奥瑞恩地产有限公司2025年季度报告

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _________ to __________Commission file number:001-40873Orion Properties Inc.(Exact name of registrant as specified in its charter) Item 1. Unaudited Financial Statements Cash flows from investing activities:Capital expenditures and leasing costs Return of investment from unconsolidated joint venture Origination of member loan to unconsolidated joint venture(8,328)Principal repayments received on member loan to unconsolidated joint venture845Principal repayments received on notes receivable—Net cash used in investing activities(13,113)Cash flows from financing activities:Proceeds from credit facility revolver13,000Repurchases of common stock to settle tax obligations(466) Cash and cash equivalents and restricted cash, beginning of year57,170Cash and cash equivalents and restricted cash, end of period$48,477$Reconciliation of Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents at end of period$9,384$Restricted cash at end of period39,093$48,477$ The accompanying notes are an integral part of these statements. Note 1 – OrganizationOrganization Orion Properties Inc. (the “Company”, “Orion”, “we” or “us”) is an internally managed real estate investment trust (“REIT”) engagedin the ownership, acquisition, and management of a diversified portfolio of office properties located in high-quality suburban marketsacross the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company’s portfolio iscomprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties.On March5, 2025, the Company changed its name from Orion Office REIT Inc. to Orion Properties Inc. to better describe its broader The Company was initially formed as a wholly owned subsidiary of Realty Income Corporation (“Realty Income”). Followingcompletion of the merger transaction involving Realty Income and VEREIT, Inc. (“VEREIT”) on November1, 2021, Realty Incomecontributed the combined business comprising certain office real properties and related assets previously owned by subsidiaries of RealtyIncome, and certain office real properties and related assets previously owned by subsidiaries of VEREIT (the “Separation”), to the As of March31, 2025, the Company owned and operated68operating properties, with an aggregate of7.8million leasable square feet located in29states, andeightnon-operating properties. In addition, the Company owns an equity interest in OAP/VER Venture, LLC (the“Arch Street Joint Venture”), an unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC (“Arch Street CapitalPartners”). As of March31, 2025, the Arch Street Joint Venture owned a portfolio consisting ofsixproperties totaling approximately1.0 Note 2 – Summary of Significant Accounting PoliciesBasis of Presentation and Principles of Consolidation subsidiaries, including Orion OP, and a consolidated joint venture and are prepared on the accrual basis of accounting in accordance withgenerally accepted accounting principles in the United States (“U.S. GAAP”). All intercompany transactions have been eliminated uponconsolidation.The portion of the consolidated joint venture not owned by the Company is presented as non-controlling interest in theaccompanying consolidated balance sheets, statements of operations, statements of comprehensive income (loss) and statements of equity. year. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statementsand notes thereto as of and for the year ended December31, 2024, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March5, 2025. Information and footnote disclosures normally included in financial statements have been condensedor omitted pursuant to the rules and regulations of the SEC and U.S. GAAP. fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Companydetermines that it holds a variable interest in an entity, it evaluates whether that entity is a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance 8 its activities without additional subordinated financial support or where equity investors, as a group, lack one or more of the followingcharacteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation toabsorb the expected losses of the entity; or (c) the right to receive the expected returns of the entity. The Company consolidates entities that party who has a controlling financial interest in the VIE. Consideration of various factors include, but are not limited to, the Company’sability to direct the activities that mos