Mitch Germain

- Orion Properties Inc. (formerly Orion Office REIT Inc. as of **March 5, 2025**) is strategically transforming its portfolio focus from traditional office space to **dedicated use net lease properties**, including government, medical, and R&D facilities.  **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:2]** **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:5]** 
- Since its **2021** spin-off, the company has increased its Weighted Average Lease Term (WALT) to **5.5 years** as of **June 30, 2025**, sold **24 vacant or nearly vacant properties** for **$93.2 million**, and repaid **$155 million in debt**.  **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:5]** 
- As of **June 30, 2025**, **dedicated use assets** represent **32.2% of the portfolio by annualized base rent**, with an overall occupancy of **77.4%** and **68.5% investment-grade tenancy**.  **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:5]** **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:6]** 
- The Board of Directors rejected two unsolicited acquisition bids of **$2.50 and $2.75 per share**, believing these offers significantly undervalue the company, and expects to sell additional properties for nearly **$80 million** in **2025**.  **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:6]** 
- The company reported a Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio of **6.82x** as of **June 30, 2025**.  **[1873923_0001873923-25-000124_orioninvestorpresentatio.htm:9]**

Orion Properties (ONL)