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Jun 30, 2023
Orion Office REIT Q2 2023 Earnings Report
Orion Office REIT reported second quarter 2023 results, closed credit agreement amendment, declared dividend of $0.10 per share for third quarter and updated 2023 outlook.
Key Takeaways
Orion Office REIT Inc. announced its operating results for the second quarter ended June 30, 2023. The company reported total revenues of $52.0 million. Core FFO for the second quarter of 2023 was $26.9 million, or $0.48 per share.
Total Revenues of $52.0 million
Net Loss Attributable to Common Stockholders of $(15.7) million, or $(0.28) per share
Funds from Operations (“FFO”) of $24.4 million, or $0.43 per share
Core FFO of $26.9 million, or $0.48 per share
Orion Office REIT
Orion Office REIT
Forward Guidance
Orion expects its 2023 Core FFO per diluted share to be in a range between $1.59 and $1.63. This guidance assumes general & administrative expenses of $18.25 million to $18.75 million and net debt to adjusted EBITDA of 4.3x to 5.0x.
Positive Outlook
- General & Administrative Expenses: $18.25 million to $18.75 million
Challenges Ahead
- Net Debt to Adjusted EBITDA: 4.3x to 5.0x