What is the status of Orion’s development of its ESG strategies and initiatives?

The Orion leadership team is committed to collaborating with tenants to implement environmental, social and governance (“ESG”) initiatives across Orion’s portfolio. Orion is committed to making ESG an integral component of the Company’s long-term strategy for success, as well as the communities and tenants that Orion serves.

Orion owns a diversified portfolio of mission critical regional and corporate headquarters office buildings located in high quality suburban markets across the United States leased primarily on a single-tenant net-lease basis to creditworthy tenants. A significant majority of our leases are double or triple net-leases. Double and triple-net leases are leases in which the tenant occupies the property as if it is the owner. Therefore, Orion’s tenants generally are solely responsible for the obligations related to the property, including paying all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance).

Because the tenant occupies the property as if it is the owner under the net-lease model, the tenant generally controls environmental practices and conditions at the property, such as waste management, and energy and water usage practices, and decides when and how to implement environmentally sustainable practices at the property. While Orion does not control the business operations of the tenant, as the property owner, Orion nevertheless recognizes that the operation of commercial real estate assets can have a meaningful impact on the environment – particularly with respect to resource consumption and waste generation – and on the health of building occupants.

Orion has adopted the following five policies to help further drive its commitments to ESG:

What are some of the ESG initiatives that Orion has implemented?


In 2023, Orion conducted its first materiality assessment to identify key ESG focus areas that are of most importance to our stakeholders and to our business. The materiality assessment can be accessed here.

Further, Orion has disclosed certain environmental metrics consistent with SASB standards. Orion’s SASB disclosures can be accessed here.

In 2022, Orion conducted a tenant survey to gather information regarding property specific environmental features for each property in Orion’s portfolio. This includes information regarding building certifications and ratings, transportation initiatives, renewable energy programs, energy efficiency initiatives, and water and waste initiatives. The tenant survey is available here.

Social: Orion has formed a community outreach program, called O2. This initiative is intended to allow the Company to make an impact in its communities and our team members to support important causes that they are passionate about. As part of this program, the Company and our employees have supported various essential causes in our communities, including by contributing time, money and non-perishable foods to 501(c)(3) non-profit organizations located in Phoenix and New York. Additionally, Orion has sponsored local charitable events in which Orion’s employees have the opportunity to participate.

To learn more about O2, click here.

Governance: Orion has implemented strong corporate governance practices that promote accountability of our Board of Directors and management and the long-term interests of our stockholders. This includes Board level oversight of ESG matters. The Nominating and Corporate Governance Committee of Orion’s Board of Directors oversees ESG matters relating to Orion.

What role does the Orion Board play in the development of Orion’s ESG strategies and initiatives?

Orion’s Board of Directors plays an active role in the development of Orion’s ESG strategies and initiatives. The Nominating and Corporate Governance Committee (the “NCG Committee”) of the Orion Board of Directors oversees ESG matters relating to Orion, including climate change and related risks and diversity, equity and inclusion initiatives. To enable fulfillment of these responsibilities, the NCG Committee receives and discusses with management reports on Orion’s ESG management, strategy, disclosures, initiatives and policies on at least a quarterly basis.

What steps has Orion taken to promote diversity, equity and inclusion (DEI)?

Orion is committed to addressing DEI matters within its business, with respect to its Board of Directors, officers, and employees. The composition of the Company’s Board of Directors reflects the high priority Orion places on diversity of background. The Company believes that the diversity of our employees’ backgrounds, experiences, and perspectives adds value to our team and sets us up for success. The Company monitors DEI statistics of its workforce, including by gender and race and comparison with industry and national percentages, and periodically reports these statistics to the Board of Directors. As part of its commitment to addressing DEI matters, Orion has adopted a DEI policy. See the following link for more information.

Does Orion provide training and education opportunities to employees?

The Company’s training and education initiatives are essential to supporting the career paths and growth of its employees. Orion conducts periodic internal training sessions led by department heads to support employee understanding of the Company strategy and to build cross-functional talent. The Company also encourages employees to pursue job-specific training and offer networking and education opportunities through membership in industry associations, such as Nareit. The Company has established a team member training program to foster employee development and experience. Among other topics, the training program includes cyber and information security, diversity, equity, inclusion (DEI), ethics and anti-harassment training.

What role do ethical considerations play in how Orion operates?

Orion is committed to conducting business with integrity. This core value is embedded in Orion’s culture and reflected in its commitment to conducting all its activities in accordance with the highest ethical standards, sound corporate governance policies, and in compliance with all legal and regulatory requirements, including all local, state, and federal environmental-related legislation and regulations. Similarly, Orion expects its vendors and third-party providers to also comply with all relevant environmental legislation and regulations.