Q2 2024 Orion Office REIT Inc Earnings Call Transcript
Key Points
- Orion Office REIT Inc (ONL) completed 633,000 square feet of lease transactions in 2024, more than doubling the total for all of 2023.
- The company signed a significant new 15.4-year lease for 56,000 square feet with a law firm tenant at its Parsippany, New Jersey property.
- Orion Office REIT Inc (ONL) has a well-diversified portfolio by tenant, industry, and geography, with 72.3% of tenants being investment grade.
- The company has made substantial progress in reducing debt, paying down $158 million since the spin-off.
- Orion Office REIT Inc (ONL) maintains strong liquidity with $267.9 million in total liquidity, including cash and available credit.
- The company's occupancy rate was 79.7%, reflecting a challenging leasing environment.
- Orion Office REIT Inc (ONL) reported a net loss of $33.8 million for the quarter, significantly higher than the $15.7 million loss in the same quarter of the previous year.
- Total revenues decreased to $40.1 million from $52 million in the same quarter of the prior year.
- Core funds from operations (FFO) dropped to $14.2 million from $26.9 million in the same quarter of 2023.
- The company anticipates carrying substantial vacancy for the foreseeable future due to the slow recovery of the overall office market.
Greetings. Welcome to Orion Office REIT's second-quarter 2024 earnings call. As a reminder, this conference is being recorded.
I would now like to turn the call over to Paul Hughes, General Counsel for Orion. Thank you. You may begin.
Thank you, and good morning, everyone. Yesterday, Orion released its financial results for the quarter ended June 30, 2024, filed its Form 10-Q with the Securities and Exchange Commission, and posted its earnings supplement to its website. These documents are available in the Investors section of the company's website at onlreit.com.
Certain statements made during the call today are not strictly historical information and constitute forward-looking statements. These statements include the company's guidance estimates for calendar year 2024, that are based on management's current expectations and are subject to certain risks that could cause actual results to differ materially from our estimates. The risks are discussed in our earnings
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
