Orion Office REIT Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
ONL$2.69+14.5%Stored close · as of Nov 6, 2026
Contents
Orion Office REIT Inc. Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data) (Unaudited)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Real estate investments, at cost: | ||
| Land | $234,980 | $223,264 |
| Buildings, fixtures and improvements | 1,089,798 | 1,097,132 |
| Total real estate investments, at cost | 1,324,778 | 1,320,396 |
| Less: accumulated depreciation | 180,683 | 158,791 |
| Total real estate investments, net | 1,144,095 | 1,161,605 |
| Accounts receivable, net | 24,144 | 24,663 |
| Intangible lease assets, net | 101,501 | 126,364 |
| Cash and cash equivalents | 16,564 | 22,473 |
| Other assets, net | 82,567 | 88,828 |
| Total assets | $1,368,871 | $1,423,933 |
| LIABILITIES AND EQUITY | ||
| Mortgages payable, net | $353,373 | $352,856 |
| Credit facility revolver | 130,000 | 116,000 |
| Accounts payable and accrued expenses | 32,237 | 30,479 |
| Below-market lease liabilities, net | 21,328 | 8,074 |
| Distributions payable | 5,595 | 5,578 |
| Other liabilities, net | 24,010 | 23,943 |
| Total liabilities | 566,543 | 536,930 |
| Common stock, $0.001 par value, 100,000,000 shares authorized 55,947,802 and 55,783,548 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 56 | 56 |
| Additional paid-in capital | 1,146,924 | 1,144,636 |
| Accumulated other comprehensive loss | (102) | (264) |
| Accumulated deficit | (345,946) | (258,805) |
| Total stockholders’ equity | 800,932 | 885,623 |
| Non-controlling interest | 1,396 | 1,380 |
| Total equity | 802,328 | 887,003 |
| Total liabilities and equity | $1,368,871 | $1,423,933 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data) (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Rental | $38,976 | $48,876 | $125,894 | $150,690 |
| Fee income from unconsolidated joint venture | 202 | 200 | 605 | 600 |
| Total revenues | 39,178 | 49,076 | 126,499 | 151,290 |
| Operating expenses: | ||||
| Property operating | 16,643 | 15,506 | 48,399 | 46,337 |
| General and administrative | 4,468 | 4,367 | 13,961 | 13,241 |
| Depreciation and amortization | 19,913 | 27,013 | 83,031 | 83,056 |
| Impairments | — | 11,403 | 25,365 | 26,976 |
| Transaction related | 105 | 101 | 382 | 356 |
| Total operating expenses | 41,129 | 58,390 | 171,138 | 169,966 |
| Other (expenses) income: | ||||
| Interest expense, net | (8,170) | (7,380) | (24,374) | (21,741) |
| Gain on disposition of real estate assets | — | 18 | — | 18 |
| Loss on extinguishment of debt, net | — | — | (1,078) | (504) |
| Other income, net | 208 | 437 | 580 | 638 |
| Equity in loss of unconsolidated joint venture, net | (218) | (108) | (497) | (326) |
| Total other (expenses) income, net | (8,180) | (7,033) | (25,369) | (21,915) |
| Loss before taxes | (10,131) | (16,347) | (70,008) | (40,591) |
| Provision for income taxes | (76) | (160) | (226) | (505) |
| Net loss | (10,207) | (16,507) | (70,234) | (41,096) |
| Net income attributable to non-controlling interest | (10) | (12) | (16) | (38) |
| Net loss attributable to common stockholders | $(10,217) | $(16,519) | $(70,250) | $(41,134) |
| Weighted-average shares outstanding - basic and diluted | 55,948 | 56,543 | 55,887 | 56,621 |
| Basic and diluted net loss per share attributable to common stockholders | $(0.18) | $(0.29) | $(1.26) | $(0.73) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net loss | $(10,207) | $(16,507) | $(70,234) | $(41,096) |
| Total other comprehensive income (loss): | ||||
| Unrealized (loss) gain on interest rate derivatives | (88) | 37 | 162 | 386 |
| Reclassification of previous unrealized gain on interest rate derivatives into net loss | — | (2,077) | — | (5,708) |
| Total other comprehensive income (loss) | (88) | (2,040) | 162 | (5,322) |
| Total comprehensive loss | (10,295) | (18,547) | (70,072) | (46,418) |
| Comprehensive income attributable to non-controlling interest | (10) | (12) | (16) | (38) |
| Total comprehensive loss attributable to common stockholders | $(10,305) | $(18,559) | $(70,088) | $(46,456) |
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