Orion Properties (ONL) Investor presentation summary

Company history and strategic focus

• Spun off in 2021, inheriting a mix of core and non-core office properties from Realty Income and VEREIT.

• Rebranded in March 2025 to align with a shift toward net lease, dedicated use assets in growth markets.

• Aims to reduce traditional office exposure, recycle capital into government, medical, lab, and flex/industrial assets.

• Focuses on maintaining a strong, liquid balance sheet and growing through targeted dispositions and acquisitions.

Leadership and governance

• Led by a seasoned executive team with deep REIT and net lease experience.

• Board includes four independent directors with diverse backgrounds in real estate, finance, and academia.

• Strong governance practices: annual director elections, majority voting, no poison pill, and active shareholder engagement.

Portfolio transformation and performance

• Leased 3.6 million sq ft since spin-off, increasing WALT to 5.5 years as of June 2025.

• Sold 24 vacant properties for $93.2M, saving $37M in carry costs and shifting toward dedicated use assets (32.2% of ABR).

• Ongoing plan to sell 1.2M sq ft of vacant/near-vacant properties in 2025, saving $9M in annual costs.

• Purchased a dedicated use asset in San Ramon, CA for $34.6M at a 7.4% cap rate.