Orion Office REIT Inc

Orion Properties Inc. (NYSE: ONL) is an internally-managed real estate investment trust (REIT) that owns, acquires, and manages a diversified portfolio of single-tenant net lease office properties located in suburban markets across the United States. As of June 30, 2026, the company's portfolio consisted of 57 operating properties with approximately 6.4 million leasable square feet across 26 states. The portfolio includes traditional office properties as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties, with 38.7% of annualized base rent derived from Dedicated Use Assets. Key tenants include the General Services Administration (20.1% of ABR), Merrill Lynch (10.3%), and Cigna/Evernorth (4.6%), with 69.1% of annualized base rent from investment-grade tenants. The company was spun off from Realty Income Corporation in November 2021 and is pursuing a strategy to shift portfolio concentration away from traditional office toward more dedicated use assets. The company is currently conducting a strategic review process that may include potential acquisition targets, a sale of the company, or continuing as an independent entity. Orion also holds a 20% equity interest in an unconsolidated joint venture owning six properties, though that venture's mortgage debt is currently in default. Updated Aug 6, 2026