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ONL

Orion Properties Inc.

ONL

Orion Properties Inc. • NYSE
$2.25 ▲ 0.00% (+0.00)
Market Cap $126.71 M
52w High $4.25
52w Low $1.46
Dividend Yield 0.16%
P/E -0.93
Volume 102.48K
Outstanding Shares 56.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.122M ▼ $83.128M ▲ $-69.035M ▼ -185.968% ▼ $-1.23 ▼ $-46.513M ▼
Q2-2025 $37.305M ▼ $19.766M ▼ $-25.103M ▼ -67.291% ▼ $-0.45 ▼ $-2.09M ▼
Q1-2025 $38.001M ▼ $20.982M ▼ $-9.361M ▲ -24.634% ▲ $-0.17 ▲ $14.889M ▲
Q4-2024 $38.363M ▼ $23.922M ▼ $-32.762M ▼ -85.4% ▼ $-0.59 ▼ $-6.702M ▼
Q3-2024 $39.178M $24.381M $-10.217M -26.078% $-0.18 $17.952M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.639M ▲ $1.223B ▼ $562.676M ▲ $658.822M ▼
Q2-2025 $17.384M ▲ $1.288B ▼ $558.858M ▼ $728.012M ▼
Q1-2025 $9.384M ▼ $1.328B ▼ $573.07M ▲ $753.48M ▼
Q4-2024 $15.6M ▼ $1.336B ▼ $571.166M ▲ $763.916M ▼
Q3-2024 $16.564M $1.369B $566.543M $800.932M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-69.035M ▼ $0 ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $-25.103M ▼ $11.563M ▲ $16.602M ▲ $-23.168M ▼ $8M ▲ $1.562M ▲
Q1-2025 $-9.355M ▲ $-2.247M ▼ $-13.113M ▼ $6.667M ▲ $-8.693M ▼ $-7.877M ▼
Q4-2024 $-32.742M ▼ $12.499M ▼ $-8.308M ▲ $1.375M ▼ $5.566M ▲ $2.572M ▼
Q3-2024 $-10.207M $13.752M $-38.12M $17.009M $-7.359M $9.267M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fees From Unconsolidated Joint Venture
Fees From Unconsolidated Joint Venture
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental Revenue
Rental Revenue
 $80.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Orion’s income statement shows a business that generates steady rental income but has not yet translated that into consistent profits. Revenue has grown meaningfully from its early days but has dipped slightly in the most recent year, indicating some pressure on the top line. The core property margin remains healthy, meaning the properties themselves still earn a solid spread after direct costs. Where the strain shows is below that line: operating results have slipped from roughly breakeven into a small loss, and bottom-line net losses have been recurring and recently deepened. In plain terms, the portfolio can pay its property bills, but after corporate overhead, interest, and other non‑cash items, the company is still losing money per share. That persistent loss pattern is a key risk and suggests the business model or cost structure still needs further scaling, cost control, or portfolio optimization to reach sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet reflects a typical office REIT profile but with some stress building over time. Total assets have gradually declined from their early peak, which can reflect property sales, write‑downs, or limited new investment. Equity has also been shrinking, indicating that accumulated losses and any asset value pressures are eroding the cushion available to absorb shocks. Debt sits at a meaningful but not extreme level relative to the size of the company, yet leverage has effectively crept higher as equity has fallen and assets have edged down. Cash on hand is modest, leaving less room for error if markets tighten or leasing conditions worsen. Overall, the balance sheet is serviceable but not especially flexible, and it is sensitive to interest rates, refinancing conditions, and property valuations in the office sector.

Cash Flow

Cash Flow Cash flow is one of the brighter spots. The business consistently generates positive cash from operations, showing that tenants are paying rent and that the properties themselves are cash‑generative. After modest capital spending, free cash flow has been positive for several years, which is important for a REIT that must fund debt service, maintenance, and any dividends. However, operating and free cash flow have softened somewhat versus prior years, echoing the pressure seen on earnings. The company does not appear to be in a cash burn situation at the property level, but the limited cash balance and ongoing accounting losses mean it has less room to fund large new projects without relying on debt, asset sales, or equity markets. Stability is there, but growth capacity looks constrained unless operating performance improves.

Competitive Edge

Competitive Edge Competitively, Orion is positioned as a focused player in the suburban office niche, rather than in dense downtown towers. This niche has held up better in some markets as employers adopt “hub‑and‑spoke” footprints and seek offices closer to where employees live. The portfolio’s tilt toward high‑quality, single‑tenant properties with longer leases to stronger tenants provides a base of relatively stable rent streams and reduces tenant churn. Its strengths include specialization in suburban markets, disciplined capital allocation, and long‑term tenant relationships that can support high occupancy. At the same time, Orion faces significant structural headwinds: office demand is evolving after the pandemic, hybrid work reduces overall space needs for many companies, and suburban assets are not immune to corporate downsizing. As a relatively small, newer REIT, it competes against much larger landlords with deeper capital and broader portfolios. Its niche strategy and tenant quality offer some protection, but the entire office category remains a challenged arena with elevated uncertainty.

Innovation and R&D

Innovation and R&D Orion’s “innovation” is more strategic than technological. The company uses data analytics to decide which suburban markets and buildings to own, aiming to align its portfolio with favorable demographic and employment trends. It has embraced the hub‑and‑spoke idea by targeting properties that function as satellite offices and mission‑critical facilities for tenants, rather than chasing trophy high‑rise assets. Operationally, Orion adopts standard property‑technology tools—such as modern building systems, digital tenant portals, and energy‑management platforms—to improve tenant experience and efficiency, rather than developing its own technology. The firm’s real edge lies in how it structures leases, offers flexible space options, manages tenant relationships, and recycles capital by selling non‑core assets and reinvesting in stronger opportunities. Looking forward, its ability to integrate sustainability initiatives and to continually adapt buildings to changing workplace needs will be more important than pure R&D spending in determining how durable its position is.

Summary

Overall, Orion Properties is a focused suburban office REIT with cash‑generative properties but a profitability challenge and a tightening financial cushion. The portfolio structure, tenant mix, and data‑driven, niche strategy are clear strengths that have supported stable property‑level cash flow despite a tough environment for offices. Key concerns are the persistent and widening net losses, gradual erosion of equity, modest cash reserves, and reliance on a sector facing structural demand shifts and interest‑rate sensitivity. Key positives are recurring operating cash flow, a specialized competitive position in suburban offices, and a management approach emphasizing disciplined acquisitions, capital recycling, and tenant retention. The story is less about rapid growth and more about whether Orion can steadily improve occupancy, rents, and costs enough to turn a stable cash‑flow engine into a consistently profitable and financially more resilient REIT amid ongoing changes in how and where people work.

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Orion Properties Inc. Announces Third Quarter 2025 Earnings Release and Webcast Dates

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