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Orion Office Reit Inc (ONL)



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Upturn Advisory Summary
09/16/2025: ONL (1-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $8
1 Year Target Price $8
0 | Strong Buy |
0 | Buy |
1 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -44.4% | Avg. Invested days 25 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 163.88M USD | Price to earnings Ratio - | 1Y Target Price 8 |
Price to earnings Ratio - | 1Y Target Price 8 | ||
Volume (30-day avg) 1 | Beta 1.45 | 52 Weeks Range 1.45 - 4.17 | Updated Date 09/16/2025 |
52 Weeks Range 1.45 - 4.17 | Updated Date 09/16/2025 | ||
Dividends yield (FY) 8.05% | Basic EPS (TTM) -1.38 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -50.99% | Operating Margin (TTM) 3.51% |
Management Effectiveness
Return on Assets (TTM) -0.16% | Return on Equity (TTM) -10.01% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 651489609 | Price to Sales(TTM) 1.08 |
Enterprise Value 651489609 | Price to Sales(TTM) 1.08 | ||
Enterprise Value to Revenue 4.26 | Enterprise Value to EBITDA 27.09 | Shares Outstanding 56314600 | Shares Floating 49323172 |
Shares Outstanding 56314600 | Shares Floating 49323172 | ||
Percent Insiders 9.34 | Percent Institutions 61.41 |
Upturn AI SWOT
Orion Office Reit Inc

Company Overview
History and Background
Orion Office REIT Inc. (ONL) was formed in November 2021 as a spin-off from Realty Income Corporation, focusing on single-tenant and small multi-tenant Class B office properties in the U.S.
Core Business Areas
- Office Property Ownership: Orion Office REIT acquires, owns, and manages a portfolio of single-tenant and small multi-tenant office buildings. The company aims to lease these properties to creditworthy tenants.
Leadership and Structure
The CEO is currently Paul H. McDowell. The company operates with a typical REIT structure, with a board of directors overseeing management.
Top Products and Market Share
Key Offerings
- Office Leases: Orion Office REIT's primary offering is leasing office space to tenants, generating rental income. Market share data is difficult to pinpoint precisely, but ONL competes with other REITs and private landlords in specific geographic markets. Competitors include companies with similar Class B portfolios and local landlords.
Market Dynamics
Industry Overview
The office REIT industry is currently facing headwinds due to increased remote work trends, leading to lower occupancy rates and rental pressures. There is also competition from alternative workplace solutions.
Positioning
Orion Office REIT focuses on Class B office properties, which are generally smaller and less expensive than Class A properties. This positions them towards a different segment of the office market and might offer potentially more flexibility to attract more tenant. Competitors are many REITs and landlords focusing on this class of properties.
Total Addressable Market (TAM)
The total addressable market for office space is vast, measured in trillions of dollars. ONL is a small player with market capitalization of around $100M and is therefore significantly positioned with respect to TAM.
Upturn SWOT Analysis
Strengths
- Focused strategy on single-tenant and small multi-tenant office properties.
- Potential for higher yields in secondary markets.
- Experienced management team (at time of spin-off).
Weaknesses
- High tenant concentration and a long-term lease strategy could be seen as a risk
- Smaller market capitalization compared to larger REITs.
- Sensitivity to economic downturns and changes in office demand.
- High cost of debt financing.
Opportunities
- Capitalize on distressed office properties through acquisitions.
- Improve property management and tenant relationships.
- Diversify tenant base to reduce concentration risk.
- Renovate properties and increase appeal and value.
Threats
- Continued decline in office space demand due to remote work.
- Rising interest rates increasing borrowing costs.
- Economic recession impacting tenant financial stability.
- Competition from newer, more modern office buildings.
Competitors and Market Share
Key Competitors
- O
- SLG
- BDN
- CUZ
- DEI
- SRC
Competitive Landscape
ONL is much smaller than most of its competitors. It focuses on a different area and has different priorities.
Growth Trajectory and Initiatives
Historical Growth: Historical growth trends require analyzing financial statements over time.
Future Projections: Future projections typically come from analyst reports and company guidance.
Recent Initiatives: Recent initiatives require monitoring company announcements and news releases.
Summary
Orion Office REIT faces significant challenges due to the current office market environment, including reduced demand and higher interest rates. Its focus on Class B properties presents an opportunity for value investing if it can maintain occupancy. However, it is a relatively small player with higher risk associated with tenant concentration and limited financial flexibility. Future success depends on strategic acquisitions, efficient management, and adapting to evolving workplace trends.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company filings
- Financial news sources
- Analyst reports
Disclaimers:
The data and analysis provided are for informational purposes only and do not constitute financial advice. Market data can change rapidly.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Orion Office Reit Inc
Exchange NYSE | Headquaters Phoenix, AZ, United States | ||
IPO Launch date 2021-11-15 | CEO, President & Director Mr. Paul H. McDowell J.D. | ||
Sector Real Estate | Industry REIT - Office | Full time employees 40 | Website https://www.onlreit.com |
Full time employees 40 | Website https://www.onlreit.com |
Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S. The portfolio is leased primarily on a single-tenant net lease basis to creditworthy tenants. The company's team of experienced industry leaders employs a proven, cycle-tested investment evaluation framework which serves as the lens through which capital allocation decisions are made for the current portfolio and future acquisitions.

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