Orion Office REIT Inc.® Announces Third Quarter 2022 Results
Orion Office REIT Inc. (NYSE: ONL) (“Orion” or the “Company”), a fully-integrated real estate investment trust focused on the ownership, acquisition and management of single-tenant net lease mission-critical suburban office properties located across the U.S., announced today its operating results for the third quarter ended September 30, 2022
PHOENIX--(BUSINESS WIRE)--Nov 2, 2022--
Orion Office REIT Inc. (NYSE: ONL) (“Orion” or the “Company”), a fully-integrated real estate investment trust focused on the ownership, acquisition and management of single-tenant net lease mission-critical suburban office properties located across the U.S., announced today its operating results for the third quarter ended September 30, 2022. Orion commenced operations on November 12, 2021 after being spun-off by Realty Income Corporation (“Realty Income”).
“We continue to effectively execute on our strategic plan to transform our portfolio primarily through extending leases in the portfolio and disposing of non-core properties, the challenging economic landscape notwithstanding,” stated Paul McDowell, Orion’s Chief Executive Officer and President. “With a rapidly rising interest rate environment, inflation and recession fears, combined with the prolonged uncertainty around the return to the office, we see headwinds that could impact the timing of our transformation to optimize Orion’s portfolio as we seek to maximize long-term value by unlocking the value of our suburban net lease office platform.”
Third Quarter 2022 Financial and Operating Highlights
