ONL

Image source: The Motley Fool. Friday, Aug. 7, 2026, at 10 a.m. ET Chief Executive Officer-Paul H. McDowell Chief Financial Officer-Gavin Brandon Chief Operating Officer-Christopher Haviland Day General Counsel-Paul C. Hughes Operator: Greetings. Welcome to Orion Properties Second Quarter 26 Earnings Call. As a reminder, this conference is being recorded. I would now like to turn the call over to Paul C. Hughes, general counsel. Paul C. Hughes: Thank you. Operator: You may begin. Paul C. Hughes: Thank you, and good morning, everyone. Yesterday, Orion released its results for the quarter ended 06/30/2026, filed its Form 10 Q with the Securities and Exchange Commission and posted its earnings supplement to its website at onlreit.com. During the call today, we will be discussing Orion's guidance for calendar year 2026 and other forward looking statements. Which are based on management's current expectations and are subject to certain risks that could cause actual results to differ materially from our estimates. These risks are discussed in our earnings release as well as in our Form 10 Q and other SEC filings. And Orion undertakes no duty to update any forward looking statements made during this call. We will also be discussing non GAAP financial measures such as funds from operations or FFO and core funds from operations or core FFO. These non GAAP financial measures are not a substitute for financial information presented in accordance with GAAP and Orion's earnings release and supplement include a reconciliation of our non GAAP financial measures to the most directly comparable GAAP measure. Hosting the call today are Orion's Chief Executive Officer, Paul H. McDowell and Chief Financial Officer, Gavin Brandon. Joining us for the Q and A session will be Christopher Haviland Day, our Chief Operating Officer. With that, I will turn the call over to Paul H. McDowell. Paul H. McDowell: Good morning, everyone. And thank you for joining us on Orion's second quarter earnings call. I will start with a few words on our continuing strategic options process that began in late January. Since that announcement, in concert with our financial advisors at Wells Fargo and JPMorgan, we have conducted a robust effort including broad outreach to solicit proposals from interested parties. Those efforts have been supported by a virtual data room containing comprehensive property and corporate data for those participants that sign nondisclosure agreements. With several parties continuing to conduct diligence we believe it is in shareholders' interest to see that work through to its reasonable conclusion rather than set arbitrary deadlines. Rest assured, we are moving as expeditiously as possible although we can offer no assurance that this process will result in Orion concluding any particular transaction. Beyond the ongoing strategic review efforts, the team has continued to execute and deliver strong results against our business plan, which is reflected in our second quarter results. Our strategy remains centered on 4 priorities. Stabilizing the portfolio through increased leasing activity, the timely disposition of noncore assets, prudent leverage management, and selective capital recycling into dedicated use assets. As we have consistently communicated, we expect these efforts to drive core FFO per share growth in 2026 and beyond while maintaining prudent levels of leverage. So far this year, we have been successful on each of those priorities. From a leasing perspective, we have completed 673 thousand square feet of leasing including 202 thousand square feet completed in the second quarter and a 116 thousand square feet after quarter end including our first new lease at our Tulsa property. The weighted average lease term for the consolidated portfolio stands at 6.2 years at the end of the second quarter up from 5.5 years at the end of the second quarter last year continuing our steady improvement of this crucial metric. Cash rent spreads on second quarter renewals were down 7.7% when comparing ending rents in the current term to starting rents in the new term. However, rent spreads are up 2.1% when comparing current ending rents to new ending rents driven by escalations over the new lease term. For the year to date period, cash rent spreads are very slightly down by 0.2% on renewals and up 7.1% when comparing current ending rents to new ending rents. Although volatile, leasing concessions are so far trending lower this year than last on a per square foot basis. Due to a few scheduled move outs, and select opportunistic dispositions, offset to some extent by our leasing efforts, our consolidated portfolio occupancy rate of 78.1% at the end of the second quarter was down as expected from the end of the first quarter but up from 76.8% at the end of the second quarter of last year. As we have said many times, rent spreads and occupancy rates can and will be volatile from quarter to quarter given our largely single tenant portfolio though we remain positive about the overall trends, which continue to see steady improvement. Beyond the leasing completed year to date, our pipeline remains quite strong despite our smaller size at over 1.1 million square feet or over 17% of the total portfolio that is in either discussion or documentation stage including a substantial number of new long term leases for currently vacant space and some full building renewals. And as we look out, we continue to see improving demand for our and we are working hard to move forward on executing as much leasing as possible. The key message is that we continue to be quite pleased with our leasing velocity so far this year. Turning to dispositions. We have been very successful this year and we have primarily utilized proceeds from opportunistic asset sale activity to continue to deleverage ending the quarter with net debt to annualized adjusted EBITDA at 5.4x almost a full turn better than last quarter and the same quarter a year ago. Specifically, during the first half of the year, we generated gross proceeds of $84 million on the sale of 4 properties plus the 37.4 acre Deerfield, Illinois campus. Gavin Brandon: The second quarter sales activity generated an aggregate gross sales price of $70.6 million and included 2 strategic dispositions. 1 of which was sold to the existing tenant at a 5.6% cash capitalization rate and the other was a recently vacated asset sold to an adjacent user at an implied 5% cash capitalization rate on expiring rent. These sales have allowed us to repay roughly $61 million of debt including over $35 million on our CMBS loan in the second quarter. Our debt repayment and refinance efforts have also allowed us to steadily reduce interest expense by $700 thousand for the second quarter $1.6 million for the year to date period compared to the same period in 2025. Paul H. McDowell: On another very positive note, the average sale price per square foot has steadily increased on the sale of vacant properties over the past year or so. Gavin Brandon: These transactions continue to demonstrate our ability to monetize noncore assets and redeploy capital while improving the overall quality and durability of our remaining portfolio. Our continued focus on selling properties with re leasing prospects and high carrying costs has allowed us to continue to materially reduce property operating expenses. For example, our 2025 and 2026 vacant or near term vacant property sales are estimated to save more than $12 million in annual carrying costs. Paul H. McDowell: These efforts have already contributed to an improvement in property operating costs of $3.4 million for the second quarter $5.1 million for the year to date period compared to the same periods in 2025. We remain committed to shifting our portfolio concentration toward dedicated use assets where our tenants perform work that cannot be replicated from home or relocated to a generic office setting, and away from traditional suburban office properties. These property types include medical, lab, R&D, flex, and government properties all of which we already own. Gavin Brandon: At quarter end, these dedicated use assets or DUA represent 38.7% of annualized base rent of our consolidated portfolio compared to 37.1% at the end of last quarter and 32.6% at the end of the second quarter of 25, reflecting our sales of traditional office assets, and our purchase earlier this year of the Barilla DUA property. We expect this percentage to continue increasing over time through continued disposition activity of traditional office and targeted acquisitions of DUA properties. Paul H. McDowell: Before I close, I do want to take a moment to reflect on the very significant progress we have made in Orion. Gavin Brandon: Over the past 2 years, we have averaged about 1 million square feet of leasing per year, and are on track to lease about that much again this year. We have sold 39 properties since our spin, totaling more than 4.2 million square feet. Reducing property operating expenses by millions per year. We continue to work to manage overhead, significantly reducing headcount over the past 2 years including at the executive level. We successfully refinanced and extended both our revolving debt and our CMBS debt this year. We continue to manage leverage and have steadily reduced debt by $183 million since the spin. These combined efforts are showing up in our key metrics. Such as WALT, occupancy, net debt to adjusted EBITDA, and G&A all of which are improved over the same period a year ago. Finally, we have significant confidence in our ability to meaningfully grow core FFO from here. For the balance of 2026, our operational focus remains on improving portfolio quality, lengthening WALT, renewing tenants, filling or selling vacant space, and prudently managing expenses and leverage as we work to maximize Orion's value for investors, and potential strategic partners. I firmly believe that if we continue to execute on our business plan, the market will finally begin to recognize the meaningful intrinsic value of this company that is not reflected in our current discounted valuation. With that, I will turn the call over to Gavin. Paul H. McDowell: Thanks, Paul. Gavin Brandon: For the second quarter of 26 compared to the second quarter of 25, Orion had total revenues of $34.3 million compared to $37.3 million. Net income of $24.6 million or $0.43 per share for the second quarter of 26 and included a gain of $28.8 million primarily related to the opportunistic sale of 2 OR operating properties during the quarter. This nonrecurring gain does not impact our core FFO results which were $11.8 million or $0.20 per share basically flat compared to the same quarter in 2025. Adjusted EBITDA was $17.2 million versus $18 million in the same quarter of 2025. G&A in the second quarter improved to $4.6 million compared to $4.8 million in the same quarter of 2025 as we benefited from the decision to continue to lower headcount through attrition and other means. G&A expense includes the ongoing cost related to the strategic review which we equate to approximately $100 thousand in the second quarter of 26 and $200 thousand year to date. CapEx and leasing costs in the second quarter were $8.9 million compared to $15.6 million in the same quarter of 25. As we have previously discussed, CapEx timing is dependent on when leases are executed and work is completed on properties. Turning to the balance sheet. Our net debt to annualized adjusted EBITDA was 5.4 times at quarter end compared to 6.4x at the end of the second quarter of 25. As of June 30, we had total liquidity of $177 million, comprised of $63.5 million of cash and cash equivalents and restricted cash, and $113 million of available capacity under our credit facility revolver. Given our strong efforts to sell noncore and select operating properties, we have significantly lowered debt outstanding and extended maturities we ended the quarter with $436.6 million of outstanding debt compared to $483 million a year ago. Excluding a proportionate share of the unconsolidated joint venture's debt. Our next significant maturity is not until February 2028, which we have an option to extend until February 2029. Our net debt to gross real estate assets was 27.9% at the end of the quarter compared to 29.5% a year ago. On August 5, Orion's Board of Directors declared a quarterly cash dividend of $0.02 per share for the third quarter of 26 payable on October 15, 2026 to stockholders on record as of September 30, 2026. Moving to our outlook for 2026. We are narrowing and raising the range for our core FFO lowering the range for our net debt to adjusted EBITDA, and reaffirming our expectations for G&A. Core FFO for the year is now expected to range from $0.72 to $0.77 per diluted share up from our previously affirmed range of $0.69 to $0.76 per diluted share. Net debt to adjusted EBITDA is now expected to range from 6 to 6.8x, down from our previous range of 6.5 to 7.3x. These improvements in our guidance for the year are driven by several factors including recurring items such as actively reducing operating expenses and improved leasing expectations, as well as onetime items such as lease termination income and property tax appeals and refunds. Our G&A range of $19.8 million to $20.8 million is unchanged. With that, we will open the line for questions. Operator? Operator: Thank you. You may press 2 if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset Our first question is from Mitch Germain with Citizens JMP. Please proceed. Mitch Germain: Congrats on the quarter. 1 asset for sale today, it seems like, I am curious about your decision to potentially sell an asset leased to the government, which kind of meets your criteria for the existing portfolio. Christopher Haviland Day: Correct. Hey, Mitch. This is Christopher. Thanks for dialing in. The asset that we are under contract to sell it is 1 where the government's looking to downsize on that asset. So there is some risk around the government tenancy in that 1 asset. Plus it is in a very remote area, and it is 1 that you know, we analyze the disposition of it and thought that is the best overall outcome for that asset. Mitch Germain: that is super helpful. There are 4 vacant assets in the portfolio. it is pretty amazing. I think at 1 point, you had 11 or 12. Tell me about the decision and process that you guys go through regarding a either to sell or to release. Paul H. McDowell: Yeah. I mean, Mitch, it is been a pretty consistent process. That is you know, and it you know, it has evolved over time, as you might imagine. But, you know, we sort of look really hard at the asset and say, is this an asset that we think it is worth putting money into and leasing up over time, or is this an asset that is going to cost us either a lot of money to retenant or really just does not have in our view, the long term demand factors. Present. So you know, you we have obviously sold a lot of vacant assets, but we have also been pretty successful in leasing some assets up. You know? For example, we thought it made sense to put money into our asset in Parsippany, New Jersey. We put that money in. That asset is leasing up pretty well. I think the same is true with our Buffalo property. You know, we looked at that property and thought, you know, that is a class a building in Downtown Buffalo. We think we can lease that up. We have migrated our tenant Ingram Micro into that building and we have got some strong momentum on leasing in the building from other tenants. So we, you know, we feel good about that. So it is it is sort of an ongoing and dynamic process, and but we are fortunate in that we have moved most of the vacant properties off our balance sheet. And we have a few left. Some we have quite a bit of confidence about leasing up. For example, the Tulsa property, we just put our first lease into that property. And others were sort of evaluating whether we think in the long term we are going to get leasing momentum or not. Mitch Germain: Got you. 57 assets, 6.4 million square feet. What percentage would you characterize to be, you know, kinda noncore at this point? Paul H. McDowell: it is hard to it is hard to sort of you know, we make that judgment based upon you know, our expectations for long-term leases. I would say you know, it is just a few percent at this stage. We, you know, we feel pretty confident about the assets we have left. And our ability to keep those properties leased or to lease them up if they are vacant or become vacant. You know, we are always going to look at it. We may have some vacant sales. Over the course of the year, but, you know, we just have to see how leasing shapes up. Mitch Germain: Great. Last 1 for me. Paul, I really truly appreciate the color and you are providing regarding your strategic review, not so many management teams are as transparent regarding the process. To that end, will there be a formal announcement I mean, obviously, if something happens, we will know. But will there be a formal announcement? Announcement if you decide to continue to operate? Is that the plan here? Paul H. McDowell: Yeah. I mean, look, Mitch. Thank you very much for you know, for the transparency. We wanna be as transparent as we possibly can be. We know this process has been going on for a long time. You know, we do not control a lot of the timing. You know, we are interacting with third parties, and they control the timing to some degree. So we are we are trying to move as expeditiously as possible. When we come to a conclusion of the process, whatever that is, we will make an announcement. We just we are just not there yet. And when we do get there, we will let everyone know. And that includes if we decide to move forward with our independent business plan. Thank you. Operator: As a reminder, just press star 1 on your questions. There are no further questions at this time. I would like to turn the floor back over to Paul H. McDowell. Actually, we do have a question. I am sorry. From Matthew Gardner with Jones Trading. Please proceed. Analyst: Hey, guys. Apologies. I thought I had dialed in. Thanks for taking the question. Congrats on the continued progress. You know, I thought you guys had a really good quarter. So I guess following up on kind of the portfolio, you said you had a few percentage left. You know, kind of piggybacking on that, you know, what percentage are you looking to get those dedicated use assets to in kind of the near term and then over the long term, call it, you know, 3 to 5 years out. Paul H. McDowell: it is a good question. And I think a lot of it when you think about the longer term component, that is the 3-5 years out you know, that will be dependent to some degree on our access to outside, you know, to outside capital. You know, at the moment, you know, our share price does not support that, so we have to work within our existing portfolio. So to the extent we are working within our existing portfolio, the progress will be steady but incremental. As we recycle capital, you know, we will we will we sell assets, and we might you know, occasionally buy DUA assets. So we will slowly build that up over time. To the extent we get access to outside capital, we would expect that transition to occur much more rapidly. So, you know, the longer term goals, of course, are to have well more than a majority of the portfolio in DUA assets. The timing of that is yet to be determined. Perfect. I appreciate the color there. And then I know that the CapEx is kind of a chunky number and can bounce around quarter to quarter. But do you guys have any idea of what you are expecting kind of across the remainder of the year? Yes. Just hang on just 1 second. Okay. Yeah. So far this year, you know, we have spent about, call it, $27 million in CapEx. And that is you know, I use that we use that term broadly, meaning that includes building and site updates, you know, that we have done to you know, update our buildings, tenant improvements, and lease incentives. And then leasing commissions. it is a pretty volatile number because we do not know when tenants are going to draw down on existing obligations that we have, which is disclosed in our 10 q. You know, we expect for the remainder of the year you know, that number could range that total number of additional CapEx from here could range from anywhere from $30 to $40 million. Okay. Got it. that is helpful. And we have modeled that in. So we are you know, this is an expectation. So our guidance incorporates those expectations. Okay. Perfect. that is very helpful. Then you talked a little bit about Tulsa starting to lease up. it is good to see somebody go in there. How are discussions going for the remainder of that building? And what is your confidence level there to kind of strengthen the occupancy at that specific site? Yeah. I mean, I think our confidence is relatively high. it is a it is a very high quality building. it is, you know, it is a very high quality building in Downtown Tulsa. there is not a lot of competing product of that quality. So sort of if you are looking for class a space where the ones you go to look to. You know, we have got 1 lease done, and we are in discussion on at least 1 more of relatively significant size. So, you know, we sort of feel pretty good about that over time. Awesome. that is great. Well, thank you guys for taking the questions and speaking with me. And last minute. No problem. Thank you very much. Operator: I would now like to turn the floor back over to Paul H. McDowell for closing comments. Paul H. McDowell: Thank you everyone for joining us on the call. And we look forward to updating you again at our third quarter call in the fall. Thank you. Operator: This will conclude today's conference. You may disconnect at this time, and thank you for your participation. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Orion Properties (ONL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Orion Office REIT Inc.? Here are five stocks we like better. Orion raised its 2026 outlook, narrowing Core FFO guidance to $0.72–$0.77 per share from $0.69–$0.76, while lowering its expected net debt-to-adjusted EBITDA range to 6.0x–6.8x. Second-quarter Core FFO was stable at $0.20 per share. The company continued reducing leverage through asset sales, generating nearly $84 million in gross proceeds during the first half and repaying about $61 million of debt. Net debt to annualized adjusted EBITDA fell to 5.4x from 6.4x a year earlier, with approximately $177 million in liquidity. Orion’s strategic review remains ongoing, with multiple parties conducting due diligence, although management cautioned that no transaction is assured. Leasing activity improved, with 673,000 square feet completed year to date and dedicated-use properties growing to 38.7% of annualized base rent. Orion Office REIT (NYSE:ONL) reported second-quarter 2026 results that included stable Core FFO per share, lower leverage and updated full-year guidance, while the company continued its strategic review process and advanced portfolio repositioning efforts. Chief Executive Officer Paul McDowell said the strategic options review, announced in late January, remains underway with financial advisers Wells Fargo and JPMorgan. The company has conducted broad outreach to interested parties and made property and corporate information available through a virtual data room to parties that executed non-disclosure agreements. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling “With several parties continuing to conduct diligence, we believe it is in shareholders’ interest to see that work through to its reasonable conclusion rather than set arbitrary deadlines,” McDowell said. He added that Orion cannot assure investors that the process will result in any particular transaction. In response to an analyst question, McDowell said the company will announce the outcome once the review concludes, including if it elects to continue pursuing its independent business plan. For the quarter ended June 30, Orion reported revenue of $34.3 million, compared with $37.3 million in the year-earlier period. Net income totaled $24.6 million, or $0.43 per share, and included a $28.8 million gain primarily related to the sale of two operating properties. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Core FFO was $11.8 million, or $0.20 per share, essentially unchanged from the second quarter of 2025. Adjusted EBITDA was $17.2 million, compared with $18 million a year earlier. Chief Financial Officer Gavin Brandon said general and administrative expense declined to $4.6 million from $4.8 million, reflecting lower headcount through attrition and other actions. G&A included approximately $100,000 of strategic-review costs during the quarter and $200,000 year to date. → No Hangover: Revisiting Microsoft One Week After Earnings Capital expenditures and leasing costs were $8.9 million, down from $15.6 million a year earlier. McDowell said the company had spent about $27 million year to date on a broad category of capital expenditures, including building and site upgrades, tenant improvements, lease incentives and leasing commissions. He said additional capital expenditures for the remainder of 2026 could range from $30 million to $40 million, an expectation incorporated into guidance. Orion raised and narrowed its 2026 Core FFO outlook to $0.72 to $0.77 per diluted share, from a prior range of $0.69 to $0.76. The company lowered its expected net debt-to-adjusted EBITDA range to 6.0x to 6.8x, from 6.5x to 7.3x, while reaffirming G&A guidance of $19.8 million to $20.8 million. Brandon attributed the updated guidance to reduced operating expenses, improved leasing expectations, lease termination income, and property tax appeals and refunds. McDowell said Orion completed 673,000 square feet of leasing so far in 2026, including 202,000 square feet during the second quarter and 116,000 square feet after quarter-end. The post-quarter leasing included the company’s first new lease at its Tulsa property. The portfolio’s weighted average lease term was 6.2 years at the end of the quarter, compared with 5.5 years at the end of the second quarter of 2025. Consolidated occupancy was 78.1%, down from the first quarter due to scheduled move-outs and dispositions but up from 76.8% a year earlier. Cash rent spreads on second-quarter renewals were down 7.7% when comparing ending rent under the prior term with starting rent under the new term. However, the spread was positive 2.1% when comparing current ending rents with new ending rents, reflecting escalations during the new lease terms. For the first half, cash rent spreads were down 0.2% on renewals and up 7.1% using the latter comparison. The company’s leasing pipeline exceeded 1.1 million square feet, representing more than 17% of the total portfolio in either discussion or documentation stages, McDowell said. The pipeline includes prospective long-term leases for vacant space and some full-building renewals. Management said it now has four vacant properties, down from roughly 11 or 12 at an earlier point. McDowell said the company evaluates vacant properties based on whether the expected leasing demand and potential returns justify additional investment. He cited leasing progress at properties in Parsippany, New Jersey, and Buffalo, New York, while saying the company is evaluating the remaining vacant assets individually. During the first half, Orion generated nearly $84 million of gross proceeds from sales of four properties and a 37.4-acre campus in Deerfield, Illinois. Second-quarter sales generated $70.6 million of aggregate gross proceeds and included a property sold to its existing tenant at a 5.6% cash capitalization rate and a recently vacated property sold to an adjacent user at an implied 5% cash capitalization rate on expiring rent. Sale proceeds supported roughly $61 million of debt repayment, including more than $35 million paid down on the company’s CMBS loan during the quarter. Net debt to annualized adjusted EBITDA was 5.4x at quarter-end, compared with 6.4x a year earlier. Total debt outstanding was $436.6 million, compared with $483 million a year earlier, excluding the company’s proportionate share of unconsolidated joint venture debt. Orion reported total liquidity of about $177 million as of June 30, including $63.5 million of cash, cash equivalents and restricted cash, along with $113 million of availability under its revolving credit facility. Its next significant debt maturity is in February 2028, with an option to extend it to February 2029. McDowell said sales of vacant or near-term vacant properties in 2025 and 2026 are expected to reduce annual carrying costs by more than $12 million. Property operating costs improved by $3.4 million in the second quarter and $5.1 million in the first half from the comparable 2025 periods. The company is also seeking to increase its exposure to dedicated-use assets, including medical, laboratory, research and development, flex and government properties. Such assets represented 38.7% of annualized base rent at quarter-end, up from 37.1% in the first quarter and 32.6% a year earlier. McDowell said the long-term goal is for dedicated-use assets to represent well more than a majority of the portfolio, though the pace will depend partly on access to outside capital. Orion’s board declared a quarterly cash dividend of $0.02 per share for the third quarter, payable Oct. 15 to stockholders of record as of Sept. 30. Orion Office REIT is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of Class A office properties across high-growth U.S. markets. The company focuses on suburban and infill locations, targeting properties with strong tenant credit profiles and long-term lease structures. Its business strategy emphasizes active asset management, capital recycling and selective development to enhance income stability and potential total return for shareholders. Orion Office REIT debuted on the New York Stock Exchange under the ticker ONL following a spin-off from Government Properties Income Trust in June 2021, though many of its core assets trace back to acquisitions made as early as 2013. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Orion Office REIT Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Total Revenues: $34.3 million in Q2 2026, compared to $37.3 million in Q2 2025. Net Income: $24.6 million, or $0.43 per share, including a $28.8 million gain from the sale of two operating properties. Core FFO: $11.8 million, or $0.20 per share, roughly flat year-over-year. Adjusted EBITDA: $17.2 million, versus $18.0 million in the prior-year quarter. G&A Expense: $4.6 million in Q2 2026, down from $4.8 million in Q2 2025. CapEx and Leasing Costs: $8.9 million in Q2 2026, compared to $15.6 million in Q2 2025. Net Debt to Annualized Adjusted EBITDA: 5.4 times at quarter end, improved from 6.4 times a year ago. Total Liquidity: Approximately $177 million, including $63.5 million in cash and restricted cash and $113 million available under the credit facility. Outstanding Debt: $436.6 million at quarter end, down from $483 million a year ago. Net Debt to Gross Real Estate Assets: 27.9%, compared to 29.5% a year ago. 2026 Core FFO Guidance: Raised to $0.72 to $0.77 per diluted share, up from the prior range of $0.69 to $0.76. 2026 Net Debt to Adjusted EBITDA Guidance: Lowered to 6.0 to 6.8 times, from the previous range of 6.5 to 7.3 times. Warning! GuruFocus has detected 8 Warning Signs with ONL. Is ONL fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Completed 673,000 square feet of leasing year-to-date, including 202,000 square feet in Q2 and 116,000 square feet post-quarter-end, with a strong pipeline of over 1.1 million square feet in discussion or documentation. Improved portfolio quality metrics: WALT increased to 6.2 years from 5.5 years year-over-year, and occupancy rose to 78.1% from 76.8% in Q2 2025. Significant deleveraging: net debt to annualized Adjusted EBITDA improved to 5.4x from 6.4x year-over-year, and total debt reduced by $183 million since spin-off. Successful asset sales: generated $84 million in gross proceeds from four property sales and a land parcel, with increasing average sale prices per square foot for vacant properties. Raised 2026 Core FFO guidance to $0.72-$0.77 per share from $0.69-$0.76, and lowered net debt to Adjusted EBITDA guidance to 6.0-6.8x from 6.5-7.3x. Reduced property operating expenses by $3.4 million in Q2 and $5.1 million year-to-date, with estimated annual savings of $12 million from vacant property sales. Increased dedicated use assets (DUA) to 38.7% of annualized base rent, up from 32.6% a year ago, aligning with strategic focus. Lowered G&A expenses to $4.6 million in Q2 from $4.8 million year-over-year, despite ongoing strategic review costs. Strong liquidity position with $177 million total, including $63.5 million cash and $113 million revolver capacity. Continued strategic review with multiple parties conducting diligence, indicating potential for value realization. Occupancy declined to 78.1% from 80.1% in Q1 2026 due to scheduled move-outs and opportunistic dispositions, though up year-over-year. Cash rent spreads on renewals were down 7.7% in Q2, though up 2.1% when including escalations over the new lease term. Total revenues decreased to $34.3 million from $37.3 million year-over-year, reflecting asset sales and lower occupancy. Core FFO per share remained flat at $0.20 in Q2 compared to the prior year, indicating limited near-term earnings growth. Adjusted EBITDA declined to $17.2 million from $18.0 million year-over-year, partly due to asset sales. CapEx and leasing costs are expected to be $30-$40 million for the remainder of 2026, which could pressure cash flows. The strategic review process has no set timeline, creating uncertainty for shareholders, and may not result in a transaction. The company's share price remains discounted, limiting access to outside capital for faster portfolio transformation. A government-leased asset is under contract to sell due to tenant downsizing risk, highlighting potential tenancy challenges. The portfolio still has a few vacant assets, including the Tulsa property, which is only beginning to lease up. Q: Can you provide an update on the strategic options process that began in late January?A: Paul McDowell (CEO) stated that the company, with advisors Wells Fargo and JPMorgan, has conducted a robust effort with broad outreach and a virtual data room. Several parties are continuing diligence, and management believes it is in shareholders' interest to see the process through to a reasonable conclusion rather than set arbitrary deadlines. He offered no assurance that the process will result in a transaction but confirmed that an announcement will be made when a conclusion is reached, including if they decide to continue with their independent business plan. Q: Why did you decide to sell an asset leased to the government, which seems to meet your criteria for the existing portfolio?A: Christopher Day (COO) explained that the asset under contract to sell is one where the government tenant is looking to downsize, creating risk around the tenancy. Additionally, the asset is in a very remote area, and after analysis, the disposition was deemed the best overall outcome for that specific property. Q: What is your process for deciding whether to sell or re-lease vacant assets?A: Paul McDowell (CEO) detailed a consistent, dynamic process. The team evaluates whether an asset is worth the capital investment to lease up over time or if it lacks long-term demand factors. He cited examples of successful re-leasing efforts in Parsippany, New Jersey, and Buffalo, New York, while noting that most vacant properties have been moved off the balance sheet. The remaining few are being evaluated based on their potential for leasing momentum. Q: What percentage of the current portfolio would you characterize as non-core?A: Paul McDowell (CEO) stated that based on expectations for long-term leases, only a few percent of the portfolio is considered non-core at this stage. Management feels confident about the remaining assets' ability to stay leased or be leased up if vacant, though they may still execute some vacant sales depending on how leasing shapes up. Q: What is the target percentage for dedicated use assets (DUA) in the near term and over the next three to five years?A: Paul McDowell (CEO) noted that long-term progress toward a majority DUA portfolio will depend on access to outside capital, which is currently not supported by the share price. Working within the existing portfolio, progress will be steady but incremental through capital recycling. If outside capital becomes accessible, the transition could occur much more rapidly. Q: What are your expectations for capital expenditures (CapEx) for the remainder of the year?A: Paul McDowell (CEO) reported that roughly $27 million in CapEx has been spent year-to-date, a figure that includes building updates, tenant improvements, and leasing commissions. He expects an additional $30 million to $40 million in CapEx for the remainder of the year, noting the number is volatile due to tenant drawdowns on existing obligations. These expectations are incorporated into the company's guidance. Q: How are discussions going for the remainder of the Tulsa property, and what is your confidence level in strengthening occupancy there?A: Paul McDowell (CEO) expressed relatively high confidence in the Tulsa property, describing it as a high-quality building in downtown Tulsa with limited competing Class A product. After completing the first lease, they are in discussions on at least one more lease of relatively significant size, and they feel good about the property's prospects over time. Q: Can you elaborate on the drivers behind the improved 2026 guidance for Core FFO and net debt to Adjusted EBITDA?A: Gavin Brandon (CFO) confirmed the guidance raise, with Core FFO now expected to range from $0.72 to $0.77 per diluted share, up from $0.69 to $0.76. Net debt to Adjusted EBITDA is now expected to range from 6 to 6.8 times, down from 6.5 to 7.3 times. The improvements are driven by recurring items like reduced operating expenses and improved leasing expectations, as well as one-time items such as lease termination income and property tax appeals. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is conducting a robust strategic review process with financial advisors, prioritizing a thorough diligence period over arbitrary deadlines to maximize shareholder value. The portfolio strategy is shifting toward Dedicated Use Assets (DUA) such as medical, lab, and R&D facilities, which now represent 38.7% of annualized base rent, up from 32.6% a year ago. Leasing velocity remains strong with 673,000 square feet completed year-to-date, driven by improving demand for high-quality Class A space in specific markets like Buffalo and Tulsa. Aggressive disposition of noncore assets has significantly reduced property operating expenses, with 2025 and 2026 sales estimated to save over $12 million in annual carrying costs. Deleveraging efforts have improved the net debt to annualized adjusted EBITDA ratio to 5.4x, a full turn better than the prior year, funded primarily by opportunistic asset sales. Management attributes the 7.7% decline in cash rent spreads on renewals to the timing of starting rents, noting that spreads are up 2.1% when accounting for escalations over the full lease term. Core FFO guidance for 2026 was raised to a range of $0.72 to $0.77 per share, reflecting improved leasing expectations and successful property tax appeals. The company expects to spend between $30 million and $40 million in additional CapEx for the remainder of the year, though timing remains dependent on tenant drawdowns. Management anticipates the percentage of DUA properties will continue to increase through the targeted acquisition of specialized assets and the exit of traditional suburban office space. Future growth in core FFO is expected to be driven by the stabilization of vacant properties and the continued reduction of interest expense through debt repayment. The strategic review process remains ongoing with no guaranteed outcome, though management committed to announcing a conclusion once the diligence phase is finalized. A nonrecurring gain of $28.8 million was recorded in Q2, primarily from the opportunistic sale of two operating properties, which does not impact core FFO. Significant headcount reductions over the past two years, including at the executive level, have been implemented to manage overhead and improve G&A efficiency. The company successfully refinanced its revolving and CMBS debt, pushing the next significant maturity out to February 2028. Strategic review costs impacted results by approximately $100,000 in the second quarter and $200,000 year-to-date. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that a specific government asset was sold because the tenant intended to downsize and the property was in a remote location. The disposition was deemed the best outcome to avoid future vacancy risk and high carrying costs. The company evaluates whether the long-term demand and required capital investment justify re-tenanting or if a sale is more prudent. Successes in Buffalo and Parsippany demonstrate a willingness to invest in Class A assets where market demand remains strong. Management emphasized transparency but noted they do not control the timing of third-party diligence. A formal announcement will be made regardless of the outcome, including if the company decides to remain independent. The transition to a majority-DUA portfolio will be incremental and funded by recycling capital as long as the share price does not support outside capital raises. Access to external capital would allow for a much more rapid shift in portfolio concentration.

- Completed 673,000 Square Feet of Leasing Year-to-Date, Including 202,000 Square Feet in the Second Quarter and 116,000 Square Feet Subsequent to Quarter End -- Sold Four Properties and the 37.4 Acre Deerfield, IL Campus Year-to-Date for $83.7 Million -- Reduced Debt Obligations by $60.7 Million Including $35.7 Million on the CMBS Loan in the Second Quarter -- Declares Dividend for Third Quarter 2026 -- Raises 2026 Core FFO Guidance Range and Lowers 2026 Net Debt to Adjusted EBITDA Range - PHOENIX, August 06, 2026--(BUSINESS WIRE)--Orion Properties Inc. (NYSE: ONL) ("Orion" or the "Company"), a fully-integrated real estate investment trust ("REIT") which owns a diversified portfolio of single-tenant net lease office properties including dedicated use assets located across the United States, announced today its operating results for the second quarter ended June 30, 2026. Paul McDowell, Orion’s Chief Executive Officer, commented, "With approximately 673,000 square feet of leasing completed through the end of July, we continue to execute on our strategy to further stabilize the portfolio as we build on our leasing momentum the past couple years. At the same time, we advanced our disposition program, closing on two property sales and the 37.4 acre Deerfield, Illinois campus for $70.6 million during the quarter. In concert with these sales, we reduced debt during the quarter by $60.7 million bringing our Net Debt to Annualized Adjusted EBITDA to 5.4x. These efforts and the raising of our 2026 financial outlook reflect the tangible progress we’re making toward our target of driving sustainable Core FFO per share growth over time. We remain committed to maximizing value for our stockholders and continue to closely evaluate strategic options as our review process is ongoing." Second Quarter 2026 Financial Overview Total revenues of $34.3 million $0.42 per diluted share Funds from Operations ("FFO") of $9.2 million, or $0.16 per diluted share Core FFO of $11.8 million, or $0.20 per diluted share EBITDA of $45.5 million, EBITDAre of $16.7 million and Adjusted EBITDA of $17.2 million Net Debt to Annualized Most Recent Quarter Adjusted EBITDA of 5.4x Financial ResultsDuring the second quarter of 2026, the Company generated total revenues of $34.3 million, as compared to $37.3 million in the same quarter of 2025. The Company’s net income attributable to common stockholders was $24.6 million, or $0.43 and $0.42 per basic and diluted share, respectively, during the second quarter of 2026, as compared to a net loss attributable to common stockholders of $(25.1) million, or $(0.45) per basic and diluted share in the same quarter of 2025. The increase in the Company’s net income during the second quarter was primarily driven by an increase in gains on dispositions of real estate assets of $27.9 million and a decrease in impairment charges of $19.5 million, each versus the same quarter of the prior year. Core FFO for the second quarter of 2026 was $11.8 million, or $0.20 per diluted share, as compared to $11.5 million, or $0.20 per diluted share in the same quarter of 2025. Leasing ActivityDuring the second quarter of 2026, the Company entered into the following lease transactions (square feet in thousands): Subsequent to quarter end, the Company completed a new 10.5-year lease for approximately 19,000 square feet at its property in Plano, Texas, a new 10.6-year lease for approximately 28,000 square feet at its property in Tulsa, Oklahoma and a 3.0-year lease renewal for 69,000 square feet at its property in Salem, Oregon. Disposition ActivityDuring the second quarter of 2026, the Company closed on the sale of two Operating Properties and the 37.4 acre Deerfield, Illinois campus for an aggregate gross sales price of $70.6 million. The two Operating Properties comprise a total of approximately 260,000 square feet for an aggregate gross sales price of $57.5 million. No building square footage is associated with the Deerfield, Illinois properties because we demolished the six buildings during the fourth quarter of 2025. As of August 6, 2026, the Company has an agreement in place to sell one property currently leased to the United States Government for a gross sales price of $3.4 million. The Company’s pending sale agreement is subject to a variety of conditions outside of our control, such as the buyer’s satisfactory completion of its due diligence and therefore, it cannot provide any assurance the transaction will close on the agreed upon price or other terms, or at all. Acquisition ActivityDuring the three months ended June 30, 2026, the Company acquired the fee simple interest in one parcel of land at a property located in Lincoln, Nebraska. The Company’s ownership interest of this property was previously comprised of a long-term ground lease interest. The gross purchase price for the fee interest was $0.6 million, which includes capitalized external acquisition-related expenses. As a result of the transaction, $2.1 million that was previously classified as a below-market right-of-use asset, net was reclassified from other assets, net to land in the Company’s consolidated balance sheet as of June 30, 2026. Real Estate PortfolioAs of June 30, 2026, the Company’s real estate portfolio consisted of 57 Operating Properties. Annualized Base Rent was $108.0 million, with 69.1% of Annualized Base Rent derived from Investment-Grade Tenants and 38.7% derived from properties deemed to be Dedicated Use Assets, or DUAs. The Company’s Occupancy Rate was 78.1% and the Weighted Average Remaining Lease Term was 6.2 years. Balance Sheet and LiquidityAs of June 30, 2026, the Company had principal outstanding of $436.6 million, comprised of: $316.6 million securitized mortgage loan (the "CMBS Loan") $102.0 million under the Company’s credit facility revolver $18.0 million mortgage loan secured by the Company’s San Ramon, California property (the "San Ramon Loan") During the three months ended June 30, 2026, the Company reduced debt obligations by $60.7 million, including $35.7 million on the CMBS Loan. The Company’s maximum borrowing capacity under the credit facility revolver is $215.0 million and amounts borrowed by the Company may be prepaid and re-borrowed from time to time. The Company’s outstanding borrowings under the credit facility revolver bear interest at a floating rate of SOFR plus a margin of 2.75% and the maturity date is February 18, 2028, subject to two six-month borrower extension options until February 18, 2029 if we satisfy certain conditions. The credit facility revolver is a senior secured fully recourse borrowing facility. The interest rate on the CMBS Loan is fixed at 4.971% and the CMBS Loan is scheduled to mature on February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied. Subject to customary exceptions, the CMBS Loan is a non-recourse loan and is secured by first-priority mortgages on 18 of the Company’s owned properties. During June 2026, the Company sold one property encumbered under the CMBS Loan and used the net proceeds of $34.4 million to prepay a portion of the outstanding principal balance on the CMBS Loan. As of June 30, 2026, the Company had $176.5 million of liquidity, comprising $63.5 million of cash and cash equivalents and restricted cash as well as $113.0 million of available capacity on the Company’s credit facility revolver. DividendOn August 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share for the third quarter of 2026, payable on October 15, 2026, to stockholders of record as of September 30, 2026. Strategic Option Review ProcessOn January 26, 2026, the Company announced a review of strategic options. The strategic options may include, among other things, the consideration of potential acquisition and merger targets, the potential sale of the Company, and continuing to operate as an independent publicly traded entity. As of August 6, 2026, the strategic options review process remains ongoing as we continue to actively engage with several parties. There can be no assurance that the strategic options review process will result in Orion pursuing any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process. 2026 OutlookThe Company is providing the following updated guidance estimates for 2026. The Company’s 2026 General and Administrative Expense guidance range of $19.8 million to $20.8 million is unchanged from the previous quarter. The Company’s guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company’s filings with the SEC. The Company reminds investors that its guidance estimates include assumptions with regard to its shift in portfolio concentration towards more dedicated use assets, rent receipts and property operating expense reimbursements, the amount and timing of acquisitions, dispositions, leasing transactions, capital expenditures, interest rate fluctuations and expected borrowings, the cost of the Company’s ongoing strategic review process and other factors. These assumptions are uncertain and difficult to accurately predict and actual results may differ materially from our estimates. See "Forward-Looking Statements" below. Webcast and Conference Call InformationOrion will host a webcast and conference call to review its results at 10:00 a.m. ET on Friday, August 7, 2026. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the "Investors" section of Orion’s website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time. Replay InformationA replay of the webcast may be accessed by visiting the "Investors" section of Orion’s website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Friday, August 7, 2026 through 11:59 p.m. ET on Friday, August 21, 2026. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13761041. Non-GAAP Financial MeasuresTo supplement the presentation of the Company’s financial results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release and the accompanying supplemental information as of and for the quarter ended June 30, 2026 (the "Supplemental Information Package") contain certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, Funds Available for Distribution ("FAD"), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), and Adjusted EBITDA. Please see the attachments to this press release for how the Company defines these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure. About Orion Properties Inc.Orion Properties Inc. 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 and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company’s portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. The Company was founded on July 1, 2021, spun-off from Realty Income (NYSE: O) on November 12, 2021 and began trading on the New York Stock Exchange on November 15, 2021. The Company is headquartered in Phoenix, Arizona and has an office in New York, New York. For additional information on the Company and its properties, please visit onlreit.com. About the DataThis data and other information described herein are as of and for the three and six months ended June 30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Properties Inc.'s (the "Company," "Orion," "us," "our" and "we") Quarterly Reports on Form 10-Q for the periods ended June 30, 2026 and March 31, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025. Unconsolidated Joint Venture The Company owns a 20% equity interest in one Unconsolidated Joint Venture which, as of June 30, 2026, owned a portfolio of six properties with an aggregate of 1.0 million leasable square feet located in six states. All assets in the joint venture portfolio are performing and the portfolio has an Occupancy Rate of 100% with a Weighted Average Remaining Lease Term of 5.8 years as of June 30, 2026. The Company has also made a member loan to the Unconsolidated Joint Venture (the "Member Loan") with an outstanding principal balance of $5.5 million as of June 30, 2026. As previously disclosed, the non-recourse mortgage notes associated with the Unconsolidated Joint Venture, which had an outstanding principal balance of $125.6 million as of August 6, 2026, experienced a payment default at maturity in February 2026. The lenders’ agent under the loan has issued a default notice and has informed the joint venture that it intends to seek to compel a sale of the properties in the joint venture in order to repay the loan. During June 2026, the lenders agreed to extend the loan maturity date until July 31, 2026, to provide the Unconsolidated Joint Venture with time to consummate the sale of one of the six properties, however the sale transaction was subsequently terminated and the loan went back into default on August 1, 2026. The lenders have implemented an excess cash flow sweep and as a result of the loan default, have various additional rights and remedies that are customary in a non-recourse mortgage financing, such as the right to collect default interest, institute a proceeding for foreclosure and apply for the appointment of a receiver. The joint venture has delivered a proposed disposition strategy to the lenders for the six properties and remains in discussions with the lenders about next steps which may include a short-term extension and the requirement to sell one or more properties and utilize the proceeds to repay principal outstanding under the debt. The Company cannot provide any assurance that the Unconsolidated Joint Venture will be able to extend or refinance all or any portion of this debt obligation, complete the disposition of the six properties on favorable terms or in a timely manner, or at all, or that the lenders will not seek to enforce their remedies due to the ongoing payment default. Due to uncertainties with regard to the recovery of its investments in the Unconsolidated Joint Venture, the Company reduced the carrying value of its investment in the Unconsolidated Joint Venture to zero as of December 31, 2025, and has recorded a loan loss reserve for the entire outstanding principal balance of its Member Loan. The Company accounts for its investment in the Unconsolidated Joint Venture under the equity method of accounting and during the year ended December 31, 2025, its share of losses exceeded the carrying amount of its investment. Accordingly, the Company has suspended recognition of its share of additional losses and will resume recognizing its share of earnings only after the Unconsolidated Joint Venture generates net income that exceeds the previously recognized losses. The Company has not recognized any further losses in excess of its investment and no contingent liabilities have been recorded related to the Unconsolidated Joint Venture as of and for the three and six months ended June 30, 2026. Additionally, beginning January 1, 2026, the Company is recording management fees from the Unconsolidated Joint Venture and interest income on the Member Loan on a cash basis rather than an accrual basis. Historically, the Company has included its proportionate share of the Unconsolidated Joint Venture's financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. This includes, among other line items and metrics, the Company’s proportionate share of Annualized Base Rent, Occupied Square Feet, Rentable Square Feet and Weighted Average Remaining Lease Term from the Unconsolidated Joint Venture properties, and Gross Real Estate Investments, outstanding principal balance under debt obligations, cash and cash equivalents, and restricted cash from the Unconsolidated Joint Venture’s balance sheet. As a result of the factors described above, including the suspension of equity method accounting on the Unconsolidated Joint Venture, the full loan loss reserve recorded against its Member Loan and the recording of fees and interest income on a cash basis, beginning January 1, 2026, the Company no longer includes the proportionate share of the Unconsolidated Joint Venture’s financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. Definitions Annualized Base Rent ("ABR") is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12. Annualized Base Rent is not indicative of future performance. Dedicated Use Asset is a property that includes a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered a traditional office property. Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDADue to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, gains or losses from disposition of real estate assets. For periods prior to January 1, 2026, we also adjust for our proportionate share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above. In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and, for periods prior to January 1, 2026, our proportionate share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Funds Available for Distribution ("FAD")Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, and, for periods prior to January 1, 2026, our proportionate share of FAD adjustments related to the Unconsolidated Joint Venture and amortization of the Unconsolidated Joint Venture basis difference. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend. However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP. Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO")Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP. Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. For periods prior to January 1, 2026, we also adjust for our proportionate share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above. In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, amortization of deferred financing costs, amortization of deferred lease incentives, net, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and, for periods prior to January 1, 2026, our proportionate share of Core FFO adjustments related to the Unconsolidated Joint Venture. We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes. For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure. Net Debt, Principal Outstanding and Adjusted Principal OutstandingPrincipal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. For periods prior to January 1, 2026, Adjusted Principal Outstanding includes the Company's proportionate share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and, for periods prior to January 1, 2026, the Company's proportionate share of the Unconsolidated Joint Venture's cash and cash equivalents. Beginning January 1, 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash to the amounts that reduce the Company’s Adjusted Principal Outstanding under debt obligations. This change in definition has also been applied retrospectively for comparison purposes and, for periods prior to January 1, 2026, also includes the Company’s proportionate share of restricted cash from the Unconsolidated Joint Venture. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. Net Operating Income ("NOI"), Cash NOI, Trailing NOI and Trailing Cash NOINOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, and transaction related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. For periods prior to January 1, 2026, Cash NOI includes the proportionate share of such amounts from properties owned by the Unconsolidated Joint Venture. Trailing NOI and Trailing Cash NOI represent trailing 12-month NOI and Cash NOI, calculated for the most recent 12-month period as of the applicable date. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies. Non-Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date which have been excluded from Operating Properties due to the properties being vacant and repositioned, redeveloped, developed or held for sale. Unconsolidated Joint Venture means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC. Forward-Looking Statements Information set forth herein includes "forward-looking statements" which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, 2026 financial outlook, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. These factors include, among other things, those discussed below. Information regarding historical rent collections should not serve as an indicator of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law. The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from those presented in the forward-looking statements: the risk of increases in interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all; the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise; conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions; our strategic review process is and will continue to be costly and time-consuming and may not result in a transaction, and any transaction that occurs may not increase stockholder value; the risk that our strategic review process may disrupt our operations, divert management’s attention and create uncertainty for tenants, employees and counterparties; the risk that recent changes in United States trade policy and the imposition of new tariffs continue to create disruption in macroeconomic conditions and could adversely impact our lenders, tenants and prospective tenants, and cause them to reduce or decline to do business with us or fail to meet their obligations to us; the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, and changes in government budgetary priorities, will continue and the impact that may have on demand for office space at our properties; our ability to acquire new properties, convert certain vacant properties to multi-tenant use and sell non-core assets on favorable terms and in a timely manner, or at all; risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected; our assumptions concerning tenant utilization and renewal probability of dedicated use assets, and our ability to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets; our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties; our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all; changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes; the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single tenant properties; our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all; the cost of rent concessions, tenant improvement allowances and leasing commissions; the potential for termination of existing leases pursuant to tenant termination rights; the amount, growth and relative inelasticity of our expenses; risks associated with the ownership and development of real property; risks accompanying our investment in and the management of OAP/VER Venture, LLC (the "Unconsolidated Joint Venture"), our unconsolidated joint venture, in which we hold a non-controlling ownership interest, including that the Unconsolidated Joint Venture may be unable to extend or refinance all or any portion of its mortgage debt obligations which are subject to an ongoing payment default that occurred at maturity or complete the disposition of the six joint venture properties on favorable terms or in a timely manner, or at all, or that the lenders may seek to enforce their remedies due to the ongoing payment default under the Unconsolidated Joint Venture Mortgage debt, and we may be unable to recover our original investment in the Unconsolidated Joint Venture, which we have written down to zero or, in the case of the Member Loan, fully reserved accordingly; our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control; we may change our dividend policy at any time, and therefore the amount, timing and continued payment of dividends are not assured; our properties may be subject to impairment charges; risks resulting from losses in excess of insured limits or uninsured losses; risks associated with the potential volatility of our common stock; and the risk that we may fail to maintain our income tax qualification as a real estate investment trust. Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available on the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law. ORION PROPERTIES INC.CORE FUNDS FROM OPERATIONS PER DILUTED SHARE - 2026 GUIDANCE(Unaudited) The Company expects its 2026 Core FFO per diluted share to be in a range between $0.72 and $0.77. This guidance assumes: Net Debt to Adjusted EBITDA: 6.0x to 6.8x General & Administrative Expenses: $19.8 million to $20.8 million The estimated net loss per diluted share is not a projection and is provided solely to satisfy the disclosure requirements of the SEC. The Company does not provide a reconciliation of Net Debt to Adjusted EBITDA guidance to the most directly comparable GAAP measure, due to the inherent difficulty and uncertainty in quantifying certain adjustments primarily related to the Company’s debt obligations and restricted cash balances. The impact of such adjustments could be significant and cannot be presented without unreasonable efforts. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806055378/en/ Contacts Investor Relations Contact: Email: [email protected] Phone: 602-675-0338

PHOENIX, July 14, 2026--(BUSINESS WIRE)--Orion Properties Inc. (NYSE: ONL) ("Orion" or the "Company"), a fully-integrated real estate investment trust ("REIT") which owns a diversified portfolio of single-tenant net lease office properties including dedicated use assets located across the United States, announced today that it will release its operating results for the second quarter 2026 after market close on Thursday, August 6, 2026. Webcast and Conference Call InformationOrion will host a webcast and conference call to review its results at 10:00 a.m. ET on Friday, August 7, 2026. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the "Investors" section of Orion’s website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time. Replay InformationA replay of the webcast may be accessed by visiting the "Investors" section of Orion’s website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Friday, August 7, 2026 through 11:59 p.m. ET on Friday, August 21, 2026. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13761041. About Orion Properties Inc.Orion Properties Inc. 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 and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company’s portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. The Company was founded on July 1, 2021, spun-off from Realty Income (NYSE: O) on November 12, 2021 and began trading on the New York Stock Exchange on November 15, 2021. The Company is headquartered in Phoenix, Arizona and has an office in New York, New York. For additional information on the Company and its properties, please visit onlreit.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714266398/en/ Contacts Investor Relations Contact: Email: [email protected] Phone: 602-675-0338

Interested in Orion Office REIT Inc.? Here are five stocks we like better. Leasing momentum improved occupancy, with Orion completing 355,000 square feet of leasing in Q1 and portfolio occupancy rising to 83.1% from 73.7% a year earlier. The company also said its leasing pipeline remains above 1 million square feet. Asset sales remain central to the turnaround plan, as Orion continues to sell non-core and vacant properties to cut carrying costs and reduce debt. The company has already sold multiple properties this year and has more deals under contract that are expected to largely fund debt reduction. Orion is shifting toward dedicated-use assets such as medical, lab, R&D, flex and government properties, which now make up 37.1% of annualized base rent. The company also reaffirmed 2026 guidance and said it still has solid liquidity and ongoing strategic review efforts. Orion Office REIT (NYSE:ONL) said its first-quarter results reflected continued progress on leasing, asset sales and balance-sheet management, while its board and management continue to evaluate strategic options with advisers Wells Fargo and JPMorgan. Chief Executive Officer Paul McDowell said the strategic review process is “ongoing and progressing well,” but added that the company is not yet prepared to discuss specifics or timing. He said Orion remains open to “any actionable proposals that maximize shareholder value,” while continuing to execute its business plan as a standalone company. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? “Our improving results reflect ongoing confidence in our standalone prospects should the strategic review determine that is the best path forward,” McDowell said. Orion completed 355,000 square feet of leasing activity during the first quarter, building on 2 million square feet leased over the past two years. McDowell highlighted a 172,000-square-foot, full-building lease with a 12-year term at the company’s previously vacant Irving, Texas property. → MP Materials Is Quietly Building a Rare Earth Powerhouse McDowell said Orion had invested about $5 per square foot during 2024 and 2025 to improve common areas and the overall appearance of the Irving asset, which helped support the leasing effort. New leases signed during the quarter had a weighted average lease term of nearly 12 years, while the consolidated portfolio’s average weighted average lease term is approaching six years. Cash rent spreads on first-quarter renewals increased 2.5%, marking the fourth consecutive quarter of improvement. McDowell cautioned that rent spreads can be volatile from quarter to quarter but said management feels positive about current trends. → Micron Investors Face a High-Stakes Moment After the Latest Rally Portfolio occupancy rose to 83.1% at the end of the first quarter, compared with 73.7% in the year-earlier period. McDowell said occupancy may fluctuate due to lease rollovers in Orion’s largely single-tenant portfolio, but the company expects improvement over the coming years. The company’s leasing pipeline remains above 1 million square feet, including leases in discussion or documentation stages. McDowell said the pipeline includes several full-building leases, potential longer-duration renewals and new leases with terms “materially greater” than the portfolio average. Orion continued selling non-core properties as part of its effort to stabilize the portfolio, reduce carrying costs and manage leverage. Since its spin-off, the company has sold 38 properties totaling 4.1 million square feet. During the first quarter, Orion sold two vacant properties in the Northeast, one in Massachusetts and one in Pennsylvania, for aggregate gross proceeds of $13.1 million. In the second quarter, the company sold its 37.4-acre Deerfield, Illinois properties for $13.1 million and a 120,000-square-foot property in Glen Burnie, Maryland, for $22.5 million. McDowell described the Glen Burnie sale as “very successful and accretive,” noting that the tenant’s lease was terminated shortly before the sale and that the pricing represented a 5% capitalization rate on expiring rent, or $188 per square foot. Orion is also under contract to sell three additional properties for gross proceeds of $46 million, with nearly all of the proceeds expected to be used to reduce debt. McDowell said 2025 and 2026 sales of vacant or near-term vacant properties are estimated to save more than $12 million in annual carrying costs. In response to an analyst question, McDowell said buyers of vacant properties have included users and developers seeking to repurpose assets. He said the best outcomes have generally come from users or buyers planning alternative uses, while investor buyers seeking to re-lease properties can be more challenging. Orion said it remains focused on shifting its portfolio toward dedicated use assets, which McDowell described as properties where tenants perform work that cannot be replicated from home or relocated to a generic office setting. These include medical, lab, research and development, flex and government properties. The company acquired the Barilla America headquarters and R&D facility in Northbrook, Illinois, for $15 million during the first quarter, using what McDowell described as a targeted capital recycling approach. At quarter-end, dedicated use assets represented 37.1% of the consolidated portfolio by annualized base rent, up from 32.2% at the end of the first quarter of 2025. McDowell said Orion expects that percentage to increase over time through dispositions of traditional office properties and targeted acquisitions of dedicated use assets. Chief Financial Officer Gavin Brandon said Orion reported first-quarter revenue of $36.3 million, compared with $38 million in the prior-year quarter. Net loss was $0.24 per share, compared with a net loss of $0.17 per share a year earlier. Core funds from operations were $0.21 per share, compared with $0.19 per share in the first quarter of 2025. Brandon said first-quarter Core FFO included a one-time expected lease termination payment of $1.9 million tied to the company’s East Syracuse, New York property. Adjusted EBITDA was $17.2 million, compared with $17.4 million a year earlier. General and administrative expenses were $5.1 million, compared with $4.9 million, with the increase primarily driven by about $100,000 of legal expenses related to the strategic options review and activist shareholder relations costs. Capital expenditures and leasing costs rose to $18.7 million from $8.3 million. Brandon said the increase was primarily due to completion of landlord and tenant improvement work tied to Orion’s leasing activity. As of March 31, Orion had total liquidity of $148.5 million, including $60.5 million of cash, cash equivalents and restricted cash, and $88 million of available revolver capacity. Net debt to annualized most recent quarter adjusted EBITDA was 6.36 times at quarter-end. Brandon said Orion has repaid a net $166 million of outstanding debt since its spin-off, including a recent repayment. The company entered into a new senior secured credit facility revolver during the first quarter, extending maturity to February 2029, inclusive of two six-month borrower extension options. After a subsequent $25 million repayment, the company had $113 million of available borrowing capacity. Orion reaffirmed its 2026 guidance, with Core FFO expected to range from $0.69 to $0.76 per diluted share. The company expects G&A expenses of $19.8 million to $20.8 million and net debt to adjusted EBITDA of 6.5 times to 7.3 times. Brandon said the company expects 2026 G&A, excluding non-cash compensation, to be in line with or slightly better than 2025 levels and does not expect G&A to rise significantly in future periods. Orion’s board declared a quarterly cash dividend of $0.02 per share for the second quarter of 2026. McDowell said Orion’s priorities for the balance of 2026 include improving portfolio quality, extending lease terms, renewing tenants, filling or selling vacant space, and managing expenses and leverage while working to maximize value for investors and potential strategic partners. Orion Office REIT is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of Class A office properties across high-growth U.S. markets. The company focuses on suburban and infill locations, targeting properties with strong tenant credit profiles and long-term lease structures. Its business strategy emphasizes active asset management, capital recycling and selective development to enhance income stability and potential total return for shareholders. Orion Office REIT debuted on the New York Stock Exchange under the ticker ONL following a spin-off from Government Properties Income Trust in June 2021, though many of its core assets trace back to acquisitions made as early as 2013. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Orion Office REIT Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is conducting a thorough strategic review process to maximize shareholder value, though specific timelines and outcomes remain undisclosed. Portfolio stabilization is being driven by a multi-pronged strategy of aggressive leasing, timely noncore asset dispositions, and selective capital recycling into Dedicated Use Assets (DUA). Occupancy improved significantly to 83.1% from 73.7% year-over-year, supported by over 2 million square feet of leasing activity over the past two years. The strategic shift toward DUAs—including medical, lab, and R&D properties—now represents 37.1% of annualized base rent, up from 32.2% in the prior year. Management attributes successful leasing, such as the 12-year full building lease in Irving, Texas, to proactive capital investment in common areas and property appearance. The disposition strategy focuses on assets with difficult re-leasing prospects to eliminate high carrying costs, with 2025 and 2026 sales estimated to save over $12 million annually. Management affirmed 2026 core FFO guidance of $0.69 to $0.76 per share, assuming recent leasing translates into improved recurring earnings power. The company intends to use proceeds from three properties currently under contract for $46 million primarily to reduce outstanding debt. Future capital allocation will prioritize tenant improvement allowances and leasing commissions as existing tenants draw upon allowances following recent leasing velocity. Strategic positioning involves a continued shift away from traditional suburban office properties toward assets where tenant work cannot be replicated from home. Net debt to adjusted EBITDA is projected to range between 6.5 times and 7.3 times for the full year 2026. First quarter core FFO included a one-time $1.9 million lease termination payment from a property in East Syracuse, New York. G&A expenses included approximately $100 thousand in legal and activist-related costs stemming from the ongoing strategic option review. The company successfully refinanced its senior secured credit facility, extending the maturity date until February 2029, inclusive of two six-month borrower extension options, while also lowering interest rates. Management has written down its joint venture investment to zero due to mortgage debt uncertainty, despite the portfolio maintaining 100% occupancy. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The 1 million-square-foot pipeline consists mostly of renewals for summer 2026 through 2028, with minimal lease rollover remaining in the current year. Management noted that the pipeline size has remained consistent for several quarters, reflecting sustained leasing momentum. The $0.21 core FFO in Q1 was elevated by a $1.9 million lease termination payment and a G&A reimbursement for work in Lincoln, Nebraska. Management does not expect significant lease termination income for the remainder of the year, which accounts for the annualized guidance being lower than the Q1 run rate. Buyers are typically users or developers looking to repurpose land; management successfully sold the former Walgreens headquarters as raw land after demolition. For the three remaining vacant assets, the company will attempt to lease them but will pivot to a sale if leasing interest stalls to avoid carrying costs. The next phase of sales may include stable properties with decent WALT if they do not fit the 'critical use' criteria or if tenants offer a premium to purchase. Proceeds will be balanced between debt reduction and recycling into accretive, cash-flowing dedicated use assets.

- Completed 355,000 Square Feet of Leasing - - Sold Two Properties for $13.1 Million and Seven Additional Properties Subsequent to Quarter End for $35.6 Million - - Acquired One 75,000 Square Foot Property in Northbrook, Illinois for $15.0 Million - - Declares Dividend for Second Quarter 2026 - PHOENIX, May 07, 2026--(BUSINESS WIRE)--Orion Properties Inc. (NYSE: ONL) ("Orion" or the "Company"), a fully-integrated real estate investment trust ("REIT") which owns a diversified portfolio of single-tenant net lease office properties including dedicated use assets located across the United States, announced today its operating results for the first quarter ended March 31, 2026. Paul McDowell, Orion’s Chief Executive Officer, commented, "We continue to execute on our strategy to stabilize the portfolio through increased leasing activity and the timely disposition of non-core assets in order to drive Core FFO per share growth in 2026 and beyond. To that point, during the quarter we continued to build on the 2.0 million square feet we leased over the past two years, as we completed approximately 355,000 square feet and further reduced the carrying costs of vacant assets through property sales. We also continue to evaluate strategic options with our advisors and board of directors in our ongoing pursuit to maximize value for stockholders." First Quarter 2026 Financial Overview Total revenues of $36.3 million Net loss attributable to common stockholders of $(13.6) million, or $(0.24) per share Funds from Operations ("FFO") of $5.8 million, or $0.10 per diluted share Core FFO of $11.7 million, or $0.21 per diluted share EBITDA of $6.9 million, EBITDAre of $13.2 million and Adjusted EBITDA of $17.2 million Net Debt to Annualized Most Recent Quarter Adjusted EBITDA of 6.36x Financial Results During the first quarter of 2026, the Company generated total revenues of $36.3 million, as compared to $38.0 million in the same quarter of 2025. The Company’s net loss attributable to common stockholders was $(13.6) million, or $(0.24) per share, during the first quarter of 2026, as compared to $(9.4) million, or $(0.17) per share in the same quarter of 2025. Core FFO for the first quarter of 2026 was $11.7 million, or $0.21 per diluted share, as compared to $10.7 million, or $0.19 per diluted share in the same quarter of 2025. Leasing Activity During the first quarter of 2026, the Company entered into the following lease transactions (square feet in thousands): Disposition Activity During the first quarter of 2026, the Company closed on two Non-Operating Property dispositions totaling approximately 516,000 square feet for an aggregate gross sales price of $13.1 million. Subsequent to quarter end, the Company closed on the sale of the 37.4 acre Deerfield, Illinois properties for a gross sales price of $13.1 million, where we completed the demolition of the six buildings in the fourth quarter of 2025, and the 120,000 square foot property in Glen Burnie, Maryland for a gross sales price of $22.5 million. As of May 7, 2026, the Company has agreements in place to sell three additional properties for an aggregate gross sales price of $46.0 million, including an approximately 140,000 square foot traditional office property for a gross sales price of $35.0 million with proceeds expected to be used to paydown outstanding principal on the Company’s CMBS Loan (as defined below), an approximately 35,000 square foot near-term vacant property for a gross sales price of $3.4 million, and the proportionate share of the gross sales price of one Unconsolidated Joint Venture property of $7.7 million with proceeds expected to be used to paydown outstanding principal on the Unconsolidated Joint Venture non-recourse mortgage notes. The Company’s pending sale agreements are subject to a variety of conditions outside of our control, such as the buyer’s satisfactory completion of its due diligence and therefore, it cannot provide any assurance the transactions will close on the agreed upon price or other terms, or at all. Acquisition Activity During February 2026, the Company acquired one 75,000 square foot Dedicated Use Asset in Northbrook, Illinois for $15.0 million. The property is fully leased to a single tenant through December 2036. Real Estate Portfolio As of March 31, 2026, the Company’s real estate portfolio consisted of 59 Operating Properties and six Non-Operating Properties. The six Non-Operating Properties were sold during April 2026. Annualized Base Rent was $115.2 million, with 64.8% of Annualized Base Rent derived from Investment-Grade Tenants and 37.1% derived from properties deemed to be Dedicated Use Assets, or DUAs. The Company’s Occupancy Rate was 83.1% and the Weighted Average Remaining Lease Term was 5.9 years. Balance Sheet and Liquidity As of March 31, 2026, the Company had Principal Outstanding of $497.3 million, comprised of: $352.3 million securitized mortgage loan collateralized by 19 properties (the "CMBS Loan") $127.0 million under the Company’s credit facility revolver $18.0 million mortgage loan secured by the Company’s San Ramon, California property (the "San Ramon Loan") On February 18, 2026, the Company entered into a credit agreement for a new credit facility revolver (the "New Credit Facility Revolver") and the Company’s original credit facility revolver terminated and the indebtedness thereunder was discharged and paid in full with borrowings under the New Credit Facility Revolver. Among other things, the New Credit Facility Revolver extends the maturity date under the original credit facility revolver until February 2028, subject to two six-month borrower extension options until February 18, 2029 if we satisfy certain conditions, reduces the lenders’ commitment to $215.0 million to more closely align with our business plan, provides that our borrowings will be secured with mortgages on a pool of 28 of our properties, reduces the interest rate margin on our borrowings by 50-basis points and eliminates the 10-basis point SOFR adjustment. Also during February 2026, the Company entered into an amendment to the CMBS Loan which, among other things extends the maturity date two years until February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied and authorizes the lender to sweep all monthly excess cash flows from the 19 properties, after payment of interest and property operating expenses, until maturity, and to apply such excess cash flows to a combination of prepaying the outstanding principal balance of the CMBS Loan and funding an all-purpose reserve. The fixed annual interest rate on the CMBS Loan of 4.971% is unchanged during the extension terms. As of March 31, 2026, the Company had $148.5 million of liquidity, comprising $60.5 million of cash and cash equivalents and restricted cash as well as $88.0 million of available capacity on the New Credit Facility Revolver. Dividend On May 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share for the second quarter of 2026, payable on July 15, 2026, to stockholders of record as of June 30, 2026. Strategic Option Review Process On January 26, 2026, the Company announced a review of strategic options, which process is continuing. The strategic options may include, among other things, the consideration of potential acquisition and merger targets, the potential sale of the Company, and continuing to operate as an independent publicly traded entity. There can be no assurance that the strategic options review process will result in Orion pursuing any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process. 2026 Outlook The Company is reaffirming the following guidance estimates for fiscal year 2026. The Company’s guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company’s filings with the SEC. The Company reminds investors that its guidance estimates include assumptions with regard to its shift in portfolio concentration towards more dedicated use assets, rent receipts and property operating expense reimbursements, the amount and timing of acquisitions, dispositions, leasing transactions, capital expenditures, interest rate fluctuations and expected borrowings, the cost of the Company’s ongoing strategic review process and other factors. These assumptions are uncertain and difficult to accurately predict and actual results may differ materially from our estimates. See "Forward-Looking Statements" below. Webcast and Conference Call Information Orion will host a webcast and conference call to review its results at 10:00 a.m. ET on Friday, May 8, 2026. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the "Investors" section of Orion’s website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time. Replay Information A replay of the webcast may be accessed by visiting the "Investors" section of Orion’s website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Friday, May 8, 2026 through 11:59 p.m. ET on Friday, May 22, 2026. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13759241. Non-GAAP Financial Measures To supplement the presentation of the Company’s financial results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release and the accompanying supplemental information as of and for the quarter ended March 31, 2026 (the "Supplemental Information Package") contain certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, Funds Available for Distribution ("FAD"), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), and Adjusted EBITDA. Please see the attachments to this press release for how the Company defines these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure. About Orion Properties Inc. Orion Properties Inc. 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 and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company’s portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. The Company was founded on July 1, 2021, spun-off from Realty Income (NYSE: O) on November 12, 2021 and began trading on the New York Stock Exchange on November 15, 2021. The Company is headquartered in Phoenix, Arizona and has an office in New York, New York. For additional information on the Company and its properties, please visit onlreit.com. About the Data This data and other information described herein are as of and for the three months ended March 31, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Properties Inc.'s (the "Company," "Orion," "us," "our" and "we") Quarterly Report on Form 10-Q for the period ended March 31, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025. Unconsolidated Joint Venture The Company owns a 20% equity interest in one Unconsolidated Joint Venture which, as of March 31, 2026, owned a portfolio of six properties with an aggregate of 1.0 million leasable square feet located in six states. All assets in the joint venture portfolio are performing and the portfolio has an Occupancy Rate of 100.0% with a Weighted Average Remaining Lease Term of 6.1 years as of March 31, 2026. The Company has also made a member loan to the Unconsolidated Joint Venture (the "Member Loan") with an outstanding principal balance of $5.5 million as of March 31, 2026. As previously disclosed, the non-recourse mortgage notes associated with the Unconsolidated Joint Venture, which had an outstanding principal balance of $128.2 million as of May 7, 2026, experienced a payment default at maturity in February 2026. The lenders’ agent under the loan has issued a default notice and has informed the joint venture that it intends to seek to compel a sale of the properties in the joint venture in order to repay the loan. As a result of the ongoing default, the lenders have various rights and remedies that are customary in a non-recourse mortgage financing, such as to implement an excess cash flow sweep, collect default interest, institute a proceeding for foreclosure and apply for the appointment of a receiver. The joint venture remains in discussions with the lenders about next steps which may include a short-term extension and restructuring of the debt with a lender excess cash flow sweep and the requirement to sell one or more properties and utilize the net proceeds to prepay principal outstanding under the debt. The Company cannot provide any assurance that the Unconsolidated Joint Venture will be able to extend or refinance this debt obligation or that the lenders will not seek to enforce their remedies due to the ongoing payment default. Due to uncertainties with regard to the recovery of its investments in the Unconsolidated Joint Venture, the Company reduced the carrying value of its investment in the Unconsolidated Joint Venture to zero as of December 31, 2025, and has recorded a loan loss reserve for the entire outstanding principal balance of its Member Loan. The Company accounts for its investment in the Unconsolidated Joint Venture under the equity method of accounting and during the year ended December 31, 2025, its share of losses exceeded the carrying amount of its investment. Accordingly, the Company has suspended recognition of its share of additional losses and will resume recognizing its share of earnings only after the Unconsolidated Joint Venture generates net income that exceeds the previously recognized losses. The Company has not recognized any further losses in excess of its investment and no contingent liabilities have been recorded related to the Unconsolidated Joint Venture as of and for the quarter ended March 31, 2026. Additionally, beginning January 1, 2026, the Company is recording management fees from the Unconsolidated Joint Venture and interest income on the Member Loan on a cash basis rather than an accrual basis. Historically, the Company has included its proportionate share of the Unconsolidated Joint Venture's financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. This includes, among other line items and metrics, the Company’s proportionate share of Annualized Base Rent, Occupied Square Feet, Rentable Square Feet and Weighted Average Remaining Lease Term from the six Unconsolidated Joint Venture properties, and Gross Real Estate Investments, outstanding principal balance under debt obligations, cash and cash equivalents, and restricted cash from the Unconsolidated Joint Venture’s balance sheet. As a result of the factors described above, including the suspension of equity method accounting on the Unconsolidated Joint Venture, the full loan loss reserve recorded against its Member Loan and the recording of fees and interest income on a cash basis, beginning January 1, 2026, the Company will no longer include the proportionate share of the Unconsolidated Joint Venture’s financial statement line items and operating metrics in its non-GAAP financial results and other operating metrics. Definitions Annualized Base Rent ("ABR") is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12. Annualized Base Rent is not indicative of future performance. Average Capitalization Rate represents annualized average estimated Cash NOI of the property over the tenant's lease term, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Average Capitalization Rate represents annualized average estimated cash rental revenue of the property over the tenant’s lease term divided by gross purchase or sale price. Cash Capitalization Rate represents next 12 full months estimated Cash NOI of the property, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Cash Capitalization Rate represents next 12 full months estimated cash rental revenue of the property divided by gross purchase or sale price. CPI refers to a lease in which base rent is adjusted based on changes in a consumer price index. Credit Rating of a tenant refers to the Standard & Poor's or Moody's credit rating and such rating also may reflect the rating assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company as applicable. Dedicated Use Asset is a property that includes a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered a traditional office property. Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot, in each case, as further defined in the applicable lease). Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, gains or losses from disposition of real estate assets. For periods prior to January 1, 2026, we also adjust for our proportionate share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above. In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and, for periods prior to January 1, 2026, our proportionate share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Enterprise Value equals the sum of the Implied Equity Market Capitalization and Net Debt, in each case, as of an applicable date. Beginning January 1, 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash. Fixed Charge Coverage Ratio is (a) Adjusted EBITDA divided by (b) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations. Fixed Dollar or Percent Increase refers to a lease that requires contractual rent increases during the term of the lease agreement. A Fixed Dollar or Percent Increase lease may include a period of free rent at the beginning or end of the lease. Flat refers to a lease that requires equal rent payments, with no contractual increases, throughout the term of the lease agreement. A Flat lease may include a period of free rent at the beginning or end of the lease. Funds Available for Distribution ("FAD") Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, and, for periods prior to January 1, 2026, our proportionate share of FAD adjustments related to the Unconsolidated Joint Venture and amortization of the Unconsolidated Joint Venture basis difference. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend. However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP. Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO") Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP. Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. For periods prior to January 1, 2026, we also adjust for our proportionate share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above. In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, amortization of deferred financing costs, amortization of deferred lease incentives, net, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and, for periods prior to January 1, 2026, our proportionate share of Core FFO adjustments related to the Unconsolidated Joint Venture. We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes. For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure. GAAP is an abbreviation for generally accepted accounting principles in the United States. Gross Lease is a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs). Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, net of gross intangible lease liabilities and, for periods prior to January 1, 2026, the Company's proportionate share of such amounts related to properties owned by the Unconsolidated Joint Venture. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. GSA CPI refers to a General Services Administration ("GSA") lease that includes a contractually obligated operating cost component of rent which is adjusted annually based on changes in a consumer price index. Implied Equity Market Capitalization equals shares of common stock outstanding as of an applicable date, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange on such date. Industry is derived from the Global Industry Classification Standard ("GICS") Methodology that was developed by Morgan Stanley Capital International ("MSCI") in collaboration with S&P Dow Jones Indices to establish a global, accurate, complete and widely accepted approach to defining industries and classifying securities by industry. Interest Coverage Ratio equals Adjusted EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and, for periods prior to January 1, 2026, the Company's proportionate share of the Unconsolidated Joint Venture's interest expense incurred on its outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined under GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. Investment-Grade Tenants are those with a Credit Rating of BBB- or higher from Standard & Poor’s or a Credit Rating of Baa3 or higher from Moody’s. The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable. Leased Rate equals the sum of Leased Square Feet divided by Rentable Square Feet as of an applicable date. Leased Square Feet is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant. Month-to-Month refers to a lease that is outside of the contractual lease expiration, but the tenant has not vacated and continues to pay rent which may also include holdover rent if applicable. Net Debt, Principal Outstanding and Adjusted Principal Outstanding Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. For periods prior to January 1, 2026, Adjusted Principal Outstanding includes the Company's proportionate share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and, for periods prior to January 1, 2026, the Company's proportionate share of the Unconsolidated Joint Venture's cash and cash equivalents. Beginning January 1, 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash to the amounts that reduce the Company’s Adjusted Principal Outstanding under debt obligations. This change in definition has also been applied retrospectively for comparison purposes and, for periods prior to January 1, 2026, also includes the Company’s proportionate share of restricted cash from the Unconsolidated Joint Venture. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. Beginning in 2026, the Company has revised its definition and calculation of Net Debt to also add restricted cash to the amounts that reduce the Company’s Adjusted Principal Outstanding under debt obligations. This change in definition has also been applied retrospectively for comparison purposes and, for periods prior to January 1, 2026, also includes the Company’s proportionate share of restricted cash from the Unconsolidated Joint Venture. Net Operating Income ("NOI"), Cash NOI, Trailing NOI and Trailing Cash NOI NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, and transaction related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. For periods prior to January 1, 2026, Cash NOI includes the proportionate share of such amounts from properties owned by the Unconsolidated Joint Venture. Trailing NOI and Trailing Cash NOI represent trailing 12-month NOI and Cash NOI, calculated for the most recent 12-month period as of the applicable date. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies. Non-Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date which have been excluded from Operating Properties due to the properties being vacant and repositioned, redeveloped, developed or held for sale. Occupancy Rate equals the sum of Occupied Square Feet divided by Rentable Square Feet as of an applicable date. Occupied Square Feet is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP. Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date, excluding Non-Operating Properties. Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc. Rentable Square Feet is leasable square feet of Operating Properties. Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs in accordance with the lease terms). Unconsolidated Joint Venture means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC. Weighted Average Remaining Lease Term ("WALT") is the number of years remaining on each respective lease as of the applicable date, weighted based on Annualized Base Rent. Forward-Looking Statements Information set forth herein includes "forward-looking statements" which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, 2026 financial outlook, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. These factors include, among other things, those discussed below. Information regarding historical rent collections should not serve as an indicator of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law. The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from those presented in the forward-looking statements: the risk of increases in interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all; the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise; conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions; our strategic review process is and will continue to be costly and time-consuming and may not result in a transaction, and any transaction that occurs may not increase stockholder value; the risk that recent changes in United States trade policy and the imposition of new tariffs continue to create disruption in macroeconomic conditions and could adversely impact our lenders, tenants and prospective tenants, and cause them to reduce or decline to do business with us or fail to meet their obligations to us; the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, and changes in government budgetary priorities, will continue and the impact that may have on demand for office space at our properties; our ability to acquire new properties, convert certain vacant properties to multi-tenant use and sell non-core assets on favorable terms and in a timely manner, or at all; risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected; our assumptions concerning tenant utilization and renewal probability of dedicated use assets, and our ability to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets; our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties; our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all, or that the lenders may seek to enforce their remedies due to the existing payment default under the Unconsolidated Joint Venture mortgage notes; changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes; the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single-tenant properties; our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all; the cost of rent concessions, tenant improvement allowances and leasing commissions; the potential for termination of existing leases pursuant to tenant termination rights; the amount, growth and relative inelasticity of our expenses; risks associated with the ownership and development of real property; risks accompanying our investment in and the management of the Unconsolidated Joint Venture, our unconsolidated joint venture, in which we hold a non-controlling ownership interest, including that our joint venture partner may be unable or unwilling to contribute its share of capital requirements and we may be unable to recover our investment in the Unconsolidated Joint Venture; our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control; we may change our dividend policy at any time, and therefore the amount, timing and continued payment of dividends are not assured; our properties may be subject to impairment charges; risks resulting from losses in excess of insured limits or uninsured losses; risks associated with the potential volatility of our common stock; and the risk that we may fail to maintain our income tax qualification as a real estate investment trust. Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available on the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507823783/en/ Contacts Investor Relations Contact: Email: [email protected] Phone: 602-675-0338

PHOENIX, April 13, 2026--(BUSINESS WIRE)--Orion Properties Inc. (NYSE: ONL) ("Orion" or the "Company"), a fully-integrated real estate investment trust ("REIT") which owns a diversified portfolio of single-tenant net lease office properties including Dedicated Use Assets located across the United States, announced today that it will release its operating results for the first quarter 2026 after market close on Thursday, May 7, 2026. Webcast and Conference Call Information Orion will host a webcast and conference call to review its results at 10:00 a.m. ET on Friday, May 8, 2026. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the "Investors" section of Orion’s website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time. Replay Information A replay of the webcast may be accessed by visiting the "Investors" section of Orion’s website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Friday, May 8, 2026 through 11:59 p.m. ET on Friday, May 22, 2026. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13759241. About Orion Properties Inc. Orion Properties Inc. 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 and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company’s portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. The Company was founded on July 1, 2021, spun-off from Realty Income (NYSE: O) on November 12, 2021 and began trading on the New York Stock Exchange on November 15, 2021. The Company is headquartered in Phoenix, Arizona and has an office in New York, New York. For additional information on the Company and its properties, please visit onlreit.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260413030912/en/ Contacts Investor Relations Contact: Email: [email protected] Phone: 602-675-0338