Office Office REIT Inc. (ONL): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le plan stratégique d'Orion Office Reit Inc. (ONL), une fiducie de placement immobilier dynamique qui transforme la gestion traditionnelle des espaces de bureaux en un écosystème sophistiqué et axé sur la technologie. En mélangeant de manière transparente des stratégies immobilières innovantes avec des cadres financiers solides, ONL offre une proposition de valeur convaincante pour les locataires et les investisseurs d'entreprise, créant une approche unique qui transcende les modèles immobiliers commerciaux conventionnels. Découvrez comment cette entreprise tire parti des partenariats stratégiques, des technologies de gestion avancée et des portefeuilles de propriétés diversifiés pour générer un revenu stable et stimuler la valeur des actionnaires à long terme dans un paysage de travail en constante évolution.

Orion Office Reit Inc. (ONL) - Modèle d'entreprise: partenariats clés

Sociétés de gestion immobilière

Orion Office REIT Inc. collabore avec plusieurs sociétés de gestion immobilière pour maintenir son portefeuille Office. Au quatrième trimestre 2023, la société gère environ 54 propriétés totalisant 8,1 millions de pieds carrés louables.

Partenaire de gestion immobilière	Nombre de propriétés gérées	Total en pieds carrés
CBRE	22	3,4 millions de pieds carrés
Jll	18	2,7 millions de pieds carrés
Cushman & Wakefield	14	2,0 millions de pieds carrés

Courtiers immobiliers commerciaux

La société travaille avec les principales sociétés de courtage immobilier commerciales pour louer et commercialiser ses propriétés.

• Cushman & Wakefield: gère 35% des activités de location
• CBRE: gère 30% des transactions de location
• JLL: gère 20% de la location de propriétés
• Autres courtiers régionaux: 15% des activités de location

Investisseurs institutionnels

Orion Office REIT maintient des partenariats stratégiques avec des entités d'investissement institutionnelles.

Investisseur institutionnel	Montant d'investissement	Pourcentage de propriété
Groupe d'avant-garde	42,3 millions de dollars	8.7%
Blackrock	36,5 millions de dollars	7.2%
State Street Corporation	28,9 millions de dollars	5.9%

Locataires du siège social

Les principaux locataires des entreprises représentent des sources de revenus importantes pour Orion Office REIT.

• Entreprises technologiques: 40% du portefeuille de locataires
• Sociétés de services financiers: 25% du portefeuille de locataires
• Organisations de soins de santé: 20% du portefeuille de locataires
• Agences gouvernementales: 15% du portefeuille de locataires

Fournisseurs de services financiers

Orion Office REIT maintient des partenariats financiers critiques pour soutenir ses objectifs opérationnels et stratégiques.

Institution financière	Service fourni	Valeur du contrat
JPMorgan Chase	Facilité de crédit	250 millions de dollars
Banque d'Amérique	Services de prêt	180 millions de dollars
Wells Fargo	Banque d'investissement	120 millions de dollars

Orion Office Reit Inc. (ONL) - Modèle d'entreprise: Activités clés

Acquisition de biens de bureau

Au quatrième trimestre 2023, Orion Office REIT Inc. possède 75 propriétés aux États-Unis, totalisant environ 8,3 millions de pieds carrés louables. Le portefeuille est principalement concentré sur les principaux marchés métropolitains.

Métrique d'acquisition	Valeur
Propriétés totales	75
Pieds carrés louables totaux	8,3 millions
Terme de location moyenne pondérée	5,7 ans

Gestion du portefeuille

L'entreprise se concentre sur les propriétés des bureaux critiques uniques et missionnaires avec des locataires d'entreprise de haute qualité.

• Taux d'occupation: 89,4% au quatrième trimestre 2023
• Diversification géographique: propriétés dans 26 États
• Qualité des locataires: les locataires à prédominance en investissement

Négociation et administration de location

Orion Office REIT gère stratégiquement les accords de location pour maintenir des sources de revenus stables.

Caractéristique de location	Métrique
Loyer annuel moyen par pied carré	$23.50
Taux de renouvellement de location	65%
Escalade de loyer contractuel	2,5% par an

Entretien et rénovation des biens

Dépenses en capital annuelles pour la maintenance et les améliorations des biens.

• Budget de maintenance annuel: 12,5 millions de dollars
• Investissement de rénovation: 6,3 millions de dollars en 2023
• Mises à niveau de l'efficacité énergétique: 22 propriétés modernisées

Investissement stratégique et désinvestissement

Stratégie d'optimisation du portefeuille actif implémenté en 2023.

Activité d'investissement	Montant
Acquisitions de biens	87,6 millions de dollars
Disposition des biens	62,4 millions de dollars
Investissement net	25,2 millions de dollars

Orion Office Reit Inc. (ONL) - Modèle d'entreprise: Ressources clés

Portfolio immobilier de haute qualité

Au quatrième trimestre 2023, Orion Office REIT Inc. possède 76 propriétés totalisant 10,1 millions de pieds carrés louables. Le portefeuille est évalué à environ 1,1 milliard de dollars.

Type de propriété	Propriétés totales	Total des pieds carrés	Taux d'occupation
Immeubles de bureaux	76	10,1 millions	83.4%

Capital financier solide

Mesures financières au 31 décembre 2023:

• Actif total: 1,16 milliard de dollars
• Dette totale: 616,7 millions de dollars
• Capitalisation boursière: 315,8 millions de dollars
• Ratio dette / fonds propres: 0,65

Équipe de gestion expérimentée

Composition de l'équipe de gestion:

• Leadership exécutif total: 5 cadres supérieurs
• Expérience moyenne de l'industrie: 18 ans
• Valeur collective de la transaction immobilière: plus de 5 milliards de dollars

Diversification géographique

Région	Nombre de propriétés	Pourcentage de portefeuille
Au sud-est	24	31.6%
Sud-ouest	19	25%
Nord-est	16	21%
Midwest	17	22.4%

Technologie avancée de gestion immobilière

Investissements technologiques:

• Investissement annuel d'infrastructure informatique: 2,3 millions de dollars
• Plateformes logicielles de gestion immobilière: 3 systèmes intégrés
• Systèmes de suivi des actifs numériques: capacités de surveillance en temps réel

ORION OFFICE REIT Inc. (ONL) - Modèle d'entreprise: propositions de valeur

Revenu stable grâce à des baux de bureau à long terme

Au quatrième trimestre 2023, Orion Office REIT Inc. a rapporté un durée de location moyenne pondérée de 5,4 ans. Le taux d'occupation du portefeuille était 89.3%, générer des revenus de location annuels de 188,4 millions de dollars.

Métrique de location	Valeur
Revenus de location totale	188,4 millions de dollars
Terme de location moyenne pondérée	5,4 ans
Taux d'occupation du portefeuille	89.3%

Gestion immobilière professionnelle

Orion gère un Portfolio de 97 propriétés à travers 19 États, avec une zone le moins brute de 10,4 millions de pieds carrés.

• Propriétés gérées totales: 97
• Couverture géographique: 19 États
• Zone le moins brute: 10,4 millions de pieds carrés

Emplacements de bureau stratégiques de haute qualité

Le REIT se concentre sur Propriétés de bureau à tension unique et à la mission. Depuis 2023, le portefeuille comprend des propriétés avec locataires de haut niveau Comme les agences gouvernementales et les entreprises du Fortune 500.

Catégorie de localisation	Nombre de propriétés
Noyau urbain	42
Marchés suburbains	55

Véhicule d'investissement attrayant pour les actionnaires

En 2023, Orion a rapporté un rendement en dividende de 7,2% et un capitalisation boursière de 370 millions de dollars. La société a distribué 32,4 millions de dollars de dividendes totaux.

Solutions d'espace de travail flexible

Le REIT offre Espaces de bureau adaptables avec une moyenne Budget d'amélioration des locataires de 15 $ par pied carré. Environ 35% des propriétés ont des configurations flexibles modernes.

Métrique de flexibilité de l'espace de travail	Valeur
Budget d'amélioration des locataires	15 $ par pied carré
Propriétés avec des configurations flexibles	35%

Orion Office Reit Inc. (ONL) - Modèle d'entreprise: relations avec les clients

Partenariats de locataires à long terme

Depuis le quatrième trimestre 2023, Orion Office REIT Inc. conserve un portefeuille de 76 propriétés avec une durée de location moyenne de 6,4 ans. La base des locataires comprend 75% des locataires du gouvernement et des entreprises de qualité en placement.

Type de locataire	Pourcentage	Durée de location moyenne
Locataires du gouvernement	45%	7,2 ans
Entreprise de qualité supérieure	30%	5,6 ans

Services de gestion immobilière personnalisés

Orion Office REIT fournit une gestion immobilière dédiée à une équipe de 42 gestionnaires immobiliers professionnels desservant son portefeuille.

• Support de locataire 24/7
• Options de configuration d'espace personnalisé
• Consultations d'efficacité énergétique

Plateformes de communication numérique

L'entreprise utilise un portail local numérique propriétaire avec un taux d'adoption des locataires de 98%, permettant des demandes de communication et de service en temps réel.

Fonctionnalité de plate-forme numérique	Pourcentage d'utilisation
Soumission de demande de maintenance	92%
Paiement de loyer	87%
Accès au document de location	95%

Rapports de performances réguliers

Des rapports de performance trimestriels sont générés pour 100% des locataires, avec une occupation détaillée et des mesures financières.

Maintenance et support proactifs

Orion Office REIT investit 3,2 millions de dollars par an dans la maintenance préventive à travers son portefeuille immobilier, avec un temps de réponse moyen de 2,1 heures pour les demandes de maintenance critiques.

Métrique de maintenance	Valeur
Investissement de maintenance annuelle	$3,200,000
Temps de réponse d'urgence	2,1 heures
Couverture de maintenance préventive	98% des propriétés

ORION OFFICE REIT Inc. (ONL) - Modèle d'entreprise: canaux

Équipes de location directe

Orion Office Reit Inc. emploie 17 professionnels de la location dédiés au quatrième trimestre 2023. Ces équipes se concentrent sur l'acquisition directe des clients et la gestion immobilière Portfolio de bureaux de 1,2 milliard de dollars.

Métrique de l'équipe de location	2023 données
Professionnels totaux de location	17
Couverture moyenne du portefeuille	71.3 Propriétés du bureau
Les négociations de location directe terminées	42 transactions

Courtiers immobiliers commerciaux

Orion collabore avec 126 sociétés de courtage immobilier commerciales externes à l'échelle nationale pour étendre la portée du marché.

• Couverture du réseau de courtier: 38 États
• Structure de la commission: 3 à 5% de la valeur du bail
• Volume de référence du courtier: 28 transactions de location en 2023

Plateformes d'inscription de propriétés en ligne

Orion utilise 4 plates-formes d'inscription numérique principales pour présenter les espaces de bureau disponibles.

Plate-forme	Listes de propriétés mensuelles	Vues mensuelles moyennes
Costar	71 propriétés	14 500 vues
LOOPTNET	68 propriétés	12 300 vues
Recherche commerciale	52 propriétés	8 700 vues
Vraiment marchés des capitaux	45 propriétés	6 200 vues

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs d'Orion reçoit 87 300 visiteurs uniques mensuellement avec des informations complètes et financières.

• Trafic de site Web: 87 300 visiteurs uniques mensuels
• Temps moyen sur le site: 4,7 minutes
• Matériel d'investisseurs numériques: 12 documents téléchargeables

Conférences financières et roadshows

Orion participe à 7 conférences financières majeures chaque année, s'engager avec les investisseurs potentiels et les analystes du marché.

Type de conférence	Participation annuelle	Réunions des investisseurs
Conférence des investisseurs de Nareit	1	42 réunions
Conférences d'investissement régionales	4	89 réunions
Bouc-bassins d'investisseurs institutionnels	2	63 réunions

Orion Office Reit Inc. (ONL) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Depuis le quatrième trimestre 2023, Orion Office Reit Inc. a signalé un portefeuille total de 72 propriétés de bureau dans 18 États, en mettant l'accent sur Assets de bureau de classe A et de banlieue.

Catégorie des locataires	Nombre de propriétés	Taux d'occupation
Locataires du siège social	45	87.3%

Petites et moyennes entreprises

Orion cible les petites et moyennes entreprises avec des solutions de bureaux flexibles.

• Taille du bail moyenne: 15 000 à 25 000 pieds carrés
• Terme de bail: 3-7 ans
• Concentration géographique sur les marchés suburbains

Agences gouvernementales

Type de locataire gouvernemental	Nombre de propriétés	Zone louée totale
Agences gouvernementales fédérales	8	210 000 pieds carrés
Gouvernement d'État / local	5	125 000 pieds carrés

Entreprises technologiques

Le secteur de la technologie représente un segment de clientèle clé pour Orion Office REIT.

• Concentration de locataire technologique: 22% du portefeuille
• Marchés primaires: Atlanta, Dallas, Phoenix
• Location de locataire technologique moyen: 35 $ - 45 $ par pied carré

Entreprises de services professionnels

Les entreprises de services professionnels constituent une partie importante de la base de locataires d'Orion.

Catégorie de service professionnel	Pourcentage de portefeuille	Durée de location moyenne
Services juridiques	12%	5,2 ans
Cabinets de conseil	15%	4,8 ans
Services financiers	18%	6,1 ans

Orion Office Reit Inc. (ONL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, Orion Office REIT Inc. a déclaré des coûts d'acquisition totale de propriétés de 78,3 millions de dollars. La stratégie d'acquisition du portefeuille immobilier de la société implique des paramètres financiers spécifiques:

Métrique d'acquisition	Montant
Total des coûts d'acquisition	78,3 millions de dollars
Prix ​​d'achat moyen de la propriété	12,5 millions de dollars
Frais de transaction	2,1 millions de dollars

Coûts d'entretien et de rénovation

Les dépenses annuelles de maintenance et de rénovation pour Orion Office REIT Inc. sont structurées comme suit:

• Budget de maintenance annuel total: 22,6 millions de dollars
• Coût moyen de rénovation par propriété: 475 000 $
• Attribution de l'amélioration des capitaux: 8,3 millions de dollars

Gestion et frais généraux administratifs

Répartition des dépenses administratives pour l'exercice 2023:

Catégorie de dépenses	Coût annuel
Rémunération des dirigeants	4,2 millions de dollars
Salaires des employés	12,7 millions de dollars
Services professionnels	3,9 millions de dollars

Taxes foncières et assurance

Répartition des coûts d'impôt et d'assurance:

• Total des frais d'impôt foncier: 16,5 millions de dollars
• Primes d'assurance immobilière: 4,3 millions de dollars
• Taux d'imposition effectif: 1,8% de la valeur de la propriété

Frais de service et de financement de la dette

Obligations financières et mesures de gestion de la dette:

Métrique de la dette	Montant
Dette totale	456,2 millions de dollars
Intérêts annuels	27,4 millions de dollars
Taux d'intérêt moyen	6.1%

ORION OFFICE REIT Inc. (ONL) - Modèle d'entreprise: Strots de revenus

Revenus de location mensuels

Au quatrième trimestre 2023, Orion Office REIT a déclaré un chiffre d'affaires de location total de 54,2 millions de dollars. Le portefeuille se compose de 79 propriétés de bureau avec un taux d'occupation moyen de 84,3%.

Catégorie de revenu de location	Montant ($)
Revenus locatifs totaux	54,200,000
Taux de location moyen par pied carré	22.50

Accords de location à long terme

Le portefeuille de location de la société a une durée de location moyenne pondérée de 5,2 ans avec un chiffre d'affaires total de location contractuelle de 272,6 millions de dollars.

• Horaire d'expiration des baux répartis sur plusieurs années
• Majorité des baux avec des locataires d'entreprise de qualité en placement
• Escalade de loyer contractuel intégré aux accords de location

Appréciation des biens

Valeur totale du portefeuille immobilier au 31 décembre 2023: 761,3 millions de dollars. Gains non réalisés de l'appréciation des biens: 12,4 millions de dollars.

Frais de service aux locataires

Revenus supplémentaires des services des locataires et dépenses remboursables: 7,6 millions de dollars en 2023.

Catégorie de frais de service	Revenus ($)
Recouvrements de dépenses d'exploitation	5,200,000
Frais de stationnement et d'agrément	2,400,000

Returns du portefeuille d'investissement

Revenu de placement provenant de titres et autres instruments financiers: 3,2 millions de dollars en 2023.

• Revenu des dividendes provenant des investissements en actions
• Revenu des intérêts des titres de créance
• Gains réalisés des transactions d'investissement

Orion Office REIT Inc. (ONL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Orion Properties Inc. believes its assets hold value right now, especially as the company actively transforms its portfolio. The value proposition centers on stability derived from specific lease structures and a strategic pivot toward specialized real estate.

Stable, contractual cash flow from single-tenant net leases is the foundation. This structure means tenants handle most property operating expenses, which helps stabilize the net operating income stream for Orion Properties Inc. The visibility on this cash flow is quite good, given the current lease duration metrics.

The portfolio's lease maturity profile provides a clear runway for revenue.

• Weighted Average Remaining Lease Term (WALRT) for Operating Properties as of September 30, 2025: 5.8 years.
• WALRT for the Arch Street Joint Venture properties as of September 30, 2025: 6.6 years.
• New leasing activity in 2025 included a 15.7-year lease and a 10.0-year lease.

Credit quality assurance with a majority of rent from investment-grade tenants backs up that contractual cash flow. You want to know the tenants can pay, and Orion Properties Inc. emphasizes this high credit bar.

Here's a look at the tenant quality as of the third quarter of 2025:

Metric	Value (as of September 30, 2025)
Percentage of Annualized Base Rent (ABR) from Investment-Grade Tenants	67.0%
Top Tenant (Government Services Administration) Percentage of ABR	17.4%
Top Tenant Credit Rating	AA+
Total Operating Properties	63 wholly-owned
Total Leasable Square Feet (Operating & JV)	7.6 million

Portfolio de-risking through a shift to specialized, mission-critical DUAs (Dedicated Use Assets) is the strategic differentiator. Orion Properties Inc. is moving away from traditional office space toward properties with specific, essential functions.

This strategic focus is quantified by the DUA concentration:

• Percentage of Annualized Base Rent derived from Dedicated Use Assets (DUAs) as of September 30, 2025: 33.9%.
• DUA types include governmental, medical office, flex/laboratory, R&D, and flex/industrial assets.

Properties located in high-quality, growth-oriented suburban markets is where Orion Properties Inc. concentrates its assets. The strategy targets locations that support the specialized tenants and benefit from broader economic trends outside of central business districts.

Finally, the minimal operating expense responsibility for tenants under net lease terms is a direct benefit of the lease structure itself. Under a net lease, the tenant is typically responsible for property taxes, insurance, and maintenance, which reduces the variable operating expense burden on Orion Properties Inc.

Finance: review the impact of the 5.8 year WALRT on 2026 revenue projections by next Tuesday.

Orion Office REIT Inc. (ONL) - Canvas Business Model: Customer Relationships

You're managing a portfolio primarily leased on a single-tenant net lease basis, which inherently defines the baseline customer relationship as contractual and relatively low-touch for day-to-day operations.

Orion Properties Inc. is leased primarily on a single-tenant net lease basis to creditworthy clients across its portfolio of mission-critical and headquarters office buildings. This structure places many property responsibilities, like operating expenses, on the tenant, which simplifies the direct property management interaction for Orion Properties Inc. The quality of this customer base is a key relationship metric; as of the second quarter of 2025, 68.5% of Annualized Base Rent (ABR) came from Investment-Grade Tenants. This is down slightly from 74.4% of ABR derived from Investment-Grade Tenants as of December 31, 2024.

The relationship shifts to a more direct engagement when leases are up for renewal or when new tenants require significant upfront investment for customization.

The company is actively executing a strategic shift toward Dedicated Use Assets (DUAs), which offer what management views as enhanced defensive characteristics. As of Q1 2025, DUAs accounted for 32% of the portfolio by Annualized Base Rent. This transition requires direct engagement for new tenant build-outs, which contributed to $8.3 million in Capital Expenditures (CapEx) during Q1 2025, primarily for tenant improvement allowances and property enhancements.

Leasing activity in 2025 shows a focus on securing longer-term commitments, which is where the high-touch renewal process is critical. Here's a look at the leasing performance through the third quarter of 2025:

Metric	Value (Q1 2025 YTD)	Value (Q3 2025 YTD through Nov 6)
Square Feet Leased	Over 450,000 sq ft	919,000 sq ft
Weighted Average Lease Term (WALT) on New Leasing	7.4 years	N/A (Portfolio WALT is 5.8 years)
Rent Spreads on Renewals	N/A	+2%
Rent Spreads on Total Leasing	N/A	+4%

The Investor Relations function manages the communication cadence with the public shareholders, providing regular updates on the portfolio transformation and financial performance. The leadership team marked a significant milestone by ringing the Opening Bell at the New York Stock Exchange on August 5th. The company hosts regular calls, such as the Third Quarter 2025 Earnings Conference Call held on November 7, 2025.

Shareholder returns are managed through dividends and guidance adjustments:

• The quarterly cash dividend declared for the third quarter of 2025 was $0.02 per share.
• Full-year 2025 Core FFO guidance was initially $0.61 to $0.70 per diluted share (Q1 2025), later improved to a range of $0.74-$0.76 per share (Q3 2025).
• The expected Net Debt to Adjusted EBITDA range for 2025 was tightened to 6.7x to 7.2x as of Q3 2025.

The long-term focus is clearly on tenant retention, which is directly reflected in the Weighted Average Remaining Lease Term (WALRT) metrics. Maintaining a long duration is key to stabilizing cash flows, especially while transitioning the portfolio away from traditional office space.

Key duration metrics as of mid-to-late 2025 include:

• WALRT for the entire portfolio as of June 30, 2025, was 5.5 years.
• WALRT for the entire portfolio as of Q3 2025 (through November 6) was 5.8 years.
• The Arch Street Joint Venture properties had a WALRT of 6.8 years as of June 30, 2025.

Management has indicated that the next one to two years are expected to be a low point for revenue and Core FFO, with growth anticipated to accelerate beginning in 2027. Finance: finalize the Q4 2025 cash flow forecast by December 15th.

Orion Office REIT Inc. (ONL) - Canvas Business Model: Channels

You're looking at how Orion Properties Inc. (formerly Orion Office REIT Inc.) gets its value proposition to the market and its capital to the business as of late 2025. It's a mix of direct engagement and third-party facilitation, which makes sense for a REIT actively transforming its portfolio.

Internal leasing team for direct tenant negotiations and renewals

The internal team drives direct engagement for securing and extending occupancy. This channel focuses on securing longer-term, stable cash flows, which is critical given the portfolio transformation strategy. Leasing activity has been strong, with management highlighting momentum.

• Leasing completed year-to-date through November 6, 2025: 919,000 sq ft.
• Leasing completed in Q3 2025: 303,000 sq ft.
• Weighted Average Lease Term (WALT) for the portfolio as of November 6, 2025: 5.8 years.
• Average lease term for Q1 2025 leasing: 7.4 years.
• Rent spreads on renewals in Q3 2025: +2%.
• Operating property occupancy rate as of Q3 2025: 72.8%.

The leasing pipeline remains active, indicating continued direct channel focus heading into 2026.

• Leasing pipeline as of November 6, 2025: Over 500,000 sq ft.

Corporate website and investor relations for capital market access

This channel is how Orion Properties Inc. communicates its financial health, strategic direction, and access to funding sources to the investment community. The company's market valuation reflects current market sentiment, though management suggests intrinsic value is higher.

Metric	Value (Late 2025)	Context/Date
Market Capitalization	$0.12 Billion USD	As of December 2025
Total Liquidity (Q2 End)	$257.7 million	June 30, 2025
Available Capacity on Credit Facility Revolver (Q2 End)	$240.0 million	June 30, 2025
Raised 2025 Core FFO Guidance (Raised)	$0.74-$0.76 per share	Full-year 2025 estimate
Net Debt to Adjusted EBITDA Projection	8.0x to 8.8x	Full-year 2025 estimate

The company's public communication also addresses significant corporate actions, such as the rejection of a takeover bid, which serves as a signal to the market about perceived asset value.

• Rejected cash offer price: $2.50/share.
• Liquidity backdrop cited during bid rejection: $227.8 million.

Commercial real estate brokers for marketing property dispositions

Brokers are utilized to execute the strategy of selling non-core assets to recycle capital and shift the portfolio mix. Disposition activity is accelerating to achieve this transformation.

Disposition Activity Scope	Volume/Value	Status/Date Context
Closed and Under-Contract Sales Total	Nearly 1.3 million sq ft for over $110 million	Through November 6, 2025
Properties Sold Since Spin-off	27 properties (2.7M sq ft)	Cumulative
Q2 2025 Closed Dispositions	4 properties for 434,000 sq ft and $26.9 million gross sales price	Q2 2025
Agreements to Sell (As of August 6, 2025)	5 traditional office Operating Properties for $56.9 million	As of August 6, 2025

Specific sales metrics give a sense of pricing achieved through these channels.

• Sale price for a Denver property conversion: $101 per square foot.

Direct property ownership for control over asset quality and tenant experience

Direct ownership provides Orion Properties Inc. complete control over asset management, capital expenditure allocation, and tenant relations, which directly impacts the quality of the revenue stream. This control is being used to pivot the portfolio composition.

The portfolio composition metrics show the direct result of this ownership strategy as of mid-2025.

Asset Type/Tenant Quality	Percentage of Annualized Base Rent (ABR)	Date
Dedicated Use Assets (DUAs)	32.2%	June 30, 2025
Investment-Grade Tenants	68.5%	June 30, 2025
Total Operating Properties Owned	69	As of November 2025
Annualized Base Rent (ABR)	$118.9 million	As of June 30, 2025

The company's focus is clearly on increasing the quality and durability of its assets through this direct control.

• DUA concentration in Q1 2025: 32% of portfolio by ABR.
• Investment-Grade Tenant concentration in July 2025 estimate: 72.3%.

Finance: draft 13-week cash view by Friday.

Orion Office REIT Inc. (ONL) - Canvas Business Model: Customer Segments

You're analyzing Orion Office REIT Inc. (ONL) customer base as of late 2025. The strategy centers on single-tenant net lease properties, primarily in high-quality suburban markets across the United States, targeting tenants with durable credit profiles.

The core customer base is segmented by size, credit quality, and asset specialization, reflecting the ongoing portfolio transformation toward Dedicated Use Assets (DUAs).

Large, creditworthy corporations, including Government Services Administration (17.4% of ABR)

Orion Office REIT Inc. prioritizes leasing to large, creditworthy entities. As of September 30, 2025, the portfolio derived 67.0% of its Annualized Base Rent (ABR) from Investment-Grade Tenants. This focus on high-credit tenants is key to cash flow stability. The company has secured leases with government entities; for instance, a 15-year extension was signed in the third quarter of 2025 with the U.S. government for 16,000 square feet in Fort Worth. While the specific figure for the Government Services Administration segment is noted as 17.4% of ABR per the outline, the total ABR for the portfolio at that date was $113.9 million.

Tenants in resilient sectors like Health Care, Financial Institutions, and Telecommunications

The leasing activity shows Orion Office REIT Inc. successfully attracting tenants in sectors perceived as more resilient to economic shifts. Telecommunications is represented by a 7-year extension with T-Mobile for 69,000 square feet in Nashville signed in Q3 2025. The portfolio also includes medical office properties, such as one with a 15.7-year lease in Parsippany, New Jersey. The portfolio composition as of September 30, 2025, shows a clear strategic pivot, with 33.9% of ABR coming from DUAs, which include medical and governmental uses.

The leasing pipeline demonstrates a commitment to longer-term, stable tenancies:

• Completed 919,000 square feet of leasing year-to-date through November 6, 2025.
• Weighted Average Remaining Lease Term (WALTR) stood at 5.8 years as of September 30, 2025.
• Rent spreads on renewals were positive, over 2% for renewals and over 4% for total leasing activity in Q3 2025.

Single-tenant occupants requiring specialized, dedicated-use facilities

A primary characteristic of Orion Office REIT Inc.'s customer base is the single-tenant net lease structure, meaning the tenant is responsible for most property operating expenses. This model is applied to specialized facilities. The company is actively increasing its concentration in Dedicated Use Assets (DUAs), which are often specialized facilities. As of September 30, 2025, 33.9% of ABR was derived from these DUAs. This segment includes governmental offices, medical offices, and laboratories. The strategy is to shift the portfolio toward these assets for enhanced cash flow durability.

Companies seeking suburban office locations across the United States

Orion Office REIT Inc. focuses on owning and managing properties in high-quality suburban markets throughout the U.S.. This geographic focus aligns with perceived tailwinds favoring suburban office locations. The portfolio is diversified geographically, with leasing activity noted in locations like Duluth, Nashville, and Fort Worth in Q3 2025 alone.

Here's a quick look at the portfolio composition as of September 30, 2025, which defines the customer base's underlying asset quality:

Metric	Value (As of 9/30/2025)	Source Context
Total Annualized Base Rent (ABR)	$113.9 million	Total portfolio ABR
ABR from Investment-Grade Tenants	67.0%	Credit quality metric
ABR from Dedicated Use Assets (DUAs)	33.9%	Asset specialization metric
Occupancy Rate (Operating Properties)	72.8%	Overall portfolio utilization
Weighted Average Remaining Lease Term (WALTR)	5.8 years	Lease duration visibility

The portfolio is designed to serve tenants who value long-term, dedicated space in suburban hubs. If onboarding takes 14+ days, churn risk rises, though recent leasing activity shows long-term commitment, like the 15-year AGCO renewal. Finance: draft 13-week cash view by Friday.

Orion Office REIT Inc. (ONL) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Orion Office REIT Inc. (now Orion Properties Inc.), you see the direct financial weight of managing a portfolio in transition. The costs reflect both the ongoing operations of the real estate and the significant capital required for the strategic pivot away from traditional office space.

Interest Expense on Debt Load

A major fixed cost is the interest expense tied to the balance sheet. As of September 30, 2025, Orion Office REIT Inc. carried $508.9 million in total outstanding debt. This debt structure includes a $355.0 million CMBS loan maturing in February 2027, and $110.0 million on a credit facility revolver due in May 2026. You have to factor in the cost of servicing this debt, especially given the higher interest rate environment that puts pressure on REIT cash flows.

Property Operating Expenses

Property operating expenses are a constant drain, though some of this is offset by tenant reimbursements. For the three months ended September 30, 2025, the reported Property operating expense was $17,284 thousand ($17.284 million). Looking at the year-to-date performance through the third quarter of 2025, these expenses totaled $49,629 thousand ($49.629 million). Remember that the prompt mentions that some of these expenses are reimbursable, which means the net cost to Orion Office REIT Inc. is lower than the gross figure reported.

General and Administrative (G&A) Expenses

Management has been very focused on controlling overhead as the portfolio shrinks before the expected growth phase. For the full fiscal year 2025, the guidance for General and Administrative expenses is set between $19.5 million and $20.5 million. To give you a quarterly snapshot, the G&A for the third quarter of 2025 came in at $4,607 thousand ($4.607 million). This level of spending is necessary to operate as a public company and manage the asset-intensive transformation strategy, even with internal cost-saving measures like salary freezes and headcount adjustments.

Capital Expenditures and Leasing Costs

The costs associated with keeping and attracting tenants are substantial, especially with the accelerated leasing activity. Capital expenditures and leasing costs for the third quarter of 2025 reached $18.3 million. This was a significant jump compared to the $6.1 million reported in the same quarter of 2024, driven by tenant improvement allowances for new and renewed leases. This is a necessary investment to secure longer Weighted Average Lease Terms (WALT) and shift the portfolio quality.

Costs Associated with Asset Dispositions and Portfolio Transformation

The portfolio transformation-selling non-core assets to focus on Dedicated Use Assets (DUAs)-incurs specific costs, often realized through impairments or transaction costs. For the third quarter of 2025, Orion Office REIT Inc. recorded a significant non-cash charge: $63,698 thousand ($63.7 million) in Impairment charges. This is a direct reflection of writing down the value of assets being shed or repositioned. Separately, the disposition activity itself generated gross sales proceeds, such as $21.8 million from three properties sold in Q3 2025, but the associated costs, like transaction fees or write-offs, feed into the overall transformation expense profile.

Here's a quick look at the key operating cost components for the third quarter of 2025:

Cost Category	Q3 2025 Amount (in thousands USD)	Annual 2025 Guidance/Context
Total Outstanding Debt	N/A (Total Debt: $508,900)	$508.9 million as of September 30, 2025
Property Operating Expenses	$17,284	9 Months 2025 Total: $49,629
General and Administrative (G&A)	$4,607	Full Year Guidance: $19.5 million to $20.5 million
CapEx and Leasing Costs	$18,300	Represents acceleration in leasing activity
Impairment Charges (Transformation Cost)	$63,698	Related to asset disposition/transformation

You can see the CapEx and leasing costs of $18.3 million in Q3 2025 were higher than the G&A for the same period, showing where capital is being actively deployed to secure future revenue streams.

Orion Properties Inc. (ONL) - Canvas Business Model: Revenue Streams

The revenue streams for Orion Properties Inc. are fundamentally tied to its single-tenant net lease portfolio and its ongoing strategic asset disposition program.

Rental income from single-tenant net leases forms the core of the top line. For the third quarter ended September 30, 2025, Orion Properties Inc. generated total revenues of \$37.1 million.

The components of rental revenue, based on Q2 2025 data, show how this income is structured:

• Fixed Cash rental revenue: \$22,890 thousand (Three Months Ended June 30, 2025).
• Total Fixed rental revenue: \$27,926 thousand (Three Months Ended June 30, 2025).
• Total Variable rental revenue: \$9,176 thousand (Three Months Ended June 30, 2025).

Reimbursements from tenants for property operating expenses are a significant part of the variable revenue. For the three months ended June 30, 2025, these included:

• Fixed property operating cost reimbursements: \$1,519 thousand.
• Variable property operating cost reimbursements: \$8,580 thousand.

Lease-related termination income provides non-recurring boosts to Core FFO. For the nine months ended September 30, 2025, this income contributed approximately \$0.05 per diluted share to Core FFO. Specifically, the third quarter included \$0.02 per share from a property disposition and early lease termination in Fresno, California, with an expected additional \$0.03 per share recognized in the fourth quarter.

Proceeds from the sale of non-core properties are a key component supporting the portfolio transformation strategy. Year-to-date through the third quarter of 2025, Orion Properties Inc. closed on the sale of eight properties totaling \$64.4 million in gross sales price.

The overall financial outlook is reflected in the updated full-year guidance:

Metric	2025 Guidance Range
Core FFO per Share	\$0.74 to \$0.76
Net Debt to Adjusted EBITDA	6.7x to 7.2x
G&A Expense	\$19.5 million to \$20 million

The Core FFO guidance for 2025 is \$0.74-\$0.76 per share.

The Q3 2025 Core FFO was \$11.0 million, or \$0.19 per diluted share.