OPI fails to agree on debt exchange; projections show covenant breaches and cash depletion by Q2 2026

OFFICE PROPERTIES INCOME TRUST

Confidential exchange discussions ended without agreement on rate, guaranties, or covenants; no deal reached.
Q2 2026 projected cash balance of -$60M under the $20M exchange scenario.
Unencumbered assets / unsecured debt ratio drops to 146.8% in Q1 2026, breaching the 150% minimum covenant.
Consolidated income available for debt service / debt service ratio falls to 1.37x by Q1 2026 (minimum 1.50x).
Proposed $95M exchange assumed partial conversion of 2026/2027/2031 notes into new notes, but no agreement reached.

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