Orion Properties Stock Price, News & Analysis

Orion Properties Inc. (NYSE: ONL) is an internally managed real estate investment trust (REIT) focused on the ownership, acquisition and management of office properties in the United States. According to the company’s disclosures, its portfolio consists of single-tenant net lease office properties, including dedicated use assets, located in high-quality suburban markets across the United States and leased primarily to creditworthy tenants on a single-tenant net lease basis.

The company states that its portfolio includes traditional office properties as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties. Orion operates as a REIT with one primary business focus: the direct ownership and operation of commercial real estate through these office and office-related assets.

Business model and property focus

Orion describes itself as a fully integrated REIT that generates rental income from a diversified portfolio of single-tenant net lease office properties and dedicated use assets. Under single-tenant net lease structures, tenants are generally responsible for many property-level expenses as defined in their leases. The company’s disclosures highlight that a portion of its Annualized Base Rent is derived from investment-grade tenants and from properties it classifies as dedicated use assets (DUAs), which are properties with specialized uses that have an office component.

The portfolio spans high-quality suburban markets across the United States, with occupancy, lease term, and tenant credit quality metrics discussed in its earnings releases and supplemental information. Orion also holds a 20% ownership interest in the Arch Street Joint Venture, which owns additional properties that are fully occupied according to the company’s reported portfolio statistics.

Corporate history and structure

Orion Properties Inc. reports that it was founded on July 1, 2021. The company states that it was spun off from Realty Income (NYSE: O) on November 12, 2021 and that its shares began trading on the New York Stock Exchange on November 15, 2021. The company is incorporated in Maryland, as reflected in its SEC filings.

On March 5, 2025, the company changed its name from Orion Office REIT Inc. to Orion Properties Inc. The company explains that this name change was made to better describe its broader investment strategy to shift its portfolio concentration over time away from traditional office properties toward more dedicated use assets that have an office component.

Orion’s SEC filings indicate that its common stock is listed on the New York Stock Exchange under the symbol ONL. The company identifies itself as an emerging growth company in its current reports on Form 8-K.

Headquarters and geographic footprint

According to the company’s public statements and SEC filings, Orion is headquartered in Phoenix, Arizona and maintains an office in New York, New York. Its real estate portfolio consists of operating properties and joint venture interests located across multiple U.S. markets, with examples in states such as Georgia, Tennessee, Texas, Florida, New Jersey, Indiana and California cited in its earnings releases as locations of leasing and disposition activity.

Portfolio characteristics and strategy as described by the company

In its earnings releases, Orion reports on metrics such as Annualized Base Rent, occupancy rate, and weighted average remaining lease term for its operating properties and its interest in the Arch Street Joint Venture. The company’s disclosures show that a significant portion of Annualized Base Rent is derived from tenants it identifies as investment-grade, and that a meaningful share of rent comes from properties classified as dedicated use assets.

Orion has described an ongoing focus on leasing activity and non-core asset sales. The company has reported completing leasing transactions across several markets and disposing of properties, including vacant and near-term vacant traditional office assets, as part of what it refers to as a portfolio transformation. In its public commentary, Orion has highlighted efforts to stabilize its portfolio, extend weighted average lease term, and shift its portfolio mix toward dedicated use assets.

Capital structure, liquidity and REIT reporting

Orion’s quarterly earnings releases and Form 8-K filings provide information on its debt structure, liquidity, and non-GAAP performance measures. The company reports using metrics common in the REIT sector, such as Funds From Operations (FFO), Core FFO, Funds Available for Distribution (FAD), EBITDAre and Adjusted EBITDA, and provides definitions and reconciliations to the most directly comparable GAAP measures in its supplemental information packages.

The company has disclosed secured mortgage loans collateralized by portions of its portfolio, borrowings under a credit facility revolver, and mortgage indebtedness associated with the Arch Street Joint Venture. It also reports available liquidity consisting of cash and cash equivalents, including its proportionate share of joint venture cash, and undrawn capacity under its credit facility. In November 2025, Orion reported terminating an Equity Distribution Agreement with several financial institutions, stating in an 8-K filing that there were no termination penalties.

Governance, shareholder matters and corporate actions

Orion’s news releases describe interactions with Kawa Capital Management and related entities, which have submitted unsolicited, non-binding indications of interest to acquire all outstanding shares of the company’s common stock not already owned by Kawa. The company has announced that its Board of Directors unanimously rejected proposals from Kawa at stated per-share cash consideration levels after review with independent financial and legal advisors, citing the Board’s view that the proposals significantly undervalued the company and were not in the best interests of its stockholders.

Orion has also reported that Kawa nominated director candidates for election at a future annual meeting and that the company’s Board determined Kawa’s nomination notice to be invalid under the company’s bylaws, including for failure to demonstrate record ownership of Orion’s common stock and other disclosure requirements. In these communications, the company emphasizes that its Board of Directors and management team focus on long-term value for all stockholders and that it engages with the investment community regarding strategy, performance and business priorities.

Dividends and investor communications

In its earnings releases, Orion has announced quarterly cash dividends on its common stock, with record and payment dates specified in those releases. The company regularly provides guidance ranges for metrics such as Core FFO per share, Net Debt to Adjusted EBITDA, and general and administrative expense, and notes that these estimates are based on assumptions regarding portfolio composition, acquisitions, dispositions, leasing, capital expenditures, interest rates and other factors, as more fully described in its SEC filings.

Orion also announces the timing of its quarterly earnings releases and related webcasts and conference calls, and makes replay information available through its investor relations channels. The company’s Form 8-K filings indicate that press releases and supplemental information packages furnished as exhibits are treated as “furnished” rather than “filed” for purposes of certain Exchange Act liabilities.

Regulatory filings and status

Orion Properties Inc. files reports with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934. Recent Form 8-K filings reference the company’s Maryland incorporation, NYSE listing under the symbol ONL, and status as an emerging growth company. The filings also reference the company’s principal executive offices in Phoenix, Arizona. There is no indication in the provided filings of a delisting from the New York Stock Exchange or a deregistration of its securities.

Frequently asked questions (FAQ)

• What does Orion Properties Inc. do?
  Orion Properties Inc. is an internally managed REIT that owns, acquires and manages a diversified portfolio of office properties located in high-quality suburban markets across the United States. Its properties are leased primarily on a single-tenant net lease basis to creditworthy tenants.
• What types of properties are in Orion’s portfolio?
  The company reports that its portfolio includes traditional office properties as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties. It also identifies a subset of its portfolio as dedicated use assets that have an office component.
• How does Orion generate revenue?
  Based on its descriptions, Orion generates revenue primarily from rental income and related payments under leases on its single-tenant net lease office properties and dedicated use assets. These leases are with tenants the company describes as creditworthy, including investment-grade tenants.
• Where is Orion Properties Inc. headquartered?
  Orion states that it is headquartered in Phoenix, Arizona and that it maintains an office in New York, New York.
• On which exchange does ONL stock trade?
  According to Orion’s SEC filings, its common stock is listed on the New York Stock Exchange under the ticker symbol ONL.
• When was Orion formed and how did it become public?
  The company reports that it was founded on July 1, 2021, was spun off from Realty Income (NYSE: O) on November 12, 2021, and began trading on the New York Stock Exchange on November 15, 2021.
• What is the significance of the name change to Orion Properties Inc.?
  Orion states that on March 5, 2025, it changed its name from Orion Office REIT Inc. to Orion Properties Inc. to better describe its broader investment strategy to shift portfolio concentration over time away from traditional office properties toward more dedicated use assets that have an office component.
• What is the Arch Street Joint Venture mentioned in Orion’s disclosures?
  In its earnings releases, Orion notes that its real estate portfolio includes a 20% ownership interest in the Arch Street Joint Venture, which owns additional properties. The company reports occupancy, tenant credit quality and lease term metrics for these joint venture properties alongside its consolidated portfolio.
• How does Orion describe its capital structure and liquidity?
  Orion’s public disclosures describe secured mortgage loans collateralized by portions of its portfolio, borrowings under a credit facility revolver, and its proportionate share of joint venture indebtedness. The company also reports liquidity in terms of cash and cash equivalents, including its share of joint venture cash, and available capacity on its credit facility.
• Has Orion received acquisition proposals?
  Yes. The company has reported receiving unsolicited, non-binding indications of interest from Kawa Capital Management to acquire all outstanding shares of Orion’s common stock not already owned by Kawa. Orion’s Board of Directors has publicly stated that it unanimously rejected specific proposals after determining that they significantly undervalued the company and were not in the best interests of its stockholders.