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Investor Presentation August 2025
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O rion Properties Inc. All rights reserved. 2 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, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words “anticipates,” “assumes,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “targets,” “will,” “guidance,” variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to us and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company’s control, that could cause actual events and plans or could cause our business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the Company’s forward-looking statements. These factors include, among other things, those discussed under “Forward-Looking Statements” and “Risk Factors” in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025 and “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission. Information regarding historical rent collections should not serve as an indication of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law. This Investor Presentation includes a summary of various financial and operating information contained in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2025, and other filings with the Securities and Exchange Commission. You should carefully review the information contained in the Company’s filings with the Securities and Exchange Commission in conjunction with the financial and operating information in this Investor Presentation. This presentation does not constitute or form a part of, and should not be construed as, an offer or invitation to subscribe for, purchase or otherwise acquire any securities of the Company in any jurisdiction, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or with any other contract or commitment whatsoever. Tenants, Trademarks and Logos The Company is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies.
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O rion Properties Inc. All rights reserved. 3 The Orion Properties Story History Property Type and Management Investment Objectives ▪ Spun off from Realty Income following the merger of VEREIT with Realty Income ▪ Orion portfolio comprised of substantially all the office properties of both companies ▪ High-quality core portfolio including headquarters and solid operating properties on long leases was mixed with vacant properties, properties on short leases and other properties identified as non-core ▪ On March 5, 2025, we changed our name from Orion Office REIT Inc. to Orion Properties Inc. ▪ Shifting portfolio focus to net lease properties that have substantial dedicated use components and are located in attractive markets that are experiencing economic and population growth ▪ Internally managed by an experienced team with deep knowledge of the portfolio and a public market track record of successfully acquiring and managing this property type ▪ Stabilize and reduce exposure to traditional office space while recycling capital into dedicated use assets, including government buildings or buildings that include medical office, flex/laboratory and R&D, or flex/industrial operations that tenants are more likely to occupy fully than traditional offices ▪ Maintain a strong, liquid balance sheet suited to support Orion's growth objectives ▪ Grow organically via targeted dispositions combined with active portfolio management and acquisition of properties in our target sector that produce attractive, risk-adjusted yields
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O rion Properties Inc. All rights reserved. 4 Proven Leadership Seasoned leadership team with significant net lease and public REIT experience • Executive Vice President and COO of VEREIT, Inc. from 2015 to 2021 • Founder of CapLease, a former publicly-traded net lease REIT, and Chief Executive Officer from 2001 to 2013 • Elected Chairman of the Board in December 2007 • Corporate Counsel for Sumitomo Corporation of America from 1991 to 1994 • Associate in the corporate department of Boston law firm Nutter, McClennen & Fish LLP from 1987 to 1990 • Chief Accounting Officer of VEREIT, Inc. from 2014 to 2021 • Chief Financial Officer for three publicly registered, non-listed Office and Industrial REITs, Cole Credit Income Trust, Inc., Cole Credit Income Trust II, Inc. and Cole Credit Property Trust II, Inc. • Spent nine years with Deloitte & Touche LLP, most recently as a senior manager in the firm’s national office within real estate services • Certified Public Accountant • General Counsel and Secretary of Hospitality Investors Trust, Inc. from 2017 to 2021 • Senior Vice President, Counsel - Hospitality at AR Global from 2013 to 2017 • Vice President, General Counsel and Corporate Secretary of CapLease from 2005 to 2013 • Attorney practicing in area of corporate and securities matters at Hunton & Williams LLP (now Hunton Andrews Kurth LLP) (2000 to 2005), Parker Chapin LLP (now Troutman Pepper Locke LLP) (1997 to 2000) • Certified Public Accountant and employed by Grant Thornton LLP from 1989 to 1997 • Senior Vice President, Head of Portfolio and Retail Asset Management at VEREIT, Inc. from 2018 to 2021 • Vice President of Underwriting at VEREIT, where he was part of a team that underwrote approximately $25 billion of closed acquisitions from 2007 to 2017 • Prior to VEREIT, served as a Finance Associate for Corporex Companies, a privately held real estate investment company CHIEF EXECUTIVE OFFICER, DIRECTOR Paul McDowell Chris DayGavin Brandon Paul Hughes EVP, CHIEF FINANCIAL OFFICER EVP, CHIEF OPERATING OFFICER GENERAL COUNSEL AND SECRETARY
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O rion Properties Inc. All rights reserved. 5 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 CHAIRMAN OF THE BOARD Current Roles • Boston Consulting Group: Senior Advisor • First American Financial Corporation: Director • CBRE, Group Inc.: Director • Realty Income Corporation: Director History • Argyros School of Business and Economics at Chapman University: Dean • Boston Consulting Group: Partner and Managing Director • U.S. Air Force Reserves: Major • U.S. Air Force: Program Manager Kathleen R. Allen, Ph.D. INDEPENDENT DIRECTOR Current Roles • University of Southern California: Professor Emerita at the Marshall School of Business • Principal and Director for a real estate investment and development company • Board of Advisor for a life science company History • Gentech Corporation: Co-founder and Chairwoman • N2TEC Institute: Co-founder and Chief Executive Officer • Department of Homeland Security: Visiting Scholar • Realty Income Corporation: Director Richard J. Lieb INDEPENDENT DIRECTOR Current Roles • AvalonBay Communities, Inc.: Director • Star Holdings: Trustee History • Greenhill & Co.: Senior Advisor, Managing Director and Chairman of Real Estate, Chief Financial Officer, Head of Restructuring, Head of North American Corporate Advisory • Goldman Sachs & Co.: Head of Real Estate Investment Banking • CBL & Associates Properties, Inc.: Director • Domio, Inc.: Advisory Director • VEREIT, Inc.: Director • iStar Inc.: Director Gregory J. Whyte INDEPENDENT DIRECTOR Current Roles • Realty Income Corporation: Chief Operating Officer History • TIER REIT, Inc.: Independent Director • UBS Securities: Senior Advisor in the Real Estate, Leisure, and Lodging Investment Banking Group • Morgan Stanley: Managing Director, Global Head of Real Estate Equity Research Paul McDowell CHIEF EXECUTIVE OFFICER, DIRECTOR Current Roles • Orion Office REIT: Chief Executive Officer, President and Director History • VEREIT, Inc.: Executive Vice President and COO • CapLease: Founder and Chief Executive Officer; Chairman of the Board • Sumitomo Corporation of America: Corporate Counsel • Nutter, McClennen & Fish: Associate, Corporate Department
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O rion Properties Inc. All rights reserved. 6 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
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O rion Properties All rights reserved. 7 Investment Highlights 1 2 3 4 5 6 Ample Liquidity And Fully Developed Platform To Support Business Plan Experienced Team With Successful Track Record Of Acquiring, Managing And Selling Properties In Target Sectors Differentiated Opportunity To Selectively Invest In Properties In Target Sectors At Attractive Risk-Adjusted Yields Value Creation Through Asset Management, Selective Dispositions, Capital Recycling And Property Acquisitions Reduce Exposure to Traditional Office Properties While Recycling Capital Toward Dedicated Use Assets That We Expect To Perform Better Than Traditional Office Properties Over Time Increase Exposure To Creditworthy Tenants On Long Net Leases To Reduce Portfolio Income Volatility
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O rion Properties Inc. All rights reserved. 8 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, which we anticipate will create a relatively high likelihood of renewal at lease expiration Target Sectors: ✓ “Dedicated Use Assets” such as government, medical, laboratory and research and development, and flex operations have proven to attract and retain more durable tenants due to relatively high likelihood of renewal ✓ Federal, State and Local government tenants are generally less volatile than generic office tenants and deliver more durable income over time ✓ The more “mission critical”, and less generic the building use, the lower the risk for a landlord to encounter turnover. Companies whose employees can easily do their job from home are volatile office building tenants ✓ Stable markets with land constraints, continuous economic growth, a strong labor pool, and a tenant base committed to operating from office space represent attractive investment opportunities
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O rion Properties Inc. All rights reserved. 9 Attractive Market Features Focused on key growth markets with strong fundamentals and demographic tailwinds Market/Submarket Employment Growth Supply of Affordable Housing Good Public School Systems Population Growth Limited New Office Supply Highly Educated Workforce Access to Mass Transit Business-Friendly Tax and Regulatory Environments Attractive Climate
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O rion Properties Inc. All rights reserved. 1 0 Portfolio Highlights Source: Company data as of June 30, 2025. (1) When we refer to “ABR” in this presentation we mean “annualized base rent” which is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of June 30, 2025, multiplied by 12, including the Company’s proportionate share of such amounts from its unconsolidated joint venture with an affiliate of Arch Street Capital Partners. ABR is not indicative of future performance. (2) Represents percentage of ABR as of June 30, 2025 from investment-grade tenants. (3) Weighted by ABR. 66 Operating Properties 6 Arch Street Joint Venture Properties 7,780 Rentable Square Feet (000s) 77.4% Occupancy % $15.28 ABR per Rentable Square Foot (1) 68.5% Investment-Grade Tenancy (1)(2) 5.5 years Wtd. Avg. Remaining Lease Term (1)(3) $118,884 ABR ($000s) (1) Focused on building and maintaining a sustainable investment-grade tenant base
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O rion Properties Inc. All rights reserved. 1 1 Robust Industry and Tenant Diversification Portfolio well-diversified across economically resilient industries and primarily investment-grade tenants Source: Company data as of June 30, 2025. (1) S&P credit ratings (or equivalent if Moody’s credit rating); parent company credit ratings shown where applicable. Top 10 Tenants (% of ABR)Top 10 Tenant Industries (% of ABR) # Tenant Credit Rating (1) % of ABR 1 AA+ 16.4% 2 A- 9.4% 3 BB 6.5% 4 A- 4.1% 5 BBB 3.8% 6 BBB 3.5% 7 BB+ 3.2% 8 A 3.1% 9 BB 3.0% 10 BBB+ 3.0% Total Top 10 56.0% 16.8% 15.4% 11.6% 10.3% 8.3% 7.2% 6.2% 5.5% 4.7% 3.7% Government & Public Services Health Care Equipment & Services Financial Institutions Capital Goods Software & Services Materials Telecommunication Services Consumer Durables & Apparel Commercial & Professional Services Transportation
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O rion Properties Inc. All rights reserved. 1 2 National Portfolio Well-Diversified by Geography National portfolio with concentrations in strong suburban office markets Source: Company data as of June 30, 2025. Top 10 States (% of ABR) Geographic Footprint (% of ABR) Color Classifications (% of ABR): > 10.0% > 5.0% > 2.5% < 2.5% 17.4% 12.6% 9.2% 8.8% 7.2% 6.5% 4.0% 4.0% 3.9% 3.9% Texas New Jersey New York Kentucky Colorado California Maryland Virginia Georgia Tennessee
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13Orion Properties Inc. All rights reserved. ▪ Orion engaged a local architect for design work for base building and amenity upgrades at the property, and to demise spaces as necessary for multiple tenants. ▪ Orion executed a lease with Day Pitney LLP for approximately 56,000 square feet on a 15.4-year term which will commence in Q3 2025, committing to capital improvements budgeted for the property and creating positive leasing momentum. ▪ Subsequently, Orion executed a second lease with B&G Foods to phase in to approximately 46,000 square feet on a 15.7-year term which will commence Q4 2025. Case Study: LeasingResolution Benefits Background & Challenge ▪ 166,000 square foot, class A, single tenant office building in Parsippany, New Jersey that was occupied entirely by Medicines Co. until December 5, 2023. ▪ Medicines Co. vacated the property resulting in a full building vacancy. ▪ Orion engaged a local brokerage firm to market the property and analyze prospective leasing activity within the submarket for a potential multi-tenant conversion of the property. ▪ The submarket has competitive options with upgraded building amenity packages. ▪ Orion has drawn interest to the property by implementing capital improvements for the base building and amenity package offered. This strategy is being replicated at other new vacancies that are positioned within strong leasing submarkets. ▪ By executing two lease deals at the property, Orion has established future occupancy of more than 60%, with continued strong interest from other prospects in the market. ▪ Orion was able to quickly backfill portions of the building, allowing us to offset carry costs at the property and materially increase the value of the property. Value Creation through Multi-Tenant Leasing Source: Company data as of June 30, 2025.
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O rion Properties Inc. All rights reserved. 1 4 Key Value Creation Drivers to Spur Growth ▪ Optimize overall portfolio quality through: ▪ Sale of non-core assets and ▪ Reinvestment of proceeds into dedicated use assets that meet targeted investment criteria ▪ Leverage management team’s extensive tenant relationships to create and structure off-market opportunities – sale- leasebacks and build-to-suits ▪ Utilize marketed sourcing channels to uncover opportunities ▪ Evaluate one-off opportunities and portfolio transactions ▪ Leverage alternative sources of capital ▪ In-house asset management allows control over entire leasing process ▪ Develop favorable relationships with tenants via visible and proactive asset management, property management and construction management contacts ▪ Drive leasing and renewal activity through active dialogue with tenants before lease expiration ▪ Maximize rental rates and minimize leasing costs with insight from dedicated in-house leasing team ▪ Provide leasing flexibility through potential multi-tenant conversions Active Asset Management Capital Recycling External Growth Seek to generate growth via active asset management, portfolio optimization through capital recycling and pursuit of accretive acquisitions
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O rion Properties Inc. All rights reserved. 1 5 Arch Street Joint Venture The joint venture enhances portfolio quality and provides an additional revenue source (1) Statistics provided by Arch Street. (2) Legal ownership percentage in all properties is 20%. This percentage may, at times, not equal the Company’s economic interest because of various provisions in the joint venture agreement regarding capital contributions, distributions of cash flow based on capital account balances and allocations of profits and losses. (3) S&P credit ratings (or equivalent if Moody’s credit rating). Properties (2) Sysmex – Lincolnshire, IL Joint Venture Highlights Joint Venture SummaryArch Street Credentials (1) ▪ Leading advisor to large international investors ▪ Advised $10+ billion of transactions since inception ▪ 20+ years of experience ▪ Year Created: 2020 (Formed by VEREIT and Arch Street Capital Partners) ▪ Orion Ownership: 20% ▪ Interest Rate on Current Financing: Variable 6.91% Tenant Location Credit Rating (3) Pro Rata SF (000s) Pro Rata ABR ($000s) Pro Rata Debt ($000s) Schneider Electric Foxboro, MA A 50 $742 $4,976 Sysmex Lincolnshire, IL NR 33 $828 $5,076 DHL Westerville, OH A 29 $457 $3,883 Peraton Herndon, VA B- 33 $1,213 $5,566 Atlas Air Erlanger, KY NR 20 $329 $3,032 Spire Energy St. Louis, MO BBB+ 26 $394 $3,509 Atlas Air – Erlanger, KY
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O rion Properties Inc. All rights reserved. 1 6 Balance Sheet Strategy Balance sheet provides ample liquidity for potential growth Seeking to maintain a prudent leverage profile ▪ Conservative balance sheet strategy ▪ Opportunities for growth without an overreliance on the equity markets ▪ Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio of 6.82x as of June 30, 2025 ▪ Net Debt Leverage Ratio of 32.0% as of June 30, 2025 (calculated as a percentage of gross real estate investments at cost) Debt Capital Structure (1) Debt Maturity Schedule Source: Company data as of June 30, 2025. (1) The Debt Capital Structure presented in this Investor Presentation includes a summary of various financial information included in the Company's Supplemental Information Package which is available on the Company's website and as part of the Company's filings with the Securities and Exchange Commission available at www.SEC.gov. You should carefully review the information contained in the Company’s filings with the Securities and Exchange Commission in conjunction with the financial information in this Investor Presentation. Wtd. Avg. Maturity (Years) Wtd. Avg. Interest Rate 6/30/2025 Balance ($000s) Proportionate share of unconsolidated JV debt 0.4 6.91% $26,042 Mortgages payable 1.9 5.02% 373,000 Total secured debt 1.8 5.14% $399,042 Total unsecured credit facility revolver 0.9 7.64% $110,000 Total Principal Outstanding 1.6 5.68% $509,042 $26,042 $110,000 $355,000 $18,000 Credit Facility Revolver Mortgages Payable Proport. Share of Unconsol. JV Debt 2025 2026 2027 Thereafter
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O rion Properties Inc. All rights reserved. 1 7 ▪ Completed 639,000 square feet of lease renewals and new leases across nine different properties with a weighted average lease term of 6.4 years, which includes 80,000 square feet subsequent to the second quarter and one Arch Street Joint Venture property. Significant leasing activity during 2025 includes the following: ▪ New lease for 160,000 square feet at our property in Buffalo, New York for 10.0 years ▪ New lease for 80,000 square feet at our property in Kennesaw, Georgia for 5.4 years ▪ New lease for 46,000 square feet at our property in Parsippany, New Jersey for 15.7 years. This property was vacated by the prior tenant in December 2023, is now more than 60% leased to two tenants ▪ Renewed lease for 42,000 square feet at our property in East Windsor, New Jersey for 8.0 years Balance Sheet 2025 Accomplishments Acquisitions and Dispositions Leasing Activity ▪ $257.7 million of liquidity, which represents cash and cash equivalents of $17.7 million, including our proportionate share of cash from the Arch Street Joint Venture, as well as $240.0 million available capacity on our credit facility revolver as of June 30, 2025 ▪ During February 2025, we provided an additional member loan to the Arch Street Joint Venture of $8.3 million to fund leasing costs related to a lease extension that was completed for one of the properties in the Arch Street Joint Venture portfolio. The member loan, which had $7.6 million receivable as of June 30, 2025, earns interest at 15% per annum, matures on November 27, 2026 and is non- recourse and unsecured, structurally subordinate to the Arch Street Joint Venture mortgage notes ▪ During the six months ended June 30, 2025, we closed on the sale of four vacant properties for 434,000 square feet and an aggregate gross sales price of $26.9 million ▪ As of August 6, 2025, we have agreements in place to sell five traditional office properties for an aggregate gross sale price of $56.9 million, which includes one vacant property, three near-term vacant properties and one stabilized property Ongoing portfolio transformation to establish a high-quality right-sized property base Source: Company data as of June 30, 2025, unless otherwise indicated.
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O rion Properties Inc. All rights reserved. 1 8 Proven Investment Evaluation Framework Guided by a four-pronged framework to assess investment opportunities T ENANT L EASE R EAL ESTATE M ARKET Evaluate underlying real estate quality including age, condition, location, and adaptability Structure and review leases to ensure high-quality, durable cash flows to investors Utilize credit underwriting expertise to discern underlying credit quality of tenants Analyze economic data to uncover markets with strong fundamentals and demographic tailwinds Suburban Market Features Tenant Credit Underwriting Real Estate Attributes Lease Characteristics
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O rion Properties Inc. All rights reserved. 1 9 Tenant Credit Underwriting Utilize a multi-faceted credit underwriting approach to diligently determine the underlying credit quality of every tenant Regularly Review Financial Statements and Other Disclosures Conduct Independent Credit Analysis and Determine Shadow Rating Assess Competitive Position and Potential Business Risks Evaluate Credit Ratings From Major Agencies (S&P and Moody’s) Monitor Regulatory News, Market Conditions, Tenant M&A and Capital Markets Activity Evaluate Ownership Structure (Public, Private, Private Equity, etc.) 1 2 3 4 5 6
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O rion Properties Inc. All rights reserved. 2 0 Real Estate Attributes ✓ Easy access to commuter routes and public transit ✓ Expectation of “sticky” lease renewal or high likelihood of ability to backfill ✓ Ability to convert potential vacancy to other single-tenant or multi-tenant use ✓ Dedicated use assets including government, medical, flex/laboratory and R&D, flex/industrial operations, traditional office and non-CBD governmentReal Estate Use Location within Market Leasing Track Record Fungibility ✓ Ample on-site parking, particularly where transit options are limitedParking ✓ On-site dining and fitness options, lobby/rooftop common area, walking trails, etc.Amenities ✓ Modern floor plans configured to optimize collaboration and enhance employee productivityWorkplace Productivity ✓ Compliant with Orion’s sustainability framework and additive to its sustainability strategySustainability Compliant Dedicated to acquiring properties with high-quality real estate characteristics