UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40873 Orion Office REIT Inc. (Exact name of registrant as specified in its charter) Maryland 87-1656425 (St ...

Orion Office REIT Inc. (NYSE:ONL) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET Company Participants Paul Hughes - General Counsel Paul McDowell - President and Chief Executive Officer Gavin Brandon - Chief Financial Officer Conference Call Participants Mitch Germain - JMP Securities Operator Greetings. Welcome to Orion Office REIT's First Quarter 2023 Earnings Call. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Paul Hughes, General Counse ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40873 Orion Office REIT Inc. (Exact name of registrant as specified in its charter) Maryland 87-1656425 (S ...

Financial Data and Key Metrics Changes - For Q4 2022, the company generated total revenues of $50.3 million and reported a net loss attributable to common stockholders of $19 million, or a loss of $0.33 per share [8] - For the full year 2022, total revenues were $208.1 million with a net loss of $97.5 million, or a loss of $1.72 per share; Core Funds from Operations (FFO) was $101.8 million or $1.80 per share, exceeding guidance by $0.02 per share [8][42] - Adjusted EBITDA for Q4 was $30.7 million, while for the full year it was $132.2 million [8] Business Line Data and Key Metrics Changes - The company leased 805,000 square feet of space in 2022 with positive cash rent spreads of over 4% and a weighted average lease term of more than seven years [6] - The portfolio ended the year with 81 properties and six unconsolidated joint venture properties, totaling 9.7 million square feet, with an occupancy rate of 89%, up from 88.2% in the previous quarter [5] Market Data and Key Metrics Changes - The company has a diversified tenant base with 73.3% of annualized base rent from investment-grade tenants and approximately 83.4% of leases being triple or double net [38] - The largest markets by state are Texas and New Jersey, representing 15% and 12% of annualized base rent, respectively, with 33% of annualized base rent derived from Sunbelt markets [38] Company Strategy and Development Direction - The company aims to focus on owning mission-critical suburban office properties in high-quality suburban markets, with a strategy to sell vacant and non-core assets to reduce carry costs [37][39] - The company plans to maintain leasing momentum while addressing the challenges posed by the current economic environment, including rising interest rates and inflation [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of their core assets despite current headwinds, emphasizing the importance of tenant retention and proactive lease negotiations [5][24] - For 2023, the company expects occupancy to remain stable but may experience temporary declines due to lease expirations, particularly with the Walgreens leases [18][42] Other Important Information - The company declared a quarterly cash dividend of $0.10 per share for Q1 2023, indicating a strong financial position to achieve near and long-term objectives [9] - The company has reduced debt by approximately $90 million or 15% since its spin-off, with a net debt to gross real estate investments ratio of 31% [7][41] Q&A Session Summary Question: What is the outlook for G&A expenses? - Management indicated that G&A expenses are expected to normalize, with an additional year of stock-based compensation impacting 2023 [51] Question: How is the company handling property sales? - The company is selling properties through various channels, including auctions, which may impact pricing; they expect to sell a significant number of properties in 2023 [12][58] Question: What is the status of the Walgreens campus sale? - The company has entered into a definitive agreement to sell the Walgreens campus, with leases expiring in August 2023 [58]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40873 Orion Office REIT Inc. (Exact name of registrant as specified in its charter) Maryland 87-1656425 (State ...

Orion Office REIT, Inc. (NYSE:ONL) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET Company Participants Paul Hughes - General Counsel & Secretary Paul McDowell - CEO, President & Director Gavin Brandon - EVP, CFO & Treasurer Conference Call Participants Jyoti Yadav - JMP Securities Edward Reily - EF Hutton Operator Greetings. Welcome to Orion Office REIT's Third Quarter 2022 Financial Results. As a reminder, this conference is being recorded. I would now like to turn your call over to your hos ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40873 Orion Office REIT Inc. (Exact name of registrant as specified in its charter) Maryland 87-165642 ...

Orion Office REIT Inc. (NYSE:ONL) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET Company Participants Paul Hughes - General Counsel Paul McDowell - Chief Executive Officer Gavin Brandon - Chief Financial Officer Chris Day - Chief Operating Officer Conference Call Participants Jyoti Yadav - JMP Securities Edward Reilly - EF Hutton Operator Greetings. Welcome to the Orion Office REIT’s Second Quarter 2022 Financial Results. At this time, all participants are in a listen-only mode. A question-and- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40873 Orion Office REIT Inc. (Exact name of registrant as specified in its charter) Maryland 87-1656425 (St ...

Financial Data and Key Metrics Changes - Orion generated total revenue of $53.2 million for Q1 2022, with a net loss attributable to common stockholders of $9.9 million or $0.17 per share [21] - Core funds from operations (FFO) were reported at $28 million or $0.49 per share, and adjusted EBITDA was $34.9 million [21] - General and administrative expenses (G&A) for Q1 2022 were $3.5 million, with capital expenditures (CapEx) at $1.4 million [22] Business Line Data and Key Metrics Changes - The portfolio consists of 92 properties and 6 unconsolidated joint venture properties, totaling 10.6 million square feet with an occupancy rate of 88.3% [10] - 67% of the annualized base rent comes from investment-grade tenants, and over 80% of leases are either triple or double net [10] - The weighted average lease term remained steady at 4.1 years at quarter-end [13] Market Data and Key Metrics Changes - The largest markets by state are Texas and New Jersey, representing 14.1% and 12% of annualized base rent, respectively [11] - Over 25% of annualized base rent is derived from Sun Belt markets, indicating a strategic focus on high-quality suburban office properties [11] Company Strategy and Development Direction - The company aims to retain tenants, lease vacant space, and grow its joint venture with Arch Street Capital while selling non-core assets to maximize long-term value [8][10] - Orion is positioned as a specialized opportunity in suburban net lease office properties, focusing on demographic and economic tailwinds [11] - The strategy includes active asset management and targeted capital recycling to unlock and maximize value [18][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant challenges ahead but expresses confidence in the team's ability to execute the business plan [16] - The current economic outlook presents challenges, but there are opportunities for value creation through active management [17] - The company intends to position the portfolio for upward pressure on the payout ratio over time, although this will take time [19] Other Important Information - The company ended the quarter with 10 vacant properties, which are considered a drag on earnings, and plans to dispose of non-core assets [15] - Orion's Board of Directors declared a quarterly dividend of $0.10 per share for Q2 2022 [24] Q&A Session Summary Question: Regarding net debt and guidance - Management indicated that the net debt of 4.5x is a combination of expected spending on the portfolio and potential acquisition activity [31] Question: Non-core properties for potential recycling - Management estimates that 10 to 15 properties are considered non-core, which may be sold to recycle capital into better long-term yield assets [32] Question: Tenant decision-making process - Management noted that while tenant renewals are still occurring, the decision-making process has lengthened due to various factors, including the pandemic [33] Question: Timing of tenant decisions - Management confirmed that the decision-making timelines for tenants remain fluid and have not significantly changed [37] Question: Property sales expectations - Management expects to have property sales flowing through in the next couple of quarters, with ongoing discussions on several properties [38]