Orion Properties Inc. ONL
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.
Snapshot
Reported FFO / Core FFO / leverage are from the Q1 2026 earnings release (filed 2026-05-07) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $147.65M | $-139.31M | $58.75M | $-48.76M | $23.58M |
| 2024 | $164.86M | $-103.01M | $100.82M | $30.70M | $54.26M |
| 2023 | $195.04M | $-57.30M | $109.11M | $81.92M | $89.09M |
| 2022 | $208.12M | $-97.49M | $131.37M | $64.28M | $114.23M |
| 2021 | $79.73M | $-47.48M | $43.92M | $882.00K | $56.11M |
| 2020 | $53.47M | $-1.90M | $25.95M | $26.98M | $42.33M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-05-05 | $0.02 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-04 | $0.02 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-11-05 | $0.02 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-08-05 | $0.02 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-05-07 | $0.02 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-04 | $0.02 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-11-07 | $0.10 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-08-08 | $0.10 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-05-07 | $0.10 | Quarterly |
| 2024-03-27 | 2024-03-29 | 2024-04-15 | 2024-02-27 | $0.10 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-16 | 2023-11-09 | $0.10 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-16 | 2023-08-08 | $0.10 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-17 | 2023-05-08 | $0.10 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-17 | 2023-03-07 | $0.10 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-17 | 2022-11-01 | $0.10 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-17 | 2022-08-02 | $0.10 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-05-04 | $0.10 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | 2022-03-22 | $0.10 | Quarterly |
Coverage (payout of operating cash flow): 19.08%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.