Exhibit 99.2                                                

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						Q4 2022 SUPPLEMENTAL INFORMATION

Orion Supplemental Information
December 31, 2022

Section			Page
Company Overview			6
Balance Sheets			8
Statements of Operations			9
Funds From Operations (FFO), Core Funds From Operations (Core FFO) and Funds Available for Distribution (FAD)			10
EBITDA, EBITDAre and Adjusted EBITDA			11
Capital Structure			12
Debt Detail			13
Ratio Analysis			14
Credit Facility Covenants			15
Net Operating Income (NOI) and Cash NOI			16
Leasing Activity			17
Dispositions			18
Diversification Statistics			19
Tenants Comprising Over 1% of Annualized Base Rent			20
Tenant Industry Diversification			21
Property Geographic Diversification			22
Lease Expirations			23
Lease Summary			24
Full Portfolio			25
Unconsolidated Joint Venture Investment Summary			27
Definitions			28

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						Q4 2022 SUPPLEMENTAL INFORMATION

About the Data

This data and other information described herein are as of and for the quarter and year ended December 31, 2022, 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 and combined financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Office REIT Inc.'s (the "Company," "Orion," "us," "our" and "we") Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q for the periods ended September 30, 2022, June 30, 2022, and March 31, 2022.

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						Q4 2022 SUPPLEMENTAL INFORMATION

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, the payment of future dividends, the Company’s growth and the impact of the coronavirus (COVID-19) on the Company's business. 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. Further, information regarding historical rent collections should not serve as an indication of future rent collections.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements:

•the risk of rising interest rates, including that our borrowing costs may increase and we may be unable to 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;

•the ongoing impact of the COVID-19 pandemic or any future pandemic or outbreak of a highly infectious or contagious disease or fear of such pandemics or outbreaks, on our business, operating results, financial condition and prospects, which is highly uncertain and cannot be predicted with confidence, including the impact on the U.S. economy and changes in tenant behavior that may continue to adversely affect the use of and demand for office space;

•our ability to acquire new properties and sell non-core assets on favorable terms and in a timely manner, or at all;

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

•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;

•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 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;

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

•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;

•risks associated with the fact that we have a limited operating history and our future performance is difficult to predict;

•our properties may be subject to impairment charges;

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						Q4 2022 SUPPLEMENTAL INFORMATION

•risks resulting from losses in excess or 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 qualification as a REIT

Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available at 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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						Q4 2022 SUPPLEMENTAL INFORMATION

Company Overview (unaudited)

Orion is a real estate company incorporated in the state of Maryland on July 1, 2021, which has been operating in a manner so as to qualify and has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with our initial taxable year ended December 31, 2021.

Orion is a full-service real estate operating company which owns and operates a portfolio of 81 office properties totaling approximately 9.5 million leasable square feet located within 29 states. In addition, the Company owns a 20% equity interest in one Unconsolidated Joint Venture with an affiliate of Arch Street Capital Partners, which owns a portfolio consisting of six office properties totaling approximately 1.0 million leasable square feet located within six states. As of December 31, 2022, approximately 73.3% of the Company's Annualized Base Rent was from Investment Grade Tenants, the Company's Occupancy Rate was 89.0% and the Weighted Average Remaining Lease Term was 4.1 years.

The Company's Annualized Base Rent as of December 31, 2022 was approximately $159.4 million. See "Tenants Comprising Over 1% of Annualized Base Rent" below.

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.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q4 2022 SUPPLEMENTAL INFORMATION

Company Overview (cont.)

Senior Management						Board of Directors
Paul H. McDowell, Chief Executive Officer, President						Reginald H. Gilyard, Non-Executive Chairman
Gavin B. Brandon, Executive Vice President, Chief Financial Officer and Treasurer						Kathleen R. Allen, Ph.D., Independent Director
Paul C. Hughes, General Counsel and Secretary						Richard J. Lieb, Independent Director
Christopher H. Day, Executive Vice President, Chief Operating Officer						Gregory J. Whyte, Independent Director
Gary E. Landriau, Executive Vice President, Chief Investment Officer						Paul H. McDowell, Chief Executive Officer, President and Director
Revea L. Schmidt, Senior Vice President, Chief Accounting Officer

Corporate Offices and Contact Information

2398 E. Camelback Road, Suite 1060						19 West 44th Street, Suite 1401
Phoenix, AZ 85016						New York, NY 10036
602-698-1002
www.ONLREIT.com

 

Trading Symbol: ONL

 

Stock Exchange Listing: New York Stock Exchange

 

Transfer Agent

Computershare Trust Company, N.A.

462 South 4th Street, Suite 1600

Louisville, KY 40202

855-866- 0787

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						Q4 2022 SUPPLEMENTAL INFORMATION

Balance Sheets (unaudited, in thousands)

						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
Assets
Real estate investments, at cost:
Land						$	238,225					$	243,726					$	250,724					$	254,786					$	250,194
Buildings, fixtures and improvements						1,128,400						1,137,177						1,208,475						1,231,469						1,231,551
Total real estate investments, at cost						1,366,625						1,380,903						1,459,199						1,486,255						1,481,745
Less: accumulated depreciation						133,379						126,097						138,642						137,217						128,109
Total real estate investments, net						1,233,246						1,254,806						1,320,557						1,349,038						1,353,636
Accounts receivable, net						21,641						21,923						25,731						22,032						17,916
Intangible lease assets, net						202,832						223,528						247,722						272,623						298,107
Cash and cash equivalents						20,638						23,282						19,300						18,585						29,318
Real estate assets held for sale, net						2,502						6,383						9,402						—						—
Other assets, net						90,214						91,632						91,208						92,671						60,501
Total assets						$	1,571,073					$	1,621,554					$	1,713,920					$	1,754,949					$	1,759,478
Liabilities and Equity
Bridge facility, net						$	—					$	—					$	—					$	—					$	354,357
Mortgages payable, net						352,167						351,994						351,820						351,648						—
Credit facility term loan, net						173,815						173,478						173,133						172,793						172,490
Credit facility revolver						—						31,000						71,000						91,000						90,000
Accounts payable and accrued expenses						26,161						22,038						16,855						17,929						17,379
Below-market lease liabilities, net						14,068						15,611						17,381						18,993						20,609
Distributions payable						5,664						5,664						5,663						5,663						—
Other liabilities, net						23,340						21,085						20,341						19,897						16,355
Total liabilities						595,215						620,870						656,193						677,923						671,190
Common stock						57						57						57						57						57
Additional paid-in capital						1,147,014						1,146,431						1,145,987						1,145,548						1,145,278
Accumulated other comprehensive income						6,308						7,057						5,851						4,356						299
Accumulated deficit						(178,910)						(154,273)						(95,562)						(74,328)						(58,715)
Total stockholders' equity						974,469						999,272						1,056,333						1,075,633						1,086,919
Non-controlling interest						1,389						1,412						1,394						1,393						1,369
Total equity						975,858						1,000,684						1,057,727						1,077,026						1,088,288
Total liabilities and equity						$	1,571,073					$	1,621,554					$	1,713,920					$	1,754,949					$	1,759,478

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						Q4 2022 SUPPLEMENTAL INFORMATION

Statements of Operations (unaudited, in thousands, except per share data)

						Year Ended						Three Months Ended
						December 31, 2022						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
Revenues:
Rental						$	207,353					$	50,097					$	51,580					$	52,659					$	53,017
Fee income from unconsolidated joint venture						765						197						189						190						189
Total revenues						208,118						50,294						51,769						52,849						53,206
Operating expenses:
Property operating						61,519						15,746						15,303						15,156						15,314
General and administrative						15,908						4,428						4,672						3,291						3,517
Depreciation and amortization						131,367						30,493						32,693						33,828						34,353
Impairments						66,359						12,198						44,801						7,758						1,602
Transaction related						675						277						194						141						63
Spin related						964						—						—						208						756
Total operating expenses						276,792						63,142						97,663						60,382						55,605
Other (expense) income:
Interest expense, net						(30,171)						(7,553)						(7,904)						(7,867)						(6,847)
Gain on disposition of real estate assets						2,352						1,293						1,059						—						—
Loss on extinguishment of debt, net						(468)						—						—						—						(468)
Other income, net						223						105						31						48						39
Equity in loss of unconsolidated joint venture						(524)						(272)						(157)						(54)						(41)
Total other (expenses) income, net						(28,588)						(6,427)						(6,971)						(7,873)						(7,317)
Loss before taxes						(97,262)						(19,275)						(52,865)						(15,406)						(9,716)
Provision for income taxes						(212)						282						(164)						(164)						(166)
Net loss						(97,474)						(18,993)						(53,029)						(15,570)						(9,882)
Net income attributable to non-controlling interest						(20)						23						(18)						(1)						(24)
Net loss attributable to common stockholders						$	(97,494)					$	(18,970)					$	(53,047)					$	(15,571)					$	(9,906)
Weighted-average shares outstanding - basic and diluted						56,632						56,644						56,635						56,629						56,626
Basic and diluted net loss per share attributable to common stockholders						$	(1.72)					$	(0.33)					$	(0.94)					$	(0.27)					$	(0.17)

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						Q4 2022 SUPPLEMENTAL INFORMATION

Funds From Operations (FFO), Core Funds From Operations (Core FFO) and Funds Available for Distribution (FAD) (unaudited, in thousands, except per share data)

						Year Ended						Three Months Ended
						December 31, 2022						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
Net loss						$	(97,494)					$	(18,970)					$	(53,047)					$	(15,571)					$	(9,906)
Depreciation and amortization of real estate assets						131,297						30,475						32,674						33,811						34,337
Gain on disposition of real estate assets						(2,352)						(1,293)						(1,059)						—						—
Impairment of real estate						66,359						12,198						44,801						7,758						1,602
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable						1,847						465						460						461						461
FFO attributable to common stockholders						$	99,657					$	22,875					$	23,829					$	26,459					$	26,494
Adjustments:
Transaction related expenses						675						277						194						141						63
Spin related expenses						964						—						—						208						756
Loss on extinguishment of debt, net						468						—						—						—						468
Core funds from operations attributable to common stockholders						$	101,764					$	23,152					$	24,023					$	26,808					$	27,781
Adjustments:
Amortization of deferred financing costs						4,363						1,068						1,067						1,057						1,171
Amortization of above and below market leases, net						(1,207)						(260)						(312)						(315)						(320)
Amortization of deferred lease incentives						116						80						36						—						—
Straight-line rental revenue						769						2,911						(699)						(547)						(896)
Equity-based compensation						1,756						603						444						439						270
Equity in loss of Unconsolidated Joint Venture						524						272						157						54						41
Capital expenditures and leasing costs						(14,624)						(6,112)						(3,730)						(2,381)						(2,401)
Other adjustments, net						263						74						63						63						63
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable						(52)						(25)						(31)						(5)						9
Funds available for distribution						$	93,672					$	21,763					$	21,018					$	25,173					$	25,718
Weighted-average shares outstanding - basic and diluted						56,632						56,644						56,635						56,629						56,626
FFO attributable to common stockholders per share						$	1.76					$	0.40					$	0.42					$	0.47					$	0.47
Core FFO attributable to common stockholders per share						$	1.80					$	0.41					$	0.42					$	0.47					$	0.49
FAD per share						$	1.65					$	0.38					$	0.37					$	0.44					$	0.45

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q4 2022 SUPPLEMENTAL INFORMATION

EBITDA, EBITDAre and Adjusted EBITDA (unaudited, in thousands)

						Year Ended						Three Months Ended
						December 31, 2022						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
Net loss						$	(97,494)					$	(18,970)					$	(53,047)					$	(15,571)					$	(9,906)
Adjustments:
Interest expense						30,171						7,553						7,904						7,867						6,847
Depreciation and amortization						131,367						30,493						32,693						33,828						34,353
Provision for income taxes						212						(282)						164						164						166
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable						2,961						864						782						672						643
EBITDA						$	67,217					$	19,658					$	(11,504)					$	26,960					$	32,103
Gain on disposition of real estate assets						(2,352)						(1,293)						(1,059)						—						—
Impairment of real estate						66,359						12,198						44,801						7,758						1,602
EBITDAre						$	131,224					$	30,563					$	32,238					$	34,718					$	33,705
Transaction related						675						277						194						141						63
Spin related						964						—						—						208						756
Amortization of above and below market leases, net						(1,207)						(260)						(312)						(315)						(320)
Amortization of deferred lease incentives						116						80						36						—						—
Loss on extinguishment of debt, net						468						—						—						—						468
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable						(30)						(8)						(7)						(8)						(7)
Adjusted EBITDA						$	132,210					$	30,652					$	32,149					$	34,744					$	34,665

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q4 2022 SUPPLEMENTAL INFORMATION

Capital Structure (unaudited, dollars and shares in thousands, except per share amounts)

						Common equity			46.5%
						Mortgages payable, net			34.1%
						Credit facility term loan			16.8%
						Credit facility revolver (5)			—%
						Proportionate share of Unconsolidated Joint Venture Debt			2.6%

                            

Fixed vs. Variable Rate Debt

Fixed and Swapped to Fixed			100.0		%
Variable (5)			—		%

Orion Capitalization Table
															December 31, 2022
Common stock outstanding															56,639
Stock price															$	8.54
Implied Equity Market Capitalization															$	483,697
			Wtd. Avg. Maturity (Years)						Interest Rate (1)						December 31, 2022
Proportionate share of Unconsolidated Joint Venture Debt (2)			1.9						5.19		%				$	27,332
Mortgages payable			4.1						4.97		%				355,000
Total secured debt			4.0						4.99		%				$	382,332
Credit facility term loan (3) (4)			0.9						3.17		%				175,000
Credit facility revolver (4) (5)			N/A						N/A						—
Total unsecured debt			0.9						3.17		%				175,000
Total Principal Outstanding			3.0						4.42		%				$	557,332
Total Capitalization															$	1,041,029
Cash and cash equivalents															20,638
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents															572
Enterprise Value															$	1,019,819
Net Debt/Enterprise Value															52.6		%
Net Debt/Gross Real Estate Investments															30.7		%
Fixed Charge Coverage Ratio															4.94x
Liquidity (6)															$	446,210
Net Debt/Adjusted EBITDA															4.06x

___________________________________

(1)Interest rate for variable rate debt represents the interest rate in effect as of December 31, 2022.

(2)The Unconsolidated Joint Venture mortgage notes payable have a floating interest rate, however, the Unconsolidated Joint Venture has entered into an interest rate swap transaction which effectively fixes the interest rate on the mortgage notes at 5.19% per annum.

(3)The credit facility term loan matures on November 12, 2023 and is a floating rate facility, however, the Company has entered into an interest rate swap transaction which effectively fixes the interest rate on the credit facility term loan indebtedness at 3.17% per annum.

(4)Under the related loan agreements, these borrowings which are secured only by a pledge of equity interests are treated as unsecured indebtedness. The Company's otherwise unencumbered properties are part of the unencumbered property pool under the related loan agreements and therefore, generally are not available to serve as collateral under other borrowings.

(5)The credit facility revolver matures on November 12, 2024 and had no outstanding draws as of December 31, 2022.

(6)Liquidity represents cash and cash equivalents of $21.2 million and $425.0 million available capacity on our $425.0 million credit facility revolver as of December 31, 2022.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q4 2022 SUPPLEMENTAL INFORMATION

Debt Detail (unaudited, dollars in thousands)

Principal Payments Due						Total						2023						2024						2025						Thereafter
Credit facility revolver (1)						$	—					$	—					$	—					$	—					$	—
Credit facility term loan						175,000						175,000						—						—						—
Mortgages payable						355,000						—						—						—						355,000
Proportionate share of Unconsolidated Joint Venture debt						27,332						—						27,332						—						—
Total Principal Outstanding						$	557,332					$	175,000					$	27,332					$	—					$	355,000

Debt Type						Percentage of Principal Outstanding						Interest Rate						Weighted-Average Years to Maturity
Credit facility revolver (1)						—		%				N/A						N/A
Credit facility term loan						31.4		%				3.17		%				0.9
Mortgages payable						63.7		%				4.97		%				4.1
Proportionate share of Unconsolidated Joint Venture debt						4.9		%				5.19		%				1.9
Total						100.0		%				4.42		%				3.0

Debt Type						Percentage of Principal Outstanding						Weighted-Average Interest Rate						Weighted-Average Years to Maturity
Total unsecured debt						31.4		%				3.17		%				0.9
Total secured debt						68.6		%				4.99		%				4.0
Total						100.0		%				4.42		%				3.0
Total fixed-rate and swapped to fixed-rate debt						100.0		%				4.42		%				3.0
Total variable-rate debt (1)						—		%				N/A						N/A
Total						100.0		%				4.42		%				3.0

___________________________________

(1) The credit facility revolver matures on November 12, 2024 and had no outstanding draws as of December 31, 2022.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q4 2022 SUPPLEMENTAL INFORMATION

Ratio Analysis (unaudited, dollars in thousands)

						Year Ended						Three Months Ended
						December 31, 2022						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)						$	26,739					$	6,852					$	7,131					$	6,965					$	5,791
Adjusted EBITDA (2)						132,210						30,652						32,149						34,744						34,665
Interest Coverage Ratio						4.94x						4.47x						4.51x						4.99x						5.99x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)						$	26,739					$	6,852					$	7,131					$	6,965					$	5,791
Secured debt principal amortization						—						—						—						—						—
Total fixed charges						26,739						6,852						7,131						6,965						5,791
Adjusted EBITDA (2)						132,210						30,652						32,149						34,744						34,665
Fixed Charge Coverage Ratio						4.94x						4.47x						4.51x						4.99x						5.99x

___________________________________

(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 income calculated in accordance with GAAP and to the EBITDAre and Adjusted EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure.

						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
Net Debt Ratios
Net Debt (1)						$	536,122					$	564,292					$	608,409					$	629,095
Adjusted EBITDA (2)						132,210						128,596						138,976						138,660
Net Debt to Adjusted EBITDA ratio						4.06x						4.39x						4.38x						4.54x
Net Debt (1)						$	536,122					$	564,292					$	608,409					$	629,095
Gross Real Estate Investments (1)						1,743,969						1,766,600						1,850,068						1,867,581
Net Debt Leverage Ratio						30.7		%				31.9		%				32.9		%				33.7		%
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (1)						$	1,141,035					$	1,165,310					$	1,249,379					$	1,267,128
Gross Real Estate Investments (1)						1,743,969						1,766,600						1,850,068						1,867,581
Unencumbered Asset Ratio						65.4		%				66.0		%				67.5		%				67.8		%

___________________________________

(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)Adjusted EBITDA for the year ended December 31, 2022 has not been annualized for the purpose of this calculation. Adjusted EBITDA for the quarters ended September 30, 2022, June 30, 2022 and March 31, 2022 has been annualized for the purpose of this calculation.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 14

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						Q4 2022 SUPPLEMENTAL INFORMATION

Credit Facility Covenants (unaudited)

The following is a summary of financial covenants for the Company's credit facility term loan and credit facility revolver as defined and calculated per the terms of the facility's credit agreement. 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, 2022, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.

Credit Facility Financial Covenants

Required

December 31, 2022

Ratio of total indebtedness to total asset value

≤ 60%

29.0%

Ratio of adjusted EBITDA to fixed charges

≥ 1.5x

4.94x

Ratio of secured indebtedness to total asset value

≤ 45%

19.8%

Ratio of unsecured indebtedness to unencumbered asset value

≤ 60%

12.8%

Ratio of unencumbered adjusted NOI to unsecured interest expense

≥ 2.00x

13.32x

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 15

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						Q4 2022 SUPPLEMENTAL INFORMATION

Net Operating Income (NOI) and Cash NOI (unaudited, dollars in thousands)

						Year Ended						Three Months Ended
						December 31, 2022						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
Rental revenue						$	207,353					$	50,097					$	51,580					$	52,659					$	53,017
Property operating expense						(61,519)						(15,746)						(15,303)						(15,156)						(15,314)
NOI						145,834						34,351						36,277						37,503						37,703
Adjustments:
Straight-line rent						769						2,911						(699)						(547)						(896)
Amortization of above and below market leases, net						(1,207)						(260)						(312)						(315)						(320)
Amortization of deferred lease incentives						116						80						36						—						—
Other non-cash adjustments						200						51						50						48						51
Proportionate share of Unconsolidated Joint Venture NOI						3,380						833						848						850						849
Cash NOI						$	149,092					$	37,966					$	36,200					$	37,539					$	37,387

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 16

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						Q4 2022 SUPPLEMENTAL INFORMATION

Leasing Activity (unaudited, dollars and square feet in thousands)

During the quarter and year ended December 31, 2022, we entered into new and renewal leases as summarized in the following tables:

						Three Months Ended December 31, 2022
						New Leases						Renewals						Total
Rentable square feet leased						78						307						385
Weighted average rental rate change (cash basis) (1) (2)						(6.0)		%				22.7		%				14.1		%
Tenant leasing costs and concession commitments (3)						$	1,517					$	18,048					$	19,565
Tenant leasing costs and concession commitments per rentable square foot						$	19.35					$	58.88					$	50.82
Weighted average lease term (by rentable square feet) (years)						5.4						8.5						7.9
Tenant leasing costs and concession commitments per rentable square foot per year						$	3.57					$	6.94					$	6.47

						Year Ended December 31, 2022
						New Leases						Renewals						Total
Rentable square feet leased						119						686						805
Weighted average rental rate change (cash basis) (1) (2)						(6.0)		%				5.7		%				4.1		%
Tenant leasing costs and concession commitments (3)						$	4,237					$	25,874					$	30,111
Tenant leasing costs and concession commitments per rentable square foot						$	35.53					$	37.73					$	37.41
Weighted average lease term (by rentable square feet) (years)						7.3						7.2						7.3
Tenant leasing costs and concession commitments per rentable square foot per year						$	4.85					$	5.21					$	5.16

____________________________________

(1)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 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 contractually obligated reimbursements by the applicable tenants, which may include estimates) as of the expiration date of the prior lease term. If a space has been vacant for more than 12 months prior to the execution of a new lease, the lease will be excluded from this calculation.

(2)Excludes one new lease for approximately 41,000 square feet of space that had been vacant for more than 12 months at the time the new lease was executed.

(3)Includes commitments for tenant improvement allowances and base building allowances, leasing commissions and free rent (includes estimates of property operating expenses, where applicable).

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 17

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						Q4 2022 SUPPLEMENTAL INFORMATION

Dispositions (unaudited, square feet and dollars in thousands)

The following table summarizes the Company's disposition activity during the year ended December 31, 2022.

Date Sold						Property Location						Square Feet						Gross Sale Price						Lease Term (Years)(1)
5/31/2022						Annandale, NJ						105						$3,600						0.2
7/8/2022						Buffalo Grove, IL						105						6,280						Vacant
8/4/2022						Dublin, OH						150						7,250						Vacant
8/18/2022						Ponce, PR						57						2,850						0.5
8/19/2022						Harleysville, PA						80						3,150						0.4
10/11/2022						Sierra Vista, AZ						24						2,300						Vacant
11/1/2022						El Centro, CA						18						3,010						Vacant
11/8/2022						Ridley Park, PA						23						209						Vacant
12/19/2022						Schaumburg, IL						107						1,200						Vacant
12/21/2022						Northbrook, IL						195						2,250						Vacant
12/23/2022						Cedar Falls, IA						45						1,000						Vacant
Total												909						$33,099

____________________________________

(1)Represents the remaining lease term from the date of sale.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 18

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						Q4 2022 SUPPLEMENTAL INFORMATION

Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Base Rent as of December 31, 2022, other than occupancy rate which is based on square footage as of December 31, 2022)

___________________________________________________

___________________________________________________

___________________________________________________

___________________________________________________

Statistics (square feet in thousands)
Operating Properties						81
Unconsolidated Joint Venture Properties						6
Rentable Square Feet						9,732
Occupancy Rate						89.0		%
Weighted Average Remaining Lease Term						4.1
Investment-Grade Tenants						73.3		%
NN leases						66.8		%
NNN leases						16.6		%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 19

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						Q4 2022 SUPPLEMENTAL INFORMATION

Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of December 31, 2022)

Tenant						Number of Leases						Leased Square Feet						Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio						Credit Rating
General Services Administration						17						782						8.0		%				$	18,950					11.9		%				AA+
Merrill Lynch						1						482						5.0		%				12,224						7.7		%				A-
Highmark Western & Northeastern NY						1						430						4.4		%				8,328						5.2		%				NR
RSA Security						2						328						3.4		%				7,221						4.5		%				BBB
Cigna/Express Scripts						3						365						3.7		%				6,765						4.2		%				A-
Walgreens						6						574						5.9		%				6,310						4.0		%				BBB
Coterra Energy						1						309						3.2		%				5,658						3.6		%				BBB
T-Mobile						4						294						3.0		%				5,431						3.4		%				BBB-
Novartis						1						176						1.8		%				4,995						3.1		%				AA-
FedEx						2						352						3.6		%				4,469						2.8		%				BBB
Top Ten Tenants						38						4,092						42.0		%				80,351						50.4		%
Remaining Tenants:
MDC Holdings Inc.						1						144						1.5		%				4,299						2.7		%				BBB-
Charter Communications						2						264						2.7		%				3,689						2.3		%				BB+
Banner Life Insurance						1						116						1.2		%				3,493						2.2		%				A
Inform Diagnostics						1						172						1.8		%				3,481						2.2		%				NR
Encompass Health						1						65						0.7		%				3,436						2.2		%				BB-
Collins Aerospace						1						207						2.1		%				3,300						2.1		%				A-
Home Depot/HD Supply						2						153						1.6		%				3,109						2.0		%				A
Experian						1						178						1.8		%				2,988						1.9		%				A-
AAA						1						147						1.5		%				2,904						1.8		%				NR
AT&T						1						203						2.1		%				2,820						1.8		%				BBB
Linde						1						161						1.7		%				2,540						1.6		%				A
Citigroup						1						64						0.7		%				2,364						1.5		%				BBB+
CVS/Aetna						1						127						1.3		%				2,259						1.4		%				BBB
Hasbro						1						136						1.4		%				2,243						1.4		%				BBB
Ingram Micro						1						200						2.1		%				2,197						1.4		%				BB-
Novus International						1						96						1.0		%				2,022						1.3		%				NR
Elementis						1						66						0.7		%				1,980						1.2		%				NR
Maximus						2						196						2.0		%				1,971						1.2		%				BB+
NetJets						1						140						1.4		%				1,966						1.2		%				NR
Pulte Mortgage						1						95						1.0		%				1,953						1.2		%				BBB-
Baker Hughes						1						152						1.6		%				1,663						1.0		%				A-
Abbott Laboratories						1						131						1.3		%				1,609						1.0		%				AA-
AGCO						1						126						1.3		%				1,607						1.0		%				BBB-
Total						64						7,431						76.5		%				$	140,244					88.0		%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 20

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						Q4 2022 SUPPLEMENTAL INFORMATION

Diversification: Tenant Industry (unaudited, square feet and dollars in thousands as of December 31, 2022)

Industry						Number of Leases (1)						Leased Square Feet						Leased Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio
Health Care Equipment & Services						12						1,109						11.4		%				$	21,379					13.4		%
Government & Public Services						19						826						8.5		%				19,498						12.2		%
Insurance						4						747						7.7		%				15,959						10.0		%
Financial Institutions						3						616						6.3		%				15,373						9.6		%
Software & Services						6						638						6.6		%				11,639						7.3		%
Capital Goods						9						693						7.1		%				10,739						6.7		%
Consumer Durables & Apparel						3						375						3.9		%				8,495						5.3		%
Telecommunication Services						6						497						5.1		%				8,251						5.2		%
Energy						2						461						4.7		%				7,321						4.6		%
Commercial & Professional Services						10						505						5.2		%				7,205						4.5		%
Top Ten Tenant Industries						74						6,467						66.5		%				125,859						78.8		%
Remaining Tenant Industries:
Transportation						5						541						5.6		%				7,183						4.5		%
Food & Staples Retailing						6						574						5.9		%				6,310						4.0		%
Materials						4						352						3.6		%				5,655						3.6		%
Pharmaceuticals, Biotechnology & Life Sciences						1						176						1.8		%				4,995						3.1		%
Media & Entertainment						2						264						2.7		%				3,689						2.3		%
Retailing						3						157						1.6		%				3,181						2.0		%
Food, Beverage & Tobacco						1						96						1.0		%				2,022						1.3		%
Utilities						1						25						0.3		%				394						0.3		%
Real Estate						1						4						—		%				86						0.1		%
Consumer Services						2						5						—		%				54						—		%
Total						100						8,661						89.0		%				$	159,428					100.0		%

__________________________________

(1) The Company has certain properties that are subject to multiple leases.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 21

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						Q4 2022 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic (unaudited, square feet and dollars in thousands as of December 31, 2022)

Location						Number of Properties						Rentable Square Feet						Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio
Texas						15						1,353						13.9		%				$	23,831					15.0		%
New Jersey						3						724						7.4		%				19,199						12.0		%
New York						5						781						8.0		%				13,564						8.5		%
Illinois						9						916						9.4		%				11,702						7.3		%
Kentucky						2						458						4.7		%				10,114						6.3		%
Oklahoma						3						585						6.0		%				9,591						6.0		%
Massachusetts						2						378						3.9		%				7,933						5.0		%
Colorado						4						570						5.9		%				7,915						5.0		%
Ohio						4						500						5.1		%				6,212						3.9		%
California						3						244						2.5		%				5,299						3.3		%
Top Ten States						50						6,509						66.8		%				115,360						72.3		%
Remaining States:
Missouri						4						529						5.4		%				4,868						3.1		%
Georgia						3						284						2.9		%				4,601						2.9		%
Maryland						2						236						2.4		%				4,537						2.9		%
Tennessee						4						240						2.5		%				4,527						2.8		%
Virginia						2						240						2.5		%				4,426						2.8		%
Rhode Island						2						206						2.1		%				3,028						1.9		%
South Carolina						1						64						0.7		%				2,364						1.5		%
Wisconsin						1						155						1.6		%				2,243						1.4		%
Arizona						2						215						2.2		%				2,216						1.4		%
Kansas						2						196						2.0		%				1,971						1.2		%
Iowa						2						92						0.9		%				1,911						1.2		%
Nebraska						2						180						1.9		%				1,553						1.0		%
Pennsylvania						2						233						2.4		%				1,287						0.8		%
Oregon						1						69						0.7		%				1,120						0.7		%
West Virginia						1						64						0.7		%				1,114						0.7		%
Idaho						2						45						0.5		%				1,027						0.6		%
Indiana						1						83						0.9		%				557						0.4		%
Minnesota						1						39						0.4		%				493						0.3		%
Florida						2						53						0.5		%				225						0.1		%
Total						87						9,732						100.0		%				$	159,428					100.0		%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 22

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						Q4 2022 SUPPLEMENTAL INFORMATION

Lease Expirations (unaudited, square feet and dollars in thousands as of December 31, 2022)

Year of Expiration						Number of Leases Expiring (1)						Leased Square Feet						Leased Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio
2023						15						1,575						16.2		%				$	24,142					15.1		%
2024						16						1,971						20.3		%				39,972						25.1		%
2025						13						1,049						10.8		%				18,686						11.7		%
2026						13						757						7.8		%				17,134						10.7		%
2027						14						1,002						10.3		%				16,206						10.2		%
2028						9						513						5.3		%				9,093						5.7		%
2029						4						396						4.1		%				5,846						3.7		%
2030						2						98						1.0		%				4,564						2.9		%
2031						1						11						0.1		%				427						0.3		%
2032						3						300						3.1		%				4,004						2.5		%
Thereafter						8						932						9.4		%				19,069						11.9		%
Subtotal						98						8,604						88.4		%				159,143						99.8		%
Month-to-Month						2						57						0.6		%				285						0.2		%
Total						100						8,661						89.0		%				$	159,428					100.0		%

__________________________________

(1) The Company has certain properties that are subject to multiple leases.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 23

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						Q4 2022 SUPPLEMENTAL INFORMATION

Lease Summary (unaudited, square feet and dollars in thousands as of December 31, 2022)

Rent Escalations

						Number of Leases (1)						Leased Square Feet						Leased Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio
Fixed Dollar or Percent Increase						74						7,293						74.9		%				$	131,945					82.8		%
Flat						8						476						4.9		%				5,495						3.4		%
GSA CPI						14						690						7.1		%				17,923						11.2		%
CPI						2						145						1.5		%				3,780						2.4		%
Month-to-Month						2						57						0.6		%				285						0.2		%
Total						100						8,661						89.0		%				$	159,428					100.0		%

Tenant Expense Obligation

						Number of Leases (1)						Leased Square Feet						Leased Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio
NN						59						5,828						59.9		%				$	106,456					66.8		%
Modified Gross						19						978						10.0		%				26,355						16.5		%
NNN						19						1,847						19.0		%				26,522						16.6		%
Gross						3						8						0.1		%				95						0.1		%
Total						100						8,661						89.0		%				$	159,428					100.0		%

__________________________________

(1) The Company has certain properties that are subject to multiple leases.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 24

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						Q4 2022 SUPPLEMENTAL INFORMATION

Full Portfolio (1)

Industry

Address

City

State

Food, Beverage & Tobacco

20 Missouri Research Park Drive

St. Charles

MO

Telecommunication Services

4335 Paredes Line Road

Brownsville

TX

Telecommunication Services

3750 Wheeler Road

Augusta

GA

Telecommunication Services

4080 27th Court SE

Salem

OR

Financial Institutions

11 Ewall Street

Mount Pleasant

SC

Health Care Equipment & Services

8455 University Place Drive

St. Louis

MO

Transportation

1475 Boettler Road

Uniontown

OH

Government & Public Services

2305 Hudson Boulevard

Brownsville

TX

Government & Public Services

257 Bosley Industrial Park

Parkersburg

WV

Government & Public Services

2805 Pine Mill Road

Paris

TX

Government & Public Services

4521 Thomas Jefferson Street

Caldwell

ID

Government & Public Services

3381 U.S. Highway 277

Eagle Pass

TX

Government & Public Services

2475 Cliff Creek Crossing Drive

Dallas

TX

Government & Public Services

3644 Avtech Parkway

Redding

CA

Government & Public Services

5100 W 36th Street

Minneapolis

MN

Government & Public Services

4551 State Route 11 (E)

Malone

NY

Government & Public Services

2600 Voyager Avenue

Sioux City

IA

Government & Public Services

135 Circle Lane

Knoxville

TN

Government & Public Services

9912 & 9934 Little Road

New Port Richey

FL

Health Care Equipment & Services

2304 State Highway 121

Bedford

TX

Vacant

5411 E. Williams Boulevard

Tucson

AZ

Government & Public Services

3369 U.S. Highway 277

Eagle Pass

TX

Transportation

942 S. Shady Grove Road

Memphis

TN

Transportation

4151 Bridgeway Avenue

Columbus

OH

Food & Staples Retailing

1411 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1415 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1417 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1419 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1425 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1435 Lake Cook Road

Deerfield

IL

Capital Goods

601 Third Street SE

Cedar Rapids

IA

Consumer Durables & Apparel

15 LaSalle Square

Providence

RI

Materials

100 Sci Park Boulevard

East Windsor

NJ

Media & Entertainment

6005 Fair Lakes Road

East Syracuse

NY

Government & Public Services

310 Canaveral Groves Boulevard

Cocoa

FL

Vacant

8640 Evans Avenue

Berkeley

MO

Government & Public Services

103 & 104 Airport Road

Grangeville

ID

Government & Public Services

2901 Alta Mesa Boulevard

Fort Worth

TX

Government & Public Services

59 Dunning Way

Plattsburgh

NY

Financial Institutions

480 Jefferson Boulevard

Warwick

RI

Energy

1800 Nelson Road

Longmont

CO

Health Care Equipment & Services

1850 Norman Drive North

Waukegan

IL

Health Care Equipment & Services

1333 - 1385 East Shaw Avenue

Fresno

CA

Telecommunication Services

2270 Lakeside Boulevard

Richardson

TX

Health Care Equipment & Services

5859 Farinon Drive

San Antonio

TX

Energy

202 S. Cheyenne

Tulsa

OK

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 25

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						Q4 2022 SUPPLEMENTAL INFORMATION

Industry

Address

City

State

Vacant

7475 S. Joliet Street

Englewood

CO

Consumer Durables & Apparel

4340 & 4350 South Monaco Street

Denver

CO

Vacant

2250 Lakeside Boulevard

Richardson

TX

Commercial & Professional Services

3833 Greenway Drive

Lawrence

KS

Commercial & Professional Services

2201 Noria Road

Lawrence

KS

Materials

1585 Sawdust Road

The Woodlands

TX

Consumer Durables & Apparel

7390 S. Iola Street

Englewood

CO

Vacant

41 Moores Road

Malvern

PA

Media & Entertainment

1320 N. Dr. MLK Jr. Drive

Milwaukee

WI

Telecommunication Services

695 Grassmere Park

Nashville

TN

Commercial & Professional Services

1575 Sawdust Road

The Woodlands

TX

Retailing

101 Riverview Parkway

Santee

CA

Materials

6752 Baymeadow Drive

Glen Burnie

MD

Health Care Equipment & Services

6655 North MacArthur Boulevard

Irving

TX

Capital Goods

2087 East 71st Street

Tulsa

OK

Government & Public Services

333 Scott Street

Covington

KY

Software & Services

1759 Wehrle Dr

Amherst

NY

Commercial & Professional Services

6377 Emerald Drive

Dublin

OH

Capital Goods

22640 Davis Drive

Sterling

VA

Capital Goods

1100 Atwater Drive, Lot 11A

Malvern

PA

Health Care Equipment & Services

7353 Company Drive

Indianapolis

IN

Health Care Equipment & Services

1640 Dallas Parkway

Plano

TX

Capital Goods

1705 Kellie Drive

Blair

NE

Commercial & Professional Services

955 American Lane Unit 1

Schaumburg

IL