Orion Properties
Logotype for Orion Properties Inc

Orion Properties (ONL) investor relations material

Orion Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Orion Properties Inc
Q4 2025 earnings summary6 Mar, 2026

Executive summary

  • Initiated a strategic review in January 2026 to unlock shareholder value, considering options including sale, merger, or continued independence, while focusing on operational performance and portfolio stabilization.

  • Completed over 924,000 sq ft of leasing in 2025, with 183,000 sq ft signed after year-end, reflecting strong leasing momentum.

  • Disposed of 10 properties for $81 million in 2025 and two more after year-end, with further non-core sales pending.

  • Shifted portfolio toward dedicated use assets, including the acquisition of Barilla Americas HQ and a 75,000 sq ft asset in Northbrook, IL for $15 million.

  • Reduced headcount by over 10% and managed G&A expenses, generating $1.8 million in annualized savings.

Financial highlights

  • Q4 2025 revenue was $35.2 million (down from $38.4 million YoY); Core FFO was $0.19/share; full-year 2025 revenue was $147.6 million (down from $164.9 million YoY); Core FFO was $0.78/share.

  • Adjusted EBITDA for 2025 was $69 million; Q4 2025 Adjusted EBITDA was $16.1 million.

  • CapEx and leasing costs rose to $60 million in 2025, driven by leasing activity.

  • Net Debt to Adjusted EBITDA was 6.8x at year-end (6.2x net of restricted cash); Net Debt was $467.9 million.

  • Net loss for 2025 was $(139.3) million or $(2.48) per share.

Outlook and guidance

  • 2026 Core FFO expected between $0.69–$0.76 per diluted share.

  • G&A projected at $19.8–$20.8 million for 2026, with expectations to remain stable.

  • Net Debt to Adjusted EBITDA expected to range from 6.5x to 7.3x.

  • Portfolio occupancy expected to rise materially in 2026 and further in 2027 as leasing and capital recycling continue.

  • Priorities include improving portfolio quality, lengthening WALT, reducing risk, and prudent leverage management.

Drivers of the Arch Street JV write-down
Criteria for selecting Dedicated Use Assets
Impact of activist and SOX costs on G&A
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.
Research faster. Power your platform.

Next Orion Properties earnings date

Logotype for Orion Properties Inc
Q1 20267 May, 2026
Orion Properties
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Orion Properties earnings date

Logotype for Orion Properties Inc
Q1 20267 May, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

Orion Office REIT Inc. is a real estate investment trust focused on owning and managing single-tenant office properties. The company's portfolio primarily consists of mission-critical office spaces leased to corporate tenants across the United States. Orion seeks to provide stable income through long-term lease agreements while managing its assets to meet tenant needs and maintain operational efficiency. The company is headquartered in Phoenix, Arizona, and its shares are listed on the NYSE.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage