The company's financial leverage has deteriorated, with the debt-to-equity ratio rising to 0.81 in 2026Q1 compared to 0.54 in 2023Q4, reflecting an eroding equity base.
| Total Assets | 1.19B | 1.17B | 1.34B | 1.42B | 1.57B | 1.76B | 546.43M | 592.2M |
| Asset Growth % | -37.45% | -12.42% | -6.15% | -9.37% | -10.71% | 221.99% | -7.73% | - |
| Real Estate & Other Assets | 971.1M | -958.52M | 1.11B | 1.17B | 1.25B | 1.36B | 497.88M | 0 |
| PP&E (Net) | 23.67M | 0 | 22.22M | 26.6M | 26.42M | 30.96M | 7.63M | 541.78M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 111.83M | 57.7M | 91.81M | 83.18M | 80.76M | 50.96M | 12.24M | 13.04M |
| Cash & Equivalents | 10.27M | 22.36M | 15.6M | 22.47M | 20.64M | 29.32M | 0 | 0 |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 50.26M | -2.13M | 51.24M | 34.73M | 37.17M | 0 | 3.92M | 4.78M |
| Intangible Assets | 81.69M | 75.95M | 95.94M | 126.36M | 202.83M | 298.11M | 28.68M | 37.38M |
| Total Liabilities | 578.5M | 545.99M | 571.17M | 536.93M | 595.22M | 671.19M | 49.31M | 84.2M |
| Total Debt | 493.93M | 482.41M | 510.82M | 476.93M | 540.05M | 809.95M | 44.27M | 70.14M |
| Net Debt | 483.65M | 460.04M | 495.22M | 454.46M | 519.41M | 780.63M | 44.27M | 70.14M |
| Long-Term Debt | 366.93M | 371.96M | 371.22M | 352.86M | 352.17M | 172.49M | 37.05M | 38.16M |
| Short-Term Borrowings | 127M | 92M | 119M | 116M | 173.81M | 616.85M | 0 | 31.99M |
| Capital Lease Obligations | 56.88M | 18.45M | 20.6M | 8.07M | 14.07M | 20.61M | 7.22M | 0 |
| Total Current Liabilities | 163.46M | 92M | 156.22M | 152.06M | 205.64M | 634.23M | 848K | 32.91M |
| Accounts Payable | 3.03M | 2.81M | 1.16M | 1.61M | 1.79M | 1.8M | 12K | 921K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 48.12M | 63.58M | 23.13M | 23.94M | 23.34M | -156.13M | 4.19M | 13.13M |
| Total Equity | 609.79M | 624.51M | 765.26M | 887M | 975.86M | 1.09B | 497.12M | 508.01M |
| Equity Growth % | -66.11% | -18.39% | -13.73% | -9.11% | -10.33% | 118.92% | -2.14% | - |
| Shareholders Equity | 608.52M | 623.21M | 763.92M | 885.62M | 974.47M | 1.09B | 497.12M | 508.01M |
| Minority Interest | 1.27M | 1.3M | 1.34M | 1.38M | 1.39M | 1.37M | 0 | 0 |
| Common Stock | 57K | 56K | 56K | 56K | 57K | 57K | 0 | 508.01M |
| Additional Paid-in Capital | 1.15B | 1.15B | 1.15B | 1.14B | 1.15B | 1.15B | 0 | 0 |
| Retained Earnings | -543.43M | -528.48M | -384.35M | -258.81M | -178.91M | -58.72M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -11.79% | -11.11% | -7.46% | -3.83% | -5.85% | -4.12% | -0.33% | 2.58% |
| Return on Equity (ROE) | -21.88% | -20.05% | -12.47% | -6.15% | -9.45% | -5.99% | -0.38% | 3.01% |
| Debt / Assets | 41.57% | 41.21% | 38.22% | 33.49% | 34.37% | 46.03% | 8.1% | 11.84% |
| Debt / Equity | 0.81x | 0.77x | 0.67x | 0.54x | 0.55x | 0.74x | 0.09x | 0.14x |
| Net Debt / EBITDA | -34.39x | 8.13x | 6.22x | 3.93x | 3.97x | 12.49x | 0.97x | 1.54x |
| Book Value per Share | 10.76 | 11.11 | 13.69 | 15.72 | 17.23 | 19.22 | 9.18 | 9.38 |
Binary single-tenant vacancy risk
According to the latest quarterly balance sheet, Orion Properties Inc. has seen total assets decline from $1.4B in 2024Q1 to $1.2B in 2026Q1, reflecting a strategic, albeit aggressive, contraction of the portfolio as management attempts to navigate the ongoing suburban office demand downturn.
The consistent reduction in total assets suggests that the company is prioritizing liquidity preservation through asset sales rather than pursuing growth. This trajectory implies that the REIT is effectively shrinking its way to stability, which may limit future earnings power if the remaining portfolio cannot achieve higher occupancy levels.
Based on reported financial figures, the company's debt-to-equity ratio has climbed from 0.54 in 2023Q4 to 0.81 in 2026Q1, indicating that the firm's leverage profile is deteriorating as equity value erodes faster than the company can deleverage its property-level debt obligations.
While a debt-to-equity ratio of 0.81 might appear manageable in isolation, the negative FFO and shrinking asset base suggest that the company's capacity to service this debt is increasingly constrained. Investors should monitor whether the current debt structure allows for sufficient flexibility to fund necessary tenant improvements without further diluting existing shareholders.
As indicated in the most recent balance sheet, cash reserves have dwindled to $10.3M in 2026Q1, a significant reduction from the $24.2M reported in 2024Q2, which highlights the company's limited buffer against unexpected property-level capital requirements or further tenant non-renewals.
The rapid depletion of cash reserves suggests that the company is struggling to balance property-level maintenance costs with its debt service obligations. This liquidity position appears precarious, as it leaves little room for error in a market where suburban office assets require constant capital reinvestment to remain competitive.
Analysis of the balance sheet reveals that net property, plant, and equipment (PPE) has plummeted to $23.7M in 2026Q1 from $26.6M in 2023Q4, suggesting that the company is likely recognizing significant impairment charges that may not fully reflect the true market value of its suburban office holdings.
The volatility in reported PPE values warrants further investigation into whether the company is adequately accounting for the functional obsolescence of its older suburban assets. If these assets are not being written down to reflect current market realities, the balance sheet may be overstating the underlying value of the portfolio.
Quick answers to the most common questions about buying ONL stock.
As of 2025, Orion Properties Inc. (ONL) had total assets of $1.17B including $57.7M in current assets.
Orion Properties Inc. (ONL) carries total debt of $482.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Orion Properties Inc. (ONL) has total shareholders' equity (book value) of $623.2M ($11.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Orion Properties Inc. (ONL) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.