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Orion Office REIT Inc. (NYSE: ONL) is an internally-managed Real Estate Investment Trust (REIT) that focuses on the ownership, acquisition, and management of a diversified portfolio of mission-critical office buildings and corporate headquarters. These properties are strategically located in high-quality suburban markets across the United States. Orion Office REIT specializes in leasing these properties primarily on a single-tenant net lease basis to creditworthy tenants, ensuring a stable and predictable cash flow.
The company’s portfolio includes traditional office buildings, governmental offices, medical offices, laboratories, and other types of commercial real estate. With a team of experienced industry leaders, Orion employs a proven, cycle-tested investment evaluation framework. This framework guides capital allocation decisions for both the existing portfolio and future acquisitions, ensuring growth and sustainability.
Recent strategic moves and partnerships have reinforced Orion’s market position, allowing it to capitalize on emerging opportunities in the suburban office space. The company remains dedicated to maintaining high occupancy rates and fostering long-term relationships with its tenants.
Orion Office REIT's strong financial condition is underpinned by its diversified tenant base and long-term lease agreements. The company is committed to enhancing shareholder value through disciplined investment, operational excellence, and strategic growth initiatives.
Orion Office REIT reported third quarter 2024 results with total revenues of $39.2 million and a net loss of $(10.2) million. The company completed 832,000 square feet of leasing year-to-date, including 254,000 square feet in Q3. Notable achievements include acquiring a 97,000-square-foot facility in San Ramon, California for $34.6 million and maintaining a portfolio occupancy rate of 74.6%. The company's weighted average lease term increased to 5.0 years, with 74.4% of annualized base rent from Investment-Grade tenants. The Board declared a quarterly dividend of $0.10 per share, and the company narrowed its 2024 Core FFO guidance to $0.99-$1.01 per share.
Orion Office REIT Inc. (NYSE: ONL), a real estate investment trust focused on single-tenant net lease office properties across the United States, has announced its third quarter 2024 earnings release and webcast dates. The company will release its operating results for the quarter ended September 30, 2024, after market close on Thursday, November 7, 2024.
A webcast and conference call to review the results will be held at 10:00 a.m. ET on Friday, November 8, 2024. The event will be hosted by Paul McDowell, CEO and President, and Gavin Brandon, CFO, EVP, and Treasurer. Investors can access the webcast through Orion's website at onlreit.com/investors. For the conference call, US and Canadian callers should dial 1-877-407-3982, while international callers should use 1-201-493-6780.
A replay of the webcast will be available on Orion's website, and the conference call replay can be accessed from November 8, 2024, at 1:00 p.m. ET until November 22, 2024, at 11:59 p.m. ET using the passcode 13748632.
Orion Office REIT Inc. (NYSE: ONL) reported its Q2 2024 results, highlighting significant leasing activity of 470,000 square feet during the quarter and an additional 55,000 square feet post-quarter. The company has completed 633,000 square feet of leasing year-to-date and 2.4 million square feet since its spin-off. Orion sold one vacant property, bringing total properties sold since spin-off to 18, covering 1.9 million square feet. The company repaid $9.0 million in debt, totaling $158.0 million since spin-off.
Financial highlights include:
- Total revenues: $40.1 million
- Net loss: $(33.8) million, or $(0.60) per share
- Core FFO: $14.2 million, or $0.25 per share
- Adjusted EBITDA: $20.5 million
Orion narrowed its 2024 guidance range for Core FFO to $0.97-$1.01 per share and Net Debt to Adjusted EBITDA to 6.2x-6.6x.
Orion Office REIT, a real estate investment trust, announced its second quarter 2024 earnings release date. The company will disclose its operating results on August 8, 2024, after the market closes. A webcast and conference call to discuss the financial results will be held on August 9, 2024, at 10:00 a.m. ET. Key executives participating include CEO Paul McDowell and CFO Gavin Brandon. The webcast will be accessible via the 'Investors' section of Orion's website, and a replay will be available until August 23, 2024.
Orion Office REIT Inc. reported its first quarter 2024 results, including completing 108,000 square feet of leasing and declaring a $0.10 dividend per share. The company reaffirmed its 2024 outlook, highlighting financial and operating highlights, leasing activity, disposition activity, real estate portfolio status, balance sheet and liquidity, and dividend declaration.
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