ONL
Orion Properties Inc.2.0600
-0.0500-2.37%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms leasing, adds pipeline color
Q&A largely reaffirmed prepared remarks on leasing momentum and dispositions, adding color on pipeline dynamics without major surprises. Paul McDowell chalked up the doubled pipeline—over 1M sq ft—to a shrunken portfolio and market uptick, with conversion success surging from 230k sq ft in 2023. Tenant decisions now speedier. Barilla came via broker; half is R&D space. Few vacants left post-sales; they'll lease promising ones while recycling proceeds into buys, debt paydown, or CapEx. Renewal spreads volatile yet trending up. Confident tone intact. Pipeline converts or bust.
Key Stats
Market Cap
116.01MP/E (TTM)
-Basic EPS (TTM)
-2.42Dividend Yield
0.08%Recent Filings
8-K
Orion's 2025 loss, Core FFO down
Orion Properties reported 2025 results with $147.6M revenues but $139.3M net loss, Core FFO at $43.7M ($0.78/share, down from $56.8M). Leased 924k sq ft, sold 10 properties for $80.7M, bought $15M DUA post-year. Extended debt maturities; occupancy 78.7%. Guides Core FFO $0.69-$0.76. Arch Street JV impaired to zero.
10-K
FY2025 results
Orion Properties closed FY2025 ended December 31, 2025, with 58 operating properties totaling 6.5 million leasable square feet at 78.1% occupancy, up from 73.7% in 2024, while annualized base rent fell to $111.3M from $120.3M due to 681,000 square feet of lease expirations offset by 0.9 million square feet of new/renewal leasing at a -5.6% cash rate change (derived). Q4 saw no scheduled expirations, aiding sequential stability amid 10 property sales for $80.7M that trimmed vacancies from 11 to five fully vacant sites. Dedicated use assets rose to 35.8% of rent from 31.8%, yet impairments hit $99.4M on 12 assets. Debt stood at $465M including $92M on the revolving facility later refinanced; quarterly dividends held at $0.02/share. Leases covering 10.2% of rent expire in 2026. Ongoing strategic review distracts management.
8-K
Extends $355M CMBS, new $215M revolver
Orion Properties extended its $355M CMBS loan two years to 2029 (with options to 2030) at unchanged 4.971% rate, made $2.05M prepayment, and funded $7.74M reserve. It replaced $350M revolver with $215M facility maturing 2028 (extendable), cutting SOFR margin 50bps to 2.75%; $113M drawn. Lenders now sweep excess cash from 19 CMBS properties for prepay/reserves. Debt maturities extended sharply.
8-K
Launches strategic review post-Kawa pact
BDN
Brandywine Realty Trust
3.08-0.02
BNL
Broadstone Net Lease, Inc.
17.57-0.27
CIO
City Office REIT, Inc.
6.95+0.00
DEI
Douglas Emmett, Inc.
11.52-0.15
DTLAP
Brookfield DTLA Inc.
0.04+0.00
NLOP
Net Lease Office Properties
25.97+0.00
NTST
NetSTREIT Corp.
17.22-0.27
OLP
One Liberty Properties, Inc.
21.16+0.04
OUT
OUTFRONT Media Inc.
24.13+0.85
PDM
Piedmont Realty Trust, Inc.
8.77+0.13