Orion Properties Inc.
onlreit.comWhat Do They Do?
Owns and manages suburban office properties leased to businesses and government tenants, including medical, laboratory, research and development, and industrial users.
10-K for FY2025, filed Mar 5, 2026Orion Properties Inc. is an internally managed real estate investment trust (“REIT”) engaged in the ownership, acquisition, and management…View ↗
Asset Management. We employ active asset management strategies and work to leverage our tenant relationships to attract and retain…View ↗
Capital Recycling. We intend to shift our portfolio concentration over time away from traditional office properties, towards more dedicated…View ↗
How Do They Make Money?
Tenants pay rent under leases, with scheduled increases spread across the lease term and variable rent and expense reimbursements included as they arise. The Arch Street Joint Venture pays market-based fees for asset and property management services.
10-K for FY2025, filed Mar 5, 2026For operating leases with minimum scheduled rent increases, the Company recognizes rental revenue on a straight-line basis, including the…View ↗
Certain of the Company’s leases also contain provisions for tenants to reimburse the Company for real estate taxes, insurance and…View ↗
Fee Income from Unconsolidated Joint VentureView ↗
-
10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$147.6M
-
10-K for FY2025, filed Mar 5, 2026
$147.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Rental Revenue
Recurring
10-K for FY2025, filed Mar 5, 2026 |
99%
FY2022: 100%
|
Rental Revenue, FY2025
$146.8M Sources
|
Recurring |
|
Fee income from unconsolidated joint venture
Sold outright
|
0.6%
FY2022: 0.4%
|
Fee income from unconsolidated joint venture, FY2025
$820K Sources
|
Sold outright |
Who Are Their Customers?
Tenants are primarily businesses and government agencies leasing office properties, often under single-tenant leases. The company also provides asset and property management services to the Arch Street Joint Venture.
10-K for FY2025, filed Mar 5, 2026Orion Properties Inc. is an internally managed real estate investment trust (“REIT”) engaged in the ownership, acquisition, and management…View ↗
As of December 31, 2025, we owned and operated 58 operating properties with an aggregate of 6.5 million leasable square feet located in 26…View ↗
Fee Income from Unconsolidated Joint VentureView ↗
Do Revenues Turn Into Profits?
No. It lost $139.3M in FY2025.
10-K for FY2025, filed Mar 5, 2026
10-K for FY2025, filed Mar 5, 2026
−$139.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$24.6MView ↗
- ▲ Now profitable
- vs −$25.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Raised 2026 Core FFO guidance and lowered its net debt guidance range
The company raised its 2026 Core FFO guidance range and lowered its 2026 Net Debt to Adjusted EBITDA range.
Sources
8-K, filed Aug 6, 2026
- Raises 2026 Core FFO Guidance Range and Lowers 2026 Net Debt to Adjusted EBITDA Range -View ↗
Growing. Revenue grew 85% in 4 years, from $79.7M in FY2021 to $147.6M in FY2025, about 17% a year.
Broader property uses
The latest report describes a portfolio that includes government, medical, laboratory and research and development, and flex properties, and says it plans to shift toward dedicated-use assets. The older report focused on mission-critical regional and corporate headquarters office buildings.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Mar 5, 2026Orion Office REIT Inc. is an internally managed REIT engaged in the ownership, acquisition, and management of a diversified portfolio of…View ↗
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