Orion Properties Inc. ONL

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.