Group 1 - The article discusses the investment strategy focused on identifying Real Estate Investment Trusts (REITs) that are currently undervalued in the market [1] - The investment approach is characterized as long-term, contrarian, and deep-value, emphasizing the importance of fundamental economic insights to assess intrinsic stock value [1] - The author has exited a deep-value position in ONL due to refinancing risks and is awaiting a clearer path for the company before considering re-entry [3] Group 2 - The article does not provide any specific financial data or performance metrics related to the companies mentioned [2][3]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $37.1 million, down from $39.2 million in Q3 2024 [14] - Core FFO for the quarter was $11 million, or $0.19 per share, compared to $12 million, or $0.21 per share in the same quarter of 2024 [14] - Adjusted EBITDA was $17.4 million, down from $19.1 million in Q3 2024 [15] - Year-to-date core FFO for 2025 was $33.1 million, or $0.59 per share, including approximately $0.05 per share of lease-related termination income [14][15] - The company raised its full-year core FFO guidance to a range of $0.74-$0.76 per share, up from $0.67-$0.71 per share [20] Business Line Data and Key Metrics Changes - The company leased 303,000 sq ft of space in Q3 2025, with a weighted average lease term (WALT) of over 10 years [4] - Year-to-date leasing totaled 919,000 sq ft, in addition to 1.1 million sq ft leased last year [5] - Rent spreads on lease renewals were positive, up over 2% for renewals and over 4% for total leasing activity [6] - The operating property occupancy rate was 72.8% at quarter end, down from 73.7% at the end of 2024 [6] Market Data and Key Metrics Changes - The company has sold seven vacant or soon-to-be-vacant properties totaling 761,000 sq ft for a gross sales price of $64.4 million [8] - Agreements are in place to sell another four properties totaling over 500,000 sq ft for $46.6 million [9] - Approximately 33.9% of the portfolio by annualized base rent and 24.6% by square footage were dedicated use assets (DUAs) [12] Company Strategy and Development Direction - The company is focused on shifting its portfolio away from traditional office properties towards DUAs, which exhibit stronger renewal trends and more durable cash flows [11] - The strategy includes recycling capital from property dispositions into targeted acquisitions of DUAs [11] - The company aims to enhance the quality and durability of its portfolio, with a goal of increasing the WALT [4][12] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 will represent a trough for core FFO, with expectations for accelerating earnings growth and rising occupancy in subsequent years [13][21] - The company is actively managing leverage while maintaining significant liquidity to support ongoing leasing efforts [12] - Management expressed confidence in the continued improvement of the leasing environment and the company's ability to execute its business plan [6][12] Other Important Information - The company ended the quarter with total liquidity of $273 million, including $33 million in cash and $240 million available on the credit facility revolver [17] - The board declared a quarterly cash dividend of $0.02 per share for Q4 2025 [19] Q&A Session Summary Question: Discussion on guidance and lease termination income - Management explained that lease termination income was a result of a negotiated settlement with a tenant, and that leasing efforts in Q3 and Q4 are contributing positively [24][25] Question: Leasing pipeline and demand - Management confirmed that demand for properties remains strong, and the slight decrease in the leasing pipeline is due to fewer expected vacancies and a smaller portfolio [26] Question: Acquisition pipeline and pricing - Management noted a strong pipeline of potential transactions but emphasized the need for selectivity based on pricing and property quality [28]

Investor Presentation November 2025 Legal Disclaimer This Investor Presentation includes "forward-looking statements" which reflect Orion Properties Inc.'s (the "Company", "Orion", "we", or "us") 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 "an ...

Property and Occupancy - As of September 30, 2025, the company owned and operated 63 properties with a total of 7.4 million leasable square feet and an occupancy rate of 72.1%[175] - The occupancy rate as of September 30, 2025, was 72.1% with 7.4 million leasable square feet, down from 74.0% and 8.1 million leasable square feet as of September 30, 2024[232] - The occupancy rate of operating properties was 72.8%, down from 73.7% as of December 31, 2024[200] - The occupancy rate as of September 30, 2025, is projected to be 74.5% after adjusting for properties under agreements to be sold[201] - 66.8% of the properties are classified as class A, while class B and class C properties account for 27.8% and 5.4%, respectively[179] Lease and Rental Information - The weighted average remaining lease term for the properties is 5.8 years, with 2.9% and 9.5% of annualized base rent scheduled to expire in 2025 and 2026, respectively[177] - The company’s annualized base rent as of September 30, 2025, is calculated based on the monthly aggregate cash amount charged to tenants, multiplied by 12[169] - The company completed approximately 862,000 square feet of lease renewals and new leases across 13 properties with a weighted average lease term of 7.8 years during the nine months ended September 30, 2025[195] - The company entered into 7 leases during the three months ended September 30, 2025, comprising 303,000 rentable square feet, with a weighted average rental rate change of 4.1%[214] - For the nine months ended September 30, 2025, the company executed 15 leases totaling 862,000 rentable square feet, with a weighted average rental rate change of -7.1%[220] Financial Performance - Total revenues for the three months ended September 30, 2025, were $37,122,000, a decrease of 5.4% from $39,178,000 in the same period of 2024[203] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $(69,035,000), compared to a loss of $(10,217,000) in 2024[203] - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, was $6,553,000, down from $10,122,000 in 2024[203] - Total revenues decreased by $2.1 million and $14.1 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to a reduction in occupied square footage from lease expirations[231] - Rental revenues decreased by $3.4 million and $15.4 million during the three and nine months ended September 30, 2025, due to lease expirations[232] Debt and Liquidity - The nearest debt maturity for the company is associated with the Arch Street Joint Venture, scheduled for November 27, 2025, with an option to extend until November 27, 2026[180] - The company has substantial doubt about its ability to continue as a going concern for at least one year due to uncertainty regarding the extension or refinancing of the $110.0 million Revolving Facility maturing on May 12, 2026[264] - As of September 30, 2025, the total consolidated debt outstanding was $483.0 million, comprising a $355.0 million fixed-rate mortgage note, $110.0 million borrowed under a senior revolving credit facility, and an $18.0 million fixed-rate mortgage note[266] - The company plans to address liquidity needs through cash flows from operations, borrowings, and potential property disposals[265] - The company has entered into interest rate collar agreements to hedge against interest rate volatility, with a notional amount of $75.0 million, effective from May 12, 2025, to May 12, 2026[267][275] Market and Economic Conditions - The current economic environment, including high interest rates and inflation, poses risks to the company’s financial condition and tenant lease renewals[178] - The company faces challenges in tenant retention due to significant lease expirations and changing office space utilization trends, including increased remote work[177] - The company is shifting its portfolio concentration away from traditional office properties towards dedicated use assets with an office component[183] Asset Sales and Impairments - The company closed on the sale of seven properties totaling approximately 634,000 square feet for an aggregate gross sales price of $48.7 million during the nine months ended September 30, 2025[195] - The company has pending agreements to sell four operating properties for an aggregate gross sales price of $46.6 million, subject to various conditions[195] - Impairment charges increased by $63.7 million and $59.5 million for the three and nine months ended September 30, 2025, respectively, primarily related to real estate assets sold or expected to be sold[242] Dividends and Share Repurchase - The company declared a quarterly cash dividend of $0.02 per share for the first three quarters of 2025, with the fourth quarter dividend also declared on November 5, 2025[199] - The Company has a Share Repurchase Program authorized for up to $50.0 million, with $45.0 million remaining available for repurchase as of September 30, 2025[305] Cash Flow and Expenses - Net cash provided by operating activities decreased by $26.7 million to $15.1 million for the nine months ended September 30, 2025, compared to $41.8 million in 2024[306] - Net cash from investing activities increased by $51.2 million, totaling $8.2 million for the nine months ended September 30, 2025, driven by proceeds from real estate asset sales of $44.0 million[307] - Net cash used in financing activities increased by $13.3 million, totaling $(17.7) million for the nine months ended September 30, 2025, primarily due to net repayments on the Revolving Facility[308] Risk Management - The company is subject to credit risk concentrations due to tenants engaged in similar business activities or located in the same geographic region[317] - Credit risk assessment includes factors such as payment history, credit status, tenant financial performance, and economic conditions[318] - The company believes credit risk is mitigated by a high-quality and diverse tenant base and consistent monitoring of the portfolio[318]

Exhibit 99.1 FOR IMMEDIATE RELEASE Orion Properties Inc. Announces Third Quarter 2025 Results - Completed 919,000 Square Feet of Leasing Year-to-Date, Including 303,000 Square Feet in the Third Quarter and 57,000 Square Feet Subsequent to Quarter End - - Sold Eight Properties Year-to-Date for $64.4 Million, Including Three Properties in the Third Quarter for $21.8 Million and One Property for $15.7 Million Subsequent to Quarter End - - Declares Dividend for Fourth Quarter 2025 - - Improved 2025 Guidance Out ...

Core Viewpoint - Orion Properties Inc. is set to release its third-quarter operating results for the period ending September 30, 2025, after market close on November 6, 2025 [1] Group 1: Company Overview - Orion Properties Inc. is a fully-integrated real estate investment trust (REIT) that owns a diversified portfolio of single-tenant net lease office properties across the United States [4] - The company was founded on July 1, 2021, and was spun off from Realty Income on November 12, 2021, beginning trading on the New York Stock Exchange on November 15, 2021 [4] - On March 5, 2025, the company changed its name from Orion Office REIT Inc. to Orion Properties Inc. to reflect a broader investment strategy that includes a shift away from traditional office properties towards dedicated use assets [4] Group 2: Upcoming Events - A webcast and conference call to review the third-quarter results will be held on November 7, 2025, at 10:00 a.m. ET, hosted by the CEO and CFO [2] - The conference call can be accessed by dialing specific numbers for domestic and international callers, ten minutes prior to the scheduled time [2] Group 3: Replay Information - A replay of the webcast will be available on the company's website, and the conference call replay will be accessible from November 7, 2025, after 1:00 p.m. ET until November 21, 2025 [3]

Core Insights - The article discusses the investment potential of Orion Properties (NYSE: ONL) and highlights the author's long-term contrarian investment strategy focused on Real Estate Investment Trusts (REITs) that are currently undervalued [1]. Company Overview - Orion Properties is positioned within the REIT sector, which has been experiencing fluctuations in market favor, particularly during the COVID-19 pandemic [1]. - The author emphasizes the importance of fundamental economic insights in assessing the intrinsic value of stocks, indicating a focus on long-term investment horizons [1]. Investment Strategy - The investment strategy revolves around identifying deep-value opportunities in the market, particularly those that are temporarily out-of-favor [1]. - The author has a beneficial long position in ONL, indicating confidence in the stock's future performance [2].

Core Insights - The article discusses the investment potential of Orion Properties (NYSE: ONL) and highlights the author's long-term contrarian investment strategy focused on Real Estate Investment Trusts (REITs) that are currently undervalued [1]. Company Overview - Orion Properties is positioned within the REIT sector, which has been experiencing fluctuations in market favor, particularly during the COVID-19 pandemic [1]. - The author emphasizes a focus on identifying REITs that are temporarily out-of-favor, suggesting a strategy that capitalizes on market inefficiencies [1]. Investment Strategy - The investment approach is characterized by a long-term horizon and a deep-value perspective, aiming to uncover intrinsic value in stocks that may not be recognized by the broader market [1]. - The author’s background as an economics teacher informs the analytical framework used to assess investment opportunities [1].

Group 1 - The article discusses the author's long-term investment approach, focusing on REITs, preferred stocks, and high-yield bonds, which began in high school in 2011 [1] - The author has recently combined long stock positions with covered calls and cash secured puts, indicating a strategic evolution in investment tactics [1] - The primary focus of the author's coverage on Seeking Alpha includes REITs and financials, with occasional insights on ETFs and macro-driven stock ideas [1] Group 2 - The author has a beneficial long position in ONL shares, indicating a personal investment interest in this specific stock [2] - The article expresses the author's personal opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship between the author and any company whose stock is discussed, ensuring an independent perspective [2]

Financial Data and Key Metrics Changes - Total revenues for the second quarter were $37.3 million, down from $40.1 million in the same quarter of the prior year [14] - Core FFO for the quarter was $11.5 million or $0.20 per share, compared to $14.2 million or $0.25 per share in the same quarter of 2024 [14] - Adjusted EBITDA was $18 million versus $20.5 million in the same quarter of 2024 [15] - G&A expenses were $4.8 million, up from $4.5 million in the same quarter of 2024 [15] - CapEx and leasing costs increased to $15.6 million from $6.3 million in the same quarter of 2024, driven by accelerated leasing activity [15][16] Business Line Data and Key Metrics Changes - Leasing momentum continued with 639,000 square feet leased as of July 31, building on last year's total of 1,100,000 square feet [5] - The weighted average lease term increased to 5.5 years from 5.2 years last quarter and 4.2 years a year ago [7] - The operating property occupancy rate was 77.4%, an increase of 30 basis points sequentially, while the leased rate was 79.1%, up 170 basis points sequentially [7] Market Data and Key Metrics Changes - The company sold four vacant properties totaling 434,000 square feet for a gross sales price of $26.9 million, approximately $62 per square foot [9] - Agreements are in place to sell five traditional office properties totaling 540,000 square feet for $57 million, or $106 per square foot, expected to close in the second half of the year [9] Company Strategy and Development Direction - The company is shifting its portfolio focus from traditional suburban office properties to dedicated use assets (DUA), which include medical, lab, R&D flex, and non-CBD government properties [10][11] - Approximately 32.2% of the portfolio by annualized base rent and 25.3% by square footage were DUA properties at quarter end, with expectations for this percentage to increase over time [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about leasing activity and the potential for portfolio occupancy to rise after 2025 [8] - The company is committed to disciplined execution and portfolio stabilization, with a focus on enhancing asset value and maintaining liquidity [12][13] - The outlook for core FFO has been raised to a range of $0.67 to $0.71 per diluted share, up from $0.61 to $0.70 [18] Other Important Information - The company ended the quarter with total liquidity of $257.7 million, including $17.7 million in cash and $240 million available on the credit facility revolver [16] - The net debt to gross real estate assets was 32% at the end of the quarter [17] - A quarterly cash dividend of $0.02 per share was declared by the Board of Directors [18] Q&A Session Summary Question: Are there any questions at this time? - There were no questions during the Q&A session [20]