Orion Properties Inc.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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FY2025 · Filed Mar 5, 2026
ONL$2.71-5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule III – Real Estate and Accumulated Depreciation
| Initial Costs (1) · Adjustments Subsequent to Acquisition (2) · Gross AmountCarried atDecember 31, 2025(3) (4) · Accumulated Depreciation (3) (5) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property · Encumbrances atDecember 31, 2025 · Land · Buildings, Fixtures and Improvements · Date Acquired · Date of Construction | ||||||||
| Commercial & Professional Services - Brownsville, TX | $— | $1,740 | $11,571 | $1,885 | $15,196 | $(6,122) | 4/1/2011 | 2007 |
| Telecommunication Services - Augusta, GA | — | — | 11,128 | 431 | 11,559 | (5,810) | 4/1/2011 | 2007 |
| Telecommunication Services - Salem, OR | — | 1,722 | 10,074 | 676 | 12,472 | (5,205) | 6/22/2011 | 2000 |
| Health Care Equipment & Services - St. Louis, MO | 12,041 | — | 38,799 | 363 | 39,162 | (14,459) | 1/22/2013 | 2009 |
| Government & Public Services - Brownsville, TX | 1,345 | 321 | 6,803 | 172 | 7,296 | (2,656) | 1/22/2013 | 2008 |
| Government & Public Services - Parkersburg, WV | — | 494 | 12,902 | 539 | 13,935 | (4,865) | 1/22/2013 | 2009 |
| Government & Public Services - Paris, TX | 2,292 | 274 | 5,392 | 246 | 5,912 | (2,055) | 1/22/2013 | 2010 |
| Government & Public Services - Eagle Pass, TX | — | 146 | 2,086 | 398 | 2,630 | (828) | 1/22/2013 | 2002 |
| Government & Public Services - Dallas, TX | — | 399 | 9,748 | 116 | 10,263 | (3,687) | 1/22/2013 | 2011 |
| Government & Public Services - Redding, CA | — | 676 | 20,553 | 612 | 21,841 | (7,788) | 1/22/2013 | 2003 |
| Government & Public Services - Minneapolis, MN | — | 1,046 | 8,588 | — | 9,634 | (3,180) | 1/22/2013 | 2005 |
| Government & Public Services - Malone, NY | 5,134 | 824 | 9,485 | 169 | 10,478 | (3,641) | 1/22/2013 | 2011 |
| Government & Public Services - Sioux City, IA | — | 77 | 4,761 | 536 | 5,374 | (1,926) | 1/22/2013 | 2011 |
| Government & Public Services - Knoxville, TN | — | 761 | 9,041 | 432 | 10,234 | (3,535) | 1/22/2013 | 2011 |
| Health Care Equipment & Services - Bedford, TX | 34,167 | 1,608 | 56,219 | — | 57,827 | (20,814) | 1/22/2013 | 2010 |
| Government & Public Services - Eagle Pass, TX | — | 68 | 811 | 113 | 992 | (309) | 1/22/2013 | 2002 |
| Transportation - Memphis, TN | 17,114 | 3,570 | 16,601 | 1,086 | 21,257 | (6,329) | 2/27/2013 | 1999 |
| Transportation - Columbus, OH | 16,014 | — | 19,637 | — | 19,637 | (7,037) | 6/19/2013 | 2012 |
| Vacant - Deerfield, IL | — | 4,093 | 11,511 | (13,564) | 2,040 | — | 8/27/2013 | 1984 |
| Vacant - Deerfield, IL | — | 4,262 | 11,988 | (14,125) | 2,125 | — | 8/27/2013 | 1984 |
| Vacant - Deerfield, IL | — | 4,082 | 11,484 | (13,531) | 2,035 | — | 8/27/2013 | 1984 |
| Vacant - Deerfield, IL | — | 4,089 | 11,503 | (13,553) | 2,039 | — | 8/27/2013 | 1984 |
| Vacant - Deerfield, IL | — | 2,586 | 7,275 | (8,572) | 1,289 | — | 8/27/2013 | 1976 |
| Vacant - Deerfield, IL | — | 3,181 | 8,947 | (10,543) | 1,585 | — | 8/27/2013 | 1976 |
| Capital Goods - Cedar Rapids, IA | 7,000 | 1,000 | 12,981 | — | 13,981 | (4,528) | 10/10/2013 | 2013 |
| Health Care Equipment & Services - Providence, RI | — | 2,550 | 21,779 | — | 24,329 | (7,452) | 1/31/2014 | 1985 |
| Materials - East Windsor, NJ | 10,391 | 240 | 13,446 | 205 | 13,891 | (4,526) | 4/30/2014 | 2008 |
| Media & Entertainment - East Syracuse, NY | 11,002 | 880 | 15,817 | — | 16,697 | (5,291) | 4/30/2014 | 2000 |
| Government & Public Services - Cocoa, FL | — | 450 | 949 | 79 | 1,478 | (141) | 11/1/2021 | 2009 |
| Government & Public Services - Grangeville, ID | — | 1,385 | 3,436 | 338 | 5,159 | (657) | 11/1/2021 | 2007 |
| Government & Public Services - Fort Worth, TX | — | 572 | 3,985 | (2,718) | 1,839 | (14) | 11/1/2021 | 2010 |
| Government & Public Services - Plattsburgh, NY | — | 1,136 | 2,486 | 158 | 3,780 | (363) | 11/1/2021 | 2008 |
| Capital Goods - Longmont, CO | — | 2,106 | 12,543 | 707 | 15,356 | (1,646) | 11/1/2021 | 1993 |
| Telecommunication Services - Richardson, TX | — | 1,187 | 21,037 | (9,808) | 12,416 | (95) | 11/1/2021 | 1986 |
| Health Care Equipment & Services - San Antonio, TX | — | 2,125 | 15,425 | 471 | 18,021 | (2,004) | 11/1/2021 | 2008 |
| Initial Costs (1) · Adjustments Subsequent to Acquisition (2) · Gross AmountCarried atDecember 31, 2025(3) (4) · Accumulated Depreciation (3) (5) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property | Encumbrances atDecember 31, 2025 | Land | Buildings, Fixtures and Improvements | Adjustments Subsequent to Acquisition (2) | Gross AmountCarried atDecember 31, 2025(3) (4) | Accumulated Depreciation (3) (5) | Date Acquired | Date of Construction |
| Restaurant - Tulsa, OK | $— | $6,865 | $34,716 | $75 | $41,656 | $(4,143) | 11/1/2021 | 1995 |
| Consumer Durables & Apparel - Denver, CO | — | 3,386 | 19,727 | 2,137 | 25,250 | (2,627) | 11/1/2021 | 2001 |
| Vacant - Richardson, TX | — | 2,047 | 12,733 | (10,791) | 3,989 | (31) | 11/1/2021 | 2008 |
| Commercial & Professional Services - Lawrence, KS | — | 3,576 | 2,996 | 862 | 7,434 | (504) | 11/1/2021 | 1997 |
| Materials - The Woodlands, TX | — | 5,772 | 14,236 | 3,746 | 23,754 | (2,313) | 11/1/2021 | 2009 |
| Vacant - Englewood, CO | 20,537 | 3,354 | 14,714 | 553 | 18,621 | (1,997) | 11/1/2021 | 2009 |
| Media & Entertainment - Milwaukee, WI | — | 2,727 | 18,083 | 77 | 20,887 | (2,171) | 11/1/2021 | 2001 |
| Telecommunication Services - Nashville, TN | 9,291 | 2,588 | 9,587 | 1,273 | 13,448 | (1,391) | 11/1/2021 | 2002 |
| Commercial & Professional Services - The Woodlands, TX | — | 2,550 | 17,481 | 1,892 | 21,923 | (2,317) | 11/1/2021 | 2014 |
| Retailing - Santee, CA | — | — | 9,859 | 1,551 | 11,410 | (1,427) | 11/1/2021 | 2003 |
| Materials - Glen Burnie, MD | — | 3,095 | 11,466 | 1,513 | 16,074 | (1,742) | 11/1/2021 | 1984 |
| Vacant - Irving, TX | — | 9,267 | 19,853 | 1,168 | 30,288 | (2,598) | 11/1/2021 | 1997 |
| Government & Public Services - Covington, KY | — | 4,087 | 56,991 | 7,506 | 68,584 | (7,682) | 11/1/2021 | 2002 |
| Software & Services - Amherst, NY | — | 2,997 | 2,701 | 1,304 | 7,002 | (569) | 11/1/2021 | 1986 |
| Capital Goods - Sterling, VA | 29,094 | 10,515 | 25,393 | — | 35,908 | (3,218) | 11/1/2021 | 2011 |
| Capital Goods - Malvern, PA | 11,552 | 2,607 | 10,844 | 18 | 13,469 | (1,480) | 11/1/2021 | 2014 |
| Health Care Equipment & Services - Indianapolis, IN | — | 1,430 | 4,386 | 271 | 6,087 | (615) | 11/1/2021 | 1993 |
| Health Care Equipment & Services - Plano, TX | — | 9,834 | 35,893 | 3,476 | 49,203 | (4,787) | 11/1/2021 | 2009 |
| Software & Services - Lincoln, NE | — | — | 6,587 | 11,969 | 18,556 | (1,064) | 11/1/2021 | 2009 |
| Software & Services - Buffalo, NY | — | 4,710 | 36,740 | 9,686 | 51,136 | (4,476) | 11/1/2021 | 2007 |
| Insurance - Urbana, MD | 23,165 | 4,028 | 19,888 | — | 23,916 | (2,532) | 11/1/2021 | 2011 |
| Health Care Equipment & Services - Nashville, TN | — | 1,165 | 11,749 | 168 | 13,082 | (1,558) | 11/1/2021 | 2010 |
| Retailing - Kennesaw, GA | 11,430 | — | 11,141 | 3,700 | 14,841 | (1,604) | 11/1/2021 | 2012 |
| Capital Goods - Duluth, GA | 14,669 | 3,684 | 14,786 | — | 18,470 | (1,875) | 11/1/2021 | 1999 |
| Commercial & Professional Services - Parsippany, NJ | — | 9,537 | 9,174 | 15,370 | 34,081 | (1,711) | 11/1/2021 | 2009 |
| Financial Institutions - Hopewell, NJ | 92,663 | 19,325 | 57,846 | 7,664 | 84,835 | (7,671) | 11/1/2021 | 2001 |
| Vacant - Phoenix, AZ | 26,099 | 4,786 | 21,346 | 844 | 26,976 | (2,919) | 11/1/2021 | 2012 |
| Vacant - Amherst, NY | — | 564 | 486 | — | 1,050 | (91) | 11/1/2021 | 1988 |
| Materials - San Ramon, CA | 18,000 | 12,250 | 25,269 | — | 37,519 | (966) | 9/11/2024 | 1984 |
| $373,000 | $186,396 | $977,462 | $(10,650) | $1,153,208 | $(195,042) | |||
(1)Initial costs exclude subsequent impairment charges.
(2)Consists of capital expenditures and real estate development costs, net of condemnations, easements, impairment charges and other adjustments.
(3)Gross intangible lease assets of $250.2 million and the associated accumulated amortization of $174.3 million are not reflected in the table above.
(4)The aggregate cost for federal income tax purposes of land, buildings, fixtures and improvements as of December 31, 2025 was approximately $1.7 billion.
(5)Depreciation is computed using the straight-line method over the estimated useful lives of up to 35 years for buildings andfive to 20 years for building fixtures and improvements.
The following is a reconciliation of the gross real estate activity for the periods indicated below (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Balance, beginning of year | $1,282,452 | $1,320,396 | $1,366,625 |
| Additions: | |||
| Acquisitions/improvements | 50,009 | 54,405 | 17,476 |
| Deductions/Other | |||
| Sold or disposed of (1) | (33,807) | (20,955) | (7,173) |
| Impairments | (112,619) | (61,723) | (41,467) |
| Reclassified to real estate assets held for sale, net | (32,827) | (9,671) | (15,065) |
| Balance, end of year | $1,153,208 | $1,282,452 | $1,320,396 |
The following is a reconciliation of the accumulated depreciation for the periods indicated below (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Balance, beginning of year | $177,906 | $158,791 | $133,379 |
| Additions: | |||
| Depreciation expense | 32,659 | 49,254 | 34,037 |
| Deductions/Other | |||
| Sold or disposed of (1) | (890) | (15,887) | — |
| Impairments | (14,480) | (14,252) | (8,625) |
| Reclassified to real estate assets held for sale, net | (153) | — | — |
| Balance, end of year | $195,042 | $177,906 | $158,791 |
(1)Includes the full write-off of the buildings and associated accumulated depreciation of the six-property campus in Deerfield, Illinois during the year ended December 31, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.