Orion Properties Inc.

Listed Company

ONLCIK 0001873923NYSEEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-139.31M

Total Assets

$1.17B

Equity

$623.21M

Shares Out

56.44M

Op. Cash Flow

$23.58M

Business

Orion Properties Inc. is an internally managed real estate investment trust that owns, acquires and manages a diversified portfolio of office and dedicated-use properties leased primarily on a single-tenant net lease basis. It offers traditional office properties as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties, along with in-house property management and leasing services. Key business activities include property ownership and asset management, capital recycling and acquisitions, and ownership interests in joint ventures. Its properties are located in high-quality suburban markets across the United States and are leased directly to creditworthy tenants and through joint venture arrangements.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	148	165	195	208	80
Property operating	65	65	61	62	13
General and administrative	20	20	19	16	4
Depreciation and amortization	59	101	109	131	44
Impairments	99	48	33	66	50
Transaction related	898,000	539,000	504,000	675,000	0
Total operating expenses	244	234	222	277	119
Interest expense, net	−32	−33	−30	−30	—
Gain on disposition of real estate assets	7	0	31,000	2	0
Loss on extinguishment of debt, net	0	−1	−504,000	−468,000	−4
Other income	1	987,000	911,000	—	—
Other expenses	−2	0	0	—	—
Reserve on member loan to unconsolidated joint venture	−6	0	0	—	—
Equity in loss and impairment of investment in unconsolidated joint venture, net	−12	−740,000	−435,000	—	—
Total other (expenses) income, net	−43	−33	−30	−29	−8
Loss before taxes	−139	−103	−57	−97	−47
Provision for income taxes	−259,000	−214,000	−456,000	−212,000	−157,000
Net loss	−139	−103	−57	−97	−47
Net (income) loss attributable to non-controlling interest	−23,000	−36,000	9,000	−20,000	−17,000
Net loss attributable to common stockholders	−139	−103	−57	−97	−47
Weighted-average shares outstanding - basic (in shares)	56	56	56	57	57
Weighted-average shares outstanding - diluted (in shares)	56	56	56	57	57
Basic net loss per share attributable to common stockholders (in dollars per share)	−2.48	−1.84	−1.02	−1.72	−0.84
Diluted net loss per share attributable to common stockholders (in dollars per share)	−2.48	−1.84	−1.02	−1.72	−0.84

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	177	227	223	238	250
Buildings, fixtures and improvements	977	1,055	1,097	1,128	1,232
Total real estate investments, at cost	1,153	1,282	1,320	1,367	1,482
Less: accumulated depreciation	195	178	159	133	128
Total real estate investments, net	958	1,105	1,162	1,233	1,354
Accounts receivable, net	35	23	25	22	—
Intangible lease assets, net	76	96	126	203	298
Cash and cash equivalents	22	16	22	21	29
Restricted cash	38	42	35	35	—
Real estate assets held for sale, net	13	10	0	3	0
Other assets, net	28	46	89	90	61
Total assets	1,171	1,336	1,424	1,571	1,759
Mortgages payable, net	372	371	353	352	0
Credit facility revolver	92	119	116	—	—
Accounts payable and accrued expenses	40	32	30	26	17
Below-market lease liabilities, net	18	21	8	14	21
Distributions payable	1	6	6	6	0
Other liabilities, net	22	23	24	23	16
Total liabilities	546	571	537	595	671
Common stock, $0.001 par value, 100,000,000 shares authorized 56,314,634 and 55,951,876 shares issued and outstanding as of each of December 31, 2025 and December 31, 2024, respectively	56,000	56,000	56,000	57,000	57,000
Additional paid-in capital	1,152	1,148	1,145	1,147	1,145
Accumulated other comprehensive loss	−5,000	−15,000	−264,000	6	299,000
Accumulated deficit	−528	−384	−259	−179	−59
Total stockholders equity	623	764	886	974	1,087
Non-controlling interest	1	1	1	1	1
Total equity	625	765	887	976	1,088
Total liabilities and equity	1,171	1,336	1,424	1,571	1,759

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Straight-line rental revenue and other non-cash revenue adjustments, net	−13	180,000	−6	171,000	−1
Gain on disposition of real estate assets	−7	0	−31,000	−2	0
Amortization of deferred financing costs	4	4	4	4	728,000
Loss on deferred offering costs	576,000	0	0	—	—
Equity-based compensation	4	4	3	2	65,000
Reserve on member loan to unconsolidated joint venture	6	0	0	—	—
Accounts receivable, net and other assets, net	1	3	1	2	−5
Accounts payable, accrued expenses and other liabilities, net	−2	−3	1	7	12
Net cash provided by operating activities	24	54	89	114	56
Investment in real estate assets	0	−35	0	0	—
Capital expenditures and leasing costs	−52	−23	−18	−12	−10
Proceeds from disposition of real estate, net	72	5	21	32	0
Return of investment from unconsolidated joint venture	0	987,000	2	2	133,000
Origination of member loan to unconsolidated joint venture	−8	−1	0	0	—
Principal repayments received on member loan to unconsolidated joint venture	3	0	0	—	—
Principal repayments received on notes receivable	3	1	0	0	—
Deposits for real estate assets	−775,000	−1	−2	0	0
Uses and refunds of deposits for real estate assets	425,000	1	2	0	0
Proceeds from the settlement of property-related insurance claims	0	191,000	859,000	0	0
Net cash provided by (used in) investing activities	17	−51	5	22	−12
Proceeds from mortgages payable	0	18	0	355	0
Repayment of credit facility term loan	0	0	−175	0	0
Proceeds from credit facility revolver	13	36	175	70	—
Repayments of credit facility revolver	−40	−33	−59	−160	0
Payments of deferred financing costs	−8,000	−1	−6	−3	−11
Repurchases of common stock under Share Repurchase Program	0	0	−5	0	0
Repurchases of common stock to settle tax obligations	−475,000	−170,000	−89,000	−20,000	0
Payments of deferred equity offering costs	−94,000	0	−41,000	−535,000	0
Distributions paid	−9	−22	−23	—	—
Other financing activities	−338,000	−198,000	−101,000	−48,000	0
Net cash used in financing activities	−37	−3	−92	−111	−18
Net change in cash and cash equivalents and restricted cash	3	−28,000	2	26	25

Filings

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