Document

Exhibit 99.2



						Q1 2022 SUPPLEMENTAL INFORMATION


Orion Supplemental Information
March 31, 2022


Section			Page

Company Overview			6
Balance Sheet			8
Statements of Operations			9

Funds From Operations (FFO), Core Funds From Operations (Core FFO) and Funds Available for Distribution (FAD)			10
EBITDA, EBITDAre and Adjusted EBITDA			11
Capital Structure			12
Debt Detail			13
Ratio Analysis			14
Credit Facility Covenants			15
Net Operating Income			16

Diversification Statistics			17
Top 10 Concentrations			18
Tenants Comprising Over 1% of Annualized Base Rent			19
Tenant Industry Diversification			20
Property Geographic Diversification			21
Lease Expirations			22
Lease Summary			23
Full Portfolio			24
Unconsolidated Joint Venture Investment Summary			26
Definitions			27

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						Q1 2022 SUPPLEMENTAL INFORMATION



About the Data

This data and other information described herein are as of and for the three months ended March 31, 2022, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in Orion Office REIT Inc.'s (the "Company," "Orion," "us," "our" and "we") Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and Annual Report on Form 10-K for the year ended December 31, 2021.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Forward-Looking Statements

Information set forth herein contains “forward-looking statements” which reflect the Company's expectations and projections regarding future events and plans, the Company's future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, the payment of future dividends, the Company’s future growth and the impact of the coronavirus (COVID-19) on the Company's business. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," "guidance", variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available to the Company and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which may be difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information regarding historical rent collections should not serve as an indication of future rent collections.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements:

•the risk of rising interest rates, including that our borrowing costs may increase and we may be unable to refinance our debt obligations on favorable terms or at all;

•the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes and capital expenditures and repair and maintenance costs, may rise;

•conditions associated with the global market, including an oversupply of office space, tenant credit risk and general economic conditions;

•the extent to which the ongoing COVID-19 pandemic or any future pandemic or outbreak of a highly infectious or contagious disease or fear of such pandemics or outbreaks impacts our business, operating results, financial condition and prospects, which is highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the COVID-19 pandemic and its impact on the U.S. economy and potential changes in tenant behavior that could adversely affect the use of and demand for office space;

•our ability to acquire new properties and sell non-core assets on favorable terms and in a timely manner, or at all;

•our ability to comply with the terms of our credit agreements or to meet the debt obligations on certain of our properties;

•our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms or at all;

•changes in the real estate industry and in performance of the financial markets and interest rates and our ability to effectively hedge against interest rate changes;

•the risk of tenant defaults on their lease obligations, which are heightened due to our focus on single tenant properties;

•our ability to renew leases with existing tenants or re-let space to new tenants on favorable terms or at all;

•the cost of rent concessions, tenant improvement allowances and leasing commissions;

•the potential for termination of existing leases pursuant to tenant termination rights;

•the amount, growth and relative inelasticity of our expenses;

•risks associated with the ownership and development of real property;

•risks associated with our joint venture with an affiliate of Arch Street Capital Partners and any potential future equity investments;

•our ability to close pending real estate transactions, which may be subject to conditions that are outside of our control;

•risks associated with acquisitions, including the integration of the office portfolios of Realty Income Corporation (“Realty Income”) and VEREIT Inc. into Orion;

•Realty Income’s inability or failure to perform under the various transaction agreements effecting the Separation and the Distribution;

•risks associated with the fact that we have a limited operating history and our future performance is difficult to predict;

•our properties may be subject to impairment charges;

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						Q1 2022 SUPPLEMENTAL INFORMATION

•risks resulting from losses in excess or insured limits or uninsured losses; and

•risks associated with the potential volatility of our common stock.

Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Company Overview (unaudited)

Orion is a real estate company incorporated in the state of Maryland on July 1, 2021, which intends to qualify and elect to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with our initial taxable year ended December 31, 2021.

Orion is a full-service real estate operating company which owns and operates a portfolio of 92 office properties totaling approximately 10.5 million leasable square feet located within 29 states and Puerto Rico. In addition, the Company owns a 20% equity interest in one unconsolidated joint venture with an affiliate of Arch Street Capital Partners, which owns a portfolio consisting of six office properties totaling approximately 1.0 million leasable square feet located within six states. As of March 31, 2022, approximately 67.0% of the Company's Annualized Base Rent was from Investment Grade Tenants, the Company's Occupancy Rate was 88.3% and the Weighted Average Remaining Lease Term was 4.1 years.

The Company's Annualized Base Rent as of March 31, 2022 was approximately $172.2 million. See "Top Ten Concentrations" and "Tenants Comprising Over 1% of Annualized Base Rent" below.

During the three months ended March 31, 2022 our rent collection was approximately 98.5% of base rent and reimbursements.

Tenants, Trademarks and Logos

Orion is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Company Overview (cont.)


Senior Management						Board of Directors

Paul H. McDowell, Chief Executive Officer, President						Reginald H. Gilyard, Non-Executive Chairman

Gavin B. Brandon, Executive Vice President, Chief Financial Officer and Treasurer						Kathleen R. Allen, Ph.D., Independent Director

Paul C. Hughes, General Counsel and Secretary						Richard J. Lieb, Independent Director

Christopher H. Day, Executive Vice President, Chief Operating Officer						Gregory J. Whyte, Independent Director

Gary E. Landriau, Executive Vice President, Chief Investment Officer						Paul H. McDowell, Chief Executive Officer and Director

Revea L. Schmidt, Senior Vice President, Chief Accounting Officer

Corporate Offices and Contact Information


2325 E. Camelback Road, Suite 850						19 West 44th Street, Suite 1401
Phoenix, AZ 85016						New York, NY 10036
602-698-1002
www.ONLREIT.com

Trading Symbol: ONL

Stock Exchange Listing: New York Stock Exchange

Transfer Agent

Computershare Trust Company, N.A.

462 South 4th Street, Suite 1600

Louisville, KY 40202

855-866- 0787

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						Q1 2022 SUPPLEMENTAL INFORMATION



Balance Sheet (unaudited, in thousands)


	March 31, 2022		December 31, 2021
Assets
Real estate investments, at cost:
Land	$	254,786	$	250,194
Buildings, fixtures and improvements	1,231,469		1,231,551
Total real estate investments, at cost	1,486,255		1,481,745
Less: accumulated depreciation and amortization	137,217		128,109
Total real estate investments, net	1,349,038		1,353,636
Accounts receivable, net	22,032		17,916
Intangible lease assets, net	272,623		298,107
Cash and cash equivalents	18,585		29,318
Other assets, net	92,671		60,501

Total assets	$	1,754,949	$	1,759,478


Liabilities and Equity
Bridge facility, net	$	—	$	354,357
Mortgages payable, net	351,648		—
Credit facility term loan, net	172,793		172,490
Credit facility revolver	91,000		90,000
Accounts payable and accrued expenses	17,929		17,379
Below-market lease liabilities, net	18,993		20,609
Distributions payable	5,663		—
Other liabilities, net	19,897		16,355
Total liabilities	677,923		671,190


Common stock	57		57
Additional paid-in capital	1,145,548		1,145,278
Accumulated other comprehensive income (loss)	4,356		299
Accumulated deficit	(74,328)		(58,715)
Total stockholders' equity	1,075,633		1,086,919
Non-controlling interests	1,393		1,369
Total equity	1,077,026		1,088,288
Total liabilities and equity	$	1,754,949	$	1,759,478

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						Q1 2022 SUPPLEMENTAL INFORMATION



Statements of Operations (unaudited, in thousands, except per share data)


	Three Months Ended
	March 31, 2022
Revenues:
Rental	$	53,017
Fee income from unconsolidated joint venture	189
Total revenues	53,206
Operating expenses:
Property operating	15,314
General and administrative	3,517
Depreciation and amortization	34,353
Impairments	1,602
Acquisition-related	63
Transaction costs	756
Total operating expenses	55,605
Other (expense) income:
Interest expense	(6,847)
(Loss) gain on extinguishment and forgiveness of debt, net	(468)
Other income, net	39

Equity in income of unconsolidated joint venture	(41)

Total other (expenses) income, net	(7,317)
(Loss) income before taxes	(9,716)
Provision for income taxes	(166)
Net (loss) income	(9,882)
Net (income) loss attributable to non-controlling interest	(24)
Net (loss) income attributable to common stockholders	$	(9,906)

Weighted-average shares outstanding - basic and diluted	56,626
Basic and diluted net (loss) income per share attributable to common stockholders	$	(0.17)

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						Q1 2022 SUPPLEMENTAL INFORMATION



Funds From Operations (FFO), Core Funds From Operations (Core FFO) and Funds Available for Distribution (FAD) (unaudited, in thousands, except share and per share data)


	Three Months Ended
	March 31, 2022
Net (loss) income	$	(9,906)
Depreciation and amortization of real estate assets	34,337
Impairment of real estate	1,602
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	680
FFO attributable to common stockholders	$	26,713
Adjustments:
Acquisition-related expenses	63
Transaction costs	756
Loss on extinguishment of debt, net	468

Core funds from operations attributable to common stockholders	$	28,000
Adjustments:
Amortization of deferred financing costs	1,171


Amortization of above and below market leases and deferred lease incentives, net of amortization of below-market lease liabilities	(320)

Straight-line rental revenue	(896)
Equity-Based Compensation	270
Equity in income of Unconsolidated Joint Venture	41
Capital expenditures and leasing costs	(2,401)
Other adjustments, net	63
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable	9
Funds available for distribution	$	25,937

Weighted-average shares outstanding - basic and diluted	56,626



FFO attributable to common stockholders per share	$	0.47
Core FFO attributable to common stockholders per share	$	0.49
FAD per share	$	0.46

___________________________________

(1) Refer to the Statements of Operations section for basic and diluted net income (loss) per share attributable to common stockholders.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



EBITDA, EBITDAre and Adjusted EBITDA (unaudited, in thousands)


	Three Months Ended
	March 31, 2022
Net (loss) income	$	(9,906)
Adjustments:
Interest expense	6,847
Depreciation and amortization	34,353
Provision for income taxes	166
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	862
EBITDA	$	32,322

Impairment of real estate	1,602

EBITDAre	$	33,924

Acquisition related	63
Transaction costs	756

Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	(320)
Loss on extinguishment and forgiveness of debt, net	468

Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	(7)
Adjusted EBITDA	$	34,884

___________________________________

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Capital Structure (unaudited, dollars and shares in thousands, except per share amounts)


						Common equity			55.0%

						Mortgages payable, net (2)			24.7%

						Credit facility term loan			12.1%

						Credit facility revolver			6.3%

						Proportionate share of Unconsolidated Joint Venture Debt			1.9%

Fixed vs. Variable Rate Debt



Fixed and Swapped to Fixed	81.7	%
Variable	18.3	%


Orion Capitalization Table
				March 31, 2022
Diluted shares outstanding				56,626
Stock price				$	14.00
Implied Equity Market Capitalization				$	792,764

	Wtd. Avg. Maturity (Years)	Interest Rate (1)		March 31, 2022
Proportionate share of Unconsolidated Joint Venture Debt	0.8	1.89	%	27,332
Mortgages payable, net (2)	4.9	4.97	%	355,000
Total secured debt	4.6	4.75	%	$	382,332

Credit facility term loan (3) (4)	1.6	3.19	%	175,000
Credit facility revolver (4)	2.6	2.90	%	91,000
Total unsecured debt	2.0	3.09	%	266,000

Total Principal Outstanding	3.5	4.07	%	$	648,332

Total Capitalization				$	1,441,096
Cash and cash equivalents				18,585
Proportionate share of Unconsolidated Joint Ventures' cash and cash equivalents				652
Enterprise Value				$	1,421,859

Net Debt/Enterprise Value				44.2		%

Fixed Charge Coverage Ratio				6.02x
Liquidity (5)				$	353,237

___________________________________

(1)Weighted average interest rate for variable rate debt represents the interest rate in effect as of March 31, 2022.

(2)On February 10, 2022, the $355.0 million bridge facility was repaid in full and replaced by a $355.0 million CMBS loan at a fixed rate of 4.97%. The CMBS loan matures on February 11, 2027.

(3)The term loan is a floating rate facility, however, the Company has entered into an interest rate swap transaction which effectively fixes the interest rate on the term loan indebtedness at 3.19% per annum.

(4)Under the related loan agreements, these borrowings which are secured only by a pledge of equity interests are treated as unsecured indebtedness.

(5)Liquidity represents cash and cash equivalents of $19.2 million and approximately $334.0 million available capacity on our $425 million revolving credit facility as of March 31, 2022.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Debt Detail (unaudited, dollars in thousands)


Principal Payments Due	Total		2022		2023		2024		Thereafter
Credit facility revolver	$	91,000	$	—	$	—	$	91,000	$	—
Credit facility term loan	175,000		—		175,000		—		—
Mortgages payable (1)	355,000		—		—		—		355,000
Proportionate share of Unconsolidated Joint Venture debt	27,332		—		27,332		—		—
Total Principal Outstanding	$	648,332	$	—	$	202,332	$	91,000	$	355,000


Debt Type	Percentage of Principal Outstanding		Interest Rate		Weighted-Average Years to Maturity
Credit facility revolver	14.0	%	2.90	%	2.6
Credit facility term loan	27.0	%	3.19	%	1.6
Mortgages payable (1)	54.8	%	4.97	%	4.9
Proportionate share of Unconsolidated Joint Venture debt	4.2	%	1.94	%	0.8
Total (1)	100.0	%	4.07	%	3.5


Debt Type	Percentage of Principal Outstanding		Weighted-Average Interest Rate		Weighted-Average Years to Maturity
Total unsecured debt	41.0	%	3.09	%	2.0
Total secured debt	59.0	%	4.75	%	4.6
Total (1)	100.0	%	4.07	%	3.5

Total fixed-rate and swapped to fixed-rate debt	81.7	%	4.38	%	3.8
Total variable-rate debt	18.3	%	2.67	%	2.2
Total (1)	100.0	%	4.07	%	3.5

___________________________________

(1)On February 10, 2022, the bridge facility was repaid in full and replaced by a $355.0 million CMBS loan at a fixed rate of 4.97%. The CMBS loan matures on February 11, 2027.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Ratio Analysis (unaudited, dollars in thousands)


Interest Coverage Ratio	March 31, 2022
Interest Expense, excluding non-cash amortization (1)	$	5,791
Adjusted EBITDA (2)	34,884
Interest Coverage Ratio	6.02x

Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	5,791
Secured debt principal amortization	—
Total fixed charges	5,791
Adjusted EBITDA (2)	34,884
Fixed Charge Coverage Ratio	6.02x

	March 31, 2022
Net Debt Ratios
Net Debt (3)	$	629,095
Adjusted EBITDA annualized	139,536
Net Debt to Adjusted EBITDA annualized ratio	4.51x

Net Debt (3)	$	629,095
Gross Real Estate Investments (3)	1,867,581
Net Debt Leverage Ratio	33.7		%

Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (3)	$	1,267,128
Gross Real Estate Investments (3)	1,867,581
Unencumbered Asset Ratio	67.8		%

___________________________________

(1)Refer to the Statements of Operations section for interest expense calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure.

(2)Refer to the Statements of Operations section for net income calculated in accordance with GAAP and to the EBITDAre and Adjusted EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure.

(3)Refer to the Balance Sheet section for total debt and real estate investments, at cost calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Credit Facility Covenants (unaudited)

The following is a summary of key financial covenants for the Company's term loan and revolving credit facility as defined and calculated per the terms of the facility's credit agreement. These calculations, which are not based on GAAP measurements, are presented to investors to show the Company's compliance with the financial covenants and are not measures of our liquidity or performance. As of March 31, 2022, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.

Credit Facility Key Covenants

Required

March 31, 2022

Ratio of total indebtedness to total asset value

≤ 60%

32.3%

Ratio of adjusted EBITDA to fixed charges

≥ 1.5x

5.92x

Ratio of secured indebtedness to total asset value

≤ 45%

19.1%

Ratio of unsecured indebtedness to unencumbered asset value

≤ 60%

18.7%

Ratio of unencumbered adjusted NOI to unsecured interest expense

≥ 2.00x

12.35x

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Net Operating Income (unaudited, dollars in thousands)

NOI and Cash NOI


	Three Months Ended
	March 31, 2022
Rental revenue	$	53,017
Property operating expense	(15,314)
NOI	37,703
Adjustments:
Straight-line rent	(896)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	(320)
Other non-cash adjustments	51
Proportionate share of Unconsolidated Joint Venture NOI	849
Cash NOI	$	37,387

___________________________________

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Base Rent as of March 31, 2022, other than occupancy rate which is based on square footage as of March 31, 2022)

___________________________________________________

___________________________________________________

___________________________________________________


Statistics (square feet in thousands)

Operating Properties	92
Unconsolidated Joint Venture Properties	6
Rentable Square Feet	10,646
Occupancy Rate	88.3	%
Weighted Average Remaining Lease Term	4.1
Investment-Grade Tenants	67.0	%

NN leases	63.8	%
NNN leases	17.5	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Top 10 Concentrations: Real Estate Portfolio (unaudited, square feet and dollars in thousands as of March 31, 2022)


Tenant Concentration	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio		Credit Rating
General Service Administration	18	845	7.9	%	$	20,868	12.1	%	AA+
Merrill Lynch	1	482	4.5	%	11,983		7.0	%	A-
Highmark Western & Northeastern NY	1	430	4.0	%	8,208		4.8	%	NR
RSA Security	2	328	3.1	%	7,221		4.2	%	BBB
Cigna/Express Scripts	3	365	3.4	%	6,659		3.9	%	A-
Walgreens	6	574	5.4	%	6,201		3.6	%	BBB
Coterra Energy	1	309	2.9	%	5,554		3.2	%	BBB
T-Mobile	5	294	2.8	%	5,431		3.2	%	BB+
Teva Pharmaceuticals	1	188	1.8	%	5,254		3.1	%	BB-
Novartis	1	176	1.7	%	4,995		2.9	%	AA-
Total	39	3,991	37.5	%	$	82,374	48.0	%


Tenant Industry Concentration	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
Health Care Equipment & Services	13	1,135	10.7	%	$	21,549	12.5	%
Government & Public Services	20	889	8.3	%	21,416		12.4	%
Insurance	6	795	7.5	%	16,478		9.6	%
Financial Institutions	4	696	6.5	%	16,211		9.4	%
Software & Services	7	863	8.1	%	14,597		8.5	%
Capital Goods	10	798	7.5	%	12,256		7.1	%
Pharmaceuticals, Biotechnology & Life Sciences	2	364	3.4	%	10,249		6.0	%
Consumer Durables & Apparel	3	375	3.5	%	8,362		4.9	%
Telecommunication Services	6	497	4.7	%	8,150		4.7	%
Energy	3	468	4.4	%	7,305		4.2	%
Total	74	6,880	64.6	%	$	136,573	79.3	%


Geographic Concentration	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
Texas	15	1,354	12.7	%	$	24,300	14.1	%
New Jersey	4	829	7.8	%	20,665		12.0	%
New York	5	787	7.4	%	13,406		7.8	%
Illinois	12	1,322	12.4	%	11,504		6.7	%
Kentucky	2	458	4.3	%	9,950		5.8	%
Oklahoma	3	585	5.5	%	9,411		5.5	%
Ohio	5	650	6.1	%	7,956		4.6	%
Massachusetts	2	378	3.6	%	7,920		4.6	%
Colorado	4	570	5.4	%	7,735		4.5	%
Pennsylvania	4	336	3.2	%	7,694		4.5	%
Total	56	7,269	68.4	%	$	120,541	70.1	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of March 31, 2022)


Tenant	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio		Credit Rating
General Service Administration	18	845	7.9	%	$	20,868	12.1	%	AA+
Merrill Lynch	1	482	4.5	%	11,983		7.0	%	A-
Highmark Western & Northeastern NY	1	430	4.0	%	8,208		4.8	%	NR
RSA Security	2	328	3.1	%	7,221		4.2	%	BBB
Cigna/Express Scripts	3	365	3.4	%	6,659		3.9	%	A-
Walgreens	6	574	5.4	%	6,201		3.6	%	BBB
Coterra Energy	1	309	2.9	%	5,554		3.2	%	BBB
T-Mobile	5	294	2.8	%	5,431		3.2	%	BB+
Teva Pharmaceuticals	1	188	1.8	%	5,254		3.1	%	BB-
Novartis	1	176	1.7	%	4,995		2.9	%	AA-
FedEx	2	352	3.3	%	4,469		2.6	%	BBB
MDC Holdings Inc.	1	144	1.4	%	4,215		2.4	%	BBB-
Charter Communications	2	264	2.5	%	3,689		2.1	%	BB+
Inform Diagnostics	1	172	1.6	%	3,413		2.0	%	NR
Banner Life Insurance	1	116	1.1	%	3,408		2.0	%	A
Encompass Health	1	65	0.6	%	3,369		2.0	%	BB-
Collins Aerospace	1	207	1.9	%	3,232		1.9	%	A-
Home Depot/HD Supply	3	153	1.4	%	3,059		1.8	%	A
Experian	1	178	1.7	%	2,915		1.7	%	A-
AAA	1	147	1.4	%	2,847		1.7	%	NR
Linde	1	161	1.5	%	2,781		1.6	%	A
AT&T	1	203	1.9	%	2,718		1.6	%	BBB
Citigroup	1	64	0.6	%	2,273		1.3	%	BBB+
Hasbro	1	136	1.3	%	2,242		1.3	%	BBB
NTT Data	1	150	1.4	%	2,237		1.3	%	NR
Ingram Micro	1	200	1.9	%	2,197		1.3	%	BB-
CVS/Aetna	1	127	1.2	%	2,193		1.3	%	BBB
Novus International	1	96	0.9	%	2,022		1.2	%	NR
Elementis	1	66	0.6	%	1,980		1.1	%	NR
NetJets	1	140	1.3	%	1,941		1.1	%	NR
Maximus	2	196	1.8	%	1,923		1.1	%	BB+
Pulte Mortgage	1	95	0.9	%	1,905		1.1	%	BBB-
Fiserv (1)	1	150	1.4	%	1,800		1.0	%	BBB
Ingersoll Rand	1	105	1.0	%	1,707		1.0	%	BB+
Total	68	7,678	72.1	%	146,909		85.5	%

__________________________________

(1) This lease expired as scheduled on April 1, 2022.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 19



						Q1 2022 SUPPLEMENTAL INFORMATION



Diversification: Tenant Industry (unaudited, square feet and dollars in thousands as of March 31, 2022)


Industry	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
Health Care Equipment & Services	13	1,135	10.7	%	$	21,549	12.5	%
Government & Public Services	20	889	8.3	%	21,416		12.4	%
Insurance	6	795	7.5	%	16,478		9.6	%
Financial Institutions	4	696	6.5	%	16,211		9.4	%
Software & Services	7	863	8.1	%	14,597		8.5	%
Capital Goods	10	798	7.5	%	12,256		7.1	%
Pharmaceuticals, Biotechnology & Life Sciences	2	364	3.4	%	10,249		6.0	%
Consumer Durables & Apparel	3	375	3.5	%	8,362		4.9	%
Telecommunication Services	6	497	4.7	%	8,150		4.7	%
Energy	3	468	4.4	%	7,305		4.2	%
Transportation	5	541	5.1	%	7,143		4.1	%
Commercial & Professional Services	10	505	4.7	%	7,007		4.1	%
Food & Staples Retailing	6	574	5.4	%	6,201		3.6	%
Materials	4	352	3.3	%	5,894		3.4	%
Media & Entertainment	2	264	2.5	%	3,689		2.1	%
Retailing	4	157	1.5	%	3,131		1.8	%
Food, Beverage & Tobacco	1	96	0.9	%	2,022		1.2	%
Utilities	1	25	0.2	%	394		0.2	%
Real Estate	1	4	—	%	86		—	%
Consumer Services	2	5	—	%	54		—	%
Total	110	9,403	88.2	%	$	172,194	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 20



						Q1 2022 SUPPLEMENTAL INFORMATION



Diversification: Property Geographic (unaudited, square feet and dollars in thousands as of March 31, 2022)


Location	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
United States
Arizona	3	239	2.2	%	$	2,151	1.2	%
California	4	262	2.5	%	5,275		3.1	%
Colorado	4	570	5.4	%	7,735		4.5	%
Florida	2	53	0.5	%	221		0.1	%
Georgia	3	284	2.7	%	4,493		2.6	%
Idaho	2	45	0.4	%	1,019		0.6	%
Illinois	12	1,322	12.4	%	11,504		6.7	%
Indiana	1	83	0.8	%	549		0.3	%
Iowa	3	137	1.3	%	2,632		1.5	%
Kansas	2	196	1.8	%	1,923		1.1	%
Kentucky	2	458	4.3	%	9,950		5.8	%
Maryland	2	236	2.2	%	4,452		2.6	%
Massachusetts	2	378	3.6	%	7,920		4.6	%
Minnesota	1	39	0.4	%	493		0.3	%
Missouri	4	529	5.0	%	4,868		2.8	%
Nebraska	2	180	1.7	%	2,739		1.6	%
New Jersey	4	829	7.8	%	20,665		12.0	%
New York	5	787	7.4	%	13,406		7.8	%
Ohio	5	650	6.1	%	7,956		4.6	%
Oklahoma	3	585	5.5	%	9,411		5.5	%
Oregon	1	69	0.6	%	1,120		0.7	%
Pennsylvania	4	336	3.2	%	7,694		4.5	%
Rhode Island	2	206	1.9	%	3,016		1.8	%
South Carolina	1	64	0.6	%	2,273		1.3	%
Tennessee	4	240	2.3	%	4,490		2.6	%
Texas	15	1,354	12.7	%	24,300		14.1	%
Virginia	2	240	2.3	%	4,331		2.5	%
West Virginia	1	64	0.6	%	1,086		0.6	%
Wisconsin	1	155	1.5	%	2,243		1.3	%
Territories
Puerto Rico	1	57	0.5	%	2,282		1.3	%
Total	98	10,647	100.0	%	$	172,197	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 21



						Q1 2022 SUPPLEMENTAL INFORMATION



Lease Expirations (unaudited, square feet and dollars in thousands as of March 31, 2022)


Year of Expiration (1)	Number of Leases Expiring (2)	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
2022	9	707	6.6	%	$	13,243	7.7	%
2023	22	2,156	20.3	%	32,630		18.9	%
2024	18	1,978	18.6	%	39,497		22.9	%
2025	12	1,049	9.9	%	18,394		10.7	%
2026	12	741	7.0	%	16,256		9.4	%
2027	12	962	9.0	%	15,158		8.8	%
2028	8	348	3.3	%	6,961		4.0	%
2029	3	392	3.7	%	5,707		3.3	%
2030	2	98	0.9	%	4,468		2.6	%
2031	1	11	0.1	%	399		0.2	%
Thereafter	8	888	8.3	%	18,645		10.8	%
Total	107	9,330	87.6	%	$	171,358	99.3	%

__________________________________

(1) Includes the Company's pro rata share of properties owned by the Unconsolidated Joint Venture.

(2) The Company has certain properties that are subject to multiple leases.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 22



						Q1 2022 SUPPLEMENTAL INFORMATION



Lease Summary (unaudited)

Rent Escalations

(square feet and dollars in thousands as of March 31, 2022)


	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
Fixed dollar or percent increase	89	8,154	76.6	%	$	147,260	85.5	%
Flat	17	977	9.2	%	20,106		11.7	%
CPI	4	272	2.6	%	4,829		2.8	%
Total	110	9,403	88.4	%	$	172,195	100.0	%

Tenant Expense Obligation

(square feet and dollars in thousands as of March 31, 2022)


	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
NN	64	6,010	56.4	%	$	109,866	63.8	%
Modified Gross	21	1,203	11.3	%	32,187		18.7	%
NNN	23	2,185	20.5	%	30,087		17.5	%
Gross	2	5	—	%	55		—	%
Total	110	9,403	88.2	%	$	172,195	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 23



						Q1 2022 SUPPLEMENTAL INFORMATION



Full Portfolio (1)

Industry

Address

City

State

Vacant

1625 W. Main Street

El Centro

Software & Services

6000 Perimeter Drive

Dublin

Food, Beverage & Tobacco

20 Missouri Research Park Drive

St. Charles

Telecommunication Services

4335 Paredes Line Road

Brownsville

Telecommunication Services

3750 Wheeler Road

Augusta

Telecommunication Services

4080 27th Court SE

Salem

Insurance

1100 Technology Parkway

Cedar Falls

Financial Institutions

11 Ewall Street

Mount Pleasant

Health Care Equipment & Services

8455 University Place Drive

St. Louis

Transportation

1475 Boettler Road

Uniontown

Financial Institutions

483 Main Street

Harleysville

Government & Public Services

2305 Hudson Boulevard

Brownsville

Government & Public Services

257 Bosley Industrial Park

Parkersburg

Government & Public Services

2805 Pine Mill Road

Paris

Government & Public Services

4521 Thomas Jefferson Street

Caldwell

Government & Public Services

3381 U.S. Highway 277

Eagle Pass

Vacant

354 S Hwy 92

Sierra Vista

Government & Public Services

2475 Cliff Creek Crossing Drive

Dallas

Government & Public Services

3644 Avtech Parkway

Redding

Government & Public Services

5100 W 36th Street

Minneapolis

Government & Public Services

4551 State Route 11 (E)

Malone

Government & Public Services

2600 Voyager Avenue

Sioux City

Government & Public Services

135 Circle Lane

Knoxville

Government & Public Services

9912 & 9934 Little Road

New Port Richey

Health Care Equipment & Services

2304 State Highway 121

Bedford

Vacant

5411 E. Williams Boulevard

Tucson

Government & Public Services

3369 U.S. Highway 277

Eagle Pass

Transportation

942 S. Shady Grove Road

Memphis

Transportation

4151 Bridgeway Avenue

Columbus

Food & Staples Retailing

1411 Lake Cook Road

Deerfield

Food & Staples Retailing

1415 Lake Cook Road

Deerfield

Food & Staples Retailing

1417 Lake Cook Road

Deerfield

Food & Staples Retailing

1419 Lake Cook Road

Deerfield

Food & Staples Retailing

1425 Lake Cook Road

Deerfield

Food & Staples Retailing

1435 Lake Cook Road

Deerfield

Capital Goods

601 Third Street SE

Cedar Rapids

Consumer Durables & Apparel

15 LaSalle Square

Providence

Vacant

887 Deerfield Parkway

Buffalo Grove

Materials

100 Sci Park Boulevard

East Windsor

Media & Entertainment

6005 Fair Lakes Road

East Syracuse

Government & Public Services

310 Canaveral Groves Boulevard

Cocoa

Vacant

8640 Evans Avenue

Berkeley

Government & Public Services

103 & 104 Airport Road

Grangeville

Government & Public Services

2901 Alta Mesa Boulevard

Fort Worth

Government & Public Services

59 Dunning Way

Plattsburgh

Financial Institutions

480 Jefferson Boulevard

Warwick

Energy

1800 Nelson Road

Longmont

Health Care Equipment & Services

1850 Norman Drive North

Waukegan

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 24



						Q1 2022 SUPPLEMENTAL INFORMATION

Industry

Address

City

State

Health Care Equipment & Services

1333 - 1385 East Shaw Avenue

Fresno

Telecommunication Services

2270 Lakeside Boulevard

Richardson

Various

5859 Farinon Drive

San Antonio

Energy

202 S. Cheyenne

Tulsa

Vacant

7475 S. Joliet Street

Englewood

Vacant

8 and 10 Morton Avenue

Ridley Park

Government & Public Services

Lot37, Santiago De Los Caballeros

Ponce

Consumer Durables & Apparel

4340 & 4350 South Monaco Street

Denver

Vacant

2250 Lakeside Boulevard

Richardson

Commercial & Professional Services

3833 Greenway Drive

Lawrence

Commercial & Professional Services

2201 Noria Road

Lawrence

Materials

1585 Sawdust Road

The Woodlands

Consumer Durables & Apparel

7390 S. Iola Street

Englewood

Pharmaceuticals, Biotechnology & Life Sciences

41 Moores Road

Malvern

Media & Entertainment

1320 N. Dr. MLK Jr. Drive

Milwaukee

Telecommunication Services

695 Grassmere Park

Nashville

Various

1575 Sawdust Road

The Woodlands

Retailing

101 Riverview Parkway

Santee

Materials

6752 Baymeadow Drive

Glen Burnie

Health Care Equipment & Services

6655 North MacArthur Boulevard

Irving

Capital Goods

1467 Route 31

Annandale

Capital Goods

2087 East 71st Street

Tulsa

Government & Public Services

333 Scott Street

Covington

Software & Services

1759 Wehrle Dr

Amherst

Commercial & Professional Services

6377 Emerald Drive

Dublin

Capital Goods

22640 Davis Drive

Sterling

Capital Goods

1100 Atwater Drive, Lot 11A

Malvern

Vacant

930 National Parkway

Schaumburg

Health Care Equipment & Services

7353 Company Drive

Indianapolis

Various

1640 Dallas Parkway

Plano

Capital Goods

1705 Kellie Drive

Blair

Commercial & Professional Services

955 American Lane Unit 1

Schaumburg

Insurance

3100 Quail Springs Parkway

Oklahoma City

Software & Services

777 Research Road

Lincoln

Insurance

249-257 West Genesee Street

Buffalo

Insurance

3275 Bennett Creek Avenue

Urbana

Health Care Equipment & Services

100 Airpark Center Drive East

Nashville

Retailing

3074 Chastain Meadows Parkway NW

Kennesaw

Vacant

2211 Sanders Road

Northbrook

Capital Goods

4205 River Green Parkway

Duluth

Pharmaceuticals, Biotechnology & Life Sciences

8 Sylvan way

Parsippany

Software & Services

174 & 176 Middlesex Turnpike

Bedford

Financial Institutions

1500-1600 Merrill Lynch Drive

Hopewell

Health Care Equipment & Services

3003 N. 3rd Street

Phoenix

Capital Goods

70 Mechanic Street

Foxboro

Health Care Equipment & Services

577 Aptakisic Road

Lincolnshire

Transportation

360 Westar Boulevard

Westerville

Software & Services

12975 Worldgate Drive

Herndon

Transportation

580 Atlas Air Way

Erlanger

Utilities

700 Market Street

St. Louis

__________________________________

(1)Includes the properties owned by the Company's unconsolidated joint venture.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 25



						Q1 2022 SUPPLEMENTAL INFORMATION



Unconsolidated Joint Venture Investment Summary (unaudited, square feet and dollars in thousands)

The following table summarizes the Company's investments in the Arch Street Unconsolidated Joint Venture as of March 31, 2022.


	Legal Ownership Percentage (1)	Property Type	Pro Rata Share of Gross Real Estate Investments		Pro Rata Share of Rentable Square Feet	Pro Rata Share of Annualized Base Rent		Pro Rata Share of Principal Outstanding
Schneider Electric - Foxboro, MA	20%	Office	$	8,336	50	$	699	$	5,090
Sysmex - Lincolnshire, IL	20%	Office	9,239		33	779		5,448
DHL - Westerville, OH	20%	Office	6,676		29	422		3,972
Peraton - Herndon, VA	20%	Office	9,673		33	1,099		6,000
Atlas Air - Erlanger, KY	20%	Office	5,330		20	311		3,162
Spire Energy - St. Louis, MO	20%	Office	6,159		26	394		3,660
			$	45,413	191	$	3,704	$	27,332

__________________________________

(1)Legal ownership percentage may, at times, not equal the Company's economic interest because of various provisions in the joint venture agreement regarding capital contributions, distributions of cash flow based on capital account balances and allocations of profits and losses.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 26



						Q1 2022 SUPPLEMENTAL INFORMATION



Definitions (unaudited, in thousands, except share and per share data)

Annualized Base Rent is the monthly aggregate cash amount charged to tenants under our leases (including monthly base rent receivables and certain contractually obligated reimbursements by our tenants), as of the final date of the applicable period, multiplied by 12, including the Company's pro rata share of such amounts related to the Unconsolidated Joint Venture. Annualized Base Rent is not indicative of future performance.

Cash Cap Rate for real estate properties equals the estimated future 12-month Cash NOI, excluding any rent concessions or abatements, at the time of the acquisition or disposition divided by the purchase or sale price. For any properties acquired or disposed of as a portfolio, the amount presented represents the portfolio cash cap rate. For certain properties, the Cash Cap Rate may be equal to future 12-month contractual rental revenue, excluding any rent concessions or abatements, divided by the purchase price or sale price, as the majority of the Company's properties are subject to Net Leases.

CPI refers to a lease in which base rent is adjusted based on changes in a consumer price index.

Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot, in each case, as further defined in the applicable lease).

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDA

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income or loss computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate, gains or losses from disposition of property and our pro rata share of EBITDAre adjustments related to the Unconsolidated Joint Venture. We calculated EBITDAre in accordance with Nareit's definition described above.

In addition to EBITDAre, we use Adjusted EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Adjusted EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as acquisition-related expenses and transaction costs. We also exclude certain non-cash items such as impairments of intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, amortization of intangibles, above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities and our pro rata share of Adjusted EBITDA adjustments related to the Unconsolidated Joint Venture. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Adjusted EBITDA should not be considered as an alternative to net income, as computed in accordance with GAAP. The Company uses Adjusted EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Occupancy Rate equals the sum of Leased Square Feet divided by Rentable Square Feet and includes the Company's pro rata share of such amounts related to the Unconsolidated Joint Venture, in each case, as of an applicable date.

Enterprise Value equals the sum of the Implied Equity Market Capitalization and Net Debt, in each case, as of an applicable date.

Fixed Charge Coverage Ratio is (a) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding, divided by (b) Adjusted EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.

Fixed Dollar or Percent Increase refers to a lease that requires contractual rent increases during the initial term of the lease agreement. A Fixed Dollar or Percent Increase lease may include a period of free rent at the beginning or end of the lease.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 27



						Q1 2022 SUPPLEMENTAL INFORMATION



Definitions (cont.) (unaudited, in thousands, except share and per share data)

Flat refers to a lease that requires equal rent payments, with no contractual increases, throughout the initial term of the lease agreement. A Flat Lease may include a period of free rent at the beginning or end of the lease.

Funds Available for Distribution ("FAD")

Funds available for distribution, as defined by the Company, represents Core FFO, as defined below, modified to exclude capital expenditures, as well as certain non-cash items such as amortization of deferred financing costs, amortization of above market leases and deferred lease incentives, net of amortization of below market lease liabilities, straight-line rental revenue, equity-based compensation, equity in income or losses of the Unconsolidated Joint Venture and our pro rata share of FAD adjustments related to the Unconsolidated Joint Venture. Management believes that adjusting these items from Core FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides useful information regarding the Company's ability to fund its dividend.

However, not all REITs calculate FAD and those that do may not calculate FAD the same way, so comparisons with other REITs may not be meaningful. FAD should not be considered as an alternative to net income (loss) or cash flow provided by operating activities as determined under GAAP.

Nareit Funds from Operations ("Nareit FFO" or "FFO") and Core Funds from Operations ("Core FFO")

Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. FFO is not equivalent to our net income or loss as determined under GAAP.

Nareit defines FFO as net income or loss computed in accordance with GAAP adjusted for gains or losses from disposition of real estate assets, depreciation and amortization of real estate assets, impairment write-downs on real estate, and our pro rata share of FFO adjustments related to the Unconsolidated Joint Venture. We calculate FFO in accordance with Nareit's definition described above.

In addition to FFO, we use Core FFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. Core FFO, as defined by the Company, excludes from FFO non-recurring or infrequent items such as acquisition-related expenses, transaction costs and gains or losses on extinguishment of swaps and/or debt. Core FFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as Core FFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and Core FFO, in addition to net income (loss), as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and Core FFO the same way, so comparisons with other REITs may not be meaningful. FFO and Core FFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate Core FFO and its use as a non-GAAP financial performance measure.

GAAP is an abbreviation for generally accepted accounting principles in the United States.

Gross Lease is a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).

Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties and the Company's pro rata share of such amounts related to properties owned by the Unconsolidated Joint Venture, net of gross intangible lease liabilities. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 28



						Q1 2022 SUPPLEMENTAL INFORMATION



Definitions (cont.) (unaudited, in thousands, except share and per share data)

The following table shows a reconciliation of Gross Real Estate Investments to the amounts presented in accordance with GAAP on the balance sheet for the periods presented (dollar amounts in thousands):


	March 31, 2022
Total real estate investments, at cost - as reported	$	1,486,255
Adjustments:
Gross intangible lease assets	370,981
Gross intangible lease liabilities	(35,068)
Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments	45,413
Gross Real Estate Investments	$	1,867,581

Implied Equity Market Capitalization equals shares of common stock outstanding as of an applicable date, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange on such date.

Industry is derived from the Global Industry Classification Standard ("GICS") Methodology that was developed by Morgan Stanley Capital International ("MSCI") in collaboration with S&P Dow Jones Indices to establish a global, accurate, complete and widely accepted approach to defining industries and classifying securities by industry.

Interest Coverage Ratio equals Adjusted EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations.

Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's pro rata share of the Unconsolidated Joint Venture's interest expense incurred on its outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

The following table shows a reconciliation of Interest Expense, excluding non-cash amortization to interest expense presented in accordance with GAAP on the statements of operations for the periods presented (dollar amounts in thousands):


	Three Months Ended
	March 31, 2022
Interest expense - as reported	$	6,847
Adjustments:
Amortization of deferred financing costs and other non-cash charges	(1,171)

Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization	115

Interest Expense, excluding non-cash amortization	$	5,791

Investment-Grade Tenants are those with a Standard & Poor’s credit rating of BBB- or higher or a Moody’s credit rating of Baa3 or higher. The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable.

Leased Square Feet is Rentable Square Feet leased and includes such amounts related to the Unconsolidated Joint Venture.

Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant.

Net Debt, Principal Outstanding and Adjusted Principal Outstanding

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						Q1 2022 SUPPLEMENTAL INFORMATION



Definitions (cont.) (unaudited, in thousands, except share and per share data)

Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the Unconsolidated Joint Venture's outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's pro rata share of the Unconsolidated Joint Venture's cash and cash equivalents. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

The following table shows a reconciliation of Net Debt, Principal Outstanding and Adjusted Principal Outstanding to the amounts presented in accordance with GAAP on the balance sheet for the periods presented (dollar amounts in thousands):


	March 31, 2021		December 31, 2021
Bridge facility, net	$	—	$	354,357
Mortgages payable, net	351,648		—
Credit facility term loan, net	172,793		172,490
Credit facility revolver	91,000		90,000


Total debt - as reported	615,441		616,847
Deferred financing costs, net	5,559		3,153

Principal Outstanding	621,000		620,000
Proportionate share of Unconsolidated Joint Venture Principal Outstanding	27,332		27,332

Adjusted Principal Outstanding	$	648,332	$	647,332
Cash and cash equivalents	(18,585)		(29,318)
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents	(652)		(590)

Net Debt	$	629,095	$	617,424

Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments.

Net Operating Income ("NOI") and Cash NOI

NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to the Unconsolidated Joint Venture, impairment, depreciation and amortization, general and administrative expenses, acquisition-related expenses and transaction costs. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rent adjustments and amortization of above-market intangible lease assets and below-market lease intangible liabilities. Cash NOI includes the pro rata share of such amounts from properties owned by the Unconsolidated Joint Venture. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income in accordance with GAAP. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.

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						Q1 2022 SUPPLEMENTAL INFORMATION



Definitions (cont.) (unaudited, in thousands, except share and per share data)

The following table shows the calculation of NOI and Cash NOI for the periods presented (dollar amounts in thousands):


	Three Months Ended
	March 31, 2022
Total revenues	$	53,206
Less total operating expenses	(55,605)
Fee income from unconsolidated joint venture	(189)
Acquisition related	63
Transaction costs	756
General and administrative	3,517
Depreciation and amortization	34,353
Impairment of real estate	1,602
NOI	37,703
Straight-line rent	(896)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	(320)
Other non-cash adjustments	51
Proportionate share of Unconsolidated Joint Venture Cash NOI	849
Cash NOI	$	37,387

Operating Properties refers to all properties owned and consolidated by the Company as of the applicable date.

Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc.

Rentable Square Feet is leasable square feet of Operating Properties and the Company's pro rata share of leasable square feet of properties owned by the Unconsolidated Joint Venture.

Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs in accordance with the lease terms).

Unconsolidated Joint Venture includes the Company's investment in the Arch Street unconsolidated joint venture formed to acquire and own real estate properties.

Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.

Weighted Average Remaining Lease Term is the number of years remaining on each respective lease as of the applicable date, weighted based on Annualized Base Rent and includes the years remaining on each of the respective leases of the Unconsolidated Joint Venture, weighted based on the Company's pro rata share of Annualized Base Rent related to the Unconsolidated Joint Venture.

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