Orion Office REIT (US:ONL)2025-08-07 14:00Portfolio & Strategy - Orion Properties is shifting its focus to properties with specialized use components, targeting sectors like government, medical, laboratory, and R&D facilities[7, 30] - The company aims to reduce exposure to traditional office properties and recycle capital into dedicated use assets[7, 26] - Orion seeks to increase exposure to creditworthy tenants on long net leases to reduce portfolio income volatility[26] - As of June 30, 2025, the portfolio consists of 66 operating properties and 6 Arch Street Joint Venture properties, totaling 7,780,000 rentable square feet with 77.4% occupancy[34] - The portfolio's annualized base rent (ABR) is $118,884,000, with an average of $15.28 per rentable square foot[34] - 68.5% of the ABR comes from investment-grade tenants, and the weighted average remaining lease term is 5.5 years[34] Diversification & Leasing - The top 10 tenants account for 56.0% of the ABR[39] - The portfolio is diversified across industries, with Government & Public Services being the largest at 16.8% of ABR[38] - The largest geographic concentration is in Texas, accounting for 17.4% of ABR[41] - In 2025, Orion completed 639,000 square feet of lease renewals and new leases across nine properties, with a weighted average lease term of 6.4 years[53] Balance Sheet - As of June 30, 2025, Orion Properties had $257,700,000 in liquidity, including $17,700,000 in cash and $240,000,000 available on the credit facility revolver[53]