Orion Properties Inc. · NYSE:ONL
Orion Properties — Q3 2025 Earnings Presentation
18 slides from Orion Properties's earnings presentation, Nov 7, 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Legal Disclaimer
Legal Disclaimer This Investor Presentation includes “forward-looking statements” which reflect Orion Properties Inc.’s (the “Company”, “Orion”, “we”, or “us”) expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, i
Slide 3: The Orion Properties Story
The Orion Properties Story ▪ Spun off from Realty Income in 2021 following the merger of VEREIT with Realty Income ▪ Orion portfolio comprised of substantially all the office properties of both companies History ▪ High-quality core portfolio including headquarters and solid operating properties on l
Slide 4: Proven Leadership
Proven Leadership Seasoned leadership team with significant net lease and public REIT experience Paul McDowell Gavin Brandon Chris Day Paul Hughes CHIEF EXECUTIVE OFFICER, DIRECTOR EVP, CHIEF FINANCIAL OFFICER EVP, CHIEF OPERATING OFFICER GENERAL COUNSEL AND SECRETARY • Executive Vice President and
Slide 5: Board of Directors
Board of Directors In addition to Paul McDowell, Orion’s Board is comprised of four independent directors, each possessing diverse backgrounds with significant experience Reginald H. Gilyard Kathleen R. Allen, Ph.D. Richard J. Lieb Gregory J. Whyte Paul McDowell CHAIRMAN OF THE BOARD INDEPENDENT DIR
Slide 6: Strong Corporate Governance
Strong Corporate Governance We are committed to strong corporate governance practices that promote accountability of our Board of Directors and management and the long-term interest of our stockholders. The list below highlights our alignment with strong corporate governance policies. Board Structur
Slide 7: Orion Rings Opening Bell at NYSE
Orion Rings Opening Bell at NYSE Represented by Management and the Board of Directors, Orion Properties rang the opening bell at the NYSE on August 5, 2025 Orion Properties Inc. All rights reserved. 7
Slide 8: Investment Highlights
1 Ample Liquidity And Fully Developed Platform To Support Business Plan 2 Experienced Team With Successful Track Record Of Acquiring, Managing And Selling Properties In Target Sectors Differentiated Opportunity To Selectively Invest In Properties In Investment 3 Target Sectors At Attractive Risk-Adj
Slide 9: Shifting Opportunity
Shifting Opportunity Orion is shifting its focus to properties that include a substantial specialized use component where tenant operations require high workday building head count, on-site operation is of high value to the tenant and continuing investment by the tenant in the operation is likely, w
Slide 10: Accomplishments Since Our Spin
Accomplishments Since Our Spin Valent U.S.A. - San Ramon, California The Company was Spun Off from Realty Income in November 2021 ▪ Leased 3.8 million square feet through a combination of new and renewed leases ▪ Increased WALT to 5.8 years as of Q3 2025 from 4.1 years as of Q4 2021 ▪ Sold 27 proper
Slide 11: 2025 Business Plan Update
2025 Business Plan Update Accelerating portfolio transformation to establish a high-quality right-sized property base ▪ We continuously evaluate portfolio assets, with particular focus on obsolete buildings and those assets requiring substantial capital investment ▪ Have sold or expect to sell eight
Slide 12: Portfolio Highlights
Portfolio Highlights Focused on building and maintaining a sustainable investment-grade tenant base 63 6 7,580 72.8% Operating Properties Arch Street Joint Venture Properties Rentable Square Feet (000s) Occupancy % Orion Properties Inc. All rights reserved. $113,883 $15.02 67.0% 5.8 years ABR ($000s
Slide 13: Robust Industry and Tenant Diversification
Robust Industry and Tenant Diversification Portfolio well-diversified across economically resilient industries and primarily investment-grade tenants Top 10 Tenant Industries (% of ABR) Top 10 Tenants (% of ABR) # Tenant Credit Rating (1) % of ABR Government & Public Services 17.9% 1 AA+ 17.4% Healt
Slide 14: National Portfolio Well-Diversified by Geography
National Portfolio Well-Diversified by Geography National portfolio with concentrations in strong suburban office markets Top 10 States (% of ABR) Geographic Footprint (% of ABR) Texas 18.3% New Jersey 13.1% New York 9.6% Kentucky 9.2% California 6.8% Colorado 5.7% Orion Properties Inc. All rights r
Slide 15: Case Study: Leasing
Case Study: Leasing Value Creation through Long-Term Renewal ▪ 126,000 square foot, Class A, single-tenant, traditional office building in Duluth, Georgia (Atlanta MSA) occupied entirely by AGCO Corporation until July 2026. The property Background serves as AGCO's corporate headquarters. ▪ After ini
Slide 16: Key Value Creation Drivers to Spur Growth
Key Value Creation Drivers to Spur Growth Seek to generate growth via active asset management, portfolio optimization through capital recycling and pursuit of accretive acquisitions ▪ In-house asset management allows control over entire leasing process ▪ Develop favorable relationships with tenants
Slide 17: Arch Street Joint Venture
Arch Street Joint Venture The joint venture enhances portfolio quality and provides an additional revenue source Joint Venture Highlights Properties (2) Arch Street Credentials (1) Joint Venture Summary Pro Rata Credit Pro Rata Pro Rata Debt ▪ Leading advisor to large ▪ Year Created: 2020 (Formed by
Slide 18: Balance Sheet Strategy
Balance Sheet Strategy Balance sheet provides ample liquidity for potential growth Seeking to maintain a prudent leverage profile Debt Capital Structure (1) ▪ Conservative balance sheet strategy ▪ Opportunities for growth without an overreliance on the equity Wtd. Avg. Wtd. Avg. Maturity (Years) Int