Completed 425,000 Square Feet of Leasing
Sold Three Vacant Properties for $19.1 Million
Maintains Strong Liquidity
Sets Date and Time for First Quarter Release and Webcast
Orion Properties Inc. (NYSE: ONL) (“Orion” or the “Company”), a fully-integrated real estate investment trust (“REIT”) which owns a diversified portfolio of single-tenant net lease office properties including designated use assets located across the United States, announced today highlights for 2025 through April 10, 2025. The Company also announced that it will release its results for the first quarter of 2025 after market close on Wednesday, May 7, 2025.
- Leasing: The Company has leased approximately 425,000 square feet in a combination of new and renewal leases, with a weighted average lease term of approximately 7.7 years. Included in this total is a new 15.7-year lease for 46,000 square feet at the Company’s Parsippany, New Jersey property, bringing the formerly vacant property to more than 60% leased to two tenants. Additionally, the Company entered into a new 10.0-year lease for 160,000 square feet at its currently vacant property in Buffalo, New York with Ingram Micro Inc., who will be relocating from Orion’s Amherst, New York property.
- Property Sales: The Company has closed on the sale of three vacant properties totaling 287,000 square feet for a gross sales price of $19.1 million, or $66 per square foot. Two additional properties, representing 211,000 square feet, are under contract for $27.3 million, or $129 per square foot, and are scheduled to close later in 2025. The Company continues to actively evaluate and market select properties for sale and expects to secure additional dispositions throughout the remainder of the year.
- Liquidity: The Company’s liquidity remains strong at approximately $243.9 million represented by cash on hand and the available balance on the revolver as of April 10, 2025.
“We have successfully started 2025 with robust leasing momentum that builds upon the 1.1 million square feet of leasing activity we executed on in the prior year, in addition to $46.4 million in vacant or near vacant property asset sales that have closed or will close during the year,” stated Paul McDowell, Orion’s Chief Executive Officer. “Furthermore, we continue to see strong interest in both additional leasing and disposition pipeline opportunities while continuing to maintain strong liquidity in these uncertain times. We remain focused on executing our strategic initiative to shift our portfolio composition toward more dedicated use assets such as flex, laboratory, medical and governmental properties.”
Webcast and Conference Call Information
Orion will host a webcast and conference call to review its results at 10:00 a.m. ET on Thursday, May 8, 2025. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the “Investors” section of Orion’s website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time.
Replay Information
A replay of the webcast may be accessed by visiting the “Investors” section of Orion’s website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Thursday, May 8, 2025 through 11:59 p.m. ET on Thursday, May 22, 2025. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13751072.
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