Orion Office REIT (US:ONL)2024-08-10 01:05Company Overview - Orion Office REIT was spun off from Realty Income following the merger of VEREIT with Realty Income[5] - The company focuses on single-tenant net lease office properties in attractive suburban markets[5] - The investment objectives include stabilizing and reducing exposure to generic office space while recycling capital into target sectors[5] Portfolio Highlights - The portfolio's annualized base rent (ABR) is $129790000[15, 16] - ABR per rentable square foot is $1582[15] - Investment-grade tenancy accounts for 723% of ABR[15, 16] - The weighted average remaining lease term is 42 years[15, 16] Diversification - Government & Public Services represent 155% of the top 10 tenant industries by ABR[17] - Health Care Equipment & Services account for 140% of the top 10 tenant industries by ABR[17] - Texas accounts for 162% of the top 10 states by ABR[20] - New Jersey and New York each account for 111% of the top 10 states by ABR[20] Balance Sheet - As of June 30, 2024, the company had $2679 million of liquidity, including $249 million in cash and cash equivalents[35] - The company has $243 million available capacity on its credit facility revolver as of June 30, 2024[35] - The Net Debt Leverage Ratio was 291% as of June 30, 2024[31] Recent Activity - The company leased approximately 578000 square feet of renewals and new leases during the first half of 2024, with a weighted average rental rate change of approximately 22%[35] - The company sold one vacant property with 96000 square feet at a gross sales price of $21 million during the first half of 2024[37] - Since inception, the company has sold 18 total properties, totaling 19 million square feet and an aggregate gross sales price of $606 million[37]