Here are the 10-K annual reports from Orion Properties Inc. (ONL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ONL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ONL filings page.
Orion Properties Inc. is an internally managed office REIT focused on single-tenant net lease properties in high-quality U.S. suburban markets. The company plans to shift over time from traditional office buildings toward dedicated-use assets such as government, medical, laboratory, R&D and flex facilities.
As of December 31, 2025, Orion owned 58 operating properties totaling 6.5 million leasable square feet across 26 states, with 78.1% occupancy and a weighted average remaining lease term of 5.6 years. Two tenants provided at least 10% of annualized base rent: the General Services Administration at 17.8% and Merrill Lynch at 10.0%, with significant geographic exposure to Texas, New Jersey and New York.
The company uses active asset management and capital recycling, selling non-core assets and reinvesting in its portfolio and selective acquisitions. As of December 31, 2025, consolidated debt totaled $465.0 million, including a $355.0 million CMBS loan on 19 properties, $92.0 million under a revolving credit facility (since refinanced in February 2026) and an $18.0 million mortgage on a San Ramon property, plus a proportionate $25.8 million share of Arch Street Joint Venture mortgage notes.
On January 26, 2026 Orion entered a cooperation agreement with Kawa, under which it began a strategic review of options that may include acquisitions, mergers, a potential sale of the company or continuing independently. The agreement runs through September 1, 2026 and includes standstill and voting commitments by Kawa.