OFFICE PROPERTIES INCOME TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OFFICE PROPERTIES INCOME TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	258	317	427	678					502	443
General and administrative	14.9	18.8	24.9	32.7	28.4	26.9	25.1	22.7	21.1	19.4
Operating income	66.7	54.3
Interest expense	45.1	65.4	89.9	135	108	112	103	111	164	203
Interest income	0.16	1.96	0.64	1.05	0.78	0.01	0.22
Pre-tax income	22.9	-9.63	-25.2	32.4	8.25	-5.43	-2.33	-46.9	-135	-272
Income tax	0.1	0.1	0.12	0.78	0.38	0.25	0.27	0.35	0.2	0.12
Income from continuing operations	23	-9.74	-27.6	30.3	6.68
Net income	57.8	12.1	-21.9	30.3	6.68	-8.18	-6.11	-69.4	-136	-272
EBITDA	140	164
EPS, basic	3.26	0.56	-0.90	0.63	0.14	-0.17	-0.14	-1.44	-2.63	-3.79
EPS, diluted	3.26	0.56	-0.90	0.63	0.14	-0.17	-0.14	-1.44	-2.63	-3.79
Shares, basic (weighted)	17.8	21.2	24.8	48.1	48.1	48.2	48.3	48.4	51.8	71.9
Shares, diluted (weighted)	17.8	21.2	24.8	48.1	48.1	48.2	48.3	48.4	51.8	71.9
Dividend per share	1.72	1.72	6.88	2.20	2.20	2.20	2.20	1.30	0.04	0.02

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.9	16.6	35.3	93.7	42	83	12.2	12.3	261	29.5
Lease right-of-use assets				2.15	0.17
Intangible assets	125	352	1,057	732	549	506	369	263	194	150
Total assets	2,385	3,704	5,239	4,193	3,946	4,242	3,980	3,990	3,822	3,489
Total liabilities	1,450	2,353	3,460	2,487	2,337	2,745	2,594	2,734	2,669	2,608
Total debt	1,382	2,245	3,255	2,340	2,203	2,578	2,433	2,573	2,535	2,409
Paid-in capital	1,474	1,969	2,610	2,612	2,615	2,617	2,620	2,621	2,657	2,658
Retained earnings	96.3	108	147	177	184	176	170	100	-35.9	-308
Other comprehensive income	27	60.4	0.11	-0.2	0
Shareholders' equity	935	1,330	1,779	1,706	1,609	1,497	1,386	1,256	1,153	881
Total equity	935	1,330	1,779	1,706	1,609	1,497	1,386	1,256	1,153	881
Total liabilities and equity	2,385	3,704	5,239	4,193	3,946	4,242	3,980	3,990	3,822	3,489
Shares outstanding	71.2	24.8	48.1	48.2	48.3	48.4	48.6	48.8	69.8	73.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	57.8	12.1	-21.9	30.3	6.68	-8.18	-6.11	-69.4	-136	-272
Depreciation and amortization	73.2	110	162	290	252	241	223	209	195	175
Change in payables	1.97	11.7	-3.3	-19.3	-8.08	7.15	-19.2	13.7	-10.4	71.1
Cash from operations	127	138	145	215	234	221	193	142	67.2	-6.57
Capital expenditures	-33	-45.9	-47.5	-62.7
Cash from investing	-218	-1,188	739	878	-23	-443	-4.62	-195	66.6	2.19
Debt issued	300	298	0	0	409	1,042	0	0	339	0
Debt repaid		0	0	-350	-400	-610	-300	0	-350
Stock issued	0	494	0	0					0	1.11
Share buybacks	-0.34	-0.26	-0.23	-0.47	-0.43	-1	-0.54	-0.29	-0.19	-0.03
Dividends paid	-122	-145	-171	-106	-106	-106	-107	-63.2	-2.03	-1.41
Cash from financing	112	1,040	-864	-1,031	-254	249	-260	67.6	115	-190
Net change in cash	21.2	-10.8	19.3	61.8	-43.8	27.7	-72.3	14.5	248	-195
Free cash flow	93.7	91.6	97.4	153
Interest paid	41.1	55	65.2	132	100	103	104	108	145	131
Income taxes paid	0.11	0.12	0.07	0.49	1.38	0.3	0.35	0.48	0.36	0.19

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $16.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	-73.0%	Pre-tax income / revenue.
Net margin	-73.0%	Net income / revenue.
Operating cash flow margin	-7.1%	Cash from operations / revenue.
Return on equity (ROE)	-40.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.2%	Net income / average total assets.
D&A / revenue	40.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.8%	Revenue vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-109.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	-50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-79.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-60.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-23.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	38.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	77.3%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$646.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.95	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.42	Cash from operations / diluted weighted shares.
Book value per share	$10.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.75	Tangible book value / shares outstanding.
Cash per share	$0.36	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$364.4M	Share price x shares outstanding.
Enterprise value	$338.1M	Market cap + total debt - cash - short-term investments.
P/S	0.83x	Market cap / revenue.
P/B	0.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.56x	Market cap / tangible book value, when positive.
EV/Sales	0.77x	Enterprise value / revenue.
Earnings yield	-87.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was OFFICE PROPERTIES INCOME TRUST's revenue in fiscal 2025?

OFFICE PROPERTIES INCOME TRUST reported revenue of $442.6M for fiscal 2025, 11.8% lower than the year before.

Was OFFICE PROPERTIES INCOME TRUST profitable in fiscal 2025?

No. It reported a net loss of $272.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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