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Orion Office REIT (ONL)
NYSE:ONL
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Earnings Data
Report Date
Mar 05, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
―Last Year’s EPS
-0.29Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:May 04, 2022
|% Change Since: 1.81%
|Next Earnings Date:Mar 24, 2022
Earnings Call Sentiment|Neutral
The earnings call highlights significant leasing successes, strategic acquisitions, and positive tenant sentiment, contributing to a stronger portfolio, despite facing challenges such as decreased revenues, persistent vacancies, and expected lower earnings in the next year.Company Guidance
During Orion Office REIT's Q3 2024 earnings call, the executives provided guidance, highlighting several key metrics and strategic moves. The company anticipates core funds from operations (FFO) for the full year 2024 to range between $0.99 and $1.01 per diluted share, while net debt to adjusted EBITDA is expected to remain between 6.2x to 6.6x. Orion's revenues for Q3 2024 were $39.2 million, down from $49.1 million in Q3 2023, primarily due to lease expirations and asset dispositions. The company has also completed over 830,000 square feet of leasing year-to-date, more than tripling the total from 2023, and achieved positive rent spreads of 3.2%. Portfolio weighted average lease term (WALT) increased to 5 years, up from 3.9 years a year ago. Additionally, Orion's recent acquisition of a 97,000 square foot property in the San Francisco Bay Area was highlighted, acquired at a 7.4% going-in cap rate, demonstrating strategic capital recycling efforts. Despite these operational successes, they expect core FFO impacts of $20 million to $24 million in 2025, reflecting the challenges in the office market recovery.Successful Lease Renewals and Extensions
Signed 4 leases comprising 254,000 square feet, including a 10-year renewal for 152,000 square feet in Longmont, Colorado. Overall portfolio weighted average lease term (WALT) increased to 5 years from 3.9 years.
Strong Leasing Pipeline
Completed over 830,000 square feet of leasing year-to-date, more than 3 times the full year 2023 total, with a forward leasing pipeline of over 1 million square feet.
Strategic Acquisition
Purchased a 97,000 square foot mission-critical agricultural research and development lab in San Francisco Bay Area, leased to Valent U.S.A. under a 15-year lease, with a going-in cap rate of 7.4% and an average cap rate of 9.2%.
Portfolio Transformation
Sold over 15% of the portfolio, 18 properties, representing 1.9 million square feet, improving portfolio quality and reducing carry costs and forward expected CapEx.
Positive Tenant Sentiment
Tenant leasing sentiment is improving with increased traffic at vacant properties and a 3.2% positive rent spread on leasing activity.
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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
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ONL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 07, 2024 | $3.86 | $3.96 | +2.59% |
| Aug 08, 2024 | $3.65 | $3.57 | -2.19% |
| May 08, 2024 | $3.09 | $3.14 | +1.62% |
| Feb 27, 2024 | $3.96 | $3.29 | -16.92% |
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.
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FAQ
When does Orion Office REIT (ONL) report earnings?
Orion Office REIT (ONL) is schdueled to report earning on Mar 05, 2025, TBA Not Confirmed.
What is Orion Office REIT (ONL) earnings time?
Orion Office REIT (ONL) earnings time is at Mar 05, 2025, TBA Not 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?
Currently, no data Available
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