Orion Office REIT Inc.: insider trades · United States · SEC (Form 4)

About Orion Office REIT Inc.

Orion Office REIT Inc., which changed its corporate name to Orion Properties Inc. on March 5, 2025, is a U.S.-listed real estate investment trust trading on the NYSE under the ticker ONL. The company is based in the United States and is an internally managed REIT focused on owning, acquiring, and managing a diversified portfolio of office properties located in high-quality suburban markets across the country. Its operating model has historically emphasized single-tenant net lease structures, generally with creditworthy tenants, which can support more predictable rent collection while leaving the company exposed to tenant concentration, vacancy risk, and credit quality at the asset level. Orion was formed in 2021 in connection with a separation from Realty Income. According to company disclosures, it was created on July 1, 2021, spun off from Realty Income on November 12, 2021, and began trading on the New York Stock Exchange on November 15, 2021. That origin matters: Orion inherited a portfolio of office-related real estate and entered public markets as a focused office REIT rather than as a broad diversified property company. Over time, management has been working to reshape the portfolio away from traditional office exposure and toward what the company describes as “dedicated use assets” — properties with a specialized use component such as government, medical office, laboratory and research and development, and certain flex or light-industrial uses. From a competitive standpoint, Orion is a niche player in the U.S. REIT landscape. It is not one of the large diversified office owners, but rather a specialized suburban office and dedicated-use property platform. That positioning can be attractive when investors seek differentiated exposure within a challenged office market, but it also makes the company highly sensitive to interest rates, refinancing conditions, leasing demand, and broader changes in workplace behavior, including hybrid work trends. Recent company updates point to an active portfolio and balance-sheet repositioning effort. In 2025, Orion disclosed its name change, continued to highlight its strategy shift, and reported property dispositions as part of ongoing capital recycling and portfolio rationalization. The company has also been working through financing actions and asset sales to better align the portfolio with its revised strategy. For investors, ONL remains a U.S. REIT with a transitional profile: a suburban office base, increasing exposure to specialized use properties, and a clear emphasis on repositioning rather than steady-state defensive growth.