Exhibit 99.2                                                
orion_supplemental-coverx2a.jpg



Q1 2023 SUPPLEMENTAL INFORMATION
Orion Supplemental Information
March 31, 2023

SectionPage
Company Overview
Balance Sheets
Statements of Operations
Funds From Operations (FFO), Core Funds From Operations (Core FFO) and Funds Available for Distribution (FAD)
EBITDA, EBITDAre and Adjusted EBITDA
Capital Structure
Debt Detail
Ratio Analysis
Credit Facility Covenants
Net Operating Income (NOI) and Cash NOI
Leasing Activity
Diversification Statistics: Real Estate Portfolio
Tenants Comprising Over 1% of Annualized Base Rent
Diversification: Tenant Industry
Diversification: Property Geographic
Lease Expirations
Lease Summary
Full Portfolio
Unconsolidated Joint Venture Investment Summary
Definitions



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Q1 2023 SUPPLEMENTAL INFORMATION
About the Data
This data and other information described herein are as of and for the three months ended March 31, 2023, 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") Quarterly Report on Form 10-Q for the period ended March 31, 2023 and Annual Report on Form 10-K for the year ended December 31, 2022.




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Q1 2023 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, expected borrowings and financing costs and the payment of future dividends. 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 extent to which changes in workplace practices and office space utilization, including remote work arrangements, will continue and the impact that may have on demand for office space at our properties;
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, 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;
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.



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Q1 2023 SUPPLEMENTAL INFORMATION
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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Q1 2023 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 March 31, 2023, approximately 73.6% of the Company's Annualized Base Rent was from Investment Grade Tenants, the Company's Occupancy Rate was 87.5% and the Weighted Average Remaining Lease Term was 4.0 years.
The Company's Annualized Base Rent as of March 31, 2023 was approximately $156.5 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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Q1 2023 SUPPLEMENTAL INFORMATION
Company Overview (cont.)
Senior ManagementBoard of Directors
Paul H. McDowell, Chief Executive Officer, PresidentReginald H. Gilyard, Non-Executive Chairman
Gavin B. Brandon, Executive Vice President, Chief Financial Officer and TreasurerKathleen R. Allen, Ph.D., Independent Director
Christopher H. Day, Executive Vice President, Chief Operating OfficerRichard J. Lieb, Independent Director
Gary E. Landriau, Executive Vice President, Chief Investment OfficerGregory J. Whyte, Independent Director
Paul C. Hughes, General Counsel and SecretaryPaul 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 106019 West 44th Street, Suite 1401
Phoenix, AZ 85016New 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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Q1 2023 SUPPLEMENTAL INFORMATION
Balance Sheets
(unaudited, in thousands)

March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
Assets
Real estate investments, at cost:
Land$236,966 $238,225 $243,726 $250,724 $254,786 
Buildings, fixtures and improvements1,127,590 1,128,400 1,137,177 1,208,475 1,231,469 
Total real estate investments, at cost1,364,556 1,366,625 1,380,903 1,459,199 1,486,255 
Less: accumulated depreciation141,093 133,379 126,097 138,642 137,217 
Total real estate investments, net1,223,463 1,233,246 1,254,806 1,320,557 1,349,038 
Accounts receivable, net24,697 21,641 21,923 25,731 22,032 
Intangible lease assets, net182,629 202,832 223,528 247,722 272,623 
Cash and cash equivalents23,755 20,638 23,282 19,300 18,585 
Real estate assets held for sale, net2,502 2,502 6,383 9,402 — 
Other assets, net 89,826 90,214 91,632 91,208 92,671 
Total assets$1,546,872 $1,571,073 $1,621,554 $1,713,920 $1,754,949 
Liabilities and Equity
Mortgages payable, net$352,337 $352,167 $351,994 $351,820 $351,648 
Credit facility term loan, net174,153 173,815 173,478 173,133 172,793 
Credit facility revolver— — 31,000 71,000 91,000 
Accounts payable and accrued expenses19,957 26,161 22,038 16,855 17,929 
Below-market lease liabilities, net12,526 14,068 15,611 17,381 18,993 
Distributions payable5,666 5,664 5,664 5,663 5,663 
Other liabilities, net22,286 23,340 21,085 20,341 19,897 
Total liabilities586,925 595,215 620,870 656,193 677,923 
Common stock57 57 57 57 57 
Additional paid-in capital1,147,466 1,147,014 1,146,431 1,145,987 1,145,548 
Accumulated other comprehensive income4,540 6,308 7,057 5,851 4,356 
Accumulated deficit(193,516)(178,910)(154,273)(95,562)(74,328)
Total stockholders' equity958,547 974,469 999,272 1,056,333 1,075,633 
Non-controlling interest1,400 1,389 1,412 1,394 1,393 
Total equity959,947 975,858 1,000,684 1,057,727 1,077,026 
Total liabilities and equity$1,546,872 $1,571,073 $1,621,554 $1,713,920 $1,754,949 


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Q1 2023 SUPPLEMENTAL INFORMATION
Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended
March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
Revenues:
Rental$49,990 $50,097 $51,580 $52,659 $53,017 
Fee income from unconsolidated joint venture200 197 189 190 189 
Total revenues50,190 50,294 51,769 52,849 53,206 
Operating expenses:
Property operating15,344 15,746 15,303 15,156 15,314 
General and administrative 4,309 4,428 4,672 3,291 3,517 
Depreciation and amortization28,166 30,493 32,693 33,828 34,353 
Impairments3,754 12,198 44,801 7,758 1,602 
Transaction related105 277 194 141 63 
Spin related— — — 208 756 
Total operating expenses51,678 63,142 97,663 60,382 55,605 
Other (expense) income:
Interest expense, net(7,139)(7,553)(7,904)(7,867)(6,847)
Gain on disposition of real estate assets— 1,293 1,059 — — 
Loss on extinguishment of debt, net— — — — (468)
Other income, net36 105 31 48 39 
Equity in loss of unconsolidated joint venture(123)(272)(157)(54)(41)
Total other (expenses) income, net(7,226)(6,427)(6,971)(7,873)(7,317)
Loss before taxes(8,714)(19,275)(52,865)(15,406)(9,716)
Provision for income taxes(160)282 (164)(164)(166)
Net loss(8,874)(18,993)(53,029)(15,570)(9,882)
Net (income) loss attributable to non-controlling interest(11)23 (18)(1)(24)
Net loss attributable to common stockholders$(8,885)$(18,970)$(53,047)$(15,571)$(9,906)
Weighted-average shares outstanding - basic and diluted56,642 56,644 56,635 56,629 56,626 
Basic and diluted net loss per share attributable to common stockholders$(0.16)$(0.33)$(0.94)$(0.27)$(0.17)




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Q1 2023 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)
Three Months Ended
March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
Net loss$(8,885)$(18,970)$(53,047)$(15,571)$(9,906)
Depreciation and amortization of real estate assets28,142 30,475 32,674 33,811 34,337 
Gain on disposition of real estate assets— (1,293)(1,059)— — 
Impairment of real estate3,754 12,198 44,801 7,758 1,602 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable462 465 460 461 461 
FFO attributable to common stockholders$23,473 $22,875 $23,829 $26,459 $26,494 
Adjustments:
Transaction related expenses105 277 194 141 63 
Spin related expenses— — — 208 756 
Amortization of deferred financing costs (1)
1,049 1,068 1,067 1,057 1,171 
Amortization of deferred lease incentives, net (1)
101 80 36 — — 
Equity-based compensation (1)
526 603 444 439 270 
Loss on extinguishment of debt, net— — — — 468 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable (1)
29 29 28 54 67 
Core funds from operations attributable to common stockholders (1)
$25,283 $24,932 $25,598 $28,358 $29,289 
Adjustments:
Amortization of above and below market leases, net(215)(260)(312)(315)(320)
Straight-line rental revenue(2,684)2,911 (699)(547)(896)
Unconsolidated Joint Venture basis difference amortization (1)
133 259 258 259 258 
Capital expenditures and leasing costs(3,338)(6,112)(3,730)(2,381)(2,401)
Other adjustments, net131 74 63 63 63 
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable(40)(54)(59)(59)(58)
Funds available for distribution (1)
$19,270 $21,750 $21,119 $25,378 $25,935 
Weighted-average shares outstanding - basic56,642 56,644 56,635 56,629 56,626 
Effect of weighted-average dilutive securities (2)
18 — — — 
Weighted-average shares outstanding - diluted56,660 56,644 56,635 56,629 56,627 
FFO attributable to common stockholders per diluted share$0.41 $0.40 $0.42 $0.47 $0.47 
Core FFO attributable to common stockholders per diluted share$0.45 $0.44 $0.45 $0.50 $0.52 
FAD per diluted share$0.34 $0.38 $0.37 $0.45 $0.46 
___________________________________
(1)The Company has revised its definitions of Core FFO and FAD beginning in 2023 and has applied this change retrospectively for comparison purposes. See the Definitions section for further discussion of the change.
(2)Dilutive securities include unvested restricted stock units. Such shares are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2023 SUPPLEMENTAL INFORMATION

EBITDA, EBITDAre and Adjusted EBITDA
(unaudited, in thousands)
Three Months Ended
March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
 Net loss$(8,885)$(18,970)$(53,047)$(15,571)$(9,906)
 Adjustments:
Interest expense7,139 7,553 7,904 7,867 6,847 
Depreciation and amortization28,166 30,493 32,693 33,828 34,353 
Provision for income taxes160 (282)164 164 166 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable854 864 782 672 643 
 EBITDA$27,434 $19,658 $(11,504)$26,960 $32,103 
Gain on disposition of real estate assets— (1,293)(1,059)— — 
Impairment of real estate3,754 12,198 44,801 7,758 1,602 
EBITDAre$31,188 $30,563 $32,238 $34,718 $33,705 
Transaction related105 277 194 141 63 
Spin related— — — 208 756 
Amortization of above and below market leases, net(215)(260)(312)(315)(320)
Amortization of deferred lease incentives101 80 36 — — 
Loss on extinguishment of debt, net— — — — 468 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable(7)(8)(7)(8)(7)
Adjusted EBITDA$31,172 $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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Q1 2023 SUPPLEMENTAL INFORMATION
Capital Structure
(unaudited, dollars and shares in thousands, except per share amounts)




chart-52d90547b2d84a1db26a.jpg
Common equity40.5%
Mortgages payable, net37.9%
Credit facility term loan18.7%
Credit facility revolver (5)
—%
Proportionate share of Unconsolidated Joint Venture Debt2.9%
                            
Fixed vs. Variable Rate Debt
Fixed and Swapped to Fixed100.0 %
Variable (5)
— %



Orion Capitalization Table
March 31, 2023
Common stock outstanding56,664
Stock price$6.70
Implied Equity Market Capitalization$379,649
Wtd. Avg. Maturity
(Years)
Interest Rate (1)
March 31, 2023
Proportionate share of Unconsolidated Joint Venture Debt (2)
1.75.19 %$27,332
Mortgages payable3.94.97 %355,000
Total secured debt3.74.99 %$382,332
Credit facility term loan (3) (4)
0.63.17 %175,000
Credit facility revolver (4) (5)
N/AN/A
Total unsecured debt0.63.17 %175,000
Total Principal Outstanding2.74.42 %$557,332
Total Capitalization$936,981
Cash and cash equivalents23,755
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents727
Enterprise Value$912,499
Net Debt/Enterprise Value58.4 %
Net Debt/Gross Real Estate Investments30.7 %
Fixed Charge Coverage Ratio4.83x
Liquidity (6)
$449,482
Net Debt/Annualized Adjusted EBITDA4.27x
___________________________________
(1)Interest rate for variable rate debt represents the interest rate in effect as of March 31, 2023.
(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 simultaneously serve as collateral under other borrowings.
(5)The credit facility revolver matures on November 12, 2024 and had no outstanding draws as of March 31, 2023.
(6)Liquidity represents cash and cash equivalents of $24.5 million and $425.0 million available capacity on our $425.0 million credit facility revolver as of March 31, 2023.


See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2023 SUPPLEMENTAL INFORMATION

Debt Detail
(unaudited, dollars in thousands)
Principal Payments DueTotal202320242025Thereafter
Credit facility revolver (1)
$— $— $— $— $— 
Credit facility term loan175,000 175,000 — — — 
Mortgages payable355,000 — — — 355,000 
Proportionate share of Unconsolidated Joint Venture debt27,332 — 27,332 — — 
Total Principal Outstanding$557,332 $175,000 $27,332 $ $355,000 

Debt TypePercentage of Principal OutstandingInterest RateWeighted-Average Years to Maturity
Credit facility revolver (1)
— %N/AN/A
Credit facility term loan31.4 %3.17 %0.6
Mortgages payable63.7 %4.97 %3.9
Proportionate share of Unconsolidated Joint Venture debt4.9 %5.19 %1.7
Total100.0 %4.42 %2.7

Debt TypePercentage of Principal OutstandingWeighted-Average Interest RateWeighted-Average Years to Maturity
Total unsecured debt31.4 %3.17 %0.6
Total secured debt68.6 %4.99 %3.7
Total100.0 %4.42 %2.7
Total fixed-rate and swapped to fixed-rate debt100.0 %4.42 %2.7
Total variable-rate debt (1)
— %N/AN/A
Total100.0 %4.42 %2.7
___________________________________
(1) The credit facility revolver matures on November 12, 2024 and had no outstanding draws as of March 31, 2023.











See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2023 SUPPLEMENTAL INFORMATION
Ratio Analysis
(unaudited, dollars in thousands)
Three Months Ended
March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$6,453$6,852$7,131$6,965$5,791
Adjusted EBITDA (2)
31,17230,65232,14934,74434,665
Interest Coverage Ratio4.83x4.47x4.51x4.99x5.99x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$6,453$6,852$7,131$6,965$5,791
Secured debt principal amortization
Total fixed charges6,4536,8527,1316,9655,791
Adjusted EBITDA (2)
31,17230,65232,14934,74434,665
Fixed Charge Coverage Ratio4.83x4.47x4.51x4.99x5.99x
___________________________________
(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 loss 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.
March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
Net Debt Ratios
Net Debt (1)
$532,850$536,122$564,292$608,409$629,095
Adjusted EBITDA (2)
124,688132,210128,596138,976138,660
Net Debt to Adjusted EBITDA Ratio4.27x4.06x4.39x4.38x4.54x
Net Debt (1)
$532,850$536,122$564,292$608,409$629,095
Gross Real Estate Investments (1)
1,734,5591,743,9691,766,6001,850,0681,867,581
Net Debt Leverage Ratio30.7 %30.7 %31.9 %32.9 %33.7 %
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (1)
$1,131,272$1,141,035$1,165,310$1,249,379$1,267,128
Gross Real Estate Investments (1)
1,734,5591,743,9691,766,6001,850,0681,867,581
Unencumbered Asset Ratio65.2 %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 March 31, 2023, 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.
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Q1 2023 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 March 31, 2023, 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 CovenantsRequiredMarch 31, 2023
Ratio of total indebtedness to total asset value≤ 60%33.0%
Ratio of adjusted EBITDA to fixed charges≥ 1.5x4.44x
Ratio of secured indebtedness to total asset value≤ 45%22.4%
Ratio of unsecured indebtedness to unencumbered asset value≤ 60%15.4%
Ratio of unencumbered adjusted NOI to unsecured interest expense≥ 2.00x12.85x



See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2023 SUPPLEMENTAL INFORMATION

Net Operating Income (NOI) and Cash NOI
(unaudited, dollars in thousands)
Three Months Ended
March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
 Rental revenue$49,990 $50,097 $51,580 $52,659 $53,017 
 Property operating expense(15,344)(15,746)(15,303)(15,156)(15,314)
NOI34,646 34,351 36,277 37,503 37,703 
Adjustments:
Straight-line rent(2,684)2,911 (699)(547)(896)
Amortization of above and below market leases, net(215)(260)(312)(315)(320)
Amortization of deferred lease incentives101 80 36 — — 
Other non-cash adjustments48 51 50 48 51 
Proportionate share of Unconsolidated Joint Venture Cash NOI862 833 848 850 849 
 Cash NOI$32,758 $37,966 $36,200 $37,539 $37,387 
















See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q1 2023 SUPPLEMENTAL INFORMATION

Leasing Activity
(unaudited, dollars and square feet in thousands)
During the three months ended March 31, 2023, we entered into new and renewal leases as summarized in the following table:
Three Months Ended March 31, 2023
New LeasesRenewalsTotal
Rentable square feet leased15 6883
Weighted average rental rate change (cash basis) (1) (2)
(20.3)%26.9 %19.7 %
Tenant leasing costs and concession commitments (3)
$736 $984 $1,720 
Tenant leasing costs and concession commitments per rentable square foot$49.04 $14.68 $20.96 
Weighted average lease term (by rentable square feet) (years)8.814.313.3
Tenant leasing costs and concession commitments per rentable square foot per year$5.57 $1.03 $1.58 
____________________________________
(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 4,000 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


Q1 2023 SUPPLEMENTAL INFORMATION
Diversification Statistics: Real Estate Portfolio
(unaudited, percentages based on portfolio Annualized Base Rent as of March 31, 2023, other than occupancy rate which is based on square footage as of March 31, 2023)

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Statistics
(square feet in thousands)
Operating Properties81 
Unconsolidated Joint Venture Properties
Rentable Square Feet9,732 
Occupancy Rate87.5 %
Weighted Average Remaining Lease Term4.0 
Investment-Grade Tenants73.6 %
NN leases66.1 %
NNN leases16.9 %

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 18



Q1 2023 SUPPLEMENTAL INFORMATION
Tenants Comprising Over 1% of Annualized Base Rent
(unaudited, square feet and dollars in thousands as of March 31, 2023)
TenantNumber of LeasesLeased Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total PortfolioCredit Rating
General Services Administration17 781 8.0 %$18,994 12.1 %AA+
Merrill Lynch482 5.0 %12,224 7.8 %A-
Highmark Western & Northeastern NY430 4.4 %8,328 5.3 %NR
RSA Security328 3.4 %7,221 4.6 %BBB
Cigna/Express Scripts365 3.7 %6,814 4.4 %A-
Walgreens574 5.9 %6,310 4.0 %BBB
Coterra Energy309 3.2 %5,658 3.6 %BBB
Novartis176 1.8 %4,995 3.2 %AA-
FedEx352 3.6 %4,469 2.9 %BBB
MDC Holdings Inc.144 1.5 %4,299 2.8 %BBB-
Top Ten Tenants35 3,941 40.5 %79,312 50.7 %
Remaining Tenants:
T-Mobile216 2.2 %3,856 2.5 %BBB-
Charter Communications264 2.7 %3,745 2.4 %BB+
Banner Life Insurance116 1.2 %3,493 2.2 %A
Inform Diagnostics172 1.8 %3,481 2.2 %NR
Maximus274 2.8 %3,476 2.2 %BB+
Encompass Health65 0.7 %3,436 2.2 %BB-
Collins Aerospace207 2.1 %3,300 2.1 %A-
Home Depot/HD Supply153 1.6 %3,109 2.0 %A
Experian178 1.8 %2,988 1.9 %A-
AT&T203 2.1 %2,820 1.8 %BBB
Linde161 1.7 %2,540 1.6 %A
Citigroup64 0.7 %2,364 1.5 %BBB+
CVS/Aetna127 1.3 %2,259 1.4 %BBB
Hasbro136 1.4 %2,243 1.4 %BBB
Ingram Micro200 2.1 %2,197 1.4 %BB-
Novus International96 1.0 %2,022 1.3 %NR
Elementis66 0.7 %1,980 1.3 %NR
NetJets140 1.4 %1,966 1.3 %NR
Pulte Mortgage95 1.0 %1,953 1.3 %BBB-
Baker Hughes152 1.6 %1,663 1.1 %A-
AGCO126 1.3 %1,607 1.0 %BBB-
Total62 7,152 73.7 %$135,810 86.8 %

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 19



Q1 2023 SUPPLEMENTAL INFORMATION
Diversification: Tenant Industry
(unaudited, square feet and dollars in thousands as of March 31, 2023)
Industry
Number of Leases (1)
Leased Square FeetLeased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Health Care Equipment & Services12 1,109 11.4 %$21,209 13.5 %
Government & Public Services19 825 8.5 %19,543 12.5 %
Financial Institutions616 6.3 %15,373 9.8 %
Insurance600 6.2 %13,055 8.3 %
Software & Services638 6.6 %11,668 7.5 %
Capital Goods693 7.1 %10,791 6.9 %
Commercial & Professional Services11 583 6.0 %8,720 5.6 %
Consumer Durables & Apparel375 3.9 %8,495 5.4 %
Energy461 4.7 %7,321 4.7 %
Transportation541 5.6 %7,191 4.6 %
Top Ten Tenant Industries73 6,441 66.3 %123,366 78.8 %
Remaining Tenant Industries:
Telecommunication Services419 4.3 %6,676 4.3 %
Food & Staples Retailing574 5.9 %6,310 4.0 %
Materials352 3.6 %5,676 3.6 %
Pharmaceuticals, Biotechnology & Life Sciences176 1.8 %4,995 3.2 %
Media & Entertainment264 2.7 %3,745 2.4 %
Retailing157 1.6 %3,181 2.0 %
Food, Beverage & Tobacco96 1.0 %2,022 1.3 %
Utilities26 0.3 %394 0.3 %
Real Estate— %86 0.1 %
Consumer Services— %54 — %
Total99 8,514 87.5 %$156,505 100.0 %
__________________________________
(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 | 20



Q1 2023 SUPPLEMENTAL INFORMATION
Diversification: Property Geographic
(unaudited, square feet and dollars in thousands as of March 31, 2023)
LocationNumber of PropertiesRentable Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Texas15 1,353 13.9 %$23,779 15.2 %
New Jersey724 7.4 %19,199 12.3 %
New York781 8.0 %13,564 8.7 %
Illinois916 9.4 %11,472 7.3 %
Kentucky458 4.7 %10,114 6.5 %
Massachusetts378 3.9 %7,933 5.1 %
Colorado570 5.9 %7,915 5.1 %
Oklahoma585 6.0 %6,687 4.3 %
Ohio500 5.1 %6,221 4.0 %
California244 2.5 %5,299 3.4 %
Top Ten States50 6,509 66.8 %112,183 71.9 %
Remaining States:
Missouri530 5.4 %4,917 3.1 %
Georgia284 2.9 %4,601 2.9 %
Maryland236 2.4 %4,558 2.9 %
Tennessee240 2.5 %4,553 2.9 %
Virginia240 2.5 %4,454 2.8 %
Rhode Island206 2.1 %3,028 1.9 %
South Carolina64 0.7 %2,364 1.5 %
Wisconsin155 1.6 %2,299 1.5 %
Arizona215 2.2 %2,216 1.4 %
Kansas196 2.0 %1,971 1.3 %
Iowa92 0.9 %1,953 1.2 %
Nebraska180 1.9 %1,563 1.0 %
Pennsylvania233 2.4 %1,287 0.8 %
Oregon69 0.7 %1,120 0.7 %
West Virginia63 0.7 %1,114 0.7 %
Idaho45 0.5 %1,035 0.7 %
Indiana83 0.9 %568 0.4 %
Minnesota39 0.4 %493 0.3 %
Florida53 0.5 %228 0.1 %
Total87 9,732 100.0 %$156,505 100.0 %





See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 21



Q1 2023 SUPPLEMENTAL INFORMATION
Lease Expirations
(unaudited, square feet and dollars in thousands as of March 31, 2023)
Year of Expiration
Number of Leases
Expiring
(1)
Leased
Square Feet
Leased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
202311 1,340 13.8 %$19,326 12.3 %
202416 1,911 19.7 %38,960 24.9 %
202514 1,055 10.8 %18,925 12.1 %
202613 757 7.8 %17,155 11.0 %
202714 1,002 10.3 %16,309 10.4 %
202810 591 6.1 %10,648 6.8 %
2029459 4.7 %7,010 4.5 %
203098 1.0 %4,591 2.9 %
203111 0.1 %427 0.3 %
2032300 3.1 %3,783 2.4 %
Thereafter933 9.5 %19,077 12.2 %
Subtotal97 8,457 86.9 %156,211 99.8 %
Month-to-Month57 0.6 %294 0.2 %
Total99 8,514 87.5 %$156,505 100.0 %
__________________________________
(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 | 22



Q1 2023 SUPPLEMENTAL INFORMATION
Lease Summary
(unaudited, square feet and dollars in thousands as of March 31, 2023)

Rent Escalations
Number of Leases (1)
Leased
Square Feet
Leased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Fixed Dollar or Percent Increase73 7,146 73.4 %$128,934 82.4 %
Flat477 4.9 %5,495 3.5 %
GSA CPI14 689 7.1 %17,959 11.5 %
CPI145 1.5 %3,823 2.4 %
Month-to-Month57 0.6 %294 0.2 %
Total 99 8,514 87.5 %$156,505 100.0 %



Tenant Expense Obligation
Number of Leases (1)
Leased
Square Feet
Leased Square Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
NN58 5,682 58.4 %$103,416 66.1 %
Modified Gross19 977 10.0 %26,428 16.9 %
NNN19 1,847 19.0 %26,565 16.9 %
Gross0.1 %96 0.1 %
Total99 8,514 87.5 %$156,505 100.0 %
__________________________________
(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



Q1 2023 SUPPLEMENTAL INFORMATION
Full Portfolio (1)
IndustryAddressCityState
Food, Beverage & Tobacco20 Missouri Research Park DriveSt. CharlesMO
Commercial & Professional Services4335 Paredes Line RoadBrownsvilleTX
Telecommunication Services3750 Wheeler RoadAugustaGA
Telecommunication Services4080 27th Court SESalemOR
Financial Institutions11 Ewall StreetMount PleasantSC
Health Care Equipment & Services8455 University Place DriveSt. LouisMO
Transportation1475 Boettler RoadUniontownOH
Government & Public Services2305 Hudson BoulevardBrownsvilleTX
Government & Public Services257 Bosley Industrial ParkParkersburgWV
Government & Public Services2805 Pine Mill RoadParisTX
Government & Public Services4521 Thomas Jefferson StreetCaldwellID
Government & Public Services3381 U.S. Highway 277Eagle PassTX
Government & Public Services2475 Cliff Creek Crossing DriveDallasTX
Government & Public Services3644 Avtech ParkwayReddingCA
Government & Public Services5100 W 36th StreetMinneapolisMN
Government & Public Services4551 State Route 11 (E)MaloneNY
Government & Public Services2600 Voyager AvenueSioux CityIA
Government & Public Services135 Circle LaneKnoxvilleTN
Government & Public Services9912 & 9934 Little RoadNew Port RicheyFL
Health Care Equipment & Services2304 State Highway 121BedfordTX
Vacant5411 E. Williams BoulevardTucsonAZ
Government & Public Services3369 U.S. Highway 277Eagle PassTX
Transportation942 S. Shady Grove RoadMemphisTN
Transportation4151 Bridgeway AvenueColumbusOH
Food & Staples Retailing1411 Lake Cook RoadDeerfieldIL
Food & Staples Retailing1415 Lake Cook RoadDeerfieldIL
Food & Staples Retailing1417 Lake Cook RoadDeerfieldIL
Food & Staples Retailing1419 Lake Cook RoadDeerfieldIL
Food & Staples Retailing1425 Lake Cook RoadDeerfieldIL
Food & Staples Retailing1435 Lake Cook RoadDeerfieldIL
Capital Goods601 Third Street SECedar RapidsIA
Consumer Durables & Apparel15 LaSalle SquareProvidenceRI
Materials100 Sci Park BoulevardEast WindsorNJ
Media & Entertainment6005 Fair Lakes RoadEast SyracuseNY
Government & Public Services310 Canaveral Groves BoulevardCocoaFL
Vacant8640 Evans AvenueBerkeleyMO
Government & Public Services103 & 104 Airport RoadGrangevilleID
Government & Public Services2901 Alta Mesa BoulevardFort WorthTX
Government & Public Services59 Dunning WayPlattsburghNY
Financial Institutions480 Jefferson BoulevardWarwickRI
Energy1800 Nelson RoadLongmontCO
Health Care Equipment & Services1850 Norman Drive NorthWaukeganIL
Health Care Equipment & Services1333 - 1385 East Shaw AvenueFresnoCA
Telecommunication Services2270 Lakeside BoulevardRichardsonTX
Health Care Equipment & Services5859 Farinon DriveSan AntonioTX
Energy202 S. CheyenneTulsaOK
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 24



Q1 2023 SUPPLEMENTAL INFORMATION
IndustryAddressCityState
Vacant7475 S. Joliet StreetEnglewoodCO
Consumer Durables & Apparel4340 & 4350 South Monaco StreetDenverCO
Vacant2250 Lakeside BoulevardRichardsonTX
Commercial & Professional Services3833 Greenway DriveLawrenceKS
Commercial & Professional Services2201 Noria RoadLawrenceKS
Materials1585 Sawdust RoadThe WoodlandsTX
Consumer Durables & Apparel7390 S. Iola StreetEnglewoodCO
Vacant41 Moores RoadMalvernPA
Media & Entertainment1320 N. Dr. MLK Jr. DriveMilwaukeeWI
Telecommunication Services695 Grassmere ParkNashvilleTN
Commercial & Professional Services1575 Sawdust RoadThe WoodlandsTX
Retailing101 Riverview ParkwaySanteeCA
Materials6752 Baymeadow DriveGlen BurnieMD
Health Care Equipment & Services6655 North MacArthur BoulevardIrvingTX
Capital Goods2087 East 71st StreetTulsaOK
Government & Public Services333 Scott StreetCovingtonKY
Software & Services1759 Wehrle DrAmherstNY
Commercial & Professional Services6377 Emerald DriveDublinOH
Capital Goods22640 Davis DriveSterlingVA
Capital Goods1100 Atwater Drive, Lot 11AMalvernPA
Health Care Equipment & Services7353 Company DriveIndianapolisIN
Health Care Equipment & Services1640 Dallas ParkwayPlanoTX
Capital Goods1705 Kellie DriveBlairNE
Commercial & Professional Services955 American Lane Unit 1SchaumburgIL
Vacant3100 Quail Springs ParkwayOklahoma CityOK
Software & Services777 Research Road