Office Properties Income Trust is no longer the old public float. A Southern District of Texas reorganization cancelled every pre-petition common share and handed the residual to former noteholders, debtor-in-possession lenders, and a rights-offering syndicate. Helix Partners and Redwood Capital now sit as owners rather than as creditors, with Jonathan Heller chairing a new board while The RMR Group stays as external manager. The equity that trades under the same ticker is a new residual claim on a still-levered office book, not a continuation of the cancelled trust.
The court cut roughly $714 million of debt. Fresh-start accounting wrote the enterprise to about $2.2 billion. That reset is real, but the remaining stack is almost entirely secured and priced for distress. Coupons cluster from the high single digits into double digits. Same-property occupancy on the keep book looks livable. The held-for-sale sleeve does not. The residual lives or dies on whether sales and refinancing clear the next maturity wall before cash available for distribution stays negative.
The first post-emergence stub printed normalized funds from operations of $0.20 per share. Cash available for distribution was a deficit. Combined-quarter leasing was almost all renewals. The open question is whether the keep portfolio can fund a January credit-facility wall after the vacant buildings are sold, or whether the new residual merely prepaid a second restructuring.