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Jun 30, 2024
Orion Office REIT Q2 2024 Earnings Report
Orion Office REIT announced second quarter results, highlighting leasing momentum, asset sales, debt repayment, and dividend declaration.
Key Takeaways
Orion Office REIT Inc. reported total revenues of $40.1 million and a net loss attributable to common stockholders of $(33.8) million, or $(0.60) per share, for the second quarter ended June 30, 2024. The company completed 470,000 square feet of leasing, sold one vacant property, repaid $9.0 million in debt, and declared a dividend of $0.10 per share.
Completed 470,000 square feet of leasing in Q2 2024, and an additional 55,000 square feet subsequent to quarter end.
Sold one vacant property, bringing the total properties sold since the spin to 18.
Repaid $9.0 million in debt obligations during the quarter.
Declared a dividend of $0.10 per share for the second quarter 2024.
Forward Guidance
The Company is narrowing its 2024 Core FFO and Net Debt to Adjusted EBITDA guidance ranges to reflect greater certainty in its estimates for the remainder of the year. The Company’s 2024 General and Administrative Expenses guidance range is unchanged from last quarter.
Positive Outlook
- Core FFO per share between $0.97 and $1.01
- General and Administrative Expenses between $19.5 million and $20.5 million
- Net Debt to Adjusted EBITDA between 6.2x and 6.6x
- Focus on rent receipts and property operating expense reimbursements
- Assumptions on the amount and timing of acquisitions, dispositions and leasing transactions
Challenges Ahead
- Uncertainty and difficulty in accurately predicting assumptions
- Actual results may differ materially from estimates
- Subject to risks and uncertainties described in the Company's filings with the SEC
Historical Earnings Impact
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Avg. Return Before/After Earnings
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