ONL

• Ongoing Strategic Review Process

  • The strategic alternatives process launched in late January 2026 is ongoing with multiple parties conducting due diligence
  • Management has completed broad outreach to interested parties via financial advisors Wells Fargo and JPMorgan, with a secured virtual data room available to parties that sign NDAs
  • Management will not set arbitrary deadlines and will see the process through to a reasonable conclusion, with no assurance any transaction will result; a public announcement will be made when the process concludes regardless of outcome

• Portfolio Leasing Activity

  • Year-to-date 2026 leasing totaled 673,000 square feet, including 202,000 square feet in Q2 2026 and 116,000 square feet after quarter end, marking the first new lease at the Tulsa property
  • The weighted average lease term (WALT) for the consolidated portfolio reached 6.2 years at quarter end, up from 5.5 years in Q2 2025
  • Q2 2026 cash rent spreads were -7.7% on a starting-to-starting comparison, but +2.1% on an ending-to-ending comparison driven by lease escalations; year-to-date spreads are -0.2% starting-to-starting and +7.1% ending-to-ending
  • Portfolio occupancy was 78.1% at quarter end, down modestly from Q1 2026 due to scheduled move-outs and dispositions, but up from 76.8% in Q2 2025
  • Leasing concessions are trending lower year-over-year on a per-square-foot basis, and the active leasing pipeline stands at over 1.1 million square feet (17% of the total portfolio)

• Non-Core Asset Dispositions & Deleveraging

  • First half 2026 generated $84 million in gross proceeds from the sale of four full properties plus the 37.4-acre Deerfield, Illinois campus; Q2 2026 alone generated $70.6 million in gross sales proceeds
  • Cumulative dispositions since the company's spin total 39 properties across more than 4.2 million square feet
  • Dispositions of high-carrying-cost, hard-to-lease assets have reduced annual carrying costs by an estimated $12 million, delivering $3.4 million in Q2 2026 operating cost savings and $5.1 million in year-to-date savings compared to 2025
  • Net debt to annualized adjusted EBITDA fell to 5.4x at quarter end, down from 6.4x in Q2 2025; total outstanding debt was reduced by $46.4 million year-over-year to $436.6 million, with $183 million in total debt reduction since the spin

• Balance Sheet & Operational Efficiency

  • Total liquidity as of Q2 end was ~$177 million, including $63.5 million in cash/restricted cash and $113 million in available revolving credit capacity
  • The next significant debt maturity is not until February 2028, with an option to extend to February 2029, following successful refinancing of both revolving and CMBS debt in 2026
  • G&A expense was $4.6 million in Q2 2026, down from $4.8 million in Q2 2025, driven by headcount reduction via attrition; Q2 G&A included $100,000 in strategic review costs, with $200,000 in year-to-date review costs
  • A quarterly cash dividend of $0.02 per share was declared for Q3 2026, payable October 15, 2026

• Core FFO per diluted share guidance for full-year 2026 is narrowed and raised to a range of $0.72 to $0.77, up from the prior range of $0.69 to $0.76
• Net debt to adjusted EBITDA guidance for full-year 2026 is lowered to a range of 6.0x to 6.8x, down from the prior range of 6.5x to 7.3x, reflecting stronger than expected deleveraging from asset sales
• Full-year 2026 G&A guidance is maintained at a range of $19.8 million to $20.8 million, unchanged from prior guidance
• All guidance improvements are driven by lower operating expenses, better than expected leasing activity, one-time items including lease termination income and property tax refunds, and planned CapEx is incorporated into updated guidance expenses, better than expected leasing activity, one-time items including lease termination income and property tax refunds, and planned CapEx is incorporated into updated guidance

Orion Properties is a single-tenant commercial real estate portfolio focused on two primary segments: traditional suburban office properties and dedicated use assets (DUA, including medical, lab, R&D, flex, and government properties). As of Q2 2026: 1) Dedicated Use Assets (DUA): This segment represents 38.7% of the portfolio's total annualized base rent, up from 37.1% in Q1 2026 and 32.6% in Q2 2025, following the acquisition of the Barilla DUA property and continued dispositions of traditional office assets. 2) Traditional Suburban Office Properties: This segment accounts for the remaining 61.3% of annualized base rent as of Q2 2026, with the share declining steadily as the company executes its strategic portfolio repositioning. For the consolidated portfolio in Q2 2026: total GAAP revenue was $34.3 million; net income was $24.6 million ($0.43 per share) including a $28.8 million non-recurring gain from property dispositions; core FFO was $11.8 million ($0.20 per share), flat year-over-year; adjusted EBITDA was $17.2 million, down from $18 million in Q2 2025.

• No material new risks were disclosed beyond standard forward-looking statement caveats: all forward-looking statements are based on current expectations, and actual results may differ materially due to unforeseen factors. Disclosed risks are detailed in the company's 10-Q, earnings release, and other SEC filings
• The ongoing strategic alternatives process has uncertain timing and outcome, with no guarantee any transaction will be completed
• Rent spreads and occupancy are inherently volatile quarter-to-quarter for a largely single-tenant portfolio, even amid long-term improving trends
• DUA portfolio growth depends on access to external capital, which is not currently supported by the company's current share price
• Leasing activity and remaining non-core asset dispositions depend on market demand, with uncertain timing and outcome

Q: How does management decide between holding and leasing an asset versus selling it, particularly for a government-aligned asset currently under contract for sale? / A: Management uses a dynamic, consistent framework: it evaluates whether an asset justifies the capital required to lease up, whether it has strong long-term demand fundamentals, and whether carrying costs are sustainable. The company has successfully pursued both paths: it has sold most high-risk vacant assets, but has invested capital to successfully lease up high-quality assets like the Parsippany, NJ and Buffalo, NY properties, where it sees strong demand. Only a small number of remaining vacant assets are still under evaluation.

Q: What percentage of the current 57-asset, 6.4 million square foot portfolio is still classified as non-core? / A: Management notes non-core classification is a judgment call based on long-term leasing expectations, but estimates only a few percent of the current portfolio remains non-core. Management is confident in the leasing prospects for the vast majority of remaining assets, though a small number of additional vacant asset sales may occur over the rest of 2026 depending on leasing progress.

Q: What are management's near-term and long-term targets for the share of the portfolio dedicated to DUA? / A: The company expects steady incremental DUA share growth in the near term driven by ongoing capital recycling: selling non-core traditional office assets and making targeted small DUA acquisitions. Long-term, the goal is to have a well more than majority of the portfolio in DUA, but rapid large-scale growth depends on access to external capital, which is not currently feasible at Orion's current share price.

Q: What is the expected CapEx for the remainder of 2026, and how does it factor into guidance? / A: Year-to-date 2026 CapEx (broadly defined to include building updates, tenant improvements, lease incentives and commissions) is roughly $27 million. Management expects additional CapEx of $30 million to $40 million for the remainder of 2026. CapEx is inherently volatile due to variable timing of lease execution and tenant drawdowns, but this expected range is already incorporated into the updated full-year 2026 guidance.