Orion Properties Inc. (ONL) Stock Price & How to Invest
Last updated October 2026
Short answer
ONL is Orion Properties (formerly Orion Office REIT), a small NYSE-listed REIT that owns about 57 single-tenant suburban office and government-leased buildings spun out of Realty Income in 2021. It is a deep-value, high-debt turnaround story: the stock trades near ~$2, roughly ~2.8x guided Core FFO, because occupancy sits at ~78% and the market doubts traditional suburban office space will re-lease profitably.
ONL stock price
As of 2026-10-16, Orion Properties Inc. (ONL) last closed at $2.06, down 18.9% over the past year. Over the past 52 weeks it has traded between $1.89 and $3.00.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Orion Properties Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Orion Properties Inc. (ONL) do?
Orion Properties Inc. (NYSE: ONL), renamed from Orion Office REIT in 2025, is an internally managed real estate investment trust headquartered in Phoenix. It was spun off from Realty Income in November 2021 with the net lease office buildings that Realty Income no longer wanted. As of June 30, 2026 it owned 57 operating properties generating ~$108 million of annualized base rent, with ~69% from investment-grade tenants. The largest tenant is the U.S. General Services Administration (~18% of rent at year-end 2025), followed by Merrill Lynch, Ingram Micro, Cigna/Express Scripts and T-Mobile. Management's stated strategy is to tilt the portfolio away from traditional office and toward dedicated use assets (labs, government, medical and flex/industrial buildings), which made up ~39% of rent at mid-2026.
Results show a shrinking but stabilizing business. Revenue fell from ~$195 million in 2023 to ~$148 million in 2025 as leases expired and buildings were sold, and second quarter 2026 revenue was ~$34.3 million versus ~$37.3 million a year earlier. Core FFO, the cash earnings measure REITs emphasize, held flat at ~$0.20 per diluted share for the quarter, and management raised full-year 2026 Core FFO guidance to ~$0.72 to $0.77. GAAP net income of ~$24.6 million in the quarter was flattered by ~$28.8 million of gains on property sales. Year to date through July the company signed ~673,000 square feet of leases, sold four properties plus the 37.4 acre Deerfield, Illinois campus for ~$83.7 million, and cut debt by ~$60.7 million in the second quarter alone.
The investment picture is a classic deep-value situation with genuine risk attached. At ~$2.06 per share in mid-October 2026, Orion's market value is only ~$118 million against ~$437 million of principal debt, so equity holders sit on a thin slice of a leveraged capital structure. Occupancy of ~78% and a 6.2-year weighted average lease term mean further vacancies are likely before the portfolio is fully stabilized. The dividend has been cut to a token $0.02 per quarter to preserve cash. A strategic review launched in January 2026 under a cooperation agreement with activist holder Kawa Capital remains open, but no definitive transaction has been announced.
What's driving Orion Properties Inc. (ONL)?
1. Leasing momentum and occupancy recovery
Occupancy of ~78.1% at June 30, 2026 is the single biggest swing factor for Orion's earnings. The company has leased ~673,000 square feet in 2026 through July, including renewals of ~78,000 square feet in Augusta, Georgia (five years), ~62,000 square feet in Plano, Texas (7.4 years) and ~69,000 square feet in Salem, Oregon, plus new 10-year-plus leases in Plano and Tulsa. Each renewal removes a potential vacancy that would otherwise cost both rent and carrying expenses such as taxes and maintenance, which landlords absorb when space is empty. If Orion can keep converting expirations into renewals and fill vacant suburban space, Core FFO per share could stop declining after falling from ~$1.68 in 2023 to ~$0.78 in 2025.
2. Asset sales and deleveraging
Orion is selling non-core buildings and using the proceeds to shrink debt. In the second quarter of 2026 it sold two operating properties (~260,000 square feet) for ~$57.5 million plus the Deerfield, Illinois land, and used ~$34.4 million from one sale to prepay its CMBS loan. Principal outstanding fell to ~$436.6 million, made up of a ~$316.6 million CMBS loan fixed at ~4.97%, ~$102 million drawn on a $215 million revolver at SOFR plus 2.75%, and an ~$18 million San Ramon mortgage. Net debt to annualized adjusted EBITDA improved to ~5.4x and full-year guidance was lowered to ~6.0x to 6.8x. Continued sales at reasonable prices are what would give equity holders more of the enterprise value.
3. Shift toward dedicated use assets
Management's long-term thesis is that dedicated use assets, such as government offices, laboratories, medical buildings and flex/industrial space, are stickier than traditional office because tenants cannot easily move those functions to remote or hybrid work. These properties produced ~35.8% of annualized base rent at year-end 2025 and ~38.7% by mid-2026, a rise driven by both sales of traditional office and selective purchases such as a ~75,000 square foot Northbrook, Illinois property bought for ~$15 million in early 2026. Traditional office still accounts for ~60% of rentable square feet, so this is a multi-year transition. A higher mix would argue for a lower risk discount on the stock, but only if renewal rates actually prove higher.
4. Strategic review and takeover interest
In January 2026 Orion began a formal review of strategic options, including a sale of the company, mergers or remaining independent, as part of a cooperation agreement with Kawa Capital, an activist shareholder that had earlier offered ~$2.50 and then ~$2.75 per share in cash in 2025. The board rejected both offers as undervaluing the company. As of August 2026 the company said it was actively engaging with several parties, though no timetable was set, no definitive agreement had been filed with the SEC as of mid-October, and the cooperation agreement ended September 1, 2026. Because the stock trades below those earlier offer levels, any concrete bid or a breakdown of the process could move the price meaningfully.
What are the risks to Orion Properties Inc. (ONL)?
The central risk is that suburban office demand stays weak and Orion cannot re-lease space at rents that cover its costs. With occupancy near ~78%, more vacancies would hit revenue directly while the company still pays taxes, insurance and maintenance on empty buildings, and leasing often requires heavy spending on tenant improvements and commissions. Tenant concentration is meaningful: the General Services Administration provided ~18% of rent and Merrill Lynch ~10% at year-end 2025, so a single non-renewal can dent results. Leverage magnifies all of this. About ~$437 million of debt sits under an equity value of roughly ~$118 million; the revolver floats with interest rates and matures in February 2028 (extendable to 2029), and the CMBS loan matures in February 2029. Orion's 20%-owned Arch Street joint venture defaulted on ~$125.6 million of non-recourse debt, and lenders have signalled they may force property sales, which could wipe out Orion's equity and ~$5.5 million member loan there. Asset sales may close below book value, impairments have been frequent, the dividend is only $0.02 per quarter, and the strategic review may end without any transaction.
Is ONL a buy or a sell?
We give no verdict on Orion Properties Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Leasing momentum and occupancy recovery. Occupancy of ~78.1% at June 30, 2026 is the single biggest swing factor for Orion's earnings.
The case against. The central risk is that suburban office demand stays weak and Orion cannot re-lease space at rents that cover its costs.
Read the full bull and bear case on ONL, including what would have to change to break either one. Walnut is not an investment adviser.
How is Orion Properties Inc. (ONL) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Orion Properties Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$143 million
- Core FFO per share (2026 guidance): ~$0.72 to $0.77
- Price / Core FFO (guidance midpoint): ~2.8x
- Market cap: ~$118 million (~$2.06/share)
- Debt principal outstanding: ~$437 million
- Dividend yield: ~3.9% ($0.02 quarterly)
Revenue (TTM) combines the first half of 2026 (~$70.6 million) with the second half of 2025 (~$72.3 million). On a Core FFO basis Orion trades at under 3x guided 2026 earnings, a fraction of the ~10x to 15x common for healthier net lease REITs. That gap reflects the debt load, ~78% occupancy, the joint venture default and doubts about the terminal value of older suburban office buildings. GAAP earnings are noisy because of property sale gains and impairments, so price to earnings is not a useful yardstick here. Figures are approximate, drawn from Orion's second quarter 2026 filings and mid-October quotes.
Who competes with Orion Properties Inc. (ONL)?
Net lease and single-tenant office REITs
Peakstone Realty Trust (PKST) and Global Net Lease (GNL) own single-tenant net lease portfolios that include office and have also been selling office assets to cut debt. Realty Income (O) and W. P. Carey (WPC), both of which spun off or exited office, show what a lower-risk net lease portfolio is valued at by comparison.
Government-leased property owners
Easterly Government Properties (DEA) and Postal Realty Trust (PSTL) specialize in buildings leased to U.S. federal agencies. They compete with Orion for GSA-leased assets and investor capital, and their valuations give a reference point for the ~18% of Orion's rent that comes from the General Services Administration.
Suburban and Sun Belt office landlords
Franklin Street Properties (FSP), Highwoods Properties (HIW), Piedmont Office Realty Trust (PDM) and Brandywine Realty Trust (BDN) own multi-tenant office in similar suburban and Sun Belt markets. They compete with Orion for the same tenants when leases expire, and their leasing spreads and occupancy trends signal how the broader office market is recovering.
What stocks are similar to Orion Properties Inc. (ONL)?
Other names that sit close to ONL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Orion Properties Inc. (ONL)
There are three common ways to get ONL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so ONL sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where ONL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Orion Properties Inc. (ONL)
Orion is a cheap, leveraged bet on suburban office leasing and asset sales. The low multiple reflects real vacancy and refinancing risk, while an open strategic review adds an unresolved takeover angle.
More on Orion Properties Inc. (ONL)
Whether ONL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ONL a buy or a sell?, and where the stock could go from here in the ONL stock forecast.
For income investors, whether ONL pays a dividend and how the payout looks is covered in does ONL pay a dividend? And to weigh ONL against a peer, read the full side-by-side comparisons: ONL vs GNL and ONL vs O.
Wondering how ONL fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Orion Properties Inc. with AI
Connect the broker you already use and ask Walnut's AI how ONL fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Orion Properties (ONL) do?
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Orion Properties is a real estate investment trust that owns and leases office buildings, mostly in suburban U.S. markets, typically to a single tenant on a net lease basis, meaning the tenant pays much of the property's operating costs. As of June 30, 2026 it owned 57 operating properties producing ~$108 million in annualized base rent, plus a 20% stake in a joint venture holding six more buildings. Tenants include the U.S. General Services Administration, Merrill Lynch, Ingram Micro, Cigna/Express Scripts and T-Mobile. The portfolio mixes traditional office (~60% of rentable square feet) with government, flex/industrial, laboratory and medical buildings. The company was spun off from Realty Income in 2021 under the name Orion Office REIT and later renamed itself Orion Properties, keeping the ONL ticker on the New York Stock Exchange.
Why is ONL stock so cheap?
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At ~$2.06 in mid-October 2026, Orion trades below 3x its guided 2026 Core FFO of ~$0.72 to $0.77 per share, an unusually low multiple even for office REITs. The discount reflects several overlapping concerns. Occupancy is ~78%, so a fifth of the space earns no rent but still costs money to carry. Debt of ~$437 million is nearly four times the ~$118 million equity value, which means small changes in property values swing the equity a lot. Core FFO has fallen by more than half since 2023 as leases rolled off. A joint venture in which Orion owns 20% is in default on its mortgage. Investors also question what older suburban office buildings will be worth in the long run, given hybrid work and cautious lenders.
How did Orion perform in its most recent quarter?
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For the second quarter of 2026, reported August 6, Orion posted total revenue of ~$34.3 million, down from ~$37.3 million a year earlier because of sales and lease expirations. Net income attributable to common stockholders was ~$24.6 million, or ~$0.42 per diluted share, driven by ~$28.8 million of gains on property sales rather than operations. Core FFO was ~$11.8 million, or ~$0.20 per diluted share, flat with the prior year. The company signed ~202,000 square feet of leases in the quarter and ~116,000 more shortly after, cut debt by ~$60.7 million, and ended with ~$176.5 million of liquidity. It raised 2026 Core FFO guidance to ~$0.72 to $0.77 and lowered its expected leverage range. Third quarter results are scheduled for November 5, 2026.
Does Orion Properties pay a dividend?
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Yes, but a small one. The board declared a quarterly cash dividend of $0.02 per share for the third quarter of 2026, paid October 15, 2026 to holders of record on September 30. That works out to $0.08 a year, or a yield of ~3.9% at a ~$2.06 share price. Orion paid considerably more in its early years after the 2021 spin-off and cut the payout as occupancy and cash flow declined, choosing to keep cash for leasing costs, capital improvements and debt reduction. As a REIT it must distribute most of its taxable income, but heavy depreciation and losses keep that requirement low. The dividend is set each quarter by the board and could change depending on leasing results, asset sales or the outcome of the strategic review.
Is Orion Properties being acquired?
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As of mid-October 2026, no definitive merger or sale agreement has been announced or filed with the SEC. Orion began a review of strategic options on January 26, 2026, as part of a cooperation agreement with activist shareholder Kawa Capital. Options under consideration include selling the company, merging with or acquiring others, or remaining independent. In August the company said it was actively engaging with several parties but set no timetable and gave no assurance of a deal. Kawa had previously made unsolicited, non-binding cash offers of ~$2.50 and then ~$2.75 per share in 2025, both rejected by the board as undervaluing Orion. The cooperation agreement ended September 1, 2026. The stock currently trades below those earlier proposal levels, which suggests the market is not pricing in a near-term deal.
How much debt does Orion have and when does it mature?
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At June 30, 2026 Orion had ~$436.6 million of principal outstanding. The largest piece is a ~$316.6 million CMBS loan with a fixed ~4.97% rate, secured by 18 properties, non-recourse, and due February 2029 with extension options of up to 18 months. Another ~$102 million was drawn on a $215 million secured revolving credit facility priced at SOFR plus 2.75%, maturing February 2028 with two six-month extension options. The remaining ~$18 million is a mortgage on the San Ramon, California property. Net debt to annualized adjusted EBITDA was ~5.4x, and 2026 guidance calls for ~6.0x to 6.8x. Separately, the 20%-owned joint venture has ~$125.6 million of non-recourse mortgage debt that defaulted in 2026; Orion's exposure there is its equity stake and a ~$5.5 million member loan.
Who are Orion's biggest tenants?
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At year-end 2025, Orion's top tenant was the U.S. General Services Administration, which leases space for federal agencies across 15 leases and provided ~17.8% of annualized base rent. Merrill Lynch contributed ~10%, Ingram Micro ~7.1%, Cigna/Express Scripts ~4.4%, Sekisui House U.S. ~4.1% and T-Mobile ~3.7%, followed by Charter Communications, Banner Life Insurance, Encompass Health and Collins Aerospace. The top ten tenants together accounted for ~60% of annualized base rent. Roughly ~69% of rent comes from investment-grade tenants, which supports collections, but concentration cuts both ways: a decision by one large tenant not to renew can remove several percent of revenue at once. Government leases are generally regarded as sticky, though federal space consolidation is a risk worth tracking.
What could change the outlook for ONL?
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Several identifiable events could shift how investors view Orion. A concrete outcome from the strategic review, whether a sale, merger or a decision to stay independent, would likely reprice the stock either way. Leasing results in the November 5, 2026 third quarter report will show whether occupancy is turning up from ~78%. Further property sales at prices near or above book value would support the deleveraging plan, while sales at steep discounts or new impairments would undercut it. The resolution of the defaulted joint venture loan, including any forced property sales, will determine whether that investment retains any value. Broader factors also matter: interest rates affect revolver costs and buyer appetite for office, and federal government leasing decisions affect the ~18% of rent tied to the GSA. Walnut is not an investment adviser, and this is descriptive information only.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Orion Properties Inc.'s investor relations page or your broker before making investment decisions.