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Orion Properties Inc. is an internally managed real estate investment trust ( REIT ) engaged in the ownership, acquisition, and management of a diversified portfolio of office properties located in high-quality suburban markets across the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. Our portfolio is comprised of traditional office properties, as…
The business is unprofitable at the operating level (-65.37% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.4% YoY. Margins deteriorated 23.3pp alongside, both lines moving the wrong way.
ROIC dropped from -4.16% to -6.45%, capital efficiency is deteriorating. Operating margin contracted 23.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$146M
▼ -10.4% YoY
Net Income (TTM)
-$144M
▼ -35.2% YoY
Op. Margin
-67.67%
▼ -23.3pp YoY
ROIC
-6.80%
▼ -2.3pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$18M
▼ -56.5% YoY
Net Debt
$499M
Cash & Equiv.
$10M
5Y CAGR: +22.5%
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