The following is a summary of the Orion Office REIT Inc. (ONL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Orion's total revenues for Q1 2024 were $47.2 million, a drop from $50.2 million in Q1 2023.

• The company incurred a net loss attributable to common stockholders of $26.2 million or $0.47 per share, compared to a net loss of $8.9 million or $0.16 per share in Q1 2023.

• Core FFO for Q1 2024 was $20.4 million or $0.36 per share, down from $25.3 million or $0.45 per share in Q1 2023. Adjusted EBITDA was $26.7 million versus $31.2 million in Q1 2023.

Business Progress:

• Orion showed considerable leasing momentum in Q1 2024, more than doubling the signing of new and renewal leasing from the previous year.

• The sale of 17 properties totaling 1.8 million square feet allowed Orion to reduce debt by over $145 million, enhancing their resources and allowing them to focus on properties with strong long-term re-leasing prospects.

• Retention of existing tenants, filling of vacant spaces, the sale of non-core assets and the establishment of a portfolio of well-leased, long-term properties remain the company's primary focus.

• The company's board declared a Q2 2024 quarterly cash dividend of $0.10 per share, payable on July 15, 2024.

• Reiterating its guidance, the company expects its core FFO to range between $0.93 to $1.01 per share, G&A to be in the range of $19.5 million to $20.5 million and net debt to adjusted EBITDA in the range of 6.2 times to 7.0 times.

More details: Orion Office Reit IR

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