Orion Office REIT reports Q4 core FFO 33c vs 44c last year

Reports Q4 revenue $43.8M vs $43.751M last year. Paul McDowell, Orion’s Chief Executive Officer commented, “2023 marked a year of progress for the Orion team despite the challenging economic environment and office market headwinds. We closed on the sale of six non-core properties for a total of 17 sold since the spin-off, executed 261,000 square feet of leasing activity and repaid $59.0 million in debt. We remain firmly committed to stabilizing and repositioning our existing portfolio through strategic dispositions, while selectively recycling capital as appropriate to enhance future cash flow. Our low-levered balance sheet provides the flexibility to continue to navigate market challenges and execute our plan, which will include additional earnings pressure through the coming year, as we strive to unlock long-term value for our investors.”