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NYSE · REAL ESTATE INVESTMENT TRUSTS · MID CAP

Orion Properties Inc. ONL

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$147.6M
▼ 10.4% YoY
$-139.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Orion Properties Inc. is an internally managed real estate investment trust engaged in the ownership, acquisition and management of a portfolio of office properties located in suburban markets across the United States and leased primarily on a single-tenant net lease basis to tenants. Its portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties. As of December 31, 2025, the company owned and operated 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, two tenants accounted for 10% or more of the company's annualized base rent: the General Services Administration at 17.8% and Merrill Lynch at 10.0%. As of December 31, 2025, the company had 37 employees. The company was initially formed as a wholly owned subsidiary of Realty Income Corporation. Following the November 1, 2021 merger of Realty Income and VEREIT, Inc., Realty Income contributed the combined office real estate business previously owned by subsidiaries of both companies to the company and its operating partnership, Orion Properties LP. Following the distribution, the company became an independent and publicly traded company, with its common stock trading on the New York Stock Exchange under the symbol "ONL".

Written from the business description in Orion Properties Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 5 March 2026. Every sentence was checked against that document before publication.

Growth

USD 147.6M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 147.6 · Net income -139.3
100M200M-50M-100M
201920222025
Compound annual growth
−10.8%
+22.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +22.5% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−94 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -94.2% · Net -94.3%
10%20%-50%
201920222025
ROE
FY2025 · ROE -20.1%
1%2%3%-10%-20%
201920222025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity lost 20 cents this year.

Cash & shareholders

USD 9.0M
returned in FY2025 · dividends + net buybacks
Net buybacks $M Dividends $M
FY2025 · Dividends 9.0 · Net buybacks 0.0
10M20MDividendsNet buybacks
202020212022202320242025

USD 9.0M in dividends went back to shareholders in a year without profit.

Total assetsUSD 1.2B
EquityUSD 623.2M
CashUSD 22.4M
Gross debtUSD 465.0M
Net debtUSD 442.6M

Net debt stands at 71% of equity.

The 7-year record

7 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
ONL, 7-year financial record
Metric 2025202420232022202120202019
Revenue $B0.10.20.20.20.10.10.1
Operating income $B−0.1−0.1−0.1−0.1−0.0−0.00.0
EBITDA $B−0.1−0.00.10.0−0.00.00.0
Income tax $B0.00.00.00.00.00.00.0
Net income $B−0.1−0.1−0.1−0.1−0.0−0.00.0
Free cash flow $B◌◌◌0.1◌◌◌
EPS, diluted $−2.48−1.84−1.02−1.72−0.84−0.030.27
Dividend / sh $◌◌◌◌◌◌◌
Payout %−6−22−39————
ROE %−20.1−12.5−6.2−9.5−6.0−0.43.0
Shares out B0.060.060.060.060.06◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 20 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 13 checks were skipped: the balance sheet is not tagged before 2020. 12 checks were skipped: EPS is not tagged before 2019. 12 checks were skipped: revenue is not tagged before 2019.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2019

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