CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2025 |
Dec. 31, 2024 |
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| 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) | 73,943,439 | 69,824,743 |
| Common shares of beneficial interest, shares outstanding (in shares) | 73,943,439 | 69,824,743 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
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| Income Statement [Abstract] | ||||
| Net amortization of debt premiums, discounts and issuance costs | $ 11,986 | $ 2,183 | $ 35,269 | $ 9,261 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Office Properties Income Trust and its subsidiaries, or OPI, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2024, or our 2024 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. The preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles. 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 (as described further below), or the DIP Facility, which was approved by the Bankruptcy Court on a final basis on February 4, 2026. 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, 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 9 for more information regarding our existing management agreements with RMR. 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) 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 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. 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 filing of this Quarterly Report on Form 10-Q. 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 unaudited condensed consolidated financial statements are prepared in accordance with 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. Bankruptcy Accounting The accompanying unaudited condensed consolidated financial statements do not reflect the effects of the Chapter 11 Cases. Effective on the Petition Date, we began applying Financial Accounting Standards Board Accounting Standards Codification Topic 852, Reorganizations, or ASC 852, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing certain liabilities subject to compromise, or LSTC, in the condensed consolidated balance sheet. In addition, the condensed consolidated statement of comprehensive income (loss) must distinguish transactions directly associated with the reorganization separately as reorganization items, net. These items include the write off of unamortized discounts, premiums and issuance costs related to debt classified as LSTC, which amounted to $25,429 as of the Petition Date. We did not meet the conditions for the application of ASC 852 as of September 30, 2025, as the Chapter 11 Cases occurred subsequent to that date. 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.
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| 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 common 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 common share. The calculation of basic and diluted earnings per common share is as follows (amounts in thousands, except per share data):
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Real Estate Properties |
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| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Properties | Real Estate Properties As of September 30, 2025, our 124 wholly owned properties contained approximately 17,214,000 rentable square feet, with an undepreciated carrying value of $3,674,139, including $7,516 classified as held for sale. 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 2025 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 three months ended September 30, 2025, we entered into 11 leases for approximately 182,000 rentable square feet for a weighted (by rentable square feet) average lease term of 4.3 years, and we made commitments of $2,509 for leasing related costs. During the nine months ended September 30, 2025, we entered into 37 leases for approximately 821,000 rentable square feet for a weighted (by rentable square feet) average lease term of 6.5 years, and we made commitments of $21,106 for leasing related costs. As of September 30, 2025, we had estimated unspent leasing related obligations of $67,223. 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 re-leasing 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. Disposition Activities During the nine months ended September 30, 2025, we sold four properties containing approximately 305,000 rentable square feet for an aggregate sales price of $29,050, excluding closing costs. The sales of these properties, as presented in the table 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 condensed consolidated statements of comprehensive income (loss).
(1)Gross sales price is the contract price, excluding closing costs. As of September 30, 2025, we had three properties, including two properties classified as held for sale, under agreement to sell for an aggregate sales price of $28,863, excluding closing costs, as summarized below:
(1)Gross sales price is the contract price, excluding closing costs. (2)Classified as held for sale as of September 30, 2025. These properties were sold in December 2025 for a gross sales price of $11,038, excluding closing costs. (3)Property did not meet held for sale criteria as of September 30, 2025. The pending sales in the preceding table are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the pricing will not change. See Note 8 for more information regarding our properties held for sale. Unconsolidated Joint Venture As of September 30, 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 September 30, 2025 and December 31, 2024, our investment in our unconsolidated joint venture is as follows:
As of September 30, 2025 and December 31, 2024, the mortgage debt of our unconsolidated joint venture is as follows:
(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 September 30, 2025, the unamortized basis difference of our joint venture of $652 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 condensed consolidated statements of comprehensive income (loss).
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Leases |
9 Months Ended |
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Sep. 30, 2025 | |
| Leases [Abstract] | |
| Leases | Leases 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 once 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. 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. We recorded rental income under our leases of $103,049 and $120,620 during the three months ended September 30, 2025 and 2024, respectively, and $314,593 and $383,741 during the nine months ended September 30, 2025 and 2024, respectively, including adjustments to increase rental income to record revenue on a straight line basis by $4,750 and $8,854 during the three months ended September 30, 2025 and 2024, respectively, and $18,242 and $23,796 during the nine months ended September 30, 2025 and 2024, respectively. Rents receivable, excluding properties classified as held for sale, included $146,693 and $140,132 of straight line rent receivables at September 30, 2025 and December 31, 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 $19,947 and $58,717 for the three and nine months ended September 30, 2025, respectively, of which tenant reimbursements totaled $19,161 and $56,417, respectively. For the three and nine months ended September 30, 2024, such payments totaled $22,291 and $65,120, respectively, of which tenant reimbursements totaled $21,271 and $61,667, respectively.
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| Leases | Leases 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 once 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. 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. We recorded rental income under our leases of $103,049 and $120,620 during the three months ended September 30, 2025 and 2024, respectively, and $314,593 and $383,741 during the nine months ended September 30, 2025 and 2024, respectively, including adjustments to increase rental income to record revenue on a straight line basis by $4,750 and $8,854 during the three months ended September 30, 2025 and 2024, respectively, and $18,242 and $23,796 during the nine months ended September 30, 2025 and 2024, respectively. Rents receivable, excluding properties classified as held for sale, included $146,693 and $140,132 of straight line rent receivables at September 30, 2025 and December 31, 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 $19,947 and $58,717 for the three and nine months ended September 30, 2025, respectively, of which tenant reimbursements totaled $19,161 and $56,417, respectively. For the three and nine months ended September 30, 2024, such payments totaled $22,291 and $65,120, respectively, of which tenant reimbursements totaled $21,271 and $61,667, respectively.
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Concentration |
9 Months Ended |
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Sep. 30, 2025 | |
| Risks and Uncertainties [Abstract] | |
| Concentration | Concentration Tenant and Credit Concentration As of September 30, 2025 and 2024, the U.S. government and certain state and other government tenants combined were responsible for approximately 25.5% and 24.5%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 17.0% and 16.6% of our annualized rental income as of September 30, 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 September 30, 2025, our 124 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%, 11.6%, 11.1%, 10.6% and 10.1% of our annualized rental income as of September 30, 2025, respectively.
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Indebtedness |
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indebtedness | Indebtedness Credit Agreement, Senior Notes and Mortgage Notes Our principal debt obligations as of September 30, 2025 were: (1) $325,000 of outstanding borrowings under our $325,000 secured revolving credit facility; (2) $100,000 outstanding principal amount under our secured term loan; (3) $1,819,069 aggregate outstanding principal amount of senior notes and (4) $177,320 aggregate outstanding principal amount of mortgage notes. 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 $1,034,776 as of September 30, 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 through the Petition Date was at a rate of the secured overnight financing rate plus a margin of 350 basis points. 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 to 35 basis points per annum based on amounts outstanding. As of September 30, 2025 and May 18, 2026, our $325,000 revolving credit facility was fully drawn and $100,000 was outstanding under our term loan. As of September 30, 2025, the annual interest rate payable on borrowings under our credit agreement was 7.7%. The weighted average annual interest rate for borrowings under our credit agreement for both the three and nine months ended September 30, 2025 was 7.9% and for the three and nine months ended September 30, 2024 was 8.9%. 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 nine months ended September 30, 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 nine months ended September 30, 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 and an additional $117,502 principal repayment in March 2026. During the nine months ended September 30, 2025, we made $19,500 of scheduled quarterly principal repayments on these notes. We did not make any required principal payments following the Petition Date. Senior Notes Exchange In March 2025, we exchanged $14,439 of new 8.00% senior priority guaranteed unsecured notes, or 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:
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 nine months ended September 30, 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 (loss) gain on early extinguishment of debt in our condensed 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. As of September 30, 2025, we believe we were in compliance with the terms and conditions of our respective covenants under our credit agreement and our senior notes indentures and their supplements. 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 September 30, 2025, seven of our properties with an aggregate gross book value of real estate assets of $305,809 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 negotiation with the special servicers and lenders of our other Mortgage Notes regarding potential waiver agreements.
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Fair Value of Assets and Liabilities |
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| 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, amounts due to related persons, other accrued expenses and security deposits. At September 30, 2025 and December 31, 2024, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $52,128 and $90,218 as of September 30, 2025 and December 31, 2024, respectively. (2)These senior notes were redeemed in January 2025. (3)These senior notes were issued in March 2025. 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.
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Shareholders' Equity |
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| Shareholders' Equity | Shareholders’ Equity Share Purchases During the nine months ended September 30, 2025, we purchased 50,816 of our common shares, valued at a weighted average share price of $0.65, from a former officer of ours 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. We withheld and purchased these common shares at their fair market values based upon the trading price of our common shares at the close of trading on Nasdaq on the applicable purchase dates. Distributions During the nine months ended September 30, 2025, we declared and paid regular quarterly distributions to common shareholders as follows:
In July 2025, we announced the suspension of our quarterly distribution on our common shares in order to preserve our cash. We do not expect to pay any future distributions prior to the conclusion of the Chapter 11 Cases. 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 are required to pay the Agent a cash commission of 3% of the gross sales prices of any common shares we sell under the ATM Program. During the nine months ended September 30, 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. We did not sell any common shares under the ATM Program subsequent to June 30, 2025.
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Business and Property Management Agreements with RMR |
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| 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. 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. For the three and nine months ended September 30, 2025 and 2024, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:
(1)The net business management fees we recognized for the three months ended September 30, 2025 and 2024 each reflect a reduction of $150 and for the nine months ended September 30, 2025 and 2024 each reflect a reduction of $452 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 three months ended September 30, 2025 and 2024 each reflect a reduction of $121 and for the nine months ended September 30, 2025 and 2024 each reflect a reduction of $363 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (3)Amounts capitalized as buildings and improvements are depreciated over the estimated useful lives of the related assets. Based on our common share total return, as defined in our business management agreement, as of September 30, 2025, no estimated incentive fees are included in the net business management fees we recognized for the three and nine months ended September 30, 2025. The actual amount of annual incentive fees for 2025, if any, will be based on our common share total return for the three year period ending December 31, 2025, and will be payable in January 2026. We did not incur an incentive fee payable to RMR for the year ended December 31, 2024. See Note 1 for further information regarding our agreements with RMR as it relates to the Plan. 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. Management Agreement 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.
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Related Person Transactions |
9 Months Ended |
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Sep. 30, 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. Our Manager, RMR. We have two agreements with RMR to provide management services to us. RMR also provides management services to our unconsolidated joint venture. See Note 10 for more information regarding our and our unconsolidated joint venture’s management agreement with RMR. 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 $211 and $644 for the three and nine months ended September 30, 2025, respectively, and $193 and $592 for the three and nine months ended September 30, 2024, respectively. 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, or the Sonesta Lease, with a subsidiary of Sonesta International Hotels Corporation, or Sonesta. 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 $3,119 and $8,989 during the three and nine months ended September 30, 2024, respectively, under 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 $6,077 and $22,647 of hotel operating revenues for the three and nine months ended September 30, 2025, respectively, which is included in rental income in our condensed consolidated statements of comprehensive income (loss). We realized returns under the Sonesta Management Agreement of $53 and $3,223 during the three and nine months ended September 30, 2025, respectively. We are responsible for any capital expenditures in excess of available funds in the FF&E reserve. Our annual priority return under the Sonesta Management Agreement as of September 30, 2025 was $7,500. 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 $44 and $226 were required during the three and nine months ended September 30, 2025, respectively. We owed Sonesta $173 for other reimbursements under the Sonesta Management Agreement as of September 30, 2025. Amounts owed to Sonesta are included in due to related persons in our condensed 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 $341 and $1,278 for the three and nine months ended September 30, 2025, respectively. These fees and costs are included in other operating expenses in our condensed 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 April 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 condensed 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 condensed consolidated statements of comprehensive income (loss). We recognized $108 and $324 of amortization expense during the three and nine months ended September 30, 2025, respectively, and as of September 30, 2025, the remaining unamortized balance of this receivable was $12,019. Mr. Portnoy is a director and controlling shareholder of Sonesta. Another officer and employee of RMR is co-president and co-chief executive officer of Sonesta. For more information about these and other such relationships and certain other related person transactions, refer to our 2024 Annual Report.
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Segment Reporting |
9 Months Ended |
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Sep. 30, 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 condensed 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 10. The measure of segment assets is reported as total assets in our condensed consolidated balance sheets.
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Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 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 |
Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Consolidation | The accompanying condensed consolidated financial statements of Office Properties Income Trust and its subsidiaries, or OPI, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2024, or our 2024 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
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| Basis of Presentation | The preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
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| Bankruptcy Accounting | Bankruptcy Accounting The accompanying unaudited condensed consolidated financial statements do not reflect the effects of the Chapter 11 Cases. Effective on the Petition Date, we began applying Financial Accounting Standards Board Accounting Standards Codification Topic 852, Reorganizations, or ASC 852, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing certain liabilities subject to compromise, or LSTC, in the condensed consolidated balance sheet. In addition, the condensed consolidated statement of comprehensive income (loss) must distinguish transactions directly associated with the reorganization separately as reorganization items, net. These items include the write off of unamortized discounts, premiums and issuance costs related to debt classified as LSTC, which amounted to $25,429 as of the Petition Date. We did not meet the conditions for the application of ASC 852 as of September 30, 2025, as the Chapter 11 Cases occurred subsequent to that date. 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.
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| Per Common Share Amounts | We calculate basic earnings per common share using the two class method. We calculate diluted earnings per common 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 common share. |
| Real Estate Properties | 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 re-leasing 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. |
| Revenue Recognition | 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 once 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. 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.
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Per Common Share Amounts (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted earnings per common share is as follows (amounts in thousands, except per share data):
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Real Estate Properties (Tables) |
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| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disposal Groups, Including Discontinued Operations | The sales of these properties, as presented in the table 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 condensed consolidated statements of comprehensive income (loss).
(1)Gross sales price is the contract price, excluding closing costs. As of September 30, 2025, we had three properties, including two properties classified as held for sale, under agreement to sell for an aggregate sales price of $28,863, excluding closing costs, as summarized below:
(1)Gross sales price is the contract price, excluding closing costs. (2)Classified as held for sale as of September 30, 2025. These properties were sold in December 2025 for a gross sales price of $11,038, excluding closing costs. (3)Property did not meet held for sale criteria as of September 30, 2025.
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| Schedule of Joint Ventures | As of September 30, 2025 and December 31, 2024, our investment in our unconsolidated joint venture is as follows:
As of September 30, 2025 and December 31, 2024, the mortgage debt of our unconsolidated joint venture is as follows:
(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.
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Indebtedness (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Senior Note Exchanges | In March 2025, we exchanged $14,439 of new 8.00% senior priority guaranteed unsecured notes, or 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:
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Fair Value of Assets and Liabilities (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value and Carrying Value of Financial Instruments | At September 30, 2025 and December 31, 2024, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $52,128 and $90,218 as of September 30, 2025 and December 31, 2024, respectively. (2)These senior notes were redeemed in January 2025. (3)These senior notes were issued in March 2025.
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Shareholders' Equity (Tables) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Dividends | During the nine months ended September 30, 2025, we declared and paid regular quarterly distributions to common shareholders as follows:
|
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Business and Property Management Agreements with RMR (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | For the three and nine months ended September 30, 2025 and 2024, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:
(1)The net business management fees we recognized for the three months ended September 30, 2025 and 2024 each reflect a reduction of $150 and for the nine months ended September 30, 2025 and 2024 each reflect a reduction of $452 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 three months ended September 30, 2025 and 2024 each reflect a reduction of $121 and for the nine months ended September 30, 2025 and 2024 each reflect a reduction of $363 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (3)Amounts capitalized as buildings and improvements are depreciated over the estimated useful lives of the related assets.
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Basis of Presentation (Details) - USD ($) $ in Thousands |
Apr. 22, 2026 |
Apr. 07, 2026 |
Mar. 13, 2026 |
Feb. 05, 2026 |
Nov. 06, 2025 |
Feb. 04, 2026 |
Nov. 05, 2025 |
Oct. 30, 2025 |
Sep. 30, 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Subsequent Event | |||||||||
| Real Estate Properties [Line Items] | |||||||||
| Write off of unamortized discounts, premiums and issuance costs associated with debt considered LSTC | $ 25,429 | ||||||||
| Percentage of outstanding voting shares of reorganized company following emergency from bankruptcy to qualify as fresh-start reporting | 50.00% | ||||||||
| 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, 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 Notes | 9.000% Senior Secured Notes Payable, Due In September 2029 | Subsequent Event | |||||||||
| Real Estate Properties [Line Items] | |||||||||
| Interest rate (as a percent) | 9.00% | ||||||||
| 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 | $ 120,000 | ||||||||
| 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 | Subsequent Event | |||||||||
| Real Estate Properties [Line Items] | |||||||||
| Interest rate (as a percent) | 8.00% | ||||||||
| Percentage of claims receivable | 100.00% | ||||||||
| Senior Notes | 9.000% Senior Secured Notes Payable, 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 | Subsequent Event | |||||||||
| Real Estate Properties [Line Items] | |||||||||
| Interest rate (as a percent) | 12.00% | ||||||||
| Aggregate principal amount | $ 125,000 | $ 125,000 | |||||||
| Plan equity value discount percentage | 37.00% | ||||||||
| Proceeds from debtor-in-possession secured term loan | $ 40,000 | $ 10,700 | $ 64,300 | $ 10,000 | |||||
| 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 | |||||||||
| Real Estate Properties [Line Items] | |||||||||
| Capital commitment fee as a percentage of lenders' commitments | 0.75% | ||||||||
| 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 |
Per Common Share Amounts - Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Numerators: | ||||||||
| Net (loss) income | $ (66,339) | $ (41,186) | $ (45,867) | $ (58,414) | $ 76,171 | $ (5,184) | $ (153,392) | $ 12,573 |
| Income attributable to unvested participating securities | 0 | (2) | (12) | (74) | ||||
| Net (loss) income used in calculating earnings per common share | $ (66,339) | $ (58,416) | $ (153,404) | $ 12,499 | ||||
| Denominators: | ||||||||
| Weighted average common shares outstanding - basic (in shares) | 73,480 | 51,197 | 71,355 | 49,444 | ||||
| Weighted average common shares outstanding - diluted (in shares) | 73,480 | 51,197 | 71,355 | 49,444 | ||||
| Net (loss) income per common share - basic (in dollars per share) | $ (0.90) | $ (1.14) | $ (2.15) | $ 0.25 | ||||
| Net (loss) income per common share - diluted (in dollars per share) | $ (0.90) | $ (1.14) | $ (2.15) | $ 0.25 | ||||
Real Estate Properties - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
ft²
joint_venture
property
|
Sep. 30, 2025
USD ($)
ft²
joint_venture
property
lease
|
Sep. 30, 2025
USD ($)
ft²
joint_venture
property
lease
|
Dec. 31, 2024
USD ($)
|
|
| Real Estate Properties [Line Items] | ||||
| Real estate aggregate undepreciated carrying value | $ 3,666,623 | $ 3,666,623 | $ 3,666,623 | $ 3,657,559 |
| Number of leases entered | lease | 11 | 37 | ||
| Rentable square feet (in square feet) | ft² | 182,000 | 821,000 | ||
| Weighted average lease term | 4 years 3 months 18 days | 6 years 6 months | ||
| Expenditures committed on leases | $ 2,509 | $ 21,106 | ||
| Committed but unspent tenant related obligations estimated | $ 67,223 | $ 67,223 | $ 67,223 | |
| Number of joint ventures | joint_venture | 1 | 1 | 1 | |
| Unconsolidated Joint Ventures | ||||
| Real Estate Properties [Line Items] | ||||
| The amount of investment in exceed the underlying equity of the investee | $ 652 | $ 652 | $ 652 | |
| Joint Venture | ||||
| Real Estate Properties [Line Items] | ||||
| Ownership interest | 51.00% | 51.00% | 51.00% | |
| Joint Venture | Unconsolidated Joint Ventures | ||||
| Real Estate Properties [Line Items] | ||||
| Number of properties | property | 2 | 2 | 2 | |
| Rentable Square Feet | ft² | 346,000 | 346,000 | 346,000 | |
| Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
| Real Estate Properties [Line Items] | ||||
| Real estate held-for-sale | $ 7,516 | $ 7,516 | $ 7,516 | |
| Number of Properties, under agreement to sell | property | 2 | 2 | 2 | |
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
| Real Estate Properties [Line Items] | ||||
| Number of properties | property | 4 | 4 | 4 | |
| Rentable Square Feet | ft² | 305,000 | 305,000 | 305,000 | |
| Gross sales price | $ 29,050 | |||
| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | ||||
| Real Estate Properties [Line Items] | ||||
| Number of properties | property | 3 | 3 | 3 | |
| Rentable Square Feet | ft² | 376,000 | 376,000 | 376,000 | |
| Gross sales price | $ 28,863 | |||
| Number of Properties, under agreement to sell | property | 3 | 3 | 3 | |
| Continuing operations | ||||
| Real Estate Properties [Line Items] | ||||
| Number of properties | property | 124 | 124 | 124 | |
| Rentable Square Feet | ft² | 17,214,000 | 17,214,000 | 17,214,000 | |
| Real estate aggregate undepreciated carrying value | $ 3,674,139 | $ 3,674,139 | $ 3,674,139 |
Real Estate Properties - Disposition Activities (Details) ft² in Thousands, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
ft²
property
|
Dec. 31, 2025
USD ($)
|
Sep. 30, 2025
USD ($)
ft²
property
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2025
USD ($)
ft²
property
|
Sep. 30, 2024
USD ($)
|
|
| Real Estate Properties [Line Items] | ||||||
| Gain (Loss) on Sale of Real Estate | $ 6 | $ 8,456 | $ (4,572) | $ 6,008 | ||
| Loss on Impairment of Real Estate | $ 0 | $ 41,847 | $ 2,426 | $ 173,579 | ||
| Tempe, AZ | Subsequent Event | ||||||
| Real Estate Properties [Line Items] | ||||||
| Gross Sales Price | $ 11,038 | |||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties | property | 4 | 4 | 4 | |||
| Rentable Square Feet | ft² | 305 | 305 | 305 | |||
| Gross Sales Price | $ 29,050 | |||||
| Gain (Loss) on Sale of Real Estate | (4,572) | |||||
| Loss on Impairment of Real Estate | $ (2,426) | |||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Parsippany, NJ | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties | property | 1 | 1 | 1 | |||
| Rentable Square Feet | ft² | 100 | 100 | 100 | |||
| 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, Not Discontinued Operations | Santa Clara, CA | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties | property | 2 | 2 | 2 | |||
| Rentable Square Feet | ft² | 149 | 149 | 149 | |||
| 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, Not Discontinued Operations | Detroit, MI | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties | property | 1 | 1 | 1 | |||
| Rentable Square Feet | ft² | 56 | 56 | 56 | |||
| Gross Sales Price | $ 2,150 | |||||
| Gain (Loss) on Sale of Real Estate | 27 | |||||
| Loss on Impairment of Real Estate | $ (2,426) | |||||
| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties | property | 3 | 3 | 3 | |||
| Number of Properties, under agreement to sell | property | 3 | 3 | 3 | |||
| Rentable Square Feet | ft² | 376 | 376 | 376 | |||
| Gross Sales Price | $ 28,863 | |||||
| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Tempe, AZ | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties, under agreement to sell | property | 2 | 2 | 2 | |||
| Rentable Square Feet | ft² | 101 | 101 | 101 | |||
| Gross Sales Price | $ 10,738 | |||||
| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Reston, VA | ||||||
| Real Estate Properties [Line Items] | ||||||
| Number of Properties, under agreement to sell | property | 1 | 1 | 1 | |||
| Rentable Square Feet | ft² | 275 | 275 | 275 | |||
| Gross Sales Price | $ 18,125 | |||||
Real Estate Properties - Unconsolidated Joint Ventures (Details) - Unconsolidated Joint Ventures - Prosperity Metro Plaza $ in Thousands |
Sep. 30, 2025
USD ($)
ft²
property
|
Dec. 31, 2024
USD ($)
|
|---|---|---|
| Real Estate [Line Items] | ||
| OPI Ownership | 51.00% | |
| Carrying Value of Investments | $ 16,875 | $ 17,370 |
| Number of Properties | property | 2 | |
| Rentable Square Feet | ft² | 346 | |
| Mortgage notes payable | ||
| Real Estate [Line Items] | ||
| Interest rate (as a percent) | 4.09% | |
| Principal balance | $ 49,333 | $ 50,000 |
Leases - Lease Receivables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Leases [Abstract] | |||||
| Rental income | $ 103,049 | $ 120,620 | $ 314,593 | $ 383,741 | |
| Straight line rent adjustments | 4,750 | 8,854 | 18,242 | 23,796 | |
| Straight line rent receivables | 146,693 | 146,693 | $ 140,132 | ||
| Variable lease, income | 19,947 | 22,291 | 58,717 | 65,120 | |
| Tenant reimbursements and other income | $ 19,161 | $ 21,271 | $ 56,417 | $ 61,667 | |
Concentration (Details) |
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2025
state
property
|
Sep. 30, 2024 |
|
| Continuing operations | ||
| Concentration | ||
| Number of properties | property | 124 | |
| Number of states in which acquired properties located | state | 29 | |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant concentration | U S Government, State Governments, and Other Governments | ||
| Concentration | ||
| Concentration risk percentage | 25.50% | 24.50% |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant concentration | U.S. Government | ||
| Concentration | ||
| Concentration risk percentage | 17.00% | 16.60% |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Virginia | ||
| Concentration | ||
| Concentration risk percentage | 14.20% | |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | California | ||
| Concentration | ||
| Concentration risk percentage | 11.60% | |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Illinois | ||
| Concentration | ||
| Concentration risk percentage | 11.10% | |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Georgia | ||
| Concentration | ||
| Concentration risk percentage | 10.60% | |
| Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Texas | ||
| Concentration | ||
| Concentration risk percentage | 10.10% | |
Indebtedness - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 04, 2026 |
Mar. 31, 2026
USD ($)
|
Jul. 30, 2025
USD ($)
|
Mar. 31, 2025
USD ($)
|
Feb. 28, 2025
USD ($)
|
Jan. 31, 2025
USD ($)
|
Jan. 31, 2024
USD ($)
$ / shares
|
Sep. 30, 2025
USD ($)
property
|
Sep. 30, 2024 |
Sep. 30, 2025
USD ($)
property
$ / shares
|
Sep. 30, 2024
USD ($)
|
May 18, 2026
USD ($)
borrower
|
Apr. 22, 2026 |
|
| Debt Instrument [Line Items] | |||||||||||||
| Gain (loss) on early extinguishment of debt | $ 1,134 | $ 238,008 | |||||||||||
| Repayment of senior secured notes | 26,998 | $ 0 | |||||||||||
| Senior Notes Exchange | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Gain (loss) on early extinguishment of debt | $ 764 | ||||||||||||
| Debt conversion, converted instrument, amount | $ 14,439 | ||||||||||||
| Debt conversion, original debt, amount | $ 20,990 | ||||||||||||
| Gain on early extinguishment of debt per common share (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
| Senior unsecured notes, 4.500% interest rate, due in 2025 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 4.50% | 4.50% | |||||||||||
| Senior secured notes, 3.250% interest rate, due in 2027 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 3.25% | 3.25% | |||||||||||
| Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 8.00% | 8.00% | |||||||||||
| Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 | Senior Notes Exchange | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 8.00% | ||||||||||||
| Debt conversion, converted instrument, amount | $ 14,439 | ||||||||||||
| Secured Debt | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Outstanding principal amount | $ 100,000 | $ 100,000 | $ 100,000 | ||||||||||
| Secured Debt | Subsequent Event | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Outstanding principal amount | $ 100,000 | ||||||||||||
| Senior Notes | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Outstanding principal amount | 1,819,069 | 1,819,069 | |||||||||||
| Senior Notes | Senior unsecured notes, 4.500% interest rate, due in 2025 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 4.50% | ||||||||||||
| Extinguishment of debt, amount | $ 171,586 | ||||||||||||
| Senior Notes | Senior secured notes, 3.250% interest rate, due in 2027 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Extinguishment of debt, amount | $ 2,029 | $ 5,469 | |||||||||||
| Gain (loss) on early extinguishment of debt | (928) | (285) | |||||||||||
| Repayments of principal debt | 6,500 | ||||||||||||
| Repayment of senior secured notes | 19,500 | ||||||||||||
| Senior Notes | Subsequent Event | Senior secured notes, 3.250% interest rate, due in 2027 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 3.25% | ||||||||||||
| Repayments of principal debt | $ 117,502 | ||||||||||||
| Senior Notes | Subsequent Event | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate (as a percent) | 8.00% | ||||||||||||
| Mortgage notes payable | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Outstanding principal amount | $ 177,320 | $ 177,320 | |||||||||||
| Number of properties used to secured mortgage note | property | 7 | 7 | |||||||||||
| Aggregate gross book value of secured properties | $ 305,809 | $ 305,809 | |||||||||||
| Mortgage notes payable | Subsequent Event | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Number of borrowers that have entered waiver agreements | borrower | 2 | ||||||||||||
| Line of Credit | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Maximum borrowing capacity on revolving credit facility | $ 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 | Subsequent Event | Prime Rate | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate premium (as a percent) | 4.50% | ||||||||||||
| Line of Credit | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Unsecured revolving credit facility | $ 325,000 | $ 325,000 | |||||||||||
| Distribution rate (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
| Interest rate (as a percent) | 7.70% | 7.70% | |||||||||||
| Weighted average annual interest rate | 7.90% | 8.90% | 7.90% | 8.90% | |||||||||
| Revolving Credit Facility | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Maximum borrowing capacity on revolving credit facility | $ 325,000 | $ 325,000 | |||||||||||
| Revolving Credit Facility | Line of Credit | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Number of properties used to secured mortgage note | property | 19 | 19 | |||||||||||
| Aggregate gross book value of secured properties | $ 1,034,776 | $ 1,034,776 | |||||||||||
| Revolving Credit Facility | Line of Credit | Minimum | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Facility fee (as a percent) | 0.25% | ||||||||||||
| Revolving Credit Facility | Line of Credit | Maximum | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Facility fee (as a percent) | 0.35% | ||||||||||||
| Secured Debt | Line of Credit | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Number of properties used to secured mortgage note | property | 19 | 19 | |||||||||||
| Aggregate gross book value of secured properties | $ 1,034,776 | $ 1,034,776 | |||||||||||
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 Existing Notes Accepted for Exchange | $ 20,990 |
| Aggregate Principal Amount of New Notes Delivered | $ 14,439 |
| Existing 2.650% 2026 Notes | |
| Debt Conversion [Line Items] | |
| Existing notes exchanged, interest rate | 2.65% |
| Aggregate Principal Amount of Existing Notes Accepted for Exchange | $ 6,559 |
| Aggregate Principal Amount of New Notes Delivered | $ 5,836 |
| Existing 2.400% 2027 Notes | |
| Debt Conversion [Line Items] | |
| Existing notes exchanged, interest rate | 2.40% |
| Aggregate Principal Amount of Existing Notes Accepted for Exchange | $ 2,478 |
| Aggregate Principal Amount of New Notes Delivered | $ 1,882 |
| Existing 3.450% 2031 Notes | |
| Debt Conversion [Line Items] | |
| Existing notes exchanged, interest rate | 3.45% |
| Aggregate Principal Amount of Existing Notes Accepted for Exchange | $ 11,953 |
| Aggregate Principal Amount of New Notes Delivered | $ 6,721 |
Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value of Financial Instruments | ||
| Mortgage notes payable | $ 1,879,478 | $ 1,872,357 |
| Senior Notes And Mortgages | ||
| Fair Value of Financial Instruments | ||
| Unamortized debt premiums, discounts and issuance | $ 52,128 | 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 Value | ||
| Fair Value of Financial Instruments | ||
| Total | $ 1,944,264 | 2,111,306 |
| Carrying Value | Senior unsecured notes, 4.500% interest rate, due in 2025 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 0 | 171,607 |
| Carrying Value | Senior unsecured notes, 2.650% interest rate, due in 2026 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 133,497 | 139,578 |
| Carrying Value | Senior unsecured notes, 2.400% interest rate, due in 2027 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 78,109 | 80,486 |
| Carrying Value | Senior secured notes, 3.250% interest rate, due in 2027 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 369,303 | 363,432 |
| Carrying Value | Senior secured notes, 9.000% interest rate, due in March 2029 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 279,932 | 275,632 |
| Carrying Value | Senior secured notes, 9.000% interest rate, due in September 2029 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 632,710 | 637,052 |
| Carrying Value | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 18,139 | 0 |
| Carrying Value | Senior unsecured notes, 3.450% interest rate, due in 2031 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 101,723 | 113,511 |
| Carrying Value | Senior unsecured notes, 6.375% interest rate, due in 2050 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 157,241 | 157,096 |
| Carrying Value | Mortgage notes payable | ||
| Fair Value of Financial Instruments | ||
| Mortgage notes payable | 173,610 | 172,912 |
| Fair Value | ||
| Fair Value of Financial Instruments | ||
| Total | 1,325,590 | 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 | 27,213 | 106,078 |
| Fair Value | Senior unsecured notes, 2.400% interest rate, due in 2027 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 14,800 | 49,475 |
| Fair Value | Senior secured notes, 3.250% interest rate, due in 2027 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 347,466 | 383,806 |
| Fair Value | Senior secured notes, 9.000% interest rate, due in March 2029 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 305,754 | 293,100 |
| Fair Value | Senior secured notes, 9.000% interest rate, due in September 2029 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 390,399 | 529,436 |
| Fair Value | Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 10,752 | 0 |
| Fair Value | Senior unsecured notes, 3.450% interest rate, due in 2031 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 19,375 | 49,688 |
| Fair Value | Senior unsecured notes, 6.375% interest rate, due in 2050 | ||
| Fair Value of Financial Instruments | ||
| Senior notes | 27,540 | 80,676 |
| Fair Value | Mortgage notes payable | ||
| Fair Value of Financial Instruments | ||
| Mortgage notes payable | $ 182,291 | $ 177,295 |
Shareholders' Equity - Share Purchases (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2025
$ / shares
shares
| |
| Equity [Abstract] | |
| Share repurchases (in shares) | shares | 50,816 |
| Stock repurchase price (in dollars per share) | $ / shares | $ 0.65 |
Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |
|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Sep. 30, 2025 |
|
| Equity [Abstract] | |||
| Distributions Per Common Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.02 |
| Total Distributions | $ 709 | $ 698 | $ 1,407 |
Shareholders' Equity - Share Issuances and Share Awards (Details) - ATM Offering - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2025 |
Mar. 31, 2025 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Authorized sale price of common stock | $ 100,000 | |
| 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) | $ 0.27 | |
| Proceeds from sale of stock | $ 1,106 |
Business and Property Management Agreements with RMR - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
|
Sep. 30, 2025
USD ($)
employee
agreement
|
Dec. 31, 2024
USD ($)
|
Jan. 31, 2025
USD ($)
|
|
| Line of Credit | ||||
| Related Party Transaction [Line Items] | ||||
| Maximum borrowing capacity on revolving credit facility | $ 100,000 | |||
| RMR LLC | ||||
| Related Party Transaction [Line Items] | ||||
| Number of employees | employee | 0 | |||
| Number of agreements | agreement | 2 | |||
| Incentive fee | $ 0 | $ 0 | $ 0 |
Business and Property Management Agreements with RMR - Business Management Fees, Property Management Fees and Construction Supervision Fees (Details) - RMR LLC - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Business management agreement | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | $ 3,063 | $ 3,052 | $ 9,214 | $ 9,919 |
| Recognized amortization of the liability | 150 | 150 | 452 | 452 |
| Reimbursement amounts | 121 | 121 | 363 | 363 |
| Property management agreement | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | 3,215 | 3,712 | 9,560 | 12,675 |
| Property management fees | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | 2,890 | 3,234 | 8,586 | 10,391 |
| Construction supervision fees | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | 325 | 478 | 974 | 2,284 |
| Expense Reimbursement | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | 4,635 | 6,734 | 15,905 | 19,703 |
| Property level expenses | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | 4,584 | 6,651 | 15,753 | 19,455 |
| Other reimbursed expenses | ||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction amount | $ 51 | $ 83 | $ 152 | $ 248 |
Related Person Transactions (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
|
Jan. 01, 2025
USD ($)
renewalOption
|
Apr. 30, 2025
USD ($)
|
Sep. 30, 2025
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2025
USD ($)
agreement
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
ft²
|
|
| Related Party Transaction [Line Items] | ||||||||
| Rental income | $ 103,049 | $ 120,620 | $ 314,593 | $ 383,741 | ||||
| Due to related persons | $ 4,477 | 4,477 | 4,477 | $ 5,869 | ||||
| Other operating expenses | 30,739 | 26,619 | 93,181 | 81,097 | ||||
| Straight line rent receivables | 146,693 | 146,693 | 146,693 | 140,132 | ||||
| Other assets, net | 33,098 | 33,098 | $ 33,098 | $ 11,594 | ||||
| RMR LLC | Related Party | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Number of agreements | agreement | 2 | |||||||
| Rental income | 211 | 193 | $ 644 | 592 | ||||
| Sonesta | Management Agreement Priority Return | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related party transaction amount | 7,500 | $ 7,500 | ||||||
| Sonesta | Management Agreement Realized Return | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related party transaction amount | 53 | 3,223 | ||||||
| Sonesta | Related Party | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Rental income | $ 3,119 | $ 8,989 | ||||||
| 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 period | 5 years | |||||||
| Number of renewal options | renewalOption | 2 | |||||||
| Renewal term | 10 years | |||||||
| 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% | |||||||
| Due to related persons | 173 | 173 | 173 | |||||
| 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 | $ 12,019 | 12,019 | 12,019 | |||||
| Sonesta | Related Party | Management, Brand Promotion and Loyalty Fees | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Rental income | 6,077 | 22,647 | ||||||
| Other operating expenses | 341 | 1,278 | ||||||
| Sonesta | Related Party | 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% | |||||||
| Sonesta | Related Party | 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% | |||||||
| Sonesta | Related Party | Sonesta Management Agreement, Period Three | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Required escrow deposit, percent of gross revenues | 4.00% | |||||||
| Required escrow deposit | 44 | 226 | ||||||
| Sonesta | Related Party | Working Capital | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Other operating expenses | $ 548 | |||||||
| Sonesta | Related Party | Asset Management Amortization | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Other operating expenses | $ 108 | $ 324 | ||||||
Segment Reporting (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 1 |