Exhibit 99.2                                                
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Q3 2023 SUPPLEMENTAL INFORMATION
Orion Supplemental Information
September 30, 2023

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



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Q3 2023 SUPPLEMENTAL INFORMATION
About the Data
This data and other information described herein are as of and for the three months ended September 30, 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 Reports on Form 10-Q for the periods ended September 30, 2023, June 30, 2023 and March 31, 2023 and Annual Report on Form 10-K for the year ended December 31, 2022.



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Q3 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 and geopolitical 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 our properties, including our ability to satisfy the conditions to extend our credit facility revolver;
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;
our ability to accurately forecast the payment of future dividends on our common stock, and the amount of such dividend;
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 of 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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Q3 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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Q3 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 an internally managed REIT engaged in the ownership, acquisition and management of a diversified portfolio of mission-critical regional and corporate headquarters office buildings in high-quality suburban markets across the U.S. and leased primarily on a single-tenant net lease basis to creditworthy tenants. As of September 30, 2023, Orion owned and operated a portfolio of 79 office properties totaling approximately 9.3 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, as of September 30, 2023, owned a portfolio consisting of six office properties totaling approximately 1.0 million leasable square feet located within six states. As of September 30, 2023, approximately 72.0% of the Company's Annualized Base Rent was from Investment-Grade Tenants, the Company's Occupancy Rate was 80.5%, or 88.7% adjusted for properties that have been sold following quarter end or are currently under agreement to be sold, and the Weighted Average Remaining Lease Term was 3.9 years.
The Company's Annualized Base Rent as of September 30, 2023 was approximately $144.9 million. The top tenants, tenant industries and geographic locations of the Company's properties are outlined in the following sections: "Tenants Comprising Over 1% of Annualized Base Rent," "Tenant Industry Diversification," and "Property Geographic Diversification," respectively.

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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Q3 2023 SUPPLEMENTAL INFORMATION
Company Overview (cont.)
Senior ManagementBoard of Directors
Paul H. McDowell, Chief Executive Officer, PresidentReginald H. Gilyard, Non-Executive Chairman, Independent Director
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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Q3 2023 SUPPLEMENTAL INFORMATION
Balance Sheets
(unaudited, in thousands)
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Assets
Real estate investments, at cost:
Land$227,203 $229,105 $236,966 $238,225 $243,726 
Buildings, fixtures and improvements1,106,383 1,111,646 1,127,590 1,128,400 1,137,177 
Total real estate investments, at cost1,333,586 1,340,751 1,364,556 1,366,625 1,380,903 
Less: accumulated depreciation156,904 149,147 141,093 133,379 126,097 
Total real estate investments, net1,176,682 1,191,604 1,223,463 1,233,246 1,254,806 
Accounts receivable, net26,911 24,960 24,697 21,641 21,923 
Intangible lease assets, net144,304 161,885 182,629 202,832 223,528 
Cash and cash equivalents32,286 42,209 23,755 20,638 23,282 
Real estate assets held for sale, net3,818 16,251 2,502 2,502 6,383 
Other assets, net 120,390 90,998 89,826 90,214 91,632 
Total assets$1,504,391 $1,527,907 $1,546,872 $1,571,073 $1,621,554 
Liabilities and Equity
Mortgages payable, net$352,683 $352,509 $352,337 $352,167 $351,994 
Credit facility term loan, net— — 174,153 173,815 173,478 
Credit facility revolver175,000 175,000 — — 31,000 
Accounts payable and accrued expenses30,570 22,326 19,957 26,161 22,038 
Below-market lease liabilities, net9,481 10,996 12,526 14,068 15,611 
Distributions payable5,578 5,670 5,666 5,664 5,664 
Other liabilities, net21,811 23,682 22,286 23,340 21,085 
Total liabilities595,123 590,183 586,925 595,215 620,870 
Common stock56 57 57 57 57 
Additional paid-in capital1,143,825 1,148,155 1,147,466 1,147,014 1,146,431 
Accumulated other comprehensive income986 3,026 4,540 6,308 7,057 
Accumulated deficit(237,026)(214,929)(193,516)(178,910)(154,273)
Total stockholders' equity907,841 936,309 958,547 974,469 999,272 
Non-controlling interest1,427 1,415 1,400 1,389 1,412 
Total equity909,268 937,724 959,947 975,858 1,000,684 
Total liabilities and equity$1,504,391 $1,527,907 $1,546,872 $1,571,073 $1,621,554 


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Q3 2023 SUPPLEMENTAL INFORMATION
Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Revenues:
Rental$48,876 $51,824 $49,990 $50,097 $51,580 
Fee income from unconsolidated joint venture200 200 200 197 189 
Total revenues49,076 52,024 50,190 50,294 51,769 
Operating expenses:
Property operating15,506 15,487 15,344 15,746 15,303 
General and administrative 4,367 4,565 4,309 4,428 4,672 
Depreciation and amortization27,013 27,877 28,166 30,493 32,693 
Impairments11,403 11,819 3,754 12,198 44,801 
Transaction related101 150 105 277 194 
Total operating expenses58,390 59,898 51,678 63,142 97,663 
Other (expenses) income:
Interest expense, net(7,380)(7,222)(7,139)(7,553)(7,904)
Gain on disposition of real estate assets18 — — 1,293 1,059 
Loss on extinguishment of debt, net— (504)— — — 
Other income, net437 165 36 105 31 
Equity in loss of unconsolidated joint venture, net(108)(95)(123)(272)(157)
Total other (expenses) income, net(7,033)(7,656)(7,226)(6,427)(6,971)
Loss before taxes(16,347)(15,530)(8,714)(19,275)(52,865)
Provision for income taxes(160)(185)(160)282 (164)
Net loss(16,507)(15,715)(8,874)(18,993)(53,029)
Net (income) loss attributable to non-controlling interest(12)(15)(11)23 (18)
Net loss attributable to common stockholders$(16,519)$(15,730)$(8,885)$(18,970)$(53,047)
Weighted-average shares outstanding - basic and diluted56,543 56,680 56,642 56,644 56,635 
Basic and diluted net loss per share attributable to common stockholders$(0.29)$(0.28)$(0.16)$(0.33)$(0.94)




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Q3 2023 SUPPLEMENTAL INFORMATION
Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD)
(unaudited, in thousands, except per share data)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Net loss attributable to common stockholders$(16,519)$(15,730)$(8,885)$(18,970)$(53,047)
Adjustments:
Depreciation and amortization of real estate assets26,988 27,852 28,142 30,475 32,674 
Gain on disposition of real estate assets(18)— — (1,293)(1,059)
Impairment of real estate11,403 11,819 3,754 12,198 44,801 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable463 463 462 465 460 
FFO attributable to common stockholders$22,317 $24,404 $23,473 $22,875 $23,829 
Transaction related101 150 105 277 194 
Amortization of deferred financing costs933 1,059 1,049 1,068 1,067 
Amortization of deferred lease incentives, net(14)100 101 80 36 
Equity-based compensation687 689 526 603 444 
Loss on extinguishment of debt, net— 504 — — — 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable29 29 29 29 28 
Core FFO attributable to common stockholders$24,053 $26,935 $25,283 $24,932 $25,598 
Amortization of above and below market leases, net(346)(274)(215)(260)(312)
Straight-line rental revenue(1,369)(2,275)(2,684)2,911 (699)
Unconsolidated Joint Venture basis difference amortization113 114 133 259 258 
Capital expenditures and leasing costs(8,359)(2,172)(3,338)(6,112)(3,730)
Other adjustments, net66 74 131 74 63 
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable(40)(41)(40)(54)(59)
FAD attributable to common stockholders$14,118 $22,361 $19,270 $21,750 $21,119 
Weighted-average shares outstanding - basic56,543 56,680 56,642 56,644 56,635 
Effect of weighted-average dilutive securities (1)
26 11 18 — — 
Weighted-average shares outstanding - diluted56,569 56,691 56,660 56,644 56,635 
FFO attributable to common stockholders per diluted share$0.39 $0.43 $0.41 $0.40 $0.42 
Core FFO attributable to common stockholders per diluted share$0.43 $0.48 $0.45 $0.44 $0.45 
FAD attributable to common stockholders per diluted share$0.25 $0.39 $0.34 $0.38 $0.37 
___________________________________
(1)Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance-based restricted stock units for which the thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q3 2023 SUPPLEMENTAL INFORMATION
EBITDA, EBITDAre and Adjusted EBITDA
(unaudited, in thousands)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
 Net loss attributable to common stockholders$(16,519)$(15,730)$(8,885)$(18,970)$(53,047)
 Adjustments:
Interest expense7,380 7,222 7,139 7,553 7,904 
Depreciation and amortization27,013 27,877 28,166 30,493 32,693 
Provision for income taxes160 185 160 (282)164 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable864 861 854 864 782 
 EBITDA$18,898 $20,415 $27,434 $19,658 $(11,504)
Gain on disposition of real estate assets(18)— — (1,293)(1,059)
Impairment of real estate11,403 11,819 3,754 12,198 44,801 
EBITDAre$30,283 $32,234 $31,188 $30,563 $32,238 
Transaction related101 150 105 277 194 
Amortization of above and below market leases, net(346)(274)(215)(260)(312)
Amortization of deferred lease incentives, net(14)100 101 80 36 
Loss on extinguishment of debt, net— 504 — — — 
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable(7)(8)(7)(8)(7)
Adjusted EBITDA$30,017 $32,706 $31,172 $30,652 $32,149 

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q3 2023 SUPPLEMENTAL INFORMATION
Capital Structure
(unaudited, dollars and shares in thousands, except per share amounts)




chart-1f9c00da1e444191a59.jpg
Common equity34.3%
Mortgages payable41.9%
Credit facility revolver (4)
20.6%
Proportionate share of Unconsolidated Joint Venture Debt3.2%
                            
Fixed vs. Variable Rate Debt
Fixed and Swapped to Fixed100.0 %
Variable (4)
— %
Orion Capitalization Table
September 30, 2023
Common stock outstanding55,780
Stock price$5.21
Implied Equity Market Capitalization$290,614
Wtd. Avg. Maturity
(Years)
Interest Rate (1)
September 30, 2023
Mortgages payable3.44.97 %$355,000
Proportionate share of Unconsolidated Joint Venture Debt (2)
1.25.19 %27,332
Total secured debt3.24.99 %$382,332
Total unsecured credit facility revolver (3) (4)
2.63.92%$175,000
Total Principal Outstanding3.04.65 %$557,332
Total Capitalization$847,946
Cash and cash equivalents32,286
Restricted cash deposited with credit facility lenders33,198
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents708
Enterprise Value$781,754
Net Debt/Enterprise Value62.8 %
Net Debt/Gross Real Estate Investments28.9 %
Fixed Charge Coverage Ratio4.40x
Liquidity (5)
$316,192
Net Debt/Annualized Adjusted EBITDA4.09x

___________________________________
(1)Interest rate for variable rate debt represents the interest rate in effect as of September 30, 2023.
(2)The Unconsolidated Joint Venture mortgages payable have a variable interest rate which is determined, at the election of the borrower, on the basis of Daily Simple SOFR or a base rate, in the case of a SOFR loan, plus 1.60% per annum, and in the case of a base rate loan, plus 0.50% per annum; however, the Unconsolidated Joint Venture has entered into an interest rate swap agreement which effectively fixes the interest rate on the mortgage notes at 5.19% per annum until May 27, 2024.
(3)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.
(4)The credit facility revolver matures on November 12, 2024 with an option to extend the maturity an additional 18 months to May 12, 2026. This table assumes exercise of the extension option. There was $175.0 million outstanding on the credit facility revolver as of September 30, 2023 and it is a variable rate facility with the interest rate determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.35% per annum, and in the case of a base rate loan, plus 2.25% per annum; however, the Company has entered into interest rate swap agreements which effectively fixes the interest rate on the notional amount of $175.0 million at 3.92% per annum until November 12, 2023. Upon the scheduled expiration of the interest rate swap agreements, the Company's borrowing cost on the credit facility revolver will no longer be effectively fixed, but rather will float and, therefore, the Company's borrowing cost on the credit facility revolver will immediately shift to prevailing short-term interest rates based on the benchmark and applicable margin described above, and the Company will be exposed to interest rate fluctuations on these borrowings.
(5)Liquidity represents cash and cash equivalents of $33.0 million, including the Company's pro rata share of cash from the Unconsolidated Joint Venture, as well as $250.0 million available capacity on our $425.0 million credit facility revolver as of September 30, 2023. Also includes $33.2 million of restricted cash deposited with the credit facility lenders that will, in accordance with the terms of the credit facility revolver, be used to prepay borrowings thereunder upon the scheduled expiration in November 2023 (or earlier termination) of the Company's interest rate swap agreements, and thereby create an equal amount of additional available capacity under the credit facility revolver.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q3 2023 SUPPLEMENTAL INFORMATION

Debt Detail
(unaudited, dollars in thousands)
Principal Payments DueTotal202320242025Thereafter
Credit facility revolver (1)
$175,000 $— $— $— $175,000 
Mortgages payable355,000 — — — 355,000 
Proportionate share of Unconsolidated Joint Venture debt27,332 — 27,332 — — 
Total Principal Outstanding$557,332 $ $27,332 $ $530,000 

Debt TypePercentage of Principal OutstandingInterest RateWeighted-Average Years to Maturity
Credit facility revolver (1)
31.4 %3.92 %2.6
Mortgages payable63.7 %4.97 %3.4
Proportionate share of Unconsolidated Joint Venture debt4.9 %5.19 %1.2
Total100.0 %4.65 %3.0

Debt TypePercentage of Principal OutstandingWeighted-Average Interest RateWeighted-Average Years to Maturity
Total unsecured debt31.4 %3.92 %2.6
Total secured debt68.6 %4.99 %3.2
Total100.0 %4.65 %3.0
Total fixed-rate and swapped to fixed-rate debt (1)
100.0 %4.65 %3.0
Total variable-rate debt (1)
— %N/AN/A
Total100.0 %4.65 %3.0
___________________________________
(1)The credit facility revolver matures on November 12, 2024 with an option to extend the maturity an additional 18 months to May 12, 2026. This table assumes exercise of the extension option. There was $175.0 million outstanding on the credit facility revolver as of September 30, 2023 and it is a variable rate facility with the interest rate determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.35% per annum, and in the case of a base rate loan, plus 2.25% per annum; however, the Company has entered into interest rate swap agreements which effectively fixes the interest rate on the notional amount of $175.0 million at 3.92% per annum until November 12, 2023. Upon the scheduled expiration of the interest rate swap agreements, the Company's borrowing cost on the credit facility revolver will no longer be effectively fixed, but rather will float and, therefore, the Company's borrowing cost on the credit facility revolver will immediately shift to prevailing short-term interest rates based on the benchmark and applicable margin described above, and the Company will be exposed to interest rate fluctuations on these borrowings.











See the Definitions section for a description of the Company's non-GAAP and operating metrics.
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Q3 2023 SUPPLEMENTAL INFORMATION
Ratio Analysis
(unaudited, dollars in thousands)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$6,818$6,529$6,453$6,852$7,131
Adjusted EBITDA (2)
30,01732,70631,17230,65232,149
Interest Coverage Ratio4.40x5.01x4.83x4.47x4.51x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)
$6,818$6,529$6,453$6,852$7,131
Secured debt principal amortization
Total fixed charges6,8186,5296,4536,8527,131
Adjusted EBITDA (2)
30,01732,70631,17230,65232,149
Fixed Charge Coverage Ratio4.40x5.01x4.83x4.47x4.51x
___________________________________
(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.
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Net Debt Ratios
Net Debt (1)
$491,140$514,418$532,850$536,122$564,292
Adjusted EBITDA (2)
120,068130,824124,688132,210128,596
Net Debt to Adjusted EBITDA Ratio4.09x3.93x4.27x4.06x4.39x
Net Debt (1)
$491,140$514,418$532,850$536,122$564,292
Gross Real Estate Investments (1)
1,698,3871,716,5941,734,5591,743,9691,766,600
Net Debt Leverage Ratio28.9 %30.0 %30.7 %30.7 %31.9 %
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (1)
$1,092,464$1,112,811$1,131,272$1,141,035$1,165,310
Gross Real Estate Investments (1)
1,698,3871,716,5941,734,5591,743,9691,766,600
Unencumbered Asset Ratio64.3 %64.8 %65.2 %65.4 %66.0 %
___________________________________
(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. 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.
(2)Adjusted EBITDA for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, and September 30, 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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Q3 2023 SUPPLEMENTAL INFORMATION
Credit Facility Revolver Covenants
(unaudited)
The following is a summary of financial covenants for the Company's 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 September 30, 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 Revolver Financial CovenantsRequiredSeptember 30, 2023
Ratio of total indebtedness to total asset value≤ 60%38.3%
Ratio of adjusted EBITDA to fixed charges≥ 1.5x4.23x
Ratio of secured indebtedness to total asset value≤ 40%25.0%
Ratio of unsecured indebtedness to unencumbered asset value
≤ 60% (1)
14.9%
Ratio of unencumbered adjusted NOI to unsecured interest expense≥ 2.00x10.74x
Unencumbered asset value≥ $600.0 million$832.5 million
___________________________________
(1)If the ratio of unsecured indebtedness to unencumbered asset value exceeds 35% as of the end of two consecutive fiscal quarters, the Company will be required, within 90 days and subject to cure rights, to grant the administrative agent a first priority lien on all the properties included in the pool of unencumbered assets (other than properties identified for disposition by the Company so long as such properties are sold within one year of such identification).
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 15



Q3 2023 SUPPLEMENTAL INFORMATION
Net Operating Income (NOI) and Cash NOI
(unaudited, dollars in thousands)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Rental revenue:
Cash rental revenue35,491 36,410 36,104 37,209 38,987 
Fixed reimbursements1,737 1,399 1,384 1,406 1,428 
Variable reimbursements9,203 10,679 8,482 9,081 9,027 
Straight-line rental revenue1,369 2,275 2,684 (2,911)699 
Amortization of above and below market leases, net346 274 215 260 312 
Amortization of deferred lease incentives, net14 (100)(101)(80)(36)
Other rental revenue716 887 1,222 5,132 1,163 
Total rental revenue48,876 51,824 49,990 50,097 51,580 
Property operating expense(15,506)(15,487)(15,344)(15,746)(15,303)
NOI33,370 36,337 34,646 34,351 36,277 
Adjustments:
Straight-line rental revenue(1,369)(2,275)(2,684)2,911 (699)
Amortization of above and below market leases, net(346)(274)(215)(260)(312)
Amortization of deferred lease incentives, net(14)100 101 80 36 
Other non-cash adjustments47 48 48 51 50 
Proportionate share of Unconsolidated Joint Venture Cash NOI863 861 862 833 848 
 Cash NOI$32,551 $34,797 $32,758 $37,966 $36,200 




See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 16



Q3 2023 SUPPLEMENTAL INFORMATION
Leasing Activity
(unaudited, dollars and square feet in thousands)
During the nine months ended September 30, 2023, we entered into new and renewal leases as summarized in the following table:
Nine Months Ended September 30, 2023
New LeasesRenewalsTotal
Rentable square feet leased18111129
Weighted average rental rate change (cash basis) (1) (2)
(19.8)%17.3 %13.5 %
Tenant leasing costs and concession commitments (3)
$748 $1,065 $1,813 
Tenant leasing costs and concession commitments per rentable square foot$41.38 $9.62 $14.09 
Weighted average lease term (by rentable square feet) (years)7.89.89.5
Tenant leasing costs and concession commitments per rentable square foot per year$5.29 $0.98 $1.48 
____________________________________
(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



Q3 2023 SUPPLEMENTAL INFORMATION
Vacant Property Operating Expenses
(unaudited, in thousands for the nine months ended September 30, 2023)
Square FeetTotal Expenses
Fully vacant - full period637$2,866
Fully vacant - disposed and partial period (1)
1,0853,565
Fully vacant subtotal (2)
1,722$6,431
Partially vacant properties (3)
3451,778
Total2,067$8,209
____________________________________
(1)Represents eight properties that became vacant during the nine months ended September 30, 2023 and one vacant property that was disposed during the nine months ended September 30, 2023.
(2)The Company had 13 fully vacant properties as of September 30, 2023, including the six property former Walgreens campus in Deerfield, Illinois. All expenses are a component of property operating expenses in the consolidated statements of operations.
(3)The Company does not record property operating expenses at the suite level; therefore, the total expenses for the nine months ended September 30, 2023 for partially vacant properties are estimated by multiplying the vacant square feet of the partially vacant properties by the total annualized expenses per square foot for fully vacant properties and prorating for the nine months ended September 30, 2023.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 18



Q3 2023 SUPPLEMENTAL INFORMATION
Dispositions
(unaudited, square feet and dollars in thousands)
The following table summarizes the Company's disposition activity during the three and nine months ended September 30, 2023.

Date Sold
Property Location
Square Feet
Gross Sale Price
Lease Term (Years)
07/06/2023Berkeley, MO227$9,650Vacant
08/10/2023New Port Richey, FL474,400Vacant
Total274$14,050
The following table summarizes the Company's disposition activity following the nine months ended September 30, 2023.

Date Sold
Property Location
Square Feet
Gross Sale Price
Lease Term (Years)
10/23/2023Schaumburg, IL178$1,375Vacant
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 19


Q3 2023 SUPPLEMENTAL INFORMATION
Diversification Statistics: Real Estate Portfolio
(unaudited, percentages based on portfolio Annualized Base Rent as of September 30, 2023, other than occupancy rate which is based on square footage as of September 30, 2023)

chart-05e646e2a3dd4b5681f.jpg
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___________________________________________________

Statistics
(square feet in thousands)
Operating Properties79 
Unconsolidated Joint Venture Properties
Rentable Square Feet9,459 
Occupancy Rate80.5 %
Weighted Average Remaining Lease Term3.9 
Investment-Grade Tenants72.0 %
NN leases69.6 %
NNN leases11.9 %

See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 20



Q3 2023 SUPPLEMENTAL INFORMATION
Tenants Comprising Over 1% of Annualized Base Rent
(unaudited, square feet and dollars in thousands as of September 30, 2023)
TenantNumber of LeasesLeased Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total PortfolioCredit Rating
General Services Administration16 734 7.8 %$19,283 13.3 %AA+
Merrill Lynch482 5.1 %12,224 8.4 %A-
Highmark Western & Northeastern NY430 4.5 %8,450 5.8 %NR
RSA Security328 3.5 %7,221 5.0 %BBB
Cigna/Express Scripts365 3.9 %6,856 4.7 %A-
Coterra Energy309 3.3 %5,762 4.0 %BBB
Novartis176 1.9 %4,995 3.4 %AA-
MDC Holdings Inc.144 1.5 %4,299 3.0 %BBB-
T-Mobile217 2.3 %3,937 2.7 %BBB
Charter Communications264 2.8 %3,745 2.6 %BB+
Top Ten Tenants31 3,449 36.6 %76,772 52.9 %
Remaining Tenants:
Banner Life Insurance116 1.2 %3,581 2.5 %A
Inform Diagnostics172 1.8 %3,551 2.5 %NR
Encompass Health65 0.7 %3,436 2.4 %BB-
Collins Aerospace207 2.2 %3,369 2.3 %BBB+
Home Depot/HD Supply153 1.6 %3,120 2.2 %A
AT&T203 2.1 %2,921 2.0 %BBB
Linde175 1.9 %2,714 1.9 %A
Maximus168 1.8 %2,549 1.8 %BB+
Citigroup64 0.7 %2,459 1.7 %BBB+
CVS/Aetna127 1.3 %2,259 1.6 %BBB
Hasbro136 1.4 %2,243 1.5 %BBB
Ingram Micro200 2.1 %2,197 1.5 %BB-
Novus International96 1.0 %2,022 1.4 %NR
Pulte Mortgage95 1.0 %2,005 1.4 %BBB
NetJets140 1.5 %1,990 1.4 %NR
Elementis66 0.7 %1,980 1.4 %NR
FedEx (1)
352 3.7 %1,744 1.2 %BBB
General Electric152 1.6 %1,663 1.1 %BBB+
AGCO126 1.3 %1,607 1.1 %BBB-
Intermec81 0.9 %1,459 1.0 %A
Abbott Laboratories131 1.4 %1,379 1.0 %AA-
Total55 6,474 68.5 %$127,020 87.8 %
____________________________________
(1)Includes one lease where FedEx was in holdover tenancy at the end of the quarter and holdover rent has been excluded from the Annualized Base Rent calculation.
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 21



Q3 2023 SUPPLEMENTAL INFORMATION
Tenant Industry Diversification
(unaudited, square feet and dollars in thousands as of September 30, 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 11.7 %$21,354 14.7 %
Government & Public Services18 778 8.2 %19,831 13.7 %
Financial Institutions616 6.5 %15,479 10.7 %
Insurance600 6.3 %13,292 9.2 %
Capital Goods10 845 8.9 %12,572 8.7 %
Software & Services638 6.7 %11,668 8.0 %
Consumer Durables & Apparel375 4.0 %8,546 5.9 %
Telecommunication Services419 4.4 %6,858 4.7 %
Materials366 3.9 %5,852 4.0 %
Energy309 3.3 %5,762 4.0 %
Top Ten Tenant Industries65 6,055 63.9 %121,214 83.6 %
Remaining Tenant Industries:
Pharmaceuticals, Biotechnology & Life Sciences176 1.9 %4,995 3.4 %
Commercial & Professional Services10 295 3.1 %4,719 3.3 %
Transportation541 5.7 %4,490 3.1 %
Media & Entertainment264 2.8 %3,745 2.6 %
Retailing157 1.7 %3,196 2.2 %
Food, Beverage & Tobacco96 1.0 %2,022 1.4 %
Utilities26 0.3 %394 0.3 %
Real Estate— %86 0.1 %
Consumer Services0.1 %54 — %
Total91 7,619 80.5 %$144,915 100.0 %
__________________________________
(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



Q3 2023 SUPPLEMENTAL INFORMATION
Property Geographic Diversification
(unaudited, square feet and dollars in thousands as of September 30, 2023)
LocationNumber of PropertiesRentable Square FeetSquare Feet as a % of Total PortfolioAnnualized Base RentAnnualized Base Rent as a % of Total Portfolio
Texas15 1,353 14.3 %$24,239 16.7 %
New Jersey724 7.6 %19,199 13.2 %
New York781 8.2 %13,691 9.4 %
Kentucky458 4.8 %10,299 7.1 %
Colorado571 6.0 %7,967 5.5 %
Massachusetts378 4.0 %7,933 5.5 %
Oklahoma585 6.2 %6,791 4.7 %
California244 2.6 %5,310 3.7 %
Missouri303 3.2 %4,917 3.4 %
Maryland236 2.5 %4,646 3.2 %
Top Ten States42 5,633 59.4 %104,992 72.4 %
Remaining States:
Tennessee240 2.5 %4,615 3.2 %
Georgia284 3.0 %4,601 3.2 %
Virginia240 2.5 %4,523 3.1 %
Ohio500 5.3 %3,520 2.4 %
Rhode Island206 2.2 %3,040 2.1 %
South Carolina64 0.7 %2,459 1.7 %
Wisconsin155 1.6 %2,299 1.6 %
Arizona215 2.3 %2,216 1.5 %
Illinois916 9.7 %2,174 1.5 %
Iowa92 1.0 %1,955 1.4 %
Nebraska180 1.9 %1,563 1.1 %
Pennsylvania233 2.5 %1,316 0.9 %
Oregon69 0.7 %1,142 0.8 %
West Virginia63 0.7 %1,130 0.8 %
Kansas196 2.1 %1,044 0.7 %
Idaho45 0.5 %1,035 0.7 %
Indiana83 0.9 %570 0.4 %
Minnesota39 0.4 %493 0.3 %
Florida0.1 %228 0.2 %
Total85 9,459 100.0 %$144,915 100.0 %





See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 23



Q3 2023 SUPPLEMENTAL INFORMATION
Lease Expirations
(unaudited, square feet and dollars in thousands as of September 30, 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
2023186 2.0 %$5,288 3.5 %
202416 1,911 20.2 %39,379 27.2 %
202513 1,044 11.0 %18,956 13.1 %
202615 804 8.5 %18,629 12.9 %
202714 1,002 10.5 %16,504 11.4 %
202811 595 6.3 %10,907 7.5 %
2029396 4.2 %5,968 4.1 %
203098 1.0 %4,591 3.2 %
203111 0.1 %429 0.3 %
2032300 3.2 %3,808 2.6 %
Thereafter1,010 10.7 %20,456 14.2 %
Subtotal90 7,357 77.7 %144,915 100.0 %
Month-to-Month262 2.8 %— — %
Total91 7,619 80.5 %$144,915 100.0 %
__________________________________
(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



Q3 2023 SUPPLEMENTAL INFORMATION
Lease Summary
(unaudited, square feet and dollars in thousands as of September 30, 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 Increase67 6,410 67.8 %$120,956 83.5 %
Flat113 1.1 %1,794 1.2 %
GSA CPI14 689 7.3 %18,248 12.6 %
CPI145 1.5 %3,917 2.7 %
Month-to-Month262 2.8 %— — %
Total 91 7,619 80.5 %$144,915 100.0 %



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 5,586 59.1 %$100,799 69.6 %
Modified Gross19 977 10.2 %26,717 18.4 %
NNN11 1,048 11.1 %17,303 11.9 %
Gross0.1 %96 0.1 %
Total91 7,619 80.5 %$144,915 100.0 %
__________________________________
(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 | 25



Q3 2023 SUPPLEMENTAL INFORMATION
Full Portfolio (1)
(unaudited, as of September 30, 2023)
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
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
Vacant1411 Lake Cook RoadDeerfieldIL
Vacant1415 Lake Cook RoadDeerfieldIL
Vacant1417 Lake Cook RoadDeerfieldIL
Vacant1419 Lake Cook RoadDeerfieldIL
Vacant1425 Lake Cook RoadDeerfieldIL
Vacant1435 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
Government & Public Services103 & 104 Airport RoadGrangevilleID
Government & Public Services2901 Alta Mesa BoulevardFort WorthTX
Government & Public Services59 Dunning WayPlattsburghNY
Financial Institutions480 Jefferson BoulevardWarwickRI
Capital Goods1800 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
Vacant7475 S. Joliet StreetEnglewoodCO
Consumer Durables & Apparel4340 & 4350 South Monaco StreetDenverCO
See the Definitions section for a description of the Company's non-GAAP and operating metrics.
Orion Office REIT Inc. | WWW.ONLREIT.COM | 26



Q3 2023 SUPPLEMENTAL INFORMATION
IndustryAddress