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Dec 31, 2021
Orion Office REIT Q4 2021 Earnings Report
Orion Office REIT Announced Q4 2021 Operating Results
Key Takeaways
Orion Office REIT Inc. reported fourth-quarter 2021 operating results, including revenues of $40.8 million and a net loss attributable to common stockholders of $(54.9) million, or $(0.97) per share. Core FFO was $26.8 million, or $0.47 per share.
Completed spin-off from Realty Income.
Net loss attributable to common stockholders of $(54.9) million, or $(0.97) per share
Core FFO of $26.8 million, or $0.47 per share.
Signed 11-year extension with Merrill Lynch at the property in Hopewell, NJ.
Forward Guidance
Orion is providing the following guidance for fiscal year 2022: Core FFO per share between $1.66 and $1.74, General and Administrative Expenses between $17 million and $18 million and Net Debt to Adjusted EBITDA between 4.7x and 5.5x.
Positive Outlook
- Core FFO per share between $1.66 and $1.74
- General & Administrative Expenses: $17 million to $18 million
- Net Debt to Adjusted EBITDA: 4.7x to 5.5x
- The loan matures on February 11, 2027.
- Company's Unencumbered Gross Real Estate Investments would have been approximately $1,262,031
Challenges Ahead
- rising interest rates
- risk of inflation
- an oversupply of office space
- client credit risk and general economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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