EX-99.2 3 exhibit992orionsupplementa.htm EX-99.2 Document
Exhibit 99.2                                                
orion_supplemental-coverx2a.jpg



Q1 2024 SUPPLEMENTAL INFORMATION
Orion Supplemental Information
March 31, 2024

SectionPage
About the Data
Forward-Looking Statements
Company Overview
Balance Sheets
Statements of Operations
Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD)
EBITDA, EBITDAre and Adjusted EBITDA
Capital Structure
Debt Detail
Ratio Analysis
Credit Facility Revolver Covenants
Net Operating Income (NOI) and Cash NOI
Leasing Activity
Vacant Property Operating Expenses
Diversification Statistics: Real Estate Portfolio
Tenants Comprising Over 1% of Annualized Base Rent
Tenant Industry Diversification
Lease Expirations
Lease Summary
Property Geographic Diversification
Property Type
Full Portfolio
Unconsolidated Joint Venture Investment Summary
Definitions



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Q1 2024 SUPPLEMENTAL INFORMATION
About the Data
This data and other information described herein are as of and for the quarter ended March 31, 2024, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated and combined financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Office REIT Inc.'s (the "Company," "Orion," "us," "our" and "we") Quarterly Report on Form 10-Q for the period ended March 31, 2024 and Annual Report on Form 10-K for the year ended December 31, 2023.



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Q1 2024 SUPPLEMENTAL INFORMATION
Forward-Looking Statements
Information set forth herein includes “forward-looking statements” which reflect the Company's 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 the Company 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 the Company's business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information regarding historical rent collections should not serve as an indication of future rent collections.
The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements:
the risk of rising interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all;
the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise;
conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions;
the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, will continue and the impact that may have on demand for office space at our properties;
our ability to acquire new properties and sell non-core assets on favorable terms and in a timely manner, or at all;
our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties, including our ability to satisfy the conditions to extend our credit facility revolver;
our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all;
changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes;
the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single-tenant properties;
our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all;
the cost of rent concessions, tenant improvement allowances and leasing commissions;
the potential for termination of existing leases pursuant to tenant termination rights;
the amount, growth and relative inelasticity of our expenses;
risks associated with the ownership and development of real property;
risks accompanying the management of OAP/VER Venture, LLC, our unconsolidated joint venture, in which we hold a non-controlling ownership interest;
our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control;
our ability to accurately forecast the payment of future dividends on our common stock, and the amount of such dividends;
risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected;
risks associated with the fact that we have a limited operating history and our future performance is difficult to predict;
our properties may be subject to impairment charges;
risks resulting from losses in excess of insured limits or uninsured losses;
risks associated with the potential volatility of our common stock; and
the risk that we may fail to maintain our income tax qualification as a real estate investment trust.



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Q1 2024 SUPPLEMENTAL INFORMATION
Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company disclaims 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 required by law.




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Q1 2024 SUPPLEMENTAL INFORMATION
Company Overview
(unaudited)
Orion is a real estate company incorporated in the state of Maryland on July 1, 2021, which has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with our initial taxable year ended December 31, 2021.
Orion is an internally managed REIT engaged in the ownership, acquisition and management of a diversified portfolio of office buildings in high-quality suburban markets across the U.S. and leased primarily on a single-tenant net lease basis to creditworthy tenants. Our portfolio is comprised of traditional office buildings, as well as governmental office, medical office, flex/laboratory and R&D, and flex/industrial properties. As of March 31, 2024, Orion owned and operated a portfolio of 75 office properties totaling approximately 8.7 million leasable square feet located within 29 states. In addition, Orion owns a 20% equity interest in one Unconsolidated Joint Venture with an affiliate of Arch Street Capital Partners, which, as of March 31, 2024, owned a portfolio consisting of six office properties totaling approximately 1.0 million leasable square feet located within six states. As of March 31, 2024, approximately 70.1% of our Annualized Base Rent was from Investment-Grade Tenants, our Occupancy Rate was 75.8%, or 83.2% adjusted for properties that are currently under agreements to be sold, and our Weighted Average Remaining Lease Term was 4.1 years.
Orion's Annualized Base Rent as of March 31, 2024 was approximately $132.8 million. The top tenants, tenant industries and geographic locations of the Company's properties are outlined in the following sections: "Tenants Comprising Over 1% of Annualized Base Rent," "Tenant Industry Diversification," and "Property Geographic Diversification," respectively.

Tenants, Trademarks and Logos
Orion 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.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2024 SUPPLEMENTAL INFORMATION
Company Overview (cont.)
Senior ManagementBoard of Directors
Paul H. McDowell, Chief Executive Officer, PresidentReginald H. Gilyard, Non-Executive Chairman, Independent Director
Gavin B. Brandon, Executive Vice President, Chief Financial Officer and TreasurerKathleen R. Allen, Ph.D., Independent Director
Christopher H. Day, Executive Vice President, Chief Operating OfficerRichard J. Lieb, Independent Director
Gary E. Landriau, Executive Vice President, Chief Investment OfficerGregory J. Whyte, Independent Director
Paul C. Hughes, General Counsel and SecretaryPaul H. McDowell, Chief Executive Officer, President and Director
Revea L. Schmidt, Senior Vice President, Chief Accounting Officer
Corporate Offices and Contact Information
2398 E. Camelback Road, Suite 1060122 E. 42nd Street, Suite 5100
Phoenix, AZ 85016New York, NY 10168
602-698-1002
www.ONLREIT.com
 
Trading Symbol: ONL
 
Stock Exchange Listing: New York Stock Exchange
 
Transfer Agent
Computershare Trust Company, N.A.
462 South 4th Street, Suite 1600
Louisville, KY 40202
855-866-0787
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Q1 2024 SUPPLEMENTAL INFORMATION
Balance Sheets
(unaudited, in thousands)
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Assets
Real estate investments, at cost:
Land$223,439 $223,264 $227,203 $229,105 $236,966 
Buildings, fixtures and improvements1,081,788 1,097,132 1,106,383 1,111,646 1,127,590 
Total real estate investments, at cost1,305,227 1,320,396 1,333,586 1,340,751 1,364,556 
Less: accumulated depreciation165,490 158,791 156,904 149,147 141,093 
Total real estate investments, net1,139,737 1,161,605 1,176,682 1,191,604 1,223,463 
Accounts receivable, net24,942 24,663 26,911 24,960 24,697 
Intangible lease assets, net110,145 126,364 144,304 161,885 182,629 
Cash and cash equivalents23,618 22,473 32,286 42,209 23,755 
Real estate assets held for sale, net— — 3,818 16,251 2,502 
Other assets, net 87,077 88,828 120,390 90,998 89,826 
Total assets$1,385,519 $1,423,933 $1,504,391 $1,527,907 $1,546,872 
Liabilities and Equity
Mortgages payable, net$353,028 $352,856 $352,683 $352,509 $352,337 
Credit facility term loan, net— — — — 174,153 
Credit facility revolver116,000 116,000 175,000 175,000 — 
Accounts payable and accrued expenses23,732 30,479 30,570 22,326 19,957 
Below-market lease liabilities, net6,753 8,074 9,481 10,996 12,526 
Distributions payable5,587 5,578 5,578 5,670 5,666 
Other liabilities, net24,468 23,943 21,811 23,682 22,286 
Total liabilities529,568 536,930 595,123 590,183 586,925 
Common stock56 56 56 57 57 
Additional paid-in capital1,145,264 1,144,636 1,143,825 1,148,155 1,147,466 
Accumulated other comprehensive (loss) income
(45)(264)986 3,026 4,540 
Accumulated deficit(290,710)(258,805)(237,026)(214,929)(193,516)
Total stockholders' equity854,565 885,623 907,841 936,309 958,547 
Non-controlling interest1,386 1,380 1,427 1,415 1,400 
Total equity855,951 887,003 909,268 937,724 959,947 
Total liabilities and equity$1,385,519 $1,423,933 $1,504,391 $1,527,907 $1,546,872 


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Q1 2024 SUPPLEMENTAL INFORMATION
Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Revenues:
Rental$46,995 $43,551 $48,876 $51,824 $49,990 
Fee income from unconsolidated joint venture202 200 200 200 200 
Total revenues47,197 43,751 49,076 52,024 50,190 
Operating expenses:
Property operating15,999 14,446 15,506 15,487 15,344 
General and administrative 4,949 5,479 4,367 4,565 4,309 
Depreciation and amortization24,504 26,055 27,013 27,877 28,166 
Impairments19,685 6,136 11,403 11,819 3,754 
Transaction related110 148 101 150 105 
Total operating expenses65,247 52,264 58,390 59,898 51,678 
Other (expenses) income:
Interest expense, net(8,146)(7,928)(7,380)(7,222)(7,139)
Gain on disposition of real estate assets— 13 18 — — 
Loss on extinguishment of debt, net— — — (504)— 
Other income, net163 273 437 165 36 
Equity in loss of unconsolidated joint venture, net(116)(109)(108)(95)(123)
Total other (expenses) income, net(8,099)(7,751)(7,033)(7,656)(7,226)
Loss before taxes(26,149)(16,264)(16,347)(15,530)(8,714)
Provision for income taxes(77)49 (160)(185)(160)
Net loss(26,226)(16,215)(16,507)(15,715)(8,874)
Net (income) loss attributable to non-controlling interest(6)47 (12)(15)(11)
Net loss attributable to common stockholders$(26,232)$(16,168)$(16,519)$(15,730)$(8,885)
Weighted-average shares outstanding - basic and diluted55,803 55,782 56,543 56,680 56,642 
Basic and diluted net loss per share attributable to common stockholders$(0.47)$(0.29)$(0.29)$(0.28)$(0.16)




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Q1 2024 SUPPLEMENTAL INFORMATION
Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD)
(unaudited, in thousands, except per share data)
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Net loss attributable to common stockholders$(26,232)$(16,168)$(16,519)$(15,730)$(8,885)
Adjustments:
Depreciation and amortization of real estate assets24,472 26,029 26,988 27,852 28,142 
Gain on disposition of real estate assets— (13)(18)— — 
Impairment of real estate19,685 6,136 11,403 11,819 3,754 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable464 463 463 463 462 
FFO attributable to common stockholders$18,389 $16,447 $22,317 $24,404 $23,473 
Transaction related110 148 101 150 105 
Amortization of deferred financing costs924 933 933 1,060 1,048 
Amortization of deferred lease incentives, net123 115 (14)99 102 
Equity-based compensation790 826 687 689 526 
Loss on extinguishment of debt, net— — — 504 — 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable29 30 29 29 29 
Core FFO attributable to common stockholders$20,365 $18,499 $24,053 $26,935 $25,283 
Amortization of above and below market leases, net(537)(361)(346)(274)(215)
Straight-line rental revenue(549)679 (1,369)(2,275)(2,684)
Unconsolidated Joint Venture basis difference amortization114 114 113 114 133 
Capital expenditures and leasing costs(3,445)(7,443)(8,359)(2,172)(3,338)
Other adjustments, net108 116 66 74 131 
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable(21)(36)(40)(41)(40)
FAD attributable to common stockholders$16,035 $11,568 $14,118 $22,361 $19,270 
Weighted-average shares outstanding - basic55,803 55,782 56,543 56,680 56,642 
Effect of weighted-average dilutive securities (1)
55 37 26 11 18 
Weighted-average shares outstanding - diluted55,858 55,819 56,569 56,691 56,660 
FFO attributable to common stockholders per diluted share$0.33 $0.29 $0.39 $0.43 $0.41 
Core FFO attributable to common stockholders per diluted share$0.36 $0.33 $0.43 $0.48 $0.45 
FAD attributable to common stockholders per diluted share$0.29 $0.21 $0.25 $0.39 $0.34 
___________________________________
(1)Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance-based restricted stock units for which the thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2024 SUPPLEMENTAL INFORMATION
EBITDA, EBITDAre and Adjusted EBITDA
(unaudited, in thousands)
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Net loss attributable to common stockholders$(26,232)$(16,168)$(16,519)$(15,730)$(8,885)
 Adjustments:
Interest expense8,146 7,928 7,380 7,222 7,139 
Depreciation and amortization24,504 26,055 27,013 27,877 28,166 
Provision for income taxes77 (49)160 185 160 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable860 864 864 861 854 
EBITDA$7,355 $18,630 $18,898 $20,415 $27,434 
Gain on disposition of real estate assets— (13)(18)— — 
Impairment of real estate19,685 6,136 11,403 11,819 3,754 
EBITDAre$27,040 $24,753 $30,283 $32,234 $31,188 
Transaction related110 148 101 150 105 
Amortization of above and below market leases, net(537)(361)(346)(274)(215)
Amortization of deferred lease incentives, net123 115 (14)100 101 
Loss on extinguishment of debt, net— — — 504 — 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable(7)(8)(7)(8)(7)
Adjusted EBITDA$26,729 $24,647 $30,017 $32,706 $31,172 

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2024 SUPPLEMENTAL INFORMATION
Capital Structure
(unaudited, dollars and shares in thousands, except per share amounts)




chart-bb02319d2eca4934aa6a.jpg
Common equity28.2%
Mortgages payable51.2%
Credit facility revolver (4)
16.7%
Proportionate share of Unconsolidated Joint Venture debt3.9%
                            
Fixed vs. Variable Rate Debt
Fixed and Swapped to Fixed76.7 %
Variable (4)
23.3 %
Orion Capitalization Table
March 31, 2024
Common stock outstanding55,870
Stock price$3.51
Implied Equity Market Capitalization$196,104
Wtd. Avg. Maturity
(Years)
Interest Rate (1)
March 31, 2024
Mortgages payable2.94.97 %$355,000
Proportionate share of Unconsolidated Joint Venture debt (2)
0.75.19 %27,332
Total secured debt2.74.99 %$382,332
Total unsecured credit facility revolver (3) (4)
2.18.66 %$116,000
Total Principal Outstanding2.65.84 %$498,332
Total Capitalization$694,436
Cash and cash equivalents23,618
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents633
Enterprise Value$670,185
Net Debt/Enterprise Value70.7 %
Net Debt/Gross Real Estate Investments29.0 %
Fixed Charge Coverage Ratio3.52x
Liquidity (5)
$258,251
Net Debt/Annualized Adjusted EBITDA 4.43x

___________________________________
(1)Interest rate for variable rate debt represents the interest rate in effect as of March 31, 2024.
(2)The Unconsolidated Joint Venture mortgages payable mature on November 27, 2024 with two successive one-year options to extend the maturity an additional 24 months until November 27, 2026 if certain financial and operating covenants and other customary conditions are satisfied. We cannot provide any assurance that the Unconsolidated Joint Venture will be able to satisfy the extension conditions or otherwise extend or refinance this debt obligation on or prior to maturity. The Unconsolidated Joint Venture mortgages payable have a variable interest rate which is determined, at the election of the borrower, on the basis of Daily Simple SOFR or a base rate, in the case of a SOFR loan, plus 1.60% per annum, and in the case of a base rate loan, plus 0.50% per annum; however, the Unconsolidated Joint Venture has entered into an interest rate swap agreement which effectively fixes the interest rate on the mortgage notes at 5.19% per annum until May 27, 2024. Upon the scheduled expiration of the interest rate swap agreement, the borrowing cost on the Unconsolidated Joint Venture mortgages payable will no longer be effectively fixed, but rather will float and immediately shift to prevailing short-term interest rates based on the benchmark and applicable margin described above, and the Unconsolidated Joint Venture will be exposed to interest rate fluctuations on these borrowings.
(3)Under the related loan agreements, these borrowings which are secured only by a pledge of equity interests are treated as unsecured indebtedness. The Company's otherwise unencumbered properties are part of the unencumbered property pool under the related loan agreements and therefore, generally are not available to simultaneously serve as collateral under other borrowings.
(4)The credit facility revolver matures on November 12, 2024 with an option to extend the maturity an additional 18 months until May 12, 2026 if customary conditions are satisfied. This table assumes exercise of the extension option, however, we cannot provide any assurance we will be able to satisfy the extension conditions. There was $116.0 million outstanding on the credit facility revolver as of March 31, 2024 and it is a variable rate facility with the interest rate determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.35% per annum, and in the case of a base rate loan, plus 2.25% per annum. However, the Company entered into interest rate collar agreements on a total notional amount of $60.0 million to hedge against interest rate volatility on the credit facility revolver. Under the agreements, the benchmark rate for the credit facility revolver will float between 5.50% per annum and 4.20% per annum on $25.0 million, and 5.50% per annum and 4.035% per annum on $35.0 million, effective from November 13, 2023 until May 12, 2025.
(5)Liquidity represents cash and cash equivalents of $24.3 million, including the Company's pro rata share of cash from the Unconsolidated Joint Venture, as well as $234.0 million available capacity on our credit facility revolver as of March 31, 2024 and after giving effect to the May 3, 2024 amendment to the credit facility revolver. On May 3, 2024, the Company entered into an amendment to its credit facility revolver. Under the terms of the amendment, the Company has rightsized the revolver to $350.0 million, through a $75.0 million-capacity reduction, while making a proportional reduction in the minimum value of the unencumbered asset pool required under the credit agreement and certain other modifications to financial covenants.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2024 SUPPLEMENTAL INFORMATION

Debt Detail
(unaudited, dollars in thousands)
Principal Payments DueTotal2024202520262027
Credit facility revolver (1)
$116,000 $— $— $116,000 $— 
Mortgages payable355,000 — — — 355,000 
Proportionate share of Unconsolidated Joint Venture debt (2)
27,332 27,332 — — — 
Total Principal Outstanding$498,332 $27,332 $ $116,000 $355,000 

Debt TypePercentage of Principal Outstanding
Interest Rate (3)
Weighted-Average Years to Maturity
Credit facility revolver (1)
23.3 %8.66 %2.1
Mortgages payable71.2 %4.97 %2.9
Proportionate share of Unconsolidated Joint Venture debt (2)
5.5 %5.19 %0.7
Total100.0 %5.84 %2.6
Total unsecured debt23.3 %8.66 %2.1
Total secured debt76.7 %4.99 %2.7
Total100.0 %5.84 %2.6
Total fixed-rate and swapped to fixed-rate debt76.7 %4.99 %2.7
Total variable-rate debt23.3 %8.66 %2.1
Total100.0 %5.84 %2.6
___________________________________
(1)The credit facility revolver matures on November 12, 2024 with an option to extend the maturity an additional 18 months until May 12, 2026 if customary conditions are satisfied. This table assumes exercise of the extension option, however, we cannot provide any assurance we will be able to satisfy the extension conditions. There was $116.0 million outstanding on the credit facility revolver as of March 31, 2024 and it is a variable rate facility with the interest rate determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.35% per annum, and in the case of a base rate loan, plus 2.25% per annum. However, the Company entered into interest rate collar agreements on a total notional amount of $60.0 million to hedge against interest rate volatility on the credit facility revolver. Under the agreements, the benchmark rate for the credit facility revolver will float between 5.50% per annum and 4.20% per annum on $25.0 million, and 5.50% per annum and 4.035% per annum on $35.0 million, effective from November 13, 2023 until May 12, 2025.
(2)The Unconsolidated Joint Venture mortgages payable mature on November 27, 2024 with two successive one-year options to extend the maturity an additional 24 months until November 27, 2026 if certain financial and operating covenants and other customary conditions are satisfied. We cannot provide any assurance that the Unconsolidated Joint Venture will be able to satisfy the extension conditions or otherwise extend or refinance this debt obligation on or prior to maturity. The Unconsolidated Joint Venture mortgages payable have a variable interest rate which is determined, at the election of the borrower, on the basis of Daily Simple SOFR or a base rate, in the case of a SOFR loan, plus 1.60% per annum, and in the case of a base rate loan, plus 0.50% per annum; however, the Unconsolidated Joint Venture has entered into an interest rate swap agreement which effectively fixes the interest rate on the mortgage notes at 5.19% per annum until May 27, 2024. Upon the scheduled expiration of the interest rate swap agreement, the borrowing cost on the Unconsolidated Joint Venture mortgages payable will no longer be effectively fixed, but rather will float and immediately shift to prevailing short-term interest rates based on the benchmark and applicable margin described above, and the Unconsolidated Joint Venture will be exposed to interest rate fluctuations on these borrowings.
(3)Interest rate for variable rate debt represents the interest rate in effect as of March 31, 2024.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2024 SUPPLEMENTAL INFORMATION
Ratio Analysis
(unaudited, dollars in thousands)
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$7,588$7,365$6,818$6,529$6,453
Adjusted EBITDA (2)
26,72924,64730,01732,70631,172
Interest Coverage Ratio3.52x3.35x4.40x5.01x4.83x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$7,588$7,365$6,818$6,529$6,453
Secured debt principal amortization
Total fixed charges7,5887,3656,8186,5296,453
Adjusted EBITDA (2)
26,72924,64730,01732,70631,172
Fixed Charge Coverage Ratio3.52x3.35x4.40x5.01x4.83x
___________________________________
(1)Refer to the Statements of Operations section for interest expense calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure.
(2)Refer to the Statements of Operations section for net loss calculated in accordance with GAAP and to the EBITDAre and Adjusted EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure.
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Net Debt Ratios
Net Debt (1)
$474,081$475,209$491,140$514,418$532,850
Adjusted EBITDA (2)
106,916118,542120,068130,824124,688
Net Debt to Adjusted EBITDA Ratio4.43x4.01x4.09x3.93x4.27x
Net Debt (1)
$474,081$475,209$491,140$514,418$532,850
Gross Real Estate Investments (1)
1,632,9141,668,3521,698,3871,716,5941,734,559
Net Debt Leverage Ratio29.0 %28.5 %28.9 %30.0 %30.7 %
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (1)
$1,021,402$1,060,660$1,092,464$1,112,811$1,131,272
Gross Real Estate Investments (1)
1,632,9141,668,3521,698,3871,716,5941,734,559
Unencumbered Asset Ratio62.6 %63.6 %64.3 %64.8 %65.2 %
___________________________________
(1)Refer to the Balance Sheets section for total debt and real estate investments, at cost calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure. The Company's otherwise unencumbered properties are part of the unencumbered property pool under the related loan agreements and therefore, generally are not available to simultaneously serve as collateral under other borrowings.
(2)Adjusted EBITDA for the quarters ended March 31, 2024, September 30, 2023, June 30, 2023, and March 31, 2023 has been annualized for the purpose of this calculation.


See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 14



Q1 2024 SUPPLEMENTAL INFORMATION
Credit Facility Revolver Covenants
(unaudited)
The following is a summary of financial covenants for the Company's credit facility revolver as defined and calculated per the terms of the facility's credit agreement. These calculations are presented to investors to show the Company's compliance with the financial covenants and are not measures of our liquidity or performance. As of March 31, 2024, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.
Credit Facility Revolver Financial CovenantsRequiredMarch 31, 2024
Ratio of total indebtedness to total asset value≤ 60%38.5%
Ratio of adjusted EBITDA to fixed charges≥ 1.5x3.50x
Ratio of secured indebtedness to total asset value≤ 40%29.4%
Ratio of unsecured indebtedness to unencumbered asset value
≤ 60% (1)
13.8%
Ratio of unencumbered adjusted NOI to unsecured interest expense≥ 2.00x7.00x
Unencumbered asset value (2)
≥ $600.0 million$773.4 million
___________________________________
(1)If the ratio of unsecured indebtedness to unencumbered asset value exceeds 35% as of the end of two consecutive fiscal quarters, the Company will be required, within 90 days and subject to cure rights, to grant the administrative agent a first priority lien on all the properties included in the pool of unencumbered assets (other than properties identified for disposition by the Company so long as such properties are sold within one year of such identification).
(2)On May 3, 2024, the Company closed on an amendment to its credit facility revolver. Under the terms of the amendment, among other things, the minimum unencumbered asset value under the credit facility revolver has been reduced to $500.0 million, from $600.0 million.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 15



Q1 2024 SUPPLEMENTAL INFORMATION
Net Operating Income (NOI) and Cash NOI
(unaudited, dollars in thousands)
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Rental revenue:
Cash rental revenue$31,678 $33,466 $35,491 $36,410 $36,104 
Fixed reimbursements1,446 1,436 1,737 1,399 1,384 
Variable reimbursements11,196 7,646 9,203 10,679 8,482 
Straight-line rental revenue549 (679)1,369 2,275 2,684 
Amortization of above and below market leases, net537 361 346 274 215 
Amortization of deferred lease incentives, net(123)(115)14 (100)(101)
Other rental revenue1,712 1,436 716 887 1,222 
Total rental revenue46,995 43,551 48,876 51,824 49,990 
Property operating expense(15,999)(14,446)(15,506)(15,487)(15,344)
NOI$30,996 $29,105 $33,370 $36,337 $34,646 
Adjustments:
Straight-line rental revenue(549)679 (1,369)(2,275)(2,684)
Amortization of above and below market leases, net(537)(361)(346)(274)(215)
Amortization of deferred lease incentives, net123 115 (14)100 101 
Other non-cash adjustments48 49 47 48 48 
Proportionate share of Unconsolidated Joint Venture Cash NOI880 868 863 861 862 
 Cash NOI$30,961 $30,455 $32,551 $34,797 $32,758 
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 16



Q1 2024 SUPPLEMENTAL INFORMATION
Leasing Activity
(unaudited, square feet and dollars in thousands)
During the three months ended March 31, 2024 and 2023, we entered into new and renewal leases as summarized in the following tables:
Three Months Ended March 31, 2024
New LeasesRenewalsTotal
Number of leases
Rentable square feet leased92 16108
Weighted average rental rate change (cash basis) (1) (2)
N/A32.6 %32.6 %
Tenant rent concessions and leasing costs (3)
$8,432 $688 $9,120 
Tenant rent concessions and leasing costs per rentable square foot (4)
$91.46 $43.33 $84.39 
Weighted average lease term (by rentable square feet) (years) (5)
7.210.87.7
Tenant rent concessions and leasing costs per rentable square foot per year$12.68 $4.01 $10.91 
Three Months Ended March 31, 2023
New LeasesRenewalsTotal
Number of leases24
Rentable square feet leased15 6883
Weighted average rental rate change (cash basis) (1) (2)
(20.3)%26.9 %19.7 %
Tenant rent concessions and leasing costs (3)
$756 $984 $1,740 
Tenant rent concessions and leasing costs per rentable square foot (4)
$50.38 $14.68 $21.21 
Weighted average lease term (by rentable square feet) (years) (5)
8.814.313.3
Tenant rent concessions and leasing costs per rentable square foot per year$5.72 $1.03 $1.60 
____________________________________
(1)Represents weighted average percentage increase or decrease in (i) the annualized monthly cash amount charged to the applicable tenants (including monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the commencement date of the new lease term (excluding any full or partial rent abatement period) compared to (ii) the annualized monthly cash amount charged to the applicable tenants (including the monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the expiration date of the prior lease term. Contractually obligated reimbursements include estimated amortization of certain landlord funded improvements under our United States Government leases. If a space has been vacant for more than 12 months prior to the execution of a new lease or was previously otherwise not generating full cash rental revenue, the lease will be excluded from the rental rate change calculation.
(2)Excludes two new leases for approximately 92,000 square feet of space for the three months ended March 31, 2024 and one new lease for approximately 4,000 square feet of space for the three months ended March 31, 2023 that had been vacant for more than 12 months at the time the new lease was executed.
(3)Includes tenant improvement allowances and base building allowances, leasing commissions and free rent (includes estimates of property operating expenses, where applicable). Beginning in 2024, the Company has updated this calculation to also include estimates for certain reimbursable and non-reimbursable landlord funded improvements, and has applied this change retrospectively for comparison purposes.
(4)Includes reimbursable landlord funded improvements of $51.89 per rentable square foot for new leases, $17.09 per rentable square foot for renewals, and $46.77 per rentable square foot in total for the three months ended March 31, 2024. There were no reimbursable landlord funded improvements included in the tenant rent concessions and leasing costs for the three months ended March 31, 2023.
(5)Weighted average lease term does not include specified periods of the stated lease term during which a tenant has the right to terminate their space without a termination fee, or "non-firm terms." The total weighted average lease term for new leases and renewals executed during three months ended March 31, 2024 and 2023 would be 14.2 years and 17.1 years, respectively, if such non-firm terms were included.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 17



Q1 2024 SUPPLEMENTAL INFORMATION
Vacant Property Operating Expenses
(unaudited, in thousands for the three months ended March 31, 2024)
Square FeetTotal Expenses
Fully vacant - full period1,455 $2,632 
Fully vacant - partial period (1)
328 198 
Fully vacant subtotal (2)
1,783 $2,830 
Partially vacant properties (3)
366 662 
Total2,149 $3,492 
____________________________________
(1)Represents one property that became fully vacant during the three months ended March 31, 2024.
(2)The Company had 14 fully vacant properties as of March 31, 2024, including the six property former Walgreens campus in Deerfield, Illinois which is under agreement to be sold. All expenses are a component of property operating expenses in the consolidated statements of operations and represent expenses we do not expect to be reimbursed.
(3)The Company does not record property operating expenses at the suite level; therefore, the total expenses for the three months ended March 31, 2024 for partially vacant properties are estimated by multiplying the vacant square feet of the partially vacant properties by the total annualized expenses per square foot for fully vacant properties and prorating for the three months ended March 31, 2024.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 18


Q1 2024 SUPPLEMENTAL INFORMATION
Diversification Statistics: Real Estate Portfolio
(unaudited, percentages based on portfolio Annualized Base Rent as of March 31, 2024, other than occupancy rate which is based on square footage as of March 31, 2024)

chart-53bf1a602d754fa2988a.jpg
___________________________________________________
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___________________________________________________
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___________________________________________________

Statistics
(square feet and dollars in thousands)
Operating Properties75 
Unconsolidated Joint Venture Properties
Rentable Square Feet8,874 
Annualized Base Rent$132,794 
Occupancy Rate75.8 %
Weighted Average Remaining Lease Term4.1 
Investment-Grade Tenants70.1 %
NN leases67.5 %
NNN leases12.2 %

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 19



Q1 2024 SUPPLEMENTAL INFORMATION
Tenants Comprising Over 1% of Annualized Base Rent
(unaudited, square feet and dollars in thousands as of March 31, 2024)
TenantNumber of LeasesLeased Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total PortfolioCredit Rating
General Services Administration15 725 8.2 %$19,214 14.5 %AA+
Merrill Lynch482 5.4 %12,465 9.4 %A-
Highmark Western & Northeastern NY430 4.9 %8,450 6.4 %NR
Cigna/Express Scripts365 4.1 %7,009 5.3 %A-
Coterra Energy309 3.5 %5,762 4.3 %BBB
MDC Holdings Inc.144 1.6 %4,385 3.3 %BBB-
T-Mobile217 2.4 %3,997 3.0 %BBB
Charter Communications264 3.0 %3,803 2.9 %BB+
Banner Life Insurance116 1.3 %3,581 2.7 %A
Inform Diagnostics172 1.9 %3,551 2.7 %NR
Top Ten Tenants29 3,224 36.3 %72,217 54.5 %
Remaining Tenants:
Encompass Health65 0.7 %3,505 2.6 %BB-
Collins Aerospace207 2.3 %3,369 2.5 %BBB+
Home Depot/HD Supply153 1.7 %3,173 2.4 %A
AT&T203 2.3 %2,921 2.2 %BBB
Ingram Micro170 1.9 %2,898 2.2 %BB-
Linde175 2.0 %2,714 2.0 %A
Maximus168 1.9 %2,579 2.0 %BB+
Citigroup64 0.7 %2,459 1.9 %BBB+
Hasbro136 1.5 %2,446 1.8 %BBB
CVS/Aetna127 1.4 %2,328 1.8 %BBB
Pulte Mortgage95 1.1 %2,005 1.5 %BBB
NetJets140 1.6 %1,990 1.5 %NR
Elementis66 0.8 %1,980 1.5 %NR
FedEx90 1.0 %1,744 1.3 %BBB
General Electric152 1.7 %1,713 1.3 %BBB+
AGCO126 1.4 %1,607 1.2 %BBB-
Intermec81 0.9 %1,503 1.1 %A
Abbott Laboratories131 1.5 %1,412 1.1 %AA-
Becton Dickinson72 0.8 %1,370 1.0 %BBB
Ifm Efector45 0.5 %1,316 1.0 %NR
Life Insurance Company of N.A.54 0.6 %1,262 1.0 %AA+
Total52 5,744 64.6 %$118,511 89.4 %
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 20



Q1 2024 SUPPLEMENTAL INFORMATION
Tenant Industry Diversification
(unaudited, square feet and dollars in thousands as of March 31, 2024)
Industry
Number of Leases (1)
Leased Square FeetLeased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Health Care Equipment & Services12 1,109 12.5 %$21,731 16.4 %
Government & Public Services17 769 8.7 %19,762 14.9 %
Financial Institutions616 6.9 %15,720 11.8 %
Insurance600 6.8 %13,292 10.0 %
Capital Goods10 846 9.5 %12,710 9.6 %
Consumer Durables & Apparel375 4.2 %8,835 6.7 %
Telecommunication Services419 4.7 %6,918 5.2 %
Materials366 4.1 %5,873 4.4 %
Energy309 3.5 %5,762 4.3 %
Software & Services281 3.2 %5,198 3.9 %
Top Ten Tenant Industries62 5,690 64.1 %115,801 87.2 %
Remaining Tenant Industries:
Commercial & Professional Services10 293 3.3 %4,812 3.6 %
Transportation279 3.1 %4,505 3.4 %
Media & Entertainment264 3.0 %3,803 2.9 %
Retailing157 1.8 %3,247 2.5 %
Utilities26 0.3 %394 0.3 %
Retail/Restaurant0.1 %130 0.1 %
Consumer Services0.1 %54 — %
Real Estate— %48 — %
Total87 6,725 75.8 %$132,794 100.0 %
__________________________________
(1) The Company has certain properties that are subject to multiple leases.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 21



Q1 2024 SUPPLEMENTAL INFORMATION
Lease Expirations
(unaudited, square feet and dollars in thousands as of March 31, 2024)
Year of Expiration
Number of Leases
Expiring
(1)
Leased
Square Feet
Leased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
202410 1,486 16.8 %$30,117 22.7 %
202511 944 10.6 %17,524 13.2 %
202615 801 9.0 %18,851 14.2 %
202714 975 11.0 %16,183 12.2 %
202811 579 6.5 %10,861 8.2 %
2029398 4.5 %6,100 4.6 %
2030142 1.6 %5,275 4.0 %
203111 0.1 %429 0.3 %
2032300 3.4 %3,850 2.9 %
2033358 4.1 %6,187 4.6 %
Thereafter10 731 8.2 %17,417 13.1 %
Total87 6,725 75.8 %$132,794 100.0 %
__________________________________
(1) The Company has certain properties that are subject to multiple leases.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 22



Q1 2024 SUPPLEMENTAL INFORMATION
Lease Summary
(unaudited, square feet and dollars in thousands as of March 31, 2024)

Rent Escalations
Number of Leases (1)
Leased
Square Feet
Leased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Fixed Dollar or Percent Increase65 5,782 65.2 %$108,652 81.8 %
Flat109 1.2 %1,708 1.3 %
GSA CPI14 689 7.8 %18,473 13.9 %
CPI145 1.6 %3,961 3.0 %
Total 87 6,725 75.8 %$132,794 100.0 %



Tenant Expense Obligations
Number of Leases (1)
Leased
Square Feet
Leased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
NN54 4,818 54.3 %$89,676 67.5 %
Modified Gross18 968 10.9 %26,763 20.2 %
NNN12 931 10.5 %16,258 12.2 %
Gross0.1 %97 0.1 %
Total87 6,725 75.8 %$132,794 100.0 %
__________________________________
(1) The Company has certain properties that are subject to multiple leases.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 23



Q1 2024 SUPPLEMENTAL INFORMATION
Property Geographic Diversification
(unaudited, square feet and dollars in thousands as of March 31, 2024)
LocationNumber of PropertiesRentable Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Texas15 1,353 15.3 %$24,443 18.4 %
New Jersey714 8.1 %14,445 10.9 %
New York781 8.8 %14,407 10.8 %
Kentucky458 5.2 %10,355 7.8 %
Colorado571 6.4 %8,103 6.1 %
Oklahoma585 6.6 %6,892 5.2 %
California244 2.8 %5,532 4.2 %
Maryland236 2.7 %4,667 3.5 %
Tennessee240 2.7 %4,667 3.5 %
Georgia284 3.2 %4,635 3.5 %
Top Ten States44 5,466 61.8 %98,146 73.9 %
Remaining States:
Virginia240 2.7 %4,552 3.4 %
Ohio237 2.7 %3,554 2.7 %
Rhode Island206 2.3 %3,243 2.4 %
Missouri303 3.4 %2,981 2.2 %
South Carolina64 0.7 %2,459 1.9 %
Wisconsin155 1.7 %2,357 1.8 %
Arizona91 1.0 %2,282 1.7 %
Illinois738 8.3 %2,224 1.7 %
Iowa92 1.0 %1,999 1.5 %
Nebraska180 2.0 %1,594 1.2 %
Pennsylvania233 2.6 %1,316 1.0 %
Oregon69 0.8 %1,142 0.9 %
West Virginia63 0.7 %1,130 0.8 %
Kansas196 2.2 %1,044 0.8 %
Idaho35 0.4 %741 0.6 %
Massachusetts378 4.3 %726 0.5 %
Indiana83 0.9 %581 0.4 %
Minnesota39 0.4 %493 0.4 %
Florida0.1 %230 0.2 %
Total81 8,874 100.0 %$132,794 100.0 %
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 24



Q1 2024 SUPPLEMENTAL INFORMATION
Property Type
(unaudited, square feet and dollars in thousands as of March 31, 2024)
Property TypeNumber of PropertiesRentable Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Traditional Office52 6,844 77.1 %$95,609 72.0 %
Governmental Office16 789 8.9 %19,852 14.9 %
Medical Office155 1.8 %5,787 4.4 %
Flex/Laboratory and R&D267 3.0 %3,752 2.8 %
Flex/Industrial819 9.2 %7,794 5.9 %
Total Portfolio81 8,874 100.0 %$132,794 100.0 %
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 25



Q1 2024 SUPPLEMENTAL INFORMATION
Full Portfolio (1)
(unaudited, as of March 31, 2024)
IndustryAddressCityState
Vacant20 Missouri Research Park DriveSt. CharlesMO
Commercial & Professional Services4335 Paredes Line RoadBrownsvilleTX
Telecommunication Services3750 Wheeler RoadAugustaGA
Telecommunication Services4080 27th Court SESalemOR
Financial Institutions11 Ewall StreetMount PleasantSC
Health Care Equipment & Services8455 University Place DriveSt. LouisMO
Government & Public Services2305 Hudson BoulevardBrownsvilleTX
Government & Public Services257 Bosley Industrial ParkParkersburgWV
Government & Public Services2805 Pine Mill RoadParisTX
Government & Public Services3381 U.S. Highway 277Eagle PassTX
Government & Public Services2475 Cliff Creek Crossing DriveDallasTX
Government & Public Services3644 Avtech ParkwayReddingCA
Government & Public Services5100 W 36th StreetMinneapolisMN
Government & Public Services4551 State Route 11 (E)MaloneNY
Government & Public Services2600 Voyager AvenueSioux CityIA
Government & Public Services135 Circle LaneKnoxvilleTN
Health Care Equipment & Services2304 State Highway 121BedfordTX
Government & Public Services3369 U.S. Highway 277Eagle PassTX
Transportation942 S. Shady Grove RoadMemphisTN
Transportation4151 Bridgeway AvenueColumbusOH
Vacant1411 Lake Cook RoadDeerfieldIL
Vacant1415 Lake Cook RoadDeerfieldIL
Vacant1417 Lake Cook RoadDeerfieldIL
Vacant1419 Lake Cook RoadDeerfieldIL
Vacant1425 Lake Cook RoadDeerfieldIL
Vacant1435 Lake Cook RoadDeerfieldIL
Capital Goods601 Third Street SECedar RapidsIA
Consumer Durables & Apparel15 LaSalle SquareProvidenceRI
Materials100 Sci Park BoulevardEast WindsorNJ
Media & Entertainment6005 Fair Lakes RoadEast SyracuseNY
Government & Public Services310 Canaveral Groves BoulevardCocoaFL
Government & Public Services103 & 104 Airport RoadGrangevilleID
Government & Public Services2901 Alta Mesa BoulevardFort WorthTX
Government & Public Services59 Dunning WayPlattsburghNY
Financial Institutions480 Jefferson BoulevardWarwickRI
Capital Goods1800 Nelson RoadLongmontCO
Health Care Equipment & Services1850 Norman Drive NorthWaukeganIL
Health Care Equipment & Services1333 - 1385 East Shaw AvenueFresnoCA
Telecommunication Services2270 Lakeside BoulevardRichardsonTX
Health Care Equipment & Services5859 Farinon DriveSan AntonioTX
Energy202 S. CheyenneTulsaOK
Vacant7475 S. Joliet StreetEnglewoodCO
Consumer Durables & Apparel4340 & 4350 South Monaco StreetDenverCO
Vacant2250 Lakeside BoulevardRichardsonTX
Commercial & Professional Services3833 Greenway DriveLawrenceKS
Vacant2201 Noria RoadLawrenceKS
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 26



Q1 2024 SUPPLEMENTAL INFORMATION
IndustryAddressCityState
Materials1585 Sawdust RoadThe WoodlandsTX
Consumer Durables & Apparel7390 S. Iola StreetEnglewoodCO
Vacant41 Moores RoadMalvernPA
Media & Entertainment1254 - 1320 N. Dr. MLK Jr. DriveMilwaukeeWI
Telecommunication Services695 Grassmere ParkNashvilleTN
Commercial & Professional Services1575 Sawdust RoadThe WoodlandsTX
Retailing101 Riverview ParkwaySanteeCA
Materials6752 Baymeadow DriveGlen BurnieMD
Health Care Equipment & Services6655 North MacArthur BoulevardIrvingTX
Capital Goods2087 East 71st StreetTulsaOK
Government & Public Services333 Scott StreetCovingtonKY
Software & Services1759 Wehrle DriveAmherstNY
Commercial & Professional Services6377 Emerald DriveDublinOH
Capital Goods22640 Davis DriveSterlingVA
Capital Goods1100 Atwater Drive, Lot 11AMalvernPA
Health Care Equipment & Services7353 Company DriveIndianapolisIN
Health Care Equipment & Services1640 Dallas ParkwayPlanoTX
Capital Goods1705 Kellie DriveBlairNE
Vacant3100 Quail Springs ParkwayOklahoma CityOK
Software & Services777 Research RoadLincolnNE
Insurance249 - 257 West Genesee StreetBuffaloNY
Insurance3275 Bennett Creek AvenueUrbanaMD
Health Care Equipment & Services100 Airpark Center Drive EastNashvilleTN
Retailing3074 Chastain Meadows Parkway NWKennesawGA
Capital Goods4205 River Green ParkwayDuluthGA
Vacant8 Sylvan WayParsippanyNJ
Vacant174 & 176 Middlesex TurnpikeBedfordMA
Financial Institutions1500 - 1600 Merrill Lynch DriveHopewellNJ
Health Care Equipment & Services3003 N. 3rd StreetPhoenixAZ
Capital Goods70 Mechanic StreetFoxboroMA
Health Care Equipment & Services577 Aptakisic RoadLincolnshireIL
Transportation360 Westar BoulevardWestervilleOH
Software & Services12975 Worldgate DriveHerndonVA
Transportation580 Atlas Air WayErlangerKY
Utilities700 Market StreetSt. LouisMO
__________________________________
(1)Includes the properties owned by the Company's Unconsolidated Joint Venture.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 27



Q1 2024 SUPPLEMENTAL INFORMATION
Unconsolidated Joint Venture Investment Summary
(unaudited, square feet and dollars in thousands)

The following table summarizes the Company's investments in the Arch Street Unconsolidated Joint Venture as of March 31, 2024.

Legal Ownership Percentage (1)
Tenant IndustryPro Rata Share of Gross Real Estate InvestmentsPro Rata Share of Rentable Square FeetPro Rata Share of Annualized Base RentPro Rata Share of Principal Outstanding
Schneider Electric - Foxboro, MA20%Capital Goods$8,336 50 $727 $5,090 
Sysmex - Lincolnshire, IL20%Health Care Equipment & Services9,239 33 812 5,448 
DHL - Westerville, OH20%Transportation6,676 29 448 3,972 
Peraton - Herndon, VA20%Software & Services9,812 33 1,184 6,000 
Atlas Air - Erlanger, KY20%Transportation5,330 20 323 3,162 
Spire Energy - St. Louis, MO20%Utilities6,159 26 394 3,660 
$45,552 191 $3,888 $27,332 
__________________________________
(1)Legal ownership 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.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 28



Q1 2024 SUPPLEMENTAL INFORMATION
Definitions
(unaudited, in thousands, except share and per share data)
Annualized Base Rent 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 the final date of the applicable period, multiplied by 12, including the Company's pro rata share of such amounts related to the Unconsolidated Joint Venture. Annualized Base Rent is not indicative of future performance.
CPI refers to a lease in which base rent is adjusted based on changes in a consumer price index.
Credit Rating of a tenant refers to the Standard & Poor's or Moody's credit rating and such rating also may reflect the rating assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company as applicable.
Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot, in each case, as further defined in the applicable lease).
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate, gains or losses from disposition of property and our pro rata share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above.
In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses and spin related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and our pro rata share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Enterprise Value equals the sum of the Implied Equity Market Capitalization and Net Debt, in each case, as of an applicable date.
Fixed Charge Coverage Ratio is (a) Adjusted EBITDA divided by (b) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.
Fixed Dollar or Percent Increase refers to a lease that requires contractual rent increases during the term of the lease agreement. A Fixed Dollar or Percent Increase lease may include a period of free rent at the beginning or end of the lease.
Flat refers to a lease that requires equal rent payments, with no contractual increases, throughout the term of the lease agreement. A Flat lease may include a period of free rent at the beginning or end of the lease.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 29



Q1 2024 SUPPLEMENTAL INFORMATION
Definitions (cont.)
(unaudited, in thousands, except share and per share data)
Funds Available for Distribution ("FAD")
Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, amortization of the Unconsolidated Joint Venture basis difference and our pro rata share of FAD adjustments related to the Unconsolidated Joint Venture. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend.
However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP.
Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO")
Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP.
Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate, and our pro rata share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above.
In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, spin related expenses, amortization of deferred lease incentives, amortization of deferred financing costs, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and our pro rata share of Core FFO adjustments related to the Unconsolidated Joint Venture.
We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes.
For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure.
GAAP is an abbreviation for generally accepted accounting principles in the United States.
Gross Lease is a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).
Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties and the Company's pro rata share of such amounts related to properties owned by the Unconsolidated Joint Venture, net of gross intangible lease liabilities. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 30



Q1 2024 SUPPLEMENTAL INFORMATION
Definitions (cont.)
(unaudited, in thousands, except share and per share data)
The following table shows a reconciliation of Gross Real Estate Investments to the amounts presented in accordance with GAAP on the balance sheets for the periods presented (in thousands):
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Total real estate investments, at cost - as reported$1,305,227 $1,320,396 $1,333,586 $1,340,751 $1,364,556 
Adjustments:
Gross intangible lease assets311,914 333,658 346,643 345,416 353,341 
Gross intangible lease liabilities(29,779)(31,250)(31,250)(31,317)(31,317)
Gross assets held for sale— — 3,860 16,293 2,544 
Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments
45,552 45,548 45,548 45,451 45,435 
Gross Real Estate Investments$1,632,914 $1,668,352 $1,698,387 $1,716,594 $1,734,559 
GSA CPI refers to a General Services Administration ("GSA") lease that includes a contractually obligated operating cost component of rent which is adjusted annually based on changes in a consumer price index.
Implied Equity Market Capitalization equals shares of common stock outstanding as of an applicable date, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange on such date.
Industry is derived from the Global Industry Classification Standard ("GICS") Methodology that was developed by Morgan Stanley Capital International ("MSCI") in collaboration with S&P Dow Jones Indices to establish a global, accurate, complete and widely accepted approach to defining industries and classifying securities by industry.
Interest Coverage Ratio equals Adjusted EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations.
Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's pro rata share of the Unconsolidated Joint Venture's interest expense incurred on its outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined under GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.
The following table shows a reconciliation of Interest Expense, excluding non-cash amortization to interest expense presented in accordance with GAAP on the statements of operations for the periods presented (in thousands):
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Interest expense, net - as reported$8,146 $7,928 $7,380 $7,222 $7,139 
Adjustments:
Amortization of deferred financing costs and other non-cash charges(924)(933)(933)(1,059)(1,049)
Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization
366 370 371 366 363 
Interest Expense, excluding non-cash amortization$7,588 $7,365 $6,818 $6,529 $6,453 

Orion Office REIT Inc. | WWW.ONLREIT.COM | 31



Q1 2024 SUPPLEMENTAL INFORMATION
Definitions (cont.)
(unaudited, in thousands, except share and per share data)
Investment-Grade Tenants are those with a Credit Rating of BBB- or higher from Standard & Poor’s or a Credit Rating of Baa3 or higher from Moody’s. The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable.
Leased Square Feet is Rentable Square Feet leased and includes such amounts related to the Unconsolidated Joint Venture.
Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant.
Month-to-Month refers to a lease that is outside of the contractual lease expiration, but the tenant has not vacated and continues to pay rent which may also include holdover rent if applicable.
Net Debt, Principal Outstanding and Adjusted Principal Outstanding 
Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.
Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's pro rata share of the Unconsolidated Joint Venture's cash and cash equivalents, and less cash deposited with the credit facility lenders that was, in accordance with the terms of the credit facility revolver, used to prepay borrowings upon expiration or termination of the Company’s interest rate swap agreements. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.
The following table shows a reconciliation of Net Debt, Principal Outstanding and Adjusted Principal Outstanding to the amounts presented in accordance with GAAP on the balance sheets for the periods presented (in thousands):
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31,
2023
Mortgages payable, net$353,028 $352,856 $352,683 $352,509 $352,337 
Credit facility term loan, net— — — — 174,153 
Credit facility revolver116,000 116,000 175,000 175,000 — 
Total debt - as reported469,028 468,856 527,683 527,509 526,490 
Deferred financing costs, net1,972 2,144 2,317 2,491 3,510 
Principal Outstanding471,000 471,000 530,000 530,000 530,000 
Proportionate share of Unconsolidated Joint Venture Principal Outstanding
27,332 27,332 27,332 27,332 27,332 
Adjusted Principal Outstanding$498,332 $498,332 $557,332 $557,332 $557,332 
Cash and cash equivalents(23,618)(22,473)(32,286)(42,209)(23,755)
Restricted cash deposited with credit facility lenders— — (33,198)— — 
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents
(633)(650)(708)(705)(727)
Net Debt$474,081 $475,209 $491,140 $514,418 $532,850 
Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 32



Q1 2024 SUPPLEMENTAL INFORMATION
Definitions (cont.)
(unaudited, in thousands, except share and per share data)
Net Operating Income ("NOI") and Cash NOI
NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, transaction related expenses and spin related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. Cash NOI includes the pro rata share of such amounts from properties owned by the Unconsolidated Joint Venture. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.
The following table shows the calculation of NOI and Cash NOI for the periods presented (in thousands):
Three Months Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Total revenues$47,197 $43,751 $49,076 $52,024 $50,190 
Less: total operating expenses(65,247)(52,264)(58,390)(59,898)(51,678)
Fee income from unconsolidated joint venture(202)(200)(200)(200)(200)
Transaction related110 148 101 150 105 
General and administrative4,949 5,479 4,367 4,565 4,309 
Depreciation and amortization24,504 26,055 27,013 27,877 28,166 
Impairment of real estate19,685 6,136 11,403 11,819 3,754 
NOI30,996 29,105 33,370 36,337 34,646 
Straight-line rental revenue(549)679 (1,369)(2,275)(2,684)
Amortization of above and below market leases, net(537)(361)(346)(274)(215)
Amortization of deferred lease incentives, net123 115 (14)100 101 
Other non-cash adjustments48 49 47 48 48 
Proportionate share of Unconsolidated Joint Venture Cash NOI
880 868 863 861 862 
 Cash NOI$30,961 $30,455 $32,551 $34,797 $32,758 
Occupancy Rate equals the sum of Leased Square Feet divided by Rentable Square Feet and includes the Company's pro rata share of such amounts related to the Unconsolidated Joint Venture, in each case, as of an applicable date.
Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date.
Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc.
Rentable Square Feet is leasable square feet of Operating Properties and the Company's pro rata share of leasable square feet of properties owned by the Unconsolidated Joint Venture.
Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs in accordance with the lease terms).
Unconsolidated Joint Venture means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC.
Unencumbered Asset Ratio equals Unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 33



Q1 2024 SUPPLEMENTAL INFORMATION
Definitions (cont.)
(unaudited, in thousands, except share and per share data)
Unencumbered Gross Real Estate Investments equals Gross Real Estate Investments, excluding Gross Real Estate Investments related to properties serving as collateral for the Company's CMBS Loan and the Company's pro rata share of properties owned by the Unconsolidated Joint Venture that are pledged as collateral under mortgage debt. Unencumbered Gross Real Estate Investments includes otherwise unencumbered properties which are part of the unencumbered property pool under our credit facility and therefore generally are not available to simultaneously serve as collateral under other borrowings.
Weighted Average Remaining Lease Term is the number of years remaining on each respective lease as of the applicable date, weighted based on Annualized Base Rent and includes the years remaining on each of the respective leases of the Unconsolidated Joint Venture, weighted based on the Company's pro rata share of Annualized Base Rent related to the Unconsolidated Joint Venture.

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