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 ...

Company Overview - Orion Office REIT Inc. owns and operates 92 office properties totaling approximately 10.5 million leasable square feet across 29 states and Puerto Rico [190]. - The company has an equity interest in a joint venture with Arch Street Capital Partners, which owns a portfolio of five office properties totaling approximately 0.8 million leasable square feet [190]. - Orion Office REIT Inc. is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions [192]. Financial Position - The company has $620.0 million in consolidated outstanding indebtedness and approximately $15.6 million in cash as of the completion of the Separation and Distribution [206]. - The company expects liquidity needs to be satisfied by cash flows from operations and borrowings under the Revolving Facility [204]. - Approximately $595 million of the net proceeds from the credit facilities was distributed to Realty Income in accordance with the Separation and Distribution Agreement [206]. - The ratio of total debt to total asset value must not exceed 0.60 to 1.00 as per the Credit Agreements [214]. - The company has no material off-balance sheet arrangements that could affect its financial condition [221]. Revenue and Income - Total revenues for the three months ended September 30, 2021, were $40.655 million, a decrease of $1.817 million (4.3%) compared to $42.472 million for the same period in 2020 [226]. - Rental revenue decreased by $1.9 million (4.4%) for the three months ended September 30, 2021, and by $7.2 million (5.6%) for the nine months ended September 30, 2021, compared to the same periods in 2020, primarily due to the sale of three properties [227]. - Net income for the three months ended September 30, 2021, was $6.384 million, down $3.281 million (33.9%) from $9.665 million for the same period in 2020 [226]. - Net income was $6.4 million and $8.5 million for the three and nine months ended September 30, 2021, respectively, representing a decrease of $3.3 million and $33.7 million compared to the same periods in 2020 [239]. Expenses - Property operating expenses decreased by $2.0 million and $3.8 million for the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020 [229]. - Depreciation and amortization expense decreased by $0.3 million and $3.1 million for the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020 [231]. - Interest expense decreased by $0.7 million and $1.9 million for the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020 [233]. - The company recorded impairments of $6.440 million for the three months ended September 30, 2021, compared to no impairments in the same period in 2020 [226]. Cash Flow - Net cash provided by operating activities decreased by $0.9 million during the nine months ended September 30, 2021, compared to the same period in 2020 [247]. - Net cash used in investing activities was $5.9 million during the nine months ended September 30, 2021, compared to net cash provided of $106.4 million during the same period in 2020 [248]. - Net cash provided by operating activities decreased by $0.9 million during the nine months ended September 30, 2021, primarily due to decreased revenues from vacancies [270]. - Net cash used in investing activities decreased by $0.2 million during the nine months ended September 30, 2021, primarily due to less capital expenditures [271]. Dividends and Distributions - The company intends to elect to be taxed as a REIT, requiring it to distribute at least 90% of its REIT taxable income to stockholders [198]. - The company has not paid any dividends as of the date of the report, but intends to make regular distributions to satisfy REIT qualification requirements [218]. - The company expects that initial dividends may exceed net income due to non-cash expenses like depreciation and amortization [219]. Commitments and Obligations - Total contractual obligations as of September 30, 2021, amount to $14.9 million, with $1.3 million due in less than one year and $3.4 million due in more than five years [273]. - Realty Income Office Assets has commitments of $0.8 million for building improvements and $0.4 million for leasing commissions included in other obligations [273]. Legal and Compliance - The company’s management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2021, concluding they were effective at a reasonable assurance level [284]. - As of the end of the reporting period, Realty Income Office Assets is not involved in any material pending legal proceedings [286].