# EDGAR Filing Document

**Accession Number:** 0001873923
**File Stem:** 0001873923-26-000037
**Filing Date:** 2026-3
**Character Count:** 172451
**Document Hash:** bd64d4e391e813220e51c05292d97e54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001873923-26-000037.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001873923-26-000037

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260305

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orion Properties Inc.
- **CENTRAL INDEX KEY:** 0001873923
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40873
- **FILM NUMBER:** 26726354

**BUSINESS ADDRESS:**
- **STREET 1:** 3200 E. CAMELBACK ROAD, SUITE 100
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85018
- **BUSINESS PHONE:** (602) 698-1002

**MAIL ADDRESS:**
- **STREET 1:** 3200 E. CAMELBACK ROAD, SUITE 100
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Orion Office REIT Inc.
- **DATE OF NAME CHANGE:** 20210720

?xml version='1.0' encoding='ASCII'? onl-20260305

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| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

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**________________________**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): March 5, 2026**

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| | | |
|:---|:---|:---|
| **ORION PROPERTIES INC.** | **ORION PROPERTIES INC.** | **ORION PROPERTIES INC.** |
| (Exact name of Registrant as specified in its charter) | (Exact name of Registrant as specified in its charter) | (Exact name of Registrant as specified in its charter) |
| **Maryland** | **001-40873** | **87-1656425** |
| (State or Other Jurisdiction of Incorporation or Organization) | &nbsp;&nbsp;&nbsp;&nbsp; (Commission File Number) | (I.R.S. Employer Identification No.) |

---

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| | | |
|:---|:---|:---|
| **3200 E Camelback Road, Suite 100** | **3200 E Camelback Road, Suite 100** | **3200 E Camelback Road, Suite 100** |
| **Phoenix,** | **AZ** | **85018** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |

---

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| | |
|:---|:---|
| **(602)** | **698-1002** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

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| |
|:---|
| **N/A** |
| (Former name or former address, if changed since last report) |

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**________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | | |
|:---|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: |
| *Title of each class:* | *Title of each class:* | *Trading symbol(s):* | *Name of each exchange on which registered:* |
| Common Stock | $0.001 par value per share | ONL | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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**Item 2.02. Results of Operations and Financial Condition.**

On March 5, 2026, Orion Properties Inc. (the "Company") furnished the following documents: (i) a press release relating to its fourth quarter and full year 2025 results, attached hereto as Exhibit 99.1; and (ii) supplemental information for the quarter and year ended December 31, 2025, attached hereto as Exhibit 99.2. The information set forth in this Item 2.02 and in the attached Exhibits 99.1 and 99.2 is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information set forth in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release issued](exhibit991orionpressreleas.htm)[March](exhibit991orionpressreleas.htm)[5](exhibit991orionpressreleas.htm)[, 202](exhibit991orionpressreleas.htm)[6](exhibit991orionpressreleas.htm)[relating to](exhibit991orionpressreleas.htm)[Fourth](exhibit991orionpressreleas.htm)[Quarter](exhibit991orionpressreleas.htm)[and Full Year](exhibit991orionpressreleas.htm)[2025 Results](exhibit991orionpressreleas.htm)</u> |
| 99.2 | <u>[Supplemental Information for the Quarter](exhibit992orionsupplemen.htm)[and Year](exhibit992orionsupplemen.htm)[Ended](exhibit992orionsupplemen.htm)[December 31](exhibit992orionsupplemen.htm)[, 2025](exhibit992orionsupplemen.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **ORION PROPERTIES INC.** | **ORION PROPERTIES INC.** |
| By: | /s/ Gavin B. Brandon |
| Name: | Gavin B. Brandon |
| Title: | Chief Financial Officer, Executive Vice President and Treasurer |

---

Date: March 5, 2026

## Exhibit 99.1

![orion-properties_logoxrgb.jpg](orion-properties_logoxrgb.jpg)

***Exhibit 99.1***

**FOR IMMEDIATE RELEASE** 

**Orion Properties Inc. Announces Fourth Quarter and Full Year 2025 Results**

**- Completed 924,000 Square Feet of Leasing in 2025, Including 62,000 Square Feet in the Fourth Quarter, and an Additional 183,000 Square Feet Subsequent to Year End -**

**- Sold 10 Properties for $80.7 Million in 2025, Including Three Properties in the Fourth Quarter for $32.0 Million, and an Additional Two Properties Subsequent to Year End for $13.1 Million -**

**- Acquired One Dedicated Use Asset Subsequent to Year End for $15.0 Million -**

**- Extended and Restructured Credit Facility Revolver and CMBS Loan -**

**- Declares Dividend for First Quarter 2026 -**

**Phoenix, AZ, March 5, 2026** -- Orion Properties Inc. (NYSE: ONL) ("Orion" or the "Company"), a fully-integrated real estate investment trust ("REIT") which owns a diversified portfolio of single-tenant net lease office properties including dedicated use assets located across the United States, announced today its operating results for the fourth quarter and full year ended December 31, 2025.

Paul McDowell, Orion's Chief Executive Officer, commented, "2025 was a year of meaningful execution for Orion, as we advanced our leasing strategy, accelerated portfolio transformation through non-core asset dispositions, and improved the durability of our cash flows. We completed more than 900,000 square feet of leasing during the year, drove meaningful improvements in occupancy and lease term, and enter 2026 with a solid leasing pipeline and a newly acquired Dedicated Use Asset located in Northbrook, Illinois. As we continue to execute our business plan and evaluate strategic alternatives, we believe Orion is increasingly well positioned to deliver more stable earnings and long-term value for stockholders."

**Fourth Quarter 2025 Financial Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues of $35.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders of $(35.8) million, or $(0.64) per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from Operations ("FFO") of $0.1 million, or $0.00 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO of $10.6 million, or $0.19 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA of $(14.2) million, EBITDAre of $8.2 million and Adjusted EBITDA of $16.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Annualized Most Recent Quarter Adjusted EBITDA of 7.26x

**Full Year 2025 Financial Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues of $147.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders of $(139.3) million, or $(2.48) per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO of $24.3 million, or $0.43 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO of $43.7 million, or $0.78 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA of $(44.8) million, EBITDAre of $58.3 million and Adjusted EBITDA of $69.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Full Year Adjusted EBITDA of 6.79x

**Financial Results**

During the fourth quarter of 2025, the Company generated total revenues of $35.2 million, as compared to $38.4 million in the same quarter of 2024. The Company's net loss attributable to common stockholders was $(35.8) million, or $(0.64) per share, during the fourth quarter of 2025, as compared to $(32.8) million, or $(0.59) per share in the same quarter of 2024. Core FFO for the fourth quarter of 2025 was $10.6 million, or $0.19 per diluted share, as compared to $10.2 million, or $0.18 per diluted share in the same quarter of 2024.

During the full year of 2025, the Company generated total revenues of $147.6 million, as compared to $164.9 million in 2024. The Company's net loss attributable to common stockholders was $(139.3) million, or $(2.48) per share, during the full

------

year of 2025, as compared to $(103.0) million, or $(1.84) per share in 2024. Core FFO during the full year of 2025 was $43.7 million, or $0.78 per diluted share, as compared to $56.8 million, or $1.01 per diluted share in 2024.

**Leasing Activity**

During the fourth quarter of 2025, the Company entered into the following lease transactions (square feet in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **New Lease or Renewal** | **Square Feet** | **Term (Years)** | **Expected Commencement or Previous Expiration** | **New Expected Expiration** |
| San Antonio, Texas | Renewal | 50 | 1.5 | March 2026 | September 2027 |
| The Woodlands, Texas | New Lease | 7 | 5.5 | December 2025 | May 2031 |
| The Woodlands, Texas | Renewal | 5 | 5.0 | August 2027 | August 2032 |

---

For the full year 2025, the Company entered into new leases and lease renewals for 924,000 square feet across 14 properties and a weighted average lease term of 7.5 years. Subsequent to year end, the Company completed a 3.0-year lease extension for approximately 160,000 square feet at its property in Buffalo, New York and a new 10.5-year lease for approximately 23,000 square feet at its property in Phoenix, Arizona.

**Disposition Activity**

During the fourth quarter of 2025, the Company closed on three property dispositions totaling approximately 327,000 square feet, which included two vacant or near-term vacant traditional office properties and one stabilized traditional office property, for an aggregate gross sales price of $32.0 million. For the full year of 2025, the Company closed on 10 property dispositions totaling approximately 961,000 square feet, which included eight vacant or near-term vacant properties and two stabilized traditional office properties, for an aggregate gross sales price of $80.7 million.

Subsequent to year end, the Company closed on two Non-Operating Property dispositions totaling approximately 516,000 square feet for an aggregate gross sales price of $13.1 million. As of March 5, 2026, the Company has agreements in place to sell additional non-core properties for an aggregate gross sales price of $43.3 million, including the 37.4 acre Deerfield, Illinois properties where we completed the demolition of the six buildings during the fourth quarter of 2025 and our proportionate share of the gross sales price of one Arch Street Joint Venture Operating Property. The Company's pending sale agreements are subject to a variety of conditions outside of our control, such as the buyer's satisfactory completion of its due diligence and therefore, it cannot provide any assurance the transactions will close on the agreed upon price or other terms, or at all.

**Acquisition Activity**

During February 2026, the Company acquired one 75,000 square foot Dedicated Use Asset in Northbrook, Illinois for $15.0 million. The property is fully leased to a single tenant through December 2036.

**Real Estate Portfolio**

As of December 31, 2025, the Company's real estate portfolio consisted of 58 Operating Properties and eight Non-Operating Properties, as well as a 20% ownership interest in the Arch Street Joint Venture, comprising six properties. Annualized Base Rent was $111.3 million, with 66.7% of Annualized Base Rent derived from Investment-Grade Tenants and 35.8% derived from properties deemed to be Dedicated Use Assets, or DUAs. The Company's Occupancy Rate was 78.7%, or 78.2% adjusted for one consolidated Operating Property and our proportionate share of the square footage of one Arch Street Joint Venture Operating Property that are currently under agreements to be sold, and the Weighted Average Remaining Lease Term was 5.7 years.

As of December 31, 2025, the Arch Street Joint Venture properties had an Occupancy Rate of 100%, with 40.2% of Annualized Base Rent derived from Investment-Grade Tenants and a Weighted Average Remaining Lease Term of 6.3 years.

**Balance Sheet and Liquidity**

As of December 31, 2025, the Company had Adjusted Principal Outstanding of $490.8 million, comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $355.0 million securitized mortgage loan collateralized by 19 properties (the "CMBS Loan")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $92.0 million under the Company's credit facility revolver

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $18.0 million mortgage loan secured by the Company's San Ramon, California property (the "San Ramon Loan")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $25.8 million which represents the Company's proportionate share of mortgage indebtedness of the Arch Street Joint Venture

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On February 18, 2026, the Company entered into a credit agreement for a new credit facility revolver (the "New Credit Facility Revolver") and the Company's original credit facility revolver terminated and the indebtedness thereunder was discharged and paid in full with borrowings under the New Credit Facility Revolver. Among other things, the New Credit Facility Revolver extends the maturity date under the original credit facility revolver until February 2028, subject to two six-month borrower extension options until February 18, 2029 if we satisfy certain conditions, reduces the lenders' commitment to $215.0 million to more closely align with our business plan, provides that our borrowings will be secured with mortgages on a pool of 28 of our properties, reduces the interest rate margin on our borrowings by 50-basis points and eliminates the 10-basis point SOFR adjustment.

Also during February 2026, the Company entered into an amendment to the CMBS Loan which, among other things extends the maturity date two years until February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied and authorizes the lender to sweep all monthly excess cash flows from the 19 properties, after payment of interest and property operating expenses, until maturity, and to apply such excess cash flows to a combination of prepaying the outstanding principal balance of the CMBS Loan and funding an all-purpose reserve. The fixed annual interest rate on the CMBS Loan of 4.971% is unchanged during the extension terms.

The non-recourse mortgage notes associated with the Arch Street Joint Venture were scheduled to mature on November 27, 2025, subject to one remaining one-year borrower option to extend the maturity until November 27, 2026. The Arch Street Joint Venture exercised the extension option during September 2025. However, in order to extend the debt, the Arch Street Joint Venture is required to make an approximately $16.0 million prepayment of loan principal outstanding to satisfy the 60% loan-to-value extension condition. Due to capital constraints of the Company's joint venture partner, the joint venture has been unable to make this prepayment. The loan was temporarily extended until February 26, 2026 and the joint venture remains in discussions with the lenders about next steps which may include an additional short-term extension and restructuring of the debt with a lender excess cash flow sweep and the requirement to sell one or more properties and utilize the net proceeds to prepay principal outstanding under the debt. The Company cannot provide any assurance that the Arch Street Joint Venture will be able to satisfy the loan-to-value condition or otherwise extend or refinance this debt obligation or that the lenders will not seek to enforce their remedies due to the existing payment default. Due to the uncertainties with regard to recovery of our Arch Street Joint Venture investments, the Company recorded an other-than-temporary impairment loss on its investment in the Arch Street Joint Venture thereby reducing the carrying value of the investment to zero, and recorded a loan loss reserve of $5.9 million against its $6.6 million member loan to the Arch Street Joint Venture during the year ended December 31, 2025. Beginning in 2026, the Company will record management fees from the Arch Street Joint Venture and interest income on the member loan on a cash basis rather than accrual basis.

As of December 31, 2025, the Company had $145.9 million of liquidity, comprising $22.9 million of cash and cash equivalents, including the Company's proportionate share of cash from the Arch Street Joint Venture, as well as $123.0 million of available capacity on the credit facility revolver, as adjusted for the reduction in the Company's borrowing capacity pursuant to the New Credit Facility Revolver described above.

**Dividend**

On March 4, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.02 per share for the first quarter of 2026, payable on April 15, 2026, to stockholders of record as of March 31, 2026.

**Strategic Option Review Process**

On January 26, 2026, the Company announced a review of strategic options, which process is currently underway. The strategic options may include, among other things, the consideration of potential acquisition and merger targets, the potential sale of the Company, and continuing to operate as an independent publicly traded entity. There can be no assurance that the strategic options review process will result in Orion pursuing any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process.

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**2026 Outlook**

Based on current economic conditions and the Company's financial condition, Orion is providing the following guidance estimates for fiscal year 2026.

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| | | |
|:---|:---|:---|
| | **Low** | **High** |
| Core FFO per share | $0.69 | $0.76 |
| Net Debt to Adjusted EBITDA <sup>(1)</sup> | 6.5x | 7.3x |
| General and Administrative Expense | $19.8 million | $20.8 million |

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____________________________________

(1)The definition of Net Debt used for this guidance reflects revisions the Company is making to the definition such that Net Debt will be calculated differently in 2026 than it was in 2025. See "Definitions" below for further details

The Company's guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company's filings with the SEC. The Company reminds investors that its guidance estimates include assumptions with regard to its shift in portfolio concentration towards more dedicated use assets, rent receipts and property operating expense reimbursements, the amount and timing of acquisitions, dispositions, leasing transactions, capital expenditures, interest rate fluctuations and expected borrowings, the cost of the Company's strategic review process, and other factors. These assumptions are uncertain and difficult to accurately predict and actual results may differ materially from our estimates. See "Forward-Looking Statements" below.

**Webcast and Conference Call Information**

Orion will host a webcast and conference call to review its results at 10:00 a.m. ET on Friday, March 6, 2026. The webcast and call will be hosted by Paul McDowell, Chief Executive Officer and President, and Gavin Brandon, Chief Financial Officer, Executive Vice President and Treasurer. To participate, the webcast can be accessed live by visiting the "Investors" section of Orion's website at onlreit.com/investors. To join the conference call, callers from the United States and Canada should dial 1-844-539-3703, and international callers should dial 1-412-652-1273, ten minutes prior to the scheduled call time.

**Replay Information**

A replay of the webcast may be accessed by visiting the "Investors" section of Orion's website at onlreit.com/investors. The conference call replay will be available after 1:00 p.m. ET on Friday, March 6, 2026 through 11:59 p.m. ET on Friday, March 20, 2026. To access the replay, callers may dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use passcode, 13757486.

**Non-GAAP Financial Measures**

To supplement the presentation of the Company's financial results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release and the accompanying supplemental information as of and for the quarter and year ended December 31, 2025 (the "Supplemental Information Package") contain certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, Funds Available for Distribution ("FAD"), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), and Adjusted EBITDA. Please see the attachments to this press release for how the Company defines these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

**About Orion Properties Inc.**

Orion Properties Inc. is an internally-managed real estate investment trust 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. The Company's portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. The Company was founded on July 1, 2021, spun-off from Realty Income (NYSE: O) on November 12, 2021 and began trading on the New York Stock Exchange on November 15, 2021. The Company is headquartered in Phoenix, Arizona and has an office in New York, New York. For additional information on the Company and its properties, please visit onlreit.com.

**Investor Relations Contact:**

**Email: investors@onlreit.com**

**Phone: 602-675-0338**

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**<u>About the Data</u>**

This data and other information described herein are as of and for the quarter and year ended December 31, 2025, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Properties Inc.'s (the "Company," "Orion," "us," "our" and "we") Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the periods ended September 30, 2025, June 30, 2025 and March 31, 2025.

**<u>Definitions</u>**

**Annualized Base Rent** is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12, including the Company's proportionate share of such amounts related to the Unconsolidated Joint Venture. Annualized Base Rent is not indicative of future performance.

**Average Capitalization Rate** represents annualized average estimated Cash NOI of the property over the tenant's lease term, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Average Capitalization Rate represents annualized average estimated cash rental revenue of the property over the tenant's lease term divided by gross purchase or sale price.

**Cash Capitalization Rate** represents next 12 full months estimated Cash NOI of the property, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Cash Capitalization Rate represents next 12 full months estimated cash rental revenue of the property divided by gross purchase or sale price.

**CPI** refers to a lease in which base rent is adjusted based on changes in a consumer price index.

**Credit Rating** of a tenant refers to the Standard & Poor's or Moody's credit rating and such rating also may reflect the rating assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company as applicable.

**Dedicated Use Asset** is a property that includes a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered a traditional office property.

**Double Net Lease ("NN")** is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot, in each case, as further defined in the applicable lease).

**Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA**

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, gains or losses from disposition of real estate assets, and our proportionate share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above.

In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and our proportionate share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

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**Enterprise Value** equals the sum of the Implied Equity Market Capitalization and Net Debt, in each case, as of an applicable date. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. This change in definition will be applied retrospectively beginning January 1, 2026.

**Fixed Charge Coverage Ratio** is (a) Adjusted EBITDA divided by (b) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.

**Fixed Dollar or Percent Increase** refers to a lease that requires contractual rent increases during the term of the lease agreement. A Fixed Dollar or Percent Increase lease may include a period of free rent at the beginning or end of the lease.

**Flat** refers to a lease that requires equal rent payments, with no contractual increases, throughout the term of the lease agreement. A Flat lease may include a period of free rent at the beginning or end of the lease.

**Funds Available for Distribution ("FAD")**

Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, amortization of the Unconsolidated Joint Venture basis difference and our proportionate share of FAD adjustments related to the Unconsolidated Joint Venture. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend.

However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP.

**Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO")**

Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP.

Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and our proportionate share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above.

In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, amortization of deferred financing costs, amortization of deferred lease incentives, net, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and our proportionate share of Core FFO adjustments related to the Unconsolidated Joint Venture.

We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure.

**GAAP** is an abbreviation for generally accepted accounting principles in the United States.

**Gross Lease** is a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).

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**Gross Real Estate Investments** represent total gross real estate and related assets of Operating Properties and the Company's proportionate share of such amounts related to properties owned by the Unconsolidated Joint Venture, net of gross intangible lease liabilities. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

**GSA CPI** refers to a General Services Administration ("GSA") lease that includes a contractually obligated operating cost component of rent which is adjusted annually based on changes in a consumer price index.

**Implied Equity Market Capitalization** equals shares of common stock outstanding as of an applicable date, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange on such date.

**Industry** is derived from the Global Industry Classification Standard ("GICS") Methodology that was developed by Morgan Stanley Capital International ("MSCI") in collaboration with S&P Dow Jones Indices to establish a global, accurate, complete and widely accepted approach to defining industries and classifying securities by industry.

**Interest Coverage Ratio** equals Adjusted EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations.

**Interest Expense, excluding non-cash amortization** is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's proportionate share of the Unconsolidated Joint Venture's interest expense incurred on its outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined under GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

**Investment-Grade Tenants** are those with a Credit Rating of BBB- or higher from Standard & Poor's or a Credit Rating of Baa3 or higher from Moody's. The ratings may reflect those assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company, as applicable.

**Leased Rate** equals the sum of Leased Square Feet divided by Rentable Square Feet and includes the Company's proportionate share of such amounts related to the Unconsolidated Joint Venture, in each case, as of an applicable date.

**Leased Square Feet** is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates and includes such amounts related to the Unconsolidated Joint Venture.

**Modified Gross Lease** is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant.

**Month-to-Month** refers to a lease that is outside of the contractual lease expiration, but the tenant has not vacated and continues to pay rent which may also include holdover rent if applicable.

**Net Debt, Principal Outstanding and Adjusted Principal Outstanding**

Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's proportionate share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's proportionate share of the Unconsolidated Joint Venture's cash and cash equivalents. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. If this definitional change had been made in 2025, the impact would have been a decrease to Net Debt as of December 31, 2025 of $39.9 million. This change in definition will be applied retrospectively beginning January 1, 2026. We believe that the presentation of Net Debt provides useful

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information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

**Net Debt Leverage Ratio** equals Net Debt divided by Gross Real Estate Investments. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. This change in definition will be applied retrospectively beginning January 1, 2026.

**Net Operating Income ("NOI") and Cash NOI**

NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, and transaction related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. Cash NOI includes the proportionate share of such amounts from properties owned by the Unconsolidated Joint Venture. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.

**Non-Operating Properties** refers to all properties owned and consolidated by the Company as of the applicable date which have been excluded from Operating Properties due to the properties being vacant and repositioned, redeveloped, developed or held for sale.

**Occupancy Rate** equals the sum of Occupied Square Feet divided by Rentable Square Feet and includes the Company's proportionate share of such amounts related to the Unconsolidated Joint Venture, in each case, as of an applicable date.

**Occupied Square Feet** is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP and includes such amounts related to the Unconsolidated Joint Venture.

**Operating Properties** refers to all properties owned and consolidated by the Company as of the applicable date, excluding Non-Operating Properties.

**Property Operating Expense** includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc.

**Rentable Square Feet** is leasable square feet of Operating Properties and the Company's proportionate share of leasable square feet of properties owned by the Unconsolidated Joint Venture.

**Triple Net Lease ("NNN")** is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs in accordance with the lease terms).

**Unconsolidated Joint Venture or Arch Street Joint Venture** means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC.

**Weighted Average Remaining Lease Term** is the number of years remaining on each respective lease as of the applicable date, weighted based on Annualized Base Rent and includes the years remaining on each of the respective leases of the Unconsolidated Joint Venture, weighted based on the Company's proportionate share of Annualized Base Rent related to the Unconsolidated Joint Venture.

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**Forward-Looking Statements**

Information set forth herein includes "forward-looking statements" which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, 2026 financial outlook, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. These factors include, among other things, those discussed below. Information regarding historical rent collections should not serve as an indicator of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law.

The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause the Company's actual results to differ materially from those presented in the forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk of increases in interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategic review process will be costly and time-consuming and may not result in a transaction, and any transaction that occurs may not increase stockholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that recent changes in United States trade policy and the imposition of new tariffs continue to create disruption in macroeconomic conditions and could adversely impact our lenders, tenants and prospective tenants, and cause them to reduce or decline to do business with us or fail to meet their obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, and changes in government budgetary priorities, will continue and the impact that may have on demand for office space at our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire new properties, convert certain vacant properties to multi-tenant use and sell non-core assets on favorable terms and in a timely manner, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our assumptions concerning tenant utilization and renewal probability of dedicated use assets, and our ability to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all, or that the lenders will not seek to enforce their remedies due to the existing payment default under the Arch Street Joint Venture mortgage notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single-tenant properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of rent concessions, tenant improvement allowances and leasing commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential for termination of existing leases pursuant to tenant termination rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount, growth and relative inelasticity of our expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the ownership and development of real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks accompanying our investment in and the management of the Arch Street Joint Venture, our unconsolidated joint venture, in which we hold a non-controlling ownership interest, including that our joint venture partner may

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not be able to contribute its share of capital requirements and we may be unable to recover our investment in the Arch Street Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may change our dividend policy at any time, and therefore the amount, timing and continued payment of dividends are not assured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our properties may be subject to impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks resulting from losses in excess of insured limits or uninsured losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the potential volatility of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that we may fail to maintain our income tax qualification as a real estate investment trust.

Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available on the SEC's website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

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**ORION PROPERTIES INC.**

**CONSOLIDATED BALANCE SHEETS** 

(In thousands)

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| Real estate investments, at cost: |  |  |
| &nbsp;&nbsp;Land | $176532 | $227145 |
| &nbsp;&nbsp;Buildings, fixtures and improvements | 976676 | 1055307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, at cost | 1153208 | 1282452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | 195042 | 177906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 958166 | 1104546 |
| Accounts receivable, net | 35333 | 22833 |
| Intangible lease assets, net | 75947 | 95944 |
| Cash and cash equivalents | 22362 | 15600 |
| Restricted cash | 38277 | 41570 |
| Real estate assets held for sale, net | 12803 | 9671 |
| Other assets, net | 27614 | 46258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1170502** | $**1336422** |
| **Liabilities and Equity** |  |  |
| Mortgages payable, net | $371957 | $371222 |
| Credit facility revolver | 92000 | 119000 |
| Accounts payable and accrued expenses | 40219 | 31585 |
| Below-market lease liabilities, net | 18449 | 20596 |
| Distributions payable | 1208 | 5633 |
| Other liabilities, net | 22154 | 23130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **545987** | **571166** |
| Common stock | 56 | 56 |
| Additional paid-in capital | 1151644 | 1148223 |
| Accumulated other comprehensive loss | (5) | (15) |
| Accumulated deficit | (528482) | (384348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **623213** | **763916** |
| Non-controlling interest | 1302 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **624515** | **765256** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**1170502** | $**1336422** |

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**ORION PROPERTIES INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(In thousands, except for per share data)

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| | | | | |
|:---|:---|:---|:---|:---|
| | (Unaudited) | (Unaudited) | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $35010 | $38161 | $146827 | $164055 |
| &nbsp;&nbsp;&nbsp;Fee income from unconsolidated joint venture | 209 | 202 | 820 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **35219** | **38363** | **147647** | **164862** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 15199 | 16752 | 64828 | 65151 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5972 | 6133 | 20313 | 20094 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 13087 | 17789 | 58746 | 100820 |
| &nbsp;&nbsp;&nbsp;Impairments | 14466 | 22187 | 99376 | 47552 |
| &nbsp;&nbsp;&nbsp;Transaction related | 645 | 157 | 898 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **49369** | **63018** | **244161** | **234156** |
| **Other (expenses) income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (7473) | (8263) | (31525) | (32637) |
| &nbsp;&nbsp;&nbsp;Gain on disposition of real estate assets | 2902 |  | 7058 |  |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt, net |  |  |  | (1078) |
| &nbsp;&nbsp;&nbsp;Other income | 312 | 407 | 1286 | 987 |
| &nbsp;&nbsp;&nbsp;Other expenses | (360) |  | (1584) |  |
| &nbsp;&nbsp;&nbsp;Reserve on member loan to unconsolidated joint venture | (5926) |  | (5926) |  |
| &nbsp;&nbsp;&nbsp;Equity in loss and impairment of investment in unconsolidated joint venture, net | (11049) | (243) | (11822) | (740) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other (expenses) income, net** | **(21594)** | **(8099)** | **(42513)** | **(33468)** |
| **Loss before taxes** | **(35744)** | **(32754)** | **(139027)** | **(102762)** |
| Provision for income taxes | (59) | 12 | (259) | (214) |
| **Net loss** | **(35803)** | **(32742)** | **(139286)** | **(102976)** |
| Net income attributable to non-controlling interest | (7) | (20) | (23) | (36) |
| **Net loss attributable to common stockholders** | $**(35810)** | $**(32762)** | $**(139309)** | $**(103012)** |
| Weighted average shares outstanding - basic and diluted | 56316 | 55950 | 56232 | 55903 |
| **Basic and diluted net loss per share attributable to common stockholders** | $**(0.64)** | $**(0.59)** | $**(2.48)** | $**(1.84)** |

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**ORION PROPERTIES INC.**

**FFO, CORE FFO AND FAD**

(In thousands, except for per share data) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net loss attributable to common stockholders** | $(35810) | $(32762) | $(139309) | $(103012) |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 13050 | 17753 | 58616 | 100682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of real estate assets | (2902) |  | (7058) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 14466 | 22187 | 99376 | 47552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of investment in unconsolidated joint venture and proportionate share of adjustments for items above, as applicable | 11280 | 464 | 12698 | 1856 |
| **FFO attributable to common stockholders** | $**84** | $**7642** | $**24323** | $**47078** |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related | 645 | 157 | 898 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 932 | 928 | 3699 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred lease incentives, net | 136 | 136 | 530 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 1242 | 1307 | 3620 | 3757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt, net |  |  |  | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments, net <sup>(1) (2)</sup> | 7508 |  | 10553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | 11 | 22 | 53 | 108 |
| **Core FFO attributable to common stockholders** | $**10558** | $**10192** | $**43676** | $**56755** |

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____________________________________

(1)Other adjustments, net during the three months ended December 31, 2025 includes $1.2 million of costs incurred in connection with the demolition of the six buildings on the Deerfield, Illinois campus presented in property operating expenses on the consolidated statements of operations, as well as a loan loss reserve of $5.9 million recognized on the Arch Street Joint Venture member loan presented separately on the consolidated statements of operations, and $0.3 million in connection with the retirement of the Company's Chief Investment Officer presented in other expenses on the consolidated statements of operations. Each of the above items have been included as "other adjustments" to Core FFO as they do not reflect the ongoing operating performance of the Company.

(2)Other adjustments, net during the year ended December 31, 2025 includes $3.0 million of costs incurred in connection with the demolition of the six buildings on the Deerfield, Illinois campus presented in property operating expenses on the consolidated statements of operations, as well as a loan loss reserve of $5.9 million recognized on the Arch Street Joint Venture member loan, $0.6 million of previously deferred equity offering costs in connection with the scheduled expiration of the Company's universal shelf registration statement, $0.6 million in connection with the retirement of the Company's Chief Investment Officer, and $0.4 million of costs incurred for professional services rendered in connection with the February 2026 amendment to the CMBS Loan, each presented in other expenses other than the loan loss reserve which has been presented separately on the consolidated statements of operations. Each of the above items have been included as "other adjustments" to Core FFO as they do not reflect the ongoing operating performance of the Company.

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**ORION PROPERTIES INC.**

**FFO, CORE FFO AND FAD, CONTINUED**

(In thousands, except for per share data) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Core FFO attributable to common stockholders** | $**10558** | $**10192** | $**43676** | $**56755** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below market leases, net | (312) | (122) | (1299) | (1146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rental revenue | (2077) | (764) | (13125) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated Joint Venture basis difference amortization | 114 | 114 | 455 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures and leasing costs <sup>(3)</sup> | (17777) | (8247) | (59973) | (24068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments, net | 75 | 78 | 282 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | 33 | (17) | 99 | (82) |
| **FAD attributable to common stockholders** | $**(9386)** | $**1234** | $**(29885)** | $**32464** |
| Weighted average shares outstanding - basic | 56316 | 55950 | 56232 | 55903 |
| Effect of weighted average dilutive securities <sup>(4)</sup> | 705 | 325 | 80 | 74 |
| **Weighted average shares outstanding - diluted** | **57021** | **56275** | **56312** | **55977** |
| FFO attributable to common stockholders per diluted share | $0.00 | $0.14 | $0.43 | $0.84 |
| Core FFO attributable to common stockholders per diluted share | $0.19 | $0.18 | $0.78 | $1.01 |
| FAD attributable to common stockholders per diluted share | $(0.17) | $0.02 | $(0.53) | $0.58 |

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____________________________________

(3)Capital expenditures and leasing costs during the three months and year ended December 31, 2025 includes capitalized interest of $0.2 million and $0.5 million, respectively, primarily related to lease related commitments. No interest expense was capitalized during the year ended December 31, 2024.

(4)Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance-based restricted stock units for which the performance thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the year ended December 31, 2025 and 2024, as the effect would be antidilutive.

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**ORION PROPERTIES INC.**

**EBITDA, EBITDAre AND ADJUSTED EBITDA**

(In thousands) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net loss attributable to common stockholders** | $(35810) | $(32762) | $(139309) | $(103012) |
| &nbsp;&nbsp; Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 7473 | 8263 | 31525 | 32637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13087 | 17789 | 58746 | 100820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 59 | (12) | 259 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | 972 | 951 | 3961 | 3688 |
| **EBITDA** | $**(14219)** | $**(5771)** | $**(44818)** | $**34347** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of real estate assets | (2902) |  | (7058) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 14466 | 22187 | 99376 | 47552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of investment in unconsolidated joint venture and proportionate share of adjustments for items above, as applicable | 10805 |  | 10805 |  |
| **EBITDAre** | $**8150** | $**16416** | $**58305** | $**81899** |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related | 645 | 157 | 898 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below market leases, net | (312) | (122) | (1299) | (1146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred lease incentives, net | 136 | 136 | 530 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment and forgiveness of debt, net |  |  |  | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments, net <sup>(1)</sup> | 7508 |  | 10553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | (8) | (8) | (30) | (30) |
| **Adjusted EBITDA** | $**16119** | $**16579** | $**68957** | $**82849** |

---

____________________________________

(1)See discussion of items included in other adjustments, net in notes 1 and 2 to FFO, Core FFO and FAD.

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**ORION PROPERTIES INC.**

**FINANCIAL AND OPERATIONS STATISTICS AND RATIOS**

(Dollars in thousands) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Interest expense - as reported** | $7473 | $8263 | $31525 | $32637 |
| *Adjustments:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and other non-cash charges | (932) | (928) | (3699) | (3686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization | 487 | 464 | 2015 | 1720 |
| **Interest Expense, excluding non-cash amortization** | $**7028** | $**7799** | $**29841** | $**30671** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Interest Coverage Ratio** | **2025** | **2024** | **2025** | **2024** |
| Interest Expense, excluding non-cash amortization <sup>(1)</sup> | $7028 | $7799 | $29841 | $30671 |
| Adjusted EBITDA <sup>(2)</sup> | 16119 | 16579 | 68957 | 82849 |
| Interest Coverage Ratio | 2.29x | 2.13x | 2.31x | 2.70x |
| **Fixed Charge Coverage Ratio** |  |  |  |  |
| Interest Expense, excluding non-cash amortization <sup>(1)</sup> | $7028 | $7799 | $29841 | $30671 |
| Proportionate share of Unconsolidated Joint Venture adjustments for secured debt principal amortization | 144 | 141 | 577 | 325 |
| Total fixed charges | 7172 | 7940 | 30418 | 30996 |
| Adjusted EBITDA <sup>(2)</sup> | 16119 | 16579 | 68957 | 82849 |
| Fixed Charge Coverage Ratio | 2.25x | 2.09x | 2.27x | 2.67x |

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____________________________________

(1)Refer to the Statement of Operations for interest expense calculated in accordance with GAAP and to the Supplemental Information Package for the required reconciliation to the most directly comparable GAAP financial measure.

(2)Refer to the Statement of Operations for net income calculated in accordance with GAAP and to the EBITDA, EBITDAre and Adjusted EBITDA section above for the required reconciliation to the most directly comparable GAAP financial measure.

---

| | | |
|:---|:---|:---|
| **Net Debt** | **December 31, 2025** | **December 31, 2024** |
| Mortgages payable, net | $371957 | $371222 |
| Credit facility revolver | 92000 | 119000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total debt - as reported** | **463957** | **490222** |
| Deferred financing costs, net | 1043 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Principal Outstanding** | **465000** | **492000** |
| Proportionate share of Unconsolidated Joint Venture Principal Outstanding | 25753 | 26329 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Principal Outstanding** | **490753** | **518329** |
| Cash and cash equivalents | (22362) | (15600) |
| Proportionate share of Unconsolidated Joint Venture cash and cash equivalents | (495) | (425) |
| **Net Debt** | $**467896** | $**502304** |

---

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**ORION PROPERTIES INC.**

**FINANCIAL AND OPERATIONS STATISTICS AND RATIOS**

(Dollars in thousands) (Unaudited)

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Total real estate investments, at cost - as reported** | $1153208 | $1282452 |
| *Adjustments:* |  |  |
| &nbsp;&nbsp;Gross intangible lease assets | 250204 | 284108 |
| &nbsp;&nbsp;Gross intangible lease liabilities | (38660) | (45473) |
| &nbsp;&nbsp;Non-Operating Properties total real estate investments, at cost | (11113) | (11113) |
| &nbsp;&nbsp;Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments | 46094 | 45588 |
| **Gross Real Estate Investments** | $**1399733** | $**1555562** |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Net Debt Ratios** | | |
| Net Debt <sup>(1)</sup> | $467896 | $502304 |
| Annualized Most Recent Quarter Adjusted EBITDA | 64476 | 66316 |
| Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio | 7.26x | 7.57x |
| Net Debt <sup>(1)</sup> | $467896 | $502304 |
| Full Year Adjusted EBITDA | 68957 | 82849 |
| Net Debt to Full Year Adjusted EBITDA Ratio | 6.79x | 6.06x |
| Net Debt <sup>(1)</sup> | $467896 | $502304 |
| Gross Real Estate Investments <sup>(1)</sup> | 1399733 | 1555562 |
| Net Debt Leverage Ratio | 33.4% | 32.3% |

---

____________________________________

(1)Refer to the Balance Sheets for total debt and real estate investments, at cost calculated in accordance with GAAP and to the table above for the required reconciliation to the most directly comparable GAAP financial measure.

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**ORION PROPERTIES INC.**

**CORE FUNDS FROM OPERATIONS PER DILUTED SHARE - 2026 GUIDANCE**

(Unaudited)

The Company expects its 2026 Core FFO per diluted share to be in a range between $0.69 and $0.76. This guidance assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Adjusted EBITDA: 6.5x to 7.3x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General & Administrative Expenses: $19.8 million to $20.8 million

The estimated net loss per diluted share is not a projection and is provided solely to satisfy the disclosure requirements of the SEC.

The Company does not provide a reconciliation of Net Debt to Adjusted EBITDA guidance to the most directly comparable GAAP measure, due to the inherent difficulty and uncertainty in quantifying certain adjustments principally related to the Company's investment in the Unconsolidated Joint Venture. The definition of Net Debt used for this guidance reflects revisions the Company is making to the definition such that Net Debt will be calculated differently in 2026 than it was in 2025. See "Definitions" above for further details.

---

| | | |
|:---|:---|:---|
| | **Low** | **High** |
| Diluted net loss per share attributable to common stockholders | $(0.60) | $(0.55) |
| Depreciation and amortization of real estate assets  | 1.10 | 1.11 |
| Proportionate share of adjustments for Unconsolidated Joint Venture |  | 0.01 |
| FFO attributable to common stockholders per diluted share | 0.50 | 0.57 |
| Adjustments <sup>(1)</sup> | 0.19 | 0.19 |
| Core FFO attributable to common stockholders per diluted share | $0.69 | $0.76 |

---

____________________________________

(1)Includes transaction related expenses, amortization of deferred lease incentives, net, amortization of deferred financing costs, equity-based compensation, and our proportionate share of such adjustments for the Unconsolidated Joint Venture.

## Exhibit 99.2

![](exhibit992orionsupplemen001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.2 Supplemental Information Package 2025 Fourth Quarter and Full Year

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![](exhibit992orionsupplemen002.jpg)

Orion Supplemental Information December 31, 2025 Section Page About the Data 3 Forward-Looking Statements 4 Company Overview 6 Balance Sheets 8 Statements of Operations 9 Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) 10 EBITDA, EBITDAre and Adjusted EBITDA 12 Capital Structure 13 Debt Detail 14 Ratio Analysis 15 Credit Facility Revolver Covenants 16 Net Operating Income (NOI) and Cash NOI 17 Leasing Activity 18 Vacant Property Operating Expenses 20 Acquisitions and Dispositions 21 Diversification Statistics: Real Estate Portfolio 22 Tenants Comprising Over 1% of Annualized Base Rent 23 Tenant Industry Diversification 24 Lease Expirations 25 Lease Summary 26 Operating Property Geographic Diversification 27 Operating Property Type 28 Full Portfolio 29 Non-Operating Properties 31 Unconsolidated Joint Venture Investment Summary 32 Definitions 33 Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 2

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![](exhibit992orionsupplemen003.jpg)

About the Data This data and other information described herein are as of and for the quarter and year ended December 31, 2025, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the consolidated financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Properties Inc.'s (the "Company," "Orion," "us," "our" and "we") Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the periods ended September 30, 2025, June 30, 2025 and March 31, 2025. Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 3

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![](exhibit992orionsupplemen004.jpg)

Forward-Looking Statements Information set forth herein includes "forward-looking statements" which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. These factors include, among other things, those discussed below. Information regarding historical rent collections should not serve as an indicator of future rent collections. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as may be required by law. The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause the Company's actual results to differ materially from those presented in the forward-looking statements: • the risk of increases in interest rates, including that our borrowing costs may increase and we may be unable to extend or refinance our debt obligations on favorable terms and in a timely manner, or at all; • the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, capital expenditures and repair and maintenance costs, may rise; • conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions and geopolitical conditions; • our strategic review process will be costly and time-consuming and may not result in a transaction, and any transaction that occurs may not increase stockholder value; • the risk that recent changes in United States trade policy and the imposition of new tariffs continue to create disruption in macroeconomic conditions and could adversely impact our lenders, tenants and prospective tenants, and cause them to reduce or decline to do business with us or fail to meet their obligations to us; • the extent to which changes in workplace practices and office space utilization, including remote and hybrid work arrangements, and changes in government budgetary priorities, will continue and the impact that may have on demand for office space at our properties; • our ability to acquire new properties, convert certain vacant properties to multi-tenant use and sell non-core assets on favorable terms and in a timely manner, or at all; • risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected; • our assumptions concerning tenant utilization and renewal probability of Dedicated Use Assets, and our ability to successfully execute on our strategy to shift our portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets; • our ability to comply with the terms of our credit agreements or to meet the debt obligations on our properties; • our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms and in a timely manner, or at all, or that the lenders will not seek to enforce their remedies due to the existing payment default under the Arch Street Joint Venture mortgage notes; • changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes; • the risk of tenants defaulting on their lease obligations, which is heightened due to our focus on single-tenant properties; • our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, or at all; • the cost of rent concessions, tenant improvement allowances and leasing commissions; Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 4

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![](exhibit992orionsupplemen005.jpg)

• the potential for termination of existing leases pursuant to tenant termination rights; • the amount, growth and relative inelasticity of our expenses; • risks associated with the ownership and development of real property; • risks accompanying our investment in and the management of OAP/VER Venture, LLC (the "Arch Street Joint Venture"), our unconsolidated joint venture, in which we hold a non-controlling ownership interest, including that our joint venture partner may not be able to contribute its share of capital requirements and we may be unable to recover our investment in the Arch Street Joint Venture; • our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control; • we may change our dividend policy at any time, and therefore the amount, timing and continued payment of dividends are not assured; • our properties may be subject to impairment charges; • risks resulting from losses in excess of insured limits or uninsured losses; • risks associated with the potential volatility of our common stock; and • the risk that we may fail to maintain our income tax qualification as a real estate investment trust. Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available on the SEC's website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law. Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 5

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![](exhibit992orionsupplemen006.jpg)

Company Overview (unaudited) Orion is a real estate company incorporated in the state of Maryland on July 1, 2021, which has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with its initial taxable year ended December 31, 2021. Orion is an internally managed REIT engaged in the ownership, acquisition and management of a diversified portfolio of office properties in high-quality suburban markets across the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. The Company's portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of its investment strategy, the Company intends to shift its portfolio concentration over time away from traditional office properties, towards more Dedicated Use Assets. As of December 31, 2025, Orion owned and operated a portfolio of 58 Operating Properties with an aggregate of 6.5 million leasable square feet located within 26 states. In addition, Orion owns a 20% equity interest in one Unconsolidated Joint Venture with an affiliate of Arch Street Capital Partners, which as of December 31, 2025, owned a portfolio of six properties with an aggregate of 1.0 million leasable square feet located in six states. As of December 31, 2025 Orion's Annualized Base Rent was $111.3 million, with 66.7% of Annualized Base Rent derived from Investment-Grade Tenants and 35.8% derived from properties deemed to be Dedicated Use Assets, the Occupancy Rate was 78.7%, or 78.2% adjusted for one consolidated Operating Property and our proportionate share of the square footage of one Arch Street Joint Venture Operating Property that are currently under agreements to be sold, and the Weighted Average Remaining Lease Term was 5.7 years. The top tenants, tenant industries and geographic locations of the Company's Operating Properties are outlined in the following sections: "Tenants Comprising Over 1% of Annualized Base Rent," "Tenant Industry Diversification," and "Operating Property Geographic Diversification," respectively. Tenants, Trademarks and Logos Orion is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 6

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![](exhibit992orionsupplemen007.jpg)

Company Overview (continued) Senior Management Board of Directors Paul H. McDowell, Chief Executive Officer, President Reginald H. Gilyard, Non-Executive Chairman, Independent Director Gavin B. Brandon, Executive Vice President, Chief Financial Officer and Treasurer Kathleen R. Allen, Ph.D., Independent Director Christopher H. Day, Executive Vice President, Chief Operating Officer Richard J. Lieb, Independent Director Paul C. Hughes, General Counsel and Secretary Gregory J. Whyte, Independent Director Revea L. Schmidt, Senior Vice President, Chief Accounting Officer Paul H. McDowell, Chief Executive Officer, President and Director Corporate Offices and Contact Information 3200 E Camelback Road, Suite 100 122 E. 42nd Street, Suite 5100 Phoenix, AZ 85018 New York, NY 10168 602-698-1002 www.ONLREIT.com Trading Symbol: ONL Stock Exchange Listing: New York Stock Exchange Transfer Agent Computershare Trust Company, N.A. c/o Computershare Investor Services P.O. Box 43006 Providence, RI 02940-3006 Toll Free: 877-218-2434 International: 781-575-3017 Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 7

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![](exhibit992orionsupplemen008.jpg)

Balance Sheets (unaudited, in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Assets Real estate investments, at cost: Land $176,532 $187,415 $219,221 $223,706 $227,145 Buildings, fixtures and improvements 976,676 986,834 1,044,379 1,058,186 1,055,307 Total real estate investments, at cost 1,153,208 1,174,249 1,263,600 1,281,892 1,282,452 Less: accumulated depreciation 195,042 188,317 189,673 185,982 177,906 Total real estate investments, net 958,166 985,932 1,073,927 1,095,910 1,104,546 Accounts receivable, net 35,333 32,611 26,983 24,128 22,833 Intangible lease assets, net 75,947 80,102 85,270 89,525 95,944 Cash and cash equivalents 22,362 32,639 17,384 9,384 15,600 Restricted cash 38,277 30,126 36,090 39,093 41,570 Real estate assets held for sale, net 12,803 14,969 — 14,923 9,671 Other assets, net 27,614 46,414 48,534 54,903 46,258 Total assets $1,170,502 $1,222,793 $1,288,188 $1,327,866 $1,336,422 Liabilities and Equity Mortgages payable, net $371,957 $371,772 $371,587 $371,403 $371,222 Credit facility revolver 92,000 110,000 110,000 132,000 119,000 Accounts payable and accrued expenses 40,219 40,300 36,031 27,924 31,585 Below-market lease liabilities, net 18,449 18,959 19,469 19,988 20,596 Distributions payable 1,208 1,126 1,126 1,124 5,633 Other liabilities, net 22,154 20,519 20,645 20,631 23,130 Total liabilities 545,987 562,676 558,858 573,070 571,166 Common stock 56 56 56 56 56 Additional paid-in capital 1,151,644 1,150,246 1,149,283 1,148,461 1,148,223 Accumulated other comprehensive loss (5) (17) (25) (1) (15) Accumulated deficit (528,482) (491,463) (421,302) (395,036) (384,348) Total stockholders' equity 623,213 658,822 728,012 753,480 763,916 Non-controlling interest 1,302 1,295 1,318 1,316 1,340 Total equity 624,515 660,117 729,330 754,796 765,256 Total liabilities and equity $1,170,502 $1,222,793 $1,288,188 $1,327,866 $1,336,422 Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 8

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![](exhibit992orionsupplemen009.jpg)

Statements of Operations (unaudited, in thousands, except per share data) Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Revenues: Rental $146,827 $164,055 $35,010 $36,918 $37,102 $37,797 $38,161 Fee income from unconsolidated joint venture 820 807 209 204 203 204 202 Total revenues 147,647 164,862 35,219 37,122 37,305 38,001 38,363 Operating expenses: Property operating 64,828 65,151 15,199 17,284 15,895 16,450 16,752 General and administrative 20,313 20,094 5,972 4,607 4,838 4,896 6,133 Depreciation and amortization 58,746 100,820 13,087 14,709 14,928 16,022 17,789 Impairments 99,376 47,552 14,466 63,698 19,503 1,709 22,187 Transaction related 898 539 645 114 75 64 157 Total operating expenses 244,161 234,156 49,369 100,412 55,239 39,141 63,018 Other (expenses) income: Interest expense, net (31,525) (32,637) (7,473) (7,880) (8,016) (8,156) (8,263) Gain on disposition of real estate assets 7,058 — 2,902 3,265 891 — — Loss on extinguishment of debt, net — (1,078) — — — — — Other income 1,286 987 312 317 404 253 407 Other expenses (1,584) — (360) (1,116) (108) — — Reserve on member loan to unconsolidated joint venture (5,926) — (5,926) — — — — Equity in loss and impairment of investment in unconsolidated joint venture, net (11,822) (740) (11,049) (256) (271) (246) (243) Total other (expenses) income, net (42,513) (33,468) (21,594) (5,670) (7,100) (8,149) (8,099) Loss before taxes (139,027) (102,762) (35,744) (68,960) (25,034) (9,289) (32,754) Provision for income taxes (259) (214) (59) (67) (67) (66) 12 Net loss (139,286) (102,976) (35,803) (69,027) (25,101) (9,355) (32,742) Net income attributable to non-controlling interest (23) (36) (7) (8) (2) (6) (20) Net loss attributable to common stockholders $(139,309) $(103,012) $(35,810) $(69,035) $(25,103) $(9,361) $(32,762) Weighted average shares outstanding - basic and diluted 56,232 55,903 56,316 56,313 56,254 56,043 55,950 Basic and diluted net loss per share attributable to common stockholders $(2.48) $(1.84) $(0.64) $(1.23) $(0.45) $(0.17) $(0.59) Q4 2025 SUPPLEMENTAL INFORMATION Orion Properties Inc. \| WWW.ONLREIT.COM \| 9

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![](exhibit992orionsupplemen010.jpg)

Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) (unaudited, in thousands, except per share data) Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net loss attributable to common stockholders $(139,309) $(103,012) $(35,810) $(69,035) $(25,103) $(9,361) $(32,762) Adjustments: Depreciation and amortization of real estate assets 58,616 100,682 13,050 14,681 14,897 15,988 17,753 Gain on disposition of real estate assets (7,058) — (2,902) (3,265) (891) — — Impairment of real estate 99,376 47,552 14,466 63,698 19,503 1,709 22,187 Impairment of investment in unconsolidated joint venture and proportionate share of adjustments for items above, as applicable 12,698 1,856 11,280 474 475 469 464 FFO attributable to common stockholders $24,323 $47,078 $84 $6,553 $8,881 $8,805 $7,642 Transaction related 898 539 645 114 75 64 157 Amortization of deferred financing costs 3,699 3,686 932 933 922 912 928 Amortization of deferred lease incentives, net 530 509 136 175 115 104 136 Equity-based compensation, net 3,620 3,757 1,242 852 822 704 1,307 Loss on extinguishment of debt, net — 1,078 — — — — — Other adjustments, net (1) (2) 10,553 — 7,508 2,366 629 50 — Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable 53 108 11 14 14 14 22 Core FFO attributable to common stockholders $43,676 $56,755 $10,558 $11,007 $11,458 $10,653 $10,192 ___________________________________ (1) Other adjustments, net during the year ended December 31, 2025 includes $3.0 million of costs incurred in connection with the demolition of the six buildings on the Deerfield, Illinois campus presented in property operating expenses on the consolidated statements of operations, as well as a loan loss reserve of $5.9 million recognized on the Arch Street Joint Venture member loan, $0.6 million of previously deferred equity offering costs in connection with the scheduled expiration of the Company's universal shelf registration statement, $0.6 million in connection with the retirement of the Company's Chief Investment Officer, and $0.4 million of costs incurred for professional services rendered in connection with the February 2026 amendment to the CMBS Loan, each presented in other expenses other than the loan loss reserve which has been presented separately on the consolidated statements of operations. Each of the above items have been included as "other adjustments" to Core FFO as they do not reflect the ongoing operating performance of the Company. (2) Other adjustments, net during the three months ended December 31, 2025 includes $1.2 million of costs incurred in connection with the demolition of the six buildings on the Deerfield, Illinois campus presented in property operating expenses on the consolidated statements of operations, a loan loss reserve of $5.9 million recognized on the Arch Street Joint Venture member loan presented separately on the consolidated statements of operations, and $0.3 million in connection with the retirement of the Company's Chief Investment Officer presented in other expenses on the consolidated statements of operations. Each of the above items have been included as "other adjustments" to Core FFO as they do not reflect the ongoing operating performance of the Company. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 10

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![](exhibit992orionsupplemen011.jpg)

Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) (continued) (unaudited, in thousands, except per share data) Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Core FFO attributable to common stockholders $43,676 $56,755 $10,558 $11,007 $11,458 $10,653 $10,192 Amortization of above and below market leases, net (1,299) (1,146) (312) (312) (321) (354) (122) Straight-line rental revenue (13,125) 210 (2,077) (4,898) (2,519) (3,631) (764) Unconsolidated Joint Venture basis difference amortization 455 455 114 114 113 114 114 Capital expenditures and leasing costs (3) (59,973) (24,068) (17,777) (18,283) (15,572) (8,341) (8,247) Other adjustments, net 282 340 75 66 68 73 78 Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable 99 (82) 33 27 28 11 (17) FAD attributable to common stockholders $(29,885) $32,464 $(9,386) $(12,279) $(6,745) $(1,475) $1,234 Weighted average shares outstanding - basic 56,232 55,903 56,316 56,313 56,254 56,043 55,950 Effect of weighted average dilutive securities (4) 80 74 705 530 47 267 325 Weighted average shares outstanding - diluted 56,312 55,977 57,021 56,843 56,301 56,310 56,275 FFO attributable to common stockholders per diluted share $0.43 $0.84 $0.00 $0.12 $0.16 $0.16 $0.14 Core FFO attributable to common stockholders per diluted share $0.78 $1.01 $0.19 $0.19 $0.20 $0.19 $0.18 FAD attributable to common stockholders per diluted share $(0.53) $0.58 $(0.17) $(0.22) $(0.12) $(0.03) $0.02 ___________________________________ (3) Capital expenditures and leasing costs during the three months and year ended December 31, 2025 includes capitalized interest of $0.2 million and $0.5 million, respectively, primarily related to lease related commitments. (4) Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance- based restricted stock units for which the thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 11

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![](exhibit992orionsupplemen012.jpg)

EBITDA, EBITDAre and Adjusted EBITDA (unaudited, in thousands) Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net loss attributable to common stockholders $(139,309) $(103,012) $(35,810) $(69,035) $(25,103) $(9,361) $(32,762) Adjustments: Interest expense, net 31,525 32,637 7,473 7,880 8,016 8,156 8,263 Depreciation and amortization 58,746 100,820 13,087 14,709 14,928 16,022 17,789 Provision for income taxes 259 214 59 67 67 66 (12) Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable 3,961 3,688 972 1,004 1,008 977 951 EBITDA $(44,818) $34,347 $(14,219) $(45,375) $(1,084) $15,860 $(5,771) Gain on disposition of real estate assets (7,058) — (2,902) (3,265) (891) — — Impairment of real estate 99,376 47,552 14,466 63,698 19,503 1,709 22,187 Impairment of investment in unconsolidated joint venture and proportionate share of adjustments for items above, as applicable 10,805 — 10,805 — — — — EBITDAre $58,305 $81,899 $8,150 $15,058 $17,528 $17,569 $16,416 Transaction related 898 539 645 114 75 64 157 Amortization of above and below market leases, net (1,299) (1,146) (312) (312) (321) (354) (122) Amortization of deferred lease incentives, net 530 509 136 175 115 104 136 Loss on extinguishment of debt, net — 1,078 — — — — — Other adjustments, net (1) 10,553 — 7,508 2,366 629 50 — Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable (30) (30) (8) (7) (8) (7) (8) Adjusted EBITDA $68,957 $82,849 $16,119 $17,394 $18,018 $17,426 $16,579 ___________________________________ (1) See discussion of items included in other adjustments, net in notes 1 and 2 to FFO, Core FFO and FAD on page 10. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 12

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![](exhibit992orionsupplemen013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;___________________________________ (1) Interest rate for variable rate debt represents the interest rate in effect as of December 31, 2025. (2) Includes $355.0 million securitized mortgage loan secured by 19 of the Company's properties (the "CMBS Loan") which bears interest at a fixed rate of 4.971% and as of December 31, 2025, was scheduled to mature on February 11, 2027. Pursuant to the terms of the Loan Modification Agreement effective February 17, 2026, the CMBS Loan has been modified to, among other things, (i) extend the maturity date two years until February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied, (ii) establish a new all-purpose reserve into which all existing borrower reserve accounts were funded and the Company deposited an additional $7.74 million, and (iii) authorize the lender to sweep all monthly excess cash flows from the 19 properties, after payment of interest and property operating expenses, until maturity, and to apply such excess cash flows to a combination of prepaying the outstanding principal balance of the CMBS Loan and funding the all-purpose reserve. Also includes $18.0 million fixed rate mortgage loan secured by the San Ramon, California property (the "San Ramon Loan") which bears interest at a fixed rate of 5.90% and matures on December 1, 2031. (3) As of December 31, 2025, these borrowings which are secured only by a pledge of equity interests of certain of the Company's subsidiaries and were classified as unsecured indebtedness. On February 18, 2026, the Company entered into a credit agreement for a new credit facility revolver (the "New Credit Facility Revolver") and the Company's original credit facility revolver was terminated and the indebtedness thereunder was discharged and paid in full with borrowings under the New Credit Facility Revolver. The New Credit Facility Revolver includes the following terms and conditions, among others (i) a maturity date of February 18, 2028, subject to two six-month borrower extension options, (ii) total lenders' commitments of $215.0 million (a reduction in the lenders' commitment from $350.0 million under the original credit facility revolver), (iii) the Company agreed to grant first priority mortgages on a pool of 28 of its properties and other customary collateral associated with a first lien on commercial properties as additional collateral for our borrowings under the New Credit Facility Revolver, and (iv) the interest rate applicable to the loans under the New Credit Facility Revolver may be determined, at the election of the Company, on the basis of Daily Simple SOFR, Term SOFR or base rate, plus an applicable margin of 2.75% for SOFR loans and 1.75% for base rate loans (representing a 50-basis point reduction in the applicable margins under the original credit facility revolver and the 10-basis point SOFR adjustment under the original credit facility revolver has been eliminated. (4) Liquidity represents cash and cash equivalents $22.9 million, including the Company's proportionate share of cash from the Unconsolidated Joint Venture, as well as $123.0 million available capacity on the Company's credit facility revolver as of December 31, 2025, as adjusted for the reduced borrowing capacity under the New Credit Facility Revolver. (5) Modified Net Debt is calculated as Net Debt less restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture of $38.3 million and $1.6 million, respectively, as of December 31, 2025. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. This change in definition will be applied retrospectively beginning January 1, 2026. Q4 2025 SUPPLEMENTAL INFORMATION Capital Structure (unaudited, dollars and shares in thousands, except per share amounts) See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 13 Capitalization Common equity 20.6 % Mortgages payable (2) 60.4 % Credit facility revolver 14.8 % Proportionate share of Unconsolidated Joint Venture debt 4.2 % Capitalization Table December 31, 2025 Common stock outstanding 56,315 Stock price $2.26 Implied Equity Market Capitalization $127,272 Wtd. Avg. Maturity (Years) Wtd. Avg. Interest Rate (1) Principal Outstanding Mortgages payable (2) 1.3 5.02 % $373,000 Proportionate share of Unconsolidated Joint Venture debt 0.0 6.26 % 25,753 Total secured debt 1.3 5.10 % $398,753 Total unsecured credit facility revolver (3) 0.4 7.01 % $92,000 Total Principal Outstanding 1.1 5.45 % $490,753 Total Capitalization $618,025 Cash and cash equivalents 22,362 Proportionate share of Unconsolidated Joint Venture cash and cash equivalents 495 Enterprise Value $595,168 Net Debt/Enterprise Value 78.6 % Net Debt/Gross Real Estate Investments 33.4 % Full Year Fixed Charge Coverage Ratio 2.27x Liquidity (4) $145,857 Net Debt/Annualized Most Recent Quarter Adjusted EBITDA 7.26x Net Debt/Full Year Adjusted EBITDA 6.79x Modified Net Debt (5)/Full Year Adjusted EBITDA 6.21x Principal Payments Due $117,753 $355,000 $18,000 2026 2027 Thereafter

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![](exhibit992orionsupplemen014.jpg)

Debt Detail (unaudited, dollars in thousands) Principal Payments Due Total 2026 2027 2028 Thereafter Credit facility revolver (1) $92,000 $92,000 $— $— $— Mortgages payable (2) 373,000 — 355,000 — 18,000 Proportionate share of Unconsolidated Joint Venture debt (3) 25,753 25,753 — — — Total Principal Outstanding $490,753 $117,753 $355,000 $— $18,000 Debt Type Percentage of Principal Outstanding Weighted Average Interest Rate (4) Weighted Average Years to Maturity Credit facility revolver (1) 18.7 % 7.01 % 0.4 Mortgages payable (2) 76.0 % 5.02 % 1.3 Proportionate share of Unconsolidated Joint Venture debt (3) 5.3 % 6.26 % 0.0 Total 100.0 % 5.45 % 1.1 Total unsecured debt 18.7 % 7.01 % 0.4 Total secured debt 81.3 % 5.10 % 1.3 Total 100.0 % 5.45 % 1.1 Total fixed-rate debt 76.0 % 5.02 % 1.3 Total variable-rate debt 24.0 % 6.85 % 0.3 Total 100.0 % 5.45 % 1.1 ___________________________________ (1) The credit facility revolver was scheduled to mature on May 12, 2026. Pursuant to the terms of the New Credit Facility Revolver, the maturity date under the original credit facility revolver was extended to February 18, 2028, subject to the borrower's right to further extend the maturity date for two additional option periods of six months each, upon satisfaction of certain conditions. As of December 31, 2025, there was $92.0 million outstanding on the original credit facility revolver and the variable interest rate was determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.25% and plus a 0.10% SOFR adjustment, and in the case of a base rate loan, plus 2.25%. Pursuant to the terms of the New Credit Facility Revolver, the applicable margins were reduced by 50-basis points (2.75% in the case of a SOFR loan, and 1.75% in the case of a base rate loan) and the 10-basis point SOFR adjustment has been eliminated. (2) Includes $355.0 million securitized mortgage loan secured by 19 of the Company's properties (the "CMBS Loan") which bears interest at a fixed rate of 4.971% as of December 31, 2025, was scheduled to mature on February 11, 2027. On February 17, 2026, the Company entered into a loan extension and modification agreement with the lender under the CMBS Loan ("Loan Modification Agreement"). Pursuant to the terms of the Loan Modification Agreement, the CMBS Loan has been modified to, among other things, extend the maturity date two years until February 11, 2029, subject to two borrower extension options for a total of 18 months if certain conditions have been satisfied. The fixed annual interest rate on the CMBS Loan of 4.971% is unchanged during the extension terms. Also includes $18.0 million fixed rate mortgage loan secured by the San Ramon, California property (the "San Ramon Loan") which bears interest at a fixed rate of 5.90% and matures on December 1, 2031. (3) The non-recourse mortgage notes associated with the Unconsolidated Joint Venture were scheduled to mature on November 27, 2025, subject to one remaining one-year borrower option to extend the maturity until November 27, 2026. The Unconsolidated Joint Venture exercised the extension option during September 2025. However, in order to extend the debt, the Unconsolidated Joint Venture is required to make an approximately $16.0 million prepayment of loan principal outstanding to satisfy the 60% loan-to-value extension condition. Due to capital constraints of the Company's joint venture partner, the joint venture has been unable to make this prepayment. The loan was temporarily extended until February 26, 2026 and the joint venture remains in discussions with the lenders about next steps which may include an additional short-term extension and restructuring of the debt with a lender, excess cash flow sweep and the requirement to sell one or more properties and utilize the net proceeds to prepay principal outstanding under the debt. The Company cannot provide any assurance that the Unconsolidated Joint Venture will be able to satisfy the loan-to- value condition or otherwise extend or refinance this debt obligation or that the lenders will not seek to enforce their remedies due to the existing payment default. (4) Interest rate for variable rate debt represents the interest rate in effect as of December 31, 2025. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 14

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![](exhibit992orionsupplemen015.jpg)

Ratio Analysis (unaudited, dollars in thousands) Year Ended Three Months Ended December 31, 2025 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Interest Coverage Ratio Interest Expense, excluding non-cash amortization (1) $29,841 $7,028 $7,463 $7,612 $7,738 $7,799 Adjusted EBITDA (2) 68,957 16,119 17,394 18,018 17,426 16,579 Interest Coverage Ratio 2.31x 2.29x 2.33x 2.37x 2.25x 2.13x Fixed Charge Coverage Ratio Interest Expense, excluding non-cash amortization (1) $29,841 $7,028 $7,463 $7,612 $7,738 $7,799 Proportionate share of Unconsolidated Joint Venture adjustments for secured debt principal amortization 577 144 146 145 142 141 Total fixed charges 30,418 7,172 7,609 7,757 7,880 7,940 Adjusted EBITDA (2) 68,957 16,119 17,394 18,018 17,426 16,579 Fixed Charge Coverage Ratio 2.27x 2.25x 2.29x 2.32x 2.21x 2.09x ___________________________________ (1) Refer to the Statements of Operations section for interest expense calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure. (2) Refer to the Statements of Operations section for net loss calculated in accordance with GAAP and to the EBITDA, EBITDAre and Adjusted EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure. December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net Debt Ratios Net Debt (1) $467,896 $475,864 $491,329 $521,410 $502,304 Annualized Most Recent Quarter Adjusted EBITDA 64,476 69,576 72,072 69,704 66,316 Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio 7.26x 6.84x 6.82x 7.48x 7.57x Net Debt (1) $467,896 $475,864 $491,329 $521,410 $502,304 Full Year Adjusted EBITDA (2) 68,957 70,451 70,888 69,704 82,849 Net Debt to Full Year Adjusted EBITDA Ratio (2) 6.79x 6.75x 6.93x 7.48x 6.06x Net Debt (1) $467,896 $475,864 $491,329 $521,410 $502,304 Gross Real Estate Investments (1) 1,399,733 1,423,695 1,535,433 1,556,567 1,555,562 Net Debt Leverage Ratio 33.4 % 33.4 % 32.0 % 33.5 % 32.3 % ___________________________________ (1) Refer to the Balance Sheets section for total debt and real estate investments, at cost calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure. (2) Full Year Adjusted EBITDA for the three months ended September 30, 2025, June 30, 2025 and March 31, 2025 have been annualized for the purpose of this calculation. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 15

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![](exhibit992orionsupplemen016.jpg)

Credit Facility Revolver Covenants (unaudited) The table that follows summarizes the financial covenants for the Company's New Credit Facility Revolver as defined and calculated per the terms of the facility's credit agreement as of December 31, 2025. These calculations are presented to investors to show the Company's compliance with the financial covenants and are not measures of our liquidity or performance. As of December 31, 2025, the Company believes it was in compliance with these covenants based on the covenant limits and calculations in place at that time. The Company's original credit facility revolver has been terminated and replaced by the New Credit Facility Revolver, and therefore the financial covenants under the original credit facility revolver are no longer relevant or applicable. New Credit Facility Revolver Financial Covenants Required December 31, 2025 Ratio of total indebtedness to total asset value ≤ 60% 42.8% Ratio of adjusted EBITDA to fixed charges ≥ 1.5x 2.38x Consolidated tangible net worth ≥ $740.6 million $987.3 million Collateral property availability ≥ $215.0 million $289.3 million Collateral property debt yield ≥ 13% 23.8% Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 16

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![](exhibit992orionsupplemen017.jpg)

Net Operating Income (NOI) and Cash NOI (unaudited, dollars in thousands) Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Rental revenue: Cash rental revenue $88,373 $117,953 $20,372 $21,469 $22,890 $23,642 $26,821 Fixed reimbursements 6,100 5,881 1,546 1,526 1,519 1,509 1,459 Variable reimbursements 31,314 35,897 7,385 7,889 8,580 7,460 8,446 Straight-line rental revenue 13,125 (210) 2,077 4,898 2,519 3,631 764 Amortization of above and below market leases, net 1,299 1,146 312 312 321 354 122 Amortization of deferred lease incentives, net (530) (509) (136) (175) (115) (104) (136) Other rental revenue 7,146 3,897 3,454 999 1,388 1,305 685 Total rental revenue 146,827 164,055 35,010 36,918 37,102 37,797 38,161 Property operating expense (64,828) (65,151) (15,199) (17,284) (15,895) (16,450) (16,752) NOI 81,999 98,904 $19,811 $19,634 $21,207 $21,347 $21,409 Adjustments: Straight-line rental revenue (13,125) 210 (2,077) (4,898) (2,519) (3,631) (764) Amortization of above and below market leases, net (1,299) (1,146) (312) (312) (321) (354) (122) Amortization of deferred lease incentives, net 530 509 136 175 115 104 136 Other non-cash adjustments 192 192 48 48 48 48 48 Proportionate share of Unconsolidated Joint Venture Cash NOI 3,586 3,471 893 900 897 896 859 Cash NOI $71,883 $102,140 $18,499 $15,547 $19,427 $18,410 $21,566 Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 17

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![](exhibit992orionsupplemen018.jpg)

Leasing Activity (unaudited, square feet and dollars in thousands) During the periods indicated below, the Company entered into new and renewal leases as summarized in the following tables: Three Months Ended December 31, 2025 New Leases Renewals (1) Total Number of leases 1 2 3 Rentable square feet leased 7 55 62 Weighted average lease term (by rentable square feet) (years) - firm term (2) 5.5 1.8 2.3 Weighted average lease term (by rentable square feet) (years) - non-firm term (2) 5.5 1.8 2.3 Weighted average new term rental rate per rentable square foot per year (cash basis) $20.00 $22.49 $22.21 Weighted average rental rate change (cash basis) (3) (4) N/A 12.8 % 12.8 % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (5) (6) $5.35 $2.22 $3.06 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (5) $5.35 $2.22 $3.06 Three Months Ended December 31, 2024 New Leases Renewals Total Number of leases 2 1 3 Rentable square feet leased 138 116 254 Weighted average lease term (by rentable square feet) (years) - firm term (2) 10.9 13.0 11.8 Weighted average lease term (by rentable square feet) (years) - non-firm term (2) 10.9 13.0 11.8 Weighted average new term rental rate per rentable square foot per year (cash basis) $16.31 $18.25 $17.19 Weighted average rental rate change (cash basis) (3) (4) (9.7) % (43.8) % (30.2) % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (5) (6) $4.88 $7.95 $6.42 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (5) $4.88 $7.95 $6.42 ____________________________________ (1) Excludes one four-month extension at the Company's 109,000 square foot property in East Syracuse, New York. (2) Firm term includes the non-cancellable portion of the lease term and any cancellable portion of the lease term if the tenant's right to cancel requires payment of a termination fee. Non-firm term includes the firm term plus the portion of the lease term, principally under our United States Government leases, where the tenant has the right to terminate without payment of a termination fee. (3) Represents weighted average percentage increase or decrease in (i) the annualized monthly cash amount charged to the applicable tenants (including monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the commencement date of the new lease term (excluding any full or partial rent abatement period) compared to (ii) the annualized monthly cash amount charged to the applicable tenants (including the monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the expiration date of the prior lease term. Contractually obligated reimbursements include estimated amortization of certain landlord funded improvements under our United States Government leases. If a space has been or will be vacant for more than 12 months prior to the commencement of a new lease, was previously otherwise not generating full cash rental revenue or if the lease types are not comparable, the lease will be excluded from the rental rate change calculation. (4) Excludes one new lease for approximately 7,000 square feet for the three months ended December 31, 2025 that had been or will be vacant for more than 12 months at the time the new lease commences. There were no new leases excluded during the three months ended December 31, 2024. (5) Includes tenant improvement allowances and base building allowances, certain reimbursable and non-reimbursable landlord funded improvements, leasing commissions and rent concessions (includes estimates of property operating expenses, where applicable). For its multi-tenant properties, the Company has allocated the estimated cost of landlord funded improvements that benefit the property generally and/or the common areas and not the tenant's premises in particular, to the applicable lease based on square footage of the related tenant. (6) There were no reimbursable landlord funded improvements or tenant improvement allowances included in the tenant rent concessions and leasing costs for the three months ended December 31, 2025 and 2024. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 18

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![](exhibit992orionsupplemen019.jpg)

Leasing Activity (continued) (unaudited, square feet and dollars in thousands) During the periods indicated below, the Company entered into new and renewal leases as summarized in the following tables: Year Ended December 31, 2025 New Leases Renewals (1) Total Number of leases 6 12 18 Rentable square feet leased 319 605 924 Weighted average lease term (by rentable square feet) (years) - firm term (2) 9.5 6.3 7.4 Weighted average lease term (by rentable square feet) (years) - non-firm term (2) 9.5 6.4 7.5 Weighted average new term rental rate per rentable square foot per year (cash basis) $26.04 $19.40 $21.70 Weighted average rental rate change (cash basis) (3) (4) 9.4 % (7.1) % (5.6) % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (5) $7.99 $5.19 $6.44 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (5) $7.99 $5.07 $6.35 Year Ended December 31, 2024 New Leases Renewals Total Number of leases 6 9 15 Rentable square feet leased 287 799 1,086 Weighted average lease term (by rentable square feet) (years) - firm term (2) 10.5 6.9 7.9 Weighted average lease term (by rentable square feet) (years) - non-firm term (2) 12.9 7.0 8.6 Weighted average new term rental rate per rentable square foot per year (cash basis) $22.27 $21.16 $21.46 Weighted average rental rate change (cash basis) (3) (4) (9.7) % (6.6) % (7.0) % Tenant rent concessions and leasing costs per rentable square foot per year - firm term (5) (6) $9.00 $3.55 $5.48 Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (5) $7.34 $3.49 $5.02 ____________________________________ (1) Includes the Company's proportionate share of rentable square feet and tenant rent concessions and leasing costs for one 163,000 square foot renewal at a property owned by the Arch Street Joint Venture and excludes one four-month extension at the Company's 109,000 square foot property in East Syracuse, New York. (2) Firm term includes the non-cancellable portion of the lease term and any cancellable portion of the lease term if the tenant's right to cancel requires payment of a termination fee. Non-firm term includes the firm term plus the portion of the lease term, principally under our United States Government leases, where the tenant has the right to terminate without payment of a termination fee. (3) Represents weighted average percentage increase or decrease in (i) the annualized monthly cash amount charged to the applicable tenants (including monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the commencement date of the new lease term (excluding any full or partial rent abatement period) compared to (ii) the annualized monthly cash amount charged to the applicable tenants (including the monthly base rent receivables and certain fixed contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the expiration date of the prior lease term. Contractually obligated reimbursements include estimated amortization of certain landlord funded improvements under our United States Government leases. If a space has been or will be vacant for more than 12 months prior to the commencement of a new lease or was previously otherwise not generating full cash rental revenue, the lease will be excluded from the rental rate change calculation. (4) Excludes five new leases for approximately 239,000 square feet and four new leases for approximately 149,000 square feet for the years ended December 31, 2025 and 2024, respectively, that had been or will be vacant for more than 12 months at the time the new lease commences. (5) Includes tenant improvement allowances and base building allowances, certain reimbursable and non-reimbursable landlord funded improvements, leasing commissions and rent concessions (includes estimates of property operating expenses, where applicable). For its multi-tenant properties, the Company has allocated the estimated cost of landlord funded improvements that benefit the property generally and/or the common areas and not the tenant's premises in particular, to the applicable lease based on square footage of the related tenant. (6) Includes reimbursable landlord funded improvements and tenant improvement allowances per rentable square foot per year of $2.22 for new leases, $0.05 for renewals and $0.82 in total for the year ended December 31, 2024. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 19

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![](exhibit992orionsupplemen020.jpg)

Vacant Property Operating Expenses (unaudited, square feet and dollars in thousands for the year ended December 31, 2025) Square Feet Total Expenses Operating Properties Fully vacant - full period (1) 408 $3,568 Fully vacant - partial period 510 1,438 Substantially vacant - partial period (2) 330 1,569 Fully and substantially vacant subtotal 1,248 6,575 Partially vacant (3) 614 4,458 Total 1,862 $11,033 Non-Operating Properties Fully vacant - full period N/A $10,617 Disposed Properties Disposed properties N/A 1,722 Total Non-Operating and Disposed Properties $12,339 Grand Total $23,372 ___________________________________ (1) The Company had five fully vacant Operating Properties as of December 31, 2025. All expenses are a component of property operating expenses in the consolidated statements of operations and represent expenses for which the Company does not expect to be reimbursed. (2) Operating Properties with an Occupancy Rate of 15% or lower are considered substantially vacant. The Company had one substantially vacant Operating Property as of December 31, 2025. (3) The Company does not record property operating expenses at the suite level; therefore, the total expenses for the year ended December 31, 2025 for partially vacant Operating Properties are estimated by multiplying the vacant square feet of the partially vacant Operating Properties by the total annualized expenses per square foot for fully vacant Operating Properties and prorating for the year ended December 31, 2025. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 20

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![](exhibit992orionsupplemen021.jpg)

Acquisitions and Dispositions (unaudited, square feet and dollars in thousands) Acquisitions The following table summarizes the Company's acquisition activity during the year ended December 31, 2025 and shortly thereafter. Date Purchased Property Location Square Feet Gross Purchase Price Adjusted Purchase Price (1) Lease Term (Years) (2) Cash Capitalization Rate Average Capitalization Rate February 27, 2026 Northbrook, IL 75 $15,000 $14,064 10.8 8.1 % 9.0 % ___________________________________ (1) Represents Gross Purchase Price less, where applicable, adjustments to and credits against the purchase price agreed to by the Company pursuant to the purchase and sale agreement. Adjusted Purchase Price is not net of transaction costs. (2) Represents the remaining lease term as of the acquisition date. Dispositions The following table summarizes the Company's disposition activity during the year ended December 31, 2025 and shortly thereafter. Date Sold Property Location Square Feet Gross Sales Price Adjusted Sales Price (1) Lease Term (Years) Cash Capitalization Rate Average Capitalization Rate April 8, 2025 Tulsa, OK 108 $4,500 $4,075 Vacant N/A N/A April 10, 2025 Englewood, CO 60 2,550 2,550 Vacant N/A N/A April 10, 2025 Denver, CO 119 12,000 10,003 Vacant N/A N/A May 12, 2025 Oklahoma City, OK 147 7,880 7,395 Vacant N/A N/A September 8, 2025 Lawrence, KS 106 2,450 2,450 Vacant N/A N/A September 30, 2025 Mount Pleasant, SC 64 13,800 13,800 Vacant (2) N/A N/A September 30, 2025 Blair, NE 30 5,500 5,406 9.3 9.1% 10.1 % October 8, 2025 Fresno, CA 127 15,680 15,680 Vacant (3) N/A N/A December 22, 2025 Waukegan, IL 130 13,800 10,476 6.5 10.7% 11.4 % December 30, 2025 Warwick, RI 70 2,500 2,490 Vacant N/A N/A January 9, 2026 Bedford, MA 328 5,600 5,600 Vacant N/A N/A January 15, 2026 Malvern, PA 188 7,500 7,500 Vacant N/A N/A Total 1,477 $93,760 $87,425 ___________________________________ (1) Represents Gross Sales Price less, where applicable, adjustments to and credits against the purchase price agreed to by the Company pursuant to the purchase and sale agreement. Adjusted Sales Price is not net of transaction costs. (2) The Company closed on the sale of the Mount Pleasant, South Carolina property simultaneously with the lease expiration. (3) The Company closed on the sale of the Fresno, California property simultaneously with the lease termination and received lease termination proceeds of $2.6 million. Prior to the lease termination, the property was 76.4% occupied by one tenant with lease expiration scheduled in May 2027. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 21

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![](exhibit992orionsupplemen022.jpg)

___________________________________________________ Q4 2025 SUPPLEMENTAL INFORMATION Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Base Rent excluding Non-Operating Properties as of December 31, 2025, other than Occupancy Rate and Leased Rate which are based on Rentable Square Feet as of December 31, 2025) See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 22 Tenant Diversification 17.8% 10.0% 7.1% 4.4% 4.1% 3.7% 3.5% 3.4% 3.3% 3.2% General Services Administration Merrill Lynch Ingram Micro Cigna/Express Scripts Sekisui House U.S. T-Mobile Charter Communications Banner Life Insurance Encompass Health Collins Aerospace Geographic Diversification 18.9% 13.4% 10.0% 9.5% 6.0% 5.4% 4.4% 4.2% 4.2% 4.2% Texas New Jersey New York Kentucky Colorado California Maryland Virginia Georgia Tennessee Industry Diversification 18.3% 13.7% 10.8% 10.0% 9.0% 7.7% 6.7% 5.0% 4.1% 4.0% Government & Public Services Health Care Equipment & Services Capital Goods Financial Institutions Software & Services Materials Telecommunication Services Commercial & Professional Services Consumer Durables & Apparel Transportation Lease Expirations 10.2% 12.7% 23.0% 5.7% 7.0% 0.5% 2.3% 3.5% 3.4% 13.0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Statistics (square feet and dollars in thousands) Operating Properties 58 Unconsolidated Joint Venture Properties 6 Non-Operating Properties 8 Rentable Square Feet 6,737 Annualized Base Rent $111,280 Occupancy Rate 78.7 % Leased Rate 80.7 % Weighted Average Remaining Lease Term 5.7 Investment-Grade Tenants 66.7 % NN leases 55.9 % NNN leases 13.3 %

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![](exhibit992orionsupplemen023.jpg)

Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of December 31, 2025) Tenant Number of Leases Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Credit Rating General Services Administration 15 724 10.7 % $19,821 17.8 % AA+ Merrill Lynch 1 482 7.2 % 11,136 10.0 % A- Ingram Micro 2 330 4.9 % 7,860 7.1 % BB Cigna/Express Scripts 2 275 4.1 % 4,866 4.4 % A- Sekisui House U.S. 1 145 2.2 % 4,562 4.1 % BBB T-Mobile 3 216 3.2 % 4,128 3.7 % BBB Charter Communications 2 264 3.9 % 3,902 3.5 % BB+ Banner Life Insurance 1 116 1.7 % 3,762 3.4 % A Encompass Health 1 65 1.0 % 3,646 3.3 % BB Collins Aerospace 1 207 3.1 % 3,513 3.2 % BBB+ Top Ten Tenants 29 2,824 42.0 % 67,196 60.5 % Remaining Tenants: Home Depot/HD Supply 2 153 2.3 % 3,448 3.1 % A AT&T 1 203 3.0 % 3,383 3.0 % BBB Linde 1 175 2.6 % 2,886 2.6 % A Maximus 2 168 2.5 % 2,673 2.4 % BB+ Valent U.S.A. 1 97 1.4 % 2,510 2.3 % NR Brown University Health 1 136 2.0 % 2,209 2.0 % NR GE Vernova 1 152 2.3 % 2,117 1.9 % BBB NetJets 1 140 2.1 % 2,040 1.8 % NR Elementis 1 66 1.0 % 1,980 1.8 % NR Day Pitney 1 56 0.8 % 1,811 1.6 % NR FedEx 1 90 1.3 % 1,623 1.5 % BBB AGCO 1 126 1.9 % 1,606 1.4 % BBB- Intermec 1 81 1.2 % 1,545 1.4 % A Becton Dickinson 1 73 1.1 % 1,425 1.3 % BBB Ifm Efector 1 45 0.7 % 1,375 1.2 % NR Peraton 1 33 0.5 % 1,213 1.1 % B- Ineos Pigments 1 120 1.8 % 1,108 1.0 % BB- Change Healthcare Operations 1 55 0.8 % 1,097 1.0 % A+ Total 49 4,793 71.3 % $103,245 92.9 % Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 23

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![](exhibit992orionsupplemen024.jpg)

Tenant Industry Diversification (unaudited, square feet and dollars in thousands as of December 31, 2025) Government & Public Services 17 768 11.4 % $20,381 18.3 % Health Care Equipment & Services 10 748 11.1 % 15,233 13.7 % Capital Goods 9 714 10.6 % 12,015 10.8 % Financial Institutions 1 482 7.2 % 11,136 10.0 % Software & Services 4 422 6.3 % 9,986 9.0 % Materials 5 463 6.9 % 8,581 7.7 % Telecommunication Services 4 419 6.2 % 7,511 6.7 % Commercial & Professional Services 10 281 4.2 % 5,613 5.0 % Consumer Durables & Apparel 1 145 2.2 % 4,562 4.1 % Transportation 4 279 4.1 % 4,457 4.0 % Top Ten Tenant Industries 65 4,721 70.2 % 99,475 89.3 % Remaining Tenant Industries: Media & Entertainment 2 264 3.9 % 3,902 3.5 % Insurance 1 116 1.7 % 3,762 3.4 % Retailing 3 157 2.3 % 3,526 3.2 % Utilities 1 26 0.4 % 394 0.4 % Restaurant 4 15 0.2 % 172 0.2 % Real Estate 1 2 — % 49 — % Total 77 5,301 78.7 % $111,280 100.0 % Industry Number of Leases (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent __________________________________ (1) The Company has certain Operating Properties that are subject to multiple leases. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 24

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![](exhibit992orionsupplemen025.jpg)

Lease Expirations (unaudited, square feet and dollars in thousands as of December 31, 2025) Year of Expiration Number of Leases Expiring (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent 2026 11 519 7.7 % $11,390 10.2 % 2027 11 891 13.2 % 14,106 12.7 % 2028 13 1,112 16.5 % 25,560 23.0 % 2029 6 401 6.0 % 6,362 5.7 % 2030 7 241 3.6 % 7,803 7.0 % 2031 2 18 0.3 % 570 0.5 % 2032 3 174 2.6 % 2,621 2.3 % 2033 3 211 3.1 % 3,901 3.5 % 2034 5 242 3.6 % 3,760 3.4 % 2035 4 640 9.5 % 14,422 13.0 % Thereafter 12 852 12.6 % 20,785 18.7 % Total 77 5,301 78.7 % $111,280 100.0 % __________________________________ (1) The Company has certain Operating Properties that are subject to multiple leases. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 25

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![](exhibit992orionsupplemen026.jpg)

Lease Summary (unaudited, square feet and dollars in thousands as of December 31, 2025) Rent Escalations Number of Leases (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Fixed Dollar or Percent Increase 56 4,421 65.6 % $88,921 79.9 % GSA CPI 14 689 10.2 % 19,080 17.1 % Flat 6 110 1.7 % 1,734 1.6 % CPI 1 81 1.2 % 1,545 1.4 % Total 77 5,301 78.7 % $111,280 100.0 % Tenant Expense Obligations Number of Leases (1) Occupied Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent NN 45 3,356 49.8 % $62,194 55.9 % Modified Gross 21 1,187 17.6 % 34,224 30.8 % NNN 10 753 11.2 % 14,807 13.3 % Gross 1 5 0.1 % 55 — % Total 77 5,301 78.7 % $111,280 100.0 % __________________________________ (1) The Company has certain Operating Properties that are subject to multiple leases. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 26

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![](exhibit992orionsupplemen027.jpg)

Operating Property Geographic Diversification (unaudited, square feet and dollars in thousands as of December 31, 2025) Texas 15 1,351 20.1 % $21,083 18.9 % New Jersey 3 714 10.6 % 14,927 13.4 % New York 6 766 11.4 % 11,102 10.0 % Kentucky 2 458 6.8 % 10,538 9.5 % Colorado 3 392 5.8 % 6,679 6.0 % California 3 214 3.2 % 5,990 5.4 % Maryland 2 236 3.5 % 4,870 4.4 % Virginia 2 240 3.6 % 4,726 4.2 % Georgia 3 284 4.2 % 4,704 4.2 % Tennessee 4 240 3.6 % 4,623 4.2 % Top Ten States 43 4,895 72.8 % 89,242 80.2 % Remaining States: Missouri 2 207 3.1 % 3,033 2.7 % Ohio 2 169 2.5 % 2,497 2.2 % Wisconsin 1 155 2.3 % 2,416 2.2 % Rhode Island 1 136 2.0 % 2,209 2.0 % Iowa 2 92 1.4 % 2,046 1.8 % West Virginia 1 63 0.9 % 1,463 1.3 % Pennsylvania 1 45 0.7 % 1,375 1.2 % Oregon 1 69 1.0 % 1,188 1.1 % Kansas 1 90 1.3 % 1,107 1.0 % Nebraska 1 150 2.2 % 913 0.8 % Illinois 1 33 0.5 % 844 0.8 % Massachusetts 1 50 0.7 % 757 0.7 % Idaho 1 35 0.5 % 741 0.7 % Indiana 1 83 1.2 % 592 0.5 % Minnesota 1 39 0.6 % 505 0.5 % Florida 1 6 0.1 % 247 0.2 % Oklahoma 1 330 4.9 % 105 0.1 % Arizona 1 90 1.3 % — — % Total 64 6,737 100.0 % $111,280 100.0 % Location Number of Properties Rentable Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 27

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![](exhibit992orionsupplemen028.jpg)

Operating Property Type (unaudited, square feet and dollars in thousands as of December 31, 2025) Property Type Number of Properties Rentable Square Feet % of Total Rentable Square Feet Annualized Base Rent % of Total Annualized Base Rent Traditional Office 36 4,724 70.1 % $71,507 64.2 % Governmental 17 938 13.9 % 21,346 19.2 % Flex/Industrial 5 652 9.7 % 8,437 7.6 % Flex/Laboratory and R&D 4 268 4.0 % 6,344 5.7 % Medical Office 2 155 2.3 % 3,646 3.3 % Total 64 6,737 100.0 % $111,280 100.0 % Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 28

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![](exhibit992orionsupplemen029.jpg)

Full Portfolio (1) (unaudited, as of December 31, 2025) Commercial & Professional Services 4335 Paredes Line Road Brownsville, TX 78 100.0 % 2.4 $1,566 (5) Telecommunication Services 3750 Wheeler Road Augusta, GA 78 100.0 % 1.8 1,781 (5) Telecommunication Services 4080 27th Court SE Salem, OR 69 100.0 % 1.3 1,188 (5) Health Care Equipment & Services 8455 University Place Drive St. Louis, MO 181 100.0 % 3.0 2,639 (2) Government & Public Services 2305 Hudson Boulevard Brownsville, TX 11 100.0 % 8.1 351 (2) Government & Public Services 257 Bosley Industrial Park Parkersburg, WV 63 100.0 % 13.4 1,463 (5) Government & Public Services 2805 Pine Mill Road Paris, TX 11 100.0 % 5.7 434 (2) Government & Public Services 3381 U.S. Highway 277 Eagle Pass, TX 20 100.0 % 12.3 555 (5) Government & Public Services 2475 Cliff Creek Crossing Dr Dallas, TX 17 100.0 % 4.8 683 (5) Government & Public Services 3644 Avtech Parkway Redding, CA 44 100.0 % 0.8 1,349 (5) Government & Public Services 5100 W 36th Street Minneapolis, MN 39 100.0 % 4.3 505 (5) Government & Public Services 4525 State Route 11 Malone, NY 29 100.0 % 0.5 1,171 (2) Government & Public Services 2600 Voyager Avenue Sioux City, IA 11 100.0 % 0.6 501 (5) Government & Public Services 135 Circle Lane Knoxville, TN 26 100.0 % 0.6 744 (5) Health Care Equipment & Services 2304 State Highway 121 Bedford, TX 65 100.0 % 4.8 3,646 (2) Government & Public Services 3369 U.S. Highway 277 Eagle Pass, TX 9 100.0 % 13.1 311 (5) Transportation 942 S. Shady Grove Road Memphis, TN 90 100.0 % 9.0 1,623 (2) Transportation 4151 Bridgeway Avenue Columbus, OH 140 100.0 % 6.3 2,040 (2) Capital Goods 601 Third Street SE Cedar Rapids, IA 81 100.0 % 2.2 1,545 (2) Health Care Equipment & Services 15 LaSalle Square Providence, RI 136 100.0 % 10.3 2,209 (5) Materials 100 Sci Park Boulevard East Windsor, NJ 66 100.0 % 6.4 1,980 (2) Media & Entertainment 6005 Fair Lakes Road East Syracuse, NY 109 100.0 % 0.3 1,486 (2) Government & Public Services 310 Canaveral Groves Blvd Cocoa, FL 6 100.0 % 0.2 247 Government & Public Services 103 & 104 Airport Road Grangeville, ID 35 100.0 % 1.8 741 Government & Public Services 2901 Alta Mesa Boulevard Fort Worth, TX 16 100.0 % 10.1 592 (5) Government & Public Services 59 Dunning Way Plattsburgh, NY 13 100.0 % 7.8 585 (5) Capital Goods 1800 Nelson Road Longmont, CO 152 100.0 % 8.8 2,117 (5) Telecommunication Services 2270 Lakeside Boulevard Richardson, TX 203 100.0 % 1.3 3,383 Health Care Equipment & Services 5859 Farinon Drive San Antonio, TX 96 76.0 % 1.3 1,425 Restaurant 202 S. Cheyenne Tulsa, OK 330 3.3 % 7.2 105 (5) Consumer Durables & Apparel 4350 South Monaco Street Denver, CO 145 100.0 % 2.8 4,562 (5) Vacant 2250 Lakeside Boulevard Richardson, TX 116 — % — — Commercial & Professional Services 3833 Greenway Drive Lawrence, KS 90 100.0 % 2.4 1,107 (5) Materials 1585 Sawdust Road The Woodlands, TX 175 100.0 % 7.4 2,886 (5) Vacant 7390 S. Iola Street Englewood, CO 95 — % — — (2) Media & Entertainment 1254-1320 N. MLK Jr. Drive Milwaukee, WI 155 100.0 % 1.5 2,416 Telecommunication Services 695 Grassmere Park Nashville, TN 69 100.0 % 8.1 1,159 (2) Commercial & Professional Services 1575 Sawdust Road The Woodlands, TX 153 83.0 % 3.2 2,594 Retailing 101 Riverview Parkway Santee, CA 73 100.0 % 2.9 2,131 (5) Materials 6752 Baymeadow Drive Glen Burnie, MD 120 100.0 % 1.0 1,108 Vacant 6655 North MacArthur Boulevard Irving, TX 172 — % — — (5) Government & Public Services 333 Scott St & 300 Madison Ave Covington, KY 438 96.1 % 2.6 10,201 (5) Software & Services 1759 Wehrle Drive Amherst, NY 170 100.0 % 0.3 3,075 Capital Goods 22640 Davis Drive Sterling, VA 207 100.0 % 3.3 3,513 (2) Industry Address Rentable Square Feet Occupancy Rate Weighted Average Remaining Lease Term Annualized Base Rent Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 29

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![](exhibit992orionsupplemen030.jpg)

Capital Goods 1100 Atwater Drive, Lot 11A Malvern, PA 45 100.0 % 2.6 1,375 (2) Health Care Equipment & Services 7353 Company Drive Indianapolis, IN 83 100.0 % 1.8 592 (5) Health Care Equipment & Services 1640 Dallas Parkway Plano, TX 209 56.0 % 1.8 2,657 (5) Software & Services 777 Research Road Lincoln, NE 150 39.3 % 2.3 913 (5) Software & Services 249 - 257 West Genesee Street Buffalo, NY 415 38.6 % 10.3 4,785 (5) Insurance 3275 Bennett Creek Avenue Urbana, MD 116 100.0 % 13.7 3,762 (2) Health Care Equipment & Services 100 Airpark Center Drive East Nashville, TN 55 100.0 % 4.8 1,097 (5) Retailing 3074 Chastain Meadows Pkwy NW Kennesaw, GA 80 100.0 % 2.3 1,317 (2) (4) Capital Goods 4205 River Green Parkway Duluth, GA 126 100.0 % 15.6 1,606 (2) Commercial & Professional Services 8 Sylvan Way Parsippany, NJ 166 33.7 % 15.0 1,811 (5) Financial Institutions 1500-1600 American Boulevard Hopewell, NJ 482 100.0 % 9.9 11,136 (2) Vacant 3003 N. 3rd Street Phoenix, AZ 90 — % — — (2) Vacant 395 S. Youngs Road Amherst, NY 30 — % — — Materials 4600 Norris Canyon Road San Ramon, CA 97 100.0 % 13.7 2,510 (3) Capital Goods 70 Mechanic Street Foxboro, MA 50 100.0 % 1.9 757 (1) Health Care Equipment & Services 577 Aptakisic Road Lincolnshire, IL 33 100.0 % 10.8 844 (1) Transportation 360 Westar Boulevard Westerville, OH 29 100.0 % 6.0 457 (1) Software & Services 12975 Worldgate Drive Herndon, VA 33 100.0 % 4.1 1,213 (1) Transportation 580 Atlas Air Way Erlanger, KY 20 100.0 % 10.3 337 (1) Utilities 700 Market Street St. Louis, MO 26 100.0 % 9.2 394 (1) Industry Address Rentable Square Feet Occupancy Rate Weighted Average Remaining Lease Term Annualized Base Rent __________________________________ (1) Includes the properties owned by the Arch Street Joint Venture and excludes Non-Operating Properties. The Arch Street Joint Venture properties serve as collateral for the non-recourse mortgage notes of the joint venture. (2) Property serving as collateral for the Company's CMBS Loan. (3) Property serving as collateral for the Company's San Ramon Loan. (4) Property is currently subleased through March 2028, at which time the Company's lease with the sublease tenant will commence and is scheduled to expire in August 2033. (5) Property which will serve as collateral under the Company's New Credit Facility Revolver. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 30

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![](exhibit992orionsupplemen031.jpg)

Non-Operating Properties (unaudited, dollars in thousands as of December 31, 2025) 1411 - 1435 Lake Cook Road Deerfield, IL (1) Land 37.4 N/A $11,113 41 Moores Road Malvern, PA (2) Real estate asset held for sale 23.0 188 7,219 174 & 176 Middlesex Turnpike Bedford, MA (2) Real estate asset held for sale 54.5 328 5,584 Total 114.9 516 $23,916 Address Category Acres Building Square Feet Net Carrying Value __________________________________ (1) Includes six properties designated as Non-Operating Properties. No building square footage is associated with these properties due to the demolition of the buildings on the campus. (2) Properties were sold in January 2026. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 31

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![](exhibit992orionsupplemen032.jpg)

Unconsolidated Joint Venture Investment Summary (unaudited, square feet and dollars in thousands) The following table summarizes the Company's investments in the Arch Street Joint Venture as of December 31, 2025. Property Legal Ownership Percentage (1) Tenant Industry Proportionate Share of Gross Real Estate Investments (2) Proportionate Share of Rentable Square Feet Proportionate Share of Annualized Base Rent Proportionate Share of Principal Outstanding Schneider Electric - Foxboro, MA 20% Capital Goods $8,336 50 $757 $4,922 Sysmex - Lincolnshire, IL 20% Health Care Equipment & Services 9,695 33 844 5,018 DHL - Westerville, OH 20% Transportation 6,676 29 457 3,841 Peraton - Herndon, VA 20% Software & Services 9,898 33 1,213 5,502 Atlas Air - Erlanger, KY 20% Transportation 5,330 20 337 2,999 Spire Energy - St. Louis, MO 20% Utilities 6,159 26 394 3,471 $46,094 191 $4,002 $25,753 __________________________________ (1) Legal ownership percentage may, at times, not equal the Company's economic interest because of various provisions in the joint venture agreement regarding capital contributions, distributions of cash flow based on capital account balances and allocations of profits and losses. (2) Due to the uncertainties with regard to recovery of our Arch Street Joint Venture investment, the Company recorded an other-than-temporary impairment loss on its investment in the Arch Street Joint Venture during the three months ended December 31, 2025. Certain components of this impairment are directly attributable to impairment of the real estate assets owned by the Arch Street Joint Venture, which are not reflected the proportionate share of Gross Real Estate Investments as of December 31, 2025 and will be updated retrospectively once discussions with the lender regarding the extension of the Arch Street Joint Venture mortgage notes are complete. Q4 2025 SUPPLEMENTAL INFORMATION See the Definitions section for a description of the Company's non-GAAP and operating metrics. Orion Properties Inc. \| WWW.ONLREIT.COM \| 32

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![](exhibit992orionsupplemen033.jpg)

Annualized Base Rent is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain fixed contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12, including the Company's proportionate share of such amounts related to the Unconsolidated Joint Venture. Annualized Base Rent is not indicative of future performance. Average Capitalization Rate represents annualized average estimated Cash NOI of the property over the tenant's lease term, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Average Capitalization Rate represents annualized average estimated cash rental revenue of the property over the tenant's lease term divided by gross purchase or sale price. Cash Capitalization Rate represents next 12 full months estimated Cash NOI of the property, excluding any rent concession periods credited at the date of purchase or sale, divided by gross purchase or sale price, except that for certain triple and double net lease properties, the Cash Capitalization Rate represents next 12 full months estimated cash rental revenue of the property divided by gross purchase or sale price. CPI refers to a lease in which base rent is adjusted based on changes in a consumer price index. Credit Rating of a tenant refers to the Standard & Poor's or Moody's credit rating and such rating also may reflect the rating assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company as applicable. Dedicated Use Asset is a property that includes a substantial specialized use component such as government, medical, laboratory and research and development, and flex operations, and would therefore not be considered a traditional office property. Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot, in each case, as further defined in the applicable lease). Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, gains or losses from disposition of real estate assets, and our proportionate share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above. In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as transaction related expenses. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and our proportionate share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income (loss), as determined under GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Enterprise Value equals the sum of the Implied Equity Market Capitalization and Net Debt, in each case, as of an applicable date. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. This change in definition will be applied retrospectively beginning January 1, 2026. Q4 2025 SUPPLEMENTAL INFORMATION Definitions (unaudited, in thousands, except share and per share data) Orion Properties Inc. \| WWW.ONLREIT.COM \| 33

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![](exhibit992orionsupplemen034.jpg)

Fixed Charge Coverage Ratio is (a) Adjusted EBITDA divided by (b) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations. Fixed Dollar or Percent Increase refers to a lease that requires contractual rent increases during the term of the lease agreement. A Fixed Dollar or Percent Increase lease may include a period of free rent at the beginning or end of the lease. Flat refers to a lease that requires equal rent payments, with no contractual increases, throughout the term of the lease agreement. A Flat lease may include a period of free rent at the beginning or end of the lease. Funds Available for Distribution ("FAD") Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, amortization of the Unconsolidated Joint Venture basis difference and our proportionate share of FAD adjustments related to the Unconsolidated Joint Venture. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend. However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by (used in) operating activities as determined under GAAP. Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO") Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of the Company. FFO is not equivalent to our net income (loss) as determined under GAAP. Nareit defines FFO as net income (loss) computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and our proportionate share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above. In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, amortization of deferred financing costs, amortization of deferred lease incentives, net, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and our proportionate share of Core FFO adjustments related to the Unconsolidated Joint Venture. We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or a substantially similar measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are often used by analysts and investors for comparison purposes. For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as determined under GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure. GAAP is an abbreviation for generally accepted accounting principles in the United States. Q4 2025 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. \| WWW.ONLREIT.COM \| 34

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![](exhibit992orionsupplemen035.jpg)

Gross Lease is a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs). Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties and the Company's proportionate share of such amounts related to properties owned by the Unconsolidated Joint Venture, net of gross intangible lease liabilities. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. The following table shows a reconciliation of Gross Real Estate Investments to the amounts presented in accordance with GAAP on the balance sheets for the periods presented (in thousands): December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total real estate investments, at cost - as reported $1,153,208 $1,174,249 $1,263,600 $1,281,892 $1,282,452 Adjustments: Gross intangible lease assets 250,204 253,127 275,560 278,405 284,108 Gross intangible lease liabilities (38,660) (38,660) (38,660) (38,660) (45,473) Non-Operating Properties total real estate investments, at cost (11,113) (11,113) (11,113) (11,113) (11,113) Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments (1) 46,094 46,092 46,046 46,043 45,588 Gross Real Estate Investments $1,399,733 $1,423,695 $1,535,433 $1,556,567 $1,555,562 __________________________________ (1) Due to the uncertainties with regard to recovery of our Arch Street Joint Venture investment, the Company recorded an other-than-temporary impairment loss on its investment in the Arch Street Joint Venture during the three months ended December 31, 2025. Certain components of this impairment are directly attributable to impairment of the real estate assets owned by the Arch Street Joint Venture, which are not reflected the proportionate share of Gross Real Estate Investments as of December 31, 2025 and will be updated retrospectively once discussions with the lender regarding the extension of the Arch Street Joint Venture mortgage notes are complete. GSA CPI refers to a General Services Administration ("GSA") lease that includes a contractually obligated operating cost component of rent which is adjusted annually based on changes in a consumer price index. Implied Equity Market Capitalization equals shares of common stock outstanding as of an applicable date, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange on such date. Industry is derived from the Global Industry Classification Standard ("GICS") Methodology that was developed by Morgan Stanley Capital International ("MSCI") in collaboration with S&P Dow Jones Indices to establish a global, accurate, complete and widely accepted approach to defining industries and classifying securities by industry. Interest Coverage Ratio equals Adjusted EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's proportionate share of the Unconsolidated Joint Venture's interest expense incurred on its outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined under GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. Q4 2025 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. \| WWW.ONLREIT.COM \| 35

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![](exhibit992orionsupplemen036.jpg)

The following table shows a reconciliation of Interest Expense, excluding non-cash amortization to interest expense presented in accordance with GAAP on the statements of operations for the periods presented (in thousands): Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Interest expense, net - as reported $31,525 $32,637 $7,473 $7,880 $8,016 $8,156 $8,263 Adjustments: Amortization of deferred financing costs and other non-cash charges (3,699) (3,686) (932) (933) (922) (912) (928) Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization 2,015 1,720 487 516 518 494 464 Interest Expense, excluding non-cash amortization $29,841 $30,671 $7,028 $7,463 $7,612 $7,738 $7,799 Investment-Grade Tenants are those with a Credit Rating of BBB- or higher from Standard & Poor's or a Credit Rating of Baa3 or higher from Moody's. The ratings may reflect those assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company, as applicable. Leased Rate equals the sum of Leased Square Feet divided by Rentable Square Feet and includes the Company's proportionate share of such amounts related to the Unconsolidated Joint Venture, in each case, as of an applicable date. Leased Square Feet is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates and includes such amounts related to the Unconsolidated Joint Venture. Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant. Month-to-Month refers to a lease that is outside of the contractual lease expiration, but the tenant has not vacated and continues to pay rent which may also include holdover rent if applicable. Net Debt, Principal Outstanding and Adjusted Principal Outstanding Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's proportionate share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined under GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP. Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's proportionate share of the Unconsolidated Joint Venture's cash and cash equivalents. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. If this definitional change had been made in 2025, the impact would have been a decrease to Net Debt as of December 31, 2025 of $39.9 million. This change in definition will be applied retrospectively beginning January 1, 2026. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. Q4 2025 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. \| WWW.ONLREIT.COM \| 36

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![](exhibit992orionsupplemen037.jpg)

The following table shows a reconciliation of Net Debt, Principal Outstanding and Adjusted Principal Outstanding to the amounts presented in accordance with GAAP on the balance sheets for the periods presented (in thousands): December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Mortgages payable, net $371,957 $371,772 $371,587 $371,403 $371,222 Credit facility revolver 92,000 110,000 110,000 132,000 119,000 Total debt - as reported 463,957 481,772 481,587 503,403 490,222 Deferred financing costs, net 1,043 1,228 1,413 1,597 1,778 Principal Outstanding 465,000 483,000 483,000 505,000 492,000 Proportionate share of Unconsolidated Joint Venture Principal Outstanding 25,753 25,897 26,042 26,187 26,329 Adjusted Principal Outstanding $490,753 $508,897 $509,042 $531,187 $518,329 Cash and cash equivalents (22,362) (32,639) (17,384) (9,384) (15,600) Proportionate share of Unconsolidated Joint Venture cash and cash equivalents (495) (394) (329) (393) (425) Net Debt $467,896 $475,864 $491,329 $521,410 $502,304 Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. Beginning in 2026, the Company will be revising its definition and calculation of Net Debt to also add restricted cash and the Company's proportionate share of restricted cash from the Unconsolidated Joint Venture to the amounts that reduce the Company's Adjusted Principal Outstanding under debt obligations. This change in definition will be applied retrospectively beginning January 1, 2026. Net Operating Income ("NOI") and Cash NOI NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, and transaction related expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rental revenue, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. Cash NOI includes the proportionate share of such amounts from properties owned by the Unconsolidated Joint Venture. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies. Q4 2025 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. \| WWW.ONLREIT.COM \| 37

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![](exhibit992orionsupplemen038.jpg)

The following table shows the calculation of NOI and Cash NOI for the periods presented (in thousands): Year Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total revenues $147,647 $164,862 $35,219 $37,122 $37,305 $38,001 $38,363 Less: total operating expenses (244,161) (234,156) (49,369) (100,412) (55,239) (39,141) (63,018) Fee income from unconsolidated joint venture (820) (807) (209) (204) (203) (204) (202) Transaction related 898 539 645 114 75 64 157 General and administrative 20,313 20,094 5,972 4,607 4,838 4,896 6,133 Depreciation and amortization 58,746 100,820 13,087 14,709 14,928 16,022 17,789 Impairment of real estate assets 99,376 47,552 14,466 63,698 19,503 1,709 22,187 NOI 81,999 98,904 19,811 19,634 21,207 21,347 21,409 Straight-line rental revenue (13,125) 210 (2,077) (4,898) (2,519) (3,631) (764) Amortization of above and below market leases, net (1,299) (1,146) (312) (312) (321) (354) (122) Amortization of deferred lease incentives, net 530 509 136 175 115 104 136 Other non-cash adjustments 192 192 48 48 48 48 48 Proportionate share of Unconsolidated Joint Venture Cash NOI 3,586 3,471 893 900 897 896 859 Cash NOI $71,883 $102,140 $18,499 $15,547 $19,427 $18,410 $21,566 Non-Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date which have been excluded from Operating Properties due to the properties being vacant and repositioned, redeveloped, developed or held for sale. Occupancy Rate equals the sum of Occupied Square Feet divided by Rentable Square Feet and includes the Company's proportionate share of such amounts related to the Unconsolidated Joint Venture, in each case, as of an applicable date. Occupied Square Feet is Rentable Square Feet leased for which revenue recognition has commenced in accordance with GAAP and includes such amounts related to the Unconsolidated Joint Venture. Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date, excluding Non- Operating Properties. Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc. Rentable Square Feet is leasable square feet of Operating Properties and the Company's proportionate share of leasable square feet of properties owned by the Unconsolidated Joint Venture. Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs in accordance with the lease terms). Unconsolidated Joint Venture or Arch Street Joint Venture means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC. Weighted Average Remaining Lease Term is the number of years remaining on each respective lease as of the applicable date, weighted based on Annualized Base Rent and includes the years remaining on each of the respective leases of the Unconsolidated Joint Venture, weighted based on the Company's proportionate share of Annualized Base Rent related to the Unconsolidated Joint Venture. Q4 2025 SUPPLEMENTAL INFORMATION Definitions (continued) (unaudited, in thousands, except share and per share data) Orion Properties Inc. \| WWW.ONLREIT.COM \| 38

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