Orion Properties (ONL)


Market Price (11/11/2026): $2.71 | Market Cap: $154.6 MilSector: Real Estate | Industry: Office REITs

Orion Properties (ONL)


Market Price (11/11/2026): $2.71
Market Cap: $154.6 Mil
Sector: Real Estate
Industry: Office REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%

Attractive yield
Dividend Yield is 2.9%

Low stock price volatility
Vol 12M is 50%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include IoT for Buildings, Show more.

Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -112%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 272%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 114x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -4.5%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%

Key risks
ONL key risks include [1] a "going concern" warning driven by significant uncertainty in refinancing its 2026 credit facility and [2] an extremely high 73.7% vacancy rate that pressures finances through significant capital expenditure needs.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%
1 Attractive yield
Dividend Yield is 2.9%
2 Low stock price volatility
Vol 12M is 50%
3 Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include IoT for Buildings, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -112%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 272%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 114x
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -4.5%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%
10 Key risks
ONL key risks include [1] a "going concern" warning driven by significant uncertainty in refinancing its 2026 credit facility and [2] an extremely high 73.7% vacancy rate that pressures finances through significant capital expenditure needs.

ONL in ETFs

Weight = ONL's share of each fund

VTI0.00%
ITOT0.00%
IWM0.00%
IWN0.01%
VTWO0.00%
SCHA0.00%
SCHB0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Prices as of 11/10/2026

Nov 10: down 5.2% in one day (S&P 500 down 0.4%)
The stock declined without company news. The S&P 500 also moved lower.

Up 45.9% from its Oct 19 low to Nov 9, down 5.2% since (S&P 500 down 1.8%)
The stock advanced substantially over the period, driven by the reaction to the company's third-quarter earnings report. Major gains occurred on October 27, on November 6 following earnings, and on November 9 as the broader market also rallied significantly.

Nov 6: up 14.5% the day after its Nov 5 earnings report (S&P 500 up 0.3%)
The stock rose sharply following the release of its Q3 2026 earnings report. While revenue declined, net income and diluted EPS showed a 95% improvement year-over-year.

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Prices as of 11/10/2026

Nov 10: down 5.2% in one day (S&P 500 down 0.4%)
The stock declined without company news. The S&P 500 also moved lower.

Up 45.9% from its Oct 19 low to Nov 9, down 5.2% since (S&P 500 down 1.8%)
The stock advanced substantially over the period, driven by the reaction to the company's third-quarter earnings report. Major gains occurred on October 27, on November 6 following earnings, and on November 9 as the broader market also rallied significantly.

Nov 6: up 14.5% the day after its Nov 5 earnings report (S&P 500 up 0.3%)
The stock rose sharply following the release of its Q3 2026 earnings report. While revenue declined, net income and diluted EPS showed a 95% improvement year-over-year.

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Stock Movement Drivers

Fundamental Drivers

The 3.5% change in ONL stock from 7/31/2026 to 11/10/2026 was primarily driven by a 7.8% change in the company's P/S Multiple.
(LTM values as of)731202611102026Change
Stock Price ($)2.622.713.5%
Change Contribution By: 
Total Revenues ($ Mil)146141-3.2%
P/S Multiple1.01.17.8%
Shares Outstanding (Mil)5757-0.8%
Cumulative Contribution3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/10/2026
ReturnCorrelation
ONL3.5% 
Market (SPY)0.4%32.1%
Sector (XLRE)-1.1%11.8%

Fundamental Drivers

The -4.2% change in ONL stock from 4/30/2026 to 11/10/2026 was primarily driven by a -4.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611102026Change
Stock Price ($)2.832.71-4.2%
Change Contribution By: 
Total Revenues ($ Mil)148141-4.3%
P/S Multiple1.11.11.5%
Shares Outstanding (Mil)5657-1.3%
Cumulative Contribution-4.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/10/2026
ReturnCorrelation
ONL-4.2% 
Market (SPY)4.6%29.8%
Sector (XLRE)1.3%15.3%

Fundamental Drivers

The 13.5% change in ONL stock from 10/31/2025 to 11/10/2026 was primarily driven by a 24.6% change in the company's P/S Multiple.
(LTM values as of)1031202511102026Change
Stock Price ($)2.392.7113.5%
Change Contribution By: 
Total Revenues ($ Mil)153141-7.6%
P/S Multiple0.91.124.6%
Shares Outstanding (Mil)5657-1.4%
Cumulative Contribution13.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/10/2026
ReturnCorrelation
ONL13.5% 
Market (SPY)10.9%30.8%
Sector (XLRE)11.9%24.6%

Fundamental Drivers

The -31.5% change in ONL stock from 10/31/2023 to 11/10/2026 was primarily driven by a -30.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311102026Change
Stock Price ($)3.962.71-31.5%
Change Contribution By: 
Total Revenues ($ Mil)204141-30.9%
P/S Multiple1.11.1-0.3%
Shares Outstanding (Mil)5757-0.6%
Cumulative Contribution-31.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/10/2026
ReturnCorrelation
ONL-31.5% 
Market (SPY)85.5%34.6%
Sector (XLRE)48.0%42.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ONL Return-25%-52%-28%-27%-37%23%-86%
Peers Return28%-49%11%18%-31%-5%-44%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
ONL Win Rate50%17%33%50%58%45% 
Peers Win Rate57%32%52%53%35%45% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
ONL Max Drawdown--54%-51%-45%-63%-34% 
Peers Max Drawdown-18%-56%-49%-26%-41%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FSP, BDN, DEI, KRC, SLG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/10/2026 (YTD)

About Orion Properties (ONL)

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Orion Office REIT (ONL) is a real estate investment trust specializing in the ownership, acquisition, and management of office properties. The company focuses on a diversified portfolio of mission-critical and corporate headquarters office buildings, strategically located in high-quality suburban markets across the United States.

The company's primary service involves leasing these properties, predominantly on a single-tenant net lease basis. This model means the individual tenants, who are typically creditworthy, are responsible for most property operating expenses in addition to rent. Orion Office REIT serves these creditworthy corporate tenants by providing essential office space that is critical to their operations, utilizing an experienced team and a proven investment evaluation framework to manage its portfolio and guide future capital allocation.

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Here are 1-3 brief analogies for Orion Properties (ONL):

  • Like Realty Income (O), but specializing in single-tenant suburban office buildings for corporate headquarters.
  • Imagine Boston Properties (BXP), but focused on suburban, single-tenant corporate headquarters instead of urban, multi-tenant skyscrapers.
  • Like Prologis (PLD), but for corporate office campuses instead of industrial warehouses.

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  • Office Property Leasing: Providing leased mission-critical and corporate headquarters office buildings to creditworthy tenants, primarily on a single-tenant net lease basis.
  • Office Real Estate Portfolio Management & Acquisition: Strategically acquiring, owning, and managing a diversified portfolio of high-quality suburban office properties.

AI Analysis | Feedback

Orion Properties (ONL) sells primarily to other companies. Its major customers are the businesses that lease its mission-critical and corporate headquarters office buildings. These tenants are creditworthy companies that lease properties on a single-tenant net lease basis. The provided information does not list the specific names of these customer companies.

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Paul H. McDowell Chief Executive Officer, President and Director

Mr. McDowell serves as the Chief Executive Officer, President, and Director of Orion Office REIT. Prior to joining Orion, he served as Executive Vice President and Chief Operating Officer of VEREIT, Inc. from October 2015 to November 2021. Before his time at VEREIT, Mr. McDowell was a founder of CapLease Inc., a publicly-traded net-lease REIT, where he held the position of Chief Executive Officer from 2001 to 2013 and Senior Vice President, General Counsel, and Secretary from 1994 to 2001. He also served on the CapLease Board of Directors from 2004 to 2013 and was elected Chairman of the Board in December 2007. From 1991 to 1994, he was corporate counsel for Sumitomo Corporation of America.

Gavin B. Brandon Executive Vice President, Chief Financial Officer and Treasurer

Mr. Brandon serves as the Executive Vice President, Chief Financial Officer, and Treasurer of Orion Office REIT. Before joining Orion, Mr. Brandon was the Chief Accounting Officer for VEREIT from October 2014 until November 2021. In this role, he was responsible for accounting, SEC and managerial reporting, taxation, and operational accounting, and served on VEREIT's Investment Committee, Portfolio Strategy Committee, and Cyber Committee.

Christopher H. Day Executive Vice President, Chief Operating Officer

Mr. Day serves as the Executive Vice President, Chief Operating Officer of Orion Office REIT. He partners with the CEO and leadership team to manage daily cross-functional operations, including asset and property management, as well as tenant relationships. Before joining Orion, he served as Senior Vice President, Head of Portfolio and Retail Asset Management for VEREIT from 2018 until November 2021. Prior to VEREIT, Mr. Day was a Finance Associate for Corporex Companies, a privately held real estate investment company, where he assisted in the formation of Eagle Hospitality Properties Trust.

Paul C. Hughes General Counsel and Secretary

Mr. Hughes serves as the General Counsel and Secretary of Orion Office REIT. In this role, he provides legal counsel for acquisitions, dispositions, leasing, and financing, and oversees all day-to-day legal aspects of the company, including SEC and NYSE compliance.

Kristy Lubeck Chief Administrative Officer

Ms. Lubeck serves as the Chief Administrative Officer of Orion Office REIT. Previously, she was the Senior Vice President and Head of Human Resources at VEREIT from 2018 to 2021.

AI Analysis | Feedback

The key risks to Orion Office REIT (ONL) primarily revolve around its financial stability, operational performance, and the broader challenges facing the office real estate market.
  1. Debt Maturity Wall and Refinancing Risk: Orion Office REIT faces a critical "debt maturity wall" with significant debt obligations approaching. A credit revolver matures in May 2026 with no remaining extension options, and a substantial $355 million Commercial Mortgage-Backed Securities (CMBS) loan is due in February 2027. As of Q3 2025, the company's total outstanding debt was approximately $508.9 million. The company has issued a "going concern" statement, indicating substantial doubt about its ability to continue as a going concern due to uncertainty surrounding its capacity to extend or refinance its Revolving Facility. Management has stated that it does not expect to generate sufficient cash from operations to repay the principal amount of this facility. A failure to refinance this debt could lead to options such as issuing high-interest debt, significant shareholder dilution through equity issuance, or distressed asset sales at unfavorable prices.
  2. Operational Inefficiencies and Profitability Issues: Orion Office REIT is grappling with significant operational inefficiencies and a challenging profitability outlook. The company's strategic shift towards "Dedicated Use Assets" (DUAs) has been expensive, resulting in a negative Funds Available for Distribution (FAD), which plunged from a positive $7.4 million in Q3 2024 to a negative $(12.3) million in Q3 2025. The company has been unprofitable, reporting a staggering net loss attributable to common stockholders of $(69.0) million on $37.1 million in revenue in Q3 2025, leading to a net profit margin of about -186%. For the full year 2025, the company reported a net loss of $103 million. Funds from operations (FFO) swung from gains in Q1 and Q2 FY 2025 to a significant loss by Q4. Orion is not currently profitable and is not forecast to become profitable over the next three years, with its cash runway estimated to be less than one year.
  3. Structural Challenges in the Office Real Estate Market: The broader office real estate sector is undergoing a structural transformation driven by the prevalence of hybrid work models and an oversupply of generic office space. This macro-level headwind creates a challenging environment for office REITs. While Orion Office REIT is actively repositioning its portfolio towards more resilient Dedicated Use Assets, such as medical, lab, R&D flex, and governmental offices, this strategic pivot is costly and its success in outrunning the sector's challenges remains under scrutiny. Analysts anticipate Orion's revenue to decline by approximately 2.5% to 3.3% annually over the next three years. This ongoing market pressure could undermine the company's turnaround efforts, especially given its current financial fragility.

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The widespread and ongoing adoption of remote and hybrid work models by corporate tenants, leading to a structural reduction in demand for traditional office space. This could result in lower occupancy rates, decreased rental income upon lease renewals, and potential depreciation in the value of their office assets, particularly for single-tenant buildings if those tenants significantly downsize their physical footprint.

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Orion Properties (ONL) anticipates future revenue growth over the next two to three years will be primarily driven by a strategic transformation of its real estate portfolio and enhanced operational efficiencies.

The key drivers for future revenue growth include:

  1. Strategic Shift to Dedicated Use Assets (DUAs) and Targeted Acquisitions: Orion Properties is actively transitioning its portfolio away from traditional office spaces to dedicated use assets (DUAs), such as medical, lab, R&D flex, and governmental offices. This strategic pivot aims to secure more stable tenant relationships and diversify revenue streams in an evolving market. The company is strategically acquiring new assets that align with this focus, such as a flex/laboratory/R&D facility in San Ramon, California, and a new Dedicated Use Asset in Northbrook, Illinois, which are expected to contribute to a higher quality and more resilient rental income stream.
  2. Increased Occupancy Rates and Robust Leasing Activity: The company has demonstrated significant leasing momentum, completing over 900,000 square feet in new leases in 2025, building on 1.1 million square feet leased in 2024, and entering 2026 with a strong leasing pipeline. This robust activity has led to improved occupancy rates, with the lease rate increasing to over 80% at year-end 2025 and occupancy reaching 78.7%. This rise in occupied space and longer lease durations are directly expected to translate into improved recurring rental revenue.
  3. Portfolio Stabilization and De-risking through Strategic Dispositions: Orion is actively selling non-core, vacant, or near-vacant properties to streamline its portfolio and reduce associated carrying costs. While these dispositions may lead to short-term revenue declines, they are crucial for de-risking the portfolio and fostering a more stable and profitable asset base. Management projects that 2025 represented a trough for core Funds From Operations (FFO), and these strategic dispositions are integral to positioning the company for sustained earnings growth from 2026 onwards.

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Share Repurchases

  • Orion Office REIT authorized an equity buyback program of up to $50 million of its common stock, announced on November 2, 2022, which is valid until December 31, 2025.

Outbound Investments

  • Subsequent to year-end 2025, Orion Properties Inc. acquired a fully leased dedicated use asset in Northbrook, Illinois for $15 million.
  • The company sold 10 properties for $80.7 million in 2025, and an additional two properties for $13.1 million subsequent to year-end, as part of its portfolio transformation.
  • Orion wrote down its Arch Street Joint Venture investment to zero and established a $5.9 million loan-loss reserve due to the JV partner's capital constraints and refinancing uncertainty.

Capital Expenditures

  • Capital expenditures and leasing costs for the full year 2025 amounted to $17.8 million, an increase from $8.2 million in 2024.
  • The increase in 2025 capital expenditures was primarily directed towards significant work at properties in Buffalo, New York (for a 160,000 sq ft lease with Ingram Micro) and Lincoln, Nebraska (for an 86,000 sq ft lease with the U.S. government).
  • The company anticipates allocating more capital to CapEx in the future as leases roll and tenants utilize improvement allowances.

Better Bets vs. Orion Properties (ONL)

Peer Outperformance in Office REITs

ONL has trailed 83% of its 18 Office REITs peers over 5Y. Office REITs ranks 10th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Office REITs constituents that ONL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
63%
of 19 industry peers · 9.9% return
3Y
21%
of 19 industry peers · -34.5% return
5Y
17%
of 18 industry peers · -88.8% return
No Office REITs peer with a comparable growth profile has beaten ONL by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Office REITs is ONL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 17.4%67.9%55.0% WELL 222% · OHI 149% · CTRE 132%
Retail REITs 23 17.2%44.8%36.4% SKT 149% · SPG 87% · IVT 55%
Hotel & Resort REITs 16 53.3%58.9%15.1% HST 84% · RHP 82% · APLE 70%
Other Specialized REITs 11 3.3%24.6%12.4% IRM 182% · LAMR 75% · EPR 69%
Real Estate Development 6 -5.1%27.6%5.9% JOE 49%
Industrial REITs 11 13.3%36.2%1.3% EGP 15% · STAG 8% · CUBE 5%
Single-Family Residential REITs 4 1.0%4.4%-17.7% AMH -6% · ELS -14% · INVH -21%
Multi-Family Residential REITs 12 -3.6%20.8%-27.1% ESS -3% · VMRK -6% · UDR -19%
Diversified REITs 12 2.3%15.0%-29.4% EPRT 20% · WPC 15%
Office REITs ← 19 1.4%46.2%-32.8% CDP 44% · CUZ -6% · HIW -6%
Real Estate Services 27 -21.9%-20.0%-35.5% JLL 41% · CBRE 28% · FSV -16%
Telecom Tower REITs 3 2.3%9.8%-36.5% AMT -19% · CCI -37% · SBAC -39%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Orion Properties Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ONLFSPBDNDEIKRCSLGMedian
NameOrion Pr.Franklin.Brandywi.Douglas .Kilroy R.SL Green. 
Mkt Price2.710.413.1210.0135.9350.196.56
Mkt Cap0.20.00.51.74.23.51.1
Rev LTM1411045031,0181,0861,008755
Op Inc LTM6-4751912484560
FCF LTM-34-5-1831-7094-11
FCF 3Y Avg-2-1119118-11099
CFO LTM27911336749494104
CFO 3Y Avg398149398534109129

Growth & Margins

ONLFSPBDNDEIKRCSLGMedian
NameOrion Pr.Franklin.Brandywi.Douglas .Kilroy R.SL Green. 
Rev Chg LTM-6.3%-5.4%3.5%1.8%-3.6%10.7%-0.9%
Rev Chg 3Y Avg-11.1%-11.9%-0.6%0.1%-1.7%0.4%-1.2%
Rev Chg Q-4.5%-8.7%3.5%4.1%-2.9%10.4%0.3%
QoQ Delta Rev Chg LTM-1.2%-2.2%0.8%1.0%-0.7%2.5%0.1%
Op Inc Chg LTM1,314.6%53.9%-5.8%-1.1%-26.0%-67.9%-3.4%
Op Inc Chg 3Y Avg353.4%-498.5%-7.7%1.6%-8.7%44.7%-3.0%
Op Mgn LTM4.2%-4.1%14.9%18.8%22.9%4.5%9.7%
Op Mgn 3Y Avg-2.6%-5.1%17.3%19.0%27.1%8.2%12.7%
QoQ Delta Op Mgn LTM2.4%1.6%-1.1%-0.2%-1.8%1.1%0.4%
CFO/Rev LTM19.0%8.3%22.5%36.1%45.5%9.3%20.8%
CFO/Rev 3Y Avg24.4%6.9%29.8%39.6%48.1%11.9%27.1%
FCF/Rev LTM-24.0%-4.8%-3.5%3.1%-6.5%9.3%-4.2%
FCF/Rev 3Y Avg-2.9%-9.7%3.8%11.8%-0.1%11.9%1.8%

Valuation

ONLFSPBDNDEIKRCSLGMedian
NameOrion Pr.Franklin.Brandywi.Douglas .Kilroy R.SL Green. 
Mkt Cap0.20.00.51.74.23.51.1
P/S1.10.41.11.63.83.51.4
P/Op Inc25.8-10.27.28.816.878.112.8
P/EBIT113.6-3.220.88.221.021.920.9
P/E-5.5-1.0-3.9-80.5146.2-29.6-4.7
P/CFO5.85.04.84.68.537.55.4
Total Yield-15.2%-94.9%-15.3%6.4%6.8%2.1%-6.6%
Dividend Yield2.9%4.9%10.6%7.6%6.1%5.5%5.8%
FCF Yield 3Y Avg-4.8%-9.7%1.7%4.4%-0.1%2.7%0.8%
D/E2.85.84.53.41.11.53.1
Net D/E2.75.03.93.21.01.53.0

Returns

ONLFSPBDNDEIKRCSLGMedian
NameOrion Pr.Franklin.Brandywi.Douglas .Kilroy R.SL Green. 
1M Rtn24.9%21.7%16.4%2.2%4.9%3.7%10.7%
3M Rtn-1.4%-5.9%3.6%-11.2%0.2%-8.8%-3.7%
6M Rtn-5.8%-20.4%8.4%-13.3%6.6%17.8%0.4%
12M Rtn9.9%-63.6%3.3%-11.7%-9.5%4.4%-3.1%
3Y Rtn-34.5%-79.3%15.5%5.3%51.1%89.0%10.4%
1M Excs Rtn29.3%18.1%19.3%4.7%6.5%6.3%12.3%
3M Excs Rtn-0.9%-4.4%4.9%-9.9%3.3%-7.4%-2.7%
6M Excs Rtn-7.8%-22.4%6.4%-15.3%4.6%15.8%-1.6%
12M Excs Rtn-4.4%-76.2%-9.3%-25.4%-24.1%-11.4%-17.8%
3Y Excs Rtn-111.8%-152.4%-69.3%-80.9%-36.5%-2.8%-75.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Commercial real estate148165195208 
Fee income from unconsolidated joint venture    0
Rental    79
Total14816519520880


Assets by Segment
$ Mil2020
Government Service100
Health Care79
Drug Stores72
Transportation Services63
Financial Services58
Telecommunications39
Diversified Industrial31
General Merchandise24
Other Manufacturing23
Other corporate assets20
Aerospace18
Food Processing14
Insurance5
Total546


Price Behavior

Price Behavior
Market Price$2.71 
Market Cap ($ Bil)0.2 
First Trading Date11/01/2021 
Distance from 52W High-8.3% 
   50 Days200 Days
DMA Price$2.41$2.55
DMA Trenddownup
Distance from DMA12.7%6.5%
 3M1YR
Volatility53.8%49.8%
Downside Capture125.22110.51
Upside Capture153.25110.82
Correlation (S&P 500)30.6%32.2%
ONL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.420.620.880.721.041.19
Up Beta4.831.291.140.751.031.11
Down Beta-2.45-0.43-0.420.111.241.17
Up Capture95%20%83%55%84%98%
Bmk +ve Days12182862130427
Stock +ve Days6122351106341
Down Capture152%150%144%121%104%109%
Bmk -ve Days10253664121325
Stock -ve Days14263564120367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONL
ONL7.9%49.8%0.31-
Sector ETF (XLRE)10.9%14.6%0.4823.9%
Equity (SPY)12.7%13.7%0.6231.5%
Gold (GLD)0.3%28.9%0.0018.1%
Commodities (DBC)34.5%21.3%1.28-14.8%
Real Estate (VNQ)11.7%14.2%0.5324.6%
Bitcoin (BTCUSD)-27.7%43.5%-0.6315.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONL
ONL-29.1%48.3%-0.55-
Sector ETF (XLRE)1.6%19.2%-0.0244.3%
Equity (SPY)11.6%17.3%0.5036.6%
Gold (GLD)17.2%19.1%0.7211.5%
Commodities (DBC)7.4%19.6%0.263.9%
Real Estate (VNQ)1.4%18.9%-0.0447.2%
Bitcoin (BTCUSD)3.4%51.5%0.2517.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONL
ONL-15.8%48.3%-0.55-
Sector ETF (XLRE)7.3%20.4%0.3044.3%
Equity (SPY)15.2%18.0%0.7136.6%
Gold (GLD)11.7%16.6%0.5811.5%
Commodities (DBC)7.5%18.1%0.333.9%
Real Estate (VNQ)5.9%20.7%0.2447.2%
Bitcoin (BTCUSD)59.5%66.3%0.9917.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity2.3 Mil
Short Interest: % Change Since 101520265.2%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity57.0 Mil
Short % of Basic Shares4.0%

Earnings Returns History

Updated 11/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/202614.5%  
8/6/20268.5%8.8%4.2%
5/7/20261.4%4.9%-0.7%
3/5/2026-3.9%-6.3%-11.3%
11/6/20256.1%-1.2%-16.3%
8/6/2025-1.2%1.2%17.6%
5/7/2025-2.5%-0.5%5.5%
3/5/2025-29.3%-39.5%-51.8%
...
SUMMARY STATS   
# Positive879
# Negative11119
Median Positive3.5%1.2%4.2%
Median Negative-2.5%-6.3%-11.3%
Max Positive14.5%11.6%17.6%
Max Negative-29.3%-39.5%-51.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/202614.5%  
8/6/20268.5%8.8%4.2%
5/7/20261.4%4.9%-0.7%
3/5/2026-3.9%-6.3%-11.3%
11/6/20256.1%-1.2%-16.3%
8/6/2025-1.2%1.2%17.6%
5/7/2025-2.5%-0.5%5.5%
3/5/2025-29.3%-39.5%-51.8%
11/7/20242.5%-2.8%3.0%
8/8/2024-2.3%-3.4%1.3%
5/8/20241.5%11.6%3.9%
2/27/2024-16.9%-25.3%-20.1%
11/9/2023-0.4%0.4%10.6%
8/9/20234.4%1.0%-10.6%
5/9/2023-1.6%-11.4%4.7%
3/8/2023-3.0%-16.2%-12.9%
11/2/20220.2%1.1%3.7%
8/3/2022-0.6%-2.2%-8.6%
5/4/2022-2.7%-9.4%-5.2%
SUMMARY STATS   
# Positive879
# Negative11119
Median Positive3.5%1.2%4.2%
Median Negative-2.5%-6.3%-11.3%
Max Positive14.5%11.6%17.6%
Max Negative-29.3%-39.5%-51.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/05/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/08/202310-K
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Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/05/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/08/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202103/24/202210-K
09/30/202112/02/202110-Q
06/30/202110/04/202110-12B

Recent Forward Guidance

Updated 11/6/2026

Latest: Q3 2026 Earnings Reported 11/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 DividendReported 0.02    
2026 Core FFO per shareReported0.750.770.782.7% RaisedGuidance: 0.75 for 2026
2026 General & Administrative ExpensesReported19.80 Mil20.30 Mil20.80 Mil0.0% AffirmedGuidance: 20.30 Mil for 2026
2026 FFO attributable to common stockholders per diluted shareReported0.520.540.55   
2026 Total Leasing VolumeReported 1.00 Mil    
2026 Net Debt to Adjusted EBITDAReported5.86.16.4-4.7% LoweredGuidance: 6.4 for 2026
2026 Diluted net income per share attributable to common stockholdersReported0.010.030.04   


Prior: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Core FFO per shareReported0.720.750.772.8% RaisedGuidance: 0.73 for 2026
2026 General and Administrative ExpenseReported19.80 Mil20.30 Mil20.80 Mil0 AffirmedGuidance: 20.30 Mil for 2026
2026 Net Debt to Adjusted EBITDAReported66.46.8-7.2% LoweredGuidance: 6.9 for 2026

Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Core FFO per shareReported0.690.730.760 AffirmedGuidance: 0.73 for 2026
2026 General and Administrative ExpenseReported19.80 Mil20.30 Mil20.80 Mil0 AffirmedGuidance: 20.30 Mil for 2026
2026 Net Debt to Adjusted EBITDAReported6.56.97.30 AffirmedGuidance: 6.9 for 2026

Q4 2025 Earnings Reported 3/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Core FFO per shareReported0.690.730.76-3.3% Lower NewGuidance: 0.75 for 2025
2026 General and Administrative ExpenseReported19.80 Mil20.30 Mil20.80 Mil2.8% Higher NewGuidance: 19.75 Mil for 2025
2026 Net Debt to Adjusted EBITDAReported6.56.97.3-0.7% Lower NewGuidance: 6.95 for 2025

Insider Activity

Updated 6/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gilyard, Reginald Harold DirectBuy82820252.9155,000160,006662,652Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gilyard, Reginald Harold DirectBuy82820252.9155,000160,006662,652Form
Core Cache Last Updated: 11/10/2026