Liabilities Subject to Compromise. As of March 31, 2026 and December 31, 2025, we reclassified certain LSTC in our condensed consolidated balance sheets. These liabilities are reported at the amounts expected to be allowed as claims by the Bankruptcy Court. The amounts are preliminary and may be subject to future adjustments depending on Bankruptcy Court actions, developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or other events. The following table presents LSTC as of March 31, 2026 and December 31, 2025:

Contractual interest. Effective as of the Petition Date, we ceased accruing interest expense on our unsecured debt instruments. As a result, we did not recognize $5,111 of aggregate contractual interest expense during the three months ended March 31, 2026 that would have otherwise been recorded under these instruments.

Reorganization items, net. Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of bankruptcy-related professional fees and adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts. The following table presents reorganization items, net during the three months ended March 31, 2026:

The financial statements below represent the unaudited condensed combined financial statements of the Debtors. As of and for the three months ended March 31, 2026, the results of OPI’s subsidiaries that are not included in the Chapter 11 Cases, or the Non-Filing Entities, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors' financial statements.


Debtors’ Condensed Combined Balance Sheet

	March 31, 2026
ASSETS
Real estate properties:
Land	$	675,765
Buildings and improvements	2,774,589
Total real estate properties, gross	3,450,354
Accumulated depreciation	(696,611)
Total real estate properties, net	2,753,743


Acquired real estate leases, net	113,317
Cash and cash equivalents	25,833
Restricted cash	52,231
Rents receivable	153,667
Due from related persons	685
Intercompany due from non-debtor entities	153,198
Deferred leasing costs, net	87,430
Other assets, net	329,388
Total assets	$	3,669,492

LIABILITIES AND SHAREHOLDERS’ EQUITY

Secured debt, net	$	794,040

Accounts payable and other liabilities	124,917
Due to related persons	6,008
Intercompany due to non-debtor entities	433,577
Assumed real estate lease obligations, net	7,706
Liabilities subject to compromise	1,569,407
Total liabilities	2,935,655

Commitments and contingencies

Shareholders’ equity:
Common shares of beneficial interest	739
Additional paid in capital	2,658,636
Cumulative net loss	(455,622)
Cumulative common distributions	(1,469,916)
Total shareholders’ equity	733,837
Total liabilities and shareholders’ equity	$	3,669,492


Debtors’ Condensed Combined Statement of Operations

	Three Months Ended March 31, 2026

Rental income	$	100,440

Expenses:
Real estate taxes	12,509
Utility expenses	8,732
Other operating expenses	28,560
Depreciation and amortization	41,238


General and administrative	4,022
Total expenses	95,061


Interest and other income	431
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,291)	(38,522)

Reorganization items, net	(59,532)
Income before income tax expense	(92,244)
Income tax benefit	146
Net loss	$	(92,098)


Debtors’ Condensed Combined Statement of Cash Flows

	Three Months Ended March 31, 2026
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(92,098)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	30,787
Net amortization of debt premiums, discounts and issuance costs	2,291
Amortization of acquired real estate leases and assumed real estate lease obligations, net	7,617
Amortization of deferred leasing costs	3,706



Non-cash reorganization items	1,687
Straight line rental income	(1,809)
Other non-cash expenses, net	2
Change in assets and liabilities:
Rents receivable	(4,738)
Due from related persons	(454)
Deferred leasing costs	(933)
Other assets	504
Accounts payable and other liabilities	(1,306)
Due to related persons	(615)
Net cash used in operating activities	(55,359)

CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements	(14,468)

Net cash used in investing activities	(14,468)

CASH FLOWS FROM FINANCING ACTIVITIES:



Borrowings on debtor-in-possession secured term loan	75,000



Net cash provided by financing activities	75,000

Increase in cash, cash equivalents and restricted cash	5,173
Cash, cash equivalents and restricted cash at beginning of period	72,891
Cash, cash equivalents and restricted cash at end of period	$	78,064