Orion Office REIT (ONL)
NYSE:ONL
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.12Last Year’s EPS
-0.17Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call highlighted meaningful operational progress — notably large leasing volumes, longer WALT on new leases, improved leased rates and occupancy, substantial disposition proceeds and liquidity improvements, and a targeted shift toward higher-quality dedicated use assets. Offsetting these positives were material year-over-year declines in revenue, core FFO and adjusted EBITDA, a sharp increase in CapEx as leasing is executed, sustained high leverage ratios, and a significant impairment/uncertainty related to a joint venture. Management presented a credible path to stabilization and core FFO growth in 2026, but near-term financial headwinds and JV risk temper the outlook.Company Guidance
Strong Leasing Activity and Long Lease Terms
Leased ~900,000 sq ft in 2025 (vs 1,100,000 sq ft in 2024) plus an additional 183,000 sq ft signed after year-end; weighted average lease term (WALT) on new 2025 leases nearly 10 years and average WALT for all 2025 leasing activity 7.5 years, moving portfolio WALT toward ~6 years.
Improved Occupancy and Leased Rate
Leased rate improved ~600 basis points year-over-year to over 80% at year-end; occupancy improved ~500 basis points to 78.7% at year-end 2025.
Robust 2026 Leasing Pipeline
Over 1,000,000 sq ft in discussion or documentation (including full-building deals and long-duration renewals), supporting management's view of leasing momentum continuing into 2026.
Material Dispositions and Capital Recycling
Sold 10 properties (~960,000+ sq ft) for ~$81M in 2025, plus two additional vacant properties (516,000 sq ft) for >$13M post-year-end and near-term sales under contract for ~$36M; total 2025 and near-term dispositions expected to generate roughly $130M and reduce annual carry costs by ~$10.3M.
Strategic Shift Toward Dedicated Use Assets (DUAs)
DUAs comprised ~35.8% of portfolio by annualized base rent at year-end 2025, up from 31.8% at end of 2024; example acquisition: Barilla HQ (75,000 sq ft) purchased for $15M with a 10.8-year lease, going-in cash cap rate ~8.1% and average cap rate ~9% over the lease term.
Improved Liquidity and Debt Maturities Addressed
Entered a new $215M secured revolver (matures Feb 2029, two six-month extension options) with reduced margin (SOFR +2.75%); amended CMBS loan extended to Aug 2030 (fixed rate ~4.971%); total liquidity of ~$145.9M (cash $22.9M + $123M revolver capacity adjusted).
Quarterly and Near-Term FFO Stability
Q4 2025 core FFO of $0.19 per share (vs $0.18 prior-year quarter); management expects core FFO for 2026 to be $0.69 to $0.76 per diluted share and anticipates core FFO growth as leasing and capital initiatives translate into recurring earnings.
ONL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ONL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 05, 2026 | $2.55 | $2.45 | -3.92% |
Nov 06, 2025 | $2.45 | $2.60 | +6.12% |
Aug 06, 2025 | $2.54 | $2.51 | -1.18% |
May 07, 2025 | $1.96 | $1.91 | -2.55% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Orion Office REIT (ONL) report earnings?
Orion Office REIT (ONL) is schdueled to report earning on May 13, 2026, After Close (Confirmed).
What is Orion Office REIT (ONL) earnings time?
Orion Office REIT (ONL) earnings time is at May 13, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ONL EPS forecast?
ONL EPS forecast for the fiscal quarter 2026 (Q1) is -0.12.