Overview
Nov 15, 2021Founded1
Compare with Chiron Real Estate Inc., CTO Realty Growth, Inc. or Urstadt Biddle Properties, or pick any stock.
- TickerONL on NYSE1
- Industryreal estate investment trust, real property1
- HeadquartersPhoenix1
- Websitewww.onlreit.com
- Legal formcorporation1
- Incorporated inMD5
- Business address3200 E. Camelback Road, Suite 100, Phoenix, Az 850185
- Filer categoryAccelerated filer, Smaller reporting company, Emerging growth company5
- LEI254900ZBXYX11W8ZL4373
- StatusActive3
- LEI statusLapsed (not renewed)3
- Registered addressC/O The Corporation Trust Incorporated, 21093 Lutherville- Timonium, United States3
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D219498213
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Rental Revenue brought in 99% of the revenue Orion Office REIT broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Rental Revenue | $194.2M | $164.1M | $146.8M |
| Fees From Unconsolidated Joint Venture | $800.0K | $807.0K | $820.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$147.4M
- Income tax0¢$259.0K
Out of $147.6M in revenue.6 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid38¢$9.0M
- Kept or used elsewhere62¢$14.6M
Out of $23.6M of cash from operations.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $147.6M | $164.9M | $195.0M |
| Property operating | $64.8M | $65.2M | $60.8M |
| General and administrative | $20.3M | $20.1M | $18.7M |
| Depreciation and amortization | $58.7M | $100.8M | $109.1M |
| Impairments | $99.4M | $47.6M | $33.1M |
| Transaction related | $898.0K | $539.0K | $504.0K |
| Total operating expenses | $244.2M | $234.2M | $222.2M |
| Interest expense, net | -$31.5M | -$32.6M | -$29.7M |
| Gain on disposition of real estate assets | $7.1M | $0 | $31.0K |
| Loss on extinguishment of debt, net | $0 | -$1.1M | -$504.0K |
| Other income | $1.3M | $987.0K | $911.0K |
| Other expenses | -$1.6M | $0 | $0 |
| Reserve on member loan to unconsolidated joint venture | -$5.9M | $0 | $0 |
| Equity in loss and impairment of investment in unconsolidated joint venture, net | -$11.8M | -$740.0K | -$435.0K |
| Total other (expenses) income, net | -$42.5M | -$33.5M | -$29.7M |
| Loss before taxes | -$139.0M | -$102.8M | -$56.9M |
| Provision for income taxes | -$259.0K | -$214.0K | -$456.0K |
| Net loss | -$139.3M | -$103.0M | -$57.3M |
| Net (income) loss attributable to non-controlling interest | -$23.0K | -$36.0K | $9.0K |
| Net loss attributable to common stockholders | -$139.3M | -$103.0M | -$57.3M |
| Weighted-average shares outstanding - basic (in shares) | 56.2M shares | 55.9M shares | 56.4M shares |
| Weighted-average shares outstanding - diluted (in shares) | 56.2M shares | 55.9M shares | 56.4M shares |
| Basic net loss per share attributable to common stockholders (in dollars per share) | -$2.48 | -$1.84 | -$1.02 |
| Diluted net loss per share attributable to common stockholders (in dollars per share) | -$2.48 | -$1.84 | -$1.02 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $176.5M | $227.1M | ||
| Buildings, fixtures and improvements | $976.7M | $1.1B | ||
| Total real estate investments, at cost | $1.2B | $1.3B | ||
| Less: accumulated depreciation | $195.0M | $177.9M | ||
| Total real estate investments, net | $958.2M | $1.1B | ||
| Accounts receivable, net | $35.3M | $22.8M | ||
| Intangible lease assets, net | $75.9M | $95.9M | ||
| Cash and cash equivalents | $22.4M | $15.6M | $22.5M | $20.6M |
| Restricted cash | $38.3M | $41.6M | $34.7M | $34.7M |
| Real estate assets held for sale, net | $12.8M | $9.7M | ||
| Other assets, net | $27.6M | $46.3M | ||
| Total assets | $1.2B | $1.3B | ||
| Mortgages payable, net | $372.0M | $371.2M | ||
| Credit facility revolver | $92.0M | $119.0M | ||
| Accounts payable and accrued expenses | $40.2M | $31.6M | ||
| Below-market lease liabilities, net | $18.4M | $20.6M | ||
| Distributions payable | $1.2M | $5.6M | $5.6M | |
| Other liabilities, net | $22.2M | $23.1M | ||
| Total liabilities | $546.0M | $571.2M | ||
| Common stock, $0.001 par value, 100,000,000 shares authorized 56,314,634 and 55,951,876 shares issued and outstanding as of each of December 31, 2025 and December 31, 2024, respectively | $56.0K | $56.0K | ||
| Additional paid-in capital | $1.2B | $1.1B | ||
| Accumulated other comprehensive loss | -$5.0K | -$15.0K | ||
| Accumulated deficit | -$528.5M | -$384.3M | ||
| Total stockholders equity | $623.2M | $763.9M | ||
| Non-controlling interest | $1.3M | $1.3M | ||
| Total equity | $624.5M | $765.3M | $887.0M | $975.9M |
| Total liabilities and equity | $1.2B | $1.3B | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common stock, shares issued (in shares) | 56.3M shares | 56.0M shares | ||
| Common stock, shares outstanding (in shares) | 56.3M shares | 56.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $176.5M | $227.1M | ||
| Buildings, fixtures and improvements | $976.7M | $1.1B | ||
| Total real estate investments, at cost | $1.2B | $1.3B | ||
| Less: accumulated depreciation | $195.0M | $177.9M | ||
| Total real estate investments, net | $958.2M | $1.1B | ||
| Accounts receivable, net | $35.3M | $22.8M | ||
| Intangible lease assets, net | $75.9M | $95.9M | ||
| Cash and cash equivalents | $22.4M | $15.6M | $22.5M | $20.6M |
| Restricted cash | $38.3M | $41.6M | $34.7M | $34.7M |
| Real estate assets held for sale, net | $12.8M | $9.7M | ||
| Other assets, net | $27.6M | $46.3M | ||
| Total assets | $1.2B | $1.3B | ||
| Mortgages payable, net | $372.0M | $371.2M | ||
| Credit facility revolver | $92.0M | $119.0M | ||
| Accounts payable and accrued expenses | $40.2M | $31.6M | ||
| Below-market lease liabilities, net | $18.4M | $20.6M | ||
| Distributions payable | $1.2M | $5.6M | $5.6M | |
| Other liabilities, net | $22.2M | $23.1M | ||
| Total liabilities | $546.0M | $571.2M | ||
| Common stock, $0.001 par value, 100,000,000 shares authorized 56,314,634 and 55,951,876 shares issued and outstanding as of each of December 31, 2025 and December 31, 2024, respectively | $56.0K | $56.0K | ||
| Additional paid-in capital | $1.2B | $1.1B | ||
| Accumulated other comprehensive loss | -$5.0K | -$15.0K | ||
| Accumulated deficit | -$528.5M | -$384.3M | ||
| Total stockholders equity | $623.2M | $763.9M | ||
| Non-controlling interest | $1.3M | $1.3M | ||
| Total equity | $624.5M | $765.3M | $887.0M | $975.9M |
| Total liabilities and equity | $1.2B | $1.3B | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common stock, shares issued (in shares) | 56.3M shares | 56.0M shares | ||
| Common stock, shares outstanding (in shares) | 56.3M shares | 56.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$139.3M | -$103.0M | -$57.3M |
| Depreciation and amortization | $58.7M | $100.8M | $109.1M |
| Straight-line rental revenue and other non-cash revenue adjustments, net | -$13.3M | $180.0K | -$6.0M |
| Impairments | $99.4M | $47.6M | $33.1M |
| Gain on disposition of real estate assets | -$7.1M | $0 | -$31.0K |
| Loss on extinguishment of debt, net | $0 | $1.1M | $504.0K |
| Amortization of deferred financing costs | $3.7M | $3.7M | $4.0M |
| Loss on deferred offering costs | $576.0K | $0 | $0 |
| Equity-based compensation | $3.9M | $3.8M | $2.7M |
| Equity in loss and impairment of investment in unconsolidated joint venture, net | $11.8M | $740.0K | $435.0K |
| Reserve on member loan to unconsolidated joint venture | $5.9M | $0 | $0 |
| Accounts receivable, net and other assets, net | $1.3M | $2.5M | $1.3M |
| Accounts payable, accrued expenses and other liabilities, net | -$2.1M | -$3.1M | $1.2M |
| Net cash provided by operating activities | $23.6M | $54.3M | $89.1M |
| Investment in real estate assets | $0 | -$34.7M | $0 |
| Capital expenditures and leasing costs | -$51.7M | -$22.6M | -$18.4M |
| Proceeds from disposition of real estate, net | $71.5M | $5.1M | $21.0M |
| Return of investment from unconsolidated joint venture | $0 | $987.0K | $1.8M |
| Origination of member loan to unconsolidated joint venture | -$8.3M | -$1.4M | $0 |
| Principal repayments received on member loan to unconsolidated joint venture | $3.1M | $0 | $0 |
| Principal repayments received on notes receivable | $2.5M | $1.2M | $0 |
| Deposits for real estate assets | -$775.0K | -$1.4M | -$2.3M |
| Uses and refunds of deposits for real estate assets | $425.0K | $1.4M | $2.3M |
| Proceeds from the settlement of property-related insurance claims | $0 | $191.0K | $859.0K |
| Net cash provided by (used in) investing activities | $16.8M | -$51.3M | $5.3M |
| Proceeds from mortgages payable | $0 | $18.0M | $0 |
| Repayment of credit facility term loan | $0 | $0 | -$175.0M |
| Proceeds from credit facility revolver | $13.0M | $36.0M | $175.0M |
| Repayments of credit facility revolver | -$40.0M | -$33.0M | -$59.0M |
| Payments of deferred financing costs | -$8.0K | -$1.3M | -$5.7M |
| Repurchases of common stock under Share Repurchase Program | $0 | $0 | -$5.0M |
| Repurchases of common stock to settle tax obligations | -$475.0K | -$170.0K | -$89.0K |
| Payments of deferred equity offering costs | -$94.0K | $0 | -$41.0K |
| Distributions paid | -$9.0M | -$22.4M | -$22.6M |
| Other financing activities | -$338.0K | -$198.0K | -$101.0K |
| Net cash used in financing activities | -$36.9M | -$3.0M | -$92.5M |
| Net change in cash and cash equivalents and restricted cash | $3.5M | -$28.0K | $1.9M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Orion Office REIT, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerSumit Roy Oct 22, 2021 to Oct 22, 202113
- Chief executive officerPaul H. McDowell Nov 17, 2021 to Nov 17, 202114
- PresidentSumit Roy Oct 22, 2021 to Oct 22, 202113
- PresidentPaul H. McDowell Nov 17, 2021 to Nov 17, 202114
- Chief financial officerChristie B. Kelly Oct 22, 2021 to Oct 22, 202115
Board members and other officers (12)
- OfficerRevea Lynn Schmidt Mar 11, 2022 to now16
- OfficerGary E. Landriau Nov 17, 2021 to now17
- OfficerGavin Brandon Nov 17, 2021 to now18
- OfficerPaul H. McDowell Nov 17, 2021 to now19
- Board memberChristie B. Kelly Oct 22, 2021 to Oct 22, 202115
- Board memberMichelle Bushore Oct 22, 2021 to Oct 22, 202120
- Board memberSumit Roy Oct 22, 2021 to Oct 22, 202113
- Board memberPaul H. McDowell Nov 17, 2021 to now14
- Board memberReginald Harold Gilyard Nov 17, 2021 to now21
- Board memberGregory J. Whyte Nov 23, 2021 to now22
- General counselMichelle Bushore Oct 22, 2021 to Oct 22, 202120
- General counselPaul C. Hughes Dec 2, 2021 to now23
Former names
- Orion Office REIT Inc.Jul 20, 2021 to Mar 7, 20255
Timeline
Filings
294 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 160 insider forms, 36 large holders, 39 other. The latest 20:
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G EDGAR
- Jun 15, 20264 EDGAR
- May 15, 20264 EDGAR
- May 15, 20264 EDGAR
- May 15, 20264 EDGAR
- May 15, 20264 EDGAR
- May 13, 20268-K EDGAR
- May 8, 2026SCHEDULE 13G/A EDGAR
- May 7, 202610-Q EDGAR
- May 7, 20268-K EDGAR
- Mar 20, 2026ARS EDGAR
- Mar 20, 2026DEFA14A EDGAR
- Mar 20, 2026DEF 14A EDGAR
- Mar 16, 20264 EDGAR
- Mar 16, 20264 EDGAR
- Mar 16, 20264 EDGAR
- Mar 16, 20264 EDGAR
- Mar 16, 20264 EDGAR
The 294 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
6 open-market trades by officers, directors and large owners since October 2021: 6 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 27, 2025 | GILYARD REGINALD HAROLDDirector | Buy | 55,000 | $2.91 | $160.1K | Form 4 |
| Mar 17, 2025 | MCDOWELL PAUL HSee Remarks. | Buy | 12,000 | $2.48 | $29.8K | Form 4 |
| Mar 13, 2025 | GILYARD REGINALD HAROLDDirector | Buy | 40,000 | $2.35 | $94.0K | Form 4 |
| Mar 13, 2025 | Landriau Gary EEVP, Chief Investment Officer | Buy | 1,300 | $2.25 | $2.9K | Form 4 |
| Mar 12, 2025 | Landriau Gary EEVP, Chief Investment Officer | Buy | 9,446 | $2.47 | $23.3K | Form 4 |
| May 12, 2023 | Day Christopher HavilandSee Remarks. | Buy | 2,000 | $5.57 | $11.1K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G, 1 filing Jul 29, 202624
- PRIVATE MANAGEMENT GROUP INCSCHEDULE 13G/A, 2 filings Feb 2, 2024 to May 8, 202625
- Par Olof SandaSCHEDULE 13G/A, 5 filings Aug 8, 2022 to Feb 10, 202626
- Kawa Capital Management, IncSCHEDULE 13D/A, 5 filings May 13, 2025 to Jan 26, 202627
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Dec 9, 2021 to Jul 8, 202528
- Madison Avenue Partners, LPSC 13G/A, 4 filings Apr 14, 2022 to Jul 24, 202429
- Morgan StanleySC 13G/A, 3 filings Feb 10, 2023 to Jun 10, 202430
- State Street CorporationSC 13G/A, 3 filings Feb 11, 2022 to Jan 23, 202431
- Sessa Capital (Master), L.P.SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202332
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Private Management Group Inc | 5,357,303 | $15.5M | 0.4% | −38,172 |
| BlackRock, Inc. | 4,377,992 | $12.7M | 0.0% | +2,933,779 |
| Vanguard Capital Management LLC | 2,427,008 | $7.0M | 0.0% | +45,118 |
| Renaissance Technologies LLC | 1,865,800 | $5.4M | 0.0% | +159,700 |
| J. Goldman & Co LP | 1,385,479 | $4.0M | 0.1% | −1,231,417 |
| Geode Capital Management, LLC | 1,325,780 | $3.8M | 0.0% | +734,885 |
| RBF Capital, LLC | 1,000,000 | $2.9M | 0.1% | No change |
| Marshall Wace, Llp | 768,187 | $2.2M | 0.0% | +316,552 |
| Two Sigma Investments, LP | 708,069 | $2.0M | 0.0% | +262,145 |
| Rangeley Capital, LLC | 578,567 | $1.7M | 1.6% | −336,433 |
| State Street Corp | 573,274 | $1.7M | 0.0% | +335,600 |
| Dimensional Fund Advisors LP | 498,143 | $1.4M | 0.0% | −73,615 |
| Charles Schwab Investment Management Inc | 440,642 | $1.3M | 0.0% | +125,305 |
| Northern Trust Corp | 414,582 | $1.2M | 0.0% | +295,155 |
| Vanguard Portfolio Management LLC | 362,930 | $1.0M | 0.0% | New |
| Vanguard Fiduciary Trust Co | 355,312 | $1.0M | 0.0% | +42,285 |
| Morgan Stanley | 351,644 | $1.0M | 0.0% | −7,199 |
| Cambria Investment Management, L.P. | 324,418 | $937.6K | 0.0% | New |
| D. E. Shaw & Co., Inc. | 273,373 | $790.0K | 0.0% | −248,201 |
| Raymond James Financial Inc | 255,983 | $739.8K | 0.0% | −44,042 |
| Goldman Sachs Group Inc | 187,425 | $541.7K | 0.0% | +95,454 |
| Samalin Investment Counsel, LLC | 143,239 | $414.0K | 0.1% | −68,080 |
| Bank of New York Mellon Corp | 131,950 | $381.3K | 0.0% | New |
| Lazard Asset Management LLC | 112,361 | $324.7K | 0.0% | New |
| Nomura Asset Management Co Ltd | 92,200 | $266.5K | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
Links
- Websitewww.onlreit.com1
- Websitewww.onlreit.com1
- LinkedInwww.linkedin.com/company/orion-office-reit1
- WikidataQ109619213
- SEC EDGARCIK 1873923
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataOrion Office REIT on Wikidata
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- 4Company websiteOrion Office REIT logo
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- 13SEC EDGARSumit Roy, Chief executive officer
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- 16SEC EDGARRevea Lynn Schmidt, Officer
- 17SEC EDGARGary E. Landriau, Officer
- 18SEC EDGARGavin Brandon, Officer
- 19SEC EDGARPaul H. McDowell, Officer
- 20SEC EDGARMichelle Bushore, Board member
- 21
- 22SEC EDGARGregory J. Whyte, Board member
- 23SEC EDGARPaul C. Hughes, General counsel
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