Orion Properties Inc. (ONL) Stock

Orion Properties Inc. (ONL) is a Real Estate stock trading at $2.84 (as of 2026-08-21), with a market capitalization of $162.01M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Orion Properties Inc. owns, acquires, and manages a diversified portfolio of office buildings, including corporate headquarters properties, in U.S. suburban markets. Its properties are primarily leased under single-tenant net leases to creditworthy tenants, and its capital allocation decisions are guided by an internal investment evaluation framework.

Understand Orion Properties Inc.: how it makes money

Orion Properties Inc. owns, acquires, and manages suburban U.S. office buildings leased mainly on a single-tenant net lease basis, earning rental income from its tenants and working to grow results through acquisition selection and lease performance.

Because most income comes from long-lived, single-tenant net leases, earnings primarily track (1) tenant-paying ability and occupancy, and (2) the timing and pricing of lease renewals or expirations.

Revenue by segment (latest quarter)
Rental Revenue$0.0B
Tax Reimbursements and End-of-Lease Payments$0.0B

Business quality (Weak): The leasing KPIs are clearly provided (occupancy, annualized base rent, expirations, lease term), but the quarterly revenue is effectively shown as 0.0B and gross margin is not provided, limiting financial interpretation.

Bull case

  • Occupancy remains relatively high: Portfolio Occupancy Percentage (Occupied) is 83.1%, with 10 vacant properties out of 75 properties owned.
  • Lease profile shows medium-term visibility: Portfolio Weighted Average Lease Term is 5.9 (and Portfolio Weighted Average Remaining Lease Term is 5.5), which can reduce near-term cliff risk versus shorter lease cycles.
  • Tenant and renewal mix supports rent durability: Annualized Base Rent from Investment Grade Tenants is 64.8%, and Cash Rent Spreads on Renewal Leases are 2.5%.

Bear case

  • Material lease exposure can pressure cash flows: Annualized Base Rents Scheduled to Expire are 0.04B, and a high-level operating margin is already negative in the latest period.
  • Not currently showing profitability at the operating level: Operating margin is -37.2% for the period ended 2026-03-31.
  • Office market and tenant credit risks remain: Even with investment grade tenant exposure, single-tenant net leases still concentrate risk in individual tenants and their ability to meet obligations through renewal and rent reset cycles.
Valuation — source: SEC EDGAR (first-party)
Price$2.84
Market Cap$162.01M
Price / Book0.26
Price / Sales1.13
DCF Value (model)$11.07
DCF Upside vs Price289.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$147.65M
Net Margin-94.4%
Revenue Growth (YoY)-10.4%
EPS Growth (YoY)34.8%
Valuation vs Sector & Industry
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderKawa Capital Management, Inc ($12.54M)
Institutional Holders Tracked10
Company
SectorReal Estate
IndustryTrading
CEOPaul H. McDowell
Employees40
CountryUS
IPO Date2021-11-23

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • Strawberry Fields REIT LLC (STRW)
  • Modiv Inc. (MDV)
  • Seven Hills Realty Trust (SEVN)
  • Net Lease Office Properties (NLOP)
  • Ellington Credit Company (EARN)
  • SITE Centers Corp. (SITC)
  • Elme Communities (ELME)
  • Braemar Hotels & Resorts Inc. (BHR)
ONL earnings history · ONL institutional & insider holders · ONL KPIs & operating metrics · ONL financials · ONL investor presentations & press releases · ONL SEC filings · ONL peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.