Orion Properties Inc.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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FY2025 · Filed Mar 5, 2026
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Item 2. Properties
The Company leases its corporate office space, including its corporate headquarters, which is located in Phoenix, Arizona. As of December 31, 2025, the Company owned 58 operating properties with an aggregate of 6.5 million leasable square feet located in 26 states with an occupancy rate of 78.1% and a weighted average remaining lease term of 5.6 years. As of December 31, 2025, the Company had eight properties designated as non-operating properties. Including the Company’s proportionate share of leasable square feet and annualized base rent from the Arch Street Joint Venture, it owned an aggregate of 6.7 million leasable square feet, with an occupancy rate of 78.7%, or 78.2% adjusted for one consolidated operating property and its proportionate share of the square footage of one Arch Street Joint Venture operating property that are currently under agreements to be sold, and a weighted average remaining lease term of 5.7 years as of December 31, 2025. See Schedule III – Real Estate and Accumulated Depreciation for more information about the Company’s properties and see Note 6 – Debt, Net for more information about mortgages and other indebtedness related to the Company’s properties.
Tenant Industry Diversification
The following table sets forth certain information regarding the tenant industry concentrations in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):
| Industry | Number of Leases (1) | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent |
|---|---|---|---|---|---|
| Government & Public Services | 17 | 768 | 11.4% | $20,381 | 18.3% |
| Health Care Equipment & Services | 10 | 748 | 11.1% | 15,233 | 13.7% |
| Capital Goods | 9 | 714 | 10.6% | 12,015 | 10.8% |
| Financial Institutions | 1 | 482 | 7.2% | 11,136 | 10.0% |
| Software & Services | 4 | 422 | 6.3% | 9,986 | 9.0% |
| Materials | 5 | 463 | 6.9% | 8,581 | 7.7% |
| Telecommunication Services | 4 | 419 | 6.2% | 7,511 | 6.7% |
| Commercial & Professional Services | 10 | 281 | 4.2% | 5,613 | 5.0% |
| Consumer Durables & Apparel | 1 | 145 | 2.2% | 4,562 | 4.1% |
| Transportation | 4 | 279 | 4.1% | 4,457 | 4.0% |
| Top Ten Tenant Industries | 65 | 4,721 | 70.2% | 99,475 | 89.3% |
| Remaining Tenant Industries: | |||||
| Media & Entertainment | 2 | 264 | 3.9% | 3,902 | 3.5% |
| Insurance | 1 | 116 | 1.7% | 3,762 | 3.4% |
| Retailing | 3 | 157 | 2.3% | 3,526 | 3.2% |
| Utilities | 1 | 26 | 0.4% | 394 | 0.4% |
| Restaurant | 4 | 15 | 0.2% | 172 | 0.2% |
| Real Estate | 1 | 2 | —% | 49 | —% |
| Total | 77 | 5,301 | 78.7% | $111,280 | 100.0% |
(1)The Company has certain operating properties that are subject to multiple leases.
Geographic Diversification
The following table sets forth certain information regarding the geographic concentrations (by state) in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):
| Location | Number of Properties | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent |
|---|---|---|---|---|---|
| Texas | 15 | 1,351 | 20.1% | $21,083 | 18.9% |
| New Jersey | 3 | 714 | 10.6% | 14,927 | 13.4% |
| New York | 6 | 766 | 11.4% | 11,102 | 10.0% |
| Kentucky | 2 | 458 | 6.8% | 10,538 | 9.5% |
| Colorado | 3 | 392 | 5.8% | 6,679 | 6.0% |
| California | 3 | 214 | 3.2% | 5,990 | 5.4% |
| Maryland | 2 | 236 | 3.5% | 4,870 | 4.4% |
| Virginia | 2 | 240 | 3.6% | 4,726 | 4.2% |
| Georgia | 3 | 284 | 4.2% | 4,704 | 4.2% |
| Tennessee | 4 | 240 | 3.6% | 4,623 | 4.2% |
| Top Ten States | 43 | 4,895 | 72.8% | 89,242 | 80.2% |
| Remaining States: | |||||
| Missouri | 2 | 207 | 3.1% | 3,033 | 2.7% |
| Ohio | 2 | 169 | 2.5% | 2,497 | 2.2% |
| Wisconsin | 1 | 155 | 2.3% | 2,416 | 2.2% |
| Rhode Island | 1 | 136 | 2.0% | 2,209 | 2.0% |
| Iowa | 2 | 92 | 1.4% | 2,046 | 1.8% |
| West Virginia | 1 | 63 | 0.9% | 1,463 | 1.3% |
| Pennsylvania | 1 | 45 | 0.7% | 1,375 | 1.2% |
| Oregon | 1 | 69 | 1.0% | 1,188 | 1.1% |
| Kansas | 1 | 90 | 1.3% | 1,107 | 1.0% |
| Nebraska | 1 | 150 | 2.2% | 913 | 0.8% |
| Illinois | 1 | 33 | 0.5% | 844 | 0.8% |
| Massachusetts | 1 | 50 | 0.7% | 757 | 0.7% |
| Idaho | 1 | 35 | 0.5% | 741 | 0.7% |
| Indiana | 1 | 83 | 1.2% | 592 | 0.5% |
| Minnesota | 1 | 39 | 0.6% | 505 | 0.5% |
| Florida | 1 | 6 | 0.1% | 247 | 0.2% |
| Oklahoma | 1 | 330 | 4.9% | 105 | 0.1% |
| Arizona | 1 | 90 | 1.3% | — | —% |
| Total | 64 | 6,737 | 100.0% | $111,280 | 100.0% |
Tenant Diversification
The following table sets forth certain information regarding tenants comprising over one percent of annualized base rent in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):
| Tenant | Number of Leases | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent |
|---|---|---|---|---|---|
| General Services Administration | 15 | 724 | 10.7% | $19,821 | 17.8% |
| Merrill Lynch | 1 | 482 | 7.2% | 11,136 | 10.0% |
| Ingram Micro | 2 | 330 | 4.9% | 7,860 | 7.1% |
| Cigna/Express Scripts | 2 | 275 | 4.1% | 4,866 | 4.4% |
| Sekisui House U.S. | 1 | 145 | 2.2% | 4,562 | 4.1% |
| T-Mobile | 3 | 216 | 3.2% | 4,128 | 3.7% |
| Charter Communications | 2 | 264 | 3.9% | 3,902 | 3.5% |
| Banner Life Insurance | 1 | 116 | 1.7% | 3,762 | 3.4% |
| Encompass Health | 1 | 65 | 1.0% | 3,646 | 3.3% |
| Collins Aerospace | 1 | 207 | 3.1% | 3,513 | 3.2% |
| Top Ten Tenants | 29 | 2,824 | 42.0% | 67,196 | 60.5% |
| Remaining Tenants: | |||||
| Home Depot/HD Supply | 2 | 153 | 2.3% | 3,448 | 3.1% |
| AT&T | 1 | 203 | 3.0% | 3,383 | 3.0% |
| Linde | 1 | 175 | 2.6% | 2,886 | 2.6% |
| Maximus | 2 | 168 | 2.5% | 2,673 | 2.4% |
| Valent U.S.A. | 1 | 97 | 1.4% | 2,510 | 2.3% |
| Brown University Health | 1 | 136 | 2.0% | 2,209 | 2.0% |
| GE Vernova | 1 | 152 | 2.3% | 2,117 | 1.9% |
| NetJets | 1 | 140 | 2.1% | 2,040 | 1.8% |
| Elementis | 1 | 66 | 1.0% | 1,980 | 1.8% |
| Day Pitney | 1 | 56 | 0.8% | 1,811 | 1.6% |
| FedEx | 1 | 90 | 1.3% | 1,623 | 1.5% |
| AGCO | 1 | 126 | 1.9% | 1,606 | 1.4% |
| Intermec | 1 | 81 | 1.2% | 1,545 | 1.4% |
| Becton Dickinson | 1 | 73 | 1.1% | 1,425 | 1.3% |
| Ifm Efector | 1 | 45 | 0.7% | 1,375 | 1.2% |
| Peraton | 1 | 33 | 0.5% | 1,213 | 1.1% |
| Ineos Pigments | 1 | 120 | 1.8% | 1,108 | 1.0% |
| Change Healthcare Operations | 1 | 55 | 0.8% | 1,097 | 1.0% |
| Total | 49 | 4,793 | 71.3% | $103,245 | 92.9% |
Lease Expirations
The following table sets forth certain information regarding scheduled lease expirations in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):
| Year of Expiration | Number of LeasesExpiring (1) | OccupiedSquare Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent |
|---|---|---|---|---|---|
| 2026 | 11 | 519 | 7.7% | $11,390 | 10.2% |
| 2027 | 11 | 891 | 13.2% | 14,106 | 12.7% |
| 2028 | 13 | 1,112 | 16.5% | 25,560 | 23.0% |
| 2029 | 6 | 401 | 6.0% | 6,362 | 5.7% |
| 2030 | 7 | 241 | 3.6% | 7,803 | 7.0% |
| 2031 | 2 | 18 | 0.3% | 570 | 0.5% |
| 2032 | 3 | 174 | 2.6% | 2,621 | 2.3% |
| 2033 | 3 | 211 | 3.1% | 3,901 | 3.5% |
| 2034 | 5 | 242 | 3.6% | 3,760 | 3.4% |
| 2035 | 4 | 640 | 9.5% | 14,422 | 13.0% |
| Thereafter | 12 | 852 | 12.6% | 20,785 | 18.7% |
| Total | 77 | 5,301 | 78.7% | $111,280 | 100.0% |
(1)The Company has certain operating properties that are subject to multiple leases.
Operating Property Type
The following table sets forth certain information regarding property types in our operating property portfolio, including our proportionate share of square feet and annualized base rent from properties owned by the Arch Street Joint Venture, as of December 31, 2025 (dollars and square feet in thousands):
| Property Type | Number of Properties | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent |
|---|---|---|---|---|---|
| Traditional Office | 36 | 4,724 | 70.1% | 71,507 | 64.2% |
| Governmental | 17 | 938 | 13.9% | 21,346 | 19.2% |
| Flex/Industrial | 5 | 652 | 9.7% | 8,437 | 7.6% |
| Flex/Laboratory and R&D | 4 | 268 | 4.0% | 6,344 | 5.7% |
| Medical Office | 2 | 155 | 2.3% | 3,646 | 3.3% |
| Total | 64 | 6,737 | 100.0% | 111,280 | 100.0% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.