
Cost amount carried at Close of Period      
Land 9,324    
Buildings and Equipment 23,352    
Total 32,676    
Accumulated Depreciation $ (4,559)    
5353 Yellowstone Road, Cheyenne, WY      
Real estate and accumulated depreciation      
Number of Properties | property 1    
Initial Cost to Company      
Land $ 1,915    
Buildings and Equipment 8,217    
Costs Capitalized Subsequent to Acquisition 4,935    
Cost amount carried at Close of Period      
Land 1,950    
Buildings and Equipment 13,117    
Total 15,067    
Accumulated Depreciation $ (7,190)    
v3.26.1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Apr. 22, 2026
Feb. 04, 2026
USD ($)
Nov. 05, 2025
USD ($)
Oct. 30, 2025
Jan. 01, 2025
USD ($)
Real estate and accumulated depreciation            
Mortgage debt, net $ 3,480          
Aggregate cost for federal income tax purposes $ 7,069,942          
Useful life of buildings and improvements 40 years          
Useful life of equipment 7 years          
Mortgage notes payable            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 7          
Line of Credit            
Real estate and accumulated depreciation            
Maximum borrowing capacity on revolving credit facility $ 425,000         $ 100,000
Line of Credit | Revolving credit facility            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 19          
Maximum borrowing capacity on revolving credit facility $ 325,000          
Line of Credit | Secured Debt            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 19          
Mortgage note payable, 7.671% interest rate, due in 2028 | Mortgage notes payable            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 2          
Principal balance $ 54,300          
Interest rate (as a percent) 7.671%          
Senior secured notes, 9.000% interest rate, due in September 2029            
Real estate and accumulated depreciation            
Interest rate (as a percent) 9.00%          
Senior secured notes, 9.000% interest rate, due in September 2029 | Senior Notes            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 19          
Principal balance $ 610,000          
Interest rate (as a percent) 9.00%       9.00%  
Senior secured notes, 9.000% interest rate, due in March 2029            
Real estate and accumulated depreciation            
Interest rate (as a percent) 9.00%          
Senior secured notes, 9.000% interest rate, due in March 2029 | Senior Notes            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 17          
Principal balance $ 300,000          
Interest rate (as a percent) 9.00%          
Senior secured notes, 9.000% interest rate, due in March 2029 | Senior Notes | Subsequent Event            
Real estate and accumulated depreciation            
Interest rate (as a percent)   9.00%        
Senior secured notes, 3.250% interest rate, due in 2027            
Real estate and accumulated depreciation            
Interest rate (as a percent) 3.25%          
Senior secured notes, 3.250% interest rate, due in 2027 | Senior Notes            
Real estate and accumulated depreciation            
Number of properties used to secured mortgage note | property 35          
Principal balance $ 445,000          
Interest rate (as a percent) 3.25%          
Senior secured notes, 3.250% interest rate, due in 2027 | Senior Notes | Subsequent Event            
Real estate and accumulated depreciation            
Interest rate (as a percent)   3.25%        
Debtor-in-possession term loan, 12.000% interest rate, due in 2026 | Secured Debt            
Real estate and accumulated depreciation            
Principal balance       $ 125,000    
Interest rate (as a percent) 12.00%          
Debtor-in-possession term loan, 12.000% interest rate, due in 2026 | Secured Debt | Subsequent Event            
Real estate and accumulated depreciation            
Principal balance     $ 125,000      
Interest rate (as a percent)     12.00%      
v3.26.1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Carrying Amount and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Real Estate Properties    
Balance at the beginning of the period $ 3,657,559 $ 4,065,679
Additions 38,945 107,912
Loss on asset impairment (2,426) (181,578)
Disposals (17,383) (283,534)
Cost basis adjustment   (9,185)
Reclassification of assets of properties held for sale   (41,735)
Balance at the end of the period 3,676,695 3,657,559
Accumulated Depreciation    
Balance at the beginning of the period 618,650 650,179
Additions 121,856 118,710
Loss on asset impairment 0 0
Disposals (10,963) (131,024)
Cost basis adjustment   (9,185)
Reclassification of assets of properties held for sale   (10,030)
Balance at the end of the period $ 729,543 $ 618,650