Exhibit 99.2                                                

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						Q3 2022 SUPPLEMENTAL INFORMATION

Orion Supplemental Information
September 30, 2022

Section			Page
Company Overview			6
Balance Sheets			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
Leasing Activity			17
Dispositions			18
Diversification Statistics			19
Top 10 Concentrations			20
Tenants Comprising Over 1% of Annualized Base Rent			21
Tenant Industry Diversification			22
Property Geographic Diversification			23
Lease Expirations			24
Lease Summary			25
Full Portfolio			26
Unconsolidated Joint Venture Investment Summary			28
Definitions			29

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						Q3 2022 SUPPLEMENTAL INFORMATION

About the Data

This data and other information described herein are as of and for the three months ended September 30, 2022, unless otherwise indicated. Certain balances have been reclassified to conform with the current period's presentations, including acquisition, disposition, and leasing deal related costs, which were previously included in the acquisition related line on the statement of operations and are now included in the transaction related line, and spin related costs, which were previously included in the transaction costs line on the statement of operations, and are now presented in the spin related line. 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 September 30, 2022 and Annual Report on Form 10-K for the year ended December 31, 2021.

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						Q3 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 and in a timely manner, or at all;

•the risk of inflation, including that our operating costs, such as insurance premiums, utilities, real estate taxes, 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 and in a timely manner, 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 tenants defaulting on their lease obligations, which is heightened due to our focus on single tenant properties;

•our ability to renew leases with existing tenants or re-let vacant space to new tenants on favorable terms and in a timely manner, 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;

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						Q3 2022 SUPPLEMENTAL INFORMATION

•our properties may be subject to impairment charges;

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

•risks associated with the potential volatility of our common stock; and

•the risk that we may fail to qualify and maintain our qualification as a REIT

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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						Q3 2022 SUPPLEMENTAL INFORMATION

Company Overview (unaudited)

Orion is a real estate company incorporated in the state of Maryland on July 1, 2021, which has been operating in a manner so as to qualify and has elected 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 87 office properties totaling approximately 10.1 million leasable square feet located within 29 states. 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 September 30, 2022, approximately 69.9% of the Company's Annualized Base Rent was from Investment Grade Tenants, the Company's Occupancy Rate was 88.2% and the Weighted Average Remaining Lease Term was 3.9 years.

The Company's Annualized Base Rent as of September 30, 2022 was approximately $165.6 million. See "Top Ten Concentrations" and "Tenants Comprising Over 1% of Annualized Base Rent" below.

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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						Q3 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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						Q3 2022 SUPPLEMENTAL INFORMATION

Balance Sheets (unaudited, in thousands)

						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
Assets
Real estate investments, at cost:
Land						$	243,726					$	250,724					$	254,786					$	250,194
Buildings, fixtures and improvements						1,137,177						1,208,475						1,231,469						1,231,551
Total real estate investments, at cost						1,380,903						1,459,199						1,486,255						1,481,745
Less: accumulated depreciation						126,097						138,642						137,217						128,109
Total real estate investments, net						1,254,806						1,320,557						1,349,038						1,353,636
Accounts receivable, net						21,923						25,731						22,032						17,916
Intangible lease assets, net						223,528						247,722						272,623						298,107
Cash and cash equivalents						23,282						19,300						18,585						29,318
Real estate assets held for sale, net						6,383						9,402						—						—
Other assets, net						91,632						91,208						92,671						60,501
Total assets						$	1,621,554					$	1,713,920					$	1,754,949					$	1,759,478
Liabilities and Equity
Bridge facility, net						$	—					$	—					$	—					$	354,357
Mortgages payable, net						351,994						351,820						351,648						—
Credit facility term loan, net						173,478						173,133						172,793						172,490
Credit facility revolver						31,000						71,000						91,000						90,000
Accounts payable and accrued expenses						22,038						16,855						17,929						17,379
Below-market lease liabilities, net						15,611						17,381						18,993						20,609
Distributions payable						5,664						5,663						5,663						—
Other liabilities, net						21,085						20,341						19,897						16,355
Total liabilities						620,870						656,193						677,923						671,190
Common stock						57						57						57						57
Additional paid-in capital						1,146,431						1,145,987						1,145,548						1,145,278
Accumulated other comprehensive income						7,057						5,851						4,356						299
Accumulated deficit						(154,273)						(95,562)						(74,328)						(58,715)
Total stockholders' equity						999,272						1,056,333						1,075,633						1,086,919
Non-controlling interest						1,412						1,394						1,393						1,369
Total equity						1,000,684						1,057,727						1,077,026						1,088,288
Total liabilities and equity						$	1,621,554					$	1,713,920					$	1,754,949					$	1,759,478

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						Q3 2022 SUPPLEMENTAL INFORMATION

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

						Three Months Ended
						September 30, 2022						June 30, 2022						March 31, 2022
Revenues:
Rental						$	51,580					$	52,659					$	53,017
Fee income from unconsolidated joint venture						189						190						189
Total revenues						51,769						52,849						53,206
Operating expenses:
Property operating						15,303						15,156						15,314
General and administrative						4,672						3,291						3,517
Depreciation and amortization						32,693						33,828						34,353
Impairments						44,801						7,758						1,602
Transaction related						194						141						63
Spin related						—						208						756
Total operating expenses						97,663						60,382						55,605
Other (expense) income:
Interest expense, net						(7,904)						(7,867)						(6,847)
Gain on disposition of real estate assets						1,059						—						—
Loss on extinguishment of debt, net						—						—						(468)
Other income, net						31						48						39
Equity in loss of unconsolidated joint venture						(157)						(54)						(41)
Total other (expenses) income, net						(6,971)						(7,873)						(7,317)
Loss before taxes						(52,865)						(15,406)						(9,716)
Provision for income taxes						(164)						(164)						(166)
Net loss						(53,029)						(15,570)						(9,882)
Net income attributable to non-controlling interest						(18)						(1)						(24)
Net loss attributable to common stockholders						$	(53,047)					$	(15,571)					$	(9,906)
Weighted-average shares outstanding - basic and diluted						56,635						56,629						56,626
Basic and diluted net loss per share attributable to common stockholders						$	(0.94)					$	(0.27)					$	(0.17)

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						Q3 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
						September 30, 2022						June 30, 2022						March 31, 2022
Net loss						$	(53,047)					$	(15,571)					$	(9,906)
Depreciation and amortization of real estate assets						32,674						33,811						34,337
Gain on disposition of real estate assets						(1,059)						—						—
Impairment of real estate						44,801						7,758						1,602
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable						460						461						461
FFO attributable to common stockholders						$	23,829					$	26,459					$	26,494
Adjustments:
Transaction related expenses						194						141						63
Spin related expenses						—						208						756
Loss on extinguishment of debt, net						—						—						468
Core funds from operations attributable to common stockholders						$	24,023					$	26,808					$	27,781
Adjustments:
Amortization of deferred financing costs						1,067						1,057						1,171
Amortization of above and below market leases, net						(312)						(315)						(320)
Amortization of deferred lease incentives						36						—						—
Straight-line rental revenue						(699)						(547)						(896)
Equity-based compensation						444						439						270
Equity in loss of Unconsolidated Joint Venture						157						54						41
Capital expenditures and leasing costs						(3,730)						(2,381)						(2,401)
Other adjustments, net						63						63						63
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable						(31)						(5)						9
Funds available for distribution						$	21,018					$	25,173					$	25,718
Weighted-average shares outstanding - basic and diluted						56,635						56,629						56,626
FFO attributable to common stockholders per share						$	0.42					$	0.47					$	0.47
Core FFO attributable to common stockholders per share						$	0.42					$	0.47					$	0.49
FAD per share						$	0.37					$	0.44					$	0.45

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

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

						Three Months Ended
						September 30, 2022						June 30, 2022						March 31, 2022
Net loss						$	(53,047)					$	(15,571)					$	(9,906)
Adjustments:
Interest expense						7,904						7,867						6,847
Depreciation and amortization						32,693						33,828						34,353
Provision for income taxes						164						164						166
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable						782						672						643
EBITDA						$	(11,504)					$	26,960					$	32,103
Gain on disposition of real estate assets						(1,059)						—						—
Impairment of real estate						44,801						7,758						1,602
EBITDAre						$	32,238					$	34,718					$	33,705
Transaction related						194						141						63
Spin related						—						208						756
Amortization of above and below market leases, net						(312)						(315)						(320)
Amortization of deferred lease incentives						36						—						—
Loss on extinguishment of debt, net						—						—						468
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable						(7)						(8)						(7)
Adjusted EBITDA						$	32,149					$	34,744					$	34,665

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

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

						Common equity			45.7%
						Mortgages payable, net			32.8%
						Credit facility term loan			16.1%
						Credit facility revolver			2.9%
						Proportionate share of Unconsolidated Joint Venture Debt			2.5%

                            

Fixed vs. Variable Rate Debt

Fixed and Swapped to Fixed			94.7		%
Variable			5.3		%

Orion Capitalization Table
															September 30, 2022
Common shares outstanding															56,635
Stock price															$	8.75
Implied Equity Market Capitalization															$	495,556
			Wtd. Avg. Maturity (Years)						Interest Rate (1)						September 30, 2022
Proportionate share of Unconsolidated Joint Venture Debt (2)			2.2						5.19		%				$	27,332
Mortgages payable			4.4						4.97		%				355,000
Total secured debt			4.2						4.99		%				$	382,332
Credit facility term loan (3) (4)			1.1						3.19		%				175,000
Credit facility revolver (4)			2.1						5.53		%				31,000
Total unsecured debt			1.3						3.55		%				206,000
Total Principal Outstanding			3.2						4.48		%				$	588,332
Total Capitalization															$	1,083,888
Cash and cash equivalents															23,282
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents															758
Enterprise Value															$	1,059,848
Net Debt/Enterprise Value															53.2		%
Net Debt/Gross Real Estate Investments															31.9		%
Fixed Charge Coverage Ratio															4.51x
Liquidity (5)															$	418,040
Net Debt/Annualized Adjusted EBITDA															4.39x

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(1)Weighted average interest rate for variable rate debt represents the interest rate in effect as of September 30, 2022.

(2)The unconsolidated joint venture mortgage notes payable have a floating interest rate, however, the unconsolidated joint venture has entered into an interest rate swap transaction which effectively fixes the interest rate on the mortgage notes at 5.19% per annum.

(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. The Company's otherwise unencumbered properties are part of the unencumbered property pool under the related loan agreements and therefore, generally are not available to serve as collateral under other borrowings.

(5)Liquidity represents cash and cash equivalents of $24.0 million and approximately $394.0 million available capacity on our $425.0 million revolving credit facility as of September 30, 2022.

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Debt Detail (unaudited, dollars in thousands)

Principal Payments Due						Total						2022						2023						2024						Thereafter
Credit facility revolver						$	31,000					$	—					$	—					$	31,000					$	—
Credit facility term loan						175,000						—						175,000						—						—
Mortgages payable						355,000						—						—						—						355,000
Proportionate share of Unconsolidated Joint Venture debt						27,332						—						—						27,332						—
Total Principal Outstanding						$	588,332					$	—					$	175,000					$	58,332					$	355,000

Debt Type						Percentage of Principal Outstanding						Interest Rate						Weighted-Average Years to Maturity
Credit facility revolver						5.3		%				5.53		%				2.1
Credit facility term loan						29.7		%				3.19		%				1.1
Mortgages payable						60.3		%				4.97		%				4.4
Proportionate share of Unconsolidated Joint Venture debt						4.7		%				5.19		%				2.2
Total						100.0		%				4.48		%				3.2

Debt Type						Percentage of Principal Outstanding						Weighted-Average Interest Rate						Weighted-Average Years to Maturity
Total unsecured debt						35.0		%				3.55		%				1.3
Total secured debt						65.0		%				4.99		%				4.2
Total						100.0		%				4.48		%				3.2
Total fixed-rate and swapped to fixed-rate debt						94.7		%				4.42		%				3.2
Total variable-rate debt						5.3		%				5.53		%				2.1
Total						100.0		%				4.48		%				3.2

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Ratio Analysis (unaudited, dollars in thousands)

Interest Coverage Ratio						September 30, 2022						June 30, 2022						March 31, 2022
Interest Expense, excluding non-cash amortization (1)						$	7,131					$	6,965					$	5,791
Adjusted EBITDA (2)						32,149						34,744						34,665
Interest Coverage Ratio						4.51x						4.99x						5.99x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)						$	7,131					$	6,965					$	5,791
Secured debt principal amortization						—						—						—
Total fixed charges						7,131						6,965						5,791
Adjusted EBITDA (2)						32,149						34,744						34,665
Fixed Charge Coverage Ratio						4.51x						4.99x						5.99x
						September 30, 2022						June 30, 2022						March 31, 2022
Net Debt Ratios
Net Debt (3)						$	564,292					$	608,409					$	629,095
Adjusted EBITDA annualized						128,596						138,976						138,660
Net Debt to Adjusted EBITDA annualized ratio						4.39x						4.38x						4.54x
Net Debt (3)						$	564,292					$	608,409					$	629,095
Gross Real Estate Investments (3)						1,766,600						1,850,068						1,867,581
Net Debt Leverage Ratio						31.9		%				32.9		%				33.7		%
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (3)						$	1,165,310					$	1,249,379					$	1,267,128
Gross Real Estate Investments (3)						1,766,600						1,850,068						1,867,581
Unencumbered Asset Ratio						66.0		%				67.5		%				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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						Q3 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 September 30, 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

September 30, 2022

Ratio of total indebtedness to total asset value

≤ 60%

30.7%

Ratio of adjusted EBITDA to fixed charges

≥ 1.5x

4.42x

Ratio of secured indebtedness to total asset value

≤ 45%

19.8%

Ratio of unsecured indebtedness to unencumbered asset value

≤ 60%

15.5%

Ratio of unencumbered adjusted NOI to unsecured interest expense

≥ 2.00x

10.94x

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Net Operating Income (unaudited, dollars in thousands)

NOI and Cash NOI

						Three Months Ended
						September 30, 2022						June 30, 2022						March 31, 2022
Rental revenue						$	51,580					$	52,659					$	53,017
Property operating expense						(15,303)						(15,156)						(15,314)
NOI						36,277						37,503						37,703
Adjustments:
Straight-line rent						(699)						(547)						(896)
Amortization of above and below market leases, net						(312)						(315)						(320)
Amortization of deferred lease incentives						36						—						—
Other non-cash adjustments						50						48						51
Proportionate share of Unconsolidated Joint Venture NOI						848						850						849
Cash NOI						$	36,200					$	37,539					$	37,387

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 16

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						Q3 2022 SUPPLEMENTAL INFORMATION

Leasing Activity (unaudited, square feet in thousands)

During the three and nine months ended September 30, 2022, we entered into new and renewal leases as summarized in the following tables (square feet in thousands):

						Three Months Ended
						New Leases						Renewals						Total
Rentable square feet leased						—						35						35
Weighted average rental rate change (cash basis)(1)						—		%				—		%				—		%
Tenant leasing costs and concession commitments(2)						$	—					$	—					$	—
Tenant leasing costs and concession commitments per rentable square foot						$	—					$	—					$	—
Weighted average lease term (by rentable square feet) (years)						—						5.0						5.0
Tenant leasing costs and concession commitments per rentable square foot per year						$	—					$	—					$	—

						Nine Months Ended
						New Leases						Renewals						Total
Rentable square feet leased						41						379						420
Weighted average rental rate change (cash basis)(1)						N/A						(4.2)		%				(4.2)		%
Tenant leasing costs and concession commitments(2)						$	2,719					$	7,827					$	10,546
Tenant leasing costs and concession commitments per rentable square foot						$	66.63					$	20.65					$	25.11
Weighted average lease term (by rentable square feet) (years)						11.0						6.2						6.7
Tenant leasing costs and concession commitments per rentable square foot per year						$	6.06					$	3.33					$	3.75

________________________________

(1)Represents weighted average percentage increase or decrease in (i) the annualized monthly cash amount charged to the applicable tenants (including monthly base rent receivables and certain contractually obligated reimbursements by the applicable tenants) as of the commencement date of the new lease term (excluding any full or partial rent abatement period) compared to (ii) the annualized monthly cash amount charged to the applicable tenants (including the monthly base rent receivables and certain contractually obligated reimbursements by the applicable tenants) as of the expiration date of the prior lease term. Excludes one new lease for approximately 41,000 square feet of space that had been vacant for more than 12 months at the time the new lease was executed.

(2)Includes commitments for tenant improvement allowances and base building allowances, leasing commissions and free rent (includes estimates of property operating expenses, where applicable).

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 17

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						Q3 2022 SUPPLEMENTAL INFORMATION

Dispositions (unaudited, square feet and dollars in thousands)

The following table summarizes the Company's disposition activity during the nine months ended September 30, 2022.

Date Sold						Property Location						Square Feet						Gross Sale Price						Lease Term (Years)(1)
5/31/2022						Annandale, NJ						105						$3,600						0.2
7/8/2022						Buffalo Grove, IL						105						6,280						Vacant
8/4/2022						Dublin, OH						150						7,250						Vacant
8/18/2022						Ponce, PR						57						2,850						0.5
8/19/2022						Harleysville, PA						80						3,150						0.4
Total												497						$23,130

The following table summarizes the Company's disposition activity following the nine months ended September 30, 2022.

Date Sold

Property Location

Square Feet

Gross Sale Price

Lease Term (Years)(1)

10/11/2022

Sierra Vista, AZ

24

$2,300

Vacant

11/1/2022

El Centro, CA

18

3,010

Vacant

42

$5,310

_________________________________

(1)Represents the remaining lease term from the date of sale.

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 18

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						Q3 2022 SUPPLEMENTAL INFORMATION

Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Base Rent as of September 30, 2022, other than occupancy rate which is based on square footage as of September 30, 2022)

___________________________________________________

___________________________________________________

___________________________________________________

___________________________________________________

Statistics (square feet in thousands)
Operating Properties						87
Unconsolidated Joint Venture Properties						6
Rentable Square Feet						10,149
Occupancy Rate						88.2		%
Weighted Average Remaining Lease Term						3.9
Investment-Grade Tenants						69.9		%
NN leases						63.7		%
NNN leases						16.5		%

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

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Top 10 Concentrations: Real Estate Portfolio (unaudited, square feet and dollars in thousands as of September 30, 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 Services Administration						17						788						7.8		%				$	19,027					11.5		%				AA+
Merrill Lynch						1						482						4.7		%				11,983						7.2		%				A-
Highmark						1						430						4.2		%				8,328						5.0		%				NR
RSA Security						2						328						3.2		%				7,221						4.4		%				BBB
Cigna/Express Scripts						3						365						3.6		%				6,700						4.0		%				A-
Walgreens						6						574						5.7		%				6,310						3.8		%				BBB
Coterra Energy						1						309						3.0		%				5,658						3.4		%				BBB
T-Mobile						5						294						2.9		%				5,431						3.3		%				BBB-
Teva Pharmaceuticals						1						188						1.9		%				5,348						3.2		%				BB-
Novartis						1						176						1.7		%				4,995						3.0		%				AA-
Total						38						3,934						38.7		%				$	81,001					48.8		%

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						1,132						11.2		%				$	21,609					13.1		%
Government & Public Services						19						832						8.2		%				19,575						11.8		%
Insurance						4						747						7.4		%				15,902						9.6		%
Financial Institutions						3						616						6.1		%				15,041						9.1		%
Software & Services						6						713						7.0		%				12,826						7.7		%
Capital Goods						9						693						6.8		%				10,705						6.5		%
Pharmaceuticals, Biotechnology & Life Sciences						2						364						3.6		%				10,343						6.2		%
Consumer Durables & Apparel						3						375						3.7		%				8,410						5.1		%
Telecommunication Services						7						497						4.9		%				8,251						5.0		%
Energy						2						461						4.5		%				7,273						4.4		%
Total						68						6,430						63.4		%				$	129,935					78.5		%

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						1,353						13.3		%				$	24,164					14.6		%
New Jersey						3						724						7.1		%				18,958						11.4		%
New York						5						787						7.8		%				13,546						8.2		%
Illinois						11						1,217						12.0		%				11,685						7.1		%
Kentucky						2						458						4.5		%				10,232						6.2		%
Oklahoma						3						585						5.8		%				9,514						5.7		%
Massachusetts						2						378						3.7		%				7,921						4.8		%
Colorado						4						570						5.6		%				7,782						4.7		%
Pennsylvania						3						256						2.5		%				6,635						4.0		%
Ohio						4						500						4.9		%				6,188						3.7		%
Total						52						6,828						67.2		%				$	116,625					70.4		%

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

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of September 30, 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 Services Administration						17						788						7.8		%				$	19,027					11.5		%				AA+
Merrill Lynch						1						482						4.7		%				11,983						7.2		%				A-
Highmark						1						430						4.2		%				8,328						5.0		%				NR
RSA Security						2						328						3.2		%				7,221						4.4		%				BBB
Cigna/Express Scripts						3						365						3.6		%				6,700						4.0		%				A-
Walgreens						6						574						5.7		%				6,310						3.8		%				BBB
Coterra Energy						1						309						3.0		%				5,658						3.4		%				BBB
T-Mobile						5						294						2.9		%				5,431						3.3		%				BBB-
Teva Pharmaceuticals						1						188						1.9		%				5,348						3.2		%				BB-
Novartis						1						176						1.7		%				4,995						3.0		%				AA-
FedEx						2						352						3.5		%				4,469						2.7		%				BBB
MDC Holdings Inc.						1						144						1.4		%				4,215						2.5		%				BBB-
Charter Communications						2						264						2.6		%				3,689						2.2		%				BB+
Banner Life Insurance						1						116						1.1		%				3,493						2.1		%				A
Inform Diagnostics						1						172						1.7		%				3,481						2.1		%				NR
Encompass Health						1						65						0.6		%				3,369						2.0		%				BB-
Collins Aerospace						1						207						2.0		%				3,300						2.0		%				A-
Home Depot/HD Supply						3						153						1.5		%				3,059						1.8		%				A
Experian						1						178						1.8		%				2,988						1.8		%				A-
AAA						1						147						1.4		%				2,847						1.7		%				NR
AT&T						1						203						2.0		%				2,820						1.7		%				BBB
Linde						1						161						1.6		%				2,540						1.5		%				A
Citigroup						1						64						0.6		%				2,273						1.4		%				BBB+
Hasbro						1						136						1.3		%				2,243						1.4		%				BBB
NTT Data						1						150						1.5		%				2,237						1.4		%				NR
Ingram Micro						1						200						2.0		%				2,197						1.3		%				BB-
CVS/Aetna						1						127						1.3		%				2,193						1.3		%				BBB
Novus International						1						96						0.9		%				2,022						1.2		%				NR
Elementis						1						66						0.7		%				1,980						1.2		%				NR
Maximus						2						196						1.9		%				1,971						1.2		%				BB+
NetJets						1						140						1.4		%				1,966						1.2		%				NR
Pulte Mortgage						1						95						0.9		%				1,953						1.2		%				BBB-
Baker Hughes						1						152						1.5		%				1,615						1.0		%				A-
Abbott Laboratories						1						131						1.3		%				1,609						1.0		%				AA-
AGCO						1						126						1.2		%				1,606						1.0		%				BBB-
Total						68						7,775						76.4		%				$	147,136					88.7		%

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

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Diversification: Tenant Industry (unaudited, square feet and dollars in thousands as of September 30, 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						1,132						11.2		%				$	21,609					13.1		%
Government & Public Services						19						832						8.2		%				19,575						11.8		%
Insurance						4						747						7.4		%				15,902						9.6		%
Financial Institutions						3						616						6.1		%				15,041						9.1		%
Software & Services						6						713						7.0		%				12,826						7.7		%
Capital Goods						9						693						6.8		%				10,705						6.5		%
Pharmaceuticals, Biotechnology & Life Sciences						2						364						3.6		%				10,343						6.2		%
Consumer Durables & Apparel						3						375						3.7		%				8,410						5.1		%
Telecommunication Services						7						497						4.9		%				8,251						5.0		%
Energy						2						461						4.5		%				7,273						4.4		%
Transportation						5						541						5.3		%				7,176						4.3		%
Commercial & Professional Services						10						505						5.0		%				7,131						4.3		%
Food & Staples Retailing						6						574						5.7		%				6,310						3.8		%
Materials						4						352						3.6		%				5,655						3.4		%
Media & Entertainment						2						264						2.6		%				3,689						2.2		%
Retailing						4						157						1.5		%				3,131						1.9		%
Food, Beverage & Tobacco						1						96						0.9		%				2,022						1.2		%
Utilities						1						25						0.2		%				394						0.3		%
Real Estate						1						4						—		%				86						0.1		%
Consumer Services						2						5						—		%				54						—		%
Total						104						8,953						88.2		%				$	165,583					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 | 22

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						Q3 2022 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic (unaudited, square feet and dollars in thousands as of September 30, 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
Arizona						3						239						2.4		%				$	2,151					1.3		%
California						4						262						2.6		%				5,288						3.2		%
Colorado						4						570						5.6		%				7,782						4.7		%
Florida						2						53						0.5		%				225						0.1		%
Georgia						3						284						2.8		%				4,493						2.7		%
Idaho						2						45						0.5		%				1,027						0.6		%
Illinois						11						1,217						12.0		%				11,685						7.1		%
Indiana						1						83						0.8		%				549						0.3		%
Iowa						3						137						1.4		%				1,911						1.2		%
Kansas						2						196						1.9		%				1,971						1.2		%
Kentucky						2						458						4.5		%				10,232						6.2		%
Maryland						2						236						2.3		%				4,537						2.7		%
Massachusetts						2						378						3.7		%				7,921						4.8		%
Minnesota						1						39						0.4		%				493						0.3		%
Missouri						4						529						5.2		%				4,868						2.9		%
Nebraska						2						180						1.8		%				2,739						1.7		%
New Jersey						3						724						7.1		%				18,958						11.4		%
New York						5						787						7.8		%				13,546						8.2		%
Ohio						4						500						4.9		%				6,188						3.7		%
Oklahoma						3						585						5.8		%				9,514						5.7		%
Oregon						1						69						0.7		%				1,120						0.7		%
Pennsylvania						3						256						2.5		%				6,635						4.0		%
Rhode Island						2						206						2.0		%				3,028						1.8		%
South Carolina						1						64						0.6		%				2,273						1.4		%
Tennessee						4						240						2.4		%				4,502						2.7		%
Texas						15						1,353						13.3		%				24,164						14.6		%
Virginia						2						240						2.4		%				4,426						2.7		%
West Virginia						1						64						0.6		%				1,114						0.7		%
Wisconsin						1						155						1.5		%				2,243						1.4		%
Total						93						10,149						100.0		%				$	165,583					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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Lease Expirations (unaudited, square feet and dollars in thousands as of September 30, 2022)

Year of Expiration						Number of Leases Expiring (1)(2)						Leased Square Feet						Leased Square Feet as a % of Total Portfolio						Annualized Base Rent						Annualized Base Rent as a % of Total Portfolio
2022						2						286						2.8		%				$	6,943					4.2		%
2023						19						1,888						18.6		%				27,804						16.8		%
2024						17						1,971						19.4		%				39,959						24.1		%
2025						13						1,049						10.3		%				18,545						11.2		%
2026						13						757						7.5		%				17,024						10.3		%
2027						14						1,002						9.9		%				16,126						9.7		%
2028						9						423						4.2		%				8,158						4.9		%
2029						3						392						3.9		%				5,775						3.5		%
2030						2						98						1.0		%				4,495						2.7		%
2031						1						11						0.1		%				399						0.2		%
Thereafter						9						1,019						10.1		%				20,070						12.2		%
Total						102						8,896						87.8		%				$	165,298					99.8		%

__________________________________

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

(2) Month-to-month leases have been excluded from lease expirations.

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

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Lease Summary (unaudited)

Rent Escalations

(square feet and dollars in thousands as of September 30, 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						83						7,629						75.2		%				$	142,100					85.8		%
Flat						18						1,132						11.1		%				19,794						12.0		%
CPI						3						192						1.9		%				3,689						2.2		%
Total						104						8,953						88.2		%				$	165,583					100.0		%

Tenant Expense Obligation

(square feet and dollars in thousands as of September 30, 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						58						5,784						57.0		%				$	105,544					63.7		%
Modified Gross						21						1,206						11.9		%				32,580						19.7		%
NNN						21						1,955						19.2		%				27,364						16.5		%
Gross						4						8						0.1		%				95						0.1		%
Total						104						8,953						88.2		%				$	165,583					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 | 25

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						Q3 2022 SUPPLEMENTAL INFORMATION

Full Portfolio (1)

Industry

Address

City

State

Vacant

1625 W. Main Street

El Centro

CA

Food, Beverage & Tobacco

20 Missouri Research Park Drive

St. Charles

MO

Telecommunication Services

4335 Paredes Line Road

Brownsville

TX

Telecommunication Services

3750 Wheeler Road

Augusta

GA

Telecommunication Services

4080 27th Court SE

Salem

OR

Vacant

1100 Technology Parkway

Cedar Falls

IA

Financial Institutions

11 Ewall Street

Mount Pleasant

SC

Health Care Equipment & Services

8455 University Place Drive

St. Louis

MO

Transportation

1475 Boettler Road

Uniontown

OH

Government & Public Services

2305 Hudson Boulevard

Brownsville

TX

Government & Public Services

257 Bosley Industrial Park

Parkersburg

WV

Government & Public Services

2805 Pine Mill Road

Paris

TX

Government & Public Services

4521 Thomas Jefferson Street

Caldwell

ID

Government & Public Services

3381 U.S. Highway 277

Eagle Pass

TX

Vacant

354 S Hwy 92

Sierra Vista

AZ

Government & Public Services

2475 Cliff Creek Crossing Drive

Dallas

TX

Government & Public Services

3644 Avtech Parkway

Redding

CA

Government & Public Services

5100 W 36th Street

Minneapolis

MN

Government & Public Services

4551 State Route 11 (E)

Malone

NY

Government & Public Services

2600 Voyager Avenue

Sioux City

IA

Government & Public Services

135 Circle Lane

Knoxville

TN

Government & Public Services

9912 & 9934 Little Road

New Port Richey

FL

Health Care Equipment & Services

2304 State Highway 121

Bedford

TX

Vacant

5411 E. Williams Boulevard

Tucson

AZ

Government & Public Services

3369 U.S. Highway 277

Eagle Pass

TX

Transportation

942 S. Shady Grove Road

Memphis

TN

Transportation

4151 Bridgeway Avenue

Columbus

OH

Food & Staples Retailing

1411 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1415 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1417 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1419 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1425 Lake Cook Road

Deerfield

IL

Food & Staples Retailing

1435 Lake Cook Road

Deerfield

IL

Capital Goods

601 Third Street SE

Cedar Rapids

IA

Consumer Durables & Apparel

15 LaSalle Square

Providence

RI

Materials

100 Sci Park Boulevard

East Windsor

NJ

Media & Entertainment

6005 Fair Lakes Road

East Syracuse

NY

Government & Public Services

310 Canaveral Groves Boulevard

Cocoa

FL

Vacant

8640 Evans Avenue

Berkeley

MO

Government & Public Services

103 & 104 Airport Road

Grangeville

ID

Government & Public Services

2901 Alta Mesa Boulevard

Fort Worth

TX

Government & Public Services

59 Dunning Way

Plattsburgh

NY

Financial Institutions

480 Jefferson Boulevard

Warwick

RI

Energy

1800 Nelson Road

Longmont

CO

Health Care Equipment & Services

1850 Norman Drive North

Waukegan

IL

Health Care Equipment & Services

1333 - 1385 East Shaw Avenue

Fresno

CA

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

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						Q3 2022 SUPPLEMENTAL INFORMATION

Industry

Address

City

State

Telecommunication Services

2270 Lakeside Boulevard

Richardson

TX

Health Care Equipment & Services

5859 Farinon Drive

San Antonio

TX

Energy

202 S. Cheyenne

Tulsa

OK

Vacant

7475 S. Joliet Street

Englewood

CO

Vacant

8 and 10 Morton Avenue

Ridley Park

PA

Consumer Durables & Apparel

4340 & 4350 South Monaco Street

Denver

CO

Vacant

2250 Lakeside Boulevard

Richardson

TX

Commercial & Professional Services

3833 Greenway Drive

Lawrence

KS

Commercial & Professional Services

2201 Noria Road

Lawrence

KS

Materials

1585 Sawdust Road

The Woodlands

TX

Consumer Durables & Apparel

7390 S. Iola Street

Englewood

CO

Pharmaceuticals, Biotechnology & Life Sciences

41 Moores Road

Malvern

PA

Media & Entertainment

1320 N. Dr. MLK Jr. Drive

Milwaukee

WI

Telecommunication Services

695 Grassmere Park

Nashville

TN

Commercial & Professional Services

1575 Sawdust Road

The Woodlands

TX

Retailing

101 Riverview Parkway

Santee

CA

Materials

6752 Baymeadow Drive

Glen Burnie

MD

Health Care Equipment & Services

6655 North MacArthur Boulevard

Irving

TX

Capital Goods

2087 East 71st Street

Tulsa

OK

Government & Public Services

333 Scott Street

Covington

KY

Software & Services

1759 Wehrle Dr

Amherst

NY

Commercial & Professional Services

6377 Emerald Drive

Dublin

OH

Capital Goods

22640 Davis Drive

Sterling

VA

Capital Goods

1100 Atwater Drive, Lot 11A

Malvern

PA

Vacant

930 National Parkway

Schaumburg

IL

Health Care Equipment & Services

7353 Company Drive

Indianapolis

IN

Health Care Equipment & Services

1640 Dallas Parkway

Plano

TX

Capital Goods

1705 Kellie Drive

Blair

NE

Commercial & Professional Services

955 American Lane Unit 1

Schaumburg

IL

Insurance

3100 Quail Springs Parkway

Oklahoma City

OK

Software & Services

777 Research Road

Lincoln

NE

Insurance

249-257 West Genesee Street

Buffalo

NY

Insurance

3275 Bennett Creek Avenue

Urbana

MD

Health Care Equipment & Services

100 Airpark Center Drive East

Nashville

TN

Retailing

3074 Chastain Meadows Parkway NW

Kennesaw

GA

Vacant

2211 Sanders Road

Northbrook

IL

Capital Goods

4205 River Green Parkway

Duluth

GA

Pharmaceuticals, Biotechnology & Life Sciences

8 Sylvan way

Parsippany

NJ

Software & Services

174 & 176 Middlesex Turnpike

Bedford

MA

Financial Institutions

1500-1600 Merrill Lynch Drive

Hopewell

NJ

Health Care Equipment & Services

3003 N. 3rd Street

Phoenix

AZ

Capital Goods

70 Mechanic Street

Foxboro

MA

Health Care Equipment & Services

577 Aptakisic Road

Lincolnshire

IL

Transportation

360 Westar Boulevard

Westerville

OH

Software & Services

12975 Worldgate Drive

Herndon

VA

Transportation

580 Atlas Air Way

Erlanger

KY

Utilities

700 Market Street

St. Louis

MO

__________________________________

(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 | 27

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						Q3 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 September 30, 2022.

						Legal Ownership Percentage (1)									Tenant Industry						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%									Capital Goods						$	8,336					50						$	699					$	5,090
Sysmex - Lincolnshire, IL						20%									Health Care Equipment & Services						9,239						33						779						5,448
DHL - Westerville, OH						20%									Transportation						6,676						29						430						3,972
Peraton - Herndon, VA						20%									Software & Services						9,687						33						1,126						6,000
Atlas Air - Erlanger, KY						20%									Transportation						5,330						20						311						3,162
Spire Energy - St. Louis, MO						20%									Utilities						6,159						26						394						3,660
																					$	45,427					191						$	3,739					$	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 | 28

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						Q3 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.

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 transaction related expenses and spin related expenses. 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.

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.

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						Q3 2022 SUPPLEMENTAL INFORMATION

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

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 items that we believe do not reflect the ongoing operating performance of our business such as transaction related expenses, spin related expenses 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.

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):

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						Q3 2022 SUPPLEMENTAL INFORMATION

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

						September 30, 2022						June 30, 2022						March 31, 2022
Total real estate investments, at cost - as reported						$	1,380,903					$	1,459,199					$	1,486,255
Adjustments:
Gross intangible lease assets						364,058						371,110						370,981
Gross intangible lease liabilities						(31,317)						(35,068)						(35,068)
Gross assets held for sale						7,530						9,402						—
Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments						45,426						45,425						45,413
Gross Real Estate Investments						$	1,766,600					$	1,850,068					$	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
						September 30, 2022						June 30, 2022						March 31, 2022
Interest expense, net - as reported						$	7,904					$	7,867					$	6,847
Adjustments:
Amortization of deferred financing costs and other non-cash charges						(1,067)						(1,057)						(1,171)
Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization						294						155						115
Interest Expense, excluding non-cash amortization						$	7,131					$	6,965					$	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. Where we refer to the “Credit Rating” of a tenant, we refer to the Standard & Poor’s or Moody’s credit rating and such rating also may reflect the rating 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.

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						Q3 2022 SUPPLEMENTAL INFORMATION

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

Net Debt, Principal Outstanding and Adjusted Principal Outstanding 

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):

						September 30, 2022						June 30, 2022						March 31, 2022
Mortgages payable, net						$	351,994					$	351,820					$	351,648
Credit facility term loan, net						173,478						173,133						172,793
Credit facility revolver						31,000						71,000						91,000
Total debt - as reported						556,472						595,953						615,441
Deferred financing costs, net						4,528						5,047						5,559
Principal Outstanding						561,000						601,000						621,000
Proportionate share of Unconsolidated Joint Venture Principal Outstanding						27,332						27,332						27,332
Adjusted Principal Outstanding						$	588,332					$	628,332					$	648,332
Cash and cash equivalents						(23,282)						(19,300)						(18,585)
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents						(758)						(623)						(652)
Net Debt						$	564,292					$	608,409					$	629,095

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, transaction related expenses and spin related expenses. 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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						Q3 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
						September 30, 2022						June 30, 2022						March 31, 2022
Total revenues						$	51,769					$	52,849					$	53,206
Less total operating expenses						(97,663)						(60,382)						(55,605)
Fee income from unconsolidated joint venture						(189)						(190)						(189)
Transaction related						194						141						63
Spin related						—						208						756
General and administrative						4,672						3,291						3,517
Depreciation and amortization						32,693						33,828						34,353
Impairment of real estate						44,801						7,758						1,602
NOI						36,277						37,503						37,703
Straight-line rent						(699)						(547)						(896)
Amortization of above and below market leases, net						(312)						(315)						(320)
Deferred lease incentives						36						—						—
Other non-cash adjustments						50						48						51
Proportionate share of Unconsolidated Joint Venture Cash NOI						848						850						849
Cash NOI						$	36,200					$	37,539					$	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.

Unencumbered Gross Real Estate Investments equals Gross Real Estate Investments, excluding Gross Real Estate Investments related to properties serving as collateral for the Company's CMBS Loan and the Company's pro rata share of properties owned by the Unconsolidated Joint Venture that are pledged as collateral under mortgage debt. Unencumbered Gross Real Estate Investments includes otherwise unencumbered properties which are part of the unencumbered property pool under our credit facility and therefore generally are not available to serve as collateral under other borrowings.

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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