Office Properties Income Trust (OPI) 10-Q1 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-34364
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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,749,942
Entity Central Index Key	0001456772
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Common shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	OPI
Security Exchange Name	NASDAQ
6.375% Senior Unsecured Notes Due 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	Mar. 31, 2024	Dec. 31, 2023
Real estate properties:
Land	$ 782,660	$ 786,310
Buildings and improvements	3,296,591	3,279,369
Total real estate properties, gross	4,079,251	4,065,679
Accumulated depreciation	(678,278)	(650,179)
Total real estate properties, net	3,400,973	3,415,500
Assets of properties held for sale	11,888	37,310
Investments in unconsolidated joint ventures	17,898	18,128
Acquired real estate leases, net	244,502	263,498
Cash and cash equivalents	23,513	12,315
Restricted cash	20,593	14,399
Rents receivable	137,489	133,264
Deferred leasing costs, net	85,828	86,971
Other assets, net	15,246	8,284
Total assets	3,957,930	3,989,669
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured debt, net	1,847,664	2,400,478
Secured debt, net	731,563	172,131
Liabilities of properties held for sale	324	2,525
Accounts payable and other liabilities	109,665	140,166
Due to related persons	7,259	7,025
Assumed real estate lease obligations, net	11,091	11,665
Total liabilities	2,707,566	2,733,990
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,754,546 and 48,755,415 shares issued and outstanding, respectively	488	488
Additional paid in capital	2,621,849	2,621,493
Cumulative net income	94,990	100,174
Cumulative common distributions	(1,466,963)	(1,466,476)
Total shareholders’ equity	1,250,364	1,255,679
Total liabilities and shareholders’ equity	$ 3,957,930	$ 3,989,669

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 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)	48,754,546	48,755,415
Common shares of beneficial interest, shares outstanding (in shares)	48,754,546	48,755,415

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Rental income	$ 139,435	$ 132,422
Expenses:
Real estate taxes	15,709	15,333
Utility expenses	8,151	7,260
Other operating expenses	27,327	26,057
Depreciation and amortization	50,341	51,692
Acquisition and transaction related costs	233	3,218
General and administrative	5,644	5,925
Total expenses	107,405	109,485
(Loss) gain on sale of real estate	(2,384)	2,548
Interest and other income	1,357	164
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $3,444 and $2,205, respectively)	(35,476)	(25,231)
Loss on early extinguishment of debt	(425)	0
(Loss) income before income tax expense and equity in net losses of investees	(4,898)	418
Income tax expense	(56)	(30)
Equity in net losses of investees	(230)	(834)
Net loss	$ (5,184)	$ (446)
Weighted average common shares outstanding (basic) (in shares)	48,466	48,336
Weighted average common shares outstanding (diluted) (in shares)	48,466	48,336
Per common share amounts (basic and diluted):
Net loss (basic) (in dollars per share)	$ (0.11)	$ (0.01)
Net loss (diluted) (in dollars per share)	$ (0.11)	$ (0.01)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net amortization of debt premiums, discounts and issuance costs	$ 3,444	$ 2,205

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 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, 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 forfeitures and repurchases (in shares)		(869)
Common share forfeitures and repurchases	(6)		(6)
Net 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)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (5,184)	$ (446)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		29,699	24,947
Net amortization of debt premiums, discounts and issuance costs		3,444	2,205
Amortization of acquired real estate leases and assumed real estate lease obligations, net		17,669	24,614
Amortization of deferred leasing costs		3,408	2,365
Loss (gain) on sale of real estate		2,384	(2,548)
Loss on early extinguishment of debt		425	0
Straight line rental income		(7,379)	(4,173)
Other non-cash expenses, net		90	204
Equity in net losses of investees		230	834
Change in assets and liabilities:
Rents receivable		2,934	2,846
Deferred leasing costs		(3,342)	(2,841)
Other assets		(773)	(1,189)
Accounts payable and other liabilities		(17,207)	4,110
Due to related persons		234	972
Net cash provided by operating activities		26,632	51,900
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements		(40,034)	(66,665)
Contributions to unconsolidated joint ventures		0	(2,263)
Proceeds from sale of properties, net		35,672	5,112
Net cash used in investing activities		(4,362)	(63,816)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior unsecured notes		(350,000)	0
Proceeds from issuance of senior secured notes		280,500	0
Borrowings on revolving credit facility		232,000	75,000
Repayments on revolving credit facility		(247,000)	(25,000)
Borrowings on secured term loan		100,000	0
Payment of debt issuance costs		(19,885)	(266)
Repurchase of common shares		(6)	(13)
Distributions to common shareholders		(487)	(26,710)
Net cash (used in) provided by financing activities		(4,878)	23,011
Increase in cash, cash equivalents and restricted cash		17,392	11,095
Cash, cash equivalents and restricted cash at beginning of period		26,714	12,249
Cash, cash equivalents and restricted cash at end of period		44,106	23,344
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		34,639	25,033
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued, not paid		18,084	41,172
Capitalized interest		969	2,106
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents		23,513	23,344
Restricted cash	[1]	20,593	0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows		$ 44,106	$ 23,344

[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	3 Months Ended
Basis of Presentation	Mar. 31, 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements O n November 27, 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 are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures.

Per Common Share Amounts

Per Common Share Amounts	3 Months Ended
Per Common Share Amounts	Mar. 31, 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 March 31, 2024 2023 Numerators: Net loss $ (5,184) $ (446) Income attributable to unvested participating securities (3) (126) Net loss used in calculating earnings per common share $ (5,187) $ (572) Denominators: Weighted average common shares outstanding - basic and diluted 48,466 48,336 Net loss per common share - basic and diluted $ (0.11) $ (0.01)

Real Estate Properties

Real Estate Properties	3 Months Ended
Real Estate Properties	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of March 31, 2024, our wholly owned properties were comprised of 151 properties containing approximately 20,293,000 rentable square feet, with an undepreciated carrying value of $4,091,230, including $11,979 classified as held for sale. We also had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 471,000 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 March 31, 2024, we entered into 13 leases for approximately 488,000 rentable square feet for a weighted (by rentable square feet) average lease term of 9.3 years, and we made commitments of $10,977 for leasing related costs. As of March 31, 2024, we had estimated unspent leasing related obligations of $103,390. 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 three months ended March 31, 2024, we sold one property containing approximately 248,000 rentable square feet for a sales price of $38,500, excluding closing costs, and recognized a $2,384 loss on sale of real estate. The sale of this property does not represent a strategic shift in our business. As a result, the results of operations of this property are included in continuing operations through the date of sale in our condensed consolidated statements of comprehensive income (loss). As of March 31, 2024, we had one property containing approximately 156,000 rentable square feet classified as held for sale in our condensed consolidated balance sheet. In April 2024 , we entered into an agreement to sell another property containing approximately 126,000 rentable square feet for a sales price of $7,800, excluding closing costs. This pending sale is subject to conditions, and accordingly, we cannot be sure that we will complete this sale or that this sale will not be delayed or the terms will not change. Unconsolidated Joint Ventures As of March 31, 2024, we owned interests in two joint ventures that owned three properties. We accounted for these investments under the equity method of accounting. As of March 31, 2024 and December 31, 2023, our investments in unconsolidated joint ventures consisted of the following: OPI Carrying Value of Investments at Joint Venture OPI Ownership March 31, December 31, 2023 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51% $ 17,898 $ 18,128 2 Fairfax, VA 346,000 1750 H Street, NW 50% — — 1 Washington, D.C. 125,000 Total $ 17,898 $ 18,128 3 471,000 The following table provides a summary of the mortgage debt of our two unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at March 31, 2024 and December 31, 2023 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW 3.69% 8/1/2027 32,000 Weighted Average / Total 3.93% $ 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 do not own. None of the debt is recourse to us. In March 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. We expect the non-recourse mortgage lender to this joint venture to take full possession of the property in the second quarter. 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 three months ended March 31, 2024. Accordingly, we did not record our proportionate share of operating results of the joint venture for the three months ended March 31, 2024. As of March 31, 2024, the unamortized basis difference of our Prosperity Metro Plaza joint venture of $694 was primarily attributable to the difference between the amount we paid to purchase our interest in this joint venture, including transaction costs, and the historical carrying value of the net assets of this joint venture. This difference is being amortized over the remaining useful life of the related property and the resulting amortization expense is included in equity in net losses of investees in our condensed consolidated statements of comprehensive income (loss).

Leases

Leases	3 Months Ended
Leases	Mar. 31, 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 when 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 $7,379 and $4,173 for the three months ended March 31, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $119,102 and $112,440 of straight line rent receivables at March 31, 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 when 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 $7,379 and $4,173 for the three months ended March 31, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $119,102 and $112,440 of straight line rent receivables at March 31, 2024 and December 31, 2023, respectively.

Concentration

Concentration	3 Months Ended
Concentration	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Concentration	Concentration Tenant and Credit Concentration As of March 31, 2024 and 2023, the U.S. government and certain state and other government tenants combined were responsible for approximately 27.6% and 28.5%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 20.2% and 19.6% of our annualized rental income as of March 31, 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 March 31, 2024, our 151 wholly owned properties were located in 30 states and the District of Columbia. Properties located in Virginia, California, the District of Columbia, Georgia and Illinois were responsible for approximately 12.1%, 11.8%, 9.9%, 9.1% and 8.8% of our annualized rental income as of March 31, 2024, respectively.

Indebtedness

Indebtedness	3 Months Ended
Indebtedness	Mar. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations as of March 31, 2024 were: (1) $190,000 of outstanding borrowings under our $325,000 secured revolving credit facility; (2) $100,000 outstanding principal amount under our secured term loan; (3) $2,162,000 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 $994,753 as of March 31, 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 March 31, 2024. As of March 31, 2024 and April 30, 2024, we had $190,000 and $180,000, respectively, outstanding under our revolving credit facility, $100,000 outstanding under our term loan and $135,000 and $145,000, respectively, available for borrowing under our revolving credit facility. As of March 31, 2024, the annual interest rate payable on borrowings under our credit agreement was 8.9%. The weighted average annual interest rate for borrowings under our credit agreement for the three months ended March 31, 2024 was 8.5%. We were required to pay interest at a rate of SOFR plus a premium, which was 110 basis points per annum as of March 31, 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 25 basis points per annum. The weighted average annual interest rate for borrowings under our prior revolving credit facility for the three months ended March 31, 2023 was 5.6%. 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 March 31, 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 $270,848, 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 $607,727 as of March 31, 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 three months ended March 31, 2024, which represented the unamortized discounts related to these notes. As of March 31, 2024, seven of our properties with an aggregate gross book value of real estate assets of $353,610 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	3 Months Ended
Fair Value of Assets and Liabilities	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, 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 March 31, 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 March 31, 2024 As of December 31, 2023 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.25% interest rate, due in 2024 (2) $ — $ — $ 349,144 $ 331,510 Senior unsecured notes, 4.50% interest rate, due in 2025 647,128 537,160 646,266 510,445 Senior unsecured notes, 2.650% interest rate, due in 2026 298,621 173,331 298,464 185,934 Senior unsecured notes, 2.400% interest rate, due in 2027 348,242 171,693 348,086 196,147 Senior secured notes, 9.000% interest rate, due in 2029 (3) 271,620 276,528 — — Senior unsecured notes, 3.450% interest rate, due in 2031 396,722 169,276 396,614 199,060 Senior unsecured notes, 6.375% interest rate, due in 2050 156,951 70,502 156,904 83,916 Mortgage notes payable 172,212 178,387 172,131 179,813 Total $ 2,291,496 $ 1,576,877 $ 2,367,609 $ 1,686,825 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $47,824 and $21,711 as of March 31, 2024 and December 31, 2023, respectively. (2) These senior notes were redeemed in March 2024. (3) These senior notes were issued in February 2024. We estimated the fair values of our senior unsecured 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	3 Months Ended
Shareholders' Equity	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Purchases During the three months ended March 31, 2024, we purchased 869 of our common shares, valued at a share price of $7.12, from a former officer and employee 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 three months ended March 31, 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 On April 11, 2024, we declared a regular quarterly distribution payable to common shareholders of record on April 22, 2024 in the amount of $0.01 per share, or approximately $487. We expect to pay this distribution on or about May 16, 2024.

Business and Property Managemen

Business and Property Management Agreements with RMR	3 Months Ended
Business and Property Management Agreements with RMR	Mar. 31, 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 $3,558 and $3,951 for the three months ended March 31, 2024 and 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of March 31, 2024, no estimated incentive fees are included in the net business management fees we recognized for the three months ended March 31, 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 $4,550 and $6,319 for the three months ended March 31, 2024 and 2023, respectively. Of these amounts, for the three months ended March 31, 2024 and 2023, $3,818 and $3,733, respectively, were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $732 and $2,586, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. 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 $6,587 and $6,347 for these expenses and costs for the three months ended March 31, 2024 and 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 Agreements Between Our Joint Ventures and RMR . RMR provides management services to our two unconsolidated joint ventures. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint ventures. The joint ventures pay management fees directly to RMR.

Related Person Transactions

Related Person Transactions	3 Months Ended
Related Person Transactions	Mar. 31, 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 two unconsolidated joint ventures. See Note 10 for more information regarding our and our unconsolidated joint ventures’ management agreements 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 $194 and $223 for the three months ended March 31, 2024 and 2023, respectively. Sonesta . We lease 230,000 rentable square feet of an office 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. Pursuant to the lease agreement, Sonesta will pay us annual base rent of approximately $6,436 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 $2,775 during the three months ended March 31, 2024 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)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 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.
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 when 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.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	O n November 27, 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 are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures.

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	3 Months Ended
Per Common Share Amounts (Tables)	Mar. 31, 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 March 31, 2024 2023 Numerators: Net loss $ (5,184) $ (446) Income attributable to unvested participating securities (3) (126) Net loss used in calculating earnings per common share $ (5,187) $ (572) Denominators: Weighted average common shares outstanding - basic and diluted 48,466 48,336 Net loss per common share - basic and diluted $ (0.11) $ (0.01)

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
Real Estate Properties (Tables)	Mar. 31, 2024
Real Estate [Abstract]
Schedule of joint ventures	As of March 31, 2024 and December 31, 2023, our investments in unconsolidated joint ventures consisted of the following: OPI Carrying Value of Investments at Joint Venture OPI Ownership March 31, December 31, 2023 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51% $ 17,898 $ 18,128 2 Fairfax, VA 346,000 1750 H Street, NW 50% — — 1 Washington, D.C. 125,000 Total $ 17,898 $ 18,128 3 471,000 The following table provides a summary of the mortgage debt of our two unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at March 31, 2024 and December 31, 2023 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW 3.69% 8/1/2027 32,000 Weighted Average / Total 3.93% $ 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 do not own. None of the debt is recourse to us.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
Fair Value of Assets and Liabilities (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of fair value and carrying value of financial instruments	At March 31, 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 March 31, 2024 As of December 31, 2023 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.25% interest rate, due in 2024 (2) $ — $ — $ 349,144 $ 331,510 Senior unsecured notes, 4.50% interest rate, due in 2025 647,128 537,160 646,266 510,445 Senior unsecured notes, 2.650% interest rate, due in 2026 298,621 173,331 298,464 185,934 Senior unsecured notes, 2.400% interest rate, due in 2027 348,242 171,693 348,086 196,147 Senior secured notes, 9.000% interest rate, due in 2029 (3) 271,620 276,528 — — Senior unsecured notes, 3.450% interest rate, due in 2031 396,722 169,276 396,614 199,060 Senior unsecured notes, 6.375% interest rate, due in 2050 156,951 70,502 156,904 83,916 Mortgage notes payable 172,212 178,387 172,131 179,813 Total $ 2,291,496 $ 1,576,877 $ 2,367,609 $ 1,686,825 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $47,824 and $21,711 as of March 31, 2024 and December 31, 2023, respectively. (2) These senior notes were redeemed in March 2024. (3) These senior notes were issued in February 2024.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
Shareholders' Equity (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Dividends	During the three months ended March 31, 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

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
	Mar. 31, 2024	Mar. 31, 2023
Numerators:
Net loss	$ (5,184)	$ (446)
Income attributable to unvested participating securities	(3)	(126)
Net loss used in calculating earnings per common share	$ (5,187)	$ (572)
Denominators:
Weighted average common shares outstanding - basic (in shares)	48,466	48,336
Weighted average common shares outstanding - diluted (in shares)	48,466	48,336
Net loss per common share - basic (in dollars per share)	$ (0.11)	$ (0.01)
Net loss per common share - diluted (in dollars per share)	$ (0.11)	$ (0.01)

Real Estate Properties - Additi

Real Estate Properties - Additional Information (Details) $ in Thousands		3 Months Ended
	Mar. 31, 2024 USD ($) ft² joint_venture property	Mar. 31, 2024 USD ($) ft² joint_venture property lease	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Real estate aggregate undepreciated carrying value	$ 4,079,251	$ 4,079,251	$ 4,065,679
Number of joint ventures \| joint_venture	2	2
Number of leases entered \| lease		13
Rentable square feet (in square feet) \| ft²		488,000
Weighted average lease term		9 years 3 months 18 days
Expenditures committed on leases		$ 10,977
Committed but unspent tenant related obligations estimated	$ 103,390	$ 103,390
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of properties (in properties) \| property	3	3
Rentable square feet (in square feet) \| ft²	471,000	471,000
Number of buildings, noncontrolling interest \| property		3
Joint Venture 1
Real Estate Properties [Line Items]
Ownership percentage	51%	51%
Joint Venture 2
Real Estate Properties [Line Items]
Ownership percentage	50%	50%
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties (in properties) \| property	1	1
Rentable square feet (in square feet) \| ft²	156,000	156,000
Real estate held-for-sale	$ 11,979	$ 11,979
Continuing operations
Real Estate Properties [Line Items]
Number of properties (in properties) \| property	151	151
Rentable square feet (in square feet) \| ft²	20,293,000	20,293,000
Real estate aggregate undepreciated carrying value	$ 4,091,230	$ 4,091,230

Real Estate Properties - Dispos

Real Estate Properties - Disposition Activities (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2024 USD ($) ft²	Mar. 31, 2024 USD ($) ft² property	Mar. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate		$ (2,384)	$ 2,548
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties (in properties) \| property		1
Rentable square feet (in square feet) \| ft²		248,000
Gross sales price		$ 38,500
Gain (loss) on sale of real estate		$ (2,384)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsequent Event
Real Estate Properties [Line Items]
Rentable square feet (in square feet) \| ft²	126,000
Gross sales price	$ 7,800
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties (in properties) \| property		1
Rentable square feet (in square feet) \| ft²		156,000

Real Estate Properties - Uncons

Real Estate Properties - Unconsolidated Joint Ventures (Details) $ in Thousands		3 Months Ended
	Mar. 31, 2024 USD ($) ft² property joint_venture	Mar. 31, 2024 USD ($) ft² property joint_venture	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Number of joint ventures \| joint_venture	2	2
Unconsolidated Joint Ventures
Real Estate [Line Items]
Number of properties (in properties) \| property	3	3
Investment at carrying value	$ 17,898	$ 17,898	$ 18,128
Rentable square feet (in square feet) \| ft²	471,000	471,000
Unamortized basis difference	$ 694	$ 694
Unconsolidated Joint Ventures \| Mortgages
Real Estate [Line Items]
Interest rate (as a percent)	3.93%	3.93%
Principal balance	$ 82,000	$ 82,000	82,000
Unconsolidated Joint Ventures \| Prosperity Metro Plaza
Real Estate [Line Items]
Number of properties (in properties) \| property	2	2
Ownership percentage	51%	51%
Investment at carrying value	$ 17,898	$ 17,898	18,128
Rentable square feet (in square feet) \| ft²	346,000	346,000
Unconsolidated Joint Ventures \| Prosperity Metro Plaza \| Mortgages
Real Estate [Line Items]
Interest rate (as a percent)	4.09%	4.09%
Principal balance	$ 50,000	$ 50,000	50,000
Unconsolidated Joint Ventures \| 1750 H Street, NW
Real Estate [Line Items]
Number of properties (in properties) \| property	1	1
Ownership percentage	50%	50%
Investment at carrying value	$ 0	$ 0	0
Rentable square feet (in square feet) \| ft²	125,000	125,000
Unconsolidated Joint Ventures \| 1750 H Street, NW \| Mortgages
Real Estate [Line Items]
Interest rate (as a percent)	3.69%	3.69%
Principal balance	$ 32,000	$ 32,000	$ 32,000

Leases - Lease Receivables (Det

Leases - Lease Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Straight line rent adjustments	$ 7,379	$ 4,173
Straight line rent receivables	119,102		$ 112,440
Variable lease, income	22,558	21,370
Tenant reimbursements and other income	$ 21,329	$ 20,066

Concentration (Details)

Concentration (Details)	3 Months Ended
Concentration (Details)	Mar. 31, 2024 property state	Mar. 31, 2023
Continuing operations
Concentration
Number of wholly owned properties \| property	151
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	27.60%	28.50%
Annualized rental income, excluding properties classified as discontinued operations \| Tenant concentration \| U.S. Government
Concentration
Concentration risk percentage	20.20%	19.60%
Annualized rental income, excluding properties classified as discontinued operations \| Geographic concentration \| Virginia
Concentration
Concentration risk percentage	12.10%
Annualized rental income, excluding properties classified as discontinued operations \| Geographic concentration \| California
Concentration
Concentration risk percentage	11.80%
Annualized rental income, excluding properties classified as discontinued operations \| Geographic concentration \| District of Columbia
Concentration
Concentration risk percentage	9.90%
Annualized rental income, excluding properties classified as discontinued operations \| Geographic concentration \| Georgia
Concentration
Concentration risk percentage	9.10%
Annualized rental income, excluding properties classified as discontinued operations \| Geographic concentration \| Illinois
Concentration
Concentration risk percentage	8.80%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2024 USD ($) property	Feb. 29, 2024 USD ($) property	Jan. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) property $ / shares	Mar. 31, 2023 USD ($)	Apr. 30, 2024 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of senior secured notes				$ 280,500	$ 0
Loss on early extinguishment of debt				$ (425)	$ 0
9.000% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	9%			9%
Secured Debt
Debt Instrument [Line Items]
Outstanding principal amount	$ 100,000			$ 100,000
Principal balance			$ 100,000
Borrowings outstanding	100,000			100,000
Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Borrowings outstanding						$ 100,000
Unsecured Debt
Debt Instrument [Line Items]
Outstanding principal amount	2,162,000			2,162,000
Mortgages
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	$ 353,610			$ 353,610
Line of Credit \| SOFR
Debt Instrument [Line Items]
Interest rate premium (as a percent)				3.50%
Senior Notes \| 9.000% Senior Secured Notes
Debt Instrument [Line Items]
Principal balance		$ 300,000
Number of properties used to secured mortgage note \| property		17
Aggregate gross book value of secured properties	$ 607,727			$ 607,727
Interest rate (as a percent)		9%
Proceeds from issuance of senior secured notes		$ 270,848
Senior Notes \| 4.25% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	4.25%			4.25%
Extinguishment of debt, amount	$ 350,000
Senior Notes \| 4.50% Senior Unsecured Notes
Debt Instrument [Line Items]
Borrowings outstanding	650,000			$ 650,000
Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	190,000			$ 190,000
Distribution rate (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Facility fee (as a percent)				0.25%
Line of credit facility, remaining borrowing capacity	$ 135,000			$ 135,000
Interest rate (as a percent)	8.90%			8.90%
Weighted average annual interest rate				8.50%	5.60%
Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Borrowings outstanding						180,000
Line of credit facility, remaining borrowing capacity						$ 145,000
Line of Credit \| SOFR
Debt Instrument [Line Items]
Interest rate premium (as a percent)				1.10%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on revolving credit facility	$ 325,000		$ 325,000	$ 325,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Number of properties used to secured mortgage note \| property	19			19
Aggregate gross book value of secured properties	$ 994,753			$ 994,753
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	$ 994,753			$ 994,753

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Mortgage notes payable	$ 731,563	$ 172,131
Senior Notes And Mortgages
Fair Value of Financial Instruments
Unamortized debt premiums, discounts and issuance costs	$ 47,824	21,711
4.25% Senior Unsecured Notes Due 2024
Fair Value of Financial Instruments
Interest rate (as a percent)	4.25%
4.50% Senior Unsecured Notes Due 2025
Fair Value of Financial Instruments
Interest rate (as a percent)	4.50%
2.650% Senior Unsecured Notes Due 2026
Fair Value of Financial Instruments
Interest rate (as a percent)	2.65%
2.400% Senior Unsecured Notes Due 2027
Fair Value of Financial Instruments
Interest rate (as a percent)	2.40%
9.000% Senior Secured Notes
Fair Value of Financial Instruments
Interest rate (as a percent)	9%
3.450% Senior Unsecured Notes Due 2031
Fair Value of Financial Instruments
Interest rate (as a percent)	3.45%
6.375% Senior Unsecured Notes Due 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	$ 2,291,496	2,367,609
Carrying Value \| 4.25% Senior Unsecured Notes Due 2024
Fair Value of Financial Instruments
Senior notes	0	349,144
Carrying Value \| 4.50% Senior Unsecured Notes Due 2025
Fair Value of Financial Instruments
Senior notes	647,128	646,266
Carrying Value \| 2.650% Senior Unsecured Notes Due 2026
Fair Value of Financial Instruments
Senior notes	298,621	298,464
Carrying Value \| 2.400% Senior Unsecured Notes Due 2027
Fair Value of Financial Instruments
Senior notes	348,242	348,086
Carrying Value \| 9.000% Senior Secured Notes
Fair Value of Financial Instruments
Senior notes	271,620	0
Carrying Value \| 3.450% Senior Unsecured Notes Due 2031
Fair Value of Financial Instruments
Senior notes	396,722	396,614
Carrying Value \| 6.375% Senior Unsecured Notes Due 2050
Fair Value of Financial Instruments
Senior notes	156,951	156,904
Carrying Value \| Mortgages
Fair Value of Financial Instruments
Mortgage notes payable	172,212	172,131
Fair Value
Fair Value of Financial Instruments
Fair value of financial instruments	1,576,877	1,686,825
Fair Value \| 4.25% Senior Unsecured Notes Due 2024
Fair Value of Financial Instruments
Senior notes	0	331,510
Fair Value \| 4.50% Senior Unsecured Notes Due 2025
Fair Value of Financial Instruments
Senior notes	537,160	510,445
Fair Value \| 2.650% Senior Unsecured Notes Due 2026
Fair Value of Financial Instruments
Senior notes	173,331	185,934
Fair Value \| 2.400% Senior Unsecured Notes Due 2027
Fair Value of Financial Instruments
Senior notes	171,693	196,147
Fair Value \| 9.000% Senior Secured Notes
Fair Value of Financial Instruments
Senior notes	276,528	0
Fair Value \| 3.450% Senior Unsecured Notes Due 2031
Fair Value of Financial Instruments
Senior notes	169,276	199,060
Fair Value \| 6.375% Senior Unsecured Notes Due 2050
Fair Value of Financial Instruments
Senior notes	70,502	83,916
Fair Value \| Mortgages
Fair Value of Financial Instruments
Mortgage notes payable	$ 178,387	$ 179,813

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 11, 2024	Feb. 15, 2024	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases (in shares)			869
Stock repurchase price (in dollars per share)			$ 7.12
Cash distribution to common shareholders (in dollars per share)		$ 0.01
Distributions to common shareholders		$ 487	$ 487	$ 26,710
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.01
Dividends declared	$ 487

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 31, 2024 joint_venture	Mar. 31, 2024 USD ($) employee joint_venture agreement	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of joint ventures \| joint_venture	2	2
RMR LLC
Related Party Transaction [Line Items]
Number of employees \| employee		0
Number of agreements \| agreement		2
Incentive fee		$ 0		$ 0
RMR LLC \| Net Business Management Fees
Related Party Transaction [Line Items]
Related party transaction amount		3,558	$ 3,951
RMR LLC \| Net Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction amount		4,550	6,319
RMR LLC \| Net Property Management and Construction Supervision Fees \| Buildings and Improvements
Related Party Transaction [Line Items]
Related party transaction amount		732	2,586
RMR LLC \| Net Property Management and Construction Supervision Fees \| Other Operating Income (Expense)
Related Party Transaction [Line Items]
Related party transaction amount		3,818	3,733
RMR LLC \| Property Operating Expenses
Related Party Transaction [Line Items]
Related party transaction amount		$ 6,587	$ 6,347

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands		1 Months Ended	3 Months Ended
Related Person Transactions (Details) $ in Thousands	Mar. 31, 2024 joint_venture	Jun. 30, 2021 USD ($) ft² renewal_option	Mar. 31, 2024 USD ($) joint_venture agreement	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of joint ventures \| joint_venture	2		2
Rental income			$ 139,435	$ 132,422
Related Party \| RMR LLC
Related Party Transaction [Line Items]
Number of agreements \| agreement			2
Rental income			$ 194	$ 223
Related Party \| Sonesta
Related Party Transaction [Line Items]
Rental income			$ 2,775
Rentable square feet (in square feet) \| ft²		230,000
Number of renewal options \| renewal_option		2
Renewal term		10 years
Annual base rent		$ 6,436
Annual percentage increase		10%
Annual base rent increase period		5 years