STOCK TITAN
  1. Home
  2. Sec-filings
  3. ONL
  4. [8-K] Orion Properties Inc. Reports Material Event

Orion Properties (NYSE: ONL) swings to Q2 profit, raises 2026 Core FFO outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Orion Properties Inc. reported second‑quarter 2026 total revenues of $34.3 million and net income attributable to common stockholders of $24.6 million, or $0.42 per diluted share, compared with a net loss of $(25.1) million, or $(0.45) per share, a year earlier. The improvement was mainly driven by $28.8 million of gains on real estate dispositions and the absence of prior‑year impairment charges.

Core FFO was $11.8 million, or $0.20 per diluted share, roughly unchanged from $11.5 million and $0.20 per share in the prior‑year quarter. Year‑to‑date the company completed 673,000 square feet of leasing, sold four properties and the 37.4‑acre Deerfield, Illinois campus for $83.7 million, and reduced debt obligations by $60.7 million, bringing Net Debt to Annualized Adjusted EBITDA to 5.4x.

As of June 30, 2026, Orion owned 57 operating properties with Annualized Base Rent of $108.0 million, a portfolio occupancy rate of 78.1% and a weighted average remaining lease term of 6.2 years. Management raised 2026 Core FFO guidance to $0.72–$0.77 per diluted share and lowered the targeted Net Debt to Adjusted EBITDA range to 6.0x–6.8x while continuing an ongoing strategic review that may include asset or corporate transactions.

Positive

  • $24.6 million Q2 2026 net income ( $0.42 per diluted share) versus a $(25.1) million loss a year earlier, driven by higher gains on property sales and lower impairments.
  • Net Debt declined to $373.1 million from $428.0 million at December 31, 2025, improving Net Debt to Annualized Adjusted EBITDA to 5.4x from 6.6x.
  • Management raised 2026 Core FFO guidance to $0.72–$0.77 per diluted share and lowered the Net Debt to Adjusted EBITDA outlook to 6.0x–6.8x.

Negative

  • The unconsolidated joint venture’s $125.6 million non‑recourse mortgage remains in payment default; lenders may pursue remedies including foreclosure or forced property sales, and Orion’s equity investment and $5.5 million member loan are fully written down or reserved.

Filing Explained

Orion’s 20%-owned joint venture was back in mortgage default, with lender remedies possible; its investment was zero and its $5.5 million loan fully reserved.

As of August 6, 2026, Orion reports that its unconsolidated joint venture’s non-recourse mortgage debt, which defaulted at maturity in February, returned to default on August 1, 2026; lenders may pursue a property sale, foreclosure, a receiver, and other remedies.

The filing states that Orion owns a 20% interest in the venture and has a $5.5 million member loan; it has reduced the investment carrying value to zero and recorded a full reserve against that loan.

Beginning January 1, 2026, Orion no longer includes its proportionate share of the venture’s financial and operating metrics in non-GAAP results; as of June 30, 2026, it had recorded no contingent liabilities related to the venture.

The unresolved path is whether the venture and lenders reach an extension or refinancing arrangement, or sell one or more of the six properties to repay principal; the filing gives no assurance that any of these outcomes will occur.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Total Revenues $34.3 million Total revenues for the quarter ended June 30, 2026
Q2 2026 Net Income $24.6 million Net income attributable to common stockholders in Q2 2026
Q2 2026 Core FFO per diluted share $0.20 Core Funds From Operations per diluted share for Q2 2026
Net Debt $373.1 million Net Debt as of June 30, 2026
Net Debt to Adjusted EBITDA 5.4x Net Debt to Annualized Most Recent Quarter Adjusted EBITDA as of June 30, 2026
2026 Core FFO guidance range $0.72–$0.77 per diluted share Improved full-year 2026 Core FFO per diluted share guidance
Q3 2026 dividend per share $0.02 Quarterly cash dividend declared for the third quarter of 2026
Core FFO financial
"Core FFO for the second quarter of 2026 was 11.8 million, or 0.20 per diluted share"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
EBITDAre financial
"EBITDA of 45.5 million, EBITDAre of 16.7 million and Adjusted EBITDA of 17.2 million"
EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.
Net Debt financial
"we reduced debt during the quarter by 60.7 million bringing our Net Debt to Annualized Adjusted EBITDA to 5.4x"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Dedicated Use Asset financial
"38.7% derived from properties deemed to be Dedicated Use Assets, or DUAs"
Funds Available for Distribution financial
"Funds Available for Distribution ("FAD"), Earnings Before Interest, Taxes, Depreciation"
Funds available for distribution is the cash a company or fund has left to pay shareholders after collecting operating income and paying normal expenses, taxes and routine reserves for maintenance or repairs. Investors use it like a checking-account balance that shows how much can be safely paid out as dividends or distributions without tapping into borrowing or cutting essential operations, making it a practical gauge of payout sustainability.
Total revenues Q2 2026 $34.3 million down from $37.3 million in Q2 2025
Net income attributable to common stockholders Q2 2026 $24.6 million, $0.42 per diluted share compared with net loss of $(25.1) million, $(0.45) per share, in Q2 2025
Core FFO per diluted share Q2 2026 $0.20 unchanged from $0.20 in Q2 2025
Net Debt to Annualized Adjusted EBITDA 5.4x improved from 6.6x at December 31, 2025
Guidance

For full-year 2026, the company guides to Core FFO of $0.72–$0.77 per diluted share (up from $0.69–$0.76) and Net Debt to Adjusted EBITDA of 6.0x–6.8x, with General and Administrative expenses expected between $19.8 million and $20.8 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →

FAQ

How did Orion Properties (ONL) perform financially in Q2 2026?
Orion generated $34.3 million in total revenues and $24.6 million in net income attributable to common stockholders, or $0.42 per diluted share. A year earlier it reported a net loss of $(25.1) million, mainly due to lower gains and higher impairments.

What were Orion Properties (ONL) Core FFO and FAD in Q2 2026?
Core FFO was $11.8 million, or $0.20 per diluted share, essentially flat year over year. Funds Available for Distribution was a small deficit of $142 thousand, or $0.00 per diluted share, after capital expenditures and leasing costs.

What is Orion Properties (ONL) debt and liquidity position as of June 30, 2026?
Principal Outstanding totaled $436.6 million, including $316.6 million on the CMBS loan and $102.0 million on the revolver. Net Debt was $373.1 million, and liquidity was $176.5 million, combining cash, restricted cash and $113.0 million of revolver availability.

What 2026 guidance did Orion Properties (ONL) provide?
Orion now expects 2026 Core FFO of $0.72–$0.77 per diluted share, up from $0.69–$0.76. It also targets Net Debt to Adjusted EBITDA of 6.0x–6.8x and maintains General and Administrative expense guidance of $19.8–$20.8 million.

What leasing and disposition activity has Orion Properties (ONL) completed year-to-date 2026?
The company completed 673,000 square feet of leasing through late July, including 202,000 square feet in Q2 and 116,000 square feet after quarter end. It also sold four properties and the 37.4‑acre Deerfield, Illinois campus year‑to‑date for $83.7 million.

What is happening with Orion Properties’ (ONL) unconsolidated joint venture debt?
The joint venture’s $125.6 million non‑recourse mortgage defaulted at maturity in February 2026 and returned to default on August 1 after a short extension. Lenders have imposed an excess cash sweep and may enforce remedies; Orion’s investment and $5.5 million member loan are fully reserved.

What dividend did Orion Properties (ONL) declare for the third quarter of 2026?
The board declared a quarterly cash dividend of $0.02 per share for Q3 2026, payable on October 15, 2026, to stockholders of record as of September 30, 2026, continuing the company’s practice of regular quarterly distributions.
0001873923false00018739232026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 6, 2026
ORION PROPERTIES INC.
(Exact name of Registrant as specified in its charter)
Maryland001-4087387-1656425
(State or Other Jurisdiction of Incorporation or Organization)       (Commission File Number)(I.R.S. Employer Identification No.)
3200 E Camelback Road, Suite 100
Phoenix,AZ85018
(Address of principal executive offices, including zip code)
(602)698-1002
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class:Trading symbol(s):Name of each exchange on which registered:
Common Stock $0.001 par value per shareONLNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨


Item 2.02. Results of Operations and Financial Condition.
On August 6, 2026, Orion Properties Inc. (the “Company”) furnished the following documents: (i) a press release relating to its second quarter 2026 results, attached hereto as Exhibit 99.1; and (ii) supplemental information for the quarter ended June 30, 2026, attached hereto as Exhibit 99.2. The information set forth in this Item 2.02 and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
99.1
Press Release issued August 6, 2026 relating to Second Quarter 2026 Results
99.2
Supplemental Information for the Quarter Ended June 30, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ORION PROPERTIES INC.
By:/s/ Gavin B. Brandon
Name:Gavin B. Brandon
Title:Chief Financial Officer, Executive Vice President and Treasurer

Date: August 6, 2026





orion-properties_logoxrgb.jpg
Exhibit 99.1






FOR IMMEDIATE RELEASE

Orion Properties Inc. Announces Second Quarter 2026 Results

- Completed 673,000 Square Feet of Leasing Year-to-Date, Including 202,000 Square Feet in the Second Quarter and 116,000 Square Feet Subsequent to Quarter End -
- Sold Four Properties and the 37.4 Acre Deerfield, IL Campus Year-to-Date for $83.7 Million -
- Reduced Debt Obligations by $60.7 Million Including $35.7 Million on the CMBS Loan in the Second Quarter -
- Declares Dividend for Third Quarter 2026 -
- Raises 2026 Core FFO Guidance Range and Lowers 2026 Net Debt to Adjusted EBITDA Range -

Phoenix, AZ, August 6, 2026 -- Orion Properties Inc. (NYSE: ONL) (“Orion” or the “Company”), a fully-integrated real estate investment trust (“REIT”) which owns a diversified portfolio of single-tenant net lease office properties including dedicated use assets located across the United States, announced today its operating results for the second quarter ended June 30, 2026.
Paul McDowell, Orion’s Chief Executive Officer, commented, “With approximately 673,000 square feet of leasing completed through the end of July, we continue to execute on our strategy to further stabilize the portfolio as we build on our leasing momentum the past couple years. At the same time, we advanced our disposition program, closing on two property sales and the 37.4 acre Deerfield, Illinois campus for $70.6 million during the quarter. In concert with these sales, we reduced debt during the quarter by $60.7 million bringing our Net Debt to Annualized Adjusted EBITDA to 5.4x. These efforts and the raising of our 2026 financial outlook reflect the tangible progress we’re making toward our target of driving sustainable Core FFO per share growth over time. We remain committed to maximizing value for our stockholders and continue to closely evaluate strategic options as our review process is ongoing.”
Second Quarter 2026 Financial Overview
•Total revenues of $34.3 million
•Net income attributable to common stockholders of $24.6 million, or
◦$0.43 per basic share
◦$0.42 per diluted share
•Funds from Operations (“FFO”) of $9.2 million, or $0.16 per diluted share
•Core FFO of $11.8 million, or $0.20 per diluted share
•EBITDA of $45.5 million, EBITDAre of $16.7 million and Adjusted EBITDA of $17.2 million
•Net Debt to Annualized Most Recent Quarter Adjusted EBITDA of 5.4x
Financial Results
During the second quarter of 2026, the Company generated total revenues of $34.3 million, as compared to $37.3 million in the same quarter of 2025. The Company’s net income attributable to common stockholders was $24.6 million, or $0.43 and $0.42 per basic and diluted share, respectively, during the second quarter of 2026, as compared to a net loss attributable to common stockholders of $(25.1) million, or $(0.45) per basic and diluted share in the same quarter of 2025. The increase in the Company’s net income during the second quarter was primarily driven by an increase in gains on dispositions of real estate assets of $27.9 million and a decrease in impairment charges of $19.5 million, each versus the same quarter of the prior year. Core FFO for the second quarter of 2026 was $11.8 million, or $0.20 per diluted share, as compared to $11.5 million, or $0.20 per diluted share in the same quarter of 2025.
1

Leasing Activity
During the second quarter of 2026, the Company entered into the following lease transactions (square feet in thousands):
LocationLease TypeSquare FeetTerm (Years)Expected Commencement or Previous ExpirationNew Expected Expiration
Augusta, GeorgiaRenewal785.0September 2027September 2032
Plano, TexasRenewal627.4August 2026January 2034
Malvern, PennsylvaniaRenewal453.3July 2028October 2031
Sioux City, IowaRenewal111.0July 2026July 2027
Buffalo, New YorkNew Lease55.0April 2026March 2031
Buffalo, New YorkNew Lease113.0April 2026April 2039
Subsequent to quarter end, the Company completed a new 10.5-year lease for approximately 19,000 square feet at its property in Plano, Texas, a new 10.6-year lease for approximately 28,000 square feet at its property in Tulsa, Oklahoma and a 3.0-year lease renewal for 69,000 square feet at its property in Salem, Oregon.
Disposition Activity
During the second quarter of 2026, the Company closed on the sale of two Operating Properties and the 37.4 acre Deerfield, Illinois campus for an aggregate gross sales price of $70.6 million. The two Operating Properties comprise a total of approximately 260,000 square feet for an aggregate gross sales price of $57.5 million. No building square footage is associated with the Deerfield, Illinois properties because we demolished the six buildings during the fourth quarter of 2025.
As of August 6, 2026, the Company has an agreement in place to sell one property currently leased to the United States Government for a gross sales price of $3.4 million. The Company’s pending sale agreement is subject to a variety of conditions outside of our control, such as the buyer’s satisfactory completion of its due diligence and therefore, it cannot provide any assurance the transaction will close on the agreed upon price or other terms, or at all.
Acquisition Activity
During the three months ended June 30, 2026, the Company acquired the fee simple interest in one parcel of land at a property located in Lincoln, Nebraska. The Company’s ownership interest of this property was previously comprised of a long-term ground lease interest. The gross purchase price for the fee interest was $0.6 million, which includes capitalized external acquisition-related expenses. As a result of the transaction, $2.1 million that was previously classified as a below-market right-of-use asset, net was reclassified from other assets, net to land in the Company’s consolidated balance sheet as of June 30, 2026.
Real Estate Portfolio
As of June 30, 2026, the Company’s real estate portfolio consisted of 57 Operating Properties. Annualized Base Rent was $108.0 million, with 69.1% of Annualized Base Rent derived from Investment-Grade Tenants and 38.7% derived from properties deemed to be Dedicated Use Assets, or DUAs. The Company’s Occupancy Rate was 78.1% and the Weighted Average Remaining Lease Term was 6.2 years.
Balance Sheet and Liquidity
As of June 30, 2026, the Company had principal outstanding of $436.6 million, comprised of:
•$316.6 million securitized mortgage loan (the “CMBS Loan”)
•$102.0 million under the Company’s credit facility revolver
•$18.0 million mortgage loan secured by the Company’s San Ramon, California property (the “San Ramon Loan”)
During the three months ended June 30, 2026, the Company reduced debt obligations by $60.7 million, including $35.7 million on the CMBS Loan.
The Company’s maximum borrowing capacity under the credit facility revolver is $215.0 million and amounts borrowed by the Company may be prepaid and re-borrowed from time to time. The Company’s outstanding borrowings under the credit facility revolver bear interest at a floating rate of SOFR plus a margin of 2.75% and the maturity date is February 18, 2028, subject to two six-month borrower extension options until February 18, 2029 if we satisfy certain conditions. The credit facility revolver is a senior secured fully recourse borrowing facility.
2

The interest rate on the CMBS Loan is fixed at 4.971% and the CMBS Loan is scheduled to mature on February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied. Subject to customary exceptions, the CMBS Loan is a non-recourse loan and is secured by first-priority mortgages on 18 of the Company’s owned properties. During June 2026, the Company sold one property encumbered under the CMBS Loan and used the net proceeds of $34.4 million to prepay a portion of the outstanding principal balance on the CMBS Loan.
As of June 30, 2026, the Company had $176.5 million of liquidity, comprising $63.5 million of cash and cash equivalents and restricted cash as well as $113.0 million of available capacity on the Company’s credit facility revolver.
Dividend
On August 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share for the third quarter of 2026, payable on October 15, 2026, to stockholders of record as of September 30, 2026.
Strategic Option Review Process
On January 26, 2026, the Company announced a review of strategic options. The strategic options may include, among other things, the consideration of potential acquisition and merger targets, the potential sale of the Company, and continuing to operate as an independent publicly traded entity. As of August 6, 2026, the strategic options review process remains ongoing as we continue to actively engage with several parties. There can be no assurance that the strategic options review process will result in Orion pursuing any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process.
2026 Outlook
The Company is providing the following updated guidance estimates for 2026.
Prior 2026 Guidance
Improved 2026 Guidance
Core FFO per share$0.69 - $0.76$0.72 - $0.77
Net Debt to Adjusted EBITDA6.5x - 7.3x6.0x - 6.8x
The Company’s 2026 General and Administrative Expense guidance range of $19.8 million to $20.8 million is unchanged from the previous quarter.
The Company’s guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company’s filings with the SEC. The Company reminds investors that its guidance estimates include assumptions with regard to its shift in portfolio concentration towards more dedicated use assets, rent receipts and property operating expense reimbursements, the amount and timing of acquisitions, dispositions, leasing transactions, capital expenditures, interest rate fluctuations and expected borrowings, the cost of the Company’s ongoing strategic review process and other factors. These assumptions are uncertain and difficult to accurately predict and actual results may differ materially from our estimates. See “Forward-Looking Statements” below.
Webcast and Conference Call Information
Orion will host a webcast and conference call to review its results at 10:00 a.m. ET on Friday, August 7, 2026. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the “Investors” section of Orion’s website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time.
Replay Information
A replay of the webcast may be accessed by visiting the “Investors” section of Orion’s website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Friday, August 7, 2026 through 11:59 p.m. ET on Friday, August 21, 2026. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13761041.
Non-GAAP Financial Measures
To supplement the presentation of the Company’s financial results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release and the accompanying supplemental information as of and for the quarter ended June 30, 2026 (the “Supplemental Information Package”) contain certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, Funds Available for Distribution (“FAD”), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”), and Adjusted EBITDA. Please see the attachments to this press release for how the Company defines these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
3

About Orion Properties Inc.
Orion Properties Inc. is an internally-managed real estate investment trust engaged in the ownership, acquisition and management of a diversified portfolio of office properties located in high-quality suburban markets across the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company’s portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. The Company was founded on July 1, 2021, spun-off from Realty Income (NYSE: O) on November 12, 2021 and began trading on the New York Stock Exchange on November 15, 2021. The Company is headquartered in Phoenix, Arizona and has an office in New York, New York. For additional information on the Company and its properties, please visit onlreit.com.
Investor Relations Contact:
Email: investors@onlreit.com
Phone: 602-675-0338
4

About the Data
This data and other information described herein are as of and for the three and six months ended June 30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Properties Inc.'s (the "Company," "Orion," "us," "our" and "we") Quarterly Reports on Form 10-Q for the periods ended June 30, 2026 and March 31, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025.
Unconsolidated Joint Venture
The Company owns a 20% equity interest in one Unconsolidated Joint Venture which, as of June 30, 2026, owned a portfolio of six properties with an aggregate of 1.0 million leasable square feet located in six states. All assets in the joint venture portfolio are performing and the portfolio has an Occupancy Rate of 100% with a Weighted Average Remaining Lease Term of 5.8 years as of June 30, 2026. The Company has also made a member loan to the Unconsolidated Joint Venture (the “Member Loan”) with an outstanding principal balance of $5.5 million as of June 30, 2026. As previously disclosed, the non-recourse mortgage notes associated with the Unconsolidated Joint Venture, which had an outstanding principal balance of $125.6 million as of August 6, 2026, experienced a payment default at maturity in February 2026. The lenders’ agent under the loan has issued a default notice and has informed the joint venture that it intends to seek to compel a sale of the properties in the joint venture in order to repay the loan. During June 2026, the lenders agreed to extend the loan maturity date until July 31, 2026, to provide the Unconsolidated Joint Venture with time to consummate the sale of one of the six properties, however the sale transaction was subsequently terminated and the loan went back into default on August 1, 2026. The lenders have implemented an excess cash flow sweep and as a result of the loan default, have various additional rights and remedies that are customary in a non-recourse mortgage financing, such as the right to collect default interest, institute a proceeding for foreclosure and apply for the appointment of a receiver. The joint venture has delivered a proposed disposition strategy to the lenders for the six properties and remains in discussions with the lenders about next steps which may include a short-term extension and the requirement to sell one or more properties and utilize the proceeds to repay principal outstanding under the debt. The Company cannot provide any assurance that the Unconsolidated Joint Venture will be able to extend or refinance all or any portion of this debt obligation, complete the disposition of the six properties on favorable terms or in a timely manner, or at all, or that the lenders will not seek to enforce their remedies due to the ongoing payment default.
Due to uncertainties with regard to the recovery of its investments in the Unconsolidated Joint Venture, the Company reduced the carrying value of its investment in the Unconsolidated Joint Venture to zero as of December 31, 2025, and has recorded a loan loss reserve for the entire outstanding principal balance of its Member Loan. The Company accounts for its investment in the Unconsolidated Joint Venture under the equity method of accounting and during the year ended December 31, 2025, its share of losses exceeded the carrying amount of its investment. Accordingly, the Company has suspended recognition of its share of additional losses and will resume recognizing its share of earnings only after the Unconsolidated Joint Venture generates net income that exceeds the previously recognized losses. The Company has not recognized any further losses in excess of its investment and no contingent liabilities have been recorded related to the Unconsolidated Joint Venture as of and for the three and six months ended June 30, 2026. Additionally, beginning January 1, 2026, the Company is recording management fees from the Unconsolidated Joint Venture and interest income on the Member Loan on a cash basis rather than an accrual basis.
Historically, the Company has included its proportionate share of the Unconsolidated Joint Venture's financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. This includes, among other line items and metrics, the Company’s proportionate share of Annualized Base Rent, Occupied Square Feet, Rentable Square Feet and Weighted Average Remaining Lease Term from the Unconsolidated Joint Venture properties, and Gross Real Estate Investments, outstanding principal balance under debt obligations, cash and cash equivalents, and restricted cash from the Unconsolidated Joint Venture’s balance sheet. As a result of the factors described above, including the suspension of equity method accounting on the Unconsolidated Joint Venture, the full loan loss reserve recorded against its Member Loan and the recording of fees and interest income on a cash basis, beginning January 1, 2026, the Company no longer includes the proportionate share of the Unconsolidated Joint Venture’s financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics.
5

Definitions
Annualized Base Rent ("ABR") is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12. Annualized Base Rent is not indicative of future performance.
Dedicated Use Asset is a property that includes a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered a traditional office property.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, gains or losses from disposition of real estate assets. For periods prior to January 1, 2026, we also adjust for our proportionate share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above.
In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and, for periods prior to January 1, 2026, our proportionate share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Funds Available for Distribution ("FAD")
Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, and, for periods prior to January 1, 2026, our proportionate share of FAD adjustments related to the Unconsolidated Joint Venture and amortization of the Unconsolidated Joint Venture basis difference. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend.
However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP.
Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO")
Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP.
Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. For periods prior to January 1, 2026, we also adjust for our proportionate share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above.
In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not
6

reflect the ongoing operating performance of our business such as transaction related expenses, amortization of deferred financing costs, amortization of deferred lease incentives, net, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and, for periods prior to January 1, 2026, our proportionate share of Core FFO adjustments related to the Unconsolidated Joint Venture.
We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes.
For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure.
Net Debt, Principal Outstanding and Adjusted Principal Outstanding
Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. For periods prior to January 1, 2026, Adjusted Principal Outstanding includes the Company's proportionate share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.
Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and, for periods prior to January 1, 2026, the Company's proportionate share of the Unconsolidated Joint Venture's cash and cash equivalents. Beginning January 1, 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash to the amounts that reduce the Company’s Adjusted Principal Outstanding under debt obligations. This change in definition has also been applied retrospectively for comparison purposes and, for periods prior to January 1, 2026, also includes the Company’s proportionate share of restricted cash from the Unconsolidated Joint Venture. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.
Net Operating Income ("NOI"), Cash NOI, Trailing NOI and Trailing Cash NOI
NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, and transaction related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. For periods prior to January 1, 2026, Cash NOI includes the proportionate share of such amounts from properties owned by the Unconsolidated Joint Venture. Trailing NOI and Trailing Cash NOI represent trailing 12-month NOI and Cash NOI, calculated for the most recent 12-month period as of the applicable date. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.
Non-Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date which have been excluded from Operating Properties due to the properties being vacant and repositioned, redeveloped, developed or held for sale.
Unconsolidated Joint Venture means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC.
7

Forward-Looking Statements
Information set forth herein includes “forward-looking statements” which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, 2026 financial outlook, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. These factors include, among other things, those discussed below. Information regarding historical rent collections should not serve as an indicator of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law.
The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from those presented in the forward-looking statements:
•the risk of increases in interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all;
•the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise;
•conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions;
•our strategic review process is and will continue to be costly and time-consuming and may not result in a transaction, and any transaction that occurs may not increase stockholder value;
•the risk that our strategic review process may disrupt our operations, divert management’s attention and create uncertainty for tenants, employees and counterparties;
•the risk that recent changes in United States trade policy and the imposition of new tariffs continue to create disruption in macroeconomic conditions and could adversely impact our lenders, tenants and prospective tenants, and cause them to reduce or decline to do business with us or fail to meet their obligations to us;
•the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, and changes in government budgetary priorities, will continue and the impact that may have on demand for office space at our properties;
•our ability to acquire new properties, convert certain vacant properties to multi-tenant use and sell non-core assets on favorable terms and in a timely manner, or at all;
•risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected;
•our assumptions concerning tenant utilization and renewal probability of dedicated use assets, and our ability to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets;
•our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties;
•our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all;
•changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes;
•the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single tenant properties;
•our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all;
•the cost of rent concessions, tenant improvement allowances and leasing commissions;
•the potential for termination of existing leases pursuant to tenant termination rights;
•the amount, growth and relative inelasticity of our expenses;
•risks associated with the ownership and development of real property;
8

•risks accompanying our investment in and the management of OAP/VER Venture, LLC (the “Unconsolidated Joint Venture”), our unconsolidated joint venture, in which we hold a non-controlling ownership interest, including that the Unconsolidated Joint Venture may be unable to extend or refinance all or any portion of its mortgage debt obligations which are subject to an ongoing payment default that occurred at maturity or complete the disposition of the six joint venture properties on favorable terms or in a timely manner, or at all, or that the lenders may seek to enforce their remedies due to the ongoing payment default under the Unconsolidated Joint Venture Mortgage debt, and we may be unable to recover our original investment in the Unconsolidated Joint Venture, which we have written down to zero or, in the case of the Member Loan, fully reserved accordingly;
•our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control;
•we may change our dividend policy at any time, and therefore the amount, timing and continued payment of dividends are not assured;
•our properties may be subject to impairment charges;
•risks resulting from losses in excess of insured limits or uninsured losses;
•risks associated with the potential volatility of our common stock; and
•the risk that we may fail to maintain our income tax qualification as a real estate investment trust.
Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available on the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.
9

ORION PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, 2026December 31, 2025
Assets
Real estate investments, at cost:
Land$167,254 $176,532 
Buildings, fixtures and improvements956,882 976,676 
Total real estate investments, at cost1,124,136 1,153,208 
Less: accumulated depreciation196,198 195,042 
Total real estate investments, net927,938 958,166 
Accounts receivable, net41,111 35,333 
Intangible lease assets, net77,872 75,947 
Cash and cash equivalents16,870 22,362 
Restricted cash46,659 38,277 
Real estate assets held for sale, net— 12,803 
Other assets, net29,625 27,614 
Total assets$1,140,075 $1,170,502 
Liabilities and Equity
Mortgages payable, net$331,802 $371,957 
Credit facility revolver102,000 92,000 
Accounts payable and accrued expenses25,471 40,219 
Below-market lease liabilities, net17,429 18,449 
Distributions payable1,141 1,208 
Other liabilities, net28,203 22,154 
Total liabilities506,046 545,987 
Common stock57 56 
Additional paid-in capital1,152,706 1,151,644 
Accumulated other comprehensive loss— (5)
Accumulated deficit(520,011)(528,482)
Total stockholders' equity632,752 623,213 
Non-controlling interest1,277 1,302 
Total equity634,029 624,515 
Total liabilities and equity$1,140,075 $1,170,502 
10

ORION PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data) (Unaudited)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Rental$34,098 $37,102 $70,232 $74,899 
Fee income from unconsolidated joint venture206 203 343 407 
Total revenues34,304 37,305 70,575 75,306 
Operating expenses:
Property operating12,477 15,895 27,260 32,345 
General and administrative 4,611 4,838 9,751 9,734 
Depreciation and amortization13,520 14,928 26,679 30,950 
Impairments— 19,503 6,296 21,212 
Transaction related312 75 571 139 
Total operating expenses30,920 55,239 70,557 94,380 
Other income (expenses):
Interest expense, net(7,330)(8,016)(14,580)(16,172)
Gain on disposition of real estate assets28,826 891 28,826 891 
Loss on extinguishment of debt, net(288)— (532)— 
Other income63 404 306 657 
Other expenses(1)(108)(3,320)(108)
Recovery of reserve on Member Loan— — 439 — 
Equity in loss of unconsolidated joint venture, net— (271)— (517)
Total other income (expenses), net21,270 (7,100)11,139 (15,249)
Income (loss) before taxes24,654 (25,034)11,157 (34,323)
Provision for income taxes(71)(67)(142)(133)
Net income (loss)24,583 (25,101)11,015 (34,456)
Net income attributable to non-controlling interest(4)(2)(14)(8)
Net income (loss) attributable to common stockholders$24,579 $(25,103)$11,001 $(34,464)
Weighted average common shares outstanding - basic56,946 56,254 56,756 56,149 
Weighted average common shares outstanding - diluted58,106 56,254 57,488 56,149 
Net income (loss) per share attributable to common stockholders - basic$0.43 $(0.45)$0.19 $(0.61)
Net income (loss) per share attributable to common stockholders - diluted$0.42 $(0.45)$0.19 $(0.61)
11

ORION PROPERTIES INC.
FFO, CORE FFO AND FAD
(In thousands, except for per share data) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income (loss) attributable to common stockholders$24,579 $(25,103)$11,001 $(34,464)
Adjustments:
Depreciation and amortization of real estate assets13,481 14,897 26,606 30,885 
Gain on disposition of real estate assets(28,826)(891)(28,826)(891)
Impairment of real estate— 19,503 6,296 21,212 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable— 475 — 944 
FFO attributable to common stockholders$9,234 $8,881 $15,077 $17,686 
Transaction related312 75 571 139 
Amortization of deferred financing costs928 922 1,773 1,834 
Amortization of deferred lease incentives, net221 115 383 219 
Equity-based compensation, net814 822 1,584 1,526 
Loss on extinguishment of debt, net288 — 532 — 
Other adjustments, net1 629 3,619 679 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable— 14 — 28 
Core FFO attributable to common stockholders$11,798 $11,458 $23,539 $22,111 
Amortization of above and below market leases, net(312)(321)(624)(675)
Straight-line rental revenue(2,998)(2,519)(1,168)(6,150)
Unconsolidated Joint Venture basis difference amortization— 113 — 227 
Capital expenditures and leasing costs(8,852)(15,572)(27,503)(23,913)
Other adjustments, net222 68 345 141 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable— 28 — 39 
FAD attributable to common stockholders$(142)$(6,745)$(5,411)$(8,220)
Weighted average common shares outstanding - basic56,946 56,254 56,756 56,149 
Effect of weighted average dilutive securities (1)
1,160 47 732 67 
Weighted average common shares outstanding - diluted58,106 56,301 57,488 56,216 
FFO attributable to common stockholders per diluted share$0.16 $0.16 $0.26 $0.31 
Core FFO attributable to common stockholders per diluted share$0.20 $0.20 $0.41 $0.39 
FAD attributable to common stockholders per diluted share$0.00 $(0.12)$(0.10)$(0.15)
____________________________________
(1)Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance-based restricted stock units for which the performance thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive.
12

ORION PROPERTIES INC.
EBITDA, EBITDAre AND ADJUSTED EBITDA
(In thousands) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income (loss) attributable to common stockholders$24,579 $(25,103)$11,001 $(34,464)
 Adjustments:
Interest expense, net7,330 8,016 14,580 16,172 
Depreciation and amortization 13,520 14,928 26,679 30,950 
Provision for income taxes71 67 142 133 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable— 1,008 — 1,985 
EBITDA$45,500 $(1,084)$52,402 $14,776 
Gain on disposition of real estate assets(28,826)(891)(28,826)(891)
Impairment of real estate— 19,503 6,296 21,212 
EBITDAre$16,674 $17,528 $29,872 $35,097 
Transaction related312 75 571 139 
Amortization of above and below market leases, net(312)(321)(624)(675)
Amortization of deferred lease incentives, net221 115 383 219 
Loss on extinguishment of debt, net288 — 532 — 
Other adjustments, net1 629 3,619 679 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable— (8)— (15)
Adjusted EBITDA$17,184 $18,018 $34,353 $35,444 

13

ORION PROPERTIES INC.
FINANCIAL AND OPERATIONS STATISTICS AND RATIOS
(Dollars in thousands) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest expense - as reported$7,330 $8,016 $14,580 $16,172 
Adjustments:
Amortization of deferred financing costs and other non-cash charges(928)(922)(1,773)(1,834)
Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization
— 518 — 1,012 
Interest Expense, excluding non-cash amortization$6,402 $7,612 $12,807 $15,350 
Three Months Ended June 30,Six Months Ended June 30,
Interest Coverage Ratio2026202520262025
Interest Expense, excluding non-cash amortization (1)
$6,402$7,612$12,807$15,350
Adjusted EBITDA (2)
17,18418,01834,35335,444
Interest Coverage Ratio2.68x2.37x2.68x2.31x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$6,402$7,612$12,807$15,350
Proportionate share of Unconsolidated Joint Venture adjustments for secured debt principal amortization
—145—287
Total fixed charges6,4027,75712,80715,637
Adjusted EBITDA (2)
17,18418,01834,35335,444
Fixed Charge Coverage Ratio2.68x2.32x2.68x2.27x
____________________________________
(1)Refer to the Statement of Operations for interest expense calculated in accordance with GAAP and to the Supplemental Information Package for the required reconciliation to the most directly comparable GAAP financial measure.
(2)Refer to the Statement of Operations for net income (loss) calculated in accordance with GAAP and to the EBITDA, EBITDAre and Adjusted EBITDA section above for the required reconciliation to the most directly comparable GAAP financial measure.
Net DebtJune 30, 2026December 31, 2025
Mortgages payable, net$331,802 $371,957 
Credit facility revolver102,000 92,000 
Total debt - as reported433,802 463,957 
Deferred financing costs, net2,796 1,043 
Principal Outstanding436,598 465,000 
Proportionate share of Unconsolidated Joint Venture Principal Outstanding
— 25,753 
Adjusted Principal Outstanding436,598 490,753 
Cash and cash equivalents(16,870)(22,362)
Restricted cash(46,659)(38,277)
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents
— (495)
Proportionate share of Unconsolidated Joint Venture restricted cash— (1,580)
Net Debt$373,069 $428,039 
14

ORION PROPERTIES INC.
FINANCIAL AND OPERATIONS STATISTICS AND RATIOS
(Dollars in thousands) (Unaudited)
June 30, 2026December 31, 2025
Total real estate investments, at cost - as reported$1,124,136 $1,153,208 
Adjustments:
Gross intangible lease assets249,507 250,204 
Gross intangible lease liabilities(38,660)(38,660)
Non-Operating Properties total real estate investments, at cost— (11,113)
Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments (1)
— 29,118 
Gross Real Estate Investments$1,334,983 $1,382,757 
June 30, 2026December 31, 2025
Net Debt Ratios
Net Debt (2)
$373,069$428,039
Annualized Most Recent Quarter Adjusted EBITDA68,73664,476
Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio5.43x6.64x
Net Debt (2)
$373,069$428,039
Annualized Year-to-Date Adjusted EBITDA (3)
68,70668,957
Net Debt to Annualized Year-to-Date Adjusted EBITDA Ratio (3)
5.43x6.21x
Net Debt (2)
$373,069$428,039
Gross Real Estate Investments (1) (2)
1,334,9831,382,757
Net Debt Leverage Ratio27.9 %31.0 %
____________________________________
(1)The Company has retrospectively updated its proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments as of December 31, 2025 following the completion of the Unconsolidated Joint Venture's financial statement audit for the year ended December 31, 2025. Due to uncertainties with regard to recovery of our Unconsolidated Joint Venture investment, the Company recorded an other-than-temporary impairment loss on its investment in the Unconsolidated Joint Venture during the three months ended December 31, 2025. Certain components of this impairment were directly attributable to impairment of the real estate assets owned by the Unconsolidated Joint Venture, which were not previously reflected in the proportionate share of Gross Real Estate Investments as of December 31, 2025.
(2)Refer to the Balance Sheets for total debt and real estate investments, at cost calculated in accordance with GAAP and to the table above for the required reconciliation to the most directly comparable GAAP financial measure.
(3)Year-to-date adjusted EBITDA for December 31, 2025 has not been annualized for the purpose of this calculation.
15

ORION PROPERTIES INC.
CORE FUNDS FROM OPERATIONS PER DILUTED SHARE - 2026 GUIDANCE
(Unaudited)

The Company expects its 2026 Core FFO per diluted share to be in a range between $0.72 and $0.77. This guidance assumes:
• Net Debt to Adjusted EBITDA: 6.0x to 6.8x
• General & Administrative Expenses: $19.8 million to $20.8 million
The estimated net loss per diluted share is not a projection and is provided solely to satisfy the disclosure requirements of the SEC.
The Company does not provide a reconciliation of Net Debt to Adjusted EBITDA guidance to the most directly comparable GAAP measure, due to the inherent difficulty and uncertainty in quantifying certain adjustments primarily related to the Company’s debt obligations and restricted cash balances. The impact of such adjustments could be significant and cannot be presented without unreasonable efforts.
LowHigh
Diluted net loss per share attributable to common stockholders$(0.40)$(0.35)
Depreciation and amortization of real estate assets
0.89 0.89 
FFO attributable to common stockholders per diluted share0.49 0.54 
Adjustments (1)
0.23 0.23 
Core FFO attributable to common stockholders per diluted share$0.72 $0.77 
____________________________________
(1)Includes transaction related expenses, amortization of deferred lease incentives, net, amortization of deferred financing costs, and equity-based compensation.
16
Supplemental Information Package 2026 Second Quarter Exhibit 99.2 Buffalo, New York

 

Orion Supplemental Information June 30, 2026 Section Page About the Data 3 Forward-Looking Statements 4 Company Overview 6 Balance Sheets 8 Statements of Operations 9 Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) 10 EBITDA, EBITDAre and Adjusted EBITDA 11 Capital Structure 12 Debt Detail 13 Ratio Analysis 14 Credit Facility Revolver Covenants 15 Net Operating Income (NOI) and Cash NOI 16 Leasing Activity 17 Vacant Property Operating Expenses 19 Acquisitions and Dispositions 20 Diversification Statistics: Operating Property Portfolio 21 Tenants Comprising Over 1% of Annualized Base Rent 22 Tenant Industry Diversification 23 Lease Expirations 24 Lease Summary 25 Operating Property Geographic Diversification 26 Operating Property Type 27 Operating Property Portfolio 28 Unconsolidated Joint Venture Investment Summary 30 Definitions 31 Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 2

 

About the Data This data and other information described herein are as of and for the quarter ended June  30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Properties Inc.'s (the "Company," "Orion," "us," "our" and "we") Quarterly Reports on Form 10-Q for the periods ended June 30, 2026 and March 31, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025. Unconsolidated Joint Venture The Company owns a 20% equity interest in one Unconsolidated Joint Venture which, as of June 30, 2026, owned a portfolio of six properties with an aggregate of 1.0 million leasable square feet located in six states. All assets in the joint venture portfolio are performing and the portfolio has an Occupancy Rate of 100% with a Weighted Average Remaining Lease Term of 5.8 years as of June  30, 2026. The Company has also made a member loan to the Unconsolidated Joint Venture (the "Member Loan") with an outstanding principal balance of $5.5 million as of June  30, 2026. As previously disclosed, the non-recourse mortgage notes associated with the Unconsolidated Joint Venture, which had an outstanding principal balance of $125.6 million as of August  6, 2026, experienced a payment default at maturity in February 2026. The lenders’ agent under the loan has issued a default notice and has informed the joint venture that it intends to seek to compel a sale of the properties in the joint venture in order to repay the loan. During June 2026, the lenders agreed to extend the loan maturity date until July 31, 2026, to provide the Unconsolidated Joint Venture with time to consummate the sale of one of the six properties, however the sale transaction was subsequently terminated and the loan went back into default on August 1, 2026. The lenders have implemented an excess cash flow sweep and as a result of the loan default, have various additional rights and remedies that are customary in a non-recourse mortgage financing, such as the right to collect default interest, institute a proceeding for foreclosure and apply for the appointment of a receiver. The joint venture has delivered a proposed disposition strategy to the lenders for the six properties and remains in discussions with the lenders about next steps which may include a short-term extension and the requirement to sell one or more properties and utilize the proceeds to repay principal outstanding under the debt. The Company cannot provide any assurance that the Unconsolidated Joint Venture will be able to extend or refinance all or any portion of this debt obligation, complete the disposition of the six properties on favorable terms or in a timely manner, or at all, or that the lenders will not seek to enforce their remedies due to the ongoing payment default. Due to uncertainties with regard to the recovery of its investments in the Unconsolidated Joint Venture, the Company reduced the carrying value of its investment in the Unconsolidated Joint Venture to zero as of December 31, 2025, and has recorded a loan loss reserve for the entire outstanding principal balance of its Member Loan. The Company accounts for its investment in the Unconsolidated Joint Venture under the equity method of accounting and during the year ended December 31, 2025, its share of losses exceeded the carrying amount of its investment. Accordingly, the Company has suspended recognition of its share of additional losses and will resume recognizing its share of earnings only after the Unconsolidated Joint Venture generates net income that exceeds the previously recognized losses. The Company has not recognized any further losses in excess of its investment and no contingent liabilities have been recorded related to the Unconsolidated Joint Venture as of and for the three and six months ended June 30, 2026. Additionally, beginning January 1, 2026, the Company is recording management fees from the Unconsolidated Joint Venture and interest income on the Member Loan on a cash basis rather than an accrual basis. Historically, the Company has included its proportionate share of the Unconsolidated Joint Venture's financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. This includes, among other line items and metrics, the Company’s proportionate share of Annualized Base Rent, Occupied Square Feet, Rentable Square Feet and Weighted Average Remaining Lease Term from the Unconsolidated Joint Venture properties, and Gross Real Estate Investments, outstanding principal balance under debt obligations, cash and cash equivalents, and restricted cash from the Unconsolidated Joint Venture’s balance sheet. As a result of the factors described above, including the suspension of equity method accounting on the Unconsolidated Joint Venture, the full loan loss reserve recorded against its Member Loan and the recording of fees and interest income on a cash basis, beginning January 1, 2026, the Company no longer includes the proportionate share of the Unconsolidated Joint Venture’s financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 3

 

Forward-Looking Statements Information set forth herein includes “forward-looking statements” which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance," variations of such words and similar expressions identify forward- looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. These factors include, among other things, those discussed below. Information regarding historical rent collections should not serve as an indicator of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law. The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause the Company's actual results to differ materially from those presented in the forward-looking statements: • the risk of increases in interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all; • the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise; • conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions; • our strategic review process is and will continue to be costly and time-consuming and may not result in a transaction, and any transaction that occurs may not increase stockholder value; • the risk that our strategic review process may disrupt our operations, divert management’s attention and create uncertainty for tenants, employees and counterparties; • the risk that recent changes in United States trade policy and the imposition of new tariffs continue to create disruption in macroeconomic conditions and could adversely impact our lenders, tenants and prospective tenants, and cause them to reduce or decline to do business with us or fail to meet their obligations to us; • the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, and changes in government budgetary priorities, will continue and the impact that may have on demand for office space at our properties; • our ability to acquire new properties, convert certain vacant properties to multi-tenant use and sell non-core assets on favorable terms and in a timely manner, or at all; • risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected; • our assumptions concerning tenant utilization and renewal probability of Dedicated Use Assets, and our ability to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets; • our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties; • our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all; • changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes; • the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single tenant properties; • our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all; • the cost of rent concessions, tenant improvement allowances and leasing commissions; • the potential for termination of existing leases pursuant to tenant termination rights; Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 4

 

• the amount, growth and relative inelasticity of our expenses; • risks associated with the ownership and development of real property; • risks accompanying our investment in and the management of OAP/VER Venture, LLC (the “Unconsolidated Joint Venture”), our unconsolidated joint venture, in which we hold a non-controlling ownership interest, including that the Unconsolidated Joint Venture may be unable to extend or refinance all or any portion of its mortgage debt obligations which are subject to an ongoing payment default that occurred at maturity or complete the disposition of the six joint venture properties on favorable terms or in a timely manner, or at all, or that the lenders may seek to enforce their remedies due to the ongoing payment default under the Unconsolidated Joint Venture Mortgage debt, and we may be unable to recover our original investment in the Unconsolidated Joint Venture, which we have written down to zero or, in the case of the Member Loan, fully reserved accordingly; • our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control; • we may change our dividend policy at any time, and therefore the amount, timing and continued payment of dividends are not assured; • our properties may be subject to impairment charges; • risks resulting from losses in excess of insured limits or uninsured losses; • risks associated with the potential volatility of our common stock; and • the risk that we may fail to maintain our income tax qualification as a real estate investment trust. Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available on the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law. Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 5

 

Company Overview (unaudited) Orion is a real estate company incorporated in the state of Maryland on July 1, 2021, which has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with its initial taxable year ended December 31, 2021. Orion is an internally managed REIT engaged in the ownership, acquisition and management of a diversified portfolio of office properties in high-quality suburban markets across the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company's portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. As of June  30, 2026, Orion owned and operated a portfolio of 57 Operating Properties with an aggregate of 6.4 million leasable square feet located within 26 states. As of June 30, 2026, Orion's Annualized Base Rent was $108.0 million, with 69.1% of Annualized Base Rent derived from Investment-Grade Tenants and 38.7% derived from properties deemed to be Dedicated Use Assets, or DUAs. The Company's Occupancy Rate was 78.1% and the Weighted Average Remaining Lease Term was 6.2 years. The top tenants, tenant industries and geographic locations of the Company's Operating Properties are outlined in the following sections: "Tenants Comprising Over 1% of Annualized Base Rent," "Tenant Industry Diversification," and "Operating Property Geographic Diversification," respectively. Tenants, Trademarks and Logos Orion is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 6

 

Company Overview (continued) Senior Management Board of Directors Paul H. McDowell, Chief Executive Officer, President Reginald H. Gilyard, Non-Executive Chairman, Independent Director Gavin B. Brandon, Executive Vice President, Chief Financial Officer and Treasurer Kathleen R. Allen, Ph.D., Independent Director Christopher H. Day, Executive Vice President, Chief Operating Officer Richard J. Lieb, Independent Director Paul C. Hughes, General Counsel and Secretary Gregory J. Whyte, Independent Director Revea L. Schmidt, Senior Vice President, Chief Accounting Officer Paul H. McDowell, Chief Executive Officer, President and Director Corporate Offices and Contact Information 3200 E Camelback Road, Suite 100 122 E. 42nd Street, Suite 5100 Phoenix, AZ 85018 New York, NY 10168 602-698-1002 www.ONLREIT.com   Trading Symbol: ONL   Stock Exchange Listing: New York Stock Exchange   Transfer Agent Computershare Trust Company, N.A. c/o Computershare Investor Services P.O. Box 43006 Providence, RI 02940-3006 Toll Free: 877-218-2434 International: 781-575-3017 Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 7

 

Balance Sheets (unaudited, in thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Assets Real estate investments, at cost: Land $ 167,254 $ 178,765 $ 176,532 $ 187,415 $ 219,221 Buildings, fixtures and improvements 956,882 983,994 976,676 986,834 1,044,379 Total real estate investments, at cost 1,124,136 1,162,759 1,153,208 1,174,249 1,263,600 Less: accumulated depreciation 196,198 197,281 195,042 188,317 189,673 Total real estate investments, net 927,938 965,478 958,166 985,932 1,073,927 Accounts receivable, net 41,111 47,644 35,333 32,611 26,983 Intangible lease assets, net 77,872 81,691 75,947 80,102 85,270 Cash and cash equivalents 16,870 10,274 22,362 32,639 17,384 Restricted cash 46,659 50,259 38,277 30,126 36,090 Real estate assets held for sale, net — — 12,803 14,969 — Other assets, net 29,625 32,945 27,614 46,414 48,534 Total assets $ 1,140,075 $ 1,188,291 $ 1,170,502 $ 1,222,793 $ 1,288,188 Liabilities and Equity Mortgages payable, net $ 331,802 $ 366,927 $ 371,957 $ 371,772 $ 371,587 Credit facility revolver 102,000 127,000 92,000 110,000 110,000 Accounts payable and accrued expenses 25,471 35,318 40,219 40,300 36,031 Below-market lease liabilities, net 17,429 17,939 18,449 18,959 19,469 Distributions payable 1,141 1,137 1,208 1,126 1,126 Other liabilities, net 28,203 30,180 22,154 20,519 20,645 Total liabilities 506,046 578,501 545,987 562,676 558,858 Common stock 57 57 56 56 56 Additional paid-in capital 1,152,706 1,151,892 1,151,644 1,150,246 1,149,283 Accumulated other comprehensive loss — — (5) (17) (25) Accumulated deficit (520,011) (543,432) (528,482) (491,463) (421,302) Total stockholders' equity 632,752 608,517 623,213 658,822 728,012 Non-controlling interest 1,277 1,273 1,302 1,295 1,318 Total equity 634,029 609,790 624,515 660,117 729,330 Total liabilities and equity $ 1,140,075 $ 1,188,291 $ 1,170,502 $ 1,222,793 $ 1,288,188 Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 8

 

Statements of Operations (unaudited, in thousands, except per share data) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Revenues: Rental $ 34,098 $ 36,134 $ 35,010 $ 36,918 $ 37,102 Fee income from unconsolidated joint venture 206 137 209 204 203 Total revenues 34,304 36,271 35,219 37,122 37,305 Operating expenses: Property operating 12,477 14,783 15,199 17,284 15,895 General and administrative 4,611 5,140 5,972 4,607 4,838 Depreciation and amortization 13,520 13,159 13,087 14,709 14,928 Impairments — 6,296 14,466 63,698 19,503 Transaction related 312 259 645 114 75 Total operating expenses 30,920 39,637 49,369 100,412 55,239 Other income (expenses): Interest expense, net (7,330) (7,250) (7,473) (7,880) (8,016) Gain on disposition of real estate assets 28,826 — 2,902 3,265 891 Loss on extinguishment of debt, net (288) (244) — — — Other income 63 243 312 317 404 Other expenses (1) (3,319) (360) (1,116) (108) Recovery of (reserve on) Member Loan — 439 (5,926) — — Equity in loss and impairment of investment in unconsolidated joint venture, net — — (11,049) (256) (271) Total other income (expenses), net 21,270 (10,131) (21,594) (5,670) (7,100) Income (loss) before taxes 24,654 (13,497) (35,744) (68,960) (25,034) Provision for income taxes (71) (71) (59) (67) (67) Net income (loss) 24,583 (13,568) (35,803) (69,027) (25,101) Net income attributable to non-controlling interest (4) (10) (7) (8) (2) Net income (loss) attributable to common stockholders $ 24,579 $ (13,578) $ (35,810) $ (69,035) $ (25,103) Weighted average common shares outstanding - basic 56,946 56,565 56,316 56,313 56,254 Weighted average common shares outstanding - diluted 58,106 56,565 56,316 56,313 56,254 Net income (loss) per share attributable to common stockholders - basic $ 0.43 $ (0.24) $ (0.64) $ (1.23) $ (0.45) Net income (loss) per share attributable to common stockholders - diluted $ 0.42 $ (0.24) $ (0.64) $ (1.23) $ (0.45) Q2 2026 SUPPLEMENTAL INFORMATION Orion Properties Inc. | WWW.ONLREIT.COM | 9

 

Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) (unaudited, in thousands, except per share data) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income (loss) attributable to common stockholders $ 24,579 $ (13,578) $ (35,810) $ (69,035) $ (25,103) Adjustments: Depreciation and amortization of real estate assets 13,481 13,125 13,050 14,681 14,897 Gain on disposition of real estate assets (28,826) — (2,902) (3,265) (891) Impairment of real estate — 6,296 14,466 63,698 19,503 Impairment of investment in Unconsolidated Joint Venture and proportionate share of adjustments for items above, as applicable — — 11,280 474 475 FFO attributable to common stockholders $ 9,234 $ 5,843 $ 84 $ 6,553 $ 8,881 Transaction related 312 259 645 114 75 Amortization of deferred financing costs 928 845 932 933 922 Amortization of deferred lease incentives, net 221 162 136 175 115 Equity-based compensation, net 814 770 1,242 852 822 Loss on extinguishment of debt, net 288 244 — — — Other adjustments, net 1 3,618 7,508 2,366 629 Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable — — 11 14 14 Core FFO attributable to common stockholders $ 11,798 $ 11,741 $ 10,558 $ 11,007 $ 11,458 Amortization of above and below market leases, net (312) (312) (312) (312) (321) Straight-line rental revenue (2,998) 1,830 (2,077) (4,898) (2,519) Unconsolidated Joint Venture basis difference amortization — — 114 114 113 Capital expenditures and leasing costs (8,852) (18,651) (17,777) (18,283) (15,572) Other adjustments, net 222 123 75 66 68 Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable — — 33 27 28 FAD attributable to common stockholders $ (142) $ (5,269) $ (9,386) $ (12,279) $ (6,745) Weighted average common shares outstanding - basic 56,946 56,565 56,316 56,313 56,254 Effect of weighted average dilutive securities (1) 1,160 698 705 530 47 Weighted average common shares outstanding - diluted 58,106 57,263 57,021 56,843 56,301 FFO attributable to common stockholders per diluted share $ 0.16 $ 0.10 $ 0.00 $ 0.12 $ 0.16 Core FFO attributable to common stockholders per diluted share $ 0.20 $ 0.21 $ 0.19 $ 0.19 $ 0.20 FAD attributable to common stockholders per diluted share $ 0.00 $ (0.09) $ (0.17) $ (0.22) $ (0.12) ___________________________________ (1) Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance- based restricted stock units for which the thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 10

 

EBITDA, EBITDAre and Adjusted EBITDA (unaudited, in thousands) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income (loss) attributable to common stockholders $ 24,579 $ (13,578) $ (35,810) $ (69,035) $ (25,103) Adjustments: Interest expense, net 7,330 7,250 7,473 7,880 8,016 Depreciation and amortization 13,520 13,159 13,087 14,709 14,928 Provision for income taxes 71 71 59 67 67 Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable — — 972 1,004 1,008 EBITDA $ 45,500 $ 6,902 $ (14,219) $ (45,375) $ (1,084) Gain on disposition of real estate assets (28,826) — (2,902) (3,265) (891) Impairment of real estate — 6,296 14,466 63,698 19,503 Impairment of investment in unconsolidated joint venture and proportionate share of adjustments for items above, as applicable — — 10,805 — — EBITDAre $ 16,674 $ 13,198 $ 8,150 $ 15,058 $ 17,528 Transaction related 312 259 645 114 75 Amortization of above and below market leases, net (312) (312) (312) (312) (321) Amortization of deferred lease incentives, net 221 162 136 175 115 Loss on extinguishment of debt, net 288 244 — — — Other adjustments, net 1 3,618 7,508 2,366 629 Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable — — (8) (7) (8) Adjusted EBITDA $ 17,184 $ 17,169 $ 16,119 $ 17,394 $ 18,018 Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 11

 

___________________________________ (1) Interest rate for variable rate debt represents the interest rate in effect as of June 30, 2026. (2) Includes $316.6 million securitized mortgage loan secured by 18 of the Company's properties (the "CMBS Loan") which bears interest at a fixed rate of 4.971%. The CMBS Loan is scheduled to mature on February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied. Pursuant to the loan modification agreement with the lender in February 2026, the lender will sweep all excess monthly cash flows from the properties collateralizing the CMBS Loan, after payment of interest and property operating expenses, until maturity to a combination of prepaying the outstanding principal balance of the CMBS Loan and funding an all-purpose reserve. The Company made principal payments of $38.4 million on the CMBS Loan during the six months ended June 30, 2026. Also includes $18.0 million fixed rate mortgage loan secured by the San Ramon, California property (the "San Ramon Loan") which bears interest at a fixed rate of 5.90% and matures on December 1, 2031. (3) The Company's maximum borrowing capacity under the credit facility revolver is $215.0 million and amounts borrowed by the Company may be prepaid and re-borrowed from time to time. The Company’s outstanding borrowings under the credit facility revolver bear interest at a floating rate of, at the election of the Company, Daily Simple SOFR, Term SOFR or a base rate, plus an applicable margin of 2.75% for SOFR loans and 1.75% for base rate loans, and the maturity date is February 18, 2028, subject to two six-month borrower extension options until February 18, 2029 if we satisfy certain conditions. The credit facility revolver is a senior secured fully recourse borrowing facility. (4) Liquidity represents cash and cash equivalents and restricted cash of $63.5 million as well as $113.0 million available capacity on the Company's credit facility revolver as of June 30, 2026. Q2 2026 SUPPLEMENTAL INFORMATION Capital Structure (unaudited, dollars and shares in thousands, except per share amounts) See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 12 Capitalization Common equity 27.4 % Mortgages payable (2) 55.6 % Credit facility revolver 17.0 % Capitalization Table June 30, 2026 Common stock outstanding 57,045 Stock price $ 2.89 Implied Equity Market Capitalization $ 164,860 Wtd. Avg. Maturity (Years) Wtd. Avg. Interest Rate (1) Principal Outstanding Mortgages payable (2) 2.8 5.02 % $ 334,598 Credit facility revolver (3) 1.6 6.37 % 102,000 Total secured debt 2.5 5.34 % $ 436,598 Total unsecured debt — — % — Total Principal Outstanding 2.5 5.34 % $ 436,598 Total Capitalization $ 601,458 Cash and cash equivalents 16,870 Restricted cash 46,659 Enterprise Value $ 537,929 Net Debt/Enterprise Value 69.4 % Net Debt/Gross Real Estate Investments 27.9 % Fixed Charge Coverage Ratio 2.68x Liquidity (4) $ 176,529 Net Debt/Annualized Most Recent Quarter Adjusted EBITDA 5.43x Net Debt/Annualized Year-to-Date Adjusted EBITDA 5.43x Principal Payments Due $— $— $102,000 $334,598 2026 2027 2028 Thereafter

 

Debt Detail (unaudited, dollars in thousands) Principal Payments Due Total 2026 2027 2028 Thereafter Credit facility revolver (1) $ 102,000 $ — $ — $ 102,000 $ — Mortgages payable (2) 334,598 — — — 334,598 Total Principal Outstanding $ 436,598 $ — $ — $ 102,000 $ 334,598 Debt Type Percentage of Principal Outstanding Weighted Average Interest Rate (3) Weighted Average Years to Maturity Credit facility revolver (1) 23.4 % 6.37 % 1.6 Mortgages payable (2) 76.6 % 5.02 % 2.8 Total 100.0 % 5.34 % 2.5 Total unsecured debt — % — % — Total secured debt 100.0 % 5.34 % 2.5 Total 100.0 % 5.34 % 2.5 Total fixed-rate debt 76.6 % 5.02 % 2.8 Total variable-rate debt 23.4 % 6.37 % 1.6 Total 100.0 % 5.34 % 2.5 ___________________________________ (1) See note 3 under the section "Capital Structure" for more information regarding the Company's credit facility revolver. (2) See note 2 under the section "Capital Structure" for more information regarding the Company's mortgages payable. (3) Interest rate for variable rate debt represents the interest rate in effect as of June 30, 2026. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 13

 

Ratio Analysis (unaudited, dollars in thousands) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Interest Coverage Ratio Interest Expense, excluding non-cash amortization (1) $ 6,402 $ 6,405 $ 7,028 $ 7,463 $ 7,612 Adjusted EBITDA (2) 17,184 17,169 16,119 17,394 18,018 Interest Coverage Ratio 2.68x 2.68x 2.29x 2.33x 2.37x Fixed Charge Coverage Ratio Interest Expense, excluding non-cash amortization (1) $ 6,402 $ 6,405 $ 7,028 $ 7,463 $ 7,612 Proportionate share of Unconsolidated Joint Venture adjustments for secured debt principal amortization — — 144 146 145 Total fixed charges 6,402 6,405 7,172 7,609 7,757 Adjusted EBITDA (2) 17,184 17,169 16,119 17,394 18,018 Fixed Charge Coverage Ratio 2.68x 2.68x 2.25x 2.29x 2.32x ___________________________________ (1) Refer to the Statements of Operations section for interest expense calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure. (2) Refer to the Statements of Operations section for net income (loss) calculated in accordance with GAAP and to the EBITDA, EBITDAre and Adjusted EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure. June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net Debt Ratios Net Debt (1) $ 373,069 $ 436,745 $ 428,039 $ 444,168 $ 453,636 Annualized Most Recent Quarter Adjusted EBITDA 68,736 68,676 64,476 69,576 72,072 Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio 5.43x 6.36x 6.64x 6.38x 6.29x Net Debt (1) $ 373,069 $ 436,745 $ 428,039 $ 444,168 $ 453,636 Annualized Year-to-Date Adjusted EBITDA (2) 68,706 68,676 68,957 70,451 70,888 Net Debt to Annualized Year-to-Date Adjusted EBITDA Ratio (2) 5.43x 6.36x 6.21x 6.30x 6.40x Net Debt (1) $ 373,069 $ 436,745 $ 428,039 $ 444,168 $ 453,636 Gross Real Estate Investments (1) (3) 1,334,983 1,374,543 1,382,757 1,423,695 1,535,433 Net Debt Leverage Ratio 27.9 % 31.8 % 31.0 % 31.2 % 29.5 % ___________________________________ (1) Refer to the Balance Sheets section for total debt and real estate investments, at cost calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure. (2) Year-to-date Adjusted EBITDA for December 31, 2025 has not been annualized for the purpose of this calculation. (3) The Company has retrospectively updated its proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments as of December 31, 2025 following the completion of the Unconsolidated Joint Venture's financial statement audit for the year ended December 31, 2025. Due to uncertainties with regard to recovery of our Unconsolidated Joint Venture investment, the Company recorded an other-than-temporary impairment loss on its investment in the Unconsolidated Joint Venture during the three months ended December 31, 2025. Certain components of this impairment were directly attributable to impairment of the real estate assets owned by the Unconsolidated Joint Venture, which were not previously reflected in the proportionate share of Gross Real Estate Investments as of December 31, 2025. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 14

 

Credit Facility Revolver Covenants (unaudited) The table that follows summarizes the financial covenants for the Company's credit facility revolver as defined and calculated per the terms of the facility's credit agreement. These calculations are presented to investors to show the Company's compliance with the financial covenants and are not measures of our liquidity or performance. As of June 30, 2026, the Company was in compliance with these covenants based on the covenant limits and calculations in place at that time. Credit Facility Revolver Financial Covenants Required June 30, 2026 Ratio of total indebtedness to total asset value ≤ 60% 45.4% Ratio of adjusted EBITDA to fixed charges ≥ 1.5x 2.52x Consolidated tangible net worth ≥ $740.6 million $985.4 million Collateral property availability ≥ $215.0 million $295.5 million Collateral property debt yield ≥ 13% 29.9% Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 15

 

Net Operating Income (NOI) and Cash NOI (unaudited, dollars in thousands) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Rental revenue: Cash rental revenue $ 22,534 $ 26,511 $ 20,372 $ 21,469 $ 22,890 Fixed reimbursements 1,711 1,659 1,546 1,526 1,519 Variable reimbursements 6,021 7,208 7,385 7,889 8,580 Straight-line rental revenue 2,998 (1,830) 2,077 4,898 2,519 Amortization of above and below market leases, net 312 312 312 312 321 Amortization of deferred lease incentives, net (221) (162) (136) (175) (115) Other rental revenue 743 2,436 3,454 999 1,388 Total rental revenue 34,098 36,134 35,010 36,918 37,102 Property operating expense (12,477) (14,783) (15,199) (17,284) (15,895) NOI $ 21,621 $ 21,351 $ 19,811 $ 19,634 $ 21,207 Adjustments: Straight-line rental revenue (2,998) 1,830 (2,077) (4,898) (2,519) Amortization of above and below market leases, net (312) (312) (312) (312) (321) Amortization of deferred lease incentives, net 221 162 136 175 115 Other non-cash adjustments 47 48 48 48 48 Proportionate share of Unconsolidated Joint Venture Cash NOI — — 893 900 897 Cash NOI $ 18,579 $ 23,079 $ 18,499 $ 15,547 $ 19,427 Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 16

 

Leasing Activity (unaudited, square feet and dollars in thousands) During the periods indicated below, the Company entered into new and renewal leases as summarized in the following tables: Three Months Ended June 30, 2026 New Leases Renewals Total Number of leases 2 4 6 Rentable square feet leased 6 196 202 Weighted average lease term (by rentable square feet) (years) - firm term (1) 5.5 5.1 5.1 Weighted average lease term (by rentable square feet) (years) - non-firm term (1) 5.5 5.1 5.1 Weighted average new term rental rate per rentable square foot per year (cash basis) $ 10.90 $ 24.47 $ 24.11 Weighted average rental rate change (cash basis) (2) (3) N/A (7.7) % (7.7) % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) $ 0.84 $ 5.49 $ 5.36 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) $ 0.84 $ 5.49 $ 5.36 Three Months Ended June 30, 2025 New Leases Renewals Total Number of leases 2 2 4 Rentable square feet leased 69 110 179 Weighted average lease term (by rentable square feet) (years) - firm term (1) 13.0 1.6 6.0 Weighted average lease term (by rentable square feet) (years) - non-firm term (1) 13.0 1.6 6.0 Weighted average new term rental rate per rentable square foot per year (cash basis) $ 27.82 $ 11.45 $ 17.80 Weighted average rental rate change (cash basis) (2) (3) N/A 6.2 % 6.2 % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) $ 10.26 $ 2.09 $ 8.91 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) $ 10.26 $ 2.09 $ 8.91 ____________________________________ (1) Firm term includes the non-cancellable portion of the lease term and any cancellable portion of the lease term if the tenant's right to cancel requires payment of a termination fee. Non-firm term includes the firm term plus the portion of the lease term, principally under our United States Government leases, where the tenant has the right to terminate without payment of a termination fee. (2) Represents weighted average percentage increase or decrease in (i) the annualized monthly cash amount charged to the applicable tenants (including monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the commencement date of the new lease term (excluding any full or partial rent abatement period) compared to (ii) the annualized monthly cash amount charged to the applicable tenants (including the monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the expiration date of the prior lease term. Contractually obligated reimbursements include estimated amortization of certain landlord funded improvements under our United States Government leases. If a space has been or will be vacant for more than 12 months prior to the commencement of a new lease, was previously otherwise not generating full cash rental revenue or if the lease types are not comparable, the lease will be excluded from the rental rate change calculation. (3) Excludes two new leases for approximately 6,000 square feet for the three months ended June 30, 2026 that had been or will be vacant for more than 12 months at the time the new lease commences. Excludes two new leases for approximately 69,000 square feet during the three months ended June 30, 2025. (4) Includes tenant improvement allowances and base building allowances, certain reimbursable and non-reimbursable landlord funded improvements, leasing commissions and rent concessions (includes estimates of property operating expenses, where applicable). For its multi-tenant properties, the Company has allocated the estimated cost of landlord funded improvements that benefit the property generally and/or the common areas and not the tenant's premises in particular, to the applicable lease based on square footage of the related tenant. (5) There were no reimbursable landlord funded improvements or tenant improvement allowances included in the tenant rent concessions and leasing costs for the three months ended June 30, 2026 and 2025. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 17

 

Leasing Activity (continued) (unaudited, square feet and dollars in thousands) During the periods indicated below, the Company entered into new and renewal leases as summarized in the following tables: Six Months Ended June 30, 2026 New Leases Renewals Total Number of leases 4 5 9 Rentable square feet leased 201 356 557 Weighted average lease term (by rentable square feet) (years) - firm term (1) 11.6 4.2 6.9 Weighted average lease term (by rentable square feet) (years) - non-firm term (1) 11.6 4.2 6.9 Weighted average new term rental rate per rentable square foot per year (cash basis) $ 16.10 $ 30.63 $ 25.40 Weighted average rental rate change (cash basis) (2) (3) N/A (2.3) % (2.3) % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) $ 5.60 $ 4.69 $ 5.25 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) $ 5.60 $ 4.69 $ 5.25 Six Months Ended June 30, 2025 New Leases Renewals (6) Total Number of leases 3 5 8 Rentable square feet leased 229 330 559 Weighted average lease term (by rentable square feet) (years) - firm term (1) 10.9 3.4 6.5 Weighted average lease term (by rentable square feet) (years) - non-firm term (1) 10.9 3.4 6.5 Weighted average new term rental rate per rentable square foot per year (cash basis) $ 29.24 $ 20.51 $ 24.10 Weighted average rental rate change (cash basis) (2) (3) N/A (14.2) % (14.2) % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) $ 8.68 $ 4.22 $ 7.30 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) $ 8.68 $ 4.22 $ 7.30 ____________________________________ (1) Firm term includes the non-cancellable portion of the lease term and any cancellable portion of the lease term if the tenant's right to cancel requires payment of a termination fee. Non-firm term includes the firm term plus the portion of the lease term, principally under our United States Government leases, where the tenant has the right to terminate without payment of a termination fee. (2) Represents weighted average percentage increase or decrease in (i) the annualized monthly cash amount charged to the applicable tenants (including monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the commencement date of the new lease term (excluding any full or partial rent abatement period) compared to (ii) the annualized monthly cash amount charged to the applicable tenants (including the monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the expiration date of the prior lease term. Contractually obligated reimbursements include estimated amortization of certain landlord funded improvements under our United States Government leases. If a space has been or will be vacant for more than 12 months prior to the commencement of a new lease, was previously otherwise not generating full cash rental revenue or if the lease types are not comparable, the lease will be excluded from the rental rate change calculation. (3) Excludes four new leases for approximately 201,000 square feet for the six months ended June 30, 2026 that had been or will be vacant for more than 12 months at the time the new lease commences. Excludes three new leases for approximately 229,000 square feet during the six months ended June 30, 2025. (4) Includes tenant improvement allowances and base building allowances, certain reimbursable and non-reimbursable landlord funded improvements, leasing commissions and rent concessions (includes estimates of property operating expenses, where applicable). For its multi-tenant properties, the Company has allocated the estimated cost of landlord funded improvements that benefit the property generally and/or the common areas and not the tenant's premises in particular, to the applicable lease based on square footage of the related tenant. (5) There were no reimbursable landlord funded improvements or tenant improvement allowances included in the tenant rent concessions and leasing costs for the six months ended June 30, 2026. Tenant rent concessions and leasing costs per rentable square foot for the six months ended June 30, 2025 and attributable to new leases have been retrospectively updated to reduce the amount of tenant improvement allowances by $0.64 per rentable square foot per year pursuant to the terms of a subsequent lease amendment entered into during the three months ended March 31, 2026. (6) Includes the Company's proportionate share of rentable square feet and tenant rent concessions and leasing costs for one 163,000 square foot renewal at a property owned by the Company's Unconsolidated Joint Venture. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 18

 

Vacant Property Operating Expenses (unaudited, square feet and dollars in thousands for the six months ended June 30, 2026) Square Feet Total Expenses Operating Properties Fully vacant - full period (1) 241 $ 890 Fully vacant - partial period 451 607 Substantially vacant - full period (2) 319 960 Fully and substantially vacant subtotal 1,011 $ 2,457 Partially vacant (3) 554 1,803 Total 1,565 $ 4,260 Disposed Properties Fully vacant - full period N/A 1,918 Grand Total $ 6,178 ___________________________________ (1) The Company had five fully vacant Operating Properties as of June 30, 2026. All expenses are a component of property operating expenses in the consolidated statements of operations and represent expenses for which the Company does not expect to be reimbursed. (2) Operating Properties with an Occupancy Rate of 15% or lower are considered substantially vacant. The Company had one substantially vacant Operating Property as of June 30, 2026. (3) The Company does not record property operating expenses at the suite level; therefore, the total expenses for the six months ended June 30, 2026 for partially vacant Operating Properties are estimated by multiplying the vacant square feet of the partially vacant Operating Properties by the total annualized expenses per square foot for fully and substantially vacant Operating Properties and prorating for the six months ended June 30, 2026. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 19

 

Acquisitions and Dispositions (unaudited, square feet and dollars in thousands) Acquisitions The following table summarizes the Company's acquisition activity during the six months ended June 30, 2026. Date Purchased Property Location Square Feet Gross Purchase Price Adjusted Purchase Price (1) Lease Term (Years) (2) Cash Capitalization Rate Average Capitalization Rate February 27, 2026 Northbrook, IL 75 $ 15,000 $ 14,064 10.8 8.1 % 9.0 % June 30, 2026 Lincoln, NE (3) N/A 575 575 N/A N/A N/A Total 75 $ 15,575 $ 14,639 ___________________________________ (1) Represents Gross Purchase Price less, where applicable, adjustments to and credits against the purchase price agreed to by the Company pursuant to the purchase and sale agreement. Adjusted Purchase Price is not net of transaction costs. (2) Represents the remaining lease term as of the acquisition date. (3) The Company acquired the fee simple interest in one parcel of land at a property located in Lincoln, Nebraska. The Company’s ownership interest of this property was previously comprised of a long-term ground lease interest. As of June 30, 2026, this property is approximately 96.7% leased to two tenants with a weighted average remaining lease term of 5.2 years. Dispositions The following table summarizes the Company's disposition activity during the six months ended June 30, 2026. Date Sold Property Location Square Feet Gross Sales Price Adjusted Sales Price (1) Lease Term (Years) Cash Capitalization Rate Average Capitalization Rate January 9, 2026 Bedford, MA 328 $ 5,600 $ 5,600 Vacant N/A N/A January 15, 2026 Malvern, PA 188 7,500 7,500 Vacant N/A N/A April 21, 2026 Deerfield, IL (2) N/A 13,100 13,100 Vacant N/A N/A May 1, 2026 Glen Burnie, MD 120 22,500 22,490 Vacant N/A N/A June 5, 2026 Columbus, OH 140 35,000 35,000 5.8 5.6 % 5.7 % Total 776 $ 83,700 $ 83,690 ___________________________________ (1) Represents Gross Sales Price less, where applicable, adjustments to and credits against the purchase price agreed to by the Company pursuant to the purchase and sale agreement. Adjusted Sales Price is not net of transaction costs. (2) Includes six properties. No building square footage is associated with these properties due to the demolition of the buildings on the campus. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 20

 

___________________________________________________ Q2 2026 SUPPLEMENTAL INFORMATION Diversification Statistics: Operating Property Portfolio (unaudited, percentages based on portfolio Annualized Base Rent as of June 30, 2026, other than Occupancy Rate and Leased Rate which are based on Rentable Square Feet as of June 30, 2026) See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 21 Tenant Diversification 20.1% 10.3% 4.6% 4.4% 4.2% 3.9% 3.5% 3.4% 3.3% 3.2% General Services Administration Merrill Lynch Cigna/Evernorth Ingram Micro Sekisui House U.S. T-Mobile Banner Life Insurance Encompass Health Collins Aerospace AT&T Geographic Diversification 21.7% 15.5% 9.5% 6.2% 6.1% 5.5% 4.4% 4.3% 3.5% 3.3% Texas New Jersey Kentucky Colorado New York California Georgia Tennessee Maryland Virginia Industry Diversification 20.6% 13.7% 10.5% 10.3% 7.1% 7.0% 5.5% 5.3% 4.2% 3.5% Government & Public Services Health Care Equipment & Services Capital Goods Financial Institutions Telecommunication Services Materials Commercial & Professional Services Software & Services Consumer Durables & Apparel Insurance Lease Expirations 3.8% 10.5% 22.7% 6.0% 6.1% 1.9% 1.8% 5.6% 4.9% 13.0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Statistics (square feet and dollars in thousands) Operating Properties 57 Non-Operating Properties — Rentable Square Feet 6,352 Annualized Base Rent $ 107,993 Occupancy Rate 78.1 % Leased Rate 78.1 % Weighted Average Remaining Lease Term 6.2 Investment-Grade Tenants 69.1 % NN leases 59.0 % NNN leases 6.9 %

 

Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of June 30, 2026) Tenant Number of Leases Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Credit Rating General Services Administration 16 810 12.8 % $ 21,729 20.1 % AA+ Merrill Lynch 1 482 7.6 % 11,136 10.3 % A- Cigna/Evernorth 2 275 4.3 % 4,919 4.6 % A- Ingram Micro 1 161 2.5 % 4,795 4.4 % BB Sekisui House U.S. 1 145 2.3 % 4,562 4.2 % BBB T-Mobile 3 216 3.4 % 4,180 3.9 % BBB+ Banner Life Insurance 1 116 1.8 % 3,762 3.5 % A Encompass Health 1 65 1.0 % 3,646 3.4 % BB Collins Aerospace 1 207 3.3 % 3,587 3.3 % BBB+ AT&T 1 203 3.2 % 3,484 3.2 % BBB Top Ten Tenants 28 2,680 42.2 % 65,800 60.9 % Remaining Tenants: Home Depot/HD Supply 2 153 2.4 % 3,448 3.2 % A Linde 1 175 2.8 % 2,972 2.8 % A Maximus 2 168 2.6 % 2,737 2.5 % BB+ Mercury One 1 172 2.7 % 2,586 2.4 % NR Valent U.S.A. 1 97 1.5 % 2,510 2.3 % NR Charter Communications 1 156 2.5 % 2,476 2.3 % BB+ Brown University Health 1 136 2.1 % 2,209 2.0 % NR GE Vernova 1 152 2.4 % 2,117 2.0 % BBB Day Pitney 1 56 0.9 % 2,049 1.9 % NR Elementis 1 66 1.0 % 1,980 1.8 % NR FedEx 1 90 1.4 % 1,623 1.5 % BBB AGCO 1 126 2.0 % 1,606 1.5 % BBB- Honeywell 1 81 1.3 % 1,586 1.5 % A B&G Foods 1 49 0.8 % 1,540 1.4 % B- Ifm Efector 1 45 0.7 % 1,375 1.3 % NR Barilla America 1 75 1.2 % 1,175 1.1 % NR Becton Dickinson 1 50 0.8 % 1,116 1.0 % BBB Change Healthcare Operations 1 55 0.9 % 1,097 1.0 % A+ Total 48 4,582 72.2 % $ 102,002 94.4 % Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 22

 

Tenant Industry Diversification (unaudited, square feet and dollars in thousands as of June 30, 2026) Government & Public Services 18 854 13.4 % $ 22,289 20.6 % Health Care Equipment & Services 10 715 11.3 % 14,796 13.7 % Capital Goods 8 664 10.5 % 11,383 10.5 % Financial Institutions 1 482 7.6 % 11,136 10.3 % Telecommunication Services 4 419 6.6 % 7,664 7.1 % Materials 4 343 5.4 % 7,561 7.0 % Commercial & Professional Services 10 281 4.4 % 5,928 5.5 % Software & Services 2 220 3.5 % 5,708 5.3 % Consumer Durables & Apparel 1 145 2.3 % 4,562 4.2 % Insurance 1 116 1.8 % 3,762 3.5 % Top Ten Tenant Industries 59 4,239 66.8 % 94,789 87.7 % Remaining Tenant Industries: Retailing 3 157 2.5 % 3,526 3.3 % Food & Beverage 2 124 1.9 % 2,715 2.5 % Charity & Non-Profit 1 172 2.7 % 2,586 2.4 % Media & Entertainment 1 156 2.5 % 2,476 2.3 % Transportation 1 90 1.4 % 1,623 1.5 % Restaurant 5 20 0.3 % 228 0.2 % Real Estate 1 2 — % 50 0.1 % Total 73 4,960 78.1 % $ 107,993 100.0 % Industry Number of Leases (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent __________________________________ (1) The Company has certain Operating Properties that are subject to multiple leases. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 23

 

Lease Expirations (unaudited, square feet and dollars in thousands as of June 30, 2026) Year of Expiration Number of Leases Expiring (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent 2026 6 137 2.2 % $ 4,148 3.8 % 2027 9 655 10.3 % 11,364 10.5 % 2028 13 1,073 16.9 % 24,550 22.7 % 2029 6 401 6.3 % 6,490 6.0 % 2030 6 208 3.3 % 6,602 6.1 % 2031 4 68 1.1 % 1,995 1.9 % 2032 2 83 1.3 % 1,905 1.8 % 2033 4 297 4.7 % 6,022 5.6 % 2034 6 305 4.8 % 5,277 4.9 % 2035 3 614 9.7 % 14,028 13.0 % Thereafter 14 1,119 17.5 % 25,612 23.7 % Total 73 4,960 78.1 % $ 107,993 100.0 % __________________________________ (1) The Company has certain Operating Properties that are subject to multiple leases. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 24

 

Lease Summary (unaudited, square feet and dollars in thousands as of June 30, 2026) Rent Escalations Number of Leases (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Fixed Dollar or Percent Increase 51 4,015 63.2 % $ 84,029 77.8 % GSA CPI 15 775 12.2 % 20,988 19.4 % CPI 1 81 1.3 % 1,586 1.5 % Flat 6 89 1.4 % 1,390 1.3 % Total 73 4,960 78.1 % $ 107,993 100.0 % Tenant Expense Obligations Number of Leases (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent NN 43 3,376 53.1 % $ 63,684 59.0 % Modified Gross 22 1,290 20.3 % 36,709 34.0 % NNN 6 284 4.5 % 7,495 6.9 % Gross 2 10 0.2 % 105 0.1 % Total 73 4,960 78.1 % $ 107,993 100.0 % __________________________________ (1) The Company has certain Operating Properties that are subject to multiple leases. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 25

 

Operating Property Geographic Diversification (unaudited, square feet and dollars in thousands as of June 30, 2026) Texas 15 1,351 21.3 % $ 23,463 21.7 % New Jersey 3 714 11.2 % 16,705 15.5 % Kentucky 1 438 6.9 % 10,203 9.5 % Colorado 3 392 6.2 % 6,679 6.2 % New York 6 756 11.9 % 6,601 6.1 % California 3 214 3.4 % 5,990 5.5 % Georgia 3 284 4.5 % 4,704 4.4 % Tennessee 4 240 3.8 % 4,651 4.3 % Maryland 1 116 1.8 % 3,762 3.5 % Virginia 1 207 3.3 % 3,587 3.3 % Top Ten States 40 4,712 74.3 % 86,345 80.0 % Remaining States: Nebraska 1 150 2.4 % 2,948 2.7 % Missouri 1 181 2.8 % 2,692 2.5 % Wisconsin 1 156 2.5 % 2,476 2.3 % Rhode Island 1 136 2.1 % 2,209 2.0 % Iowa 2 92 1.4 % 2,087 1.9 % West Virginia 1 63 1.0 % 1,475 1.4 % Pennsylvania 1 45 0.7 % 1,375 1.3 % Oregon 1 69 1.1 % 1,212 1.1 % Illinois 1 75 1.2 % 1,175 1.1 % Kansas 1 90 1.4 % 1,140 1.1 % Idaho 1 35 0.5 % 741 0.7 % Indiana 1 83 1.3 % 664 0.6 % Arizona 1 90 1.4 % 591 0.5 % Minnesota 1 39 0.6 % 505 0.5 % Florida 1 6 0.1 % 249 0.2 % Oklahoma 1 330 5.2 % 109 0.1 % Total 57 6,352 100.0 % $ 107,993 100.0 % Location Number of Properties Rentable Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 26

 

Operating Property Type (unaudited, square feet and dollars in thousands as of June 30, 2026) Property Type Number of Properties Rentable Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Traditional Office 30 4,434 69.8 % $ 66,230 61.3 % Governmental 17 938 14.8 % 23,256 21.5 % Flex/Industrial 4 532 8.4 % 7,508 7.0 % Flex/Laboratory and R&D 4 293 4.6 % 6,762 6.3 % Medical Office 2 155 2.4 % 4,237 3.9 % Total 57 6,352 100.0 % $ 107,993 100.0 % Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 27

 

Operating Property Portfolio (unaudited, as of June 30, 2026 and Cash NOI for the trailing 12 months ended June 30, 2026) Commercial & Professional Services 4335 Paredes Line Road Brownsville, TX 78 100.0 % 1.9 $ 1,597 $ 1,555 $ 1,563 (2) Telecommunication Services 3750 Wheeler Road Augusta, GA 78 100.0 % 6.3 1,781 1,382 1,628 (2) Telecommunication Services 4080 27th Court SE Salem, OR 69 100.0 % 0.8 1,212 1,139 1,171 (2) Health Care Equipment & Services 8455 University Place Drive St. Louis, MO 181 100.0 % 2.5 2,692 2,552 2,648 (3) Government & Public Services 2305 Hudson Boulevard Brownsville, TX 11 100.0 % 7.6 354 102 102 (3) Government & Public Services 257 Bosley Industrial Park Parkersburg, WV 63 100.0 % 12.9 1,475 1,101 1,144 (2) Government & Public Services 2805 Pine Mill Road Paris, TX 11 100.0 % 5.2 434 248 257 (3) Government & Public Services 3381 U.S. Highway 277 Eagle Pass, TX 20 100.0 % 11.8 562 291 303 (2) Government & Public Services 2475 Cliff Creek Crossing Dr Dallas, TX 17 100.0 % 4.3 683 295 327 (2) Government & Public Services 3644 Avtech Parkway Redding, CA 44 100.0 % 0.3 1,349 1,049 1,061 (2) Government & Public Services 5100 W 36th Street Minneapolis, MN 39 100.0 % 3.8 505 491 493 (2) Government & Public Services 4525 State Route 11 Malone, NY 29 100.0 % — 1,171 717 780 (3) Government & Public Services 2600 Voyager Avenue Sioux City, IA 11 100.0 % 1.1 501 202 265 (2) Government & Public Services 135 Circle Lane Knoxville, TN 26 100.0 % 0.1 744 358 387 (2) Health Care Equipment & Services 2304 State Highway 121 Bedford, TX 65 100.0 % 4.3 3,646 3,631 3,615 (3) Government & Public Services 3369 U.S. Highway 277 Eagle Pass, TX 9 100.0 % 12.6 314 93 93 (2) Transportation 942 S. Shady Grove Road Memphis, TN 90 100.0 % 8.5 1,623 1,747 1,606 (3) Capital Goods 601 Third Street SE Cedar Rapids, IA 81 100.0 % 1.7 1,586 1,418 1,548 (3) Health Care Equipment & Services 15 LaSalle Square Providence, RI 136 100.0 % 9.8 2,209 2,541 875 (2) Materials 100 Sci Park Boulevard East Windsor, NJ 66 100.0 % 5.9 1,980 1,320 801 (3) Vacant 6005 Fair Lakes Road East Syracuse, NY 109 — % — — 2,809 2,809 (3) Government & Public Services 310 Canaveral Groves Blvd Cocoa, FL 6 100.0 % 1.7 249 108 108 Government & Public Services 103 & 104 Airport Road Grangeville, ID 35 100.0 % 1.3 741 492 492 Government & Public Services 2901 Alta Mesa Boulevard Fort Worth, TX 16 100.0 % 9.6 438 167 159 (2) Government & Public Services 59 Dunning Way Plattsburgh, NY 13 100.0 % 7.3 585 207 209 (2) Capital Goods 1800 Nelson Road Longmont, CO 152 100.0 % 8.3 2,117 2,330 2,211 (2) Telecommunication Services 2270 Lakeside Boulevard Richardson, TX 203 100.0 % 0.8 3,484 3,354 3,483 Health Care Equipment & Services 5859 Farinon Drive San Antonio, TX 96 52.1 % 1.3 1,116 953 1,020 Restaurant 202 S. Cheyenne Tulsa, OK 330 3.3 % 6.8 109 (1,950) (1,998) (2) Consumer Durables & Apparel 4350 South Monaco Street Denver, CO 145 100.0 % 2.3 4,562 1,793 2,776 (2) Vacant 2250 Lakeside Boulevard Richardson, TX 116 — % — — (730) (730) Commercial & Professional Services 3833 Greenway Drive Lawrence, KS 90 100.0 % 1.9 1,140 1,083 1,101 (2) Materials 1585 Sawdust Road The Woodlands, TX 175 100.0 % 6.9 2,972 2,296 2,641 (2) Vacant 7390 S. Iola Street Englewood, CO 95 — % — — (499) (492) (3) Media & Entertainment 1254-1320 N. MLK Jr. Drive Milwaukee, WI 156 100.0 % 0.8 2,476 2,305 2,381 Telecommunication Services 695 Grassmere Park Nashville, TN 69 100.0 % 7.6 1,187 1,227 1,184 (3) Commercial & Professional Services 1575 Sawdust Road The Woodlands, TX 153 83.0 % 2.7 2,620 1,915 1,947 Retailing 101 Riverview Parkway Santee, CA 73 100.0 % 2.4 2,131 1,881 1,883 (2) Charity & Non-Profit 6655 North MacArthur Boulevard Irving, TX 172 100.0 % 12.4 2,586 (563) (1,298) (2) Government & Public Services 333 Scott St & 300 Madison Ave Covington, KY 438 96.1 % 2.1 10,203 6,059 5,859 (2) Vacant 1759 Wehrle Drive Amherst, NY 170 — % — — 1,308 2,258 Capital Goods 22640 Davis Drive Sterling, VA 207 100.0 % 2.8 3,587 3,477 3,505 (3) Capital Goods 1100 Atwater Drive, Lot 11A Malvern, PA 45 100.0 % 5.3 1,375 1,421 1,445 (3) Health Care Equipment & Services 7353 Company Drive Indianapolis, IN 83 100.0 % 1.3 664 619 592 (2) Industry Address Rentable Square Feet Occupancy Rate WALT ABR Trailing NOI (1) Trailing Cash NOI (1) Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 28

 

Health Care Equipment & Services 1640 Dallas Parkway Plano, TX 209 56.0 % 5.4 $ 2,657 $ 2,260 $ 1,995 (2) Government & Public Services 777 Research Road Lincoln, NE 150 96.7 % 5.2 2,948 1,041 5,074 (2) Software & Services 249 - 257 West Genesee Street Buffalo, NY 405 41.0 % 12.8 4,845 2,424 (1,592) (2) Insurance 3275 Bennett Creek Avenue Urbana, MD 116 100.0 % 13.2 3,762 2,513 3,815 (3) Health Care Equipment & Services 100 Airpark Center Drive East Nashville, TN 55 100.0 % 4.3 1,097 1,178 1,076 (2) Retailing 3074 Chastain Meadows Pkwy NW Kennesaw, GA 80 100.0 % 1.8 1,317 1,438 1,611 (3) (5) Capital Goods 4205 River Green Parkway Duluth, GA 126 100.0 % 15.1 1,606 2,212 1,248 (3) Commercial & Professional Services 8 Sylvan Way Parsippany, NJ 166 63.3 % 14.8 3,589 (432) (1,988) (2) Financial Institutions 1500-1600 American Boulevard Hopewell, NJ 482 100.0 % 9.4 11,136 11,078 5,728 (3) Health Care Equipment & Services 3003 N. 3rd Street Phoenix, AZ 90 25.6 % 10.2 591 (643) (950) (3) Vacant 395 S. Youngs Road Amherst, NY 30 — % — — (217) (217) Materials 4600 Norris Canyon Road San Ramon, CA 97 100.0 % 13.2 2,510 4,358 2,789 (4) Food & Beverage 885 Sunset Ridge Road Northbrook, IL 75 100.0 % 10.5 1,175 448 418 (2) Industry Address Rentable Square Feet Occupancy Rate WALT ABR Trailing NOI (1) Trailing Cash NOI (1) __________________________________ (1) For certain properties, Trailing NOI and Trailing Cash NOI do not reflect a normalized full 12 months of rents due to factors such as lease expirations or commencements, non-routine income and/or expenses (including reimbursements for end-of-lease obligations or capital reimbursements), and/or recent acquisition of the property. Additional factors that may impact Trailing Cash NOI include contractual free rent periods and/or build-out periods prior to rent commencement when the tenant has possession of the space. These factors have no effect on Annualized Base Rent. (2) Property serving as collateral under the Company's credit facility revolver. (3) Property serving as collateral for the Company's CMBS Loan. (4) Property serving as collateral for the Company's San Ramon Loan. (5) Property is currently subleased through March 2028, at which time the Company's lease with the sublease tenant will commence and is scheduled to expire in August 2033. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 29

 

Unconsolidated Joint Venture Investment Summary (1) (unaudited, square feet and dollars in thousands) The following table summarizes the Company's investments in the Unconsolidated Joint Venture as of June 30, 2026. Property Tenant Industry Weighted Average Remaining Lease Term Proportionate Share of Gross Real Estate Investments Proportionate Share of Rentable Square Feet Proportionate Share of Annualized Base Rent Proportionate Share of Principal Outstanding Schneider Electric - Foxboro, MA Capital Goods 1.4 $ 4,206 50 $ 757 $ 4,832 Sysmex - Lincolnshire, IL Health Care Equipment & Services 10.3 5,935 33 844 4,922 DHL - Westerville, OH Transportation 5.5 4,896 29 466 3,770 Peraton - Herndon, VA Software & Services 3.6 5,285 33 1,243 5,395 Atlas Air - Erlanger, KY Transportation 9.8 4,399 20 337 2,942 Spire Energy - St. Louis, MO Utilities 8.7 4,412 26 394 3,406 5.8 $ 29,133 191 $ 4,041 $ 25,267 __________________________________ (1) Beginning January 1, 2026, the Company no longer includes the proportionate share of the Unconsolidated Joint Venture's financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. See "About the Data" above. Q2 2026 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. | WWW.ONLREIT.COM | 30

 

Annualized Base Rent ("ABR") is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12. Annualized Base Rent is not indicative of future performance. Average Capitalization Rate represents annualized average estimated Cash NOI of the property over the tenant's lease term, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Average Capitalization Rate represents annualized average estimated cash rental revenue of the property over the tenant’s lease term divided by gross purchase or sale price. Cash Capitalization Rate represents next 12 full months estimated Cash NOI of the property, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Cash Capitalization Rate represents next 12 full months estimated cash rental revenue of the property divided by gross purchase or sale price. CPI refers to a lease in which base rent is adjusted based on changes in a consumer price index. Credit Rating of a tenant refers to the Standard & Poor's or Moody's credit rating and such rating also may reflect the rating assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company as applicable. Dedicated Use Asset is a property that includes a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered a traditional office property. Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot, in each case, as further defined in the applicable lease). Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, gains or losses from disposition of real estate assets. For periods prior to January 1, 2026, we also adjust for our proportionate share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above. In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and, for periods prior to January 1, 2026, our proportionate share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Enterprise Value equals the sum of the Implied Equity Market Capitalization and Net Debt, in each case, as of an applicable date. Fixed Charge Coverage Ratio is (a) Adjusted EBITDA divided by (b) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations. Q2 2026 SUPPLEMENTAL INFORMATION Definitions (unaudited, in thousands, except share and per share data) Orion Properties Inc. | WWW.ONLREIT.COM | 31

 

Fixed Dollar or Percent Increase refers to a lease that requires contractual rent increases during the term of the lease agreement. A Fixed Dollar or Percent Increase lease may include a period of free rent at the beginning or end of the lease. Flat refers to a lease that requires equal rent payments, with no contractual increases, throughout the term of the lease agreement. A Flat lease may include a period of free rent at the beginning or end of the lease. Funds Available for Distribution ("FAD") Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, and, for periods prior to January 1, 2026, our proportionate share of FAD adjustments related to the Unconsolidated Joint Venture and amortization of the Unconsolidated Joint Venture basis difference. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend. However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP. Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO") Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP. Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. For periods prior to January 1, 2026, we also adjust for our proportionate share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above. In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, amortization of deferred financing costs, amortization of deferred lease incentives, net, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and, for periods prior to January 1, 2026, our proportionate share of Core FFO adjustments related to the Unconsolidated Joint Venture. We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes. For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure. GAAP is an abbreviation for generally accepted accounting principles in the United States. Gross Lease is a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs). Q2 2026 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. | WWW.ONLREIT.COM | 32

 

Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, net of gross intangible lease liabilities and, for periods prior to January 1, 2026, the Company's proportionate share of such amounts related to properties owned by the Unconsolidated Joint Venture. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. The following table shows a reconciliation of Gross Real Estate Investments to the amounts presented in accordance with GAAP on the balance sheets for the periods presented (in thousands): June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total real estate investments, at cost - as reported $ 1,124,136 $ 1,162,759 $ 1,153,208 $ 1,174,249 $ 1,263,600 Adjustments: Gross intangible lease assets 249,507 261,557 250,204 253,127 275,560 Gross intangible lease liabilities (38,660) (38,660) (38,660) (38,660) (38,660) Non-Operating Properties total real estate investments, at cost — (11,113) (11,113) (11,113) (11,113) Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments (1) — — 29,118 46,092 46,046 Gross Real Estate Investments $ 1,334,983 $ 1,374,543 $ 1,382,757 $ 1,423,695 $ 1,535,433 __________________________________ (1) The Company has retrospectively updated its proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments as of December 31, 2025 following the completion of the Unconsolidated Joint Venture's financial statement audit for the year ended December 31, 2025. Due to uncertainties with regard to recovery of our Unconsolidated Joint Venture investment, the Company recorded an other-than-temporary impairment loss on its investment in the Unconsolidated Joint Venture during the three months ended December 31, 2025. Certain components of this impairment were directly attributable to impairment of the real estate assets owned by the Unconsolidated Joint Venture, which were not previously reflected in the proportionate share of Gross Real Estate Investments as of December 31, 2025. GSA CPI refers to a General Services Administration ("GSA") lease that includes a contractually obligated operating cost component of rent which is adjusted annually based on changes in a consumer price index. Implied Equity Market Capitalization equals shares of common stock outstanding as of an applicable date, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange on such date. Industry is derived from the Global Industry Classification Standard ("GICS") Methodology that was developed by Morgan Stanley Capital International ("MSCI") in collaboration with S&P Dow Jones Indices to establish a global, accurate, complete and widely accepted approach to defining industries and classifying securities by industry. Interest Coverage Ratio equals Adjusted EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and, for periods prior to January 1, 2026, the Company's proportionate share of the Unconsolidated Joint Venture's interest expense incurred on its outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined under GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. Q2 2026 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. | WWW.ONLREIT.COM | 33

 

The following table shows a reconciliation of Interest Expense, excluding non-cash amortization to interest expense presented in accordance with GAAP on the statements of operations for the periods presented (in thousands): Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Interest expense, net - as reported $ 7,330 $ 7,250 $ 7,473 $ 7,880 $ 8,016 Adjustments: Amortization of deferred financing costs and other non- cash charges (928) (845) (932) (933) (922) Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization — — 487 516 518 Interest Expense, excluding non-cash amortization $ 6,402 $ 6,405 $ 7,028 $ 7,463 $ 7,612 Investment-Grade Tenants are those with a Credit Rating of BBB- or higher from Standard & Poor’s or a Credit Rating of Baa3 or higher from Moody’s. The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable. Leased Rate equals the sum of Leased Square Feet divided by Rentable Square Feet as of an applicable date. Leased Square Feet is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant. Month-to-Month refers to a lease that is outside of the contractual lease expiration, but the tenant has not vacated and continues to pay rent which may also include holdover rent if applicable. Net Debt, Principal Outstanding and Adjusted Principal Outstanding Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. For periods prior to January 1, 2026, Adjusted Principal Outstanding includes the Company's proportionate share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and, for periods prior to January 1, 2026, the Company's proportionate share of the Unconsolidated Joint Venture's cash and cash equivalents. Beginning January 1, 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash to the amounts that reduce the Company’s Adjusted Principal Outstanding under debt obligations. This change in definition has also been applied retrospectively for comparison purposes and, for periods prior to January 1, 2026, also includes the Company’s proportionate share of restricted cash from the Unconsolidated Joint Venture. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. Q2 2026 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. | WWW.ONLREIT.COM | 34

 

The following table shows a reconciliation of Net Debt, Principal Outstanding and Adjusted Principal Outstanding to the amounts presented in accordance with GAAP on the balance sheets for the periods presented (in thousands): June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Mortgages payable, net $ 331,802 $ 366,927 $ 371,957 $ 371,772 $ 371,587 Credit facility revolver 102,000 127,000 92,000 110,000 110,000 Total debt - as reported 433,802 493,927 463,957 481,772 481,587 Deferred financing costs, net 2,796 3,351 1,043 1,228 1,413 Principal Outstanding 436,598 497,278 465,000 483,000 483,000 Proportionate share of Unconsolidated Joint Venture Principal Outstanding — — 25,753 25,897 26,042 Adjusted Principal Outstanding $ 436,598 $ 497,278 $ 490,753 $ 508,897 $ 509,042 Cash and cash equivalents (16,870) (10,274) (22,362) (32,639) (17,384) Restricted cash (46,659) (50,259) (38,277) (30,126) (36,090) Proportionate share of Unconsolidated Joint Venture cash and cash equivalents — — (495) (394) (329) Proportionate share of Unconsolidated Joint Venture restricted cash — — (1,580) (1,570) (1,603) Net Debt $ 373,069 $ 436,745 $ 428,039 $ 444,168 $ 453,636 Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. Beginning in 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash to the amounts that reduce the Company’s Adjusted Principal Outstanding under debt obligations. This change in definition has also been applied retrospectively for comparison purposes and, for periods prior to January 1, 2026, also includes the Company’s proportionate share of restricted cash from the Unconsolidated Joint Venture. Net Operating Income ("NOI"), Cash NOI, Trailing NOI and Trailing Cash NOI NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, and transaction related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. For periods prior to January 1, 2026, Cash NOI includes the proportionate share of such amounts from properties owned by the Unconsolidated Joint Venture. Trailing NOI and Trailing Cash NOI represent trailing 12-month NOI and Cash NOI, calculated for the most recent 12-month period as of the applicable date. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies. Q2 2026 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. | WWW.ONLREIT.COM | 35

 

The following table shows the calculation of NOI and Cash NOI for the periods presented (in thousands): Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total revenues $ 34,304 $ 36,271 $ 35,219 $ 37,122 $ 37,305 Less: total operating expenses (30,920) (39,637) (49,369) (100,412) (55,239) Fee income from unconsolidated joint venture (206) (137) (209) (204) (203) Transaction related 312 259 645 114 75 General and administrative 4,611 5,140 5,972 4,607 4,838 Depreciation and amortization 13,520 13,159 13,087 14,709 14,928 Impairment of real estate assets — 6,296 14,466 63,698 19,503 NOI 21,621 21,351 19,811 19,634 21,207 Straight-line rental revenue (2,998) 1,830 (2,077) (4,898) (2,519) Amortization of above and below market leases, net (312) (312) (312) (312) (321) Amortization of deferred lease incentives, net 221 162 136 175 115 Other non-cash adjustments 47 48 48 48 48 Proportionate share of Unconsolidated Joint Venture Cash NOI — — 893 900 897 Cash NOI $ 18,579 $ 23,079 $ 18,499 $ 15,547 $ 19,427 Non-Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date which have been excluded from Operating Properties due to the properties being vacant and repositioned, redeveloped, developed or held for sale. Occupancy Rate equals the sum of Occupied Square Feet divided by Rentable Square Feet as of an applicable date. Occupied Square Feet is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP. Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date, excluding Non- Operating Properties. Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc. Rentable Square Feet is leasable square feet of Operating Properties. Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs in accordance with the lease terms). Unconsolidated Joint Venture means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC. Weighted Average Remaining Lease Term ("WALT") is the number of years remaining on each respective lease as of the applicable date, weighted based on Annualized Base Rent. Q2 2026 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. | WWW.ONLREIT.COM | 36

 

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Press Releases

Other Documents