Orion Office REIT

What Orion Office REIT does

Orion Properties Inc. (NYSE: ONL) is a publicly traded real estate investment trust that specializes in the ownership, acquisition, and management of single-tenant net lease office properties located in suburban markets across the United States. As of December 31, 2025, the company operated 58 consolidated properties comprising approximately 6.5 million leasable square feet across 26 states, plus a 20% interest in the Arch Street Joint Venture, which holds six additional 100%-occupied properties with 1.0 million square feet. Orion generates the substantial majority of its revenue from rental income under triple-net and double-net lease arrangements with creditworthy tenants; fee income from the Arch Street JV and one-time gains on property dispositions provide secondary revenue streams. Approximately 66.7% of annualized base rent comes from investment-grade tenants (BBB-/Baa3 or higher), with the General Services Administration (17.8%) and Merrill Lynch (10.0%) as the largest counterparties.

In March 2025, the company rebranded from Orion Office REIT to Orion Properties Inc. to reflect a strategic transformation away from traditional suburban office assets toward dedicated use assets, including government, medical, R&D, and flex properties, which represented 37.1% of annualized base rent as of Q1 2026. The portfolio is being reshaped through non-core property dispositions ($80.7M of sales in 2025) and selective DUA acquisitions, including a $15M Northbrook, Illinois acquisition in February 2026. The company completed 924,000 square feet of leasing in 2025 at a 7.5-year weighted average lease term, lifting occupancy to 83.1% by Q1 2026 from 78.7% at year-end. Capital structure was refinanced in February 2026 with a new $215M senior secured revolving credit facility and an extended $355M CMBS loan to August 2030.

On January 26, 2026, Orion announced a formal review of strategic options, including potential acquisition or merger targets, a possible sale of the company, or continuation as an independent publicly traded entity, alongside a cooperation agreement with activist investor The Kawa Fund Limited. FY2025 total revenue was $147.6M with Core FFO of $43.7M ($0.78 per diluted share); 2026 Core FFO guidance is set at $0.69-$0.76 per share.

Name

Orion Office REIT

Legal name

Orion Properties Inc.

Website

https://onlreit.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Orion Properties Inc. (NYSE: ONL) is a publicly traded REIT that owns and manages single-tenant net lease office and dedicated use properties across 26 U.S. states, serving investment-grade tenants including the GSA and Merrill Lynch.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Rental and Leasing Services (532)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Office Real Estate Asset Management (BPAJAMAG)

akta.pro secondary industry

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

Keywords

• Single-tenant net lease
• Office REIT
• Commercial real estate
• Corporate office leasing
• Dedicated use assets

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Others

Revenue model

1. Rental Revenue: Primary revenue stream from rental income from single-tenant net lease office properties. Tenants pay rent under triple net or double net lease arrangements. Revenue is predictable and stable over lease terms.
2. Fee Income from Joint Venture: Fee income from the Arch Street Joint Venture (20% owned unconsolidated joint venture). Beginning in 2026, recorded on cash basis rather than accrual basis.
3. Property Dispositions: Capital recycling through property dispositions generates proceeds used to fund acquisitions and reduce leverage.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Orion Office REIT owns, acquires, and manages a diversified portfolio of single-tenant net lease office buildings leased primarily to creditworthy tenants in suburban U.S. markets. The company generates revenue through rental income under triple-net and double-net lease arrangements, supplemented by property dispositions and fee income from the Arch Street Joint Venture. Its portfolio is undergoing a strategic transformation toward dedicated use assets such as government, medical office, flex/R&D, and flex/industrial properties.

Product overview

Orion Properties Inc. operates as a fully-integrated Real Estate Investment Trust (REIT) that owns and manages a diversified portfolio of single-tenant net lease office properties and dedicated use assets across the United States. The portfolio consists of 58 operating properties and 6 joint venture properties, comprising traditional office properties as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties. The company's investment strategy involves shifting portfolio concentration away from traditional office properties toward dedicated use assets (DUAs), which represented 35.8% of annualized base rent as of December 31, 2025. Properties are offered through both lease and sale channels.

Differentiator

Problem solved

Functional benefit

Products and services

• Single-Tenant Net Lease Office Properties Traditional suburban office buildings leased primarily on a single-tenant net lease basis to creditworthy tenants, located in high-quality suburban markets across 26 states. Tenants bear operating expenses under triple-net or double-net arrangements.
• Dedicated Use Assets (DUAs) Properties with specialized uses including government facilities, medical office buildings, flex/laboratory and R&D, and flex/industrial properties. These specialized-use assets are difficult to replicate, offer higher tenant retention, and represented 35.8% of annualized base rent as of December 31, 2025.
• Arch Street Joint Venture Properties Six properties owned through a 20% equity interest in the unconsolidated Arch Street Joint Venture with an affiliate of Arch Street Capital Partners, LLC, comprising approximately 1.0 million leasable square feet with 100% occupancy and a 6.3-year weighted average remaining lease term.
• Properties for Lease Office and dedicated use properties available for lease to creditworthy tenants, accessed through the company's website portal.
• Properties for Sale Non-core office properties being sold as part of the company's capital recycling and portfolio transformation strategy. In 2025, Orion sold 10 properties for $80.7 million.

Quantifiable outcome

• Occupancy rate improved to 83.1% from property disposals and investments in remaining assets as of Q1 2026
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Realty Income CorporationminorStrategic or Co-development Partner · 12 November 2021Orion Properties was spun off from Realty Income Corporation on November 12, 2021, following the merger of Realty Income and VEREIT, Inc. The company was formed from the combination of certain office properties from both companies and began trading on NYSE on November 15, 2021. Orion has elected to be taxed as a REIT for U.S. federal income tax purposes.
• Arch Street Capital Partners LLCcoreStrategic or Co-development Partner · 1 November 2021Orion Properties holds a 20% equity interest in the Arch Street Joint Venture, an unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC. The venture owns a portfolio of six properties with 1.0 million leasable square feet, 100% occupied, with 6.3 year weighted average remaining lease term. Orion provides management services and records fee income from this joint venture.

Scale indicators12 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Office Properties Income Trust: Small-cap public REIT focused on office properties leased to single tenants and governments; closest direct comparable in scale, suburban office focus, and tenant mix to Orion.
• Broadstone Net Lease, Inc. Net-lease REIT owning single-tenant commercial properties across industrial, restaurant, and office; comparable tenant credit and triple-net lease structure to Orion's portfolio.
• Global Net Lease, Inc. Externally managed net-lease REIT with significant office and industrial exposure; similar investment-grade tenant strategy and net-lease economics to Orion.
• NETSTREIT Corp. Net-lease REIT focused on single-tenant retail and office properties leased to investment-grade tenants; highly comparable underwriting and tenant credit strategy.
• Service Properties Trust: Net-lease REIT owning hotels and net-lease retail/service properties managed by independent operators; relevant comparable for net-lease underwriting and capital structure dynamics.

Broad incumbents

• Realty Income Corporation: Parent of Orion at spin-off and largest net-lease REIT; comparable in single-tenant net-lease model and tenant credit orientation, though vastly larger and diversified across property types.
• W. P. Carey Inc. Diversified net-lease REIT with significant office and industrial exposure; comparable business model of long-term net leases to creditworthy tenants and similar capital allocation philosophy.
• Empire State Realty Trust: Office-focused REIT with a mix of Manhattan and suburban office assets; comparable office property exposure though with materially different geographic and tenant mix.

Emerging players

• Four Corners Property Trust: Net-lease REIT primarily focused on restaurants but expanding into other property types; comparable net-lease structure and tenant credit orientation, though limited office overlap.
• Easterly Government Properties: REIT specializing in single-tenant government-leased properties; highly relevant to Orion's DUA pivot toward government/medical assets, though smaller and more narrowly focused.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/orion-office-reit

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orion Office REIT