Orion Properties Inc. (ONL) 2025 Q4 法說會逐字稿

Greetings. Welcome to Orion Properties Year-End 2025 Earnings Call. As a reminder, this conference is being recorded.

各位好。歡迎參加 Orion Properties 2025 年度年終財報電話會議。提醒各位，本次會議將被錄音。

I would now like to turn the call over to Emma Little, Investor Relations. Thank you. You may begin.

接下來我想把電話會議交給投資人關係部的 Emma Little。謝謝。您可以開始了。

Thank you, and good morning, everyone. Yesterday, Orion released its results for the quarter and year ended December 31, 2025, filed its 2025 Form 10-K with the Securities and Exchange Commission, and posted its earnings supplement to its website at onlreit.com.

謝謝，各位早安。昨天，Orion 公布了截至 2025 年 12 月 31 日止季度及年度的營運結果，向美國證券交易委員會（SEC）提交了 2025 年 Form 10-K，並將財報補充資料上傳至公司網站 onlreit.com。

During the call today, we will be discussing Orion's guidance estimates for calendar year 2026 and other forward-looking statements, which are based on management's current expectations and are subject to certain risks that could cause actual results to differ materially from our estimates. The risks are discussed in our earnings release as well as in our Form 10-K and other SEC filings, and Orion undertakes no duty to update any forward-looking statements made during this call.

在今天的電話會議中，我們將討論 Orion 對 2026 曆年的財測估計及其他前瞻性陳述；這些內容係基於管理層目前的預期，並受若干風險影響，可能導致實際結果與我們的估計存在重大差異。相關風險已於我們的財報新聞稿、Form 10-K 以及其他 SEC 申報文件中說明；Orion 對於本次電話會議中所作的任何前瞻性陳述不承擔更新義務。

We will also be discussing non-GAAP financial measures such as funds from operations, or FFO, and core funds from operations, or core FFO. These non-GAAP financial measures are not a substitute for financial information presented in accordance with GAAP, and Orion's earnings release and supplement include a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measure.

我們也將討論若干非 GAAP 財務衡量指標，例如營運資金（funds from operations，FFO）以及核心營運資金（core funds from operations，core FFO）。這些非 GAAP 財務衡量指標不能取代依 GAAP 編製的財務資訊；Orion 的財報新聞稿與補充資料中包含我們的非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表。

Hosting the call today are Orion's Chief Executive Officer, Paul McDowell; and Chief Financial Officer, Gavin Brandon. And joining us for the Q&A session will be Chris Day, our Chief Operating Officer.

今天主持電話會議的是 Orion 執行長 Paul McDowell 與財務長 Gavin Brandon。而在問答環節，我們的營運長 Chris Day 也將加入。

With that, I am now going to turn the call over to Paul McDowell.

接下來，我將把電話會議交給 Paul McDowell。

Good morning, everyone, and thank you for joining us on Orion Properties 2025 Year-end Earnings Call. As recently announced, Orion has begun a strategic options review process as management and the Board of Directors continue to explore pathways to unlock value for our shareholders. Since this process is in the early stages, we will focus today's call on our operating performance and the tremendous progress we made further stabilizing the portfolio and executing our business plan during 2025, which has now positioned us for core FFO earnings growth in 2026 and beyond.

各位早安，感謝各位參加 Orion Properties 2025 年度年終財報電話會議。如近期所公告，Orion 已啟動策略選項檢視流程，管理團隊與董事會將持續探索為股東釋放價值的途徑。由於該流程仍處於初期階段，我們今天將聚焦於營運表現，以及我們在 2025 年進一步穩定投資組合並執行商業計畫所取得的重大進展；這些成果已使我們具備在 2026 年及其後推動核心 FFO 盈利成長的條件。

Starting with leasing. We completed over 900,000 square feet of leasing in 2025 on top of the 1.1 million square feet we leased in 2024, reflecting an improving market backdrop. We also signed an additional 183,000 square feet after year-end. These are meaningful volumes, particularly given the reduced size of our portfolio and have really moved the needle to enhance the quality and stability of our lease roll.

先從租賃談起。2025 年我們完成超過 90 萬平方英尺的租賃，並在 2024 年已出租的 110 萬平方英尺基礎上再創佳績，反映市場環境正在改善。我們也在年終後額外簽下 18.3 萬平方英尺。這些都是相當可觀的量體，尤其考量到我們投資組合規模縮小；這些成果確實顯著提升了租約到期結構的品質與穩定性。

One critical metric to measure our success is weighted average lease term or WALT, which averaged nearly 10 years on new leases signed in 2025. This is nearly double our portfolio average WALT. Overall, the average WALT for all leasing activity in 2025 was 7.5 years, which continues to move in the right direction and is approaching six years for the total portfolio.

衡量我們成功與否的一項關鍵指標是加權平均租期（weighted average lease term，WALT）；2025 年新簽租約的 WALT 平均接近 10 年。這幾乎是我們投資組合平均 WALT 的兩倍。整體而言，2025 年所有租賃活動的平均 WALT 為 7.5 年，持續朝正確方向改善，且整體投資組合的 WALT 正接近 6 年。

Cash rent spreads on fourth quarter renewals were up for the third straight quarter at 12.8%, though overall, 2025 rent spreads remained volatile and were down 7.1% for the year, but were up an average of 3.7% when comparing ending rents in the current term versus ending rents in the renewal term.

第四季續租的現金租金價差（cash rent spreads）連續第三季上升至 12.8%；不過整體而言，2025 年租金價差仍然波動，全年下降 7.1%，但若比較本期租約期末租金與續租期末租金，平均則上升 3.7%。

Importantly, our 2025 leasing momentum and noncore dispositions translated into a 600-basis-point improvement in our lease rate year-over-year to over 80% at year-end and a 500-basis-point improvement in our occupancy rate to 78.7% at year-end.

重要的是，我們 2025 年的租賃動能與非核心資產處分，使租賃率（lease rate）年增 600 個基點，年終超過 80%；入住率（occupancy rate）亦提升 500 個基點，年終達 78.7%。

Equally significant, our lease rollover profile has improved, and we entered 2026 with scheduled lease expirations totaling just $11.4 million of annualized base rent in 2026. This is relative to the nearly $16.2 million of annualized base rent that was scheduled to expire in 2025, and $39.4 million in 2024. This positions us to drive further occupancy gains and stabilize revenues as we continue to lease, sell vacant properties and selectively recycle capital into new cash flowing assets throughout this year and into next.

同樣重要的是，我們的租約到期結構已改善；進入 2026 年時，2026 年預定到期的租約合計僅相當於 1,140 萬美元的年化基本租金。相較之下，2025 年原預定到期的年化基本租金接近 1,620 萬美元，而 2024 年則為 3,940 萬美元。這使我們得以在今年及明年持續透過出租、出售空置資產，並有選擇性地將資本再投入至新的具現金流資產，以進一步提升入住率並穩定營收。

Leasing momentum remains constructive so far in 2026. Our pipeline is robust, and we have over 1 million square feet in either discussion or documentation stages which includes several full building leases as well as longer duration renewals and new leases with terms materially greater than the average of our portfolio.

截至 2026 年目前為止，租賃動能仍維持正向。我們的案源管線相當強勁，已有超過 100 萬平方英尺處於洽談或文件作業階段，其中包含數筆整棟大樓租約，以及租期更長的續租與新租約，其租期顯著高於我們投資組合的平均水準。

Our accelerating portfolio improvement through increased disposition activity was another key story for the year. During 2025, we sold 10 properties totaling more than 960,000 square feet for approximately $81 million of gross proceeds, which included two vacant traditional office properties and one stabilized traditional office property sold in the fourth quarter for $32 million.

透過加速處分活動帶動投資組合改善，是本年度另一個關鍵主軸。2025 年期間，我們出售了 10 項資產，總面積超過 96 萬平方英尺，取得約 8,100 萬美元的總收益，其中包含第四季出售的兩棟空置傳統辦公資產與一棟已穩定出租的傳統辦公資產，成交金額為 3,200 萬美元。

Subsequent to year-end, we sold two more vacant properties in Bedford, Massachusetts and Malvern, Pennsylvania, totaling an additional 516,000 square feet for over $13 million and are under contract to sell additional noncore properties for gross proceeds of roughly $36 million in the near term, including the 37.4-acre Deerfield, Illinois property where we completed the demolition of the six buildings formerly leased to Walgreens during the fourth quarter.

年終後，我們又出售了位於麻薩諸塞州 Bedford 與賓夕法尼亞州 Malvern 的兩項空置資產，合計新增 51.6 萬平方英尺，成交金額超過 1,300 萬美元；此外，我們亦已簽約將於近期出售其他非核心資產，預計總收益約 3,600 萬美元，其中包括位於伊利諾伊州 Deerfield、占地 37.4 英畝的資產；我們已於第四季完成拆除該地上先前出租給 Walgreens 的六棟建物。

While the per square foot price of these sales varied from $17 per square foot to $216 per square foot, our focus was on selling properties where we felt the re-leasing prospects did not outweigh the burden of continuing to carry them. These sale transactions will substantially reduce the estimated carry costs associated with these vacant properties by a combined $10.3 million annually.

雖然這些交易的每平方英尺售價介於 17 美元至 216 美元不等，但我們的重點在於出售那些我們認為再出租前景不足以抵銷持續持有成本負擔的資產。這些出售交易將使與這些空置資產相關的估計持有成本合計每年大幅降低 1,030 萬美元。

Our 2025 and near-term dispositions will generate a total of roughly $130 million, which has allowed us to maintain reasonable debt levels while still funding vital tenant improvement allowances, leasing commissions, and other capital expenditures to support our strong leasing activity. We are also actively evaluating opportunities to recycle a modest percentage of these proceeds into acquisitions.

我們在 2025 年及近期的處分預計合計可產生約 1.30 億美元，這使我們得以在維持合理負債水準的同時，仍能支應關鍵的租戶裝修補助（tenant improvement allowances）、租賃佣金（leasing commissions）及其他資本支出，以支持我們強勁的租賃活動。我們也正積極評估將其中一小部分收益再投入收購的機會。

As we continue to shift our portfolio concentration away from traditional suburban office properties and toward Dedicated Use Assets or DUAs, where our tenants perform work that cannot be replicated from home or relocated to a generic office setting. These property types include medical, lab, R&D, flex, and government properties, all of which we already own. Our experience is that these assets tend to exhibit stronger renewal trends, higher tenant investment, and more durable cash flows.

隨著我們持續將投資組合的集中度從傳統郊區辦公資產轉向專用用途資產（Dedicated Use Assets，DUAs）—亦即租戶所從事的工作無法在家中複製，亦不易遷移至一般辦公環境。此類資產類型包括醫療、實驗室、研發（R&D）、彈性空間（flex）以及政府類資產，而這些我們目前皆已持有。依我們的經驗，這些資產通常展現更強的續租趨勢、更高的租戶投入，以及更具韌性的現金流。

A terrific example of this strategy is the Barilla America's headquarters building we just purchased at the end of last week in Northbrook, Illinois. In addition to serving as Barilla's headquarters, the building also houses their sole test kitchen and R&D facility in the US. Worldwide, the Barilla Group is the world's largest maker of pasta and their pasta and sauces are a familiar site on US grocery shelves.

這項策略的一個極佳例子，是我們在上週末剛完成收購、位於伊利諾伊州 Northbrook 的 Barilla America 總部大樓。該大樓除作為 Barilla 的總部外，也設有其在美國唯一的測試廚房與研發設施。在全球範圍內，Barilla 集團是全球最大的義大利麵製造商，其義大利麵與醬料在美國超市貨架上相當常見。

The 75,000 square foot building is subject to a 10.8-year lease with current net rents at approximately $15.30 per square foot and growing 2.5% annually. We bought the property for $15 million equating to a going-in cash capitalization rate of 8.1% and an average capitalization rate over the approximately 11-year lease term of 9%.

該棟建築面積為75,000平方英尺，受一份為期10.8年的租約約束，目前淨租金約為每平方英尺15.30美元，並以每年2.5%的幅度成長。我們以1,500萬美元購入該物業，對應的初始現金資本化率（going-in cash cap rate）為8.1%，而在約11年租期內的平均資本化率為9%。

At year-end, approximately 35.8% of our portfolio by annualized base rent consisted of dedicated use assets versus 31.8% at the end of 2024. And we expect this percentage will continue to increase over time through disposition activity and targeted acquisitions. We recognize as a small cap REIT that G&A expense is a very important consideration, and we remain disciplined on expenses at the corporate level.

截至年末，以年化基本租金計算，我們投資組合中約35.8%為專用用途資產（dedicated use assets），相較於2024年末的31.8%有所提高。我們預期，透過處分活動與目標性收購，該比例將隨時間持續上升。作為一家小型市值REIT，我們認知到一般及行政（G&A）費用是非常重要的考量，我們在公司層級的費用控管上仍保持紀律。

In 2025 and early 2026, we reduced headcount by more than 10%, including at the executive and senior Vice President levels and manage controllable G&A. We estimate these initiatives will generate about $1.8 million of annualized savings. These efforts are, however, offset by inevitable inflation, expected increased accounting fees associated with SOX 404 internal control audit requirements beginning in 2026 for us, and legal and other expenses associated with managing an activist investor.

在2025年及2026年初，我們將人力編制削減超過10%，包含高階主管與資深副總裁層級，並管理可控的G&A。我們估計這些措施將帶來約180萬美元的年化節省。然而，這些努力會被不可避免的通膨、因我們自2026年起適用SOX 404內部控制審計要求而預期增加的會計費用，以及因應激進投資人所產生的法律及其他費用所抵銷。

Turning very briefly to the balance sheet, as Gavin will give more detail in his remarks. In February, we were able to deal with both our major debt maturities that had been scheduled to come due within the next year.

非常簡要地談一下資產負債表，Gavin將在他的發言中提供更多細節。在2月，我們得以處理原本預計在未來一年內到期的兩筆主要債務到期事項。

First, with the support of our existing lenders, we entered into a new $215 million secured revolving facility, which will mature in February 2029 inclusive of two six-month extension options. Second, we extended our existing $355 million CMBS loan by 3.5 years to August 2030, inclusive of two extension options totaling 18 months. These very significant achievements give us the financial flexibility and term to continue to execute on our business plan.

第一，在現有貸款機構的支持下，我們簽訂了一項新的2.15億美元有擔保循環授信額度，將於2029年2月到期，並包含兩個各為期六個月的展期選擇權。第二，我們將現有的3.55億美元CMBS貸款展期3.5年至2030年8月，並包含合計18個月的兩個展期選擇權。這些極為重要的成果，為我們持續執行商業計畫提供了財務彈性與期限。

A final note on our strategic options process. While we have increasing confidence in our stand-alone prospects, over the past three years, as we have consistently disclosed, management and the Board have devoted time to considering avenues for Orion to potentially pursue in addition to our business plan. Our ongoing public strategic options review process will provide further opportunity to consider with our Board and our financial advisers what could be a range of potential strategic alternatives to maximize stockholder value. And as we've said before, we remain very open to pursuing any actionable proposals.

最後補充我們的策略選項流程。儘管我們對公司獨立經營（stand-alone）的前景愈發有信心，但在過去三年中，正如我們一貫揭露的，管理團隊與董事會投入時間，考量除我們的商業計畫之外，Orion可能採取的其他途徑。我們持續進行的公開策略選項檢視流程，將提供進一步機會，讓我們與董事會及財務顧問共同評估一系列可能的策略替代方案，以最大化股東價值。並且如同我們先前所說，我們仍非常願意推進任何可執行的提案。

To sum up, the progress we've made over the past four years and which progress accelerated in 2025 has materially derisked and stabilized our portfolio, and we are finally set for meaningful growth from a core FFO standpoint over the next several years. Our priorities in 2026 remain: improve portfolio quality, lengthen WALT, renew tenants, and fill vacant space, reduce risk, lower expenses, prudently managed leverage, and position Orion with a more stable and durable earnings profile. We believe these are the right steps to unlock long-term value, which will make Orion attractive to investors and potential strategic partners alike.

總結而言，我們在過去四年所取得的進展，且在2025年加速推進，已實質降低風險並穩定我們的投資組合；從核心FFO的角度來看，我們終於已為未來數年有意義的成長做好準備。我們在2026年的優先事項仍為：提升投資組合品質、延長WALT（加權平均剩餘租期）、續租租戶並填補空置面積、降低風險、降低費用、審慎管理槓桿，並使Orion具備更穩定且更具韌性的獲利結構。我們相信，這些是釋放長期價值的正確步驟，將使Orion對投資人與潛在策略夥伴同樣具有吸引力。

With that, I'll turn the call over to Gavin.

接下來，我把電話會議交給Gavin。

Thanks, Paul. For the fourth quarter of 2025 compared to the fourth quarter of 2024, Orion had total revenues of $35.2 million as compared to $38.4 million, core FFO of $0.19 per share as compared to $0.18 per share. As expected, we recognized $0.03 per share of lease termination income in the fourth quarter of 2025 associated with the Fresno, California asset sale.

謝謝，Paul。就2025年第四季相較於2024年第四季而言，Orion的總營收為3,520萬美元，相較於3,840萬美元；核心FFO為每股0.19美元，相較於每股0.18美元。如預期，我們在2025年第四季認列了每股0.03美元的租約終止收入，與加州Fresno資產出售相關。

Adjusted EBITDA of $16.1 million versus $16.6 million. The year-over-year changes in operating income are primarily related to current year vacancies and costs incurred for the Deerfield demolition, offset by income from our San Ramon property acquired in 2024 and carrying cost savings from dispositions of vacant assets.

調整後EBITDA為1,610萬美元，相較於1,660萬美元。營業利益的年對年變動主要與本年度空置以及Deerfield拆除所產生的成本有關，並由我們於2024年收購的San Ramon物業所帶來的收入，以及處分空置資產所節省的持有成本所抵銷。

G&A came in as expected at $6 million compared to $6.1 million. CapEx and leasing costs were $17.8 million compared to $8.2 million, which primarily relates to work performed at our Buffalo, New York property, where our new 160,000 square-foot lease with Ingram Micro is expected to commence in April 2026; and at our Lincoln, Nebraska property, where our new 86,000 square-foot lease with the United States government commenced in February 2026.

G&A如預期為600萬美元，相較於610萬美元。資本支出（CapEx）與租賃成本為1,780萬美元，相較於820萬美元，主要與我們位於紐約州Buffalo的物業所進行的工程有關；我們與Ingram Micro簽訂的新租約面積為160,000平方英尺，預計於2026年4月開始生效；以及我們位於內布拉斯加州Lincoln的物業，我們與美國政府簽訂的新租約面積為86,000平方英尺，已於2026年2月開始生效。

For the full year 2025 compared to 2024, Orion had total revenues of $147.6 million as compared to $164.9 million. Core FFO of $0.78 per share, which included approximately $0.09 per share of income from lease terminations and end of lease obligations. This compares a core FFO of $1.01 in 2024, which included $0.04 per share of lease termination income.

就2025年全年相較於2024年而言，Orion的總營收為1.476億美元，相較於1.649億美元。核心FFO為每股0.78美元，其中包含約每股0.09美元來自租約終止及租約到期義務的收入。相較之下，2024年的核心FFO為每股1.01美元，其中包含每股0.04美元的租約終止收入。

Adjusted EBITDA was $69 million versus $82.8 million. The year-over-year decreases in operating income are primarily related to current year vacancies and costs incurred for the demolition discussed earlier. Offset by income from our 2024 acquisition and carry cost savings from dispositions of vacant assets as well as successful property tax appeals.

調整後EBITDA為6,900萬美元，相較於8,280萬美元。營業利益的年對年下降主要與本年度空置以及前述拆除所產生的成本有關。並由我們2024年收購所帶來的收入、處分空置資產所節省的持有成本，以及成功的房產稅申訴所抵銷。

G&A came in as expected at $20.3 million as compared to $20.1 million in 2024. 2025 G&A includes $423,000 in legal and other expenses related to managing an activist investor.

G&A如預期為2,030萬美元，相較於2024年的2,010萬美元。2025年的G&A包含423,000美元的法律及其他費用，與因應激進投資人相關。

CapEx and leasing costs were $60 million compared to $24.1 million in the prior year. The increase in CapEx in 2025 was driven by completion of landlord and tenant improvement work related to the acceleration in our leasing activity. As we have previously discussed, CapEx timing is dependent on when leases are executed and work is completed on leased properties. We expect to allocate more capital to CapEx over time as leases roll and new and existing tenants draw upon their tenant improvement allowances.

資本支出（CapEx）與租賃成本為6,000萬美元，相較於前一年的2,410萬美元。2025年CapEx的增加，主要由於完成與我們租賃活動加速相關的房東工程及租戶裝修（tenant improvement）工程。如我們先前所討論，CapEx的時點取決於租約何時簽署，以及租賃物業上的工程何時完成。隨著租約到期輪轉，以及新舊租戶動用其租戶裝修補助（tenant improvement allowances），我們預期將隨時間投入更多資金於CapEx。

Our net debt to full year adjusted EBITDA was a relatively conservative 6.8 times at year-end. And on a modified basis, net of restricted cash, was approximately 6.2 times. As of December 31, 2025, and as adjusted for our new secured $215 million revolver, we had total liquidity of $145.9 million, including to $22.9 million of cash and cash equivalents and $123 million of available revolver capacity. We also had $39.9 million of restricted cash including our pro rata share of the joint venture's restricted cash.

以全年調整後EBITDA計算，我們的淨負債倍數在年末為相對保守的6.8倍。若以修正口徑、扣除受限制現金後，約為6.2倍。截至2025年12月31日，並在納入我們新的2.15億美元有擔保循環授信額度後調整計算，我們的總流動性為1.459億美元，其中包括2,290萬美元的現金及約當現金，以及1.23億美元可動用的循環授信額度。我們亦有3,990萬美元的受限制現金，其中包含我們按比例分攤的合資企業受限制現金。

Orion continues to manage leverage while maintaining significant liquidity to support our ongoing leasing efforts and provide the financial flexibility needed to execute on our business plan for the next several years. Since our spin, we have repaid a net $173 million of outstanding debt as of year-end while supporting our current business plan.

Orion 持續管理槓桿，同時維持充足的流動性，以支持我們持續的租賃工作，並提供未來數年執行商業計畫所需的財務彈性。自我們分拆以來，截至年末，在支持目前商業計畫的同時，我們已淨償還 1.73 億美元的未償債務。

As Paul mentioned, on February 18, we entered into a credit agreement for a new senior secured credit facility revolver, which refinances our original credit facility revolver. The new credit facility revolver extends maturity date until February 2029, including two six-month borrower extension options. It reduces the lender's commitment to $215 million to more closely align with our business plan, reduces the interest rate margin on our borrowings by 50 basis points to SOFR plus 2.75% and eliminates the 10-basis-point SOFR adjustment, which will help to lower future interest expense. As of March 5, 2026, we had $127 million outstanding and $88 million of borrowing capacity under our new credit facility revolver.

如 Paul 所提，2 月 18 日我們簽訂了一份新的優先擔保信貸融資循環額度（revolver）之信貸協議，用以再融資我們原有的循環信貸融資。新的循環信貸融資將到期日延長至 2029 年 2 月，並包含兩個為期六個月的借款人延展選項。該融資將貸方承諾額度降至 2.15 億美元，以更貼近我們的商業計畫；並將借款利率加碼下調 50 個基點至 SOFR 加 2.75%，同時取消 10 個基點的 SOFR 調整，將有助於降低未來利息費用。截至 2026 年 3 月 5 日，我們在新的循環信貸融資下有 1.27 億美元未償餘額，並有 8,800 萬美元的可用借款額度。

We appreciate the continued support from our lending group and the timeliness of executing the credit agreement prior to our 10-K filing, which alleviated any accounting disclosures with respect to near-term debt maturities.

我們感謝放款團體持續的支持，以及在我們提交 10-K 之前及時完成信貸協議，這也減輕了與短期到期債務相關的任何會計揭露。

On February 17, we amended our CMBS loan. The loan modification agreement extends maturity date by two years to February 2029, subject to borrower extension options for a total of 18 months until August 2030. During this time, the fixed interest rate on the CMBS loan of 4.971% will remain unchanged and excess cash flows after payment of interest and property operating expenses will be swept by the lender to be applied to a combination of prepaying the outstanding principal balance of the CMBS loan and funding reserves, which we can access principally for capital expenditures. As part of the loan modification, we negotiate favorable release provisions for certain assets in the pool that we may dispose of and repay principal.

2 月 17 日，我們修訂了我們的 CMBS 貸款。該貸款修訂協議將到期日延長兩年至 2029 年 2 月，並可依借款人延展選項再延長合計 18 個月至 2030 年 8 月。在此期間，CMBS 貸款 4.971% 的固定利率將維持不變；在支付利息與物業營運費用後的超額現金流將由貸方進行歸集（sweep），用於結合提前償還 CMBS 貸款未償本金餘額及提撥準備金，而我們主要可動用該等準備金用於資本支出。作為貸款修訂的一部分，我們就資產池中某些可能處分並償還本金的資產，協商取得有利的釋放條款。

Additionally, yield maintenance premiums will no longer apply to principal payments made during the term. Potential property dispositions, as well as amortizing nature of the CMBS loan, we'll repay principal and reduce interest expense during the term, further lowering leverage over the next several years. As of March 5, 2026, we had $353 million outstanding under the CMBS loan and $37.7 million in an all-purpose reserve.

此外，在貸款期間內所作的本金償付將不再適用收益維持（yield maintenance）溢價。透過潛在的物業處分，以及 CMBS 貸款的攤還特性，我們將在期間內償還本金並降低利息費用，進一步在未來數年降低槓桿。截至 2026 年 3 月 5 日，我們在 CMBS 貸款下有 3.53 億美元未償餘額，並有 3,770 萬美元的通用準備金（all-purpose reserve）。

Turning to the Arch Street joint venture. The nonrecourse mortgage debt was $128.8 million as of year-end, and our 20% share of that was $25.8 million. Due to the capital constraints of our joint venture partner, the joint venture was unable to make an approximately $16 million loan principal prepayment to satisfy the 60% loan-to-value condition to extend this debt obligation until November 27, 2026.

接著談 Arch Street 合資企業。截至年末，該無追索權抵押債務為 1.288 億美元，而我們 20% 的份額為 2,580 萬美元。由於合資夥伴的資本限制，合資企業無法進行約 1,600 萬美元的貸款本金提前償付，以滿足 60% 貸款價值比（LTV）條件，從而將該債務義務延長至 2026 年 11 月 27 日。

The lenders have been providing short-term extensions while the joint venture remains in active cooperative discussions with the lenders with respect to the plans of the portfolio and an additional extension. Further, the joint venture has entered into a contract to sell one of the assets out of the portfolio and is in active discussions with the lenders on an additional asset sales to repay debt.

在合資企業就投資組合計畫及進一步延展事宜與貸方保持積極且合作的討論期間，貸方一直提供短期延展。此外，合資企業已簽訂合約出售投資組合中的一項資產，並正與貸方就額外資產出售以償還債務進行積極討論。

Due to the uncertainties regarding the Arch Street joint venture investments, as of December 31, 2025, we reduced the carrying value of our investment to zero and recorded a loan loss reserve against our member loan to the Arch Street joint venture. The impairments are driven by accounting rules, which are focused on the probable recoverability of our investment in and collection of the member loan based on facts and circumstances as of December 31, 2025. The Arch Street joint venture contributed approximately $0.05 of core FFO in 2025, which primarily related to interest income from our member loan and management fees. We have not included income from the JV and our outlook for this year past February 2026.

由於 Arch Street 合資企業投資存在不確定性，截至 2025 年 12 月 31 日，我們將對該合資企業投資的帳面價值減記至零，並就我們對 Arch Street 合資企業的成員貸款（member loan）提列貸款損失準備。該等減損係由會計規則所驅動，會計規則著重於截至 2025 年 12 月 31 日基於當時事實與情況，評估我們對該投資的可回收性以及成員貸款的可收回性之可能性。Arch Street 合資企業於 2025 年貢獻約每股 0.05 美元的核心 FFO，主要來自我們成員貸款的利息收入與管理費。我們未將該合資企業的收入納入，亦未將其納入我們對今年 2026 年 2 月之後的展望。

While we have written our investment in the JV down due to the uncertainty around the debt financing and our partners' ability to meet capital calls, we continue to believe that the portfolio, which is performing with an occupancy rate of 100% and a weighted average lease term of 6.3 years has positive equity. We expect to continue to work with the JVs lenders and our JV partner to find their way to collect our member loan in full and unlock our equity.

儘管由於債務融資的不確定性以及我們夥伴滿足資本催繳（capital calls）能力的不確定性，我們已將對該合資企業的投資減記，但我們仍相信該投資組合（目前入住率 100%，加權平均租約年期 6.3 年）具有正的股權價值。我們預期將持續與合資企業的貸方及合資夥伴合作，尋求途徑全額收回我們的成員貸款並釋放我們的股權價值。

As for the dividend on March 4, 2026, Orion's Board of Directors declared a quarterly cash dividend of $0.02 per share for the first quarter of 2026.

關於股利方面，於 2026 年 3 月 4 日，Orion 董事會宣告 2026 年第一季每股 0.02 美元的季度現金股利。

Turning to our 2026 outlook. As previewed last quarter, 2025 represented a trough for our core FFO, excluding lease-related termination income, as our recent leasing and capital initiatives begin to translate into improved recurring earnings power over 2026 and beyond. Core FFO for the year is expected to range from $0.69 to $0.76 per diluted share. As a reminder, core FFO for 2025 would have been $0.69 excluding $0.09 of lease termination income.

接著談我們對 2026 年的展望。如上季所預告，2025 年代表我們核心 FFO（不含與租賃相關的解約收入）的谷底；隨著我們近期的租賃與資本措施開始轉化為 2026 年及其後更佳的經常性獲利能力。預期全年核心 FFO 將介於每股稀釋後 0.69 美元至 0.76 美元。提醒一下，若排除 0.09 美元的租約解約收入，2025 年核心 FFO 原本將為 0.69 美元。

G&A is expected to range from $19.8 million to $20.8 million. Excluding noncash compensation, we expect 2026 G&A will be in line or slightly better than 2025. We also do not expect G&A to rise significantly in the outer years including noncash compensation. As a percentage of revenue and total assets, our G&A remains in line with other similarly sized public REITs. Net debt to adjusted EBITDA is expected to range from 6.5 times to 7.3 times.

一般及行政費用（G&A）預期介於 1,980 萬美元至 2,080 萬美元。若排除非現金薪酬，我們預期 2026 年的 G&A 將與 2025 年相當或略有改善。我們也不預期在更長期年度（包含非現金薪酬）G&A 會顯著上升。以營收與總資產的百分比衡量，我們的 G&A 仍與其他規模相近的上市 REITs 一致。淨負債對調整後 EBITDA 預期介於 6.5 倍至 7.3 倍。

With that, we will open the line for questions. Operator?

接下來，我們將開放提問。接線員？

(Operator Instructions) Mitch Germain, Citizens JMP.

(接線員指示) Mitch Germain，Citizens JMP。

What is -- it seems like your leasing pipeline is almost 2 times higher relative to last quarter. Is that just an overall conviction that you're seeing in office leasing? Is it really kind of the tide really turning a bit more positively here?

請問——看起來你們的租賃管線相較上季幾乎高出 2 倍。這是否只是因為你們對辦公室租賃市場看到整體信心提升？是否真的可以說趨勢正在更正面地轉向？

Mitch, I think it's probably a little bit of both, frankly. We have a -- our portfolio is not very big. So the numbers can move pretty dramatically if we start to get some leasing momentum on one or two properties, which is exactly the case that's occurred from last quarter to this quarter. And then -- and I would characterize that leasing momentum that we've gotten is as a result of the market improving somewhat. So I think it's a bit of both. But I would reemphasize that the number may be volatile quarter-over-quarter.

Mitch，我認為坦白說可能兩者都有。我們的——我們的投資組合規模不大。因此，如果我們在一兩個物業上開始取得一些租賃動能，數字就可能出現相當明顯的變動，而這正是從上季到本季所發生的情況。然後——我會將我們取得的租賃動能描述為市場有所改善的結果。所以我認為兩者皆有。但我也要再次強調，這個數字可能會在季度之間波動。

And from a historical context, and I know that what is that three, four years for you guys. Like when you look at your leasing pipeline and compare that to the success rate that you've had, I don't know, maybe have you thought about like what the percentage is that you've seen historically in your ability to take the pipeline into a lease?

從歷史脈絡來看，而且我知道對你們來說三、四年算不了什麼。當你看你們的租賃管線並把它和你們過去的成功率相比時，我不知道，你們是否想過，從歷史上看，你們把管線轉化為租約的比例大概是多少？

We haven't calculated that specifically. But I will tell you, Mitch, that our success rate has improved very significantly over the past two years. I think -- the first -- in 2023, as you might remember, we only leased 230,000 square feet of space, and we didn't have any new leases. And last year, we did -- in '24, we did 1.1 million square feet. And in '25, we did 900,000 square feet and 183,000 square feet so far this year with a pretty strong pipeline. So I would say that we're -- our ability to turn inquiry into signed leases has really improved a lot. And I'd say that the decision-making process at tenants has also shortened up quite significantly, where they're now looking at space, deciding it meets their needs and then entering into lease negotiations with us.

我們沒有特別去計算那個數字。但我可以告訴你，Mitch，我們的成功率在過去兩年有非常顯著的提升。我想——先說第一個——在2023年，如你可能記得的，我們只租出了23萬平方英尺的空間，而且沒有任何新租約。而去年——在’24年，我們租出了110萬平方英尺。在’25年，我們租出了90萬平方英尺，而今年到目前為止已租出18.3萬平方英尺，且管線相當強勁。所以我會說，我們把詢問轉化為已簽署租約的能力確實提升了很多。另外我也會說，租戶端的決策流程也明顯縮短了，他們現在看完空間、確認符合需求後，就會進入與我們的租約談判。

That's helpful. Last one for me, the Barilla transaction. Maybe -- I don't know, is that -- was that a broker that brought it to you? Was it a relationship? I do understand some of the criteria as to why you consider it a strong hold or an investment. Maybe what percentage of the asset is office versus nontraditional or more like industrial space, if you can provide some context there.

這很有幫助。我最後一個問題是關於Barilla那筆交易。也許——我不知道，那是——是仲介帶給你們的嗎？還是既有關係促成的？我確實理解你們為何把它視為強力持有或投資的一些標準。如果可以提供一些背景，你能否說明該資產中辦公室與非傳統、或更像工業空間的比例大概是多少？

Sure. Well, the transaction came to us through the broker -- it was brokered. It was a marketed transaction. So we saw it as well as other market participants. Stephanie Peters, who works for us. She's the one who does acquisitions, and so she keeps a close eye on the market. And so she brought that in from the brokerage community. The property itself contains the test kitchens and R&D facilities for the Barilla operations here in North America and South America as well. So very important. From a percentage perspective, about half roughly is their test and R&D and the half is office.

當然。這筆交易是透過仲介帶到我們這裡——是由仲介經手的。這是一筆公開推介的交易。所以我們和其他市場參與者一樣都看到了。Stephanie Peters在我們公司任職。她負責收購，因此她會密切關注市場。所以她是從仲介圈把這個案子帶回來的。該物業本身包含Barilla在北美以及南美營運的測試廚房與研發設施。因此非常重要。就比例而言，大約一半是他們的測試與研發，另一半是辦公室。

Matthew Erdner, JonesTrading.

Matthew Erdner，JonesTrading。

It's good to see you guys back in the market acquiring properties. How should we think about the pace of the remaining, I guess, vacant properties being disposed of throughout the year? And then what should we look for you guys to kind of go out and acquire more properties?

很高興看到你們又回到市場上收購資產。我們應該如何看待今年剩餘的、我想是空置物業的處置節奏？另外，你們接下來要再出去收購更多物業，我們應該關注哪些訊號？

Yes, that's a great question. We've sold -- on the vacant property side, it's important to note that we had a huge amount of activity in 2025, obviously, selling down 10 properties in '25 and then two additional vacant properties in the beginning of '26. And then we have pending a couple of additional sales, including our vacant land in Illinois -- Deerfield, Illinois. With respect to the pace of vacant sales in the future, we don't have that much vacancy left. But as we generate -- as vacancy comes online, we are going to take a hard look and we'll make a judgment about whether or not we sell those properties or whether we hold them for lease-up. Some of the vacancy that we have now, we feel pretty confident about our ability to lease it up. So that's the primary focus.

是的，這是個很好的問題。我們已經出售——在空置物業方面，重要的是要注意，2025年我們的活動量非常大，顯然在’25年出售了10處物業，並在’26年初又出售了另外兩處空置物業。此外，我們還有幾筆額外的出售案正在進行中，包括我們在伊利諾伊州的空置土地——伊利諾伊州迪爾菲爾德（Deerfield）。至於未來空置資產出售的節奏，我們剩下的空置其實不多了。但當我們產生——當空置出現時，我們會仔細評估，並判斷是要出售這些物業，還是持有並進行出租率提升（lease-up）。我們目前的一些空置，我們對把它租出去的能力相當有信心。所以這是主要重點。

With respect to acquisitions, we've been very judicious. This is only our second acquisition since the spin, but we do want to recycle capital. And so when we have capital recycled from sale of either vacant properties or stabilized properties, both of which we did last year, we look at that capital, and we can allocate it towards debt repayment, we can allocate it towards our existing asset base for tenant improvements and leasing commissions and billing improvements and the like or we can allocate it towards acquisitions, all of which we expect to do during the course of this year.

至於收購方面，我們一直非常審慎。這只是我們自分拆（spin）以來的第二筆收購，但我們確實希望進行資本回收再投入（recycle capital）。因此，當我們透過出售空置物業或已穩定物業回收資本（去年兩者我們都有做）時，我們會檢視這些資本，並可將其配置於償還債務、配置於既有資產組合以支應租戶裝修（TI）、租賃佣金、樓宇改善等，或配置於收購；而這些我們預期在今年都會進行。

Got it. That's very helpful. And then I guess, just looking at the upcoming lease maturities. It looks like through 2028, there's a little under 46% that's scheduled to roll over. What kind of opportunity does this present to you guys in terms of being able to go out there and kind of grow these cash spreads and generate that FFO growth.

了解。這非常有幫助。另外我想，就即將到期的租約來看。看起來到2028年為止，略低於46%預計會到期換約。這對你們而言帶來什麼樣的機會，讓你們能夠在市場上提高這些現金租金價差（cash spreads），並帶動FFO成長？

Well, I think we do expect core FFO to grow meaningfully in the coming years as the portfolio stabilizes. And as we rent stuff up. We've had -- I would characterize it, which is, I think, reflective of the broader market as a mixed renewal rent increases or decreases. Sometimes we required -- market requires us to lower rents for renewal because that's just what the market will bear. But as we've seen at the end of last year where we had three quarters in a row of increases in renewal rents, we hope that continues into '26 and '27 as the market gradually recovers. But I think it's going to be volatile quarter-over-quarter.

我想，隨著投資組合趨於穩定，我們確實預期未來幾年核心FFO會有顯著成長。以及隨著我們把空間租出去。我們的情況——我會這樣形容——我想也反映了更廣泛的市場：續租租金有時上升、有時下降，呈現混合狀態。有時市場要求我們在續租時降低租金，因為市場只能承受那樣的水準。但如同我們在去年年底看到的，我們連續三個季度續租租金上升，我們希望隨著市場逐步復甦，這種趨勢能延續到’26與’27年。不過我認為按季度來看會有波動。

There are no further questions at this time. I would like to turn the conference back over to Paul for closing remarks.

目前沒有進一步的問題。我想把電話會議交回給Paul作結語。

Okay. Thank you, everyone, for joining us today on the call. We had a terrific year in 2025, and we're hoping to have just as good a year in 2026. We look forward to updating you on our first quarter later in the year. Thank you.

好的。感謝各位今天參加我們的電話會議。我們在2025年表現非常出色，也希望2026年同樣能有同樣好的表現。我們期待在今年稍晚向各位更新第一季的情況。謝謝。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，並感謝您的參與。