奥瑞恩地产有限公司2025年季度报告

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T duringthe preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yesx Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. ORION PROPERTIES INC.For the quarterly period ended March31, 2025 PART I OrionPropertiesInc. Consolidated Statements of Equity for the ThreeMonths EndedMarch 31, 2025and 2024OrionPropertiesInc. Consolidated Statements of Cash Flows for theThreeMonths EndedMarch 31, 2025and 20247Notes to OrionPropertiesInc. Consolidated Financial Statements8 PART I — FINANCIAL INFORMATION Item 1. Unaudited Financial Statements. ORION PROPERTIES INC.CONSOLIDATED BALANCE SHEETS(In thousands, except for share and per share data) (Unaudited) ORION PROPERTIES INC.CONSOLIDATED STATEMENTS OF OPERATIONS ORION PROPERTIES INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Table of Contents ORION PROPERTIES INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTSMarch31, 2025 (Unaudited) Note 1 – Organization Organization 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 broaderinvestment strategy to shift its portfolio concentration over time away from traditional office properties, towards more dedicated use assets 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 Following the Distribution, the Company became an independent and publicly traded company and its common stock, par value$0.001per share, trades on the New York Stock Exchange (the “NYSE”) under the symbol “ONL.” The Company has elected to be taxed As of March31, 2025, the Company owned and operated68operating properties, with an aggregate of7.8million leasable square feetlocated 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 Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company presented herein include the accounts of the Company and its consolidatedsubsidiaries, 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 upon The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement ofthe results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. The operating resultspresented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entireyear. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements For legal entities being evaluated f