OPI in Chapter 11: DIP borrowings fund operations as occupancy falls 310bp, NOI declines 8.4%

Filed May 22, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~2 min read

Key Changes

• high

  Company filed voluntary Chapter 11 bankruptcy and borrowed $86.9M under a debtor-in-possession facility at 12% cash interest to fund operations; DIP facility matures May 31, 2026, with company filing notice of intent to equitize the debt.

  MD&A: Chapter 11 Filing & DIP Facility verify on EDGAR →
• high

  Ceased accruing interest on senior unsecured notes upon bankruptcy filing under ASC 852, reducing interest expense $11.2M quarter-over-quarter; unsecured creditors not receiving contractual interest during the case.

  MD&A: Interest Expense verify on EDGAR →
• high

  Occupancy declined 310 basis points year-over-year to 78.2% from 81.3%; tenant count fell from 223 to 209; comparable-property rental income down 4.0% and NOI down 8.4%, reflecting accelerating same-store erosion.

  MD&A: Occupancy & NOI verify on EDGAR →