REIT Office Properties Income Trust to Offer Senior Notes

Office REIT Office Properties Income Trust will be offering some baby bonds with a maturity in 2050.

The ticker will be OPINL and the baby bonds will trade on NASDAQ. The issue will not trade on the OTC grey market, but you might be able to secure notes before exchange trading by calling your broker.

I did a quick look at the offering and don’t find anything unusual–quarterly interest payments, optionally redeemable starting in 2025 and a maturity date in 2050.

The preliminary prospectus can be read here.

10 thoughts on “REIT Office Properties Income Trust to Offer Senior Notes”

  1. This REIT is one of several that are managed by RMR and the Portnoy family. In my opinion, they have a strong history of decimating shareholder value for the REITs they manage. You can take a look at the 10 year chart of one of the companies they manage, Diversified Healthcare Trust (DHC). I won’t touch any of the stocks or baby bonds managed by them.

    1. Thanks Kaptain Lou, you are a gentleman and a scholar. Plus, your memory seems to be in working order. 🙂

      1. Thanks Mikeo. OPI reit is actually a combination of two of former companies they manage – Government Properties Income and Select Income. You can take a look at the 10 year chart for this one (think they are tracking the prior performance of Government Properties) and it looks like a real loser to me. I used to own Select Income Properties a few years ago and was lucky to get out with just a very small loss, after I included my dividend income.

        My memory is correct, at least for this afternoon.

    2. I subscribe to your playbook, Lou. Don’t get involved with enterprises run by house wreckers. The Portnoys are clearly on the toxic list.

  2. I seem to recall some negative comments here last year about the new management that took over and renamed the outfit. Being old, can’t remember what it was specifically. Those comments motivated me to put OPINI on my ‘don’t touch’ list.

    Maybe someone with a better memory can fill us in.

  3. I do not know about this one but office REITS are becoming more risky in general. With the success of working from home, I think many businesses are going to reduce office space needs.

    1. Their big clients are US govt and other state govt’s, so they may get their rents (may be from the newly minted $100 bills 😉 )

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