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Orion Properties (ONL) investor relations material
Orion Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed 639,000 sq ft of leasing year-to-date, building on last year's 1.1 million sq ft momentum, with notable new leases in Buffalo, Kennesaw, and Parsippany.
Sold four vacant properties for $26.9M in Q2; five more under agreement for $56.9M.
Strategic shift toward dedicated use assets progressing, aiming for enhanced tenant quality and defensive characteristics.
Substantial doubt exists about ability to continue as a going concern due to uncertainty in extending or refinancing the $110M Revolving Facility maturing May 2026.
Quarterly cash dividend of $0.02 per share declared for 2025.
Financial highlights
Q2 2025 total revenues: $37.3M, down from $40.1M year-over-year.
Core FFO: $11.5M ($0.20/share) vs $14.2M ($0.25/share) in Q2 2024.
Net loss attributable to common stockholders: $(25.1)M, or $(0.45) per share.
Adjusted EBITDA: $18M, down from $20.5M year-over-year.
CapEx and leasing costs rose to $15.6M from $6.3M year-over-year, driven by increased leasing activity.
Outlook and guidance
Core FFO guidance for 2025 raised to $0.67–$0.71 per diluted share, up from $0.61–$0.70.
Net debt to adjusted EBITDA guidance lowered to 7.3x–8.3x from 8.0x–8.8x.
G&A expense guidance unchanged at $19.5M–$20.5M.
Management evaluating strategies to extend or refinance the Revolving Facility; no agreements reached as of August 6, 2025.
Focus remains on reducing traditional office exposure, increasing dedicated use assets, and targeting creditworthy tenants on long net leases.
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