Quarterly report pursuant to Section 13 or 15(d)

ORION OFFICE REIT, CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

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ORION OFFICE REIT, CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (9,882) $ 4,551
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 34,353 5,988
Non-cash revenue adjustments (1,092) (390)
Amortization of net premiums on mortgages payable 0 (21)
Impairments 1,602 0
Loss on extinguishment of debt, net 468 0
Amortization of deferred financing costs 1,172 0
Equity-based compensation 270 0
Equity in income of unconsolidated joint venture 41 0
Changes in assets and liabilities:    
Accounts receivable, net and other assets, net (1,989) (226)
Accounts payable, accrued expenses and other liabilities, net 3,210 1,248
Net cash provided by operating activities 28,153 11,150
Cash flows from investing activities:    
Capital expenditures and leasing costs (1,836) (55)
Return of investment from unconsolidated joint venture 601 0
Net cash used in investing activities (1,235) (55)
Cash flows from financing activities:    
Proceeds from mortgage notes payable 355,000 0
Payments on mortgage notes payable 0 (163)
Proceeds from credit facility revolver 70,000 0
Distributions to parent company, net 0 (14,122)
Payments of deferred financing costs (3,096) 0
Other financing activities (46) 0
Net cash used in financing activities (2,168) (14,285)
Net change in cash and cash equivalents and restricted cash 24,750 (3,190)
Cash and cash equivalents and restricted cash at the beginning of the period 29,318 3,915
Cash and cash equivalents and restricted cash at the end of the period 54,068 725
Reconciliation of Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of period 29,318 0
Restricted cash at beginning of period 0 3,915
Cash and cash equivalents and restricted cash at the beginning of the period 29,318 3,915
Cash and cash equivalents at end of period 18,585 0
Restricted cash at the end of the period 35,483 725
Cash and cash equivalents and restricted cash at the end of the period 54,068 725
Bridge facility, net    
Cash flows from financing activities:    
Repayments of Lines of Credit (355,026) 0
Credit facility revolver    
Cash flows from financing activities:    
Repayments of Lines of Credit $ (69,000) $ 0