Orion Properties Past Earnings Performance
Past criteria checks 0/6
Orion Properties's earnings have been declining at an average annual rate of -26%, while the Office REITs industry saw earnings declining at 4.4% annually. Revenues have been growing at an average rate of 9.8% per year.
Key information
-26.04%
Earnings growth rate
-62.91%
EPS growth rate
| Office REITs Industry Growth | 3.05% |
| Revenue growth rate | 9.83% |
| Return on equity | -23.53% |
| Net Margin | -106.84% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 26
ONL: Ongoing Review Process Will Likely Unlock Additional Shareholder Value
Analysts have revised their fair value estimate for Orion Properties from $3.00 to $3.50, citing updated assumptions around revenue growth, profit margins, discount rates and future P/E expectations. What’s in the News for Orion Properties Orion Properties reported first quarter results that the company said reflect continued progress on leasing activity, asset sales and balance sheet management.Seeking Alpha • May 09
Orion Properties Makes Progress With Deleveraging As Strategic Review Continues
Summary Orion Properties Inc. has notably outperformed U.S. REIT peers in 2026, clawing back some of its 2025 losses. ONL reported solid Q1 2026 Core FFO and occupancy growth. At the same time, funds available for distribution remain negative amid high capex and lease incentives. Disposals post-quarter end have pushed ONL's net debt to enterprise value down to 71%. Even so, further progress on deleveraging is arguably needed in the quarters ahead. ONL's outlook for the remainder of 2026 appears conservative given lower interest costs achieved thanks to its recent refinancing. If ONL decides to remain an independent company, it will likely have to grow its non-office portfolio to escape negative effects of AI on office demand. Read the full article on Seeking AlphaNew Narrative • Jan 29
Shift Toward Dedicated Use Assets Will Support More Durable Cash Flows Over Time
Catalysts About Orion Properties Orion Properties is a REIT focused on office and dedicated use assets across the United States. What are the underlying business or industry changes driving this perspective?Seeking Alpha • Mar 06
Orion Office: No More Counting Dollars, We'll Be Counting Stars
Summary We have maintained a bearish bias on Orion Office over the years. Q4 2024 results show FFO dropped to 14 cents, Core FFO to 18 cents, and FAD plummeted to 2 cents, prompting a dividend cut. Orion's debt to EBITDA ratio has surged to 7.57X, and it will go higher in 2025. We maintain a "Strong Sell" rating due to formidable debt and poor property value outlook. Read the full article on Seeking AlphaSeeking Alpha • Jan 06
If I Had To Invest Right Now, I Buy This 10% Yield REIT: Orion Office
Summary Stuck going to the office? Get paid to be their landlord. I plan my income years in advance to see it grow and enable high yields. Don't only live in the present; chart a course to the future you want. Read the full article on Seeking AlphaSeeking Alpha • Dec 17
Realty Income's Not The Blue Chip You Deserve, But The One You Need Right Now
Summary Realty Income Corporation faces three main challenges today. We go over these and tell you how we view them. The stock offers the prospect of good absolute returns and phenomenal relative returns. Using longer-dated covered calls can lock in a 12.6% yield for a year, offering a tactical advantage over a simple buy-and-hold approach. Read the full article on Seeking AlphaSeeking Alpha • Dec 05
Realty Income: What Could Turn The Tide?
Summary Realty Income offers stable income but lacks recent capital appreciation. Management should focus on share buybacks to drive price appreciation. Diversified portfolio with more than 15,000 properties, but stepping outside core competencies has led to underperformance compared to Agree Realty. Agree Realty's focused strategy on high-quality tenants and U.S.-based retail has resulted in superior returns and growth potential. Realty Income's strong fundamentals and liquidity support share buybacks and portfolio improvement to enhance shareholder value. The REIT could also potentially spin off other parts of its business and focus on recession-resistant tenants, getting back to their core business. Read the full article on Seeking AlphaSeeking Alpha • Nov 21
I Am Bottom Fishing: 10% Yield From Orion Office REIT
Summary Income from all sources can play a vital role in your retirement planning. Office REITs have been battered by a weakening economy and high rates. The sector's outlook is rapidly improving, but the best time to buy is early. Read the full article on Seeking AlphaSeeking Alpha • Oct 15
Orion Office: An Ugly Ducking Or SWAN-A-Bee?
Summary Orion Office REIT Inc. is undergoing a portfolio transformation, focusing on high-quality, specialized office properties and reducing exposure to generic office space. Despite sector struggles, ONL offers a high AFFO yield of 26.06% and a well-covered dividend yield of 10.55%, making it an attractive risk-reward investment. Trading at a significant discount (P/AFFO of 3.84x and P/NAV ratio of 0.31x), this REIT could become an M&A target. While not a SWAN, ONL's potential for outsized returns and strong cash flow coverage make it a Buy. Read the full article on Seeking AlphaSeeking Alpha • Oct 08
Orion Office REIT: 3 Reasons We Are Moving To A Strong Sell
Summary Orion Office REIT's occupancy has dropped from 92% in 2021 to around 80% in Q2-2024. The company's Funds From Operations (FFO) continues to decline. Orion's debt levels are concerning, with net debt to adjusted EBITDA expected to reach 8.0X by the end of 2025. Read the full article on Seeking AlphaSeeking Alpha • Aug 21
Orion Office REIT: Evaluating Risks, Dividends, And Valuation In A Declining Market
Summary Orion is a REIT focused on single-tenant, net-lease, suburban office properties in growing markets. The company aims to maintain a low-leveraged balance sheet, grow organically through targeted dispositions, and lease to tenants in preferred sectors. Financials show lower-than-average occupancy rates, declining profitability, and a concerning outlook for FFO per share. Read the full article on Seeking AlphaSeeking Alpha • Jun 20
Orion Office REIT: Don't Get Sucked In
Summary Orion Office REIT Inc. has shed nearly 50% of its value in the past year, rearranging its dividend and valuation outlook. We argue that Orion is best left alone, as the Office REIT environment faces systematic pressure. Moreover, we dislike Orion's key portfolio metrics. Furthermore, we think Orion faces liability-level challenges, which could coalesce with its lease term structuring to wreak havoc. We assign an underweight/hold rating to ONL REIT. Read the full article on Seeking AlphaSeeking Alpha • Jun 13
Orion Office REIT: 75% Discount To NAV, What You Are Missing
Summary Orion Office REIT is trading at about 25% of the estimated NAV. We have had Sell and Strong Sell ratings on this in the past. We tell you why we are doubling down on our Sell rating this far below the estimated NAV. Read the full article on Seeking AlphaSeeking Alpha • Feb 28
Orion Office REIT: The Downturn Continues
Summary Orion Office REIT Inc. is a new company formed from the office properties of Realty Income and VEREIT upon their merger. The office sector is currently out of favor, but the need for office spaces will likely increase in the future. The stock price has been dropping, but spinoffs tend to outperform the market over time and the company has potential for long-term success. A conservative balance sheet and management experience should get the company through the near-term challenges. This speculative idea needs to wait until the selling pressure subsides. It does look like the Orion Office REIT selling is almost done. Read the full article on Seeking AlphaSeeking Alpha • Jan 11
Realty Income: My Favorite High-Yield REIT In The Market Today
Summary I discuss my favorite REITs, Realty Income and Rexford Industrial Realty, and how they differ in terms of yield and growth. They emphasize the importance of simplicity and size, scale, and strategy when investing in REITs. I highlight the strengths of Realty Income, including its triple net lease agreements, strong occupancy record, and attractive valuation. Read the full article on Seeking AlphaSeeking Alpha • Jan 04
Spirit Realty Capital: Time To Exit Realty Income (Rating Downgrades)
Summary REITs faced challenges in 2023 but rebounded late in the year. The bull thesis for REITs includes attractive valuations, fading interest rate headwinds, and a moderately strong macro environment. We disagree on all three fronts and hence are downgrading both Realty Income Corporation and Spirit Realty Capital, Inc. stock. Read the full article on Seeking AlphaSeeking Alpha • Dec 26
Orion: 3 Reasons There Could Be Material Downside In 2024
Summary We had previously upgraded Orion from a Sell to a Hold, as we saw the possibility of it out-earning its enterprise value. The fundamentals have actually worsened and the REIT looks to have a challenging 2024. We give you three reasons why you should consider exiting. Read the full article on Seeking AlphaSeeking Alpha • Oct 16
Orion Office REIT: A Speculative Buy Once The Selling Pressure Subsides
Summary Orion Office REIT Inc. is a new company formed from the office properties of Realty Income and VEREIT. The office sector is currently out of favor, but the need for office spaces will likely increase in the future. The stock price has been dropping, but spinoffs tend to outperform the market over time and the company has potential for long-term success. A conservative balance sheet and management experience should get the company through the near-term challenges. This speculative idea needs to wait until the selling pressure subsides. It does look like the selling is almost done. Read the full article on Seeking AlphaSeeking Alpha • Aug 12
Orion Office REIT: An Upgrade Is Warranted
Summary Orion Office REIT Inc. has seen a decline in occupancy, annual base rent, and weighted average lease term in Q2-2023. The company has struggled to lease enough space even in this latest quarter. We are upgrading the stock rating based on Orion's ownership of single-tenant office buildings in a struggling commercial real estate market, along with a price close to NAV and low debt to EBITDA. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Orion Properties makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 134 | -144 | 21 | 0 |
| 31 Dec 25 | 136 | -139 | 20 | 0 |
| 30 Sep 25 | 150 | -136 | 20 | 0 |
| 30 Jun 25 | 152 | -77 | 20 | 0 |
| 31 Mar 25 | 155 | -86 | 20 | 0 |
| 31 Dec 24 | 164 | -103 | 20 | 0 |
| 30 Sep 24 | 170 | -86 | 19 | 0 |
| 30 Jun 24 | 180 | -93 | 19 | 0 |
| 31 Mar 24 | 192 | -75 | 19 | 0 |
| 31 Dec 23 | 195 | -57 | 19 | 0 |
| 30 Sep 23 | 201 | -60 | 18 | 0 |
| 30 Jun 23 | 204 | -97 | 18 | 0 |
| 31 Mar 23 | 204 | -96 | 17 | 0 |
| 31 Dec 22 | 208 | -97 | 16 | 0 |
| 30 Sep 22 | 198 | -133 | 14 | 0 |
| 30 Jun 22 | 160 | -82 | 10 | 0 |
| 31 Mar 22 | 120 | -62 | 7 | 0 |
| 31 Dec 21 | 80 | -47 | 4 | 0 |
| 30 Sep 21 | 52 | 12 | 2 | 0 |
| 30 Jun 21 | 52 | -1 | 2 | 0 |
| 31 Mar 21 | 53 | -1 | 2 | 0 |
| 31 Dec 20 | 53 | -2 | 2 | 0 |
| 31 Dec 19 | 53 | 15 | 2 | 0 |
| 31 Dec 18 | 55 | 15 | 3 | 0 |
Quality Earnings: ONL is currently unprofitable.
Growing Profit Margin: ONL is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ONL is unprofitable, and losses have increased over the past 5 years at a rate of 26% per year.
Accelerating Growth: Unable to compare ONL's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: ONL is unprofitable, making it difficult to compare its past year earnings growth to the Office REITs industry (9.3%).
Return on Equity
High ROE: ONL has a negative Return on Equity (-23.53%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/28 14:06 |
| End of Day Share Price | 2026/06/26 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Orion Properties Inc. is covered by 2 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mitchell Germain | Citizens JMP Securities, LLC |
| Matthew Erdner | JonesTrading Institutional Services, LLC |