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Dec 31, 2025
Orion Office REIT Q4 2025 Earnings Report
Orion Properties Inc. Q4 2025 Earnings Report
Key Takeaways
Orion Properties experienced a decline in total revenues and a net loss for the fourth quarter of 2025, though it achieved growth in Core FFO per share compared to the prior year. The company is actively transforming its portfolio by disposing of non-core office assets and shifting toward Dedicated Use Assets, while initiating a strategic review process to evaluate potential mergers or a sale of the company.
Total revenues decreased to $35.2 million in Q4 2025 from $38.4 million in Q4 2024.
Core FFO per diluted share rose slightly to $0.19 compared to $0.18 in the same period last year.
The company completed 924,000 square feet of leasing in 2025 and sold 10 properties for $80.7 million.
A strategic options review process was announced in January 2026 to consider acquisitions, mergers, or a potential sale of the company.
Revenue by Segment
Forward Guidance
Orion provides 2026 guidance reflecting its portfolio shift and strategic review costs.
Positive Outlook
- Targeting Net Debt to Adjusted EBITDA between 6.5x and 7.3x
- Expected Core FFO per share between $0.69 and $0.76
- Acquisition of a new Dedicated Use Asset in Northbrook, Illinois for $15.0 million
- Extended maturity of the Credit Facility Revolver to February 2028
- Extended CMBS Loan maturity to February 2029
Challenges Ahead
- Anticipated full year net loss per diluted share between $(0.60) and $(0.55)
- General and Administrative expenses projected up to $20.8 million
- Uncertainty regarding the Arch Street Joint Venture debt restructuring
- Potential for continued impairment charges on properties
Historical Earnings Impact
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Avg. Return Before/After Earnings
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