OPI - Why Office Properties Income Trust Is Overpriced

My last article on RMR-managed Office Properties Income Trust (OPI) met considerable resistance from readers who believe that the company’s troubled past is a result of incompetent, negligent, or even fraudulent management. While I do not agree with that position (while management has struggled, there are, I believe, better explanations that explain management’s long-term strong performance and more recent weaker performance), a comparison between OPI and another RMR-managed REIT can demonstrate why OPI, at its current valuation, is a more attractive contrarian play than OPI.

While OPI has a 3.59 P/AFFO ratio currently,