Financial Data and Key Metrics Changes - Orion generated total revenues of $51.8 million for Q3 2022 and reported a net loss attributable to common stockholders of $53 million, equating to a loss of $0.94 per share [26] - Core funds from operations (FFO) were $24 million or $0.42 per share, with adjusted EBITDA at $32.1 million [26] - The company ended the quarter with $588.3 million of outstanding debt, having reduced debt by approximately $69 million or 11% since the spin-off [28] Business Line Data and Key Metrics Changes - At quarter end, Orion owned 87 properties and 6 unconsolidated joint venture properties, totaling 10.1 million square feet, with an occupancy rate of 88.2% [13] - The portfolio had 69.9% investment-grade tenancy, with approximately 80% of leases being triple or double net [13] - The weighted average lease term slightly declined to 3.9 years [17] Market Data and Key Metrics Changes - The largest markets by state for Orion are Texas and New Jersey, representing 14.6% and 11.4% of annualized base rent, respectively [14] - Approximately 31.8% of annualized base rent is derived from Sun Belt markets, a proportion the company intends to grow over time [14] Company Strategy and Development Direction - Orion aims to reposition and align its suburban-focused office portfolio, which requires intensive asset management and capital to address lease maturities and vacancies [8][9] - The company is actively selling vacant and non-core assets to reduce carry costs and avoid significant capital expenditures associated with retenanting [18] - A $50 million share repurchase program has been approved to potentially enhance shareholder value during sustained market weakness [24] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in negative trends impacting the portfolio due to rising interest rates, inflation, and recession fears, which have led to hesitancy among businesses to sign new leases [10][11] - Despite current challenges, management remains optimistic about long-term prospects for owning a suburban net lease office portfolio [12] - The anticipated timeline for stabilizing the portfolio may take longer than initially expected due to the changing economic environment [20] Other Important Information - The company has total liquidity of $418 million, consisting of $394 million available on its revolving credit facility and $24 million in cash [28] - The quarterly dividend declared for Q4 2022 is $0.10 per share, payable on January 17, 2023 [29] Q&A Session Summary Question: Insights on the profile of dispositions and whether they are one-off sales - Management indicated that the dispositions were generally one-off transactions, with buyers being a mix of investors looking to reposition assets and users intending to occupy them [36] Question: Clarification on tenant renewals and lease terms - Management confirmed that the recent lease signed was a straight extension option for 5 years, with efforts to encourage longer-term leases [38][40] Question: Impact of tenant behavior on leasing decisions - Management noted that tenants are taking longer to make decisions and are requesting smaller spaces, which reflects broader market trends [44] Question: Opportunities for shifting towards a multi-tenant approach - While the preference remains for single-tenant assets, management is open to multi-tenant arrangements if it makes sense for filling vacancies [45] Question: Details on the properties sold and their occupancy status - Management clarified that the sold properties included both vacant and tenanted assets, with short lease terms for those with tenants [46][47]

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- ...

Property Portfolio - As of June 30, 2022, the company owns 91 office properties with a total of 10.4 million leasable square feet and an occupancy rate of 86.4%[203] - The weighted-average remaining lease term for the properties is 4.0 years, and including the company's joint venture, the total leasable square feet increases to 10.5 million with an occupancy rate of 86.7%[203] - The occupancy rate as of June 30, 2022, was 86.7%, down from 94.4% when including VEREIT Office Assets[232] - As of June 30, 2022, the company had a total of 91 operating properties with an aggregate of 10.5 million rentable square feet[223] - As of June 30, 2022, the company had 91 office properties with an aggregate of 10.4 million leasable square feet, compared to 40 properties with approximately 3.0 million leasable square feet at June 30, 2021[287] Financial Performance - Total revenues for the three months ended June 30, 2022, were $52.8 million, an increase of $40.3 million compared to the same period in 2021[231] - Net loss for the three months ended June 30, 2022, was $(15.6) million, resulting in a basic and diluted net loss per share of $(0.27)[227] - Funds from operations (FFO) attributable to common stockholders for the three months ended June 30, 2022, were $26.5 million, or $0.47 per diluted share[227] - The company reported a net loss attributable to common stockholders of $15.6 million for the three months ended June 30, 2022, compared to a net income of $4.3 million in 2021[252] - Funds from Operations (FFO) attributable to common stockholders was $26.5 million for the three months ended June 30, 2022, compared to $10.3 million in 2021[252] - Core Funds from Operations (Core FFO) attributable to common stockholders was $26.8 million for the three months ended June 30, 2022, compared to $10.3 million in 2021[252] Debt and Financing - Total consolidated debt outstanding was approximately $601.0 million as of June 30, 2022, consisting of a $355.0 million CMBS Loan, a $175.0 million Term Loan Facility, and $71.0 million under a $425.0 million Revolving Facility[258] - The company refinanced a $355.0 million Bridge Facility with a CMBS Loan at a fixed rate of 4.971%, maturing on February 11, 2027[222] - The company refinanced the Bridge Facility in full with a $355.0 million CMBS Loan in February 2022[257] - The ratio of total indebtedness to total asset value was 32.5%, well below the required maximum of 60%[264] - The ratio of adjusted EBITDA to fixed charges was 4.89x, exceeding the required minimum of 1.5x[264] - The company obtained a $355.0 million fixed rate CMBS Loan with an interest rate of 4.971% per annum, maturing on February 11, 2027[266] - Monthly payments for the CMBS Loan are interest-only, with all principal due at maturity[267] - The company has $175.0 million of variable rate debt on the Credit Facility Term Loan, effectively fixed through interest rate swap agreements[285] - The company intends to maintain a net worth of no less than $355.0 million and liquid assets of no less than $10.0 million as part of the CMBS Loan Agreement[271] Operational Risks - The company faces risks from rising interest rates, inflation, and potential tenant defaults, which could materially affect its financial condition and results[197] - The company is exposed to risks associated with the management of its joint ventures and the integration of acquired assets[204] - Credit risk is concentrated among tenants engaged in similar business activities or geographic regions, which could materially affect cash flows[298] Dividends and Shareholder Returns - The company declared quarterly dividends of $0.10 per share for the first and second quarters of 2022[221] - The company declared a quarterly dividend of $0.10 per share for the first quarter of 2022, paid on April 15, 2022[281] Cash Flow and Expenses - Net cash provided by operating activities increased by $30.4 million to $51,794 million for the six months ended June 30, 2022, compared to $21,348 million in the same period of 2021[287] - Net cash provided by investing activities increased by $1.4 million to $1,284 million for the six months ended June 30, 2022, primarily due to proceeds from real estate dispositions[288] - Net cash used in financing activities increased by $3.2 million to $27,831 million for the six months ended June 30, 2022, primarily due to net repayments of the revolving credit facility and dividends to stockholders[289] - Property operating expenses increased by $13.7 million during the three months ended June 30, 2022, primarily due to the increase in portfolio size[235] Asset Management - Impairments recorded during the three months ended June 30, 2022, amounted to $7.8 million, reflecting management's identification of non-core assets for potential sale[238] - The company closed on the sale of one non-core office property for net proceeds of approximately $3.5 million during the three months ended June 30, 2022[222] Market Conditions - A 100 basis point increase in market interest rates would decrease the fair value of fixed-rate debt by $13.6 million[292] - A 100 basis point increase in variable interest rates would decrease the fair value of the variable-rate debt swapped-to-fixed by $0.2 million[293] - The company’s interest rate swaps had a fair value resulting in net assets of $5.9 million as of June 30, 2022[295]

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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | (Mark One) | FORM 10-Q | | | --- | --- | --- | | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | For the quarterly period ended March 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. ...

Exhibit 99.2 Supplemental Information Fourth Quarter Package 2021 Q4 2021 SUPPLEMENTAL INFORMATION Orion Supplemental Information December 31, 2021 | --- | |---------------------------------------------------------------------------------------------------------------| | Section | | Company Overview | | Balance Sheet | | Statements of Operations | | Funds From Operations (FFO), Core Funds From Operations (Core FFO) and Funds Available for Distribution (FAD) | | EBITDA, EBITDAre and Adjusted EBITDA | | Capit ...

Orion Office REIT, Inc. (NYSE:ONL) Q4 2021 Earnings Conference Call March 24, 2022 5:00 PM ET Company Participants Paul Hughes - General Counsel and Secretary Paul McDowell - CEO, President & Director Gavin Brandon - EVP, CFO, Treasurer & Secretary Conference Call Participants Edward Reilly - EF Hutton Sheila McGrath - Evercore ISI Mitchell Germain - JMP Securities Operator Hello, and welcome to the Orion Office REIT Fourth Quarter and Full Year 2021 Earnings Call and Webcast. [Operator Instructions]. As a ...

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, 2021 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 ...

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, 2021 | | | | 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 Offi ...