The following is a summary of the Orion Office REIT Inc. (ONL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Orion's total revenues for Q1 2024 were $47.2 million, a drop from $50.2 million in Q1 2023.
The company incurred a net loss attributable to common stockholders of $26.2 million or $0.47 per share, compared to a net loss of $8.9 million or $0.16 per share in Q1 2023.
Core FFO for Q1 2024 was $20.4 million or $0.36 per share, down from $25.3 million or $0.45 per share in Q1 2023. Adjusted EBITDA was $26.7 million versus $31.2 million in Q1 2023.
Business Progress:
Orion showed considerable leasing momentum in Q1 2024, more than doubling the signing of new and renewal leasing from the previous year.
The sale of 17 properties totaling 1.8 million square feet allowed Orion to reduce debt by over $145 million, enhancing their resources and allowing them to focus on properties with strong long-term re-leasing prospects.
Retention of existing tenants, filling of vacant spaces, the sale of non-core assets and the establishment of a portfolio of well-leased, long-term properties remain the company's primary focus.
The company's board declared a Q2 2024 quarterly cash dividend of $0.10 per share, payable on July 15, 2024.
Reiterating its guidance, the company expects its core FFO to range between $0.93 to $1.01 per share, G&A to be in the range of $19.5 million to $20.5 million and net debt to adjusted EBITDA in the range of 6.2 times to 7.0 times.
More details: Orion Office Reit IR
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