NYSE$ONL
Orion Office Reit Inc. · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported total revenues of $51.8 million and core FFO of $24.0 million, while experiencing a net loss attributable to common stockholders of $(53.0) million, or $(0.94) per share.
Orion Office REIT Inc. announced its Q3 2022 results, featuring total revenues of $51.8 million. However, the company reported a net loss attributable to common stockholders of $(53.0) million, or $(0.94) per share. Core FFO stood at $24.0 million, or $0.42 per share. The company sold six properties for $24.8 million and has agreements in place to sell four additional properties for $15.9 million. The Board of Directors approved a $50 million share repurchase program.
- Total revenues reached $51.8 million.
- Net loss attributable to common stockholders was $(53.0) million, or $(0.94) per share.
- Core FFO amounted to $24.0 million, or $0.42 per share.
- Six properties were sold for $24.8 million, with agreements to sell four more for $15.9 million.
Headline financials
Revenue & EPS history
Orion Office REIT · Revenue · Quarterly
$51.8M
Forward guidance
The Company is raising the lower end of its 2022 Core FFO guidance range to reflect solid performance for the first nine months of 2022 and greater certainty in its estimates for the remainder of the year. The Company’s Core FFO is now expected to range from $1.76 to $1.78 per share, up from $1.74 to $1.78 per share last quarter. The Company’s 2022 General and Administrative Expense guidance range of $16 million to $16.5 million, and its 2022 year-end Net Debt to Adjusted EBITDA guidance range of 4.7x to 5.0x, are unchanged from last quarter.
Tailwinds
- Core FFO per diluted share is expected to be in the range of $1.76 to $1.78.
- General & Administrative Expenses are projected to be $16 million to $16.5 million.
- Net Debt to Adjusted EBITDA is guided to be 4.7x to 5.0x.
- The company is raising the lower end of its 2022 Core FFO guidance range to reflect solid performance for the first nine months of 2022
- Company has greater certainty in its estimates for the remainder of the year.
Headwinds
- Rising interest rates may increase borrowing costs and hinder debt refinancing.
- Inflation could lead to higher operating costs, such as insurance premiums, utilities, and real estate taxes.
- An oversupply of office space and tenant credit risk may impact the company's performance.
- The ongoing COVID-19 pandemic continues to present uncertainty and could affect the use of and demand for office space.
- The company's ability to acquire new properties and sell non-core assets on favorable terms is subject to market conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
-4.8%
Avg return
Earnings day
-6.1%
Avg return
5 days after
-9.1%
Avg return
30 days after
32%
7 / 22 earnings
Positive
+6.1%
Q3 2025
Best reaction
-29.4%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.8% | +0.3% | -2.4% | |
| Q4 2025 | -3.1% | -5.9% | -14.5% | |
| Q3 2025 | +6.1% | -0.4% | -15.9% | |
| Q1 2025 | -2.5% | +8.5% | +5.5% | |
| Q4 2024 | -29.4% | -36.9% | -51.9% | |
| Q3 2024 | +1.8% | -3.0% | +1.3% | |
| Q2 2024 | +0.3% | -1.3% | +8.8% | |
| Q1 2024 | +0.6% | +10.4% | +3.0% | |
| Q4 2023 | -14.8% | -17.1% | -18.8% | |
| Q3 2023 | -1.2% | +1.4% | +10.5% | |
| Q2 2023 | +4.2% | +4.6% | -10.7% | |
| Q1 2023 | -2.7% | -10.0% | +3.5% | |
| Q4 2022 | -0.7% | -11.3% | -12.2% | |
| Q3 2022 | -1.7% | -2.7% | +1.7% | |
| Q2 2022 | +0.3% | +1.4% | -8.2% | |
| Q1 2022 | -2.4% | -5.5% | -4.9% | |
| Q1 2021 | -2.4% | -5.5% | -4.9% | |
| Q2 2021 | -14.1% | -16.5% | -24.1% | |
| Q4 2020 | -14.1% | -16.5% | -24.1% | |
| Q4 2021 | -14.1% | -16.5% | -24.1% | |
| Q4 2019 | -14.1% | -16.5% | -24.1% | |
| Q3 2021 | +0.8% | +4.3% | +5.7% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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