Revenue has contracted by 4.5% year-over-year as of 2026Q1, while NOI margins have compressed significantly from 67.0% in 2023Q4 to 58.4% in the most recent period.
| Revenue | 145.95M | 147.65M | 164.86M | 195.04M | 208.12M | 79.73M | 53.47M | 53.47M |
| Revenue Growth % | -6.24% | -10.44% | -15.47% | -6.28% | 161.03% | 49.1% | 0.02% | - |
| Property Operating Expenses | 63.48M | 64.83M | 65.15M | 60.78M | 61.52M | 13.41M | 5.77M | 5.9M |
| Net Operating Income (NOI) | 82.47M | 82.82M | 99.71M | 134.26M | 146.6M | 66.32M | 47.7M | 47.57M |
| NOI Margin % | 56.51% | 56.09% | 60.48% | 68.84% | 70.44% | 83.18% | 89.21% | 88.97% |
| Operating Expenses | 152.42M | 84.98M | 120.91M | 127.83M | 147.28M | 47.75M | 28M | 28.97M |
| G&A Expenses | 20.24M | 20.31M | 20.09M | 18.72M | 15.91M | 3.83M | 2.05M | 2.04M |
| EBITDA | -14.06M | 56.58M | 79.62M | 115.54M | 130.69M | 62.49M | 45.65M | 45.52M |
| EBITDA Margin % | -9.64% | 38.32% | 48.29% | 59.24% | 62.8% | 78.37% | 85.37% | 85.15% |
| Depreciation & Amortization | 55.88M | 58.75M | 100.82M | 109.11M | 131.37M | 43.92M | 25.95M | 26.92M |
| D&A / Revenue % | 38.29% | 39.79% | 61.15% | 55.94% | 63.12% | 55.09% | 48.53% | 50.36% |
| Operating Income | -69.95M | -2.17M | -21.2M | 6.43M | -676K | 18.57M | 19.7M | 18.6M |
| Operating Margin % | -47.93% | -1.47% | -12.86% | 3.3% | -0.32% | 23.29% | 36.85% | 34.79% |
| Interest Expense | 4M | 31.51M | 32.64M | 29.67M | 30.17M | 4.27M | 2.93M | 3.32M |
| Interest Coverage | - | -3.41x | -2.15x | -0.92x | -2.22x | -10.09x | 0.35x | 5.61x |
| Non-Operating Income | 39.9M | 105.34M | 48.92M | 33.61M | 66.42M | 61.61M | 18.67M | 0 |
| Pretax Income | -143.48M | -139.03M | -102.76M | -56.85M | -97.26M | -47.31M | -1.9M | 15.28M |
| Pretax Margin % | -98.31% | -94.16% | -62.33% | -29.15% | -46.73% | -59.33% | -3.55% | 28.59% |
| Income Tax | 59K | 259K | 214K | 456K | 212K | 157K | 0 | 0 |
| Effective Tax Rate % | -0.04% | -0.19% | -0.21% | -0.8% | -0.22% | -0.33% | 0% | 0% |
| Net Income | -143.55M | -139.31M | -103.01M | -57.3M | -97.49M | -47.48M | -1.9M | 15.28M |
| Net Margin % | -98.36% | -94.35% | -62.48% | -29.38% | -46.85% | -59.55% | -3.55% | 28.59% |
| Net Income Growth % | -66.64% | -35.24% | -79.77% | 41.23% | -105.33% | -2400.32% | -112.42% | - |
| Funds From Operations (FFO) | -87.67M | -80.56M | -2.19M | 51.81M | 33.87M | -3.56M | 24.05M | 42.21M |
| FFO Margin % | -60.07% | -54.56% | -1.33% | 26.56% | 16.28% | -4.46% | 44.98% | 78.94% |
| FFO Growth % | -1130.08% | -3575.32% | -104.23% | 52.95% | 1051.76% | -114.8% | -43.02% | - |
| FFO per Share | -1.55 | -1.43 | -0.04 | 0.92 | 0.60 | -0.06 | 0.44 | 0.78 |
| FFO Payout Ratio % | -5.14% | -11.14% | -1019.84% | 43.58% | 50.16% | -16497.78% | 37.37% | 89.13% |
| EPS (Diluted) | -2.53 | -2.48 | -1.84 | -1.02 | -1.72 | -0.79 | -0.09 | 0.22 |
| EPS Growth % | -66.23% | -34.78% | -80.39% | 40.7% | -117.72% | -785.65% | -140.55% | - |
| EPS (Basic) | - | -2.48 | -1.84 | -1.02 | -1.72 | -0.79 | -0.09 | 0.22 |
| Diluted Shares Outstanding | 56.67M | 56.23M | 55.9M | 56.41M | 56.63M | 56.63M | 54.17M | 54.17M |
Binary single-tenant vacancy risk
As reported in the company's quarterly financial statements, Orion Properties Inc. experienced a consistent revenue decline, with the most recent period showing a 4.5% year-over-year contraction, reflecting the ongoing challenges of managing a concentrated portfolio of suburban office assets in a volatile demand environment.
The persistent downward trend in top-line revenue suggests that asset dispositions and potential tenant non-renewals are outpacing any organic growth initiatives. Investors should monitor whether this trajectory represents a strategic liquidation of non-core assets or a fundamental inability to maintain occupancy levels within the existing suburban footprint.
Based on the provided income statement data, NOI margins have compressed from 67.0% in 2023Q4 to 58.4% in 2026Q1, indicating that the cost of maintaining vacant or underperforming suburban office space is increasingly weighing on the company's core property-level operating profitability.
The erosion of NOI margins suggests that fixed operating expenses are not scaling down in proportion to the declining rental income. This trend may imply that the company is absorbing higher utility, tax, and maintenance costs on vacant units, which could further strain cash flow if occupancy does not stabilize.
According to the latest financial filings, FFO per share has remained deeply negative, reaching -0.01 in 2026Q1, which highlights the significant disconnect between the company's operational performance and the capital-intensive nature of its suburban office portfolio, raising questions regarding long-term dividend sustainability.
The erratic FFO trajectory, characterized by frequent swings between negative and near-zero figures, suggests that the company's earnings quality is highly sensitive to non-recurring charges and portfolio adjustments. Analysts should investigate whether these FFO fluctuations are driven by structural operational deficits or temporary accounting impacts related to asset impairments.
As indicated by the divergence between FFO and AFFO figures, with AFFO reaching -17.3M in 2026Q1, the company's reliance on recurring capital expenditures and tenant improvements appears to be a significant cash drain that is not fully captured by headline FFO metrics.
The consistent gap between FFO and AFFO suggests that the company is forced to reinvest heavily in its properties to retain tenants or attract new ones in a competitive suburban market. This capital-intensive requirement may indicate that the assets are aging or functionally obsolete, necessitating further investigation into the adequacy of current liquidity to fund these essential improvements.
Quick answers to the most common questions about buying ONL stock.
For fiscal year 2025, Orion Properties Inc. (ONL) reported total revenue of $147.6M. This represents a 176.2% increase compared to $53.5M in 2019.
Orion Properties Inc. (ONL) reported a net loss of $139.3M for the fiscal year ending 2025.
Orion Properties Inc. (ONL) reported an operating income of $-2.2M, resulting in an operating profit margin of -1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Orion Properties Inc. (ONL) generated $82.8M in gross profit for the year, representing a gross profit margin of 56.1%. This demonstrates the company's core pricing power and production efficiency.