The following is a summary of the Orion Office REIT Inc. (ONL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Orion Office REIT reported a decrease in revenues to $39.2 million from $49.1 million year-over-year.

• Net loss to common stockholders widened to $10.2 million, or $0.18 per share, from $16.5 million, or $0.29 per share.

• Core funds from operations dropped to $12 million, or $0.21 per share, from $24.1 million, or $0.43 per share last year.

Business Progress:

• Signed four leases totaling 254,000 square feet, contributing to a weighted average lease term of 8.9 years.

• Increased leasing activity with over 830,000 square feet leased year-to-date.

• Portfolio occupancy improved to 74.6%, adjusted for pending sales it rises to 76.9%.

• Acquired a mission-critical agricultural research and development lab fully leased to Valent U.S.A. for a 15-year term.

Opportunities:

• The acquisition of a strategic agricultural research property with a strong tenant provides a long-term income stream.

• Expectations of increasing full-time office returns may boost future leasing demand.

Risks:

• Continued occupancy challenges with substantial vacancy and potential fluctuation in leasing activity.

• Anticipated negative financial impact in 2025 due to rising interest rates and recent property sales.

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