Orion Properties Inc. (ONL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Orion Properties published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Orion Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Core FFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Orion Properties is a REIT. The revenue figure is the line Orion calls total revenues: rental revenue plus fee income from its unconsolidated joint venture. The adjusted figure is Core FFO per diluted share, a REIT measure Orion defines and reconciles to net income in its release.
• The year-ago net loss of $(69.0) million included $63.7 million of real estate impairments. Orion recorded no impairments in Q3 2026.

Source: Orion Properties Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Orion Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Orion Properties's Rental revenue was $35.2 million in Q3 2026, down 5% from $36.9 million in Q3 2025, 99% of total revenue.
• Orion Properties's Fee income from Unconsolidated Joint Venture revenue was $0.2 million in Q3 2026, down 3% from $0.2 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Orion Properties said:

“The Company expects its 2026 Core FFO per diluted share to be in a range between $0.75 and $0.78.”

“The Company's 2026 General and Administrative Expense guidance range of $19.8 million to $20.8 million is unchanged from the previous quarter.”

Source: Orion Properties Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ONL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted net income (loss) per share attributable to common stockholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Orion Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Orion Properties reported total revenues of $35.4 million for Q3 2026, against $37.1 million a year earlier. Almost all of it is rent: rental revenue was $35.2 million and fee income from its unconsolidated joint venture $198 thousand. Rental revenue includes tenant reimbursements for real estate taxes, insurance and maintenance, which Orion records on a gross basis. (Orion Properties Q3 2026 release, Nov 5, 2026; Orion Properties Form 10-Q, Q3 2026, Nov 5, 2026)

Orion Properties' 10-Q puts the $1.7 million drop in rental revenue down to lower occupied square footage: lease expirations removed $3.6 million of rental revenue, property sales $1.3 million and property tax reassessments cut reimbursement revenue by $0.2 million. New leasing added $3.0 million and the property bought in Northbrook, Illinois in February 2026 added $0.5 million. Orion recognized no lease termination income in the quarter, against $1.5 million a year earlier. (Orion Properties Form 10-Q, Q3 2026, Nov 5, 2026)

Orion Properties owned 57 operating properties at September 30, 2026, with 6.4 million leasable square feet and an occupancy rate of 78.3%, against 63 properties, 7.4 million square feet and 72.1% a year earlier. Annualized base rent was $107.0 million, with 67.8% from investment-grade tenants and 40.6% from dedicated use assets. Traditional office was 29 properties and 59.4% of annualized base rent; governmental properties were 17 and 22.0%. (Orion Properties Form 10-Q, Q3 2026, Nov 5, 2026; Orion Properties Q3 2026 release, Nov 5, 2026; Orion Properties Q3 2026 supplemental information, Nov 5, 2026)

Orion Properties' rent is concentrated in a few tenants. The General Services Administration paid $22.0 million of annualized base rent across 16 leases, 20.6% of the total, and Merrill Lynch $11.1 million, 10.4%. The top ten tenants account for 60.6%. Leases carrying 23.1% of annualized base rent expire in 2028, the largest single year on Orion's schedule. (Orion Properties Q3 2026 supplemental information, Nov 5, 2026)

Orion Properties' net loss attributable to common stockholders was $(3.3) million, or $(0.06) per diluted share, against $(69.0) million, or $(1.23), a year earlier. The year-ago quarter carried $63.7 million of impairments; Q3 2026 had none. Depreciation and amortization fell to $12.5 million from $14.7 million and interest expense to $7.1 million from $7.9 million. (Orion Properties Q3 2026 release, Nov 5, 2026)

Orion Properties reports FFO and Core FFO, the REIT measures that add back real estate depreciation and impairments. FFO was $9.2 million, or $0.16 per diluted share, against $0.12. Core FFO, which also excludes items such as amortization of deferred financing costs, equity-based compensation and transaction costs, was $11.4 million, or $0.20 per diluted share, against $11.0 million and $0.19. (Orion Properties Q3 2026 release, Nov 5, 2026)

Diluted weighted average shares for FFO were 58,031 thousand, against 56,843 thousand a year earlier. The board declared a fourth-quarter dividend of $0.02 per share, payable on January 15, 2027. (Orion Properties Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Orion Properties gives full-year guidance in its release. It raised its 2026 Core FFO range to $0.75 to $0.78 per diluted share from $0.72 to $0.77, narrowed Net Debt to Adjusted EBITDA to 5.8x to 6.4x from 6.0x to 6.8x, and left general and administrative expense guidance at $19.8 million to $20.8 million, which includes spending on its strategic review. (Orion Properties Q3 2026 release, Nov 5, 2026)

Orion Properties announced a review of strategic options on January 26, 2026, covering potential merger targets, a sale of the company or staying independent. As of November 5, 2026 the review was still ongoing. As of the same date Orion had agreements to sell three properties for a total gross price of $14.4 million. (Orion Properties Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Orion Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Orion Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ONL is on is ONL a buy or a sell?, what analysts expect next is on the ONL forecast, and what the company does is on the Orion Properties Inc. (ONL) stock page.

Every number on this page can be traced to a document Orion Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.