Orion Properties is a REIT that owns and leases office properties, primarily under single-tenant net leases, to corporate and government tenants across suburban U.S. markets. Orion was spun out of Realty Income in November 2021 following Realty Income's merger with VEREIT. As of year-end 2025, Orion owned 58 properties totaling 6.5M leasable square feet across 26 states. Tenants use properties as regional and corporate headquarters, government offices, medical facilities, labs, and R&D/flex spaces. The GSA is the largest tenant at 17.8% of annualized base rent, followed by Merrill Lynch at 10.0%. Under net leases, tenants bear most property operating expenses, giving Orion more predictable cash flows. Since its spin, Orion has been repositioning its portfolio away from traditional generic suburban office toward what it calls dedicated use assets (DUAs) — properties where tenants perform work that cannot be done remotely or in a generic office, such as medical offices, labs, R&D flex, and government facilities. Orion argues DUA tenants have higher switching costs, renew at higher rates, and invest more capital in their spaces. DUAs represented roughly 36% of ABR at year-end 2025. The repositioning uses three levers: selling vacant traditional office properties, re-leasing vacant space, and selectively acquiring DUA properties with disposition proceeds. Occupancy stood at 78.1% and weighted average lease term at 5.6 years at year-end 2025. In January 2026, following pressure from shareholder Kawa Capital, Orion commenced a formal review of strategic alternatives, including a potential sale or merger.