Orion Properties Inc. (ONL) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.178 Greetings. Welcome to Orion Properties Year-End 2025 Earnings Call. 00:00:05.178 -- 00:00:08.302 As a reminder, this conference is being recorded. 00:00:08.302 -- 00:00:11.946 I would now like to turn the call over to Emma Little, Investor Relations. 00:00:11.946 -- 00:00:13.108 Thank you. You may begin. 00:00:13.108 -- 00:00:17.854 Thank you, and good morning, everyone. Yesterday, Orion released its results for the 00:00:17.854 -- 00:00:23.181 quarter and year-ended December 31, 2025, filed its 2025 Form 00:00:23.181 -- 00:00:27.066 10-K with the Securities and Exchange Commission, and posted its earnings supplement 00:00:27.066 -- 00:00:30.102 to its website at onlreit.com. 00:00:30.102 -- 00:00:34.389 During the call today, we will be discussing Orion's guidance estimates for calendar 00:00:34.389 -- 00:00:39.176 year 2026 and other forward-looking statements, which are based on management's current 00:00:39.176 -- 00:00:44.124 expectations and are subject to certain risks that could cause actual results to differ 00:00:44.124 -- 00:00:48.751 materially from our estimates. The risks are discussed in our earnings release as well 00:00:48.751 -- 00:00:53.799 as in our Form 10-K and other SEC filings, and Orion undertakes no duty 00:00:53.799 -- 00:00:57.119 to update any forward-looking statements made during this call. 00:00:57.119 -- 00:01:01.484 We will also be discussing non-GAAP financial measures, such as funds from operations, 00:01:01.484 -- 00:01:06.349 or FFO, and core funds from operations, or core FFO. 00:01:06.349 -- 00:01:10.454 These non-GAAP financial measures are not a substitute for financial information presented 00:01:10.454 -- 00:01:15.179 in accordance with GAAP, and Orion's earnings relief and supplement inc...