Orion Properties updates business plan, rejects two acquisition bids at $2.50-$2.75 per share

Orion Properties Inc.

Leased 3.6M sq ft since 2021 spin-off; WALT extended to 5.5 years from 4.1 years.
Sold 24 vacant/nearly vacant properties for $93.2M aggregate proceeds, saving ~$20M annually in carry costs.
Acquired one dedicated-use asset in San Ramon, CA for $34.6M at a 7.4% cash cap rate.
Plans to sell 9 vacant/near-term vacant properties in 2025 for nearly $80M, avoiding ~$80M in capex.
Board rejected two unsolicited bids at $2.50 and $2.75 per share as significantly undervaluing the Company.

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