ADDED
There were 56,436,054 shares of common stock of the registrant outstanding as of February 27, 2026.
As part of our investment strategy, we intend to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets with specialized uses that include an office component.
The Company was initially formed as a wholly owned subsidiary of Realty Income Corporation ( Realty Income ).
Following the Distribution, we became an independent and publicly traded company, and our common stock, par value $0.001, trades on the New York Stock Exchange (the NYSE ) under the symbol ONL .
Cooperation Agreement and Strategic Review Process On January 26, 2026, we entered into a cooperation agreement (the Cooperation Agreement ) with one of our stockholders, The Kawa Fund Limited and its affiliate, Kawa Capital Management, Inc.
Also on January 26, 2026, pursuant to the Cooperation Agreement, we commenced a review of strategic options for the Company, which review may include, without limitation, the consideration of potential acquisition and merger targets, the potential sale of the Company and continuing to operate as an independent publicly traded entity.
The Cooperation Agreement does not obligate the Company to pursue or consummate any such transaction or require our Board of Directors to take any action that it determines in good faith is inconsistent with its duties under applicable law.
The Cooperation Agreement contains customary standstill and non-disparagement provisions and will terminate on September 1, 2026.
Pursuant to the Cooperation Agreement, Kawa withdrew its notice of intent to nominate director candidates for election to our Board of Directors at our 2026 annual meeting of stockholders, and Kawa must cause all shares of common stock pursuant to which it has the sole or shared power to direct the voting to be present for quorum purposes at our 2026 annual meeting of stockholders and to refrain from withholding or voting against the directors nominated by our Board of Directors for election at such annual meeting.
Real Estate Portfolio As of December 31, 2025, we owned and operated 58 operating properties with an aggregate of 6.5 million leasable square feet located in 26 states with an occupancy rate of 78.1% and a weighted average remaining lease term of 5.6 years.
REMOVED
There were 56,109,281 shares of common stock of the registrant outstanding as of February 28, 2025.
On March 5, 2025, we changed our name from Orion Office REIT Inc.
to better describe our broader investment strategy to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets that have an office component.
We define dedicated use assets as those that include a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered traditional office properties.
Orion was initially formed as a wholly-owned subsidiary of Realty Income Corporation ( Realty Income ).
Following the Distribution, we became an independent and publicly traded company, and our common stock, par value $0.001 per share, trades on the New York Stock Exchange (the NYSE ) under the symbol ONL.
As of December 31, 2024, we owned and operated 69 operating properties with an aggregate of 7.9 million leasable square feet located in 29 states with an occupancy rate of 73.0% and a weighted-average remaining lease term of 5.2 years.
We also owned a 20% equity interest in the Arch Street Joint Venture which, as of December 31, 2024, owned a portfolio of six properties with an aggregate of 1.0 million leasable square feet located in six states with an occupancy rate of 100% and a weighted-average remaining lease term of 5.2 years.
Including our proportionate share of leasable square feet and annualized base rent from the Arch Street Joint Venture, we owned an aggregate of 8.1 million leasable square feet with an occupancy rate of 73.7%, or 73.1% adjusted for two operating properties that are currently under agreements to be sold, and a weighted-average remaining lease term of 5.2 years as of December 31, 2024.
As of December 31, 2024, one tenant exceeded 10% of our annualized base rent: the General Services Administration at 16.3%.