Office Properties Income Trust (OPI) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34364
Entity Registrant Name	OFFICE PROPERTIES INCOME TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-4273474
Entity Address, Address Line One	Two Newton Place,
Entity Address, Address Line Two	255 Washington Street,
Entity Address, Address Line Three	Suite 300,
Entity Address, City or Town	Newton,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1440
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,781,219
Entity Central Index Key	0001456772
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	OPI
Security Exchange Name	NASDAQ
Senior unsecured notes, 6.375% interest rate, due in 2050
Document Information [Line Items]
Title of 12(b) Security	6.375% Senior Notes due 2050
Trading Symbol	OPINL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate properties:
Land	$ 716,254	$ 786,310
Buildings and improvements	2,980,356	3,279,369
Total real estate properties, gross	3,696,610	4,065,679
Accumulated depreciation	(619,474)	(650,179)
Total real estate properties, net	3,077,136	3,415,500
Assets of properties held for sale	125,781	37,310
Investments in unconsolidated joint ventures	17,552	18,128
Acquired real estate leases, net	209,943	263,498
Cash and cash equivalents	22,363	12,315
Restricted cash	13,906	14,399
Rents receivable	146,580	133,264
Deferred leasing costs, net	95,395	86,971
Other assets, net	17,295	8,284
Total assets	3,725,951	3,989,669
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured debt, net	980,125	2,400,478
Secured debt, net	1,341,844	172,131
Liabilities of properties held for sale	3,419	2,525
Accounts payable and other liabilities	105,923	140,166
Due to related persons	5,906	7,025
Assumed real estate lease obligations, net	10,148	11,665
Total liabilities	2,447,365	2,733,990
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 53,910,981 and 48,755,415 shares issued and outstanding, respectively	539	488
Additional paid in capital	2,633,253	2,621,493
Cumulative net income	112,747	100,174
Cumulative common distributions	(1,467,953)	(1,466,476)
Total shareholders’ equity	1,278,586	1,255,679
Total liabilities and shareholders’ equity	$ 3,725,951	$ 3,989,669

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized (in shares)	200,000,000	200,000,000
Common shares of beneficial interest, shares issued (in shares)	53,910,981	48,755,415
Common shares of beneficial interest, shares outstanding (in shares)	53,910,981	48,755,415

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Rental income	$ 120,620	$ 133,361	$ 383,741	$ 399,780
Expenses:
Real estate taxes	16,927	14,257	47,363	45,491
Utility expenses	7,869	7,460	21,782	20,462
Other operating expenses	26,619	27,946	81,097	80,637
Depreciation and amortization	46,047	52,266	146,779	155,559
Loss on impairment of real estate	41,847	0	173,579	0
Transaction related costs	738	16,135	971	30,534
General and administrative	4,927	5,720	15,861	17,430
Total expenses	144,974	123,784	487,432	350,113
Gain on sale of real estate	8,456	244	6,008	487
Interest and other income	196	281	1,779	782
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,183, $2,276, $9,261 and $6,808 respectively)	(42,580)	(28,835)	(116,405)	(80,591)
Gain on early extinguishment of debt	264	0	225,637	0
(Loss) income before income tax expense and equity in net losses of investees	(58,018)	(18,733)	13,328	(29,655)
Income tax expense	(230)	(95)	(179)	(336)
Equity in net losses of investees	(166)	(765)	(576)	(2,290)
Net (loss) income	$ (58,414)	$ (19,593)	$ 12,573	$ (32,281)
Weighted average common shares outstanding (basic) (in shares)	51,197	48,403	49,444	48,365
Weighted average common shares outstanding (diluted) (in shares)	51,197	48,403	49,444	48,365
Per common share amounts (basic and diluted):
Net (loss) income (basic) (in dollars per share)	$ (1.14)	$ (0.41)	$ 0.25	$ (0.67)
Net (loss) income (diluted) (in dollars per share)	$ (1.14)	$ (0.41)	$ 0.25	$ (0.67)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net amortization of debt premiums, discounts and issuance costs	$ 2,183	$ 2,276	$ 9,261	$ 6,808

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Common Distributions
Beginning balance (in shares) at Dec. 31, 2022		48,565,644
Beginning balance at Dec. 31, 2022	$ 1,386,335	$ 486	$ 2,619,532	$ 169,606	$ (1,403,289)
Increase (Decrease) in Shareholders' Equity
Common share grants	477		477
Common share forfeitures and repurchases (in shares)		(1,935)
Common share forfeitures and repurchases	(15)		(15)
Net income (loss)	(446)			(446)
Distributions to common shareholders	(26,710)				(26,710)
Ending balance (in shares) at Mar. 31, 2023		48,563,709
Ending balance at Mar. 31, 2023	1,359,641	$ 486	2,619,994	169,160	(1,429,999)
Beginning balance (in shares) at Dec. 31, 2022		48,565,644
Beginning balance at Dec. 31, 2022	1,386,335	$ 486	2,619,532	169,606	(1,403,289)
Increase (Decrease) in Shareholders' Equity
Net income (loss)	(32,281)
Ending balance (in shares) at Sep. 30, 2023		48,757,246
Ending balance at Sep. 30, 2023	1,304,633	$ 488	2,621,107	137,325	(1,454,287)
Beginning balance (in shares) at Mar. 31, 2023		48,563,709
Beginning balance at Mar. 31, 2023	1,359,641	$ 486	2,619,994	169,160	(1,429,999)
Increase (Decrease) in Shareholders' Equity
Common share grants (in shares)		31,500
Common share grants	744		744
Common share forfeitures and repurchases (in shares)		(7,559)
Common share forfeitures and repurchases	(47)		(47)
Net income (loss)	(12,242)			(12,242)
Distributions to common shareholders	(12,141)				(12,141)
Ending balance (in shares) at Jun. 30, 2023		48,587,650
Ending balance at Jun. 30, 2023	1,335,955	$ 486	2,620,691	156,918	(1,442,140)
Increase (Decrease) in Shareholders' Equity
Common share grants (in shares)		210,300
Common share grants	658	$ 2	656
Common share forfeitures and repurchases (in shares)		(40,704)
Common share forfeitures and repurchases	(240)		(240)
Net income (loss)	(19,593)			(19,593)
Distributions to common shareholders	(12,147)				(12,147)
Ending balance (in shares) at Sep. 30, 2023		48,757,246
Ending balance at Sep. 30, 2023	1,304,633	$ 488	2,621,107	137,325	(1,454,287)
Beginning balance (in shares) at Dec. 31, 2023		48,755,415
Beginning balance at Dec. 31, 2023	1,255,679	$ 488	2,621,493	100,174	(1,466,476)
Increase (Decrease) in Shareholders' Equity
Common share grants	362		362
Common share repurchases (in shares)		(869)
Common share repurchases	(6)		(6)
Net income (loss)	(5,184)			(5,184)
Distributions to common shareholders	(487)				(487)
Ending balance (in shares) at Mar. 31, 2024		48,754,546
Ending balance at Mar. 31, 2024	1,250,364	$ 488	2,621,849	94,990	(1,466,963)
Beginning balance (in shares) at Dec. 31, 2023		48,755,415
Beginning balance at Dec. 31, 2023	1,255,679	$ 488	2,621,493	100,174	(1,466,476)
Increase (Decrease) in Shareholders' Equity
Net income (loss)	12,573
Ending balance (in shares) at Sep. 30, 2024		53,910,981
Ending balance at Sep. 30, 2024	1,278,586	$ 539	2,633,253	112,747	(1,467,953)
Beginning balance (in shares) at Mar. 31, 2024		48,754,546
Beginning balance at Mar. 31, 2024	1,250,364	$ 488	2,621,849	94,990	(1,466,963)
Increase (Decrease) in Shareholders' Equity
Issuance of common shares (in shares)		1,406,952
Issuance of common shares	3,180	$ 14	3,166
Common share grants (in shares)		104,643
Common share grants	487	$ 1	486
Common share repurchases (in shares)		(7,505)
Common share repurchases	(15)		(15)
Net income (loss)	76,171			76,171
Distributions to common shareholders	(488)				(488)
Ending balance (in shares) at Jun. 30, 2024		50,258,636
Ending balance at Jun. 30, 2024	1,329,699	$ 503	2,625,486	171,161	(1,467,451)
Increase (Decrease) in Shareholders' Equity
Issuance of common shares (in shares)		3,184,432
Issuance of common shares	7,448	$ 32	7,416
Common share grants (in shares)		544,555
Common share grants	525	$ 5	520
Common share repurchases (in shares)		(76,642)
Common share repurchases	(170)	$ (1)	(169)
Net income (loss)	(58,414)			(58,414)
Distributions to common shareholders	(502)				(502)
Ending balance (in shares) at Sep. 30, 2024		53,910,981
Ending balance at Sep. 30, 2024	$ 1,278,586	$ 539	$ 2,633,253	$ 112,747	$ (1,467,953)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 12,573	$ (32,281)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		89,587	77,635
Net amortization of debt premiums, discounts and issuance costs		9,261	6,808
Amortization of acquired real estate leases and assumed real estate lease obligations, net		49,055	71,332
Amortization of deferred leasing costs		9,562	7,359
Gain on sale of real estate		(6,008)	(487)
Loss on impairment of real estate		173,579	0
Gain on early extinguishment of debt		(238,008)	0
Straight line rental income		(23,796)	(17,120)
Other non-cash expenses, net		587	1,053
Equity in net losses of investees		576	2,290
Changes in assets and liabilities:
Rents receivable		6,830	(1,375)
Deferred leasing costs		(18,231)	(17,904)
Other assets		(4,320)	(4,426)
Accounts payable and other liabilities		(18,686)	14,952
Due to related persons		(1,119)	1,297
Net cash provided by operating activities		41,442	109,133
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements		(93,081)	(175,628)
Contributions to unconsolidated joint ventures		0	(3,763)
Proceeds from sale of property, net		79,830	22,449
Net cash used in investing activities		(13,251)	(156,942)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of mortgage notes payable		0	(50,000)
Proceeds from issuance of mortgage notes payable		0	177,320
Repayment of senior unsecured notes		(350,242)	0
Proceeds from issuance of senior secured notes		280,500	0
Borrowings on revolving credit facility		327,000	225,000
Repayments on revolving credit facility		(332,000)	(220,000)
Borrowings on secured term loan		100,000	0
Payment of debt issuance costs		(42,226)	(5,843)
Repurchases of common shares		(191)	(291)
Distributions to common shareholders		(1,477)	(50,998)
Net cash (used in) provided by financing activities		(18,636)	75,188
Increase in cash, cash equivalents and restricted cash		9,555	27,379
Cash, cash equivalents and restricted cash at beginning of period		26,714	12,249
Cash, cash equivalents and restricted cash at end of period		36,269	39,628
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		121,651	79,324
Income taxes paid		302	374
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued, not paid		16,595	41,445
Capitalized interest		969	6,423
NON-CASH FINANCING ACTIVITIES:
Extinguishment of unsecured senior notes in exchange for senior secured notes and common shares		(295,462)	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents		22,363	24,358
Restricted cash	[1]	13,906	15,270
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows		$ 36,269	$ 39,628
[1] Restricted cash consists of cash held for operations and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our debt agreements.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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, 2023, or our 2023 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. Going Concern Our portfolio has been adversely affected by shifts in office space utilization, including increased remote work arrangements and tenants consolidating their real estate footprint. Demand for office space continues to face headwinds and declining rents and increasing costs to relet space when tenants can be identified continue to impact the market. In addition, there are limited debt or equity financing alternatives available to us to refinance our debt and financing sources we have utilized have increased our cost of capital. The duration and ultimate impact of these factors on our properties and our business remains uncertain and subject to change; however, these conditions continue to have a significant negative impact on our results of operations, financial position and cash flows. As of October 30, 2024, our total available liquidity was comprised of $146,448 of cash and, in addition to long-term debt, our $456,700 of unsecured senior notes due on February 1, 2025, or the 2025 Notes, are due within one year from the date of issuance of these financial statements. Given the limited alternatives available to us to obtain debt or equity to refinance our maturing debt, the illiquid nature of our real estate assets and our ability to incur additional debt while maintaining compliance with the financial covenants in our existing debt agreements, we are currently in negotiations with certain holders of the 2025 Notes regarding a potential note exchange. However, we are not able to conclude that it is probable that the negotiations will result in an exchange that refinances the 2025 Notes prior to their maturity. If we are unable to consummate a transaction that refinances the 2025 Notes on terms which, in our view, allow us to continue as a going concern, our Board of Trustees may consider a reorganization in a bankruptcy court. As a result of the foregoing, we have concluded that there is substantial doubt about our ability to continue as a going concern for at least one year from the date of issuance of these financial statements, or October 30, 2024. Our condensed consolidated financial statements 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification 280, Segment Reporting, or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. Public entities with a single reportable segment must apply all the disclosure requirements of ASU No. 2023-07, as well as all the existing segment disclosures under ASC 280. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We expect to include additional disclosures in the notes to our condensed consolidated financial statements as a result of the implementation of ASU No. 2023-07; however, these changes are not expected to have a material effect on our condensed consolidated financial statements.

Per Common Share Amounts

Per Common Share Amounts	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
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): Three Months Ended September 30, Nine Months Ended 2024 2023 2024 2023 Numerators: Net (loss) income $ (58,414) $ (19,593) $ 12,573 $ (32,281) Income attributable to unvested participating securities (2) (50) (74) (232) Net (loss) income used in calculating earnings per common share $ (58,416) $ (19,643) $ 12,499 $ (32,513) Denominators: Weighted average common shares outstanding - basic and diluted 51,197 48,403 49,444 48,365 Net (loss) income per common share - basic and diluted $ (1.14) $ (0.41) $ 0.25 $ (0.67)

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of September 30, 2024, our 145 wholly owned properties included approximately 19,543,000 rentable square feet, with an undepreciated carrying value of $3,873,075, including $176,465 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 2024 and 2053. 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, 2024, we entered into 14 leases for approximately 987,000 rentable square feet for a weighted (by rentable square feet) average lease term of 10.2 years, and we made commitments of $65,916 for leasing related costs. During the nine months ended September 30, 2024, we entered into 39 leases for approximately 1,683,000 rentable square feet for a weighted (by rentable square feet) average lease term of 9.1 years and we made commitments for approximately $80,875 of leasing related costs. As of September 30, 2024, we had estimated unspent leasing related obligations of $100,646. 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, 2024, we sold seven properties containing approximately 998,000 rentable square feet for an aggregate sales price of $84,810, 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). Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate March 2024 1 Chicago, IL 248,000 $ 38,500 $ (2,448) $ — July 2024 1 Malden, MA 126,000 7,800 (10) 13,973 August 2024 3 Indianapolis, IN 434,000 10,100 729 50,851 September 2024 1 Atlanta, GA 126,000 17,610 8,691 — September 2024 1 San Jose, CA 64,000 10,800 (954) 819 7 998,000 $ 84,810 $ 6,008 $ 65,643 (1) Gross sales price is the contract price, excluding closing costs. As of September 30, 2024, we had 13 properties classified as held for sale in our condensed consolidated balance sheet that are under agreement to sell for an aggregate sales price of $107,802, excluding closing costs, as summarized below: Date of Sale Agreement Number of Properties Location Rentable Square Feet Gross Sales Price (1) Loss on Impairment of Real Estate May 2024 1 Colorado Springs, CO 156,000 $ 26,164 $ — July 2024 5 Atlanta, GA 378,000 18,100 21,937 August 2024 1 Rocklin, CA 19,000 2,650 — September 2024 1 Kansas City, MO 87,000 8,000 4,370 September 2024 2 Santa Clara, CA 149,000 21,150 11,041 October 2024 2 Tempe, AZ 101,000 10,738 — October 2024 1 Sacramento, CA 338,000 21,000 33,904 13 1,228,000 $ 107,802 $ 71,252 (1) Gross sales price is the contract price, excluding closing costs. We also had four additional properties classified as held for sale in our condensed consolidated balance sheet as of September 30, 2024 and we recorded a $22,094 loss on impairment of real estate to adjust the carrying values of two of these properties to their estimated fair values, less costs to sell, during the nine months ended September 30, 2024. 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. We also recorded a $12,017 loss on impairment of real estate to reduce the carrying value of one property that was classified as held for sale to its estimated fair value, less costs to sell as of June 30, 2024. Subsequently, we removed this property from held for sale status due to a change of plan for sale and recorded an additional loss on impairment of $2,573 to reduce the carrying value of this property to its estimated fair value as of September 30, 2024. In October 2024, we entered into agreements to sell an additional four properties with approximately 381,000 rentable square feet for an aggregate sales price of $11,350, excluding closing costs. Unconsolidated Joint Ventures As of September 30, 2024, we owned an interest in one joint venture that owned two properties. We accounted for this investment under the equity method of accounting. During the nine months ended September 30, 2024, our 1750 H Street, NW joint venture did not have sufficient cash flow to pay its monthly debt service, resulting in an event of default and the non-recourse mortgage lender to this joint venture completed a foreclosure of the property and the joint venture ceased to have an economic interest in the property. We wrote off our full investment in this joint venture as of December 31, 2023 and did not make capital contributions to this joint venture during the nine months ended September 30, 2024. Accordingly, we did not record our proportionate share of operating results of the joint venture for the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, our investments in our unconsolidated joint ventures consisted of the following: OPI Carrying Value of Investments at Joint Venture OPI Ownership September 30, 2024 December 31, 2023 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51% $ 17,552 $ 18,128 2 Fairfax, VA 346,000 1750 H Street, NW 50% — — 1 Washington, D.C. 125,000 Total $ 17,552 $ 18,128 3 471,000 The following table provides a summary of the mortgage debt of our unconsolidated joint ventures as of September 30, 2024 and December 31, 2023: Joint Venture Interest Rate (1) Maturity Date Principal Balance at September 30, 2024 (2) Principal Balance at December 31, 2023 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 $ 50,000 1750 H Street, NW 3.69% 8/1/2027 — 32,000 Weighted Average / Total 3.93% $ 50,000 $ 82,000 (1) Includes the effect of mark to market purchase accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we did not own. None of the debt is recourse to us.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 increased rental income to record revenue on a straight line basis by $8,854 and $8,691 for the three months ended September 30, 2024 and 2023, respectively, and $23,796 and $17,120 for the nine months ended September 30, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $134,218 and $112,440 of straight line rent receivables at September 30, 2024 and December 31, 2023, respectively.
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 increased rental income to record revenue on a straight line basis by $8,854 and $8,691 for the three months ended September 30, 2024 and 2023, respectively, and $23,796 and $17,120 for the nine months ended September 30, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $134,218 and $112,440 of straight line rent receivables at September 30, 2024 and December 31, 2023, respectively.

Concentration

Concentration	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentration	Concentration Tenant and Credit Concentration As of September 30, 2024 and 2023, the U.S. government and certain state and other government tenants combined were responsible for approximately 24.5% and 28.1%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 16.6% and 20.0% of our annualized rental income as of September 30, 2024 and 2023, 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, 2024, our 145 wholly owned properties were located in 30 states and the District of Columbia. Properties located in Virginia, California, District of Columbia, Illinois and Georgia were responsible for approximately 12.4%, 10.6%, 10.6%, 9.7% and 9.7% of our annualized rental income as of September 30, 2024, respectively.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations as of September 30, 2024 were: (1) $200,000 of outstanding borrowings under our $325,000 secured revolving credit facility; (2) $100,000 outstanding principal amount under our secured term loan; (3) $1,855,910 aggregate outstanding principal amount of senior notes and (4) $177,320 aggregate outstanding principal amount of mortgage notes. In January 2024, we entered into an amended and restated credit agreement, or our credit agreement, governing a new $325,000 secured revolving credit facility and a $100,000 secured term loan. Our credit agreement replaced our prior revolving credit facility, which had a maturity date of January 31, 2024. 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 $1,012,536 as of September 30, 2024. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity, and no principal repayments on borrowings under our credit agreement are due until maturity. The maturity date of our credit agreement is January 29, 2027 and, subject to the payment of an extension fee and meeting certain other requirements, we can extend the stated maturity date of our revolving credit facility by one year. 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 the current level of $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 is at a rate of the secured overnight financing rate, or SOFR, plus a margin of 350 basis points. We are also required to pay an unused facility fee on the amount of total lending commitments, which was 25 basis points per annum at September 30, 2024. As of September 30, 2024, we had $200,000, outstanding under our revolving credit facility, $100,000 outstanding under our term loan and $125,000 available for borrowing under our revolving credit facility. In October 2024, we borrowed $125,000 under our revolving credit facility to preserve financial flexibility. As of October 29, 2024, we had fully drawn our $325,000 revolving credit facility and $100,000 was outstanding under our term loan. As of September 30, 2024, the annual interest rate payable on borrowings under our credit agreement was 8.4%. The weighted average annual interest rate for borrowings under our credit agreement for the three and nine months ended September 30, 2024 was 8.9%. We were required to pay interest at a rate of SOFR plus a premium, which was 145 basis points per annum as of September 30, 2023, on the amount outstanding under our prior revolving credit facility, as well as a facility fee on the total amount of lending commitments, which was 30 basis points per annum. The weighted average annual interest rate for borrowings under our prior revolving credit facility for the three and nine months ended September 30, 2023 was 6.8% and 6.4%, respectively. Our revolving credit facility is governed by a credit agreement with a syndicate of institutional lenders. 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 The RMR Group LLC, or 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 current level of $0.01 per common share per quarter. We believe we were in compliance with the terms and conditions of the respective covenants under our credit agreement and senior notes indentures and their supplements at September 30, 2024. Senior Secured Notes Issuance In February 2024, we issued $300,000 of 9.000% senior secured notes due 2029, or the 2029 Notes. The aggregate net proceeds from the offering of the 2029 Notes were $270,712, after initial purchaser discounts and other offering expenses. The 2029 Notes are fully and unconditionally guaranteed on a joint, several and senior secured basis by certain of our subsidiaries and secured by a pledge of all of the respective equity interests of the subsidiary guarantors and first mortgage liens on 17 properties with a gross book value of real estate assets of $619,467 as of September 30, 2024. The 2029 Notes require semi-annual payments of interest only and are prepayable, at par plus accrued interest, after March 31, 2028. Senior Unsecured Notes Redemption In March 2024, we redeemed, at par plus accrued interest, all $350,000 of our 4.25% senior unsecured notes due 2024. As a result of this redemption, we recorded a loss on early extinguishment of debt of $425 during the nine months ended September 30, 2024, which represented the unamortized discounts related to these notes. Senior Notes Exchanges In June 2024, we exchanged $567,429 of new 9.000% senior secured notes, or the New 2029 Notes, for an aggregate $865,219 of our outstanding unsecured senior notes, or the Existing Notes, and such transaction, the Senior Note Exchange, as follows: Existing Notes Exchanged Aggregate Principal Amount of Existing Notes Accepted for Exchange Aggregate Principal Amount of New Notes Delivered Existing 4.50% 2025 Notes $ 150,846 $ 141,411 Existing 2.650% 2026 Notes 159,512 114,803 Existing 2.400% 2027 Notes 269,216 164,162 Existing 3.450% 2031 Notes 285,645 147,053 Total $ 865,219 $ 567,429 The New 2029 Notes are fully and unconditionally guaranteed on a joint, several and senior secured basis by certain of our subsidiaries and are secured by first mortgage liens on 19 properties with a gross book value of real estate assets of $716,969 as of September 30, 2024 and second mortgage liens on the 19 properties securing our credit agreement. The New 2029 Notes require semi-annual payments of interest only and are prepayable, at par plus accrued interest, after June 3, 2028. During the nine months ended September 30, 2024, we recorded a gain on early extinguishment of debt of $225,210 as a result of the Senior Note Exchange. During the three and nine months ended September 30, 2024, in a series of exchange transactions, we exchanged an aggregate principal amount of $8,300 of the 2025 Notes for an aggregate 3,184,432 of our common shares at a weighted average price of $2.34 per share. During the nine months ended September 30, 2024, we recorded a gain on early extinguishment of debt of $852 as a result of these exchanges. In October 2024, in a series of exchange transactions, we exchanged an additional aggregate principal amount of $34,154 of the 2025 Notes for $42,570 of new 9.0% senior secured notes due 2029 on substantially similar terms as the New 2029 Notes and an aggregate 1,870,238 of our common shares. The gains we realized on early extinguishment of debt are considered cancellation of debt income, or CODI, for income tax purposes and part of our REIT taxable income. We currently do not expect that any special distribution will be required to maintain our qualification for taxation as a real estate investment trust, or REIT, as a result of generating CODI in 2024. However, this assertion is based on our expectation that we will complete additional dispositions that will result in additional losses on sale of real estate in 2024. If these sales are not completed, we will be taxed at regular corporate income tax rates on any undistributed REIT taxable income. As of September 30, 2024, seven of our properties with an aggregate gross book value of real estate assets of $304,961 were encumbered by 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.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The following table presents certain of our assets measured at fair value at September 30, 2024, categorized by level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets Real estate properties (1) $ 4,170 $ — $ — $ 4,170 Assets of properties held for sale (2) $ 94,545 $ — $ 94,545 $ — (1) We recorded an impairment charge of $14,590 to reduce the carrying value of one property that was classified as held for sale as of June 30, 2024 and subsequently removed from held for stale status to its estimated fair value based on third party offers (Level 3 inputs as defined in the fair value hierarchy under GAAP). (2) We recorded an impairment charge of $93,346 to reduce the carrying values of 11 properties that are classified as held for sale in our condensed consolidated balance sheet to their estimated fair values less estimated costs to sell of $2,282, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 4 for more information. Our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, 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, 2024 and December 31, 2023, 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: As of September 30, 2024 As of December 31, 2023 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.250% interest rate, due in 2024 (2) $ — $ — $ 349,144 $ 331,510 Senior unsecured notes, 4.500% interest rate, due in 2025 489,726 429,286 646,266 510,445 Senior unsecured notes, 2.650% interest rate, due in 2026 139,421 89,317 298,464 185,934 Senior unsecured notes, 2.400% interest rate, due in 2027 80,450 43,264 348,086 196,147 Senior secured notes, 9.000% interest rate, due in 2029 (3) 274,279 293,649 — — Senior secured notes, 9.000% interest rate, due in 2029 (4) 596,760 484,840 — — Senior unsecured notes, 3.450% interest rate, due in 2031 113,480 46,506 396,614 199,060 Senior unsecured notes, 6.375% interest rate, due in 2050 157,048 95,256 156,904 83,916 Mortgage notes payable 172,676 183,250 172,131 179,813 Total $ 2,023,840 $ 1,665,368 $ 2,367,609 $ 1,686,825 (1) Includes net unamortized debt premiums, discounts and issuance costs totaling $9,390 and $21,711 as of September 30, 2024 and December 31, 2023, respectively. (2) These senior notes were redeemed in March 2024. (3) These senior notes were issued in February 2024. (4) These senior notes were issued in June 2024. We estimated the fair values of our senior notes (except for our 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 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.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Issuances In connection with the Senior Note Exchange, we entered into a support agreement with certain holders of our Existing Notes, or the Supporting Noteholders, pursuant to which, on June 21, 2024, in exchange for the Supporting Noteholders tendering their Existing Notes, we issued 1,406,952 of our common shares, valued at $2.26 per share, the closing price of our common shares on Nasdaq on that day, to the Supporting Noteholders. See Note 7 for information regarding the additional share issuances we have made as part of exchanges for the 2025 Notes. Share Awards On June 13, 2024, in accordance with our Trustee compensation agreements, we awarded to each of our nine Trustees 11,627 of our common shares, valued at $2.15 per share, the closing price of our common shares on Nasdaq on that day. On September 11, 2024, we awarded under our equity compensation plan an aggregate of 544,555 of our common shares, valued at $2.13 per share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other employees of RMR. Share Purchases During the three and nine months ended September 30, 2024, we purchased an aggregate 76,642 and 85,016 of our common shares, respectively, valued at a weighted average share price of $2.22 and $2.25, respectively, from our officers and certain other current and former officers and employees of RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market value based upon the trading price of our common shares at the close of trading on Nasdaq on the purchase date. Distributions During the nine months ended September 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Distributions Per Common Share Total Distributions January 11, 2024 January 22, 2024 February 15, 2024 $ 0.01 $ 487 April 11, 2024 April 22, 2024 May 15, 2024 0.01 488 July 11, 2024 July 22, 2024 August 15, 2024 0.01 502 $ 0.03 $ 1,477 On October 16, 2024, we declared a regular quarterly distribution payable to common shareholders of record on October 28, 2024 in the amount of $0.01 per share, or approximately $555. We expect to pay this distribution on or about November 14, 2024.

Business and Property Managemen

Business and Property Management Agreements with RMR	9 Months Ended
	Sep. 30, 2024
Property Management Fee [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. Pursuant to our business management agreement with RMR, we recognized net business management fees of $3,052 and $9,919 for the three and nine months ended September 30, 2024, respectively, and $3,637 and $11,180 for the three and nine months ended September 30, 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of September 30, 2024, no estimated incentive fees are included in the net business management fees we recognized for the three and nine months ended September 30, 2024. The actual amount of annual incentive fees for 2024, if any, will be based on our common share total return for the three year period ending December 31, 2024, and will be payable in January 2025. We did not incur an incentive fee payable to RMR for the year ended December 31, 2023. We include business management fees in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). Pursuant to our property management agreement with RMR, we recognized aggregate net property management and construction supervision fees of $3,712 and $12,675 for the three and nine months ended September 30, 2024, respectively, and $5,465 and $17,947 for the three and nine months ended September 30, 2023, respectively. Of these amounts, for the three and nine months ended September 30, 2024, $3,234 and $10,391, respectively, were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $478 and $2,284, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. For the three and nine months ended September 30, 2023, $3,718 and $11,252, respectively, were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,747 and $6,695, respectively, were capitalized as building improvements in our condensed consolidated balance sheet. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. 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. We reimbursed RMR $6,734 and $19,702 for these expenses and costs for the three and nine months ended September 30, 2024, respectively, and $6,331 and $19,295 for the three and nine months ended September 30, 2023, respectively. We included these amounts in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss). 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.

Related Person Transactions

Related Person Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR, The RMR Group Inc., or 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 D. 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, the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Jennifer Clark, our other Managing Trustee, is 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. Each of our 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. Clark, serve as managing trustees or officers of certain of these 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 $193 and $592 for the three and nine months ended September 30, 2024, respectively, and $205 and $671 for the three and nine months ended September 30, 2023, respectively. Sonesta . We lease 240,000 rentable square feet of a mixed-use property in Washington, D.C. to a subsidiary of Sonesta International Hotels Corporation, or Sonesta. Our lease with Sonesta commenced in August 2023 and expires in 2053 and Sonesta has two options to extend the term for 10 years each. The lease was amended in September 2024 to expand the premises by 5,900 rentable square feet. Pursuant to the amended lease agreement, Sonesta will pay us annual base rent of approximately $6,724 beginning February 2025. The annual base rent will increase by 10% every five years throughout the term. Sonesta is 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 our lease with Sonesta. Mr. Portnoy is a director and controlling shareholder of Sonesta and Ms. Clark is a director of Sonesta. Another officer and employee of RMR is a director and president and chief executive officer of Sonesta. For more information about these and other such relationships and certain other related person transactions, refer to our 2023 Annual Report.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023, or our 2023 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.
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.
Recent Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification 280, Segment Reporting, or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. Public entities with a single reportable segment must apply all the disclosure requirements of ASU No. 2023-07, as well as all the existing segment disclosures under ASC 280. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We expect to include additional disclosures in the notes to our condensed consolidated financial statements as a result of the implementation of ASU No. 2023-07; however, these changes are not expected to have a material effect on our condensed consolidated financial statements.
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.

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	9 Months Ended
	Sep. 30, 2024
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): Three Months Ended September 30, Nine Months Ended 2024 2023 2024 2023 Numerators: Net (loss) income $ (58,414) $ (19,593) $ 12,573 $ (32,281) Income attributable to unvested participating securities (2) (50) (74) (232) Net (loss) income used in calculating earnings per common share $ (58,416) $ (19,643) $ 12,499 $ (32,513) Denominators: Weighted average common shares outstanding - basic and diluted 51,197 48,403 49,444 48,365 Net (loss) income per common share - basic and diluted $ (1.14) $ (0.41) $ 0.25 $ (0.67)

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of disposition activities	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). Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate March 2024 1 Chicago, IL 248,000 $ 38,500 $ (2,448) $ — July 2024 1 Malden, MA 126,000 7,800 (10) 13,973 August 2024 3 Indianapolis, IN 434,000 10,100 729 50,851 September 2024 1 Atlanta, GA 126,000 17,610 8,691 — September 2024 1 San Jose, CA 64,000 10,800 (954) 819 7 998,000 $ 84,810 $ 6,008 $ 65,643 (1) Gross sales price is the contract price, excluding closing costs. As of September 30, 2024, we had 13 properties classified as held for sale in our condensed consolidated balance sheet that are under agreement to sell for an aggregate sales price of $107,802, excluding closing costs, as summarized below: Date of Sale Agreement Number of Properties Location Rentable Square Feet Gross Sales Price (1) Loss on Impairment of Real Estate May 2024 1 Colorado Springs, CO 156,000 $ 26,164 $ — July 2024 5 Atlanta, GA 378,000 18,100 21,937 August 2024 1 Rocklin, CA 19,000 2,650 — September 2024 1 Kansas City, MO 87,000 8,000 4,370 September 2024 2 Santa Clara, CA 149,000 21,150 11,041 October 2024 2 Tempe, AZ 101,000 10,738 — October 2024 1 Sacramento, CA 338,000 21,000 33,904 13 1,228,000 $ 107,802 $ 71,252 (1) Gross sales price is the contract price, excluding closing costs.
Schedule of joint ventures	As of September 30, 2024 and December 31, 2023, our investments in our unconsolidated joint ventures consisted of the following: OPI Carrying Value of Investments at Joint Venture OPI Ownership September 30, 2024 December 31, 2023 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51% $ 17,552 $ 18,128 2 Fairfax, VA 346,000 1750 H Street, NW 50% — — 1 Washington, D.C. 125,000 Total $ 17,552 $ 18,128 3 471,000 The following table provides a summary of the mortgage debt of our unconsolidated joint ventures as of September 30, 2024 and December 31, 2023: Joint Venture Interest Rate (1) Maturity Date Principal Balance at September 30, 2024 (2) Principal Balance at December 31, 2023 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 $ 50,000 1750 H Street, NW 3.69% 8/1/2027 — 32,000 Weighted Average / Total 3.93% $ 50,000 $ 82,000 (1) Includes the effect of mark to market purchase accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we did not own. None of the debt is recourse to us.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of senior note exchange	In June 2024, we exchanged $567,429 of new 9.000% senior secured notes, or the New 2029 Notes, for an aggregate $865,219 of our outstanding unsecured senior notes, or the Existing Notes, and such transaction, the Senior Note Exchange, as follows: Existing Notes Exchanged Aggregate Principal Amount of Existing Notes Accepted for Exchange Aggregate Principal Amount of New Notes Delivered Existing 4.50% 2025 Notes $ 150,846 $ 141,411 Existing 2.650% 2026 Notes 159,512 114,803 Existing 2.400% 2027 Notes 269,216 164,162 Existing 3.450% 2031 Notes 285,645 147,053 Total $ 865,219 $ 567,429

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value	The following table presents certain of our assets measured at fair value at September 30, 2024, categorized by level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets Real estate properties (1) $ 4,170 $ — $ — $ 4,170 Assets of properties held for sale (2) $ 94,545 $ — $ 94,545 $ — (1) We recorded an impairment charge of $14,590 to reduce the carrying value of one property that was classified as held for sale as of June 30, 2024 and subsequently removed from held for stale status to its estimated fair value based on third party offers (Level 3 inputs as defined in the fair value hierarchy under GAAP). (2) We recorded an impairment charge of $93,346 to reduce the carrying values of 11 properties that are classified as held for sale in our condensed consolidated balance sheet to their estimated fair values less estimated costs to sell of $2,282, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 4 for more information.
Schedule of fair value and carrying value of financial instruments	At September 30, 2024 and December 31, 2023, 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: As of September 30, 2024 As of December 31, 2023 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.250% interest rate, due in 2024 (2) $ — $ — $ 349,144 $ 331,510 Senior unsecured notes, 4.500% interest rate, due in 2025 489,726 429,286 646,266 510,445 Senior unsecured notes, 2.650% interest rate, due in 2026 139,421 89,317 298,464 185,934 Senior unsecured notes, 2.400% interest rate, due in 2027 80,450 43,264 348,086 196,147 Senior secured notes, 9.000% interest rate, due in 2029 (3) 274,279 293,649 — — Senior secured notes, 9.000% interest rate, due in 2029 (4) 596,760 484,840 — — Senior unsecured notes, 3.450% interest rate, due in 2031 113,480 46,506 396,614 199,060 Senior unsecured notes, 6.375% interest rate, due in 2050 157,048 95,256 156,904 83,916 Mortgage notes payable 172,676 183,250 172,131 179,813 Total $ 2,023,840 $ 1,665,368 $ 2,367,609 $ 1,686,825 (1) Includes net unamortized debt premiums, discounts and issuance costs totaling $9,390 and $21,711 as of September 30, 2024 and December 31, 2023, respectively. (2) These senior notes were redeemed in March 2024. (3) These senior notes were issued in February 2024. (4)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of dividends	During the nine months ended September 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Distributions Per Common Share Total Distributions January 11, 2024 January 22, 2024 February 15, 2024 $ 0.01 $ 487 April 11, 2024 April 22, 2024 May 15, 2024 0.01 488 July 11, 2024 July 22, 2024 August 15, 2024 0.01 502 $ 0.03 $ 1,477

Basis of Presentation (Details)

Basis of Presentation (Details) - Subsequent Event $ in Thousands	Oct. 30, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash	$ 146,448
Unsecured Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long-term debt, current	$ 456,700

Per Common Share Amounts - Inco

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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerators:
Net income (loss)	$ (58,414)	$ 76,171	$ (5,184)	$ (19,593)	$ (12,242)	$ (446)	$ 12,573	$ (32,281)
Income attributable to unvested participating securities	(2)			(50)			(74)	(232)
Net (loss) income used in calculating earnings per common share	$ (58,416)			$ (19,643)			$ 12,499	$ (32,513)
Denominators:
Weighted average common shares outstanding - basic (in shares)	51,197			48,403			49,444	48,365
Weighted average common shares outstanding - diluted (in shares)	51,197			48,403			49,444	48,365
Net (loss) income per common share - basic (in dollars per share)	$ (1.14)			$ (0.41)			$ 0.25	$ (0.67)
Net (loss) income per common share - diluted (in dollars per share)	$ (1.14)			$ (0.41)			$ 0.25	$ (0.67)

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Oct. 30, 2024 USD ($) ft² property	Sep. 30, 2024 USD ($) ft² property lease joint_venture	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) ft² property lease joint_venture	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Real estate aggregate undepreciated carrying value		$ 3,696,610			$ 3,696,610		$ 4,065,679
Number of leases entered | lease		14			39
Rentable square feet (in square feet) | ft²		987,000			1,683,000
Weighted average lease term		10 years 2 months 12 days			9 years 1 month 6 days
Expenditures committed on leases		$ 65,916			$ 80,875
Committed but unspent tenant related obligations estimated		100,646			100,646
Loss on impairment of real estate		41,847	$ 0		173,579	$ 0
Impairment charge on reclassified asset		$ 2,573			$ 14,590
Number of joint ventures | joint_venture		1			1
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of Properties | property		3			3
Rentable Square Feet | ft²		471,000			471,000
Unamortized basis difference		$ 680			$ 680
Joint Venture
Real Estate Properties [Line Items]
OPI Ownership		51%			51%
Joint Venture | Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of Properties | property		2			2
Rentable Square Feet | ft²		346,000			346,000
Prosperity Metro Plaza | Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of Properties | property		2			2
Rentable Square Feet | ft²		346,000			346,000
OPI Ownership		51%			51%
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of Properties | property				1
Rentable Square Feet | ft²		1,228,000			1,228,000
Real estate held-for-sale		$ 176,465			$ 176,465
Gross sales price					$ 107,802
Number of additional real estate properties | property		4			4
Loss on impairment of additional properties					$ 22,094
Number of additional real estate properties with impairment | property		2			2
Loss on impairment of real estate				$ 12,017	$ 93,346
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Number of Properties | property	4
Rentable Square Feet | ft²	381,000
Gross sales price	$ 11,350
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of Properties | property		7			7
Rentable Square Feet | ft²		998,000			998,000
Gross sales price					$ 84,810
Continuing operations
Real Estate Properties [Line Items]
Number of Properties | property		145			145
Rentable Square Feet | ft²		19,543,000			19,543,000
Real estate aggregate undepreciated carrying value		$ 3,873,075			$ 3,873,075

Real Estate Properties - Dispos

Real Estate Properties - Disposition Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)	Jun. 30, 2024 property
Real Estate Properties [Line Items]
Gain (Loss) on Sale of Real Estate	$ 8,456	$ 244	$ 6,008	$ 487
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of Properties | property	7		7
Rentable Square Feet | ft²	998,000		998,000
Gross sales price			$ 84,810
Gain (Loss) on Sale of Real Estate			6,008
Loss on Impairment of Real Estate			$ 65,643
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chicago, IL
Real Estate Properties [Line Items]
Number of Properties | property	1		1
Rentable Square Feet | ft²	248,000		248,000
Gross sales price			$ 38,500
Gain (Loss) on Sale of Real Estate			(2,448)
Loss on Impairment of Real Estate			$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Malden, MA
Real Estate Properties [Line Items]
Number of Properties | property	1		1
Rentable Square Feet | ft²	126,000		126,000
Gross sales price			$ 7,800
Gain (Loss) on Sale of Real Estate			(10)
Loss on Impairment of Real Estate			$ 13,973
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Indianapolis, IN
Real Estate Properties [Line Items]
Number of Properties | property	3		3
Rentable Square Feet | ft²	434,000		434,000
Gross sales price			$ 10,100
Gain (Loss) on Sale of Real Estate			729
Loss on Impairment of Real Estate			$ 50,851
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Atlanta, GA
Real Estate Properties [Line Items]
Number of Properties | property	1		1
Rentable Square Feet | ft²	126,000		126,000
Gross sales price			$ 17,610
Gain (Loss) on Sale of Real Estate			8,691
Loss on Impairment of Real Estate			$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | San Jose, CA
Real Estate Properties [Line Items]
Number of Properties | property	1		1
Rentable Square Feet | ft²	64,000		64,000
Gross sales price			$ 10,800
Gain (Loss) on Sale of Real Estate			(954)
Loss on Impairment of Real Estate			$ 819
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of Properties | property					1
Number of Properties, under agreement to sell | property	13		13
Rentable Square Feet | ft²	1,228,000		1,228,000
Gross sales price			$ 107,802
Loss on Impairment of Real Estate			$ 71,252
Disposal Group, Held-for-sale, Not Discontinued Operations | Colorado Springs, CO
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	1		1
Rentable Square Feet | ft²	156,000		156,000
Gross sales price			$ 26,164
Loss on Impairment of Real Estate			$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Atlanta, GA
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	5		5
Rentable Square Feet | ft²	378,000		378,000
Gross sales price			$ 18,100
Loss on Impairment of Real Estate			$ 21,937
Disposal Group, Held-for-sale, Not Discontinued Operations | Rocklin, CA
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	1		1
Rentable Square Feet | ft²	19,000		19,000
Gross sales price			$ 2,650
Loss on Impairment of Real Estate			$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Kansas City, MO
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	1		1
Rentable Square Feet | ft²	87,000		87,000
Gross sales price			$ 8,000
Loss on Impairment of Real Estate			$ 4,370
Disposal Group, Held-for-sale, Not Discontinued Operations | Santa Clara, CA
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	2		2
Rentable Square Feet | ft²	149,000		149,000
Gross sales price			$ 21,150
Loss on Impairment of Real Estate			$ 11,041
Disposal Group, Held-for-sale, Not Discontinued Operations | Tempe, AZ
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	2		2
Rentable Square Feet | ft²	101,000		101,000
Gross sales price			$ 10,738
Loss on Impairment of Real Estate			$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Sacramento, CA
Real Estate Properties [Line Items]
Number of Properties, under agreement to sell | property	1		1
Rentable Square Feet | ft²	338,000		338,000
Gross sales price			$ 21,000
Loss on Impairment of Real Estate			$ 33,904

Real Estate Properties - Uncons

Real Estate Properties - Unconsolidated Joint Ventures (Details) - Unconsolidated Joint Ventures $ in Thousands	Sep. 30, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Carrying Value of Investments	$ 17,552	$ 18,128
Number of Properties | property	3
Rentable Square Feet | ft²	471,000
Mortgage notes payable
Real Estate [Line Items]
Interest rate (as a percent)	3.93%
Principal balance	$ 50,000	82,000
Prosperity Metro Plaza
Real Estate [Line Items]
OPI Ownership	51%
Carrying Value of Investments	$ 17,552	18,128
Number of Properties | property	2
Rentable Square Feet | ft²	346,000
Prosperity Metro Plaza | Mortgage notes payable
Real Estate [Line Items]
Interest rate (as a percent)	4.09%
Principal balance	$ 50,000	50,000
1750 H Street, NW
Real Estate [Line Items]
OPI Ownership	50%
Carrying Value of Investments	$ 0	0
Number of Properties | property	1
Rentable Square Feet | ft²	125,000
1750 H Street, NW | Mortgage notes payable
Real Estate [Line Items]
Interest rate (as a percent)	3.69%
Principal balance	$ 0	$ 32,000

Leases - Lease Receivables (Det

Leases - Lease Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Straight line rent adjustments	$ 8,854	$ 8,691	$ 23,796	$ 17,120
Straight line rent receivables	134,218		134,218		$ 112,440
Variable lease, income	22,291	21,067	65,120	64,627
Tenant reimbursements and other income	$ 21,271	$ 19,722	$ 61,667	$ 60,641

Concentration (Details)

Concentration (Details)	9 Months Ended
	Sep. 30, 2024 property state	Sep. 30, 2023
Continuing operations
Concentration
Number of wholly owned properties | property	145
Number of states in which acquired properties located | state	30
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government, State Governments and Four Other Governments
Concentration
Concentration risk percentage	24.50%	28.10%
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government
Concentration
Concentration risk percentage	16.60%	20%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | Virginia
Concentration
Concentration risk percentage	12.40%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | California
Concentration
Concentration risk percentage	10.60%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | DISTRICT OF COLUMBIA
Concentration
Concentration risk percentage	10.60%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | Illinois
Concentration
Concentration risk percentage	9.70%
Annualized rental income, excluding properties classified as discontinued operations | Geographic concentration | Georgia
Concentration
Concentration risk percentage	9.70%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended
	Oct. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 29, 2024 USD ($) property	Jan. 31, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) property $ / shares shares	Sep. 30, 2023	Sep. 30, 2024 USD ($) property $ / shares shares	Sep. 30, 2023 USD ($)	Oct. 29, 2024 USD ($)
Debt Instrument [Line Items]
Borrowings on revolving credit facility								$ 327,000	$ 225,000
Proceeds from issuance of senior secured notes								280,500	0
Gain (loss) on early extinguishment of debt								238,008	$ 0
Debt conversion, converted instrument, amount		$ 567,429
Interest rate of new notes		9%
Debt conversion, original debt, amount		$ 865,219
Secured Debt
Debt Instrument [Line Items]
Outstanding principal amount						$ 100,000		100,000
Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Outstanding principal amount										$ 100,000
Unsecured Debt
Debt Instrument [Line Items]
Outstanding principal amount						1,855,910		1,855,910
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						$ 304,961		$ 304,961
Line of Credit
Debt Instrument [Line Items]
Interest rate premium (as a percent)								3.50%
Senior Notes
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt								$ 225,210
Shares issued (in shares) | shares						3,184,432		3,184,432
Average price (in dollars per share) | $ / shares						$ 2.34		$ 2.34
Senior Notes | 9.000% Senior Secured Notes
Debt Instrument [Line Items]
Number of properties used to secured mortgage note | property				17
Aggregate gross book value of secured properties						$ 619,467		$ 619,467
Interest rate (as a percent)				9%
Principal balance				$ 300
Proceeds from issuance of senior secured notes				$ 270,712
Senior Notes | 4.25% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			4.25%
Extinguishment of debt, amount			$ 350,000
Gain (loss) on early extinguishment of debt								(425)
Senior Notes | Senior Secured Notes Due 2025
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt								852
Debt conversion, original debt, amount						8,300		8,300
Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Shares issued (in shares) | shares	1,870,238
Senior Notes | Subsequent Event | 9.000% Senior Secured Notes
Debt Instrument [Line Items]
Debt conversion, converted instrument, amount	$ 42,570
Interest rate of new notes	9%
Senior Notes | Subsequent Event | Senior Secured Notes Due 2025
Debt Instrument [Line Items]
Debt conversion, original debt, amount	$ 34,154
Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding						200,000		$ 200,000
Distribution rate (in dollars per share) | $ / shares					$ 0.01			$ 0.01
Interest rate premium (as a percent)									1.45%
Facility fee (as a percent)									0.30%
Line of credit facility, remaining borrowing capacity						$ 125,000		$ 125,000
Interest rate (as a percent)						8.40%		8.40%
Weighted average annual interest rate						8.90%	6.80%	8.90%	6.40%
Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Borrowings outstanding										$ 325,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on revolving credit facility					$ 325,000	$ 325,000		$ 325,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Borrowings on revolving credit facility	$ 125,000
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						$ 1,012,536		$ 1,012,536
Extension term					1 year
Facility fee (as a percent)								0.25%
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						$ 1,012,536		$ 1,012,536
Secured Debt | Senior Notes
Debt Instrument [Line Items]
Aggregate gross book value of secured properties						$ 716,969		$ 716,969

Indebtedness - Senior Notes Exc

Indebtedness - Senior Notes Exchange (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2024 USD ($)
Debt Conversion [Line Items]
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 865,219
Aggregate Principal Amount of New Notes Delivered	$ 567,429
Senior unsecured notes, 4.500% interest rate, due in 2025
Debt Conversion [Line Items]
Existing Notes Exchanged	4.50%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 150,846
Aggregate Principal Amount of New Notes Delivered	$ 141,411
Senior unsecured notes, 2.650% interest rate, due in 2026
Debt Conversion [Line Items]
Existing Notes Exchanged	2.65%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 159,512
Aggregate Principal Amount of New Notes Delivered	$ 114,803
Senior unsecured notes, 2.400% interest rate, due in 2027
Debt Conversion [Line Items]
Existing Notes Exchanged	2.40%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 269,216
Aggregate Principal Amount of New Notes Delivered	$ 164,162
Senior unsecured notes, 3.450% interest rate, due in 2031
Debt Conversion [Line Items]
Existing Notes Exchanged	3.45%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 285,645
Aggregate Principal Amount of New Notes Delivered	$ 147,053

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Assets Measured at Fair Value (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Fair Value of Assets and Liabilities
Impairment charge on reclassified asset	$ 2,573			$ 14,590
Number of properties with impairment, reclassified from held for sale | property	1			1
Loss on impairment of real estate	$ 41,847	$ 0		$ 173,579	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value of Assets and Liabilities
Loss on impairment of real estate			$ 12,017	$ 93,346
Number of properties with impairment | property	11			11
Real estate costs to sell				$ 2,282
Nonrecurring
Fair Value of Assets and Liabilities
Real estate properties	$ 4,170			4,170
Assets of properties held for sale	94,545			94,545
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Assets and Liabilities
Real estate properties	0			0
Assets of properties held for sale	0			0
Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value of Assets and Liabilities
Real estate properties	0			0
Assets of properties held for sale	94,545			94,545
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value of Assets and Liabilities
Real estate properties	4,170			4,170
Assets of properties held for sale	$ 0			$ 0

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Mortgage notes payable	$ 1,341,844	$ 172,131
Senior Notes And Mortgages
Fair Value of Financial Instruments
Unamortized debt premiums, discounts and issuance costs	$ 9,390	21,711
Senior unsecured notes, 4.250% interest rate, due in 2024
Fair Value of Financial Instruments
Interest rate (as a percent)	4.25%
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, 9.000% interest rate, due in 2029
Fair Value of Financial Instruments
Interest rate (as a percent)	9%
Senior secured notes, 9.000% interest rate, due in 2029
Fair Value of Financial Instruments
Interest rate (as a percent)	9%
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
Fair value of financial instruments	$ 2,023,840	2,367,609
Carrying Value | Senior unsecured notes, 4.250% interest rate, due in 2024
Fair Value of Financial Instruments
Senior notes	0	349,144
Carrying Value | Senior unsecured notes, 4.500% interest rate, due in 2025
Fair Value of Financial Instruments
Senior notes	489,726	646,266
Carrying Value | Senior unsecured notes, 2.650% interest rate, due in 2026
Fair Value of Financial Instruments
Senior notes	139,421	298,464
Carrying Value | Senior unsecured notes, 2.400% interest rate, due in 2027
Fair Value of Financial Instruments
Senior notes	80,450	348,086
Carrying Value | Senior secured notes, 9.000% interest rate, due in 2029
Fair Value of Financial Instruments
Senior notes	274,279	0
Carrying Value | Senior secured notes, 9.000% interest rate, due in 2029
Fair Value of Financial Instruments
Senior notes	596,760	0
Carrying Value | Senior unsecured notes, 3.450% interest rate, due in 2031
Fair Value of Financial Instruments
Senior notes	113,480	396,614
Carrying Value | Senior unsecured notes, 6.375% interest rate, due in 2050
Fair Value of Financial Instruments
Senior notes	157,048	156,904
Carrying Value | Mortgage notes payable
Fair Value of Financial Instruments
Mortgage notes payable	172,676	172,131
Fair Value
Fair Value of Financial Instruments
Fair value of financial instruments	1,665,368	1,686,825
Fair Value | Senior unsecured notes, 4.250% interest rate, due in 2024
Fair Value of Financial Instruments
Senior notes	0	331,510
Fair Value | Senior unsecured notes, 4.500% interest rate, due in 2025
Fair Value of Financial Instruments
Senior notes	429,286	510,445
Fair Value | Senior unsecured notes, 2.650% interest rate, due in 2026
Fair Value of Financial Instruments
Senior notes	89,317	185,934
Fair Value | Senior unsecured notes, 2.400% interest rate, due in 2027
Fair Value of Financial Instruments
Senior notes	43,264	196,147
Fair Value | Senior secured notes, 9.000% interest rate, due in 2029
Fair Value of Financial Instruments
Senior notes	293,649	0
Fair Value | Senior secured notes, 9.000% interest rate, due in 2029
Fair Value of Financial Instruments
Senior notes	484,840	0
Fair Value | Senior unsecured notes, 3.450% interest rate, due in 2031
Fair Value of Financial Instruments
Senior notes	46,506	199,060
Fair Value | Senior unsecured notes, 6.375% interest rate, due in 2050
Fair Value of Financial Instruments
Senior notes	95,256	83,916
Fair Value | Mortgage notes payable
Fair Value of Financial Instruments
Mortgage notes payable	$ 183,250	$ 179,813

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands					3 Months Ended			9 Months Ended
	Oct. 16, 2024 USD ($) $ / shares	Sep. 11, 2024 $ / shares shares	Jun. 21, 2024 $ / shares shares	Jun. 13, 2024 trustee $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued common shares (in shares) | shares			1,406,952
Common share price (in dollar per share)			$ 2.26
Number of trustees | trustee				9
Shares granted (in shares) | shares		544,555		11,627
Share price (in dollars per share)		$ 2.13		$ 2.15
Share repurchases (in shares) | shares					76,642			85,016
Stock repurchase price (in dollars per share)					$ 2.22			$ 2.25
Dividends declared (in dollars per share)					$ 0.01	$ 0.01	$ 0.01	$ 0.03
Distributions | $					$ 502	$ 488	$ 487	$ 1,477
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.01
Distributions | $	$ 555

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) - RMR LLC $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) agreement employee	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of employees | employee			0
Number of agreements | agreement			2
Incentive fee	$ 0		$ 0		$ 0
Net Business Management Fees
Related Party Transaction [Line Items]
Related party transaction amount	3,052	$ 3,637	9,919	$ 11,180
Net Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction amount	3,712	5,465	12,675	17,947
Net Property Management and Construction Supervision Fees | Buildings and Improvements
Related Party Transaction [Line Items]
Related party transaction amount	478	1,747	2,284	6,695
Net Property Management and Construction Supervision Fees | Other Operating Income (Expense)
Related Party Transaction [Line Items]
Related party transaction amount	3,234	3,718	10,391	11,252
Property Operating Expenses
Related Party Transaction [Line Items]
Related party transaction amount	$ 6,734	$ 6,331	$ 19,702	$ 19,295

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² renewal_option	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² agreement renewal_option	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Rental income	$ 120,620	$ 133,361	$ 383,741	$ 399,780
Related Party | RMR LLC
Related Party Transaction [Line Items]
Number of agreements | agreement			2
Rental income	193	$ 205	$ 592	$ 671
Related Party | Sonesta
Related Party Transaction [Line Items]
Rental income	$ 3,119		$ 8,989
Rentable Square Feet | ft²	240,000		240,000
Number of renewal options | renewal_option	2		2
Renewal term	10 years		10 years
Additional area of real estate property | ft²	5,900		5,900
Annual base rent	$ 6,724		$ 6,724
Annual percentage increase			10%
Annual base rent increase period			5 years