Leasing Momentum and Achievements
Orion completed 639,000 square feet of leasing as of July 31, 2025, with a weighted average lease term of 6.4 years. This includes notable leases in Parsippany, New Jersey; Kennesaw, Georgia; and Plano, Texas, demonstrating strong leasing activity.
Property Dispositions
Orion successfully sold 4 vacant properties totaling 434,000 square feet for $26.9 million. Agreements are in place to sell 5 more properties for $57 million. This represents a significant increase compared to only 2 properties sold last year.
Portfolio Occupancy Improvement
The operating property occupancy rate increased by 310 basis points to 77.4%, and the lease rate increased by 170 basis points to 79.1% sequentially.
Increased Focus on DUA Properties
Approximately 32.2% of the portfolio by annualized base rent is now dedicated use assets (DUA), which tend to have stronger renewal trends and more durable cash flows.
Improved Financial Guidance
Core FFO guidance for 2025 has been raised to $0.67-$0.71 per share, up from $0.61-$0.70. Net debt to adjusted EBITDA guidance has improved to 7.3x-8.3x, down from 8.0x-8.8x.