---
schema_version: "secwatch.filing_event.v1"
accession: "0001873923-25-000124"
form_type: "8-K"
ticker: "ONL"
cik: "0001873923"
company_name: "Orion Properties Inc."
filed_at: "2025-09-22T23:59:59+00:00"
generated_at: "2026-05-17T06:00:38.146974+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001873923-25-000124
- form_type: 8-K
- ticker: ONL
- cik: 0001873923
- company_name: Orion Properties Inc.
- filed_at: 2025-09-22T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1873923/000187392325000124/0001873923-25-000124-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1873923/000187392325000124/onl-20250922.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001873923-25-000124
- JSON: https://secwatch.observer/filing/0001873923-25-000124.json
- Plain text: https://secwatch.observer/filing/0001873923-25-000124.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.