Orion Properties (ONL) Company Report

Orion Properties reported Q3 2025 revenues of $37.1 million and Core FFO of $0.19 per share, with year-to-date Core FFO at $0.59 per share.
The company raised its full-year 2025 Core FFO guidance to $0.74-$0.76 per share and improved its outlook for net debt to adjusted EBITDA to 6.7-7.2 times.
Operational highlights include leasing 303,000 sq ft in Q3 2025, achieving a portfolio weighted average lease term (WALT) of 5.8 years, and an operating property occupancy rate of 72.8%.
Orion has sold or has agreements to sell 1.3 million sq ft of properties for over $110 million year-to-date, continuing its strategy to shift the portfolio towards Dedicated Use Assets (DUAs).
A quarterly cash dividend of $0.02 per share for the fourth quarter of 2025 was declared on November 5, 2025.

Nov 7, 2025, 3:00 PM

Orion Properties Reports Q3 2025 Results and Strategic Portfolio Transformation

ONL

New Projects/Investments

Guidance Update

Takeover Bid

Orion Properties Inc. (formerly Orion Office REIT Inc. as of March 5, 2025) is strategically transforming its portfolio, shifting focus to dedicated use assets such as government, medical, laboratory, and R&D facilities. As of September 30, 2025, these assets comprise 33.9% of annualized base rent.
Since its November 2021 spin-off, the company has leased 3.8 million square feet, sold 27 properties for $128.1 million, and repaid $173 million in debt. The weighted average lease term (WALT) increased to 5.8 years as of Q3 2025.
For Q3 2025, the portfolio reported 72.8% occupancy and 67.0% investment-grade tenancy. The company plans to sell 1.3 million square feet of vacant or near-term vacant properties for over $110 million in 2025 and Q1 2026, expecting portfolio occupancy to rise materially in 2026 and 2027.
As of September 30, 2025, the Net Debt to Annualized Adjusted EBITDA Ratio was 6.84x, with total principal outstanding of $508.897 million. The Board has rejected two unsolicited acquisition bids of $2.50 and $2.75 per share, believing they significantly undervalued the company.

Nov 7, 2025, 3:00 PM

Orion Properties Inc. Announces Third Quarter 2025 Results and Improved Guidance

ONL

Earnings

Guidance Update

Dividends

Orion Properties Inc. reported total revenues of $37.1 million and a net loss of $(69.0) million, or $(1.23) per share, for the third quarter of 2025. Core FFO for the quarter was $0.19 per diluted share.
The company completed 919,000 square feet of leasing year-to-date, including 303,000 square feet in Q3 2025, and sold eight properties for $64.4 million year-to-date.
Orion Properties Inc. improved its 2025 guidance outlook, with Core FFO per share now expected to be between $0.74 and $0.76, and Net Debt to Adjusted EBITDA projected between 6.7x and 7.2x.
A quarterly cash dividend of $0.02 per share was declared for the fourth quarter of 2025.

Nov 6, 2025, 9:20 PM

Orion Properties Inc. Updates on Strategic Transformation and Q2 2025 Performance

ONL

New Projects/Investments

M&A

Guidance Update

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.
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.
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.
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.
The company reported a Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio of 6.82x as of June 30, 2025.