ONL on NYSE

Orion Office REIT

Logo: onlreit.com4

Orion Office REIT is a real estate investment trust in the United States founded in 2021.1 It is headquartered in Phoenix.1 Its shares trade on NYSE under the symbol ONL.1

Price unavailable

Last updated Oct 21, 2026.

Overview

Nov 15, 2021Founded1

Compare with Chiron Real Estate Inc., CTO Realty Growth, Inc. or Urstadt Biddle Properties, or pick any stock.

  • TickerONL on NYSE1
  • Industryreal estate investment trust, real property1
  • HeadquartersPhoenix1
  • Websitewww.onlreit.com
  • Legal formcorporation1
  • Incorporated inMD5
  • Business address3200 E. Camelback Road, Suite 100, Phoenix, Az 850185
  • Filer categoryAccelerated filer, Smaller reporting company, Emerging growth company5
  • LEI254900ZBXYX11W8ZL4373
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O The Corporation Trust Incorporated, 21093 Lutherville- Timonium, United States3
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D219498213
Orion Office REIT image from its website
Image: onlreit.com4

Orion Properties Inc. is an internally managed real estate investment trust (“REIT”) engaged in the ownership, acquisition, and management of a diversified portfolio of office properties located in high-quality suburban markets across the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. Our portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of our investment strategy, we intend to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets with specialized uses that include an office component.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-94.4%Net margin8
-10.4%Revenue growth, 20258
-22.4%Return on equity8
0.75×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Rental Revenue brought in 99% of the revenue Orion Office REIT broke down this way in fiscal 2025.

  1. Rental Revenue$146.8M899%down 11% from 2024
  2. Fees From Unconsolidated Joint Venture$820.0K81%up 2% from 2024
Products and services by year
Products and services202320242025
Rental Revenue$194.2M$164.1M$146.8M
Fees From Unconsolidated Joint Venture$800.0K$807.0K$820.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$147.4M
  • Income tax0¢$259.0K

Out of $147.6M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid38¢$9.0M
  • Kept or used elsewhere62¢$14.6M

Out of $23.6M of cash from operations.8

Financial statements

Revenue91011128$147.6M in 2025+176% since 2019
0$100.0M$200.0M$300.0M2019: $53.5M$53.5M20192020: $53.5M$53.5M2020+0%2021: $79.7M$79.7M2021+49%2022: $208.1M$208.1M2022+161%2023: $195.0M$195.0M2023−6%2024: $164.9M$164.9M2024−15%2025: $147.6M$147.6M2025−10%
Net income91011128-$139.3M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: $15.3M$15.3M20192020: -$1.9M-$1.9M20202021: -$47.5M-$47.5M2021+2400%2022: -$97.5M-$97.5M2022+105%2023: -$57.3M-$57.3M2023−41%2024: -$103.0M-$103.0M2024+80%2025: -$139.3M-$139.3M2025+35%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Total revenues$147.6M$164.9M$195.0M
Property operating$64.8M$65.2M$60.8M
General and administrative$20.3M$20.1M$18.7M
Depreciation and amortization$58.7M$100.8M$109.1M
Impairments$99.4M$47.6M$33.1M
Transaction related$898.0K$539.0K$504.0K
Total operating expenses$244.2M$234.2M$222.2M
Interest expense, net-$31.5M-$32.6M-$29.7M
Gain on disposition of real estate assets$7.1M$0$31.0K
Loss on extinguishment of debt, net$0-$1.1M-$504.0K
Other income$1.3M$987.0K$911.0K
Other expenses-$1.6M$0$0
Reserve on member loan to unconsolidated joint venture-$5.9M$0$0
Equity in loss and impairment of investment in unconsolidated joint venture, net-$11.8M-$740.0K-$435.0K
Total other (expenses) income, net-$42.5M-$33.5M-$29.7M
Loss before taxes-$139.0M-$102.8M-$56.9M
Provision for income taxes-$259.0K-$214.0K-$456.0K
Net loss-$139.3M-$103.0M-$57.3M
Net (income) loss attributable to non-controlling interest-$23.0K-$36.0K$9.0K
Net loss attributable to common stockholders-$139.3M-$103.0M-$57.3M
Weighted-average shares outstanding - basic (in shares)56.2M shares55.9M shares56.4M shares
Weighted-average shares outstanding - diluted (in shares)56.2M shares55.9M shares56.4M shares
Basic net loss per share attributable to common stockholders (in dollars per share)-$2.48-$1.84-$1.02
Diluted net loss per share attributable to common stockholders (in dollars per share)-$2.48-$1.84-$1.02

Compare Orion Office REIT with another company

Corporate structure

Orion Office REIT sits at the top of its group. 83 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Orion Office REIT

  • BlackRock Filed SCHEDULE 13G on Orion Office REIT, latest Jul 29, 2026 (8 filings since Dec 10, 2021)
  • PRIVATE MANAGEMENT GROUP INC Filed SCHEDULE 13G/A on Orion Office REIT, latest May 8, 2026 (2 filings since Feb 2, 2024)
  • Par Olof Sanda Filed SCHEDULE 13G/A on Orion Office REIT, latest Feb 10, 2026 (5 filings since Aug 8, 2022)
  • Kawa Capital Management, Inc Filed SCHEDULE 13D/A on Orion Office REIT, latest Jan 26, 2026 (5 filings since May 13, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Orion Office REIT, latest Jul 8, 2025 (5 filings since Dec 9, 2021)
  • Madison Avenue Partners, LP Filed SC 13G/A on Orion Office REIT, latest Jul 24, 2024 (4 filings since Apr 14, 2022)
  • Morgan Stanley Filed SC 13G/A on Orion Office REIT, latest Jun 10, 2024 (3 filings since Feb 10, 2023)
  • State Street Corporation Filed SC 13G/A on Orion Office REIT, latest Jan 23, 2024 (3 filings since Feb 11, 2022)
  • Sessa Capital (Master), L.P. Filed SC 13G/A on Orion Office REIT, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Orion Office REIT Baltimore, Maryland, United States
    • 257 W. Genesee, LLC Subsidiary · New York, United States
    • ARC ATMTPSC001, LLC Subsidiary · Delaware, United States
    • ARC ESSTLMO001, LLC Subsidiary · Delaware, United States
    • ARC HRPBPAA001, LLC Subsidiary · Delaware, United States
    • ARC HRPBPAB002, LLC Subsidiary · Delaware, United States
    • ARC HRPWARI001, LLC Subsidiary · Delaware, United States
    • ARC TITUCAZ001, LLC Subsidiary · Delaware, United States
    • ARCP GSPLTNY01, LLC Subsidiary · Delaware, United States
    • ARCP OFC Covington KY, LLC Subsidiary · Delaware, United States
    • ARCP OFC Dublin OH, LLC Subsidiary · Delaware, United States
    • ARCP OFC Malvern PA, LLC Subsidiary · Delaware, United States
    • CLF Cheyenne Tulsa, LLC Subsidiary · Delaware, United States
    • CLF Farinon San Antonio LLC Subsidiary · Delaware, United States
    • CLF Fresno Business Trust Subsidiary · Virginia, United States
    • CLF Lakeside Richardson LLC Subsidiary · Delaware, United States
    • CLF Pulco One LLC Subsidiary · Delaware, United States
    • CLF Pulco Two LLC Subsidiary · Delaware, United States
    • CLF Sawdust Member LLC Subsidiary · Delaware, United States
    • CLF Sierra, LLC Subsidiary · Delaware, United States
    • CLF Westbrook Malvern Business Trust Subsidiary · Virginia, United States
    • Cole OF Bedford MA, LLC Subsidiary · Delaware, United States
    • Cole OF Duluth GA, LLC Subsidiary · Delaware, United States
    • Cole OF Hopewell Township NJ, LLC Subsidiary · Delaware, United States
    • Cole OF Kennesaw GA, LLC Subsidiary · Delaware, United States
    • Cole OF Nashville TN, LLC Subsidiary · Delaware, United States
    • and 57 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Orion Office REIT reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$176.5M8 Dec 31, 2025$227.1M8 Dec 31, 2024−22.3%
Finance-lease assets$5.6M8 Dec 31, 2025$5.6M8 Dec 31, 20240%
Operating-lease assets (leased space)$9.4M8 Dec 31, 2025$10.2M8 Dec 31, 2024−7.8%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$958.2M8 Dec 31, 2025$1.1B8 Dec 31, 2024−13.3%
Real estate investments, at cost$1.2B8 Dec 31, 2025$1.3B8 Dec 31, 2024−10.1%
Real estate accumulated depreciation$195.0M8 Dec 31, 2025$177.9M8 Dec 31, 2024+9.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$22.4M8 Dec 31, 2025$15.6M8 Dec 31, 2024+43.3%
Stakes in other companies (equity method)$08 Dec 31, 2025$11.8M8 Dec 31, 2024−100.0%
Loans, net of allowance$678.0K8 Dec 31, 2025$3.9M8 Dec 31, 2024−82.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$75.9M8 Dec 31, 2025$95.9M8 Dec 31, 2024−20.8%

Properties, in its own words

The Company leases its corporate office space, including its corporate headquarters, which is located in Phoenix, Arizona. As of December 31, 2025, the Company owned 58 operating properties with an aggregate of 6.5 million leasable square feet located in 26 states with an occupancy rate of 78.1% and a weighted average remaining lease term of 5.6 years. As of December 31, 2025, the Company had eight properties designated as non-operating properties. Including the Company’s proportionate share of leasable square feet and annualized base rent from the Arch Street Joint Venture, it owned an aggregate of 6.7 million leasable square feet, with an occupancy rate of 78.7%, or 78.2% adjusted for one consolidated operating property and its proportionate share of the square footage of one Arch Street Joint Venture operating property that are currently under agreements to be sold, and a weighted average remaining lease term of 5.7 years as of December 31, 2025. See Schedule III – Real Estate and Accumulated Depreciation for more information about the Company’s properties and see Note 6 – Debt, Net for more information about mortgages and other indebtedness related to the Company’s properties.

Tenant Industry Diversification

The rest of Item 2

The following table sets forth certain information regarding the tenant industry concentrations in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):

Industry · Number of Leases (1) · Occupied Square Feet · % of Total Rentable Square Feet · Annualized Base Rent · % of Total Annualized Base Rent

Government & Public Services · 17 · 768 · 11.4 · 20,381 · 18.3

Health Care Equipment & Services · 10 · 748 · 11.1 · 15,233 · 13.7

Capital Goods · 9 · 714 · 10.6 · 12,015 · 10.8

Financial Institutions · 1 · 482 · 7.2 · 11,136 · 10.0

Software & Services · 4 · 422 · 6.3 · 9,986 · 9.0

Materials · 5 · 463 · 6.9 · 8,581 · 7.7

Telecommunication Services · 4 · 419 · 6.2 · 7,511 · 6.7

Commercial & Professional Services · 10 · 281 · 4.2 · 5,613 · 5.0

Consumer Durables & Apparel · 1 · 145 · 2.2 · 4,562 · 4.1

Transportation · 4 · 279 · 4.1 · 4,457 · 4.0

Top Ten Tenant Industries · 65 · 4,721 · 70.2 · 99,475 · 89.3

Remaining Tenant Industries:

Media & Entertainment · 2 · 264 · 3.9 · 3,902 · 3.5

Insurance · 1 · 116 · 1.7 · 3,762 · 3.4

Retailing · 3 · 157 · 2.3 · 3,526 · 3.2

Utilities · 1 · 26 · 0.4 · 394 · 0.4

Restaurant · 4 · 15 · 0.2 · 172 · 0.2

Real Estate · 1 · 2 · — · 49 · —

Total · 77 · 5,301 · 78.7 · 111,280 · 100.0

(1)The Company has certain operating properties that are subject to multiple leases.

Geographic Diversification

The following table sets forth certain information regarding the geographic concentrations (by state) in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):

Location · Number of Properties · Rentable Square Feet · % of Total Rentable Square Feet · Annualized Base Rent · % of Total Annualized Base Rent

Texas · 15 · 1,351 · 20.1 · 21,083 · 18.9

New Jersey · 3 · 714 · 10.6 · 14,927 · 13.4

New York · 6 · 766 · 11.4 · 11,102 · 10.0

Kentucky · 2 · 458 · 6.8 · 10,538 · 9.5

Colorado · 3 · 392 · 5.8 · 6,679 · 6.0

California · 3 · 214 · 3.2 · 5,990 · 5.4

Maryland · 2 · 236 · 3.5 · 4,870 · 4.4

Virginia · 2 · 240 · 3.6 · 4,726 · 4.2

Georgia · 3 · 284 · 4.2 · 4,704 · 4.2

Tennessee · 4 · 240 · 3.6 · 4,623 · 4.2

Top Ten States · 43 · 4,895 · 72.8 · 89,242 · 80.2

Remaining States:

Missouri · 2 · 207 · 3.1 · 3,033 · 2.7

Ohio · 2 · 169 · 2.5 · 2,497 · 2.2

Wisconsin · 1 · 155 · 2.3 · 2,416 · 2.2

Rhode Island · 1 · 136 · 2.0 · 2,209 · 2.0

Iowa · 2 · 92 · 1.4 · 2,046 · 1.8

West Virginia · 1 · 63 · 0.9 · 1,463 · 1.3

Pennsylvania · 1 · 45 · 0.7 · 1,375 · 1.2

Oregon · 1 · 69 · 1.0 · 1,188 · 1.1

Kansas · 1 · 90 · 1.3 · 1,107 · 1.0

Nebraska · 1 · 150 · 2.2 · 913 · 0.8

Illinois · 1 · 33 · 0.5 · 844 · 0.8

Massachusetts · 1 · 50 · 0.7 · 757 · 0.7

Idaho · 1 · 35 · 0.5 · 741 · 0.7

Indiana · 1 · 83 · 1.2 · 592 · 0.5

Minnesota · 1 · 39 · 0.6 · 505 · 0.5

Florida · 1 · 6 · 0.1 · 247 · 0.2

Oklahoma · 1 · 330 · 4.9 · 105 · 0.1

Arizona · 1 · 90 · 1.3 · — · —

Total · 64 · 6,737 · 100.0 · 111,280 · 100.0

Tenant Diversification

The following table sets forth certain information regarding tenants comprising over one percent of annualized base rent in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):

Tenant · Number of Leases · Occupied Square Feet · % of Total Rentable Square Feet · Annualized Base Rent · % of Total Annualized Base Rent

General Services Administration · 15 · 724 · 10.7 · 19,821 · 17.8

Merrill Lynch · 1 · 482 · 7.2 · 11,136 · 10.0

Ingram Micro · 2 · 330 · 4.9 · 7,860 · 7.1

Cigna/Express Scripts · 2 · 275 · 4.1 · 4,866 · 4.4

Sekisui House U.S. · 1 · 145 · 2.2 · 4,562 · 4.1

T-Mobile · 3 · 216 · 3.2 · 4,128 · 3.7

Charter Communications · 2 · 264 · 3.9 · 3,902 · 3.5

Banner Life Insurance · 1 · 116 · 1.7 · 3,762 · 3.4

Encompass Health · 1 · 65 · 1.0 · 3,646 · 3.3

Collins Aerospace · 1 · 207 · 3.1 · 3,513 · 3.2

Top Ten Tenants · 29 · 2,824 · 42.0 · 67,196 · 60.5

Remaining Tenants:

Home Depot/HD Supply · 2 · 153 · 2.3 · 3,448 · 3.1

AT&T · 1 · 203 · 3.0 · 3,383 · 3.0

Linde · 1 · 175 · 2.6 · 2,886 · 2.6

Maximus · 2 · 168 · 2.5 · 2,673 · 2.4

Valent U.S.A. · 1 · 97 · 1.4 · 2,510 · 2.3

Brown University Health · 1 · 136 · 2.0 · 2,209 · 2.0

GE Vernova · 1 · 152 · 2.3 · 2,117 · 1.9

NetJets · 1 · 140 · 2.1 · 2,040 · 1.8

Elementis · 1 · 66 · 1.0 · 1,980 · 1.8

Day Pitney · 1 · 56 · 0.8 · 1,811 · 1.6

Item 2 of the 10-K filed Mar 5, 2026.7

Leadership

Who has led Orion Office REIT, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (12)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 257 W. Genesee, LLC New York6
  • ARC ATMTPSC001, LLC Delaware6
  • ARC ESSTLMO001, LLC Delaware6
  • ARC HRPBPAA001, LLC Delaware6
  • ARC HRPBPAB002, LLC Delaware6
  • ARC HRPWARI001, LLC Delaware6
  • ARC TITUCAZ001, LLC Delaware6
  • ARCP GSPLTNY01, LLC Delaware6
  • ARCP OFC Covington KY, LLC Delaware6
  • ARCP OFC Dublin OH, LLC Delaware6
  • ARCP OFC Malvern PA, LLC Delaware6
  • CLF Cheyenne Tulsa, LLC Delaware6
  • CLF Farinon San Antonio LLC Delaware6
  • CLF Fresno Business Trust Virginia6
  • CLF Lakeside Richardson LLC Delaware6
  • CLF Pulco One LLC Delaware6
  • CLF Pulco Two LLC Delaware6
  • CLF Sawdust Member LLC Delaware6
  • CLF Sierra, LLC Delaware6
  • CLF Westbrook Malvern Business Trust Virginia6
  • Cole OF Bedford MA, LLC Delaware6
  • Cole OF Duluth GA, LLC Delaware6
  • Cole OF Hopewell Township NJ, LLC Delaware6
  • Cole OF Kennesaw GA, LLC Delaware6
All 83 listed subsidiaries
  • Cole OF Nashville TN, LLC Delaware6
  • Cole OF Parsippany NJ, LLC Delaware6
  • Cole OF Urbana MD, LLC Delaware6
  • KDC Norman Woods Business Trust Virginia6
  • Orion Amherst NY LLC Delaware6
  • Orion Augusta GA LLC Delaware6
  • Orion Bedford TX LLC Delaware6
  • Orion Blair NE LLC Delaware6
  • Orion Brownsville TX 1 LLC Delaware6
  • Orion Brownsville TX 2 LLC Delaware6
  • Orion Cedar Rapids IA LLC Delaware6
  • Orion Cocoa FL LLC Delaware6
  • Orion Columbus OH LLC Delaware6
  • Orion Dallas TX LLC (DE) Delaware6
  • Orion Deerfield IL 1 LLC Delaware6
  • Orion Deerfield IL 2 LLC Delaware6
  • Orion Deerfield IL 3 LLC Delaware6
  • Orion Deerfield IL 4 LLC Delaware6
  • Orion Deerfield IL 5 LLC Delaware6
  • Orion Deerfield IL 6 LLC Delaware6
  • Orion Denver CO LLC Delaware6
  • Orion Eagle Pass TX 1 LLC Delaware6
  • Orion Eagle Pass TX 2 LLC Delaware6
  • Orion Fort Worth TX LLC Delaware6
  • Orion Grangeville ID LLC Delaware6
  • Orion Indianapolis IN LLC Delaware6
  • Orion Irving TX LLC Delaware6
  • Orion Knoxville TN LLC Delaware6
  • Orion Lawrence KS 1 LLC Delaware6
  • Orion Lawrence KS 2 LLC Delaware6
  • Orion Lincoln NE LLC Delaware6
  • Orion Longmont CO LLC Delaware6
  • Orion Malone NY LLC Delaware6
  • Orion Memphis TN LLC Delaware6
  • Orion Milwaukee WI LLC Delaware6
  • Orion Minneapolis MN LLC Delaware6
  • Orion NCR San Ramon CA, LLC Delaware6
  • Orion Nashville TN LLC Delaware6
  • Orion New Port Richey FL LLC Delaware6
  • Orion Oklahoma City OK LLC Delaware6
  • Orion Paris TX LLC Delaware6
  • Orion Parkersburg WV LLC Delaware6
  • Orion Phoenix AZ LLC Delaware6
  • Orion Plano TX LLC Delaware6
  • Orion Properties LP Maryland6
  • Orion Properties LP LLC Maryland6
  • Orion Properties Services LLC Maryland6
  • Orion Properties Systems LLC Delaware6
  • Orion Redding CA LLC Delaware6
  • Orion Salem OR LLC Delaware6
  • Orion Sioux City IA LLC Delaware6
  • Orion St Charles MO LLC Delaware6
  • Orion Sterling VA LLC Delaware6
  • Orion TRS Inc. Maryland6
  • Orion Tulsa OK LLC Delaware6
  • Orion Uniontown OH LLC Delaware6
  • Realty Income East Syracuse Fair Lakes, LLC Delaware6
  • Realty Income East Windsor SciPark, LLC Delaware6
  • Realty Income Providence LaSalle Square, LLC Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Orion Office REIT Inc.Jul 20, 2021 to Mar 7, 20255

Timeline

  1. Aug 6, 20268-K Results of operations26
  2. May 13, 20268-K Shareholder vote27
  3. May 7, 20268-K Results of operations28
  4. Mar 5, 20268-K Results of operations29
  5. Feb 19, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation30
  6. Jan 26, 20268-K Entered a material agreement; Regulation FD disclosure31
  7. Nov 10, 20258-K Ended a material agreement32
  8. Nov 6, 20258-K Results of operations33
  9. Sep 22, 20258-K Regulation FD disclosure34
  10. Aug 6, 20258-K Results of operations35
  11. May 14, 20258-K Executive or director change; Shareholder vote36
  12. May 7, 20258-K Results of operations37
  13. Nov 17, 2021New chief executive Paul H. McDowell becomes CEO16
  14. Nov 15, 2021Went public Listed on NYSE1
  15. Nov 15, 2021Founded Founded1
  16. Oct 22, 2021New chief executive Sumit Roy becomes CEO15

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/202638

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results26
  2. May 7, 2026Reported quarterly or annual results28
  3. Mar 5, 2026Reported quarterly or annual results29
  4. Nov 6, 2025Reported quarterly or annual results33
  5. Aug 6, 2025Reported quarterly or annual results35
  6. May 7, 2025Reported quarterly or annual results37
  7. Mar 5, 2025Reported quarterly or annual results39
  8. Nov 22, 2024Reported quarterly or annual results40

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

295 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 160 insider forms, 37 large holders, 39 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. Aug 6, 20268-K EDGAR
  3. Jul 29, 2026SCHEDULE 13G EDGAR
  4. Jun 15, 20264 EDGAR
  5. May 15, 20264 EDGAR
  6. May 15, 20264 EDGAR
  7. May 15, 20264 EDGAR
  8. May 15, 20264 EDGAR
  9. May 13, 20268-K EDGAR
  10. May 8, 2026SCHEDULE 13G/A EDGAR
  11. May 7, 202610-Q EDGAR
  12. May 7, 20268-K EDGAR
  13. Mar 20, 2026ARS EDGAR
  14. Mar 20, 2026DEFA14A EDGAR
  15. Mar 20, 2026DEF 14A EDGAR
  16. Mar 16, 20264 EDGAR
  17. Mar 16, 20264 EDGAR
  18. Mar 16, 20264 EDGAR
  19. Mar 16, 20264 EDGAR
  20. Mar 16, 20264 EDGAR

The 295 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 6 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 27, 2025GILYARD REGINALD HAROLDDirectorBuy55,000$2.91$160.1KForm 4
Mar 17, 2025MCDOWELL PAUL HSee Remarks.Buy12,000$2.48$29.8KForm 4
Mar 13, 2025GILYARD REGINALD HAROLDDirectorBuy40,000$2.35$94.0KForm 4
Mar 13, 2025Landriau Gary EEVP, Chief Investment OfficerBuy1,300$2.25$2.9KForm 4
Mar 12, 2025Landriau Gary EEVP, Chief Investment OfficerBuy9,446$2.47$23.3KForm 4
May 12, 2023Day Christopher HavilandSee Remarks.Buy2,000$5.57$11.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul H. McDowellChief Executive Officer, President65$584.0K$2.1M50
2025Gavin B. BrandonExecutive Vice President (“EVP”), Chief Financial Officer and Treasurer49$477.0K$1.4M50
2025Paul C. HughesGeneral Counsel & Secretary58$439.1K$1.1M50
2024Paul H. McDowellChief Executive Officer, President65$581.0K$2.5M50
2024Gavin B. BrandonExecutive Vice President (“EVP”), Chief Financial Officer and Treasurer49$474.7K$1.5M50

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Private Management Group Inc5,357,303$15.5M0.4%−38,172
BlackRock, Inc.4,377,992$12.7M0.0%+2,933,779
Vanguard Capital Management LLC2,427,008$7.0M0.0%+45,118
Renaissance Technologies LLC1,865,800$5.4M0.0%+159,700
J. Goldman & Co LP1,385,479$4.0M0.1%−1,231,417
Geode Capital Management, LLC1,325,780$3.8M0.0%+734,885
RBF Capital, LLC1,000,000$2.9M0.1%No change
Marshall Wace, Llp768,187$2.2M0.0%+316,552
Two Sigma Investments, LP708,069$2.0M0.0%+262,145
Rangeley Capital, LLC578,567$1.7M1.6%−336,433
State Street Corp573,274$1.7M0.0%+335,600
Dimensional Fund Advisors LP498,143$1.4M0.0%−73,615
Charles Schwab Investment Management Inc440,642$1.3M0.0%+125,305
Northern Trust Corp414,582$1.2M0.0%+295,155
Vanguard Portfolio Management LLC362,930$1.0M0.0%New
Vanguard Fiduciary Trust Co355,312$1.0M0.0%+42,285
Morgan Stanley351,644$1.0M0.0%−7,199
Cambria Investment Management, L.P.324,418$937.6K0.0%New
D. E. Shaw & Co., Inc.273,373$790.0K0.0%−248,201
Raymond James Financial Inc255,983$739.8K0.0%−44,042
Goldman Sachs Group Inc187,425$541.7K0.0%+95,454
Samalin Investment Counsel, LLC143,239$414.0K0.1%−68,080
Bank of New York Mellon Corp131,950$381.3K0.0%New
Lazard Asset Management LLC112,361$324.7K0.0%New
Nomura Asset Management Co Ltd92,200$266.5K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Orion Office REIT is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAROrion Properties Inc.2
  • CIK0001873923
  • Employer ID (EIN)87-16564257
  • Filer statusAccelerated filer an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inMaryland7
  • Fiscal year endsDecember 312
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address3200 E. Camelback Road, Suite 100, Phoenix, AZ 850182
  • Phone(602) 698-10022
  • Shares outstanding57,044,714 as of Jul 31, 202614
  • Public float$117.4M as of Jun 30, 20257
  • AuditorKPMG LLP, San Diego, CA PCAOB ID 185; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceJul 20, 20212
  • Filings300 in all: 4 (145), 8-K (38), SC 13G/A (18), 10-Q (15), 3 (14), SC 13G (8), CORRESP (7), UPLOAD (7)2
    All 28 form types

    DEFA14A (6), 10-K (5), DEF 14A (5), SCHEDULE 13G/A (5), ARS (3), EFFECT (3), S-3 (3), SCHEDULE 13D/A (3), DRSLTR (2), S-8 (2), SCHEDULE 13G (2), 10-12B (1), 3/A (1), 424B5 (1), 8-K/A (1), CERT (1), DRS (1), DRS/A (1), SCHEDULE 13D (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common StockONLNew York Stock Exchange

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks Orion Office REIT names in Item 1A of its 10-K filed Mar 5, 2026: 52 risks under these headings, as written.7

  • Risks Related to Our Properties and Business
  • If global market and economic conditions deteriorate, our business, financial condition and results of operations could be materially adversely affected.
  • Our strategic review process will be costly and time-consuming and may not result in our identification or completion of a strategic transaction, which could have an adverse effect on our stock price and our business.
  • Changes in workplace practices and office space utilization, including remote and hybrid work arrangements, have reduced the demand for office space at our properties and may continue to do so.
  • Leases representing approximately 10.2% of our annualized base rent are scheduled to expire in 2026 and we could experience difficulties or delays renewing leases or re-leasing vacant space, which will increase our costs to operate and maintain such properties without receiving income.
  • Most of our properties depend upon a single tenant for all or a majority of their rental income; therefore, our financial condition, including our ability to make distributions to stockholders, may be adversely affected by the bankruptcy or insolvency, a downturn in the business, or a lease termination of such a single tenant.
  • We expect to continue to convert certain vacant properties to multi-tenant use, and cannot provide any assurance that the investments we make of time and capital to do so will increase the value of the subject properties.
  • Government budgetary pressures and priorities, and trends in government employment and office leasing may adversely impact our business.
  • We have made equity and member loan investments in the Arch Street Joint Venture which may not be recoverable.
  • The Arch Street Joint Venture and any other joint venture investments we make could be adversely affected by the lack of sole decision-making authority, reliance on joint venture partners’ financial condition and any disputes that may arise between us and our joint venture partners.
  • The United States Government’s “green lease” policies may adversely affect us.
  • We may be unable to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets.
The other 41 risks
  • Competition for acquisitions may reduce the number of acquisition opportunities available to us and increase the costs of those acquisitions.
  • We may suffer adverse effects from acquisitions of commercial real estate properties.
  • Our performance is subject to risks inherent in owning real estate investments.
  • We face considerable competition in the leasing market and may be unable to renew existing leases or re-let space on terms similar to our existing leases, or we may expend significant capital in our efforts to re-lease space, which may adversely affect our business, financial condition and results of operations.
  • Tenant payment defaults may have a material adverse effect on our business, financial condition and results of operations.
  • Some of our leases provide tenants with the right to terminate their leases early, which may have a material adverse effect on our business, financial condition and results of operations.
  • We have a significant amount of indebtedness and may need to incur more in the future.
  • We have existing debt and refinancing risks that could have a material adverse effect on our business, financial condition and results of operations, including the risk that we will be unable to extend or refinance some or all of our debt, or that the lenders will not seek to enforce their remedies due to the existing payment default under the Arch Street Joint Venture mortgage notes.
  • Financial covenants could materially adversely affect our ability to conduct our business.
  • We depend on external sources of capital that are outside of our control, which may affect our ability to achieve our business strategies.
  • Our expenses may remain constant or increase, even if our revenues decrease, which may have a material adverse effect on our business, financial condition and results of operations.
  • Real estate taxes may increase without notice.
  • Real estate property investments are illiquid. We may not be able to dispose of properties when desired or on favorable terms.
  • We, our tenants and our properties are subject to various federal, state and local regulatory requirements, such as environmental laws, state and local fire and safety requirements, building codes and land use regulations.
  • We are subject to risks associated with climate change.
  • Compliance or failure to comply with the Americans with Disabilities Act could result in substantial costs.
  • Our assets may be subject to impairment charges.
  • Uninsured and underinsured losses may adversely affect our operations.
  • Our business could be materially adversely affected by security breaches through cyber-attacks, cyber intrusions or otherwise.
  • The obligations and requirements to which we are subject as a public company are extensive and will increase when we no longer qualify as an “emerging growth company.”
  • Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting.
  • The success of our business depends on retaining officers and employees.
  • Failure to hedge effectively against interest rate changes may have a material adverse effect on our business, financial condition and results of operations.
  • We may amend our investment strategy and business policies without stockholder approval.
  • The New Revolving Facility may limit our ability to pay dividends on our common stock, including repurchasing shares of our common stock.
  • The market price of our common stock may vary substantially.
  • Risks Related to Our Status as a REIT
  • Our failure to maintain our qualification as a REIT for U.S. federal income tax purposes could have a material adverse effect on us.
  • If either Realty Income or VEREIT failed to qualify as a REIT during certain periods prior to the Distribution, we would be prevented from electing to qualify as a REIT.
  • If certain of our subsidiaries, including our operating partnership, fail to qualify as partnerships or disregarded entities for federal income tax purposes, we would cease to qualify as a REIT and would suffer other adverse consequences.
  • Any taxable REIT subsidiaries owned by us are subject to corporate-level taxes and our dealings with our taxable REIT subsidiaries may be subject to 100% excise tax.
  • Distribution requirements imposed by law limit our flexibility.
  • We may make distributions on our common stock in common stock and/or cash. Our stockholders may sell shares of our common stock to pay tax on such dividends, placing downward pressure on the market price of our common stock.
  • The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.
  • Legislative or other actions affecting REITs could have a negative effect on us or our investors.
  • Risks Related to an Investment in Our Common Stock
  • Limitations on the ownership of our common stock and other provisions of our charter may preclude the acquisition or change of control of our Company.
  • Maryland law may limit the ability of a third party to acquire control of us.
  • Market interest rates may have an effect on the value of our common stock.
  • The number of shares of our common stock available for future issuance or sale could adversely affect the per share trading price of our common stock and may be dilutive to current stockholders.
  • Future offerings of debt securities, which would be senior to our common stock upon liquidation, or preferred equity securities which may be senior to our common stock for purposes of dividends or upon liquidation, may materially adversely affect the per share trading price of our common stock.
  • Our ability to pay dividends is limited by the requirements of Maryland law.
  • We may change our dividend policy.

Legal proceedings

As of December 31, 2025, we are not a party to, and none of our properties are subject to, any material pending legal proceedings.

The opening of Item 3, Legal Proceedings.7

Sources

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