Office Properties Income Trust: Why I Sold The Baby Bonds

bauhaus1000/E+ via Getty Images Office Properties Income Trust (NASDAQ:OPI) faces a $500 million debt repayment in February 2025, five months away. This forms 21% of the REIT's total debt balance of $2.14 billion and is one of the single largest debt maturing payable in a single year across OPI's debt maturity ladder. I first bought a position in the baby bonds (NASDAQ:OPINL) in late 2023 with the view that they would see some yield compression on what was then a near 50% discount to liquidation value. That ...