---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-030286"
form_type: "8-K"
ticker: "OPIRQ"
cik: "0001456772"
company_name: "OFFICE PROPERTIES INCOME TRUST"
filed_at: "2025-04-01T23:59:59+00:00"
generated_at: "2026-05-24T00:42:42.391650+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-030286
- form_type: 8-K
- ticker: OPIRQ
- cik: 0001456772
- company_name: OFFICE PROPERTIES INCOME TRUST
- filed_at: 2025-04-01T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1456772/000110465925030286/0001104659-25-030286-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1456772/000110465925030286/tm2510925d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-030286
- JSON: https://secwatch.observer/filing/0001104659-25-030286.json
- Plain text: https://secwatch.observer/filing/0001104659-25-030286.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.