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Orion’s Diversified Portfolio is Supported by Significant Investment Grade Tenant Exposure
The Orion portfolio consists of 79 wholly-owned properties and 6 unconsolidated Joint Venture properties diversified by tenant, geography and industry. None of Orion’s tenants represent more than 13.3% of the portfolio by ABR. The diversity of Orion’s portfolio and the high credit quality nature of the tenancy are expected to provide the company with a strong, stable source of recurring cash flow from which to grow the business.
The portfolio is cycle-tested and its rent collection rate during the pandemic demonstrates the creditworthiness of the tenant base and our ability to continue to occupy these key office locations. The portfolio has 72.0% investment grade tenancy by ABR as of September 30, 2023.
A Distinct Investment Thesis
Orion is the only REIT in the net lease sector with a dedicated strategy focused on the intersection of suburban office and net lease. As the only REIT in the net lease sector with a dedicated single-tenant suburban office strategy, Orion is uniquely positioned in today’s market.
Explore Orion’s Investment ThesisTop 10 Tenants
As of September 30, 2023, the top ten tenants as measured by Annualized Base Rent (ABR) are as follows:| Tenant | Credit Rating(1) | Percentage of ABR (as of 9.30.23) |
|---|---|---|
| Government Services Administration | AA+ | 13.3% |
| Merrill Lynch | A- | 8.4% |
| Highmark Western New York | NR | 5.8% |
| RSA Security | BBB | 5.0% |
| Cigna | A- | 4.7% |
| Coterra | BBB | 4.0% |
| Novartis | AA- | 3.4% |
| MDC Holdings Inc. | BBB- | 3.0% |
| T-Mobile | BBB | 2.7% |
| Charter | BB+ | 2.6% |
(1) S&P credit ratings (or equivalent if Moody’s credit rating); parent company credit ratings shown where applicable.
Industry Diversification
Orion’s tenants operate in a wide range of industries, including financial services, health care, government services and telecommunications.
As of September 30, 2023, the top ten tenant industries as measured by Annualized Base Rent are as follows:
Geographic Diversification
The Orion portfolio consists of 79 wholly-owned properties and 6 unconsolidated Joint Venture properties, aggregating 9.5 million total leasable square feet with concentrations in strong suburban office markets as of September 30, 2023.