Slide 1: Investor Presentation
Investor Presentation May 2026
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: 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 8: 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 9: Accomplishments Since Our Spin
Accomplishments Since Our Spin Buffalo, New York (38.6% leased to Ingram Micro) Delivering Results as an Independent Public Company Since November 2021 ▪ Leased 4.1 million square feet through a combination of new and renewed leases ▪ WALT approaching 6 years as of Q1 2026 ▪ Sold 38 properties total
Slide 10: Business Plan Progress
Business Plan Progress 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 ▪ We have sold nine properties in 2026
Slide 11: Debt Modifications
Debt Modifications Liquidity navigation and precise execution on our outstanding debt obligations ▪ On February 17, 2026, we entered into a loan extension and modification agreement with the lender under the CMBS Loan. The Loan Modification Agreement includes the following terms and conditions, amon
Slide 12: Balance Sheet Strategy
Balance Sheet Strategy Balance sheet provides liquidity for potential growth Leverage management focussed on rate stability and disciplined Debt Capital Structure (1) maturities ▪ Opportunities for growth without an overreliance on the equity Wtd. Avg. markets Maturity Wtd. Avg. (Years) (2) Interest
Slide 13: Portfolio Highlights
Portfolio Highlights Focused on building and maintaining a sustainable investment-grade tenant base 59 6,621 83.1% 5.9 years Operating Properties Rentable Square Feet (000s) (1) Occupancy % (1) WALT (1) (2) (3) Orion Properties Inc. All rights reserved. $115,234 $17.40 64.8% 37.1% ABR ($000s) (1) (2
Slide 14: 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 19.3% 1 AA+ 18.8% Healt
Slide 15: 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 20.5% New Jersey 14.2% New York 9.6% Kentucky 8.9% Colorado 5.8% California 5.2% Orion Properties Inc. All rights r
Slide 16: Case Study: Acquisition
Case Study: Acquisition Portfolio Value Creation through Capital Recycling ▪ 75,000 square foot, single-tenant, corporate headquarters and R&D facility located in Northbrook, Illinois. The building was originally constructed in 1995 and has undergone substantial renovations including a 2010 gut reha
Slide 17: 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