Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-08-19

Office Properties Income Trust (OPI)

CEO Yael Duffy was paid $70,454 in fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001104659-25-031681 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$70,454
Yael Duffy total, FY2024
1st
CEO pay percentile vs peers
—
CEO-to-median pay ratio
62.68%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Yael Duffy (President and Chief Operating Officer), FY2024 total compensation $70,454 (base salary $0) [exec_comp, SEC accession 0001104659-25-031681, filed 2025-04-03]

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01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Yael Duffy$0$0$69,998$0$0$0$456$70,454
President and Chief Operating Officer
Brian Donley0069,99800042970,427
Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY2023→2024
Yael Duffy$70,454———
Brian Donley70,427———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against OPI
3 companies name OPI as a compensation peer

Each company listed discloses OPI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named OPI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2024 total
Adam PortnoyChair of the Board$27,650
Barbara D. GilmoreIndependent Director$112,650
Donna D. FraicheIndependent Director$127,650
Elena B. PoptodorovaIndependent Director$155,150
Jeffrey P. SomersIndependent Director$127,650
Jennifer B. ClarkDirector$27,650
John L. HarringtonIndependent Director$112,650
Mark A. TalleyIndependent Director$137,650
William A. LamkinIndependent Director$182,650
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2024 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Jennifer B. ClarkDirector2025-09-16D7,858$1$6,532CommonForm 4 ↗
Adam PortnoyDirector2025-09-16D2,10811,752CommonForm 4 ↗
Brian DonleyCFO and Treasurer2025-09-16D1,1741976CommonForm 4 ↗
Yael DuffyPresident and COO2025-09-16D1,23011,022CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-06D162,254203,198,026CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-06D136,649202,716,459CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-06D25,60519481,502CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-11D2,4131945,847CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-12D2,6161949,799CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-13D1,8261934,701CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-17D20,68619393,572CommonForm 4 ↗
REDWOOD CAPITAL MANAGEMENT, LLCGreater-than-10% holder2026-08-18D175,734193,344,640CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Brian Donley—2023-09-13——4,000—$23,040
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Brian DonleyRSU2,400—$2,400
Yael DuffyRSU200—200
Brian DonleyRSU200—200
Yael DuffyRSU2,400—2,400
Yael DuffyRSU26,290—26,285
Brian DonleyRSU480—480
Yael DuffyRSU960—960
Brian DonleyRSU26,290—26,285
05

Incentive-plan design — the Compensation Discussion & Analysis

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

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFerguson Partners
Clawback policy—
Anti-hedgingtrue
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-06-1222,066,96413,138,2102,822,21262.68%Passed
20242024-06-1323,949,7682,771,113849,60389.63%Passed
20232023-06-1332,889,9712,901,605286,75891.89%Passed
20222022-06-1635,132,2042,390,618315,94693.63%Passed
20212021-06-1733,971,7392,277,071164,86493.72%Passed
20202020-05-2732,046,6962,116,492573,93492.25%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-06-1262.68%a
20242024-06-1389.63%b
20232023-06-1391.89%c

a. Approved under the standard stated in the filing — “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.”.

b. Approved under the standard stated in the filing — “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 2024 Annual Meeting.”.

c. Approved under the standard stated in the filing — “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 2023 Annual Meeting.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William A. LamkinIndependent · Audit (Chair)$155,000$27,650$0$0$0$182,650
Elena B. PoptodorovaIndependent · Lead Independent Director · Audit · Compensation · Nominating and Governance127,50027,650000155,150
Mark A. TalleyIndependent · Audit · Compensation110,00027,650000137,650
Donna D. FraicheIndependent · Audit · Compensation (Chair)100,00027,650000127,650
Jeffrey P. SomersIndependent · Audit · Nominating and Governance (Chair)100,00027,650000127,650
Barbara D. GilmoreIndependent · Audit · Compensation85,00027,650000112,650
John L. HarringtonIndependent · Audit · Not standing for re-election85,00027,650000112,650
Jennifer B. ClarkNot independent027,65000027,650
Adam PortnoyNot independent · Board Chair027,65000027,650
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$25,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$20,000
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$762,500
Equity awards (grant-date value)$248,850
All other compensation$0
Total cost of the board$1,011,350

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Office Properties Income Trust names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Office Properties Income Trust.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Diversified Healthcare Trust2025Christopher Bilotto$0$444,997$0$0$448,520
2Service Properties Trust2025Christopher Bilotto0434,99500436,881
3Industrial Logistics Properties Trust2025Yael Duffy0149,99900153,326
4Seven Hills Realty Trust2025Thomas J. Lorenzini089,99600100,391
5Office Properties Income Trust2024Yael Duffy069,9980070,454

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Office Properties Income Trustnot disclosedRSU 100not disclosedFerguson Partners
Diversified Healthcare Trustnot disclosedRSU 100not disclosednot disclosed
Industrial Logistics Properties Trustnot disclosedRSU 100not disclosednot disclosed
Service Properties Trustnot disclosedRSU 100not disclosednot disclosed
Seven Hills Realty Trustnot disclosedRSU 100not disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Office Properties Income Trust in fiscal 2024?
As disclosed, Yael Duffy (President and Chief Operating Officer) was the highest-paid executive at Office Properties Income Trust in fiscal 2024, with total compensation of $70,454.
How does Office Properties Income Trust's chief executive pay compare to its disclosed peer group?
As disclosed, Yael Duffy's total compensation ranked at the 1st percentile of Office Properties Income Trust's disclosed peer group.
How did shareholders vote on Office Properties Income Trust's executive compensation?
As disclosed, 62.68% of shareholders supported Office Properties Income Trust's executive compensation in the latest say-on-pay vote.
How much does Office Properties Income Trust spend in total on board compensation for fiscal 2024?
As disclosed, Office Properties Income Trust reported total board compensation of $1,011,350 for fiscal 2024.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Yael DuffyDEF 14A2025-04-030001104659-25-031681Section “Summary Compensation Table” · page 39. As printed: 70,454. Filing ↗machine: t81 · r1 · c35 · span 818477–818483
2Section 01, Brian DonleyDEF 14A2025-04-030001104659-25-031681Section “Summary Compensation Table” · page 39. As printed: 70,427. Filing ↗machine: r2 · c35 · span 822773–822779
3Section 03, Brian Donley DEF 14A2025-04-030001104659-25-031681Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t83 · r6 · c0 · span 851040–851041
4Section 08, William A. LamkinDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 182,650. Filing ↗machine: t73 · r5 · c23 · span 730990–730997
5Section 08, Elena B. PoptodorovaDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 155,150. Filing ↗machine: t73 · r6 · c23 · span 733538–733545
6Section 08, Mark A. TalleyDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 137,650. Filing ↗machine: t73 · r9 · c23 · span 743023–743030
7Section 08, Donna D. FraicheDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 127,650. Filing ↗machine: t73 · r2 · c23 · span 770770–770777
8Section 08, Jeffrey P. SomersDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 127,650. Filing ↗machine: t73 · r8 · c23 · span 787449–787456
9Section 08, Barbara D. GilmoreDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 112,650. Filing ↗machine: t73 · r3 · c23 · span 773411–773417
10Section 08, John L. HarringtonDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 112,650. Filing ↗machine: t73 · r4 · c23 · span 776298–776304
11Section 08, Jennifer B. ClarkDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 27,650. Filing ↗machine: t73 · r1 · c11 · span 718699–718705
12Section 08, Adam PortnoyDEF 14A2025-04-030001104659-24-043625Section “Director Compensation”. As printed: 27,650. Filing ↗machine: t73 · r7 · c11 · span 735374–735380
13Section 02, Jennifer B. Clark 2025-09-16Form 42025-09-180001104659-25-091267Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Adam Portnoy 2025-09-16Form 42025-09-180001104659-25-091318Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Brian Donley 2025-09-16Form 42025-09-180001104659-25-091261Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Yael Duffy 2025-09-16Form 42025-09-180001104659-25-091266Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-06Form 42026-08-060000919574-26-004851Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-06Form 42026-08-070000919574-26-004896Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-06Form 42026-08-070000919574-26-004896Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-11Form 42026-08-130000919574-26-005197Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-12Form 42026-08-130000919574-26-005197Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-13Form 42026-08-130000919574-26-005197Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-17Form 42026-08-190000919574-26-005633Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, REDWOOD CAPITAL MANAGEMENT, LLC 2026-08-18Form 42026-08-190000919574-26-005633Insider equity transaction reported since the proxy statement. Filing ↗
25Section 06, 2025 voteForm 8-K2025-06-160001104659-25-059909Item 5.07 · say-on-pay result. As reported: 62.68% (votes for as printed: 22,066,964). Filing ↗
26Section 06, 2024 voteForm 8-K2024-06-130001104659-24-071254Item 5.07 · say-on-pay result. As reported: 89.63% (votes for as printed: 23,949,768). Filing ↗
27Section 06, 2023 voteForm 8-K2023-06-130001104659-23-070872Item 5.07 · say-on-pay result. As reported: 91.89% (votes for as printed: 32,889,971). Filing ↗
28Section 09b board cost (computed)Computed——Cash 762,500 + equity 248,850 + all other 0 = 1,011,350, summed across the director compensation table rows.machine: formula: Σ = 1,011,350
29Diversified Healthcare Trust, Section 10b CEO totalDEF 14A2026-03-190001104659-26-032082CEO total compensation as printed in Diversified Healthcare Trust's own proxy. As printed: 448,520. Filing ↗machine: r1 · c29 · span 841488–841495
30Service Properties Trust, Section 10b CEO totalDEF 14A2026-03-170001104659-26-029456CEO total compensation as printed in Service Properties Trust's own proxy. As printed: 436,881. Filing ↗machine: r1 · c29 · span 832034–832041
31Industrial Logistics Properties Trust, Section 10b CEO totalDEF 14A2026-03-180001104659-26-030928CEO total compensation as printed in Industrial Logistics Properties Trust's own proxy. As printed: 153,326. Filing ↗machine: t85 · r1 · c29 · span 802743–802750
32Seven Hills Realty Trust, Section 10b CEO totalDEF 14A2026-03-180001104659-26-030948CEO total compensation as printed in Seven Hills Realty Trust's own proxy. As printed: 100,391. Filing ↗machine: t58 · r1 · c35 · span 534105–534112
33Office Properties Income Trust (subject), Section 10b CEO totalDEF 14A2025-04-030001104659-25-031681CEO total compensation as printed in Office Properties Income Trust's own proxy. As printed: 70,454. Filing ↗machine: t81 · r1 · c35 · span 818477–818483
34Section 10a, Diversified Healthcare Trust reciprocityDEF 14A—0001104659-26-032082Diversified Healthcare Trust names Office Properties Income Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
35Section 10a, Industrial Logistics Properties Trust reciprocityDEF 14A—0001104659-25-025603Industrial Logistics Properties Trust names Office Properties Income Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
36Section 10a, Service Properties Trust reciprocityDEF 14A—0001104659-26-029456Service Properties Trust names Office Properties Income Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗

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