Orion Properties Inc.

Orion Properties Inc. (NYSE: ONL) is an internally managed real estate investment trust engaged in the ownership, acquisition, and management of a diversified portfolio of office properties located in high-quality suburban markets across the United States. The company's website is www.onlreit.com.

As of December 31, 2025, Orion owns and operates 58 operating properties comprising 6.5 million leasable square feet located in 26 states, with an occupancy rate of 78.1 percent and a weighted average remaining lease term of 5.6 years. The company's portfolio includes traditional office properties as well as governmental, medical office, flex and laboratory, and research and development properties. Orion also holds a 20 percent equity interest in the Arch Street Joint Venture, which owns six additional properties with 1.0 million leasable square feet. Including its proportionate share of the joint venture, the company's total portfolio encompasses 6.7 million leasable square feet.

Orion's properties are leased primarily on a single-tenant net lease basis to creditworthy tenants. As of December 31, 2025, the General Services Administration represented 17.8 percent of annualized base rent, while Merrill Lynch accounted for 10.0 percent. Geographic concentration is notable in Texas at 18.9 percent of annualized base rent, New Jersey at 13.4 percent, and New York at 10.0 percent. By industry, government and public services represent 18.3 percent of annualized base rent, health care equipment and services represent 13.7 percent, capital goods represent 10.8 percent, and financial institutions represent 10.0 percent.

The company was formed as a subsidiary of Realty Income Corporation and became an independent, publicly traded entity following a special distribution to Realty Income stockholders on November 12, 2021. Orion has elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2021.

The company employs 37 people and pursues an investment strategy focused on shifting portfolio concentration over time away from traditional office properties toward dedicated use assets with specialized uses that include an office component. Orion believes these assets demonstrate greater tenant utilization and higher renewal probability. As of December 31, 2025, approximately 35.8 percent of annualized base rent was derived from dedicated use assets.