OFFICE PROPERTIES INCOME TRUST (Form: DEF 14A, Received: 04/03/2025 16:15:43)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )

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Filed by a Party other than the Registrant

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		☐				Definitive Additional Materials
		☐				Soliciting Material under §.240.14a-12

Office Properties Income Trust

(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Notice of 2025 Annual Meeting
of Shareholders and Proxy Statement

[MISSING IMAGE: lg_officeproperties-4c.jpg]

Thursday, June 12, 2025 at 9:30 a.m., Eastern Time

Live Webcast Accessible at
https://www.virtualshareholdermeeting.com/OPI2025

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LETTER TO OUR SHAREHOLDERS
FROM YOUR BOARD OF TRUSTEES

Dear Fellow Shareholders:

Please join us for our 2025 Annual Meeting of Shareholders, which will be held virtually at 9:30 a.m. on Thursday, June 12, 2025. The business to be conducted at the meeting is explained in the attached Notice of Meeting and Proxy Statement. We believe furnishing these materials over the Internet expedites your receipt of these important materials while lowering the cost and reducing the environmental impact of our annual meeting.

Our focus in 2024 was to address our debt maturities and liquidity constraints. We sold 24 properties for nearly $200 million in 2024. Through a series of transactions, we completed $1.8 billion in secured financings and together with cash and common shares, addressed all of our 2024 and 2025 debt maturities and reduced OPI’s total debt principal by nearly $200 million dollars.

During 2024, the office market remained challenging due to continued macroeconomic uncertainty and ongoing shifts in office space as tenants continued to consolidate their real estate footprint and adjust to remote work trends. Nonetheless, we executed more than 2 million square feet of leases, representing an increase of more than 20% year over year and reflecting a weighted average lease term of nearly nine years and a rental rate increase of 6.3%. However, despite these efforts, OPI’s leased square footage decreased 2.8 million square feet during 2024, and we finished the year with same property occupancy of 89.4%.

As we look ahead, we remain focused on addressing additional upcoming debt maturities, including $120 million due in March 2026 and $134 million due in June 2026, despite our limited liquidity and refinancing options. We also continue to seek opportunities to attract and retain tenants at our properties and identify potential disposition opportunities to enhance liquidity.

We take seriously our role in the oversight of our Company’s long term business strategy, which we believe best positions OPI to create long term value for our shareholders. We thank you for your investment in our Company and for the trust you place in us to oversee your interests in our business.

April 3, 2025

	Jennifer B. Clark			Elena B. Poptodorova
	Donna D. Fraiche			Adam Portnoy
	Barbara D. Gilmore			Mark A. Talley
	John L. Harrington			Jeffrey P. Somers
	William A. Lamkin

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NOTICE OF 2025 ANNUAL MEETING OF SHAREHOLDERS OF OFFICE PROPERTIES INCOME TRUST

Location:

Live Webcast Accessible at
https://www.virtualshareholder
meeting.com/OPI2025

Date:

Thursday, June 12, 2025

Time:

9:30 a.m., Eastern Time

Agenda:

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Elect the Trustee nominees identified in the accompanying Proxy Statement to our Board of Trustees;

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Advisory vote to approve executive compensation;

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Approve the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan;

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Ratify the appointment of Deloitte & Touche LLP as our independent auditors to serve for the 2025 fiscal year; and

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Transact such other business as may properly come before the meeting and at any postponements or adjournments of the meeting.

Record Date: You can vote if you were a shareholder of record as of the close of business on March 17, 2025 (the “Record Date”).

Attending Our 2025 Annual Meeting: To provide all of our shareholders an opportunity to participate in our 2025 Annual Meeting, our 2025 Annual Meeting will be a virtual meeting of shareholders which will be conducted by webcast. Shareholders will be able to listen, vote and submit questions online during our 2025 Annual Meeting. In order to attend and participate in our 2025 Annual Meeting, shareholders must register in advance at www.proxyvote.com by 11:59 p.m. Eastern Time, on June 11, 2025.

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Record Owners: If you are a shareholder as of the close of business on the Record Date who holds shares directly, you may participate in our 2025 Annual Meeting by visiting https://www.virtualshareholdermeeting.com/OPI2025 and entering the 16 digit control number located on your Notice Regarding the Availability of Proxy Materials or proxy card.

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Beneficial Owners: If you are a shareholder as of the close of business on the Record Date who holds shares indirectly through a brokerage firm, bank or other nominee, you may participate in our 2025 Annual Meeting by visiting https://www.virtualshareholdermeeting.com/OPI2025 and entering the 16 digit control number located on your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form. Please follow the instructions from your bank, broker or other nominee included with these proxy materials, or contact your bank, broker or other nominee to request a control number if needed.

Please see the accompanying Proxy Statement for additional information.

By Order of our Board of Trustees,

Jennifer B. Clark
Secretary

April 3, 2025

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	PLEASE VOTE					1
	PROXY SUMMARY					2
	CORPORATE GOVERNANCE PRINCIPLES AND BOARD MATTERS					4
	Review of Corporate Governance Policies and Shareholder Engagement					4
	Board Composition, Expansion and Refreshment					4
	Process for Selecting Trustees					5
	ISG Corporate Governance Framework					5
	Shareholder Engagement and Outreach					6
	Sustainability					7
	Key Responsibilities of Our Board					14
	Our Board’s Role in Oversight of Risk Management					14
	Trustee Independence					15
	Executive Sessions of Independent Trustees					16
	Board Leadership Structure					16
	Lead Independent Trustee					16
	Code of Business Conduct and Ethics and Committee Governance					17
	Environmental, Social and Governance Policies					17
	Trustee Resignation Policy					18
	Insider Trading Policies and Procedures					18
	Prohibition on Hedging					18
	Recommendations for Trustees					18
	Communications with Our Board					18
	Shareholder Nominations and Other Proposals					19
	PROPOSAL 1: ELECTION OF TRUSTEES					20
	Trustee Nominees to be Elected at Our 2025 Annual Meeting					23
	Executive Officers					31
	BOARD COMMITTEES					32
	Audit Committee					32
	Compensation Committee					32
	Nominating and Governance Committee					32
	BOARD MEETINGS					33
	TRUSTEE COMPENSATION					33
	Compensation of Trustees					33
	Trustee Share Ownership Guidelines					33
	Fiscal Year 2024 Trustee Compensation					34
	OWNERSHIP OF OUR EQUITY SECURITIES					35
	Trustees and Executive Officers					35
	Principal Shareholders					36
	PROPOSAL 2: ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION					37
	COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION					38
	EXECUTIVE COMPENSATION					39
	Summary Compensation Table					39
	2024 Outstanding Equity Awards at Fiscal Year End					39
	Potential Payments upon Termination or Change in Control					40
	Equity Plan Information					41
	Pay Versus Performance					42

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	PROPOSAL 3: APPROVAL OF THE SECOND AMENDED AND RESTATED OFFICE PROPERTIES INCOME TRUST 2009 INCENTIVE SHARE AWARD PLAN					44
	PROPOSAL 4: RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS					48
	Audit Fees and All Other Fees					48
	Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors					49
	Other Information					49
	REPORT OF OUR AUDIT COMMITTEE					50
	FREQUENTLY ASKED QUESTIONS					51
	RELATED PERSON TRANSACTIONS					56
	WARNING CONCERNING FORWARD-LOOKING STATEMENTS					57
	OTHER INFORMATION					58
	ANNEX A—SECOND AMENDED AND RESTATED 2009 INCENTIVE SHARE AWARD PLAN					A-1
	ANNEX B—CERTAIN RELATED PERSON TRANSACTIONS					B-1

PROXY STATEMENT

The Board of Trustees (our “Board”) of Office Properties Income Trust, a Maryland real estate investment trust (the “Company,” “we,” “us” or “our”), is furnishing this proxy statement and accompanying proxy card (or voting instruction form) to you in connection with the solicitation of proxies by our Board for our 2025 annual meeting of shareholders. To provide all of our shareholders an opportunity to participate in our annual meeting, our annual meeting will be held virtually via live webcast on Thursday, June 12, 2025, at 9:30 a.m., Eastern Time, subject to any postponements or adjournments (the “2025 Annual Meeting”). We are first making these proxy materials available to shareholders on or about April 3, 2025.

Only owners of record of our common shares of beneficial interest (“Common Shares”) as of the close of business on March 17, 2025, the Record Date for our 2025 Annual Meeting, are entitled to notice of, and to vote at, the meeting and at any postponements or adjournments of the meeting. Holders of Common Shares are entitled to one vote for each Common Share held as of the close of business on the Record Date. Our Common Shares are listed on The Nasdaq Stock Market LLC (“Nasdaq”). At the close of business on March 17, 2025, there were approximately 69,824,743 Common Shares issued and outstanding.

The mailing address of our principal executive office is Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458.

		IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR OUR 2025 ANNUAL MEETING TO BE HELD ON THURSDAY, JUNE 12, 2025.
		The Notice of 2025 Annual Meeting, Proxy Statement and Annual Report to Shareholders for the fiscal year ended December 31, 2024 are available at www.proxyvote.com.

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PLEASE VOTE

Please vote to participate in our decision making. Nasdaq rules do not allow a broker, bank or other nominee who holds shares on your behalf to vote on nondiscretionary matters without your instructions.

PROPOSALS THAT REQUIRE YOUR VOTE

PROPOSAL

MORE
INFORMATION

BOARD
RECOMMENDATION

VOTES REQUIRED
FOR APPROVAL

Election of Trustees

Page 20

✔ FOR ALL

Plurality of all votes cast*

Advisory vote to approve executive compensation**

Page 37

✔ FOR

Majority of all votes cast

Approval of the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan

Page 44

✔ FOR

Majority of all votes cast

Ratification of independent auditors**

Page 48

✔ FOR

Majority of all votes cast

Our Board has adopted a resignation policy pursuant to which an incumbent Trustee who fails to receive a majority of votes cast in an uncontested election will offer to resign from our Board and, in such circumstance, our Board will decide whether to accept or reject the resignation offer.

Non-binding advisory vote.

You can vote in advance in one of three ways:

	via the internet			Visit www.proxyvote.com and enter your 16 digit control number provided in your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form before 11:59 p.m., Eastern Time, on June 11, 2025 to authorize a proxy VIA THE INTERNET.
	by phone			Call 1-800-690-6903 if you are a shareholder of record and 1-800-454-8683 if you are a beneficial owner before 11:59 p.m., Eastern Time, on June 11, 2025 to authorize a proxy BY TELEPHONE. You will need the 16 digit control number provided on your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form.
	by mail			Sign, date and return your proxy card if you are a shareholder of record or voting instruction form if you are a beneficial owner to authorize a proxy BY MAIL.

If the meeting is postponed or adjourned, these times will be extended to 11:59 p.m., Eastern Time, on the day before the reconvened meeting.

PLEASE VISIT: www.proxyvote.com

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To review and download easy to read versions of our Proxy Statement and Annual Report.

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To sign up for future electronic delivery to reduce the impact on the environment.

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To register in advance to attend our 2025 Annual Meeting.

2025 Proxy Statement

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PROXY SUMMARY

This proxy summary highlights information which may be provided elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider, and you should read the entire Proxy Statement carefully before voting. Page references are supplied to help you find further information in this Proxy Statement.

ELIGIBILITY TO VOTE

You can vote if you were a shareholder of record at the close of business on March 17, 2025, the Record Date for our 2025 Annual Meeting.

HOW TO CAST YOUR VOTE (Page 1)

You can vote by any of the following methods:

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By Telephone or Internet. All shareholders of record can authorize a proxy to vote their shares by touchtone telephone by calling 1-800-690-6903, or through the internet at www.proxyvote.com, using the procedures and instructions described in your Notice Regarding the Availability of Proxy Materials or proxy card.

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By Written Proxy. All shareholders of record also can authorize a proxy to vote their shares by written proxy card. If you are a shareholder of record and receive a Notice Regarding the Availability of Proxy Materials, you may request a written proxy card by following the instructions included in the notice.

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Electronically at our 2025 Annual Meeting. All shareholders of record may vote electronically at the meeting. Beneficial owners may vote electronically at our 2025 Annual Meeting if they have a 16 digit control number.

CORPORATE GOVERNANCE PRINCIPLES (Page 4)

We endeavor to observe and implement best practices in our corporate governance.

SUSTAINABILITY (Page 7)

We have a long-standing commitment to our shareholders and other stakeholders to conduct our business in an environmentally and socially responsible manner.

VOTING (Page 1, 20, 37, 44 and 48)

PROPOSAL		BOARD RECOMMENDATION	VOTES REQUIRED FOR APPROVAL
1	Election of Trustees	✓ FOR ALL	Plurality of all votes cast*
2	Advisory vote to approve executive compensation**	✓ FOR	Majority of all votes cast
3	Approval of the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan	✓ FOR	Majority of all votes cast
4	Ratification of independent auditors**	✓ FOR	Majority of all votes cast

Non-binding advisory vote.

With respect to Proposal 1, you may vote “FOR ALL” nominees, “WITHHOLD ALL” nominees or “FOR ALL EXCEPT” those nominees noted by you in the appropriate portion of your proxy card. You may vote “FOR,” “AGAINST” or “ABSTAIN” on Proposals 2, 3 and 4.

2025 Proxy Statement

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PROPOSAL 1: ELECTION OF TRUSTEES (Page 20)

Upon the recommendation of our Nominating and Governance Committee, our Board has nominated Donna D. Fraiche, Barbara D. Gilmore, William A. Lamkin, Elena B. Poptodorova, Jeffrey P. Somers and Mark A. Talley as Independent Trustees and Jennifer B. Clark and Adam Portnoy as Managing Trustees. Presented below is the expected composition of our Board immediately following our 2025 Annual Meeting, assuming the election of our Trustee nominees and the expiration of John L. Harrington’s term as a Trustee.

NAME OF TRUSTEES	INDEPENDENT	COMMITTEE MEMBERSHIP
Jennifer B. Clark		None
Donna D. Fraiche	✔	Audit Compensation (Chair)
Barbara D. Gilmore	✔	Audit Compensation
William A. Lamkin	✔	Audit (Chair)
Elena B. Poptodorova	✔	Audit Compensation Nominating and Governance
Adam Portnoy		None
Jeffrey P. Somers	✔	Audit Nominating and Governance (Chair)
Mark A. Talley	✔	Audit Compensation

PROPOSAL 2: ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION (Page 37)

PROPOSAL 3: APPROVAL OF THE SECOND AMENDED AND RESTATED OFFICE PROPERTIES INCOME TRUST 2009 INCENTIVE SHARE AWARD PLAN (Page 44)

PROPOSAL 4: RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS (Page 48)

2025 Proxy Statement

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CORPORATE GOVERNANCE PRINCIPLES AND
BOARD MATTERS

Review of Corporate Governance Policies and Shareholder Engagement

Our Board is committed to upholding the values of good corporate governance. In recognition of the relationship between corporate governance and long term performance, and as a result of our ongoing engagement with our shareholders, our Board continues to proactively evaluate our corporate governance principles. Based on these principles, our Board has:

•

since 2020, added a new Independent Trustee to our Board with significant experience in the commercial real estate industry; following our 2025 Annual Meeting we will be governed by an eight member Board, and the percentage of our Board comprised of Independent Trustees will be 75%, assuming the election of our Trustee nominees;

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amended our Declaration of Trust to declassify our Board so that all of our Trustees stand for election annually, a measure which was supported by more than 71% of our shareholders;

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conducted an annual shareholder outreach and engaged with shareholders who hold approximately 44% of our Common Shares;

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adopted Environmental, Social and Governance (“ESG”) policies in connection with our efforts to lead a sustainable business and continue to improve our internal culture and the communities in which we operate;

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retained Korn Ferry, a leading executive search and consulting firm, to identify and vet candidates to expand and refresh our Board; and

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enhanced our compensation and sustainability disclosure and reporting in response to shareholder feedback.

We appreciate your support on these initiatives.

Board Composition, Expansion and Refreshment

Ensuring our Board is comprised of Trustees who bring diverse viewpoints and perspectives, have a variety of skills, professional experience and backgrounds and effectively represent the long term interests of our shareholders is a top priority of our Board and our Nominating and Governance Committee. Our Board regularly evaluates its composition. Our Board’s expansion and refreshment activities have created more skill mix and diversity and ensured a smooth transition as Trustees retire from our Board. We are currently governed by a nine member Board of Trustees, including seven Independent Trustees and two Managing Trustees. Assuming the election of our Trustee nominees at our 2025 Annual Meeting and the expiration of John L. Harrington’s term as a Trustee, our Board will be comprised of eight members, including six Independent Trustees and two Managing Trustees. Our Nominating and Governance Committee and our Board have an ongoing engagement with Korn Ferry, a leading executive search and consulting firm, to act as an advisor and to assist our Nominating and Governance Committee in:

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identifying and evaluating potential trustee candidates;

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creating an even playing field among candidates identified regardless of source;

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using the criteria, evaluations and references to prioritize candidates for consideration regardless of source; and

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assisting in attracting and vetting candidates.

2025 Proxy Statement

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Process for Selecting Trustees

Our Nominating and Governance Committee screens and recommends candidates for nomination by our full Board. Our Nominating and Governance Committee is assisted with its recruitment efforts by its ongoing engagement with Korn Ferry, which recommends candidates that satisfy our Board’s criteria. They also provide research and pertinent information regarding candidates, as requested.

ISG Corporate Governance Framework

We follow the Investor Stewardship Group’s (“ISG”) Corporate Governance Framework for U.S. Listed Companies, as summarized below:

	ISG Principle			Our Practice
	Principle 1: Boards are accountable to shareholders.			• All of our Trustees stand for annual election. • We adopted a proxy access bylaw. • We have a resignation policy pursuant to which an incumbent Trustee who fails to receive a majority of votes cast in an uncontested election will offer to resign from our Board and, in such circumstance, our Board will decide whether to accept or reject the resignation offer.
	Principle 2: Shareholders should be entitled to voting rights in proportion to their economic interest.			• We do not have a dual class structure; each shareholder gets one vote per share.
	Principle 3: Boards should be responsive to shareholders and be proactive in order to understand their perspectives.			• In 2024, we had a proactive shareholder outreach and had active engagements with shareholders owning approximately 44% of our Common Shares. • Our engagement topics included business strategies, governance reform priorities, sustainability and social strategy, Board composition, leadership and refreshment, succession planning and executive compensation program disclosure.

2025 Proxy Statement

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	Principle 4: Boards should have a strong, independent leadership structure.			• We have a Lead Independent Trustee with clearly defined duties and robust responsibilities that are disclosed to shareholders. • Our Board considers the appropriateness of its leadership structure at least annually. • All of our committees are comprised solely of Independent Trustees.
	Principle 5: Boards should adopt structures and practices that enhance their effectiveness.			• 75% of Board members are independent, assuming the election of our Trustee nominees at our 2025 Annual Meeting. • Our Board includes members of underrepresented communities and, assuming the election of our Trustee nominees, is comprised of 50% women and 12.5% African American persons. • We have an active Board refreshment plan, including an ongoing engagement with an executive search and consulting firm to identify and evaluate candidates to expand and refresh our Board; four new Independent Trustees have joined our Board since 2017. • Our Trustees attended at least 75% of all Board and applicable committee meetings in 2024, and each of our Trustees in office attended the 2024 annual meeting of shareholders.
	Principle 6: Boards should develop management incentive structures that are aligned with the long term strategy of the company.			• Our Compensation Committee annually reviews and approves incentive compensation program design, goals and objectives for alignment with compensation and business strategies. • Although we do not pay any cash compensation directly to our officers and have no employees, we have adopted the Office Properties Income Trust Amended and Restated 2009 Incentive Share Award Plan (the “Share Award Plan”) to reward our named executive officers and other employees of RMR who provide services to us and to align their interests with those of our shareholders. • RMR’s compensation is tied to our performance.

Shareholder Engagement and Outreach

We conduct shareholder outreach throughout the year to engage with shareholders on issues important to them. Our Board receives reports on this engagement as well as any specific issues to be addressed.

2025 Proxy Statement

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Sustainability

Overview. Our business strategy incorporates a focus on sustainable approaches to operating our properties in a manner that benefits our shareholders, tenants and the communities in which we are located. We seek to operate our properties in ways that improve the economic performance of their operations, while simultaneously ensuring tenant comfort and safety and managing energy and water consumption, as well as greenhouse gas emissions.

Our environmental, social and governance initiatives are primarily implemented by our manager, RMR, and focus on a complementary set of objectives, including the following:

•

Responsible Investment: We seek to invest capital in our properties that both improves environmental performance and enhances asset value. During the property acquisition due diligence and annual budgeting processes, RMR assesses, among other things, environmental sustainability opportunities and physical and policy driven climate related risks.

•

Environmental Stewardship: We seek to improve the environmental footprint of our properties, including by reducing greenhouse gas emissions, energy consumption and water usage, especially when doing so may reduce operating costs and enhance the properties’ competitive position.

With the help of our manager, RMR, we have incorporated specific sustainability objectives into our overall business strategy and portfolio management through the following programs:

○

Climate scenario analyses performed across multiple time horizons and multiple potential future global emissions levels.

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Engage with tenant stakeholders on common sustainability goals to promote environmental performance alignment.

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Environmental surveys are conducted prior to acquiring a property.

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Environmental safety checklists at the property level are reviewed quarterly.

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Waste programs include diversion, rightsizing, education and expense management.

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Environmental-friendly cleaning and pest control support indoor environmental quality.

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Real-time energy monitoring, energy and water audits and energy conservation best practices meetings.

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Development and building improvement capital programs with a focus on high-performance operations that result in reduced energy use and emissions.

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Energy costs managed through supply contracts in deregulated energy markets;

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Building electrification and decarbonization evaluations; and

○

Assess asset-level compliance with current and future building energy and emissions performance standards across the United States and establish cost-effective pathways to comply.

As a result of these ongoing programs, we have achieved the following:

○

Certifying more than 5.1 million square feet across 32 properties (33.3% of eligible portfolio square feet) through the Environmental Protection Agency’s (“EPA”) ENERGY STAR® program;

○

Being recognized in 2018 and 2019 as an ENERGY STAR® Partner of the Year;

○

Being recognized in 2024, the fifth year in a row, as an ENERGY STAR® Partner of the Year, Sustained Excellence;

○

Certifying more than 7.1 million square feet across 48 properties (40.1% of portfolio square feet) through the U.S. Green Building Council’s Leadership in Energy & Environmental Design (“LEED”) certification program; and

2025 Proxy Statement

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○

Earning Green Lease Leader Silver recognition in 2019-2021 and Gold recognition in 2022-2024 from the Department of Energy Better Buildings Initiative and the Institute for Market Transformation.

In 2022, RMR announced its “Zero Emissions Promise.” For all properties for which RMR directly manages energy, which includes 94 of our properties, RMR is committing to a goal of net zero by 2050 and a 50% reduction by 2029 from a 2019 baseline as it relates to scope 1 and 2 emissions. RMR’s 50% reduction commitments have been validated by the Science-based Targets Initiative. We believe that our properties that fall within RMR’s operational carbon neutrality commitments will benefit from these emissions reduction efforts and that achieving net zero emissions will occur through a combination of strategic capital investments in energy efficiency, stakeholder engagement to promote sustainable behavior, the deployment of on-site solar and the purchase of energy from renewable sources.

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Investments in Human Capital: We have no employees of our own. We rely on our manager, RMR, to hire, train, and develop a workforce that meets the needs of our business, contributes positively to our society and helps reduce our impact on the natural environment.

RMR employs approximately 1,000 real estate professionals across the United States. In 2024, RMR was recognized by GlobeSt. as one of commercial real estate’s Best Places to Work, by Commercial Property Executive as 11th on its list of Top Commercial Property Management Companies and by the EPA as an “ENERGY STAR Partner of the Year, Sustained Excellence.” In 2023, RMR was recognized by The Boston Globe for the fourth consecutive year as one of “The Top Places to Work in Massachusetts” in the “Large Employers” category In 2021, RMR received the Excellence Award from the Institute of Real Estate Management. In 2020, RMR was recognized by the Boston Business Journal as the “Fastest Growing Middle Market Company in Massachusetts.”

RMR’s recruiting programs, on-boarding, retention programs and its development and training programs currently include the following:

○

LiveWell Employee Wellness Program: RMR’s LiveWell program was launched in 2016 with the goal of providing resources and incentives to enhance employees’ physical, emotional and financial wellness. LiveWell includes a range of educational presentations, webinar series and wellness competitions.

○

Managing with Impact: Since 2016, RMR hosted Managing with Impact workshops for managers throughout the company to expand their perspectives and increase their confidence as a new manager. Within their first year, managers complete the workshop and learn how to effectively delegate, solve problems and give meaningful performance feedback.

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Tuition Reimbursement Program: RMR offers tuition assistance up to $20,000 annually for work-related education from accredited colleges and universities in order to deepen employees’ skillsets and support personal enrichment.

○

Accelerated Women in Leadership Program: RMR’s Accelerated Women in Leadership Program (“AWLP”) is a targeted learning experience that helps women strengthen and leverage their contribution and impact as professionals and leaders. Participants explore a variety of topics that help them manage biases that can be limiting, strengthen their executive presence, influence and negotiate more effectively, and integrate work and home life. Starting in 2020, each year a cohort of women professionals participate in AWLP.

○

Analyst Accelerator Internship Program: RMR’s Analyst Accelerator Internship Program is designed to attract early career talent to our industry from backgrounds underrepresented in real estate. The 10-week program is built upon the premise that hands on exposure as an analyst is an ideal way to provide rising college juniors or seniors with a solid first step toward a successful and lasting career in real estate. RMR actively recruits talent from college campuses and student communities interested in real estate who are traditionally underrepresented in the sector. Relationships with programs like the University of Massachusetts Amherst Real Estate Program, involvement with Historically Black Colleges and Universities, and engagement with women’s career forums are examples of RMR’s broad outreach efforts to develop a robust and diverse talent pipeline.

2025 Proxy Statement

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RMR also prioritizes on-going education and training for all employees across their organization as follows:

○

Engineering Apprenticeship Program: Given the increasing challenges within the real estate industry of attracting a qualified and diverse pool of engineers throughout the country, RMR made it a strategic focus to develop the next generation of qualified building engineers. RMR’s Engineering Apprenticeship Program standardizes the recruitment and development of engineering candidates to prepare them for open positions and to plan for future engineering needs. RMR recruits from various trade schools and job fairs to identify candidates for the two-year program with a curriculum that includes specific onboarding plans for training in electrical, heating, ventilation and air conditioning (“HVAC”), or plumbing trades and covers a range of essential engineering staff development topics.

○

Industry Associations & Credentials: In order to further their professional development, many of RMR’s employees seek out credentials and association memberships, with any membership costs reimbursed by RMR. Examples of credentials and association memberships include: Building Owners and Managers Association Membership and Event Participation, Certified Property Manager, Certified Public Accountant, National Association of Industrial and Office Properties, LEED Accredited Professional, Certified Energy Manager and Fitwel Ambassador.

•

Corporate Citizenship: We seek to be a responsible corporate citizen and to strengthen the communities in which we own properties through our policies and charitable giving. We have no employees, but RMR regularly encourages its employees to engage in a variety of charitable and community programs, including participation in a RMR company-wide service day and a charitable giving matching program.

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Diversity & Inclusion: We value a diversity of backgrounds, experience and perspectives. Assuming the election of our Trustee nominees at our 2025 Annual Meeting, our Board will be comprised of 50% women and 63% members of underrepresented communities. RMR is an equal opportunity employer, with all qualified applicants receiving consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status. RMR is committed to equality and fostering a culture of diversity and inclusion.

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Culture and Employee Engagement: We believe an inclusive workplace positions RMR to achieve extraordinary results for our company. RMR strives to create a collaborative workplace that motivates talented people to contribute their best work and ideas. The root of RMR’s collaborative and innovative culture is a workplace that welcomes diverse perspectives and experiences. To ensure the strength of its workplace, RMR:

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Conducts employee engagement surveys to ensure its people have the training, tools and resources they need to succeed.

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Provides employees with ongoing coaching and feedback to support their growth and development.

RMR’s investment in people has resulted in its selection as a Boston Globe Top Place to Work four years in a row. When surveyed:

○

85% of RMR’s employees said RMR operates by strong values.

○

81% feel their manager helps them learn and grow.

We have no employees of our own, but RMR has made diversity and inclusion an important part of its hiring, retention and development programs. RMR has enhanced its hiring policies to support increasing diversity within its workforce. For every open position not filled by internal candidates, hiring managers are required to have at least one qualified woman or member of underrepresented community candidate in the final round interviews before an offer is extended to fill the position. An RMR manager who is a woman and/or member of an underrepresented community is required to be part of the final round interview team. In addition, RMR works with strategic industry partners like Commercial Real Estate Women (“CREW”) and The Partnership, Inc. for posting new positions and supporting multicultural professionals.

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To learn more about RMR’s and our sustainability initiatives, visit www.rmrgroup.com/corporate-sustainability.

Sustainability Accounting Metrics. The following disclosures are informed by the guidance of the Sustainability Accounting Standards Board (“SASB”) Industry Standard for Real Estate Version 2023-06. To the extent an accounting metric, as defined by the SASB Standard, is not applicable to our portfolio or data to report on the applicable accounting metric is not available to us, we have not made any disclosure.

For the following disclosures, our properties are considered a single sector property type (“office”), consistent with how these properties and our operating results are presented in our other SEC filings. The information presented is as of December 31, 2024, unless otherwise noted. Additionally, for all sustainability accounting metrics, Same Property includes properties we owned continuously since January 1, 2023 and excludes properties classified as held for sale and properties undergoing significant redevelopment, if any, and two properties owned by one unconsolidated joint venture in which we own a 51% interest.

CODE

METRIC

VALUE (Office)

IF-RE-130a.1

Energy Consumption Data Coverage as a Percentage of Floor Area (%)

60.1%

IF-RE-130a.2(1)

Total Energy Consumed by Portfolio Area with Data Coverage (GJ)

584,777

IF-RE-130a.2(2)

Percentage of Total Energy from Grid Electricity (%)

83.6%

IF-RE-130a.2(3)

Percentage of Total Energy from Renewable Source (%)

0.0%

IF-RE-130a.3

Like-for-Like Percentage Change in Energy Consumption (%)

0.8%

IF-RE-130a.4(1)

Percentage of Eligible Portfolio that has an Energy Rating (%)

59.4%

IF-RE-130a.4(2)

Percentage of Eligible Portfolio that is Certified to ESTAR (%)

33.3%

IF-RE-130a.5

Description of how building energy management considerations are integrated into property investment analysis and operational strategy

See description below table.

IF-RE-140a.1(1)

Water Withdrawal Data Coverage as a Percentage of Total Floor Area (%)

57.4%

IF-RE-140a.1(2)

Water Withdrawal Data Coverage as a Percentage of Floor Area in Water Stress Regions (%)

63.4%

IF-RE-140a.2(1)

Total Water Withdrawn by Portfolio Area with Data Coverage (km3)

547.7

IF-RE-140a.2(2)

Percentage of Water Withdrawn in Regions with High or Extremely High Water Stress (%)

46.6%

IF-RE-140a.3

Like-for-Like Percentage Change in Water Withdrawn (%)

7.6%

IF-RE-140a.4

Description of water management risks and discussion of strategies and practices to mitigate those risks

See description below table.

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CODE

METRIC

VALUE (Office)

IF-RE-410a.1(1)

Percentage of New Leases That Contain a Cost Recovery Clause (%)

61.3%

IF-RE-410a.1(2)

Associated leased floor area, by property sector (m2)

95,764

IF-RE-410a.3

Discussion of approach to measuring, incentivizing and improving sustainability impacts of tenants

See comments below table.

IF-RE-450a.1

Area in 100-year flood zone (m2)

80,587

IF-RE-450a.2

Description of climate change risk exposure analysis, degree of systematic portfolio exposure, and strategies for mitigating risks

See description below table.

IF-RE-000.A

Number of Assets

128

IF-RE-000.B

Leasable Floor Area (m2)

1,650,233

IF-RE-000.C

Indirectly Managed Assets (%)

27.5%

IF-RE-000.D

Average Occupancy Rate (%)

86.2%

SASB Accounting Metric Code: IF-RE-130a.5: Energy management integration discussion.

RMR deploys on our behalf energy management best practices, which include:

•

Centralized utility bill processing and payment system;

•

ENERGY STAR® benchmarking;

•

Real-time energy monitoring;

•

Daytime and nighttime energy audits;

•

Light Emitting Diodes lighting upgrades;

•

Energy engagement competitions;

•

Energy performance training for property operations teams;

•

HVAC equipment replacements; and

•

Capital deployment dedicated to generating returns on energy efficiency upgrades.

As a result of these energy management efforts, we have reduced energy and water usage helping to generate both economic and environmental benefits.

Some cities and states in which we own properties require annual whole-building energy and water use disclosure or achieving certain energy or emissions performance standards. In these jurisdictions, RMR engages with tenants to collect and report any direct tenant-paid energy and water consumption. RMR’s programs also aid in complying with building performance standards by actively seeking out cost effective ways to reduce energy and emissions across properties managed by them and where tenants directly manage energy.

SASB Accounting Metric Code: IF-RE-140a.4: Water management integration discussion.

On our behalf, RMR supports water management practices that reduce operating costs as well as our impact on the consumption of natural resources. Water usage is managed by benchmarking water performance to establish a baseline and to measure performance improvements resulting from conservation measures. Benchmarking is performed through the EPA’s ENERGY STAR® Portfolio Manager online platform.

Some cities and states in which we own properties require annual whole-building energy and water use disclosure. In these jurisdictions, RMR engages with tenants to collect and report any direct tenant-paid energy and water consumption.

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RMR also routinely implements water efficiency and water use reduction projects, which include upgrades for indoor plumbing fixtures, low-flow water closets and urinals, low-flow flush valves, low-flow automatic faucet controls, low-flow faucet aerators and shower heads, water-efficient landscaping, cooling tower water management and leak detection and notification.

SASB Accounting Metric Code: IF-RE-410a.3: Discussion of approach to measuring, incentivizing, and improving sustainability impacts of tenants.

On our behalf, RMR seeks to provide best-in-class property operations and healthy, efficient environments for our tenants and encourages continual engagement that promotes long-lasting relationships and sustainable behaviors.

RMR has internal policies that govern environmentally responsible property operations. We also utilize green lease language, where possible, to promote mutual commitment to environmentally friendly practices and operational efficiencies with our tenants. These efforts earned us Green Lease Leader recognitions in 2019 through 2024.

RMR prioritizes LEED certification and recertification projects by reviewing a variety of sustainability and leasing criteria such as high ENERGY STAR® scores and access to public transportation and near-by amenities. We believe that taking the initiative to submit for and attain LEED certification adds value to our properties and enhances tenant satisfaction, which reflects our commitment to environmental sustainability and healthy buildings.

SASB Accounting Metric Code: IF-RE-450a.2: Description of climate change risk exposure analysis, degree of systematic portfolio exposure, and strategies for mitigating risks.

We define climate change resilience as our ability to anticipate, prepare for and recover from adverse physical climate activity including increased severity of acute weather events and chronic changes to weather patterns as well as identify and plan for climate-related transitional activities such as changes in policy and market-driven expectations.

Our portfolio strategy includes the development of hazard and vulnerability assessments of our existing properties and scenario planning and economic risk reviews of property development opportunities over long-term ownership periods. In 2021 RMR, in coordination with a third-party consultant, performed physical climate scenario analyses for substantially all our properties. In 2024, RMR began a refresh of these analyses. The climate scenario assessments under evaluation include current physical climate risk exposure and assessments of future physical climate risk exposure models that consider a “business as usual” approach, a 2.0°C emissions mitigation approach in line with the Paris Climate Agreement and a “middle” approach, all based on the Intergovernmental Panel on Climate Change (“IPCC”) fifth Assessment Report (“AR”) Representative Concentration Pathways 8.5, 2.6, and 4.5, respectively, mapped to the latest IPCC AR6 Shared Social Economic Pathways (“SSP”) SSP1, SSP2 and SSP5, respectively. The following table summarizes physical and transitional climate change risks and opportunities identified for our portfolio.

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		Risks				Opportunities
		• Over time, chronic or acute climate stressors such as extreme heat, increased precipitation, drought, inland flooding or storm surges could lead to the need for capital investments to meet landlord commitments or improve asset resilience. • Energy or emissions performance standards require capital investments to meet standards and offset regulatory fines.				• Energy-efficient, low-carbon footprint and climate change resilient properties may be in high demand, increasing revenue potential. • On-site solar power generation can drive down utility expenses and provide clean energy and covered parking for tenants. Battery energy storage may further reduce operating expenses and contribute to an increase of localized grid reliability. • Innovative solutions such as smart buildings, healthy buildings and buildings with sought-after amenities such as electric vehicle (EV) charging stations may attract high-quality, investment-grade tenants.

In preparation for and in response to property-level natural hazards, our manager, RMR, utilizes dynamic geographic mapping tools which allows it to quickly assess the risk to our properties from the rapidly changing natural hazards related to coastal and river flooding and other potential adverse impacts that may occur from named storms.

In advance of a natural hazard event, resources are directed to properties identified as potentially impacted through these mapping tools. The resources made available include access to senior management and mobilization of equipment and personnel. Rapid response personnel may also be directed to properties after a weather event has occurred.

Properties susceptible to inundation from flood waters are evaluated routinely. The evaluation may include implementing tenant and local agency coordination protocols, property incident response plan reviews, insurance provider assessments and the implementation of physical protection elements, such as flood and wind protection barriers.

We routinely utilize technology to evaluate our properties for energy and water performance. Such activities support lower operating expenses, improve comfort for our tenants and reduce our exposure to impacts from policies targeting building energy performance and greenhouse gas emissions.

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Key Responsibilities of Our Board

Oversight of Strategy

Oversight of Risk

Succession Planning

✔

Our Board oversees and monitors strategic planning.

✔

Business strategy is a key focus of our Board and embedded in the work of Board committees.

✔

Company management is charged with executing our business strategy and provides regular performance updates to our Board.

✔

Our Board oversees risk management.

✔

Board committees, which meet regularly and report back to our full Board, play significant roles in carrying out the risk oversight function.

✔

Company management is charged with managing risk, through robust internal processes and effective internal controls.

✔

Our Board oversees succession planning and talent development for senior executive positions.

✔

Our Nominating and Governance Committee makes an annual report to our Board on succession planning.

✔

In the event of a succession, our entire Board may work with our Nominating and Governance Committee, or the Independent Trustees, as applicable, to nominate and evaluate potential successors.

Our Board’s Role in Oversight of Risk Management

Our Board is elected by our shareholders to, among other things, oversee our business and long term strategy. As part of fulfilling its responsibilities, our Board oversees the maintenance of appropriate financial and other internal controls and our compliance with applicable laws and regulations. Inherent in these responsibilities is our Board’s understanding and oversight of the various risks we face. Our Board considers that risks should not be viewed in isolation and should be considered in virtually every business decision and as part of our business strategy.

Our Board oversees risk as part of its general oversight of our Company. Oversight of risk is addressed as part of various Board and Board committee activities and through regular and special Board and Board committee meetings. Our day to day business is conducted by our manager, RMR, and RMR and our officers are responsible for incorporating risk management in their activities. Our management and members of our internal audit group regularly meet with our Audit Committee and provide us with advice and assistance with our risk management function.

In discharging their oversight responsibilities, our Board and Board committees regularly review a wide range of reports provided by RMR and other service providers, including:

•

reports on market and industry conditions;

•

operating and regulatory compliance reports;

•

financial reports;

•

reports on risk management and our ESG activities and initiatives;

•

regulatory and legislative updates that may impact us;

•

reports on the security of our information technology processes and our data; and

•

legal proceeding updates and reports on other business related matters.

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Our Board and Board committees discuss these matters among themselves and with representatives of RMR, our officers, members of our internal audit group, legal counsel, our independent auditors and other professionals, as appropriate.

Our Audit Committee takes a leading role in helping our Board fulfill its responsibilities for oversight of our financial reporting, internal audit function, risk management, including cybersecurity, and the use of artificial intelligence and our compliance with legal and regulatory requirements. Our Board and Audit Committee review reports annually from our independent auditors regarding potential risks, including risks related to our internal control over financial reporting, and at other times, as may be warranted. Our Audit Committee also annually reviews an internal audit plan developed by members of our internal audit group with the goal of helping us systematically evaluate the effectiveness of our risk management, control and governance processes on an annual basis. Our Audit Committee meets at least quarterly and reports its findings and results of its monitoring activities and oversight on our financial reporting, internal audit function, risk management, including cybersecurity, and our compliance with legal and regulatory requirements, as applicable, to our Board. Our Audit Committee also meets quarterly with members of our internal audit group to review the results of our internal audits and receive reports, and directs or recommends to our Board actions or changes it determines appropriate to enhance or improve the effectiveness of our risk management, including cybersecurity, as it determines appropriate.

Our Audit Committee considers risks related to cybersecurity and receives annual reports from our management regarding cybersecurity risks and countermeasures being undertaken or considered by us, including updates on the internal and external cybersecurity landscape and relevant technical developments, such as advances in the use of artificial intelligence, and more frequent reports as it may direct or as warranted. RMR has conducted an external assessment of its cybersecurity controls using a qualified third party. In addition, RMR’s cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. RMR conducts annual data security education and testing for its employees, including RMR employees who provide services to us, in addition to penetration testing and unannounced email phishing exercises.

Our Compensation Committee whose responsibilities are detailed in its charter, among other responsibilities, evaluates RMR’s performance under our business and property management agreements, including any perceived risks created by compensation arrangements. Also, our Compensation Committee and our Board consider that we have a share award program that requires share awards to executive officers to vest over a period of years. We believe that the use of share awards vesting over time rather than stock options mitigates the incentives for our management to undertake undue risks and encourages management to make long term and appropriately risk balanced decisions.

It is not possible to identify all of the risks that may affect us or to develop processes and controls to eliminate all risks and their possible effects, and processes and controls employed to address risks may be limited in their effectiveness. Moreover, it is necessary for us to bear certain risks to achieve our objectives. As a result of the foregoing and other factors, our ability to manage risk is subject to substantial limitations.

To learn more about the risks we face, you can review the matters discussed in Part I, “Item 1A. Risk Factors” and “Warning Concerning Forward-Looking Statements” in our Annual Report to Shareholders for the fiscal year ended December 31, 2024 (the “Annual Report”). The risks described in the Annual Report are not the only risks we face. Additional risks and uncertainties not currently known or that may currently be deemed to be immaterial also may materially adversely affect our business, financial condition or results of operations in future periods.

Trustee Independence

Under the corporate governance listing standards of the Nasdaq and our governing documents, our Board must consist of a majority of Independent Trustees. Under our governing documents, Independent Trustees are Trustees who are not employees of RMR, are not involved in our day to day activities and who meet the qualifications for independence under the applicable rules of the Nasdaq and the SEC.

Our Board affirmatively determines whether Trustees have a direct or indirect material relationship with us, including our subsidiaries, other than serving as our Trustees or trustees or directors of our subsidiaries. In

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making independence determinations, our Board observes the Nasdaq and SEC criteria, as well as the criteria set forth in our governing documents. When assessing a Trustee’s relationship with us, our Board considers all relevant facts and circumstances, not merely from the Trustee’s standpoint, but also from that of the persons or organizations with which the Trustee has an affiliation. Based on this review, our Board has determined that Donna D. Fraiche, Barbara D. Gilmore, John L. Harrington, William A. Lamkin, Elena B. Poptodorova, Jeffrey P. Somers and Mark A. Talley currently qualify as independent trustees under applicable Nasdaq and SEC criteria and as Independent Trustees under our governing documents. In making these independence determinations, our Board reviewed and discussed additional information provided by us and the Trustees with regard to each of the Trustees’ relationships with us, RMR or The RMR Group Inc. (“RMR Inc.”), the managing member of RMR, and the other companies to which RMR provides management services (the “RMR Clients”). Our Board has concluded that none of these seven Trustees possessed or currently possesses any relationship that could impair his, her or their judgment in connection with his, her or their duties and responsibilities as a Trustee or that could otherwise be a direct or indirect material relationship under applicable Nasdaq and SEC standards.

Executive Sessions of Independent Trustees

Pursuant to our Governance Guidelines, our Independent Trustees meet at least twice per year in regularly scheduled meetings at which only Independent Trustees are present. Our Independent Trustees also meet with our officers, other representatives of our management, as appropriate, and with our independent auditors. The presiding Trustee for purposes of leading Independent Trustee sessions is the Lead Independent Trustee, unless the Independent Trustees determine otherwise.

Board Leadership Structure

All Trustees play an active role in overseeing our business both at our Board and committee levels. As set forth in our Governance Guidelines, the core responsibility of our Trustees is to exercise sound, informed and independent business judgment in overseeing our Company and our strategic direction. Our Trustees are skilled and experienced leaders and currently serve or have served as members of senior management in public and private for profit and nonprofit organizations and law firms, and have also served as government officials and in academia. Our Trustees may be called upon to provide solutions to various complex issues and are expected to, and do, ask hard questions of our officers and advisors.

Adam Portnoy serves as Chair of our Board. Our Board believes that Mr. Portnoy’s leadership of RMR and extensive familiarity with our day to day business provide valuable insight for our Board.

Seven of our Trustees are independent, and, following our 2025 Annual Shareholder Meeting, assuming the election of our Trustee nominees, six of our Trustees will be independent under the applicable Nasdaq and SEC criteria and our governing documents. All of the members of our Audit Committee, Nominating and Governance Committee and Compensation Committee are independent under the applicable listing requirements and rules of the Nasdaq and other applicable laws, rules and regulations, including those of the SEC. As set forth in our governing documents, two of our Trustees are Managing Trustees, persons who have been employees, officers or directors of RMR or who have been involved in our day to day activities for at least one year prior to his, her or their election as Trustees.

Lead Independent Trustee

We have a Lead Independent Trustee who is selected annually by the vote of a majority of our Independent Trustees. Currently, Ms. Poptodorova serves as our Lead Independent Trustee. Our Lead Independent Trustee has well-defined, robust responsibilities that include:

•

assisting the Board in evaluating its effectiveness;

•

presiding at all meetings of our Board at which the Chair or a Managing Trustee is not present;

•

presiding at all meetings and executive sessions of the Independent Trustees;

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•

having the authority to call meetings of the Independent Trustees or executive sessions of the Independent Trustees;

•

serving as the principal liaison between the Independent Trustees and our senior management team;

•

assisting our Compensation Committee in its annual evaluation of the performance of our management and of our manager, RMR;

•

considering suggestions for meeting agenda items from other Independent Trustees;

•

with our Nominating and Governance Committee and Chair of our Board, monitoring and coordinating with our management on corporate governance issues and developments;

•

authorizing the retention of advisors and consultants who report directly to the Independent Trustees when appropriate; and

•

if requested, and in coordination with the Chair of our Board and our management, being reasonably available for consultation and direct communication with shareholders.

Code of Business Conduct and Ethics and Committee Governance

Our Board is committed to corporate governance that promotes the long term interests of our shareholders. Our Board has established Governance Guidelines that provide a framework for effective governance. Our Board regularly reviews developments in corporate governance and updates our Governance Guidelines and other governance materials as it deems necessary and appropriate.

We have also adopted a Code of Business Conduct and Ethics (the “Code”) to, among other things, provide guidance to our board members, officers and RMR employees and ensure compliance with applicable laws and regulations.

Our Board has an Audit Committee, Compensation Committee and Nominating and Governance Committee. Our Audit Committee, Compensation Committee and Nominating and Governance Committee each have adopted a written charter, and each Board committee reviews its written charter on an annual basis to consider whether any changes are required.

Our corporate governance materials are available for review in the governance section of our website, including our Governance Guidelines, the charter for each Board committee, the Code, information about how to report concerns or complaints about accounting, internal accounting controls or auditing matters and any violations or possible violations of the Code, and how to communicate with our Trustees individually or as a group. To access these documents on our website visit www.opireit.com. We intend to satisfy the requirements under Item 5.05 of Form 8-K regarding disclosure of amendments to, or waivers from, provisions of the Code that apply to the principal executive officer, principal financial officer or controller, or persons performing similar functions, by posting such information on our website.

Environmental, Social and Governance Policies

Our Board has adopted the following policies in connection with our efforts to lead a sustainable business and to continue to improve our internal culture and the communities in which we operate: Employee Health and Wellness, Human Rights, Philanthropy and Business Partners’ Code of Conduct. These policies reflect our core culture of integrity and mutual respect as well as our commitment to caring for our tenants and the individuals who provide services to us as well as for the communities in which we operate. Our Employee Health and Wellness policy is designed to protect the health and wellbeing of all individuals in our workplace; our Human Rights policy is designed to promote a culture of mutual respect for people, communities and our planet; our Philanthropy policy sets forth our and RMR’s commitment to investing in our communities through a variety of philanthropic engagements; and our Business Partners’ Code of Conduct sets forth our expectations for our and RMR’s business partners to conduct business in an ethical manner that promotes the accomplishment of our goals. For additional information regarding our ESG policies, see the “Sustainability” section beginning on page 7 of this Proxy Statement.

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Trustee Resignation Policy

Our Governance Guidelines provide that if an incumbent Trustee does not receive a majority of the votes cast in an uncontested election, the Trustee will offer to resign from our Board. In such circumstance, our Nominating and Governance Committee will make a recommendation to our Board on whether to accept or reject the resignation offer, or whether other action should be taken. Our Board will act on the resignation offer taking into account the recommendation of our Nominating and Governance Committee and make its decision within 90 days following the certification of the election results.

Insider Trading Policies and Procedures

We have adopted Insider Trading Policies and Procedures (our “Insider Trading Policy”) governing the purchase, sale, and other dispositions of our securities by our Trustees and officers, directors, officers and employees of RMR and the Company itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable Nasdaq listing standards. In general, our Insider Trading Policy prohibits us and our Trustees and officers, directors and officers of RMR Inc., officers and employees of RMR and related persons from trading in our securities while aware of material, nonpublic information about us. Our Insider Trading Policy also prohibits our Trustees and Executive Officers, directors of RMR Inc. and executive officers of RMR from transacting in our securities during certain designated blackout periods. In addition, our Trustees, RMR Inc.’s directors and certain of the Company’s and RMR’s senior officers are required to obtain approval in advance of transactions in our securities. The foregoing summary of our Insider Trading Policy does not purport to be complete and is qualified by reference to our Insider Trading Policy, a copy of which can be found as an exhibit to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Prohibition on Hedging

Our Insider Trading Policy expressly prohibits members of our Board and our officers from engaging in hedging transactions involving our securities.

Recommendations for Trustees

Shareholders who would like to recommend a Trustee nominee should submit their recommendations in writing by mail to the Chair of our Nominating and Governance Committee, c/o Secretary, Office Properties Income Trust, at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458 or by email to secretary@opireit.com. Any such recommendation should include a description of the candidate’s qualifications for Board service, the candidate’s written consent to be considered for nomination and to serve if nominated and elected, as well as the addresses and telephone numbers for contacting the shareholder and the candidate for more information. Our Nominating and Governance Committee may request additional information about the shareholder recommended nominee or about the shareholder recommending the nominee. Recommendations by shareholders will be considered by our Nominating and Governance Committee in its discretion using the same criteria as other candidates it considers.

Communications with Our Board

Our Board has established a process to facilitate communication by shareholders and other interested parties with our Trustees, individually or as a group. Communications should be addressed to our Trustees or the Trustee for whom the communication is intended, in care of our Secretary, Office Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458 or by email to secretary@opireit.com.

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Shareholder Nominations and Other Proposals

Deadline to Submit Proposals Pursuant to Rule 14a-8 for the 2026 Annual Meeting of Shareholders: Shareholder proposals pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) must be received at our principal executive office on or before December 4, 2025 in order to be eligible to be included in the proxy statement for the 2026 annual meeting of shareholders; provided, that, if the date of the 2026 annual meeting of shareholders is more than 30 days before or after June 12, 2026, such a proposal must be submitted within a reasonable time before we begin to print our proxy materials. Under Rule 14a-8, we are not required to include shareholder proposals in our proxy materials in certain circumstances or if conditions specified in the rule are not met.

Deadline to Submit Trustee Proxy Access Nominations for the 2026 Annual Meeting of Shareholders: Under our proxy access bylaw, a shareholder or a group of up to 20 shareholders owning at least three percent of our outstanding Common Shares continuously for at least three years may nominate and include in our proxy materials for the 2026 annual meeting of shareholders Trustee nominees constituting up to the greater of two nominees or 20% of the number of Trustees serving on our Board. In addition, the shareholder(s) and nominee(s) must satisfy the informational, documentation and other requirements specified by Section 2.18 of our Bylaws. Notice of a proxy access nomination for consideration at our 2026 annual meeting of shareholders must be delivered to or mailed and received at our principal executive office not later than December 4, 2025 and not earlier than November 4, 2025.

Deadline to Submit Other Nominations and Proposals for the 2026 Annual Meeting of Shareholders under our Bylaws: To be timely, shareholder nominations and proposals intended to be made outside of Rule 14a-8 under the Exchange Act and outside of the proxy access bylaw at the 2026 annual meeting of shareholders must be delivered to our Secretary at our principal executive office, in accordance with the requirements of our Bylaws, not later than 5:00 p.m., Eastern Time, on December 4, 2025 and not earlier than November 4, 2025; provided, that, if the date of the 2026 annual meeting of shareholders is more than 30 days earlier or later than June 12, 2026, then a shareholder’s notice must be so delivered not later than 5:00 p.m., Eastern Time, on the tenth day following the earlier of the day on which (i) notice of the date of the 2026 annual meeting of shareholders is mailed or otherwise made available or (ii) public announcement of the date of the 2026 annual meeting of shareholders is first made by us. Shareholders making such a nomination or proposal must comply with the advance notice and other requirements set forth in our Declaration of Trust and Bylaws, which include, among other things, requirements as to the shareholder’s timely delivery of advance notice, continuous requisite ownership of Common Shares and holding of a share certificate for such shares at the time of the advance notice, the record date for determining shareholders entitled to vote at the annual meeting and at the time of the annual meeting.

The foregoing description of the deadlines and other requirements for shareholders to submit a nomination for election to our Board or a proposal of other business for consideration at an annual meeting of shareholders is only a summary and is not a complete listing of all requirements. A copy of our Bylaws, including the requirements for proxy access or other shareholder nominations and other shareholder proposals, may be obtained by writing to our Secretary at Office Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458, or from the SEC’s website, www.sec.gov. Any shareholder considering making a nomination or proposal should carefully review and comply with those provisions.

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PROPOSAL 1: ELECTION OF TRUSTEES

Upon the recommendation of our Nominating and Governance Committee, our Board has nominated Donna D. Fraiche, Barbara D. Gilmore, William A. Lamkin, Elena B. Poptodorova, Jeffrey P. Somers and Mark A. Talley for election as Independent Trustees and Jennifer B. Clark and Adam Portnoy for election as Managing Trustees. Each Trustee nominee currently serves on our Board. John L. Harrington is not seeking re-election as an Independent Trustee upon the expiration of his current term. Mr. Harrington’s decision to not seek re-election to our Board was not due to any disagreement with us relating to our operations, policies or practices.

If elected, each nominee would serve until our 2026 annual meeting of shareholders and until his, her or their successor is duly elected and qualifies, subject to the individual’s earlier death, resignation, retirement, disqualification or removal.

We expect that each Trustee nominee will be able to serve if elected. However, if a Trustee nominee should become unable or unwilling to serve, proxies may be voted for the election of a substitute nominee designated by our Board.

Board of Trustees’ Qualifications and Experience

Our Trustees have a great diversity of experience and bring to our Board a wide variety of skills, qualifications, viewpoints and backgrounds that strengthen their ability to carry out their oversight role on behalf of our shareholders.

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Snapshot of 2025 Board Nominees

Presented below is a snapshot of the expected composition of our Board immediately following our 2025 Annual Meeting, assuming the election of our Trustee nominees. Our Board of Trustees believes that, collectively, our Trustees exhibit an effective mix of qualifications, experience and diversity.

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A plurality of all the votes cast is required to elect a Trustee at our 2025 Annual Meeting.

The names, principal occupations and certain other information regarding the Trustee nominees that led our Nominating and Governance Committee and our Board to conclude that such persons are qualified to serve as Trustees are set forth on the following pages.

Our Board of Trustees recommends a vote of “FOR ALL” for the election of all Trustee nominees.

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Trustee Nominees to be Elected at Our 2025 Annual Meeting

Jennifer B. Clark, 63, Managing Trustee

[MISSING IMAGE: ph_jenniferbclark-bw.jpg]

TRUSTEE SINCE 2021
BOARD COMMITTEES
None

PROFESSIONAL EXPERIENCE:

•

Executive Vice President, General Counsel and Secretary of RMR Inc. since 2015.

•

Executive Vice President and General Counsel of RMR since 2008 and its Secretary since 2015.

•

Secretary of each of the companies to which RMR or its subsidiaries provide management services, including our Company.

•

Officer of ABP Trust.

•

Director and secretary of Sonesta International Hotels Corporation and its parent.

•

Director, executive vice president, general counsel and secretary of Tremont Realty Capital LLC.

•

Chief legal officer of Seven Hills Realty Trust from 2002 to January 2021.

•

Until RMR Advisors LLC merged with Tremont Realty Capital LLC in January 2021, director of RMR Advisors LLC from 2016, its president and chief executive officer from 2019 and prior to that its executive vice president and general counsel from October 2017 through December 2018, and its secretary since 2004.

•

Partner at the law firm of Sullivan & Worcester prior to joining RMR.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

The RMR Group Inc. (since 2018)

•

AlerisLife Inc. (from 2020 until it was acquired by ABP Trust in March 2023)

•

Diversified Healthcare Trust (from 2018 to June 2021)

•

Seven Hills Realty Trust (from 2019 to January 2021)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Ms. Clark brings to our Board extensive professional skills and experience in legal, corporate governance and real estate matters. Ms. Clark possesses extensive experience in, and knowledge of, the CRE and residential real estate industries and REITs, and institutional knowledge earned through prior service as an officer of RMR Inc. and leadership positions with RMR. Ms. Clark identifies as Caucasian and as female. Ms. Clark qualifies as a Managing Trustee in accordance with the requirements of our governing documents.

Risk Oversight/Management	Human Capital Management	Financial Literacy	Public Company Board
REIT/Real Estate	Investment Expertise	ESG	Public Company Executive
Legal/Regulatory

(1)

In addition to us, RMR or its subsidiaries currently provide management services to four other public companies that do not have any employees of their own: Diversified Healthcare Trust (Nasdaq: DHC), Industrial Logistics Properties Trust (Nasdaq: ILPT), Service Properties Trust (Nasdaq: SVC) and Seven Hills Realty Trust (Nasdaq: SEVN). For us and the companies with no employees, RMR or its subsidiaries provide all business operations and functions pursuant to the terms of the applicable management agreements with those companies.

2025 Proxy Statement

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Donna D. Fraiche, 73, Independent Trustee

[MISSING IMAGE: ph_donnadfraiche-bw.jpg]

TRUSTEE SINCE 2019
BOARD COMMITTEES
Audit
Compensation (Chair)

PROFESSIONAL EXPERIENCE:

•

Founder and member of Fraiche Strategies, LLC since 2020.

•

Retired as senior counsel at the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC in 2020 and practiced law at that firm from 2004 to February 2020.

•

Practiced law at the firm now known as Locke Lord LLP in New Orleans prior to 2004.

•

Past president of the Louisiana Chapter of the International Women’s Forum.

•

Past president of The Supreme Court of Louisiana Historical Society.

•

Former member of Leadership Development Committee and Committee on Governance of the American Hospital Association.

•

Past president and a fellow of the American Health Law Association.

•

Former chair of the Louisiana Health Care Commission.

•

Past chair of the board of trustees of Loyola University.

•

Investments committee member of the Baton Rouge Area Foundation.

•

Past chair and member of the board and the finance, real estate and compensation committees of Women’s Hospital.

•

Member of the board of directors of Cornerstone Chemical Company, Inc.

•

Treasurer of the Louisiana Consular Corps and Honorary Consul for Japan in New Orleans.

•

Co-manages a family-owned real estate holding company that owns commercial office, retail and multi-use properties.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

Service Properties Trust (since 2015)

•

AlerisLife Inc. (from 2010 until it was acquired by ABP Trust in March 2023) and its lead independent director (from 2019 to March 2023)

•

Select Income REIT (from 2012 until it merged with a wholly owned subsidiary of Office Properties Income Trust in December 2018)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Ms. Fraiche brings to our Board extensive professional and consulting legal skills. Ms. Fraiche has held many leadership roles, including serving in numerous public policy and civic leadership roles. Ms. Fraiche has experience on public company boards and board committees and possesses institutional knowledge earned through prior service on our Board. Ms. Fraiche identifies as Caucasian and as female. Ms. Fraiche qualifies as an Independent Trustee in accordance with the requirements of the Nasdaq, the SEC and our governing documents.

	Risk Oversight/Management			Human Capital Management			Financial Literacy			Legal/Regulatory
	REIT/Real Estate			Public Company Board			Government/Public Policy

2025 Proxy Statement

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Barbara D. Gilmore, 74, Independent Trustee

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TRUSTEE SINCE 2009
BOARD COMMITTEES
Audit
Compensation

PROFESSIONAL EXPERIENCE:

•

Professional law clerk at the United States Bankruptcy Court, Eastern Division of the District of Massachusetts, from 2015 until her retirement in 2018.

•

Professional law clerk at the United States Bankruptcy Court, Central Division of the District of Massachusetts, from 2001 to 2015.

•

Partner of the law firm of Sullivan & Worcester LLP from 1993 to 2000, during which time she was appointed and served as trustee or examiner in various cases involving business finance matters.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

Seven Hills Realty Trust (since 2020)

•

AlerisLife Inc. (from 2004 until it was acquired by ABP Trust in March 2023)

•

TravelCenters of America Inc. (from 2007 until it was acquired by BP Products North America Inc. in May 2023) and lead independent director (from 2019 to May 2023)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Ms. Gilmore brings to our Board extensive professional skills and experience in legal and business finance matters. Ms. Gilmore possesses experience in public policy matters as well as insights and understanding of government practices gained through government service and her experience as a lawyer, bankruptcy court clerk, bankruptcy trustee and bankruptcy examiner. Ms. Gilmore has also served on public company boards and board committees. Ms. Gilmore identifies as Caucasian and as female. Ms. Gilmore qualifies as an Independent Trustee in accordance with the requirements of the Nasdaq, the SEC and our governing documents.

	Risk Oversight/Management			Government/Public Policy			Financial Literacy			REIT/Real Estate
	Legal/Regulatory			Public Company Board

2025 Proxy Statement

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William A. Lamkin, 65, Independent Trustee

[MISSING IMAGE: ph_williamalamkin-bw.jpg]

TRUSTEE SINCE 2019
BOARD COMMITTEES
Audit (Chair)

PROFESSIONAL EXPERIENCE:

•

Partner in Ackrell Capital LLC, a San Francisco based investment bank, from 2003 to 2019.

•

Experience as a financial consultant and as an investment banker, including as a senior vice president in the investment banking division of ABN AMRO, prior to 2003.

•

Practicing attorney, prior to working as a financial consultant and investment banker.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

Service Properties Trust (since 2007)

•

Seven Hills Realty Trust (since 2021)

•

Tremont Mortgage Trust (from 2020 until it merged with Seven Hills Realty Trust in September 2021)

•

Select Income REIT (from 2012 until it merged with a wholly owned subsidiary of Office Properties Income Trust in December 2018)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

Ackrell SPAC Partners I Co. (from 2020 to 2022)

BACKGROUND

Mr. Lamkin brings to our Board extensive experience in, and knowledge of, the CRE and investment banking industries. Mr. Lamkin has demonstrated management ability and experience in capital raising and strategic business transactions. Mr. Lamkin has professional training, skills and expertise in, among other things, finance and legal matters. Mr. Lamkin has institutional knowledge earned through prior service on our Board. Mr. Lamkin identifies as Caucasian and as male. Mr. Lamkin qualifies as an Independent Trustee in accordance with the requirements of the Nasdaq, the SEC and our governing documents.

Risk Oversight/Management	Human Capital Management	Financial Expertise	Legal/Regulatory
REIT/Real Estate	Investment Expertise	Public Company Board	ESG
Government/Public Policy

2025 Proxy Statement

TABLE OF CONTENTS

Elena B. Poptodorova, 73, Independent Trustee

TRUSTEE SINCE 2017
LEAD INDEPENDENT TRUSTEE SINCE DECEMBER 2019
BOARD COMMITTEES
Audit
Compensation
Nominating and Governance

PROFESSIONAL EXPERIENCE:

•

Vice president and director for Euro-Atlantic affairs of the Atlantic Club of Bulgaria since April 2017.

•

Vice president of the Atlantic Treaty Association since December 2017.

•

Board member of the U.S.—Bulgarian Chamber in America since February 2020.

•

Director of the Shapiro-Silverberg AJC Central Europe Office from October 2016 to February 2017.

•

Ambassador extraordinary and plenipotentiary of the Republic of Bulgaria to the United States from 2010 to 2016 and from 2002 to 2008. During this time, she facilitated foreign investments in Bulgaria’s information technology sector and assisted the development of transatlantic business association to support investment ventures.

•

Director of the Security Policy Directorate at the Ministry of Foreign Affairs from 2009 to 2010.

•

Ambassador-at-large for the Black Sea Region from 2008 to 2009.

•

Spokesperson of the Ministry of Foreign Affairs and director of the Human Rights and International Humanitarian Organizations Directorate from 2001 to 2002.

•

Member of the Bulgarian Parliament from 1990 to 2001, where she served on a variety of committees, including the national security, human rights, media and agriculture committees. During her service as a member of the Bulgarian Parliament, Ms. Poptodorova worked extensively on communal property and industrial property matters with the local government of her electoral district.

•

Current member of the board of directors of the American Foundation for Bulgaria and the Institute for Cultural Diplomacy in Germany.

•

Former member of the board of directors of the European Institute, the Executive Council on Diplomacy, the Women’s Foreign Policy Group and American University in Bulgaria.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

TravelCenters of America Inc. (from 2020 until its acquisition by BP Products North America Inc. in May 2023)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Ms. Poptodorova brings to our Board extensive experience and demonstrated leadership ability as a former diplomat. Ms. Poptodorova gained insights and understanding of government practices through government service and public policy matters. Ms. Poptodorova has experience in communal property and industrial property matters. Ms. Poptodorova is a Bulgarian national and identifies as Caucasian and as female. Ms. Poptodorova has served on the boards of several private and charitable organizations. Ms. Poptodorova qualifies as an Independent Trustee in accordance with the requirements of the Nasdaq, the SEC and our governing documents.

	Risk Oversight/Management			Financial Literacy			Public Company Board			REIT/Real Estate
	Diplomacy and Leadership			Government/Public Policy

2025 Proxy Statement

TABLE OF CONTENTS

Adam Portnoy, 54, Managing Trustee

TRUSTEE SINCE 2009
CHAIR OF OUR BOARD SINCE 2019
BOARD COMMITTEES
None

PROFESSIONAL EXPERIENCE:

•

President and Chief Executive Officer of RMR Inc., since shortly after its formation in 2015.

•

President and Chief Executive Officer of RMR since 2005, and Director from 2006 to June 5, 2015 when RMR became a majority owned subsidiary of RMR Inc. and RMR Inc. became RMR’s managing member.

•

Director of Tremont Realty Capital LLC since March 2016.

•

Sole trustee, controlling shareholder and an officer of ABP Trust.

•

Director and controlling shareholder of Sonesta International Hotels Corporation and its parent.

•

Sole director of AlerisLife, Inc. since its acquisition by ABP Trust in March 2023.

•

Director of RMR Advisors LLC from 2007 to 2021 when it merged with Tremont Realty Capital LLC.

•

Honorary Consul General of the Republic of Bulgaria to Massachusetts.

•

Co-Chair of Massachusetts Opportunity Alliance, Inc. Board.

•

Member of Massachusetts High Technology Council, Inc. Board.

•

Chair of the board of directors of the Pioneer Institute.

•

Executive committee member of the board of directors of the Greater Boston Chamber of Commerce.

•

Member of AJC New England’s Leadership Board.

•

Previously served on the board of governors for the National Association of Real Estate Investment Trusts and the board of trustees of Occidental College.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

Service Properties Trust (since 2007)

•

Diversified Healthcare Trust (since 2007)

•

Seven Hills Realty Trust, including its predecessor companies (since 2009)

•

The RMR Group Inc. (since 2015)

•

Industrial Logistics Properties Trust (since 2017)

•

TravelCenters of America Inc. (from 2018 until it was acquired by BP Products North America Inc. in May 2023) and chair of its board (from 2019 to May 2023)

•

AlerisLife Inc. (from 2018 until it was acquired by ABP Trust in March 2023) and chair of its board (from 2019 to March 2023)

•

Tremont Mortgage Trust (from 2017 until it merged with Seven Hills Realty Trust in September 2021)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Mr. Portnoy brings to our Board extensive experience in, and knowledge of, the asset management, CRE and residential real estate industries and REITs, gained in part through his key leadership position with RMR and its subsidiaries, his public company director service, and his demonstrated management ability. Mr. Portnoy also possesses experience in investment banking and private equity, as well as institutional knowledge earned through prior service on our Board and deep knowledge of our business. Mr. Portnoy identifies as Caucasian and as male. Mr. Portnoy qualifies as a Managing Trustee in accordance with the requirements of our governing documents.

Our Nominating and Governance Committee and our Board believe that, because Mr. Portnoy is the president and chief executive officer of RMR and the business of all the companies (including our Company) for which he serves as a managing trustee or managing director is integral to his day to day work, service on these additional boards does not impair the amount of attention or time that Mr. Portnoy spends on service on our Board. Our Board believes that Mr. Portnoy’s extensive familiarity with our day to day business provides valuable insight for our Board.

Risk Oversight/Management	Human Capital Management	Financial Literacy	Public Company Board
REIT/Real Estate	Investment Expertise	ESG	Public Company Executive
Government/Public Policy

2025 Proxy Statement

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Jeffrey P. Somers, 82, Independent Trustee

[MISSING IMAGE: ph_jeffreysdomers-bw.jpg]

TRUSTEE SINCE 2009
BOARD COMMITTEES
Audit
Nominating and Governance (Chair)

PROFESSIONAL EXPERIENCE:

•

Of counsel since 2010, and member of the law firm of Morse, Barnes-Brown & Pendleton, PC from 1995 to 2009, serving as managing member for six of those years.

•

Former partner at the law firm of Gadsby Hannah LLP (now McCarter & English, LLP) for more than 20 years prior to working at Morse, Barnes-Brown & Pendleton, PC, serving as managing partner for eight of those years.

•

Director of Cantella Management Corp., a holding company of Cantella & Co., Inc., an SEC registered broker-dealer, from 2002 until January 2014, when the company was acquired by a third party.

•

Trustee of the Pictet Funds from 1995 to 2001.

•

Former staff attorney at the SEC in Washington, D.C. prior to entering private law practice.

•

Former trustee of Glover Hospital, a private not for profit regional hospital, which is currently part of Beth Israel Deaconess Hospital, among various other civic leadership roles.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

Diversified Healthcare Trust (since 2009)

•

Seven Hills Realty Trust including its predecessor companies (since 2009)

•

Tremont Mortgage Trust (from 2017 to 2020)

•

Select Income REIT (from 2012 until it merged with a wholly owned subsidiary of Office Properties Income Trust in December 2018)

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Mr. Somers brings to our Board extensive expertise in legal, corporate governance and regulatory matters, as well as leadership experience gained from his role as a law firm managing partner. Mr. Somers also possesses a sophisticated understanding of finance and accounting matters, obtained through his service as a trustee of public REITs and investment companies, as well as work on board committees. Mr. Somers has extensive experience in public policy matters and complex business transactions gained partly from government service, as well as institutional knowledge earned through prior service on our Board. Mr. Somers identifies as Caucasian and as male. Mr. Somers qualifies as an Independent Trustee in accordance with the requirements of the Nasdaq, the SEC and our governing documents.

	Risk Oversight/Management			Human Capital Management			Financial Literacy			REIT/Real Estate
	ESG			Legal/Regulatory			Government/Public Policy			Public Company Board

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Mark A. Talley, 60, Independent Trustee

TRUSTEE SINCE 2022
BOARD COMMITTEES
Audit
Compensation

PROFESSIONAL EXPERIENCE:

•

Principal and one of the founding partners of Greenwood Commercial Real Estate, where Mr. Talley primarily provided acquisition, disposition and leasing services for clients regarding office real estate, from 2021 to 2023.

•

Founded Griswold Realty Advisors in 2012 and with which he continues to work.

•

Vice president at Grubb & Ellis from 2007 and 2012.

•

Client relationship manager at Jones Lang LaSalle (including its predecessor LaSalle Partners) from 1995 to 2007.

•

Various roles in non-profit and civic leadership in the Detroit, Michigan area.

OTHER RMR PUBLIC CLIENT BOARDS(1):

•

None

OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:

•

None

BACKGROUND

Mr. Talley brings to our Board extensive experience in, and knowledge of, the CRE industry. Mr. Talley has demonstrated leadership capability as an entrepreneur and founding member of an African American led CRE firm. Mr. Talley identifies as African American and as male. Mr. Talley qualifies as an Independent Trustee in accordance with the requirements of Nasdaq, the SEC and our governing documents.

Risk Oversight/Management

Investment Expertise

Financial Literacy

REIT/Real Estate

2025 Proxy Statement

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Executive Officers

Our executive officers serve at the discretion of our Board. There are no family relationships among any of our Trustees or executive officers.

Yael Duffy

Age: 45

President and Chief Operating Officer since 2024

Ms. Duffy serves as a Senior Vice President of RMR, responsible for overseeing asset management, leasing and property management functions of a portfolio of office, industrial and retail properties managed by RMR. Ms. Duffy joined RMR in 2006 and has served in various capacities with RMR since that time. Ms. Duffy has served as president of Industrial Logistics Properties Trust since 2022, and its chief operating officer since 2020. Ms. Duffy identifies as Caucasian and as female.

Brian E. Donley

Age: 50

Chief Financial Officer and Treasurer since 2023

Mr. Donley is a Senior Vice President of RMR and has served in various finance and accounting leadership roles at RMR since 1997. Mr. Donley has served as chief financial officer and treasurer of Service Properties Trust since 2019. Mr. Donley served as chief financial officer and treasurer of Industrial Logistics Properties Trust from October 2022 to September 2023. He has more than 25 years of commercial real estate experience with REITs. Mr. Donley served as chief financial officer and treasurer of Seven Hills Realty Trust (then known as RMR Mortgage Trust and prior to that as RMR Real Estate Income Fund) from 2019 to 2021. Mr. Donley is a certified public accountant. Mr. Donley identifies as Caucasian and as male.

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BOARD COMMITTEES

Audit Committee

Members

William A. Lamkin (Chair)
Donna D. Fraiche
Barbara D. Gilmore
John L. Harrington
Elena B. Poptodorova
Jeffrey P. Somers
Mark A. Talley

8 meetings during 2024

Our Audit Committee is comprised solely of Independent Trustees. Its primary role is to help our Board fulfill its oversight responsibilities related to the integrity of our financial statements and financial reporting process, the qualifications, independence and performance of our independent registered public accounting firm, the performance of our internal audit function, risk management, including cybersecurity and the use of artificial intelligence, and our compliance with legal and regulatory requirements. Our Audit Committee is responsible for the appointment, compensation, retention and oversight, and the evaluation of the qualifications, performance and independence, of our independent auditor and the resolution of disagreements between management and our independent auditor. Our independent auditor reports directly to our Audit Committee. Our Audit Committee reviews the overall audit scope and plans of the audit with our independent auditor. Our Audit Committee also reviews with management and our independent auditors our quarterly reports on Form 10-Q, annual reports on Form 10-K and earnings releases.

Our Board has determined that each member of our Audit Committee is financially literate and that Mr. Harrington is our Audit Committee’s “financial expert.”

Compensation Committee

Members

Donna D. Fraiche (Chair)
Barbara D. Gilmore
Elena B. Poptodorova
Mark A. Talley

5 meetings during 2024

Our Compensation Committee is comprised solely of Independent Trustees. Its primary responsibilities pertain to evaluating the performance and compensation of RMR and our executive officers, evaluating and approving any changes in our agreements with RMR and approving equity compensation awards. Our Compensation Committee recommends to our Board the cash compensation payable to our Trustees for Board and committee service. Our Compensation Committee determines and approves the equity based compensation payable to our Trustees for Board and committee service, and any compensation payable to the Lead Independent Trustee in his, her or their capacity as such. Our Compensation Committee administers our Share Award Plan and determines all awards granted pursuant to the Share Award Plan. It also reviews amounts payable by us to RMR under our business and property management agreements and approves any proposed amendments to or termination of those agreements.

Nominating and Governance Committee

Members

Jeffrey P. Somers (Chair)
Elena B. Poptodorova

1 meeting during 2024

Our Nominating and Governance Committee is comprised solely of Independent Trustees. Its primary role is to identify individuals qualified to become Board members, consistent with criteria approved by our Board, and to recommend candidates to our entire Board for nomination or selection as Board members for each annual meeting of shareholders or when vacancies occur; to perform certain assessments of our Board and Board committees, including to assess the independence of Trustees and Trustee nominees; and to develop and recommend to our Board governance principles for our Company. Under its charter, our Nominating and Governance Committee is also responsible for considering and reporting on our succession planning to our Board.

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BOARD MEETINGS

In 2024, our Board held nine meetings. In 2024, each Trustee attended 75% or more of the aggregate of all meetings of our Board and the committees on which he, she or they served or that were held during the period in which the Trustee served as a Trustee or committee member. All of the Trustees attended last year’s annual meeting of shareholders. Our policy with respect to Board members’ attendance at meetings of our Board and annual meetings of shareholders can be found in our Governance Guidelines, the full text of which appears at our website, www.opireit.com.

TRUSTEE COMPENSATION

Compensation of Trustees

Our Board believes that competitive compensation arrangements are necessary to attract and retain qualified Independent Trustees.

Under the currently effective Trustee compensation arrangements, each Independent Trustee receives an annual fee of $85,000 for services as a Trustee. The annual fee for any new Independent Trustee is prorated for the initial year of service. Each Independent Trustee who serves as a committee chair of our Audit Committee, Compensation Committee or Nominating and Governance Committee also receives an additional annual fee for such service of $20,000, $15,000 and $15,000, respectively, and our Lead Independent Trustee also receives an additional annual fee of $17,500 for serving in this role. Trustees who serve as the chair of a special committee receive an additional fee. Trustees are reimbursed for travel expenses they incur in connection with their duties as Trustees and for out of pocket costs they incur in connection with their attending certain continuing education programs.

Each Independent Trustee and Managing Trustee also receives an award of Common Shares annually for serving as a Trustee. In 2024, each Trustee received an award of Common Shares with a value equal to $25,000 based on the closing price of Common Shares on the date of the grant, rounded down to the nearest whole share, which resulted in an award of 11,627 Common Shares to each Trustee. Managing Trustees do not receive cash compensation for their services as Trustees.

Trustee Share Ownership Guidelines

Our Board believes it is important to align the interests of our Trustees with those of our shareholders, and for our Trustees to hold equity ownership positions in our Company. Accordingly, each Trustee is expected to retain at least 20,000 Common Shares (which number shall automatically adjust in respect of stock splits or similar events) within five years following: (i) if elected by shareholders, the annual meeting of shareholders of our Company at which such Trustee was initially elected, or (ii) if elected by our Board, the first annual meeting of shareholders of our Company following the initial election of such Trustee to our Board. Compliance with these ownership guidelines is measured annually. Any Trustee who is prohibited by law or by applicable regulation of his, her or their employer from owning equity in our Company is exempt from this requirement. Our Nominating and Governance Committee may consider whether exceptions should be made for any Trustee on whom this requirement could impose a financial hardship.

As of March 17, 2025, all Trustees have met these share ownership guidelines.

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Fiscal Year 2024 Trustee Compensation

The following table details the total compensation of the Trustees for the fiscal year ended December 31, 2024 for services as a Trustee.

Name	Fees Earned or Paid in Cash ($)(1)		Stock Awards ($)(2)		All Other Compensation ($)		Total ($)
Jennifer B. Clark(3)		—		24,998		—		24,998
Donna D. Fraiche		100,000		24,998		—		124,998
Barbara D. Gilmore		85,000		24,998		—		109,998
John L. Harrington		85,000		24,998		—		109,998
William A. Lamkin		105,000		24,998		—		129,998
Elena B. Poptodorova		102,500		24,998		—		127,498
Adam Portnoy(3)		—		24,998		—		24,998
Jeffrey P. Somers		100,000		24,998		—		124,998
Mark A. Talley		85,000		24,998		—		109,998

(1)

The amounts reported in the Fees Earned or Paid in Cash column reflect the cash fees earned by each Independent Trustee in 2024, consisting of a $85,000 annual cash fee and each of Ms. Fraiche and Messrs. Lamkin and Somers earned an additional $15,000, $20,000 and $15,000, respectively, for service as a committee chair in 2024. Ms. Poptodorova also earned an additional $17,500 for service as the Lead Independent Trustee.

(2)

Equals 11,627 Common Shares multiplied by the closing price of such shares on June 13, 2024, the award date. Amounts shown are also the compensation cost for the award recognized by us for financial reporting purposes pursuant to Financial Accounting Standards Board Accounting Standards CodificationTM Topic 718, “Compensation—Stock Compensation” (“ASC 718”) (which equals the closing price of the shares on the award date, multiplied by the number of shares subject to the award). No assumptions were used in this calculation. All Common Share awards fully vested on the award date.

(3)

Managing Trustees do not receive cash compensation for their services as Trustees.

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OWNERSHIP OF OUR EQUITY SECURITIES

Trustees and Executive Officers

The following table sets forth information regarding the beneficial ownership of the outstanding Common Shares by each Trustee nominee, each Trustee, each of our named executive officers and our Trustees, Trustee nominees, and executive officers as a group, all as of March 17, 2025. Unless otherwise noted, to our knowledge, voting power and investment power in the Common Shares are exercisable solely by the named person and the principal business address of the named person is c/o Office Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458.

Name and Address	Aggregate Number of Shares Beneficially Owned*	Percent of Outstanding Shares**	Additional Information
Adam Portnoy	790,695	1.13%	Includes 576,258 Common Shares owned by ABP Trust. Voting and investment power with respect to Common Shares owned by ABP Trust may be deemed to be shared by Adam Portnoy as ABP Trust’s sole trustee.
Jennifer B. Clark	143,774	Less than 1%
Jeffrey P. Somers	38,739	Less than 1%
Yael Duffy	38,308	Less than 1%
Brian E. Donley	37,755	Less than 1%
William A. Lamkin	36,177	Less than 1%	Includes 36,177 Common Shares owned by Janet W. Lamkin and William A. Lamkin as trustees of a trust, Trustees U/T/D 9-28-18. Mr. Lamkin may be deemed to hold voting and investment power as a trustee and beneficiary of the trust.
Donna D. Fraiche	36,177	Less than 1%
Barbara D. Gilmore	34,939	Less than 1%	Includes 750 Common Shares owned jointly with Ms. Gilmore’s husband.
John L. Harrington	34,189	Less than 1%	Includes 34,189 Common Shares owned by the John L. Harrington Revocable Trust. Mr. Harrington may be deemed to hold voting and investment power as a trustee and beneficiary of the John L. Harrington Revocable Trust.
Elena B. Poptodorova	25,607	Less than 1%
Mark A. Talley	20,798	Less than 1%
All Trustees, the Trustee nominees and executive officers as a group (eleven persons)	1,237,158	1.77%

Amounts exclude fractional shares.

The percentages indicated are based on 69,824,743 Common Shares outstanding as of March 17, 2025.

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Principal Shareholders

Set forth in the table below is information about the number of Common Shares held by persons known to be the beneficial owners of more than 5.0% of the outstanding Common Shares based on filings with the SEC pursuant to Section 13(d) and Section 13(g) of the Exchange Act.

Name and Address	Aggregate Number of Shares Beneficially Owned	Percent of Outstanding Shares*	Additional Information
MSD Partners, L.P. (“MSD”) One Vanderbilt Avenue, 26th Floor, New York, New York 10017	5,052,548	7.24%	MSD filed a Schedule 13G with the SEC on December 17, 2024, reporting that, at December 11, 2024, MSD beneficially owned and had shared voting and shared dispositive power over 5,052,548 Common Shares.
The Vanguard Group, Inc. (“Vanguard”) 100 Vanguard Boulevard Malvern, Pennsylvania 19355	4,936,384	7.07%	Vanguard filed a Schedule 13G/A with the SEC on January 31, 2025, reporting that, at December 31, 2024, Vanguard beneficially owned 4,936,384 Common Shares and had sole dispositive power over 4,918,508 Common Shares and shared dispositive power over 17,876 Common Shares.
D. E. Shaw & Co., L.P. (“D.E. Shaw”) D. E. Shaw & Co., L. L. C. David E. Shaw Two Manhattan West 375 Ninth Avenue, 52nd Floor New York, NY 10001	3,965,620	5.68%	D.E. Shaw filed a Schedule 13G/A with the SEC on February 14, 2025, reporting that, at December 31, 2024, (i) D.E. Shaw beneficially owned and had shared dispositive power over 3,965,620 Common Shares and shared voting power over 3,947,320 Common Shares; (ii) D. E. Shaw & Co., L. L. C. beneficially owned and had shared dispositive and voting power over 3,466,613 Common Shares; and (iii) David E. Shaw beneficially owned and had shared dispositive power over 3,965,620 Common Shares and shared voting power over 3,947,320 Common Shares.

Our Declaration of Trust places restrictions on the ability of any person or group to acquire beneficial ownership of more than 9.8% of any class of our Common Shares. Additionally, on June 13, 2024, we amended our Bylaws to provide that transfers of our Common Shares to a person or group which is then, or would become as a result, owners of 5% or more of our outstanding Common Shares would be void in total for transferees then already owning 5% or more of our shares, and for transferees that would otherwise become owners of 5% or more of our Common Shares, to the extent the transfer would so result in such level of ownership by the proposed transferee. Common Shares relating to attempted transfers in violation of this prohibition may be subject to transfer to a charitable trust in accordance with the provisions of our Declaration of Trust. With respect to shareholders who held in excess of 5% of our Common Shares outstanding prior to June 13, 2024, none of such shareholders’ Common Shares were deemed under the new limitation to be excess securities subject to automatic transfer to a charitable trust; instead such shareholders will not be permitted to acquire additional Common Shares while owning 5% or more of our outstanding Common Shares or thereafter to the extent any such subsequent acquisition would result in them owning 5% or more of our outstanding Common Shares. The ownership limitation in our Bylaws is intended to help us preserve the tax treatment of our net operating losses and other tax benefits. The Board approved, if and to the extent requested, a waiver of the beneficial ownership of Common Shares in excess of the 5% limitation in the Bylaws by MSD and D.E. Shaw.

The percentages indicated are based on 69,824,743 Common Shares outstanding as of March 17, 2025.

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PROPOSAL 2: ADVISORY VOTE TO APPROVE

EXECUTIVE COMPENSATION

As required by Section 14A of the Exchange Act, we are seeking a non-binding advisory vote from our shareholders to approve the compensation of our named executive officers as described in the “Executive Compensation” section beginning on page 39.

Our Board recommends that shareholders vote “FOR” the following resolution:

RESOLVED: That the shareholders of the Company approve, on a non-binding, advisory basis, the compensation paid by the Company to the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the “Executive Compensation” section in this Proxy Statement.

Because your vote is advisory, it will not be binding upon our Board or Compensation Committee. However, our Board values shareholders’ opinions and our Compensation Committee will take into account the outcome of the vote when considering future executive compensation decisions.

Approval of the advisory vote to approve executive compensation requires the affirmative vote of a majority of all the votes cast, in person or by proxy, at our 2025 Annual Meeting.

Our Board of Trustees recommends a vote “FOR” the advisory vote to approve executive compensation.

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COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

Our Compensation Committee is comprised entirely of four Independent Trustees. No member of our Compensation Committee is a current, or during 2024 was a former, officer or employee of ours. In 2024, none of our executive officers served (i) on the compensation committee of any entity that had one or more of its executive officers serving on our Board or our Compensation Committee or (ii) on the board of directors or board of trustees of any entity that had one or more of its executive officers serving on our Compensation Committee. Two members of our Compensation Committee serve as independent trustees of other RMR Clients and two members of our Compensation Committee serve as compensation committee members of other public RMR Clients. Ms. Fraiche serves as the lead independent trustee and a member of the compensation committee of SVC. Ms. Gilmore serves as an independent trustee and the chair of the compensation committee of SEVN. The disclosures regarding our relationships with these foregoing entities and certain transactions with or involving them under the section entitled “Certain Related Person Transactions” are incorporated by reference herein.

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EXECUTIVE COMPENSATION

None of our named executive officers is employed by us. The following tables and footnotes summarize the total compensation we paid to our named executive officers for 2024, who consist of our President and Chief Operating Officer and our Chief Financial Officer and Treasurer. Our named executive officers were our only executive officers during 2024. RMR provides services that otherwise would be provided by employees, and RMR employs and pays cash compensation to our named executive officers directly and in its sole discretion in connection with their services rendered to RMR, our Company and other RMR Clients. Our named executive officers are officers and employees of RMR and, as officers and employees of RMR, also provide services to RMR and other RMR Clients. For information regarding the compensation paid by us to RMR, please see the below “Certain Related Person Transactions” section. For information regarding the compensation paid by RMR and RMR Inc. to the named executive officers of RMR Inc., please see the documents filed by RMR Inc. with the SEC, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and its Proxy Statement on Schedule 14A for its 2025 Annual Meeting of Shareholders. RMR Inc.’s filings with the SEC are not incorporated by reference into this Proxy Statement. We do not pay our named executive officers salaries or bonuses or provide other cash compensation or employee benefits. We provide equity incentive compensation to our named executive officers pursuant to the terms of our Share Award Plan.

Summary Compensation Table

Name and Principal Position	Year		Salary(1)		Bonus		Stock Awards ($)(2)		All Other Compensation ($)(3)		Total ($)
Yael Duffy(4) President and Chief Operating Officer		2024		—		—		69,998		456		70,454
Brian E. Donley Chief Financial Officer and Treasurer		2024		—		—		69,998		429		70,427
Brian E. Donley Chief Financial Officer and Treasurer		2023		—		—		23,040		3,335		26,375

(1)

Our named executive officers are officers and employees of RMR, and as officers and employees of RMR, also provide services to RMR and RMR Clients. In 2024, our named executive officers received aggregate base salary payments of $706,362 and aggregate cash bonuses of $814,500 from RMR for services those officers provided to RMR, our Company and other RMR Clients.

(2)

Represents the grant date fair value of Common Share awards in 2024 and 2023, as applicable, calculated in accordance with ASC 718 (which equals the closing price of the shares on the award date, multiplied by the number of shares subject to the award). No assumptions were used in this calculation. The values listed in this column include the value of the Common Shares we awarded to Mr. Donley in his capacity as an officer of RMR prior to him becoming our Chief Financial Officer and Treasurer, effective October 1, 2023.

(3)

Consists of cash distributions in the applicable year on unvested Common Shares received in connection with cash distributions we paid to all of our shareholders. We pay no cash compensation to our executive officers. As noted above, our named executive officers are employees of, and are paid by, RMR for their service as our executive officers (other than the awards of Common Shares described herein, other than with respect to Mr. Donley in 2023, whose award was made in respect of his service as an officer of RMR prior to becoming our Chief Financial Officer and Treasurer).

(4)

Only one year of information has been provided for Ms. Duffy because she was not a named executive officer prior to 2024.

2024 Outstanding Equity Awards at Fiscal Year End

The agreements governing the Common Shares we awarded to our named executive officers in 2024 and prior years provide that one fifth of each award vested on the date of the award and an additional one fifth vests on each of the next four anniversaries of the award date, subject to the applicable named executive officer continuing to render significant services, whether as an employee or otherwise, to us, RMR or any RMR Client or their respective affiliates and to accelerated vesting under certain circumstances. Holders of vested and unvested Common Shares awarded under the Share Award Plan receive distributions that we make, if any, on our shares on the same terms as other holders of the Common Shares.

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The following table shows the total Common Shares awarded by us in 2024 and prior years to our named executive officers that were unvested as of December 31, 2024.

			Stock Awards
Name	Year Granted		Number of Shares or Units of Stock That Have Not Vested (#)(1)		Market Value of Shares or Units of Stock That Have Not Vested ($)(2)
Yael Duffy(3)		2024		26,290		26,285
		2023		2,400		2,400
		2022		960		960
		2021		200		200
Brian E. Donley(4)		2024		26,290		26,285
		2023		2,400		2,400
		2022		480		480
		2021		200		200

(1)

The Common Shares awarded in 2024, 2023, 2022 and 2021 were awarded on September 11, 2024, September 13, 2023, September 14, 2022 and September 15, 2021, respectively.

(2)

Equals the number of Common Shares not vested multiplied by the closing price of the Common Shares on December 31, 2024.

(3)

Ms. Duffy was elected as President and Chief Operating Officer effective January 1, 2024. The Common Shares awarded to Ms. Duffy in 2023 and prior years were awarded to her in her capacity as an officer and employee of RMR before becoming an executive officer of our Company.

(4)

Mr. Donley was elected as Chief Financial Officer and Treasurer effective October 1, 2023. The Common Shares awarded to Mr. Donley in 2023 and prior years were awarded to him in his capacity as an officer and employee of RMR before becoming an executive officer of our Company.

Potential Payments upon Termination or Change in Control

The Share Award Plan and the form of share award agreement for awards made to our named executive officers provides for acceleration of vesting of all share awards upon the occurrence of certain change in control or termination events (each, a “Termination Event”). The following table describes the potential payments to our named executive officers upon a Termination Event, if such event had occurred, as of December 31, 2024.

Name	Number of Shares Vested Upon Termination Event (#)		Value Realized on Termination Event as of December 31, 2024 ($)(1)
Yael Duffy(2)		29,850		29,845
Brian E. Donley(3)		29,370		29,365

(1)

Equals the number of unvested Common Shares multiplied by the closing price of the Common Shares on December 31, 2024.

(2)

The Common Shares awarded to Ms. Duffy in 2023 and prior years were awarded to her in her capacity as an officer and employee of RMR.

(3)

The Common Shares awarded to Mr. Donley in 2023 and prior years were awarded to him in his capacity as an officer and employee of RMR.

From time to time we have approved, and may in the future approve, the acceleration of vesting of Common Shares previously awarded under the Share Award Plan to former employees of RMR, which may include individuals who are our executive officers, when their employment with RMR is terminated.

For a discussion of the consequences of a Termination Event under our business and property management agreements with RMR, see the below “Related Person Transactions” section.

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Equity Plan Information

We may grant Common Shares under the Share Award Plan to our Trustees and officers, employees of RMR and other individuals who provide services to us or to our subsidiaries. In fiscal year 2024, we issued 649,198 Common Shares to our Trustees and officers, employees of RMR and others who provided services to us or to our subsidiaries. The following table is as of December 31, 2024.

Plan Category

Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights

Weighted-
average
exercise price of
outstanding
options,
warrants and
rights

Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
reflected in column (a))

(a)

(b)

(c)

Equity compensation plans approved by security holders

None

94,000

Equity compensation plans not approved by security holders

None

Total

None

94,000

We award Common Shares annually to our officers and to other employees of RMR who provide services to us. We do not take into account material non-public information when determining the timing or terms of our annual awards of Common Shares, nor do we time disclosure of material non-public information for the purpose of affecting the value of such awards. Because the consideration of our annual share awards by our Compensation Committee and our Board is determined on a regular schedule (i.e., in September for our officers and employees of RMR and at the first meeting of our Board after the annual meeting of shareholders for the Trustees), any proximity of any awards to earnings announcements or other market events is coincidental. We do not currently grant stock options as part of our equity compensation for our named executive officers.

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Pay Versus Performance

The following table and footnotes summarize the total compensation we paid to our Named Executive Officers (our “NEOs”), compensation “actually paid” to our NEOs (calculated in accordance with SEC rules), the cumulative total shareholder return of the Company and our net income for the past three fiscal years. None of our NEOs is employed by us. RMR provides services that otherwise would be provided by employees, and RMR employs and pays cash compensation to our NEOs directly and in its sole discretion in connection with their services rendered to RMR, our Company and other RMR Clients. For information regarding the compensation paid by us to RMR, please see the below “Certain Related Person Transactions” section. We do not pay our named executive officers salaries or bonuses or provide other cash compensation or employee benefits. We provide equity incentive compensation to our named executive officers pursuant to the terms of our Share Award Plan.

Pay Versus Performance

Year	Summary Compensation Table Total for Principal Executive Officer (“PEO”)			Compensation Actually Paid to PEO(1)			Summary Compensation Table Total for PEO		Compensation Actually Paid to PEO(1)		Average Summary Compensation Table Total for Non-PEO NEOs			Average Compensation Actually Paid to Non-PEOs NEOs(2)(3)			Value of initial fixed $100 Investment Based on Total Shareholder Return			Net Income (Loss) ($000s)
	Yael Duffy
2024		$	70,454		$	9,609		—		—		$	70,427		$	13,852		$	5.36	$(136,107)
							Christopher J. Bilotto
2023			—			—		71,960		40,110			49,273			31,212			38.59	(69,432)
2022			—			—		123,504		20,120			124,241			17,233			60.00	(6,109)

(1)

The following table summarizes the applicable deductions and additions for the PEO in the calculation of Compensation Actually Paid to the PEO.

PEO Compensation Actually Paid

Year			PEO Name			Total Compensation Per Summary Compensation Table						Stock Grant Amount						Year End Fair Value of Equity Awards Granted and Unvested During Applicable Year						Change in Fair Value as of Year End of Any Prior Year Awards that Remain Unvested as of Year End						Awards Granted and Vested in the Same Year, at Fair Value as of the Vesting Date						Change in Fair Value as of Year End of Any Prior Year Awards that Vested During Applicable Year						Total Equity Value Reflected in Compensation Actually Paid						Compensation Actually Paid to PEO
2024			Yael Duffy				$	70,454					$	(69,998)					$	26,285					$	(22,500)					$	14,000					$	(8,632)					$	9,153					$	9,609

(2)

The only non-PEO NEO for 2024 is Brian E. Donley.

(3)

The following table summarizes the applicable deductions and additions for the Non-PEO NEO in the calculation of Compensation Actually Paid to the Non-PEO NEO.

Average Non-PEO NEOs—Compensation Actually Paid

Year			Total Compensation Per Summary Compensation Table						Stock Grant Amount						Year End Fair Value of Equity Awards Granted and Unvested During Applicable Year						Change in Fair Value as of Year End of Any Prior Year Awards that Remain Unvested as of Year End						Awards Granted and Vested in the Same Year, at Fair Value as of the Vesting Date						Change in Fair Value as of Year End of Any Prior Year Awards that Vested During Applicable Year						Total Equity Value Reflected in Compensation Actually Paid						Compensation Actually Paid to Non-PEO NEOs
2024				$	70,427					$	(69,998)					$	26,285					$	(19,466)					$	14,000					$	(7,396)					$	13,423					$	13,852

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Relationship Description

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PROPOSAL 3: APPROVAL OF THE SECOND AMENDED

AND RESTATED OFFICE PROPERTIES INCOME TRUST 2009 INCENTIVE SHARE AWARD PLAN

We are asking shareholders to approve the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan (the “Amended and Restated Plan”). The Amended and Restated Plan increases the number of Common Shares available under the plan from the 1,500,000 previously reserved under the predecessor Share Award Plan (the “Share Award Plan”) to an aggregate of 3,500,000 and extends the term of the plan until the tenth anniversary of our 2025 Annual Meeting.

The Amended and Restated Plan provides that an aggregate of 3,500,000 Common Shares are available for award under the plan pursuant to grants of Common Shares or Common Shares subject to restrictions (“Restricted Shares”). As of March 17, 2025, there were 69,232,864 Common Shares outstanding (not including unvested Restricted Shares), 94,000 Common Shares were available for grants of future awards pursuant to the Share Award Plan, and there were 591,879 unvested Restricted Shares outstanding, which remain subject to possible forfeiture to, or repurchase for nominal consideration by, us as provided in applicable share award agreements.

Our Board believes that equity and equity-based compensation assists in recognizing executives’ and other service providers’ scope of responsibilities, rewarding demonstrated performance and leadership, motivating future performance, aligning the interests of our executives and other service providers with those of our other shareholders and motivating executives and other service providers to remain in the service of the Company and RMR and to continue to provide services to us through the term of the awards. The Amended and Restated Plan, if approved by shareholders, will be the only plan we have to provide equity and equity-based incentive compensation to eligible individuals.

We believe that the number of Common Shares available for issuance under the Amended and Restated Plan is necessary to allow us to continue our equity compensation program for approximately the next three to four years based on current expectations (although the Amended and Restated Plan will have a term that runs until the tenth anniversary of our 2025 Annual Meeting).

In connection with the drafting of the proposed Amended and Restated Plan, the Compensation Committee received input on plan design and sizing from Ferguson Partners, an independent compensation consultant retained by the Company.

For purposes of evaluating our equity compensation program, shareholders may wish to consider two key metrics: “historical burn rate” and “overhang.”

Historical Burn Rate. Our historical burn rate is equal to the number of Common Shares subject to equity awards granted during a period, in proportion to our weighted average outstanding Common Shares. Our burn rate for the year ended December 31, 2024 was 1.25%, and our average annual burn rate for the three years ended December 31, 2024 was 0.72%.

Year	Time-Based Full-Value Awards Granted		Weighted Average Common Shares Outstanding	Burn Rate
2024		649,198	51,806,445	1.25%
2023		241,800	48,389,422	0.50%
2022		172,700	48,278,293	0.36%
			3-Year Average	0.72%

Overhang. Our overhang is the number of outstanding Common Shares that are subject to vesting requirements at year end (i.e. unvested Restricted Shares) plus the number of Common Shares available for future grants of equity awards, inclusive of an additional 2,000,000 Common Shares, assuming approval of

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the Amended and Restated Plan by shareholders, in proportion to our Common Shares outstanding at year end excluding the unvested Restricted Shares. As of the year ended December 31, 2024, our overhang was 3.9%, which includes the number of Common Shares available for future grants (3.0%) and the number of unvested Restricted Shares (0.9%).

Material Terms of the Amended and Restated Plan

A copy of the Amended and Restated Plan is set forth as Annex A to this Proxy Statement. The material features of the Amended and Restated Plan are described below. The following description is intended to be a summary, and does not purport to be a complete statement of the terms of the Amended and Restated Plan. Accordingly, this summary is qualified in its entirety by reference to Annex A.

Administration. The Amended and Restated Plan will continue to be administered by our Board or, in the discretion of our Board, a committee designated by our Board and comprised of at least two members of our Board. Our Board has delegated its authority to administer the Share Award Plan to our Compensation Committee and such delegation is expected to remain in place with respect to the Amended and Restated Plan; however, our Board may revoke or rescind such delegations of authority in whole or in part at any time. Each member of any committee administering the Amended and Restated Plan is required to be a “non-employee director” (within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act) and to meet such other requirements as our Board may determine to be necessary or appropriate. Our Board or a committee thereof has the authority to administer the Amended and Restated Plan, including the authority to interpret the plan, to make awards thereunder (and determine the terms of such awards) and to adopt and approve from time to time the forms of share award agreements under the Amended and Restated Plan.

Awards. The Amended and Restated Plan permits discretionary awards of Common Shares, which will be subject to such terms and conditions as our Board or a committee may determine, which may include, without limitation, terms with respect to vesting, forfeiture, repurchase and transfer restrictions, typically based on continued employment or service. If it determines to do so, our Board or the designated committee may award shares under the Amended and Restated Plan that are not subject to vesting, forfeiture, repurchase and transfer restrictions.

Participants. The Amended and Restated Plan permits awards to be made to our Trustees and officers, employees of RMR, consultants, advisors or other persons or entities providing management, administrative or other services to us or to our subsidiaries. Actual participants are determined by our Board or a committee thereof in its discretion.

Change in Control; Termination Event. The Amended and Restated Plan provides that if we are subject to a “Change in Control,” or a “Termination Event” (as defined in the plan) unvested awards will vest upon the occurrence of such event.

Amendment and Termination. The Amended and Restated Plan may be amended or terminated by our Board, subject to shareholder approval where required by law or applicable listing requirements. The Amended and Restated Plan will, unless terminated earlier by our Board, terminate on the tenth anniversary of our 2025 Annual Meeting. However, awards made before the termination of the Amended and Restated Plan may extend beyond that date in accordance with their terms.

Common Shares Available. The total number of Common Shares that may be granted under the Amended and Restated Plan is 3,500,000, subject to adjustment for certain transactions as set forth in the plan. If any Common Shares subject to an award (including awards granted under the Share Award Plan, of which there were 94,000 outstanding as of March 17, 2025) are forfeited, cancelled, repurchased or surrendered, the shares with respect to such award will, to the extent of any such forfeiture, cancellation, repurchase or surrender, again be available for awards under the plan. Common Shares surrendered or withheld as payment of withholding taxes in respect of an award, only to the extent such surrender or withholding occurs on or after June 12, 2025, shall not be available again for grant under the Amended and Restated Plan. The number of Common Shares reserved for issuance under the Amended and Restated Plan and the awards made under the plan are generally subject to adjustment by our Board upon the occurrence of a merger,

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sale of assets, reorganization, recapitalization, exchange of shares, stock split, combination of shares or dividend payable in shares or other securities or any similar corporate transaction.

On April 1, 2025, the last reported sale price of the Common Shares on the Nasdaq was $0.45 per share.

Persons eligible to receive awards of shares under the Amended and Restated Plan will be those persons selected by our Board or committee in its discretion from among our Trustees and officers, employees of RMR, consultants, advisors or other persons or entities providing management, administrative or other services to us or to our subsidiaries. As of March 17, 2025, we had two executive officers and nine Trustees and RMR and its subsidiaries had approximately 1,000 employees who were not either executive officers or Trustees of the Company; all of those persons and other qualifying service providers of the Company would be eligible for awards under the Amended and Restated Plan. During 2024, 82 eligible Trustees, executive officers and RMR employees (and those of its subsidiaries) received awards under the Share Award Plan.

Awards under the Amended and Restated Plan will generally be made in the discretion of our Board or designated committee and are therefore not determinable at this time.

Certain Federal Income Tax Consequences in Respect of the Amended and Restated Plan

The following is a summary of certain United States federal income tax consequences with respect to awards under the Amended and Restated Plan. Participants should consult with their own tax advisors and should not rely upon this summary.

Share Awards. A participant in the Amended and Restated Plan receiving an unrestricted Common Share award (or the unrestricted portion of a Restricted Share award) will be taxed as ordinary compensation income in an amount equal to the fair market value of the Common Shares at the time of the award.

Restricted Shares. The term “restricted shares” refers to an award of Common Shares under the Amended and Restated Plan that are subject to forfeiture restrictions. A participant generally will not be taxed upon the receipt of a Restricted Share award, but rather will recognize ordinary compensation income in an amount equal to the fair market value of the Common Shares at the time the Common Shares are no longer subject to a substantial risk of forfeiture, as defined in the Internal Revenue Code. A participant may, however, elect under Internal Revenue Code Section 83(b) and not later than 30 days after the transfer of such Common Shares to the participant to recognize ordinary compensation income at the time the Restricted Shares are awarded in an amount equal to the fair market value at that time, notwithstanding the fact that such Common Shares are subject to restrictions and a substantial risk of forfeiture. If such an election is made, no additional income will be recognized by such participant at the time the restrictions lapse. However, if Common Shares subject to a Section 83(b) election are later forfeited, no tax deduction is allowable with respect to the previously recognized ordinary compensation income to the participant for the forfeited Common Shares.

The full amount of dividends or other distributions of property made with respect to Restricted Shares before the lapse of any applicable restrictions will constitute ordinary compensation income, unless a Section 83(b) election has been made.

The Company, as the recipient of the services rendered by the participant, will generally be entitled to a deduction at the same time as and in the same amount that the participant recognizes ordinary compensation income.

Share Usage

The annual share usage under the Share Award Plan for the last three calendar years was as follows:

Year	Awards Granted (number of shares)		Weighted Average Common Shares Outstanding
2024		649,198		51,806,445
2023		241,800		48,389,422
2022		172,700		48,278,293

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Approval of the Amended and Restated Plan requires the affirmative vote of a majority of all the votes cast, in person or by proxy, at our 2025 Annual Meeting.

Our Board of Trustees recommends a vote “FOR” the approval of the Amended and Restated Plan.

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PROPOSAL 4: RATIFICATION OF THE APPOINTMENT

OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS

Our Audit Committee has the sole authority and responsibility to hire, evaluate and, when appropriate, replace our independent auditors and is directly responsible for the appointment, compensation and general oversight of the work of our independent auditors. Our Audit Committee is responsible for approving the audit and permissible non-audit services provided by our independent auditors and the associated fees.

Our Audit Committee evaluates the performance of our independent auditors annually and determines whether to re-engage the current independent auditors or consider other audit firms. In doing so, our Audit Committee considers the quality and efficiency of the services provided by the auditors, the auditors’ technical expertise and knowledge of our operations and industry, the auditors’ independence, the results of inspections by the Public Company Accounting Oversight Board (“PCAOB”) and peer quality reviews of the auditors and the auditors’ reputation in the marketplace. In connection with the mandated rotation of our independent auditors’ lead engagement partner, our Audit Committee and its Chair consider the selection of the new lead engagement partner identified by our independent auditors.

Based on this evaluation, our Audit Committee has appointed Deloitte & Touche LLP (“Deloitte”) to serve as our independent auditors for the fiscal year ending December 31, 2025. Deloitte has served as our independent auditors since June 2020 and is considered by management and our Audit Committee to be well-qualified.

Our Audit Committee has determined to submit its selection of our independent auditors to our shareholders for ratification. This vote will ratify prior action by our Audit Committee and will not be binding upon our Audit Committee. However, our Audit Committee may reconsider its prior appointment of our independent auditors or consider the results of this vote when it determines who to appoint as our independent auditors in the future.

Audit Fees and All Other Fees

The following table shows the fees for audit and other services provided to us by Deloitte for the fiscal years ended December 31, 2024 and 2023.

	2024 Fees(1) ($)		2023 Fees ($)
Audit Fees		873,200		788,300
Audit Related Fees		32,250		31,200
Tax Fees		8,100		7,350
All Other Fees		948		948

(1)

The amount of audit fees for 2024 is based on the fees billed and paid to date and on the estimate for remaining fees provided by Deloitte to and approved by our Audit Committee for the services provided by Deloitte. The final amount of fees may vary from the estimate provided.

Audit Fees. This category includes fees associated with the annual financial statements audit and related audit procedures, the audit of internal control over financial reporting, work performed in connection with any registration statements and any applicable Current Reports on Form 8-K and the review of any of our Quarterly Reports on Form 10-Q.

Audit Related Fees. This category consists of services that are reasonably related to the performance of the audit or review of financial statements and are not included in “Audit Fees.” These services principally include due diligence in connection with acquisitions, consultation on accounting and internal control matters, audits in connection with proposed or consummated acquisitions, information systems audits and other attest services.

Tax Fees. This category consists of fees for tax services, including tax compliance, tax advice and tax planning.

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All Other Fees. This category consists of services that are not included in the above categories. The amounts for 2024 and 2023 reflect annual subscription fees for Deloitte’s online accounting research application.

Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors

Our Audit Committee has established policies and procedures that are intended to control the services provided by our independent auditors and to monitor their continuing independence. Under these policies, our independent auditors may not undertake any services unless the engagement is specifically approved by our Audit Committee or the services are included within a category that has been approved by our Audit Committee. The maximum charge for services is established by our Audit Committee when the specific engagement or the category of services is approved. In certain circumstances, our management is required to notify our Audit Committee when approved services are undertaken and our Audit Committee or its Chair may approve amendments or modifications to the engagement or the maximum fees. RMR’s internal audit group is responsible for reporting to our Audit Committee regarding compliance with these policies and procedures.

Our Audit Committee will not approve engagements of our independent auditors to perform non-audit services for us if doing so will cause our independent auditors to cease to be independent within the meaning of applicable SEC or Nasdaq rules. In other circumstances, our Audit Committee considers, among other things, whether our independent auditors are able to provide the required services in a more or less effective and efficient manner than other available service providers and whether the services are consistent with the PCAOB’s rules.

All services for which we engaged Deloitte in fiscal 2024 and 2023 were approved by our Audit Committee. The total fees for audit and non-audit services provided by Deloitte in fiscal 2024 and 2023 are set forth above. Our Audit Committee approved the engagement of Deloitte in fiscal 2024 and 2023 to provide the non-audit services described above because it determined that Deloitte providing these services would not compromise Deloitte’s independence and that Deloitte’s familiarity with our record keeping and accounting systems would permit it to provide these services with equal or higher quality, more quickly and at a lower cost than we could obtain comparable quality services from other providers.

Other Information

We have been advised by Deloitte that neither the firm, nor any member of the firm, has any material interest, direct or indirect, in any capacity in us or our subsidiaries.

One or more representatives of Deloitte will be present at our 2025 Annual Meeting. The representatives will have an opportunity to make a statement if they desire to do so and will be available to respond to appropriate questions.

Ratification of the appointment of our independent auditors requires the affirmative vote of a majority of all the votes cast, in person or by proxy, at our 2025 Annual Meeting.

Our Board of Trustees recommends a vote “FOR” the ratification of the appointment of Deloitte & Touche LLP as independent auditors.

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REPORT OF OUR AUDIT COMMITTEE

In the course of the Audit Committee (our “Audit Committee”) of the Board of Trustees (our “Board of Trustees”) of Office Properties Income Trust’s oversight of our financial reporting process, our Audit Committee has: (i) reviewed and discussed with management the audited financial statements for the fiscal year ended December 31, 2024; (ii) discussed with Deloitte & Touche LLP, our independent auditors, the matters required to be discussed under Public Company Accounting Oversight Board (the “PCAOB”) Auditing Standard No. 1301; (iii) received the written disclosures and the letter from our auditors required by applicable requirements of the PCAOB regarding our independent auditors’ communications with our Audit Committee concerning independence; (iv) discussed with our independent auditors their independence; and (v) considered whether the provision of non-audit services by our independent auditors is compatible with maintaining their independence and concluded that it is compatible at this time.

Based on the foregoing review and discussions, our Audit Committee recommended to our Board of Trustees that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for filing with the Securities and Exchange Commission.

William A. Lamkin, Chair
Donna D. Fraiche
Barbara D. Gilmore
John L. Harrington
Elena B. Poptodorova
Jeffrey P. Somers
Mark A. Talley

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FREQUENTLY ASKED QUESTIONS

Proxy Materials and Voting Information

What is included in the proxy materials? What is a proxy statement and what is a proxy?

The proxy materials for our 2025 Annual Meeting include the Notice Regarding the Availability of Proxy Materials, Notice of 2025 Annual Meeting, this Proxy Statement and our Annual Report for the fiscal year ended December 31, 2024 (collectively, the “proxy materials”). If you request a paper copy of these materials, the proxy materials will also include a proxy card or voting instruction form.

A proxy statement is a document that SEC regulations require us to give you when we ask you to return a proxy designating individuals to vote on your behalf. A proxy is your legal designation of another person to vote the shares you own. That other person is called your proxy.

What is the difference between holding shares as a shareholder of record and as a beneficial owner?

If your shares are registered directly in your name with our registrar and transfer agent, Equiniti Shareowner Services, you are considered a shareholder of record of those shares. If you are a shareholder of record, you should receive only one notice or proxy card for all the Common Shares you hold, whether in certificate or book entry form.

If your shares are held in an account you own at a bank or brokerage firm or you hold shares through another nominee, you are considered the “beneficial owner” of those shares. If you are a beneficial owner, you will receive voting instruction information from the bank, broker or other nominee through which you own your Common Shares.

If you hold some shares of record and some shares beneficially, you should receive a notice or proxy card for all the Common Shares you hold of record and a separate voting instruction form for the shares from the bank, broker or other nominee through which you own Common Shares.

What different methods can I use to have my shares voted?

By Telephone or Internet. All shareholders of record as of the close of business on March 17, 2025, the Record Date, can authorize a proxy to vote their shares by touchtone telephone by calling 1-800-690-6903, or through the internet at www.proxyvote.com, using the procedures and instructions described in your Notice Regarding the Availability of Proxy Materials or proxy card. Beneficial owners may authorize a proxy by telephone or internet if their bank, broker or other nominee makes those methods available, in which case the bank, broker or nominee will include the instructions with the proxy voting materials. To authorize a proxy by telephone or internet, you will need the 16 digit control number provided on your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form. The telephone and internet proxy authorization procedures are designed to authenticate shareholder identities, to allow shareholders to authorize a proxy to vote their shares and to confirm that their instructions have been recorded properly. Proxies submitted by telephone or through the internet must be received by 11:59 p.m., Eastern Time, on June 11, 2025 or, if the meeting is postponed or adjourned to a later date, by 11:59 p.m., Eastern Time, on the day immediately preceding the date of the reconvened meeting.

By Written Proxy. All shareholders of record as of the close of business on the Record Date also can authorize a proxy to vote their shares by written proxy card. If you are a shareholder of record and receive a Notice Regarding the Availability of Proxy Materials, you may request a written proxy card by following the instructions included in the notice. If you are a beneficial owner, you may request a written proxy card or a voting instruction form from your bank, broker or other nominee. Proxies submitted by mail must be received by

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11:59 p.m., Eastern Time, on June 11, 2025 or, if the meeting is postponed or adjourned to a later date, by 11:59 p.m., Eastern Time, on the day immediately preceding the date of the reconvened meeting.

Electronically at our 2025 Annual Meeting.

•

All shareholders of record as of the close of business on the Record Date may vote electronically at the meeting, as described in the response to question 11. Even if you plan to attend our 2025 Annual Meeting, we recommend that you follow the voting directions described above, so that your vote will be counted if you later decide not to attend our 2025 Annual Meeting.

•

Beneficial owners as of the close of business on the Record Date may vote electronically at our 2025 Annual Meeting if they have a 16 digit control number, as described in the response to questions 11 and 12.

A shareholder may revoke a proxy at any time before it is exercised at our 2025 Annual Meeting, subject to the proxy voting deadlines described above, by authorizing a proxy again on a later date by internet or by telephone, by signing and returning a later dated proxy card, by attending the meeting and voting electronically or by sending an original written statement revoking the prior proxy to our Secretary at our principal executive office (or by hand delivery to the Secretary before the taking of the vote at our 2025 Annual Meeting). Attendance at our 2025 Annual Meeting will not, by itself, revoke a duly executed proxy.

Beneficial owners who wish to change their votes should contact the organization that holds their shares.

Shareholders must register in advance to attend our 2025 Annual Meeting by visiting www.proxyvote.com.

If you have any questions or need assistance in voting your shares or authorizing your proxy, please call the firm assisting us in the solicitation of proxies:

Mackenzie Partners Inc.
7 Penn Plaza, Suite 503
New York, New York 10001
US and Canada Toll-Free: (800) 322-2885
All Others: (212) 929-5500
Email: proxy@mackenziepartners.com

Who may vote at our 2025 Annual Meeting?

Holders of record of Common Shares as of the close of business on the Record Date, or their duly authorized proxies may vote at the meeting. Holders of Common Shares are entitled to one vote for each Common Share held on the Record Date.

What if I authorize a proxy and do not specify how my shares are to be voted?

If you submit a signed proxy card or authorize a proxy by internet or telephone, but do not indicate how your Common Shares should be voted on one or more proposals, then the proxies will vote your shares as our Board recommends on those proposals. Other than the proposals listed on pages 20, 37, 44 and 48, we do not know of any other matters to be presented at the meeting. If any other matters are properly presented at the meeting, the proxies may vote your shares in accordance with their discretion.

What is a quorum? How are abstentions, withheld votes and broker non-votes counted?

A quorum of shareholders is required for shareholders to take action at our 2025 Annual Meeting. The presence, in person or by proxy, of shareholders holding or representing not less than a majority of the total outstanding shares of beneficial interest entitled to be voted at our 2025 Annual Meeting constitutes a quorum for the transaction of business at the 2025 Annual Meeting.

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Abstentions and broker non-votes (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owner or the persons entitled to vote and (ii) the broker does not have discretionary voting power on a particular matter), if any, are included in determining whether a quorum is present. Abstentions are not votes cast and, therefore, will not be included in vote totals and will have no effect on the outcome of any Proposal to be acted upon at our 2025 Annual Meeting. Broker non-votes are not votes cast and, therefore, will not be included in vote totals and will have no effect on the outcome of Proposal 1, Proposal 2 or Proposal 3. There can be no broker non-votes on Proposal 4 as it is a matter on which, if you hold your shares in street name and do not provide voting instructions to the broker, bank or other nominee that holds your shares, the nominee has discretionary authority to vote on your behalf.

With respect to Proposal 1, a proxy marked “WITHHOLD ALL” or “FOR ALL EXCEPT” will have the same effect as an abstention for all nominees or for those nominees noted in the appropriate portion of the proxy card, respectively, and will not be counted for purposes of determining a plurality of votes cast, but will be counted as a vote “AGAINST” for purposes of determining a majority of votes cast under the Company’s Trustee resignation policy. Pursuant to the Company’s Governance Guidelines, if a Trustee nominee fails to receive a majority of votes cast, he or she will offer to resign from our Board, and our Board will decide whether to accept or reject the resignation offer.

Can I access the proxy materials on the internet? How can I sign up for the electronic proxy delivery service?

The Notice of 2025 Annual Meeting, this Proxy Statement and the Annual Report are available at www.proxyvote.com. You may access these proxy materials on the internet through the conclusion of our 2025 Annual Meeting.

Instead of receiving future copies of our proxy materials by mail, shareholders of record, as of the close of business on the Record Date, and most beneficial owners may elect to receive these materials electronically. Opting to receive your future proxy materials electronically will reduce the environmental impact of our annual meeting, save us the cost of printing and mailing documents, and also will give you an electronic link to our proxy voting site. Your Notice Regarding the Availability of Proxy Materials instructs you as to how you may request electronic delivery of future proxy materials.

How are proxies solicited and what is the cost?

We bear all expenses incurred in connection with the solicitation of proxies on behalf of the Company. We have engaged Mackenzie Partners Inc. (“Mackenzie”) to assist with the solicitation of proxies for an estimated fee of $13,500 plus reimbursement of expenses. We have agreed to indemnify Mackenzie against certain liabilities arising out of our agreement with Mackenzie. We will request banks, brokers and other nominees to forward proxy materials to the beneficial owners of Common Shares and to obtain their voting instructions. We will reimburse those firms for their expenses of forwarding proxy materials.

Proxies may also be solicited, without additional compensation, by our Trustees and officers, and by RMR, its officers and employees and its parent’s and subsidiaries’ directors, trustees, officers and employees, by mail, telephone or other electronic means or in person.

What is householding?

As permitted by the Exchange Act and our Bylaws, we may deliver to shareholders only one copy of the Notice Regarding the Availability of Proxy Materials, Notice of 2025 Annual Meeting, this Proxy Statement and the Annual Report to Shareholders residing at the same address, unless a shareholder at such address has notified us of such shareholder’s desire to receive separate copies of those documents. This practice is known as “householding.”

We will deliver a separate copy of any of those documents to you if you write to us at Investor Relations, Office Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458, or call us at (617) 219-1410. If you want to receive separate copies of our notices

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regarding the availability of proxy materials, notices of annual meetings, proxy statements and annual reports in the future, or if you are receiving multiple copies and would like to receive only one copy per household, you should contact your bank, broker or other nominee, or you may contact us at the above address or telephone number.

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10.

Why is our 2025 Annual Meeting being held virtually?

To provide all of our shareholders an opportunity to participate in our 2025 Annual Meeting, our 2025 Annual Meeting will be a virtual meeting of shareholders. Shareholders attending our 2025 Annual Meeting virtually will be afforded the same rights and opportunities to participate as they would have had at an in-person meeting.

11.

How do I attend our virtual 2025 Annual Meeting?

In order to attend and participate in our 2025 Annual Meeting, shareholders must register in advance at www.proxyvote.com by 11:59 p.m. Eastern Time, on June 11, 2025. Attendance at the meeting is limited to our Trustees and officers, shareholders as of the close of business on the Record Date or their duly authorized representatives or proxies, and other persons permitted by the chair of the meeting.

•

Record owners: If you are a shareholder as of the close of business on the Record Date who holds shares directly, you may participate in our 2025 Annual Meeting by visiting https://www.virtualshareholdermeeting.com/OPI2025 and entering the 16 digit control number located on your Notice Regarding the Availability of Proxy Materials or proxy card.

•

Beneficial owners: If you are a shareholder as of the close of business on the Record Date who holds shares indirectly through a brokerage firm, bank or other nominee, you may participate in our 2025 Annual Meeting by visiting https://www.virtualshareholdermeeting.com/OPI2025 and entering the 16 digit control number located on your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form. Please follow the instructions from your bank, broker or nominee included with these proxy materials, or contact your bank, broker or nominee to request a control number if needed.

If you have questions regarding preregistration procedures or admission procedures, please call Investor Relations at (617) 219-1410.

12.

How can I vote electronically at our 2025 Annual Meeting if I am a beneficial owner?

If you are a beneficial owner and want to vote your shares at our 2025 Annual Meeting, you need to have a 16 digit control number from your bank, broker or other nominee. Please follow the procedures described in the response to questions 3 and 11.

You will not be able to vote your shares at the meeting without a 16 digit control number. We encourage you to provide voting instructions to your bank, broker or other nominee to vote your shares in advance, even if you intend to attend the meeting.

13.

How can I ask questions at our 2025 Annual Meeting?

Shareholders as of the close of business on the Record Date who attend and participate in our 2025 Annual Meeting at https://www.virtualshareholdermeeting.com/OPI2025 will have an opportunity to submit questions live via the internet during a designated portion of the program. Shareholders must have available their control number provided on their proxy card or voting instruction form.

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If you experience any technical difficulties accessing our 2025 Annual Meeting or during the meeting, please call the toll-free number that will be available on our virtual shareholder login site for assistance. We will have technicians ready to assist you with any technical difficulties you may have beginning 15 minutes prior to the start of our 2025 Annual Meeting.

Company Documents, Communications and Shareholder Proposals

14.

How can I view or request copies of our SEC filings and other documents?

You can visit our website to view our Governance Guidelines, Board committee charters and the Code. To view these documents, go to www.opireit.com, click on “Investors” and then click on “Governance.” To view our SEC filings and Forms 3, 4 and 5 filed by our Trustees and executive officers, go to www.opireit.com, click on “Investors,” click on “Financial Information” and then click on “SEC Filings.”

We will deliver free of charge, upon request, a copy of our Governance Guidelines, Board committee charters, Code or Annual Report to any shareholder requesting a copy. Requests should be directed to Investor Relations at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458.

15.

How can I communicate with our Trustees?

Any shareholder or other interested person who wants to communicate with our Trustees should write to such Trustee(s), c/o Secretary, Office Properties Income Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458 or email secretary@opireit.com. The communication will then be delivered to the Trustee(s).

16.

How do I submit a nomination or other proposal for action at the 2026 annual meeting of shareholders?

A nomination or other proposal for action to be presented by any shareholder at our 2026 annual meeting of shareholders must be submitted as follows:

•

For a proposal to be eligible to be included in the proxy statement pursuant to Rule 14a-8 under the Exchange Act, the proposal must be received at our principal executive office by December 4, 2025.

•

If the shareholder nomination is to be included in the proxy statement pursuant to our proxy access bylaw, the nomination must be made in accordance with the procedures and requirements set forth in our Bylaws and must be delivered to or mailed and received by us not later than December 4, 2025 and not earlier than November 4, 2025.

•

If the shareholder nomination or proposal is not to be included in the proxy statement pursuant to our proxy access bylaw or Rule 14a-8, the nomination or proposal must be made in accordance with the procedures and requirements set forth in our Bylaws and must be delivered to us not later than 5:00 p.m., Eastern Time, on December 4, 2025 and not earlier than November 4, 2025.

Proposals should be sent to our Secretary at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458.

For additional information regarding how to submit a shareholder proposal, see page 19 of this Proxy Statement.

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RELATED PERSON TRANSACTIONS

The descriptions of agreements in this “Related Person Transactions” section do not purport to be complete and are subject to, and qualified in their entirety by, reference to the actual agreements, copies of certain of which are filed as exhibits to the Annual Report.

A “related person transaction” is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) or a proposed transaction in which (i) we were, are or will be a participant, (ii) the amount involved exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years and (iii) any related person had, has or will have a direct or indirect material interest.

A “related person” means any person who is, or at any time since January 1, 2024 was:

•

a Trustee, a nominee for Trustee or an executive officer of ours;

•

known to us to be the beneficial owner of more than 5.0% of the outstanding Common Shares when a transaction in which such person had a direct or indirect material interest occurred or existed;

•

an immediate family member of any of the persons referenced in the preceding two bullets, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of any of the persons referenced in the preceding two bullets, and any person (other than a tenant or employee) sharing the household of any of the persons referenced in the preceding two bullets; or

•

a firm, corporation or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in which such person has a 10.0% or greater beneficial ownership interest.

We have adopted written Governance Guidelines that describe the consideration and approval of related person transactions. Under these Governance Guidelines, we may not enter into a transaction in which any Trustee or executive officer, any member of the immediate family of any Trustee or executive officer or other related person, has or will have a direct or indirect material interest unless that transaction has been disclosed or made known to our Board and our Board reviews and approves or ratifies the transaction by the affirmative vote of a majority of the disinterested Trustees, even if the disinterested Trustees constitute less than a quorum. If there are no disinterested Trustees, the transaction must be reviewed, authorized and approved or ratified by both (i) the affirmative vote of a majority of our Board and (ii) the affirmative vote of a majority of the Independent Trustees. In determining whether to approve or ratify a transaction, our Board, or disinterested Trustees or Independent Trustees, as the case may be, also act in accordance with any applicable provisions of our Declaration of Trust and Bylaws, consider all of the relevant facts and circumstances and approve only those transactions that they determine are fair and reasonable to us. All related person transactions described in Annex B to this Proxy Statement were reviewed and approved or ratified by a majority of the disinterested Trustees or otherwise in accordance with our policies, Declaration of Trust and Bylaws, each as described above, and Maryland law. In the case of any transactions with us by employees of RMR and its subsidiaries who are subject to the Code but who are not our Trustees or executive officers, the employee must seek approval from an executive officer who has no interest in the matter for which approval is being requested. Copies of our Governance Guidelines and the Code are available on our website, www.opireit.com.

Certain related person transactions are set forth in Annex B to this Proxy Statement.

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WARNING CONCERNING FORWARD-LOOKING STATEMENTS

This Proxy Statement contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and “opportunities” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: the Company’s ability to continue as a going concern; the Company’s leverage levels, debt maturities and possible future financings; the Company’s ability to retain and attract new tenants, and future leasing activity and the demand for office space; the Company’s pending or potential dispositions and the amount and timing of future distributions; plans and strategies relating to corporate governance, executive compensation, trustee compensation, sustainability, and human capital management; the goals, objectives and anticipated benefits of our executive compensation and trustee compensation programs; risk oversight; risk mitigation efforts; the anticipated roles and responsibilities of the Board’s committees; plans with respect to shareholder engagement and alignment, Board recruitment, selection and refreshment; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that the Company intends or believes will or may occur in the future. Forward-looking statements reflect management’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause the Company’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in the Company’s periodic filings. The information contained in the Company’s filings with the SEC, including under the caption “Risk-Factors” and “Warning Concerning Forward-Looking Statements” in the Company’s periodic reports, or incorporated therein, identifies important factors that could cause differences from the Company’s forward-looking statements in this Proxy Statement. The Company’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon the Company’s forward-looking statements. Except as required by law, the Company does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Links to websites included in this Proxy Statement are provided solely for convenience purposes. Content on the websites, including content on our Company website, is not, and shall not be deemed to be, part of this Proxy Statement or incorporated herein or into any of our other filings with the SEC.

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OTHER INFORMATION

At this time, we know of no other matters that will be brought before the meeting. If, however, other matters properly come before the meeting or any postponement or adjournment, the persons named in the accompanying proxy card intend to vote the shares for which they have been appointed or authorized as proxy in accordance with their discretion on such matters to the maximum extent that they are permitted to do so by applicable law.

Jennifer B. Clark
Secretary

Newton, Massachusetts
April 3, 2025

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ANNEX A—SECOND AMENDED AND RESTATED 2009 INCENTIVE SHARE AWARD PLAN

OFFICE PROPERTIES INCOME TRUST

SECOND AMENDED AND RESTATED 2009 INCENTIVE SHARE AWARD PLAN

EFFECTIVE JUNE 12, 2025

Office Properties Income Trust (the “Company”) hereby adopts the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan (the “Plan”), effective as of June 12, 2025 (the “Effective Date”). The Plan is an amendment and restatement of the Amended and Restated 2009 Incentive Share Aware Plan (the “Predecessor Plan”).

I. PURPOSE

The Plan is intended to advance the interests of the Company and its subsidiaries by providing a means of rewarding selected officers, employees and Trustees of the Company, employees of its manager and others rendering valuable services to the Company or its subsidiaries, through grants of the Company’s Shares.

II. DEFINITIONS

Terms that are capitalized in the text of the Plan have the meanings set forth below:

(a)

“Board” means the Board of Trustees of the Company.

(b)

“Company” means Office Properties Income Trust, a Maryland real estate investment trust.

(c)

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

(d)

“Key Person” means an employee, consultant, manager, Trustee, officer or other person providing services to the Company, to a subsidiary of the Company or to the Manager on behalf of the Company.

(e)

“Manager” means the person or entity serving as manager to the Company.

(f)

“Participant” means a person to whom Shares have been granted, or any other person who becomes owner of the Shares by reason of such person’s death or incapacity.

(g)

“Securities Act” means the Securities Act of 1933, as amended.

(h)

“Share Agreement” means an agreement between the Company and a Participant regarding Shares issued to the Participant pursuant to the Plan.

(i)

“Shares” means the Company’s common shares of beneficial interest, par value $.01 per share.

(j)

“Trustee” means a member of the Board.

III. SHARES SUBJECT TO THE PLAN

Subject to the provisions of Section VII, the total number of Shares which may be granted under the Plan, following the Effective Date, shall equal 3,500,000 Shares, inclusive of Shares reserved under the Predecessor Plan. A holder of Shares granted under the Plan, whether or not vested, shall have all of the rights of a shareholder of the Company, including the right to vote the Shares and the right to receive any distributions, unless the Board shall otherwise determine. Certificates representing Shares and statements representing Shares issued in book-entry form may be imprinted with a legend to the effect that the Shares represented may not be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of except in accordance with the terms of the Securities Act and the applicable Share Agreement, if any. Shares subject to awards under the Plan which are forfeited, cancelled, repurchased or surrendered shall again be available for grant

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under the Plan. Shares surrendered or withheld as payment of withholding taxes in respect of an award, to the extent such surrender or withholding occurs on or after June 12, 2025, shall not be available again for grant under the Plan.

IV. METHOD OF GRANTING SHARES

Grants of Shares to any person shall be made by action of the Board, and shall be made solely in accordance with the instructions of the Board as to the selection of persons to whom Shares are to be granted, the amount and timing of each such grant, and the extent, if any, to which vesting restrictions or other conditions shall apply to the granted Shares. If a person to whom such a grant of Shares has been made fails to execute and deliver to the Company a Share Agreement within ten (10) days after it is submitted to him or her, the grant of Shares related to such Share Agreement may be cancelled by the Company, acting by the Board, at its option without further notice to the Participant. Nothing in this Section IV shall prevent the Board from delegating its authority to make grants to a committee pursuant to Section V.

V. ADMINISTRATION OF THE PLAN

The Plan shall be administered by the Board or, in the discretion of the Board, a committee designated by the Board and composed of at least two (2) members of the Board. All references in the Plan to the Board shall be understood to refer to such committee or the Board, whoever shall administer the Plan. As of the effective date of the Plan, the Board has delegated its authority to administer the Plan to the Compensation Committee of the Company pursuant to the written charter for such committee; however, the Board may revoke or rescind this delegation of authority in whole or in part at any time. All questions of interpretation and application of the Plan and of grants of Shares shall be determined by the Board or its designated committee in its sole discretion, and its determination shall be final and binding upon all persons, including the Company and all Participants. Without limiting the generality of the foregoing, the Board or the designated committee is authorized to adopt and approve from time to time the forms and, subject to the terms of the Plan, the terms and conditions of any Share Agreement. If it determines to do so, the Board or its designated committee may grant Shares under this Plan which are not subject to a Share Agreement.

For so long as Section 16 of the Exchange Act is applicable to the Company, each member of any committee designated to administer the Plan shall be a “non-employee director” or the equivalent within the meaning of Rule 16b-3 under the Exchange Act and shall meet such other requirements as the Board may determine to be necessary or appropriate.

With respect to persons subject to Section 16 of the Exchange Act, grants under the Plan are intended to be exempt from the provisions of Section 16(b) of the Exchange Act pursuant to Rule 16b-3 or its successor under the Exchange Act.

VI. ELIGIBLE PERSONS

The persons eligible to receive grants of Shares shall be those persons selected by the Board or designated committee from among Key Persons who contribute to the business of the Company and its subsidiaries.

VII. CHANGES IN CAPITAL STRUCTURE

In the event that the outstanding Shares are hereafter changed for a different number or kind of Shares or other securities of the Company, or are otherwise affected by reason of a merger, sale of assets, reorganization, recapitalization, exchange of shares, stock split, combination of shares or dividend payable in shares or other securities or any similar corporate transaction, a corresponding adjustment shall be made in the number and kind of Shares or other securities covered by outstanding grants of Shares, and for which Shares may be granted under the Plan.

VIII. DURATION, AMENDMENT AND TERMINATION OF PLAN

Shares may be granted under the Plan from time to time until the close of business on June 12, 2035. Subject to any shareholder approval that may be required under applicable law or the rules of any stock exchange on which the Shares are listed, the Board hereafter may at any time amend or extend the Plan, including amendments to change the number of shares subject to the Plan. The Plan may be terminated at

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any time by action of the Board without, however, affecting the rights of a Participant or the Company as to Shares granted prior to such termination.

IX. MISCELLANEOUS

Nonassignability of Shares. Shares subject to a Share Agreement shall not be assignable or transferable by a Participant except in accordance with the terms of the applicable Share Agreement.

No Guarantee of Employment. Neither the award of Shares nor a Share Agreement shall give any person the right to continue in the employment of, or to continue to act as an officer or Trustee of, or to serve in any other capacity with, the Company, any subsidiary or the Manager, or give the Company, any subsidiary or the Manager the right to require such person to continue in any such capacity.

Tax Withholding; Section 409A. To the extent required by law, the Company shall withhold or cause to be withheld income and other taxes incurred by a Participant by reason of a grant of Shares, and as a condition to the receipt of any grant of Shares, a Participant agrees that if the amount payable to him or her by the Company in the ordinary course is insufficient to pay such taxes, he or she shall, upon request of the Company pay the Company an amount sufficient to satisfy its tax withholding obligations.

Without limiting the foregoing, the Compensation Committee may in its discretion permit any Participant’s withholding obligation to be paid in whole or in part in the form of Shares, by withholding from the Shares to be issued to such Participant or by accepting delivery of Shares already owned by him or her. The fair market value of the Shares for this purpose shall be the closing price of the Shares on the principal securities exchange on which the Shares are listed on the date such Shares are repurchased by the Company, unless otherwise determined by the Board in its discretion.

If payment of withholding taxes is made in whole or in part in Shares, the Participant shall deliver to the Company share certificates registered in his name or other evidence of legal and beneficial ownership of Shares owned by him or her, fully vested and free of all liens, claims and encumbrances of every kind, duly endorsed or accompanied by stock powers duly endorsed by the record holder of the Shares represented by such share certificates. The Compensation Committee may approve comparable procedures to those set forth in the preceding sentence in the event of shares held in book-entry form. If the Participant is subject to Section 16(a) of the Exchange Act, his ability to pay the withholding obligation in the form of Shares shall be subject to such additional restrictions as may be necessary to avoid any transaction that might give rise to liability under Section 16(b) of the Exchange Act.

It is intended that awards granted under the Plan be exempt from the application of Section 409A of the Code, and the Plan and such awards shall be construed in accordance with that intention.

Compliance with Law. This Plan, the granting and vesting of Shares hereunder, and the other obligations of the Company under this Plan and any Share Agreement, shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required. The Company, in its reasonable discretion, may postpone the issuance or delivery of Shares until completion of any required action under any state or federal law, rule or regulation as the Company may consider appropriate in order to comply with the applicable laws, and may require any Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Shares in compliance with applicable laws, rules and regulations. No provisions of this Plan shall be interpreted or construed to obligate the Company to register any Shares under federal or state law.

Governing Law. The validity, construction and effect of this Plan, any rules and regulations relating to this Plan and any Share Agreement shall be determined in accordance with the laws of the State of Maryland without giving effect to principles of conflict of laws.

Change in Control. Each unvested Share under the Plan immediately prior to the occurrence of a “Change in Control” or a “Termination Event” shall become fully vested upon the occurrence of the Change in Control or Termination Event, as each term is defined below.

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For purposes of the Plan, a “Change in Control” shall be deemed to have occurred if any of the events set forth in any one of the following paragraphs shall have occurred:

(a)

any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of either the then outstanding Shares or the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in paragraph (c)(i) below;

(b)

the following individuals cease for any reason to constitute a majority of the number of Trustees then serving: individuals who, on the Effective Date, constitute the Board and any new Trustee (other than a Trustee whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of Trustees) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the Trustees then in office who either were Trustees on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

(c)

there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other entity, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or

(d)

the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

Notwithstanding anything to the contrary set forth herein, a transaction involving the Company and an Excluded Entity (or Affiliate) in which the award of Shares is to be assumed by the successor (or replaced by a substantially equivalent award) shall not constitute a Change in Control.

In addition, for purposes of the Plan, a “Termination Event” shall occur if The RMR Group LLC (or any entity controlled by, under common control with or controlling The RMR Group LLC) ceases to be the manager or shared services provider to the Company.

For purposes of the defined terms used in this Section IX(F), but not previously defined in the Plan, the following definitions shall apply:

“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

“Excluded Entity” shall mean any entity to which The RMR Group LLC (or any entity controlled by, under common control with or controlling The RMR Group LLC) provides management, advisory or shared services.

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities and (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.

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ANNEX B—CERTAIN RELATED PERSON TRANSACTIONS

Relationships with RMR and Others Related to It. We have relationships and historical and continuing transactions with RMR, RMR Inc. and others relating to them, including other RMR Clients, some of which have trustees, directors or officers who are also our Trustees or officers. RMR Inc. is the managing member of RMR.

Management Agreements with RMR. We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. For a description of the terms of our business management agreement and our property management agreement with RMR, please see Note 6 to the Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.

Pursuant to our business management agreement with RMR, we recognized net business management fees of approximately $13.1 million and $14.8 million for the years ended December 31, 2024 and 2023, respectively, which amounts reflect a reduction of approximately $0.6 million for the amortization of the liability we recorded in accordance with generally accepted accounting principles in connection with our former investment in RMR Inc. in June 2015. No incentive management fee was payable to RMR under our business management agreement for the years ended December 31, 2024 or 2023. Pursuant to our property management agreement with RMR, we recognized aggregate net property management and construction supervision fees of approximately $16.5 million and $23.3 million for the years ended December 31, 2024 and 2023, respectively, which amounts reflect a reduction of approximately $0.5 million for the amortization of the liability we recorded in accordance with generally accepted accounting principles in connection with our former investment in RMR Inc. in June 2015.

Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR approximately $25.8 million and $25.9 million for these expenses and costs for the years ended December 31, 2024 and 2023, respectively.

RMR Credit Agreement and Security Agreement. In January 2025, in connection with a $100 million credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements with RMR under the security agreement. For more information regarding our consent to the pledge and assignment, please see Note 6 to the Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.

Management Agreements between our Joint Venture and RMR. RMR provides management services to our unconsolidated joint venture. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint venture. The joint venture pays management fees directly to RMR.

Share Awards to RMR Employees. We award Common Shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vests on the date of the awards and one fifth vests on each of the next four anniversaries of the dates of the awards. During 2024 and 2023, we awarded to our officers and other employees of RMR annual awards of 544,555 Common Shares and 210,300 Common Shares, respectively, valued at approximately $1.2 million for each year, in aggregate, based upon the closing price of the Common Shares on the Nasdaq on the date the awards were made under our equity compensation plan. These share awards to RMR employees are in addition to the share awards made to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR. During 2024 and 2023, we purchased 85,338 and 48,329 Common Shares, at the closing price of the Common Shares on the Nasdaq on the date of purchase, from certain of our Trustees and officers and other employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of the Common Shares.

On occasion, we have entered into arrangements with former employees of RMR in connection with the termination of their employment with RMR, providing for the acceleration of vesting of Common Share awards

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previously awarded to them under our equity compensation plans. The aggregate value of the Common Share awards we so accelerated, measured as of the effective dates of acceleration, was approximately $0.01 million and $0.3 million, respectively, in aggregate, for the years ended December 31, 2024 and 2023.

Additionally, each of our executive officers during 2024 and 2023 received share awards of RMR Inc. and other RMR Clients in their capacities as officers or employees of RMR.

Leases with RMR. We lease office space to RMR in certain of our properties for RMR’s property management offices. Pursuant to our lease agreements with RMR, we recognized rental income from RMR for leased office space of approximately $0.8 million and $0.9 million for the years ended December 31, 2024 and 2023. Our office space leases with RMR are terminable by RMR if our management agreements with RMR are terminated.

Sonesta International Hotels Corporation (“Sonesta”). Prior to January 1, 2025, we leased 240,000 rentable square feet of a mixed-use property in Washington, D.C. pursuant to a lease with a subsidiary of Sonesta, (the “Sonesta Lease”). We terminated the Sonesta Lease, effective January 1, 2025. The Sonesta Lease commenced in August 2023 and was amended in September 2024 to expand the premises by 5,900 rentable square feet. Pursuant to the amended Sonesta Lease, Sonesta was required to pay us annual base rent of approximately $0.7 million beginning February 2025, and the annual base rent would have increased by 10% every five years throughout the term. Sonesta was also obligated to pay its pro rata share of the operating costs for the property. We recognized rental income of $12.4 million in 2024 under the Sonesta Lease. As of December 31, 2024, we had paid approximately $76.8 million of tenant improvement costs for the build out of the hotel space pursuant to the Sonesta Lease. Effective January 1, 2025, we entered into a management agreement with Sonesta, (the “Sonesta Management Agreement”), to replace the Sonesta Lease. For more information about the terms of the Sonesta Management Agreement, please see Note 7 to the Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024. Mr. Portnoy is a director and controlling shareholder of Sonesta, and Ms. Clark is also a director of Sonesta. Another officer of RMR is a director and the president and chief executive officer of Sonesta.

Directors’ and Officers’ Liability Insurance. We, RMR Inc. and certain other RMR Clients participate in a combined directors’ and officers’ liability insurance policy. We paid a premium of $0.1 million for this coverage for the policy years ending September 30, 2023, 2024 and 2025.

The foregoing descriptions of our agreements with RMR Inc., RMR, and other related persons are summaries and are qualified in their entirety by the terms of the agreements. A further description of the terms of certain of those agreements is included in the Annual Report. In addition, copies of certain of the agreements evidencing these relationships are filed with the SEC and may be obtained from the SEC’s website, www.sec.gov. We may engage in additional transactions with related persons, including businesses to which RMR provides management services.

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THANK YOU

Thank you for being a shareholder of Office Properties Income Trust.

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Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) DateTO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:KEEP THIS PORTION FOR YOUR RECORDSTHIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLYV68802-P27739! ! !ForAllWithholdAllFor AllExceptFor Against Abstain! ! !! ! !! ! !To withhold authority to vote for any individualnominee(s), mark "For All Except" and write thenumber(s) of the nominee(s) on the line below.4. Ratification of the appointment of Deloitte & Touche LLP as independent auditors to serve for the 2025 fiscal year.3. Approval of the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan.2. Advisory vote to approve executive compensation.(NOTE: Please sign exactly as your name(s) appear(s) hereon. All holders must sign. When signing as attorney, executor, administrator or other fiduciary, pleasegive full title as such. Joint owners should each sign personally. If a corporation, please sign in full corporate name, by authorized officer, indicating title. If apartnership, please sign in partnership name by authorized person indicating title.)1. Election of Trustees.OFFICE PROPERTIES INCOME TRUSTThe Board of Trustees recommends a vote FOR ALLNominees for Trustee in Proposal 1 and FOR Proposals2, 3 and 4.01) Donna D. Fraiche02) Barbara D. Gilmore03) William A. Lamkin04) Elena B. Poptodorova05) Jeffrey P. Somers06) Mark A. TalleyNominees (for Independent Trustee):07) Jennifer B. Clark08) Adam PortnoyNominees (for Managing Trustee):THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN, WILL BE VOTED FOR ALL NOMINEES FORTRUSTEE IN PROPOSAL 1 AND FOR PROPOSALS 2, 3 AND 4.TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE PROXIES, IN THEIR DISCRETION, ARE AUTHORIZED TO VOTE AND OTHERWISEREPRESENT THE UNDERSIGNED ON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR AT ANY POSTPONEMENT ORADJOURNMENT THEREOF.INVESTOR RELATIONSOFFICE PROPERTIES INCOME TRUST255 WASHINGTON STREET, SUITE 300NEWTON, MASSACHUSETTS 02458AUTHORIZE YOUR PROXY BY INTERNETBefore the meeting - Go to www.proxyvote.com or scan the QR Barcode aboveUse the Internet to transmit your voting instructions and for electronic delivery of information up until11:59 p.m., Eastern Time, on June 11, 2025. Have your proxy card in hand when you access the website and followthe instructions to obtain your records and to submit your voting instructions.AUTHORIZE YOUR PROXY BY TELEPHONE - 1-800-690-6903Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m., Eastern Time, onJune 11, 2025. Have your proxy card in hand when you call and then follow the instructions.If the meeting is postponed or adjourned, the above times will be extended to 11:59 p.m., Eastern Time, onthe day before the reconvened meeting.AUTHORIZE YOUR PROXY BY MAILMark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it toOffice Properties Income Trust, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.VOTE BY VIRTUALLY ATTENDING THE MEETINGYou must register in advance to attend the meeting by visiting the "Attend a Meeting" link at www.proxyvote.com.During the meeting - Go to https://www.virtualshareholdermeeting.com/OPI2025You may attend the meeting via the Internet and vote during the meeting. Have your proxy card in hand when youaccess the website and follow the instructions provided on the website.ELECTRONIC DELIVERY OF FUTURE SHAREHOLDER COMMUNICATIONSIf you would like to reduce the costs incurred by Office Properties Income Trust in mailing proxy materials, you canconsent to receiving all future proxy statements, proxy cards and annual reports electronically by email or over theInternet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, whenprompted, indicate that you agree to receive or access shareholder communications electronically in future years.SCAN TOVIEW MATERIALS & VOTE w

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V68803-P27739OFFICE PROPERTIES INCOME TRUSTANNUAL MEETING OF SHAREHOLDERSJune 12, 2025, 9:30 a.m., Eastern TimeImportant Notice Regarding the Availability of Proxy Materials: The proxy materials for the 2025 Annual Meeting of Shareholders of Office Properties Income Trust (the "Company"), including the Company's Notice of Annual Meeting, Proxy Statement and Annual Report, are available on the Internet. To view the proxy materials or authorize your proxy by Internet, by telephone or by mail, please follow the instructions on the reverse side hereof.This proxy is solicited on behalf of the Board of Trustees of Office Properties Income Trust.The undersigned shareholder of the Company hereby appoints Jennifer B. Clark and Adam Portnoy, or any of them, as proxies for the undersigned, with full power of substitution in each of them, to attend the 2025 Annual Meeting of Shareholders of the Company to be held virtually via the Internet at https://www.virtualshareholdermeeting.com/OPI2025, on June 12, 2025, at 9:30 a.m., Eastern Time, and any postponement or adjournment thereof, to cast on behalf of the undersigned all the votes that the undersigned is entitled to cast at the meeting and otherwise to represent the undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting. The undersigned hereby acknowledges receipt of the Annual Report and the Proxy Statement, which includes the Notice of2025 Annual Meeting of Shareholders, each of which is incorporated herein by reference, and revokes any proxy heretofore given with respect to the meeting.THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED ON THE REVERSE SIDE HEREOF. IF THIS PROXY IS EXECUTED, BUT NO INSTRUCTION IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST FOR ALL NOMINEES FOR TRUSTEE IN PROPOSAL 1 AND FOR PROPOSALS 2, 3 AND 4. ADDITIONALLY, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST BY THE PROXIES, IN THEIR DISCRETION, ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR AT ANY POSTPONEMENT OR ADJOURNMENT THEREOF.See reverse for instructions on how to authorize a proxy.OFFICE PROPERTIES INCOME TRUSTANNUAL MEETING OF SHAREHOLDERSJune 12, 2025, 9:30 a.m., Eastern TimeVirtually via the Internet athttps://www.virtualshareholdermeeting.com/OPI2025The 2025 Annual Meeting of Shareholders of Office Properties Income Trustwill address the following items of business:1. Election of the Trustees named in the Proxy Statement to the Company's Board of Trustees;2. Advisory vote to approve executive compensation;3. Approval of the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan;4. Ratification of the appointment of Deloitte & Touche LLP as independent auditors to serve for the 2025 fiscal year; and5. Transaction of such other business as may properly come before the meeting and at any postponements or adjournments of the meeting.THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR ALL NOMINEES FOR TRUSTEE IN PROPOSAL 1 AND FOR PROPOSALS 2, 3 AND 4.Please see the Proxy Statement for attendance instructions.Proxy

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