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Jun 30, 2022
Orion Office REIT Q2 2022 Earnings Report
Announced second quarter 2022 results with total revenue of $52.8 million and core FFO of $26.8 million, or $0.47 Per Share.
Key Takeaways
Orion Office REIT Inc. reported operating results for the second quarter ended June 30, 2022. Total revenue was $52.8 million, and core FFO was $26.8 million, or $0.47 per share. The company secured 206,000 square feet of lease extensions and sold two properties for $9.2 million.
Total revenue of $52.8 million
Core FFO of $26.8 million, or $0.47 per share
Secured 206,000 square feet of lease extensions
Sold two properties for $9.2 million and agreements in place to sell six additional properties for $18.9 million
Orion Office REIT
Orion Office REIT
Forward Guidance
The Company expects its 2022 Core FFO per diluted share to be in a range between $1.74 and $1.78. This guidance assumes: General & Administrative Expenses: $16 million to $16.5 million and Net Debt to Adjusted EBITDA: 4.7x to 5.0x
Positive Outlook
- General & Administrative Expenses: $16 million to $16.5 million
- Net Debt to Adjusted EBITDA: 4.7x to 5.0x
- Depreciation and amortization of real estate assets 2.39
- Proportionate share of adjustments for unconsolidated joint venture 0.06
- FFO attributable to common stockholders per diluted share1.71
Challenges Ahead
- Diluted net income per share attributable to common stockholders $(0.74)
- Includes non-routine items such as transaction and acquisition-related expenses.
- The estimated net income per diluted share is not a projection and is provided solely to satisfy the disclosure requirements of the
- The Company does not provide a reconciliation of Net Debt to Adjusted EBITDA guidance to the most directly comparable GAAP measure, due to the inherent difficulty and uncertainty in quantifying certain adjustments principally related to the Company’s investment in the unconsolidated joint venture.
- Adjustments (1)0.03