ONL · Orion Properties Inc.

Orion Properties Inc. reported first quarter 2026 results that reflect ongoing portfolio repositioning through increased leasing and strategic dispositions. Total revenues declined 4.5% year-over-year to $36.3 million, primarily due to property sales. Net loss attributable to common stockholders widened to $(13.6) million from $(9.4) million in the prior year quarter, driven by higher depreciation and interest expenses. However, Core FFO, a key operating metric, improved to $11.7 million ($0.21 per diluted share) from $10.7 million ($0.19), benefiting from lower interest costs and reduced G&A expenses. The company completed 355,000 square feet of leasing during the quarter, including a 172,000 square foot new lease in Irving, Texas, and a 160,000 square foot extension in Buffalo, New York. Disposition activity included the sale of two non-operating properties for $13.1 million, with additional sales of $35.6 million closed subsequent to quarter end. Management highlighted progress on stabilizing the portfolio and reducing carrying costs of vacant assets. The company reaffirmed its full-year 2026 Core FFO guidance of $0.69-$0.76 per share and Net Debt to Adjusted EBITDA of 6.5x-7.3x, reflecting confidence in its strategic plan. A quarterly dividend of $0.02 per share was declared for the second quarter. The ongoing strategic review process, announced in January 2026, continues, with no set timetable for completion.