Orion Properties Inc. (NYSE: ONL) is a real estate investment trust (REIT) that owns, acquires, and manages a portfolio of office and office-adjacent properties leased primarily on a single-tenant net lease basis to creditworthy tenants across suburban U.S. markets. Revenue comes from base rent collected under net leases on properties including traditional office, governmental, medical office, flex/laboratory, R&D, and flex/industrial assets. As of December 31, 2025, the company owned and operated 58 properties totaling 6.5 million leasable square feet across 26 states, with an occupancy rate of 78.1% and a weighted average remaining lease term of 5.6 years. The company was spun out of Realty Income Corporation via a special distribution on November 12, 2021, following Realty Income's merger with VEREIT, Inc. The top ten tenants, led by the General Services Administration (17.8% of annualized base rent) and Merrill Lynch (10.0%), accounted for 60.5% of total annualized base rent as of December 31, 2025. Tenant concentration is high and single-tenant lease expirations present ongoing rollover risk.

Revenue model

Net lease rental income from single-tenant commercial properties. Tenants under net leases generally bear property operating expenses, with Orion collecting base rent. Annualized base rent is the primary revenue metric disclosed in the 10-K filed March 5, 2026.

Products and services

Portfolio of 58 operating properties (6.5 million leasable square feet) as of December 31, 2025, spanning traditional office, governmental, medical office, flex/laboratory, R&D, and flex/industrial property types. The company also holds a 20% equity interest in the Arch Street Joint Venture, which owned six properties totaling 1.0 million leasable square feet at 100% occupancy as of December 31, 2025.

Customers and end markets

Single-tenant corporate and government lessees. Top tenants as of December 31, 2025 (by annualized base rent): General Services Administration (17.8%), Merrill Lynch (10.0%), Ingram Micro (7.1%), Cigna/Express Scripts (4.4%), Sekisui House U.S. (4.1%), T-Mobile (3.7%), Charter Communications (3.5%), Banner Life Insurance (3.4%), Encompass Health (3.3%), Collins Aerospace (3.2%). Top ten tenants represent 60.5% of total annualized base rent.

Value-chain role

Property owner and internally managed REIT. Orion acquires, owns, and manages the properties directly without an external manager. It is pursuing a capital recycling strategy, disposing of traditional office assets and redeploying proceeds toward dedicated-use properties with an office component.

Geographic exposure

United States only, 26 states as of December 31, 2025. Top states by annualized base rent: Texas (18.9%), New Jersey (13.4%), New York (10.0%), Kentucky (9.5%), Colorado (6.0%), California (5.4%), Maryland (4.4%), Virginia (4.2%), Georgia (4.2%), Tennessee (4.2%). Top ten states represent 80.2% of annualized base rent.

Source: SEC 10-K, filed 2026-03-05

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