Document

Exhibit 99.2



						Q3 2023 SUPPLEMENTAL INFORMATION


Orion Supplemental Information
September 30, 2023


Section			Page

About the Data			3
Forward-Looking Statements			4
Company Overview			6
Balance Sheets			8
Statements of Operations			9
Funds From Operations (FFO), 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 Revolver Covenants			15
Net Operating Income (NOI) and Cash NOI			16

Leasing Activity			17
Vacant Property Operating Expenses			18
Dispositions			19
Diversification Statistics: Real Estate Portfolio			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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 2



						Q3 2023 SUPPLEMENTAL INFORMATION



About the Data

This data and other information described herein are as of and for the three months ended September 30, 2023, 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 consolidated and combined 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 Reports on Form 10-Q for the periods ended September 30, 2023, June 30, 2023 and March 31, 2023 and Annual Report on Form 10-K for the year ended December 31, 2022.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 3



						Q3 2023 SUPPLEMENTAL INFORMATION



Forward-Looking Statements

Information set forth herein includes “forward-looking statements” which reflect the Company's expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. 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 and geopolitical conditions;

•the extent to which changes in workplace practices and office space utilization, including remote work arrangements, will continue and the impact that may have on demand for office space at our properties;

•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 our properties, including our ability to satisfy the conditions to extend our credit facility revolver;

•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 accompanying the management of OAP/VER Venture, LLC, our unconsolidated joint venture, in which we hold a non-controlling ownership interest;

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

•our ability to accurately forecast the payment of future dividends on our common stock, and the amount of such dividend;

•risks associated with acquisitions, including the risk that we may not be in a position, or have the opportunity in the future, to make suitable property acquisitions on advantageous terms and/or that such acquisitions will fail to perform as expected;

•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;

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

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

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 4



						Q3 2023 SUPPLEMENTAL INFORMATION

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.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 5



						Q3 2023 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 an internally managed REIT engaged in the ownership, acquisition and management of a diversified portfolio of mission-critical regional and corporate headquarters office buildings in high-quality suburban markets across the U.S. and leased primarily on a single-tenant net lease basis to creditworthy tenants. As of September 30, 2023, Orion owned and operated a portfolio of 79 office properties totaling approximately 9.3 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, as of September 30, 2023, owned a portfolio consisting of six office properties totaling approximately 1.0 million leasable square feet located within six states. As of September 30, 2023, approximately 72.0% of the Company's Annualized Base Rent was from Investment-Grade Tenants, the Company's Occupancy Rate was 80.5%, or 88.7% adjusted for properties that have been sold following quarter end or are currently under agreement to be sold, and the Weighted Average Remaining Lease Term was 3.9 years.

The Company's Annualized Base Rent as of September 30, 2023 was approximately $144.9 million. The top tenants, tenant industries and geographic locations of the Company's properties are outlined in the following sections: "Tenants Comprising Over 1% of Annualized Base Rent," "Tenant Industry Diversification," and "Property Geographic Diversification," respectively.

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.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 6



						Q3 2023 SUPPLEMENTAL INFORMATION



Company Overview (cont.)


Senior Management						Board of Directors

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

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

Christopher H. Day, Executive Vice President, Chief Operating Officer						Richard J. Lieb, Independent Director

Gary E. Landriau, Executive Vice President, Chief Investment Officer						Gregory J. Whyte, Independent Director

Paul C. Hughes, General Counsel and Secretary						Paul H. McDowell, Chief Executive Officer, President and Director

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

Corporate Offices and Contact Information


2398 E. Camelback Road, Suite 1060						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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 7



						Q3 2023 SUPPLEMENTAL INFORMATION



Balance Sheets (unaudited, in thousands)


	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Assets
Real estate investments, at cost:
Land	$	227,203	$	229,105	$	236,966	$	238,225	$	243,726
Buildings, fixtures and improvements	1,106,383		1,111,646		1,127,590		1,128,400		1,137,177
Total real estate investments, at cost	1,333,586		1,340,751		1,364,556		1,366,625		1,380,903
Less: accumulated depreciation	156,904		149,147		141,093		133,379		126,097
Total real estate investments, net	1,176,682		1,191,604		1,223,463		1,233,246		1,254,806
Accounts receivable, net	26,911		24,960		24,697		21,641		21,923
Intangible lease assets, net	144,304		161,885		182,629		202,832		223,528
Cash and cash equivalents	32,286		42,209		23,755		20,638		23,282
Real estate assets held for sale, net	3,818		16,251		2,502		2,502		6,383
Other assets, net	120,390		90,998		89,826		90,214		91,632
Total assets	$	1,504,391	$	1,527,907	$	1,546,872	$	1,571,073	$	1,621,554

Liabilities and Equity

Mortgages payable, net	$	352,683	$	352,509	$	352,337	$	352,167	$	351,994
Credit facility term loan, net	—		—		174,153		173,815		173,478
Credit facility revolver	175,000		175,000		—		—		31,000
Accounts payable and accrued expenses	30,570		22,326		19,957		26,161		22,038
Below-market lease liabilities, net	9,481		10,996		12,526		14,068		15,611
Distributions payable	5,578		5,670		5,666		5,664		5,664
Other liabilities, net	21,811		23,682		22,286		23,340		21,085
Total liabilities	595,123		590,183		586,925		595,215		620,870


Common stock	56		57		57		57		57
Additional paid-in capital	1,143,825		1,148,155		1,147,466		1,147,014		1,146,431
Accumulated other comprehensive income	986		3,026		4,540		6,308		7,057
Accumulated deficit	(237,026)		(214,929)		(193,516)		(178,910)		(154,273)
Total stockholders' equity	907,841		936,309		958,547		974,469		999,272
Non-controlling interest	1,427		1,415		1,400		1,389		1,412
Total equity	909,268		937,724		959,947		975,858		1,000,684
Total liabilities and equity	$	1,504,391	$	1,527,907	$	1,546,872	$	1,571,073	$	1,621,554

Orion Office REIT Inc. | WWW.ONLREIT.COM | 8



						Q3 2023 SUPPLEMENTAL INFORMATION



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


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Revenues:
Rental	$	48,876	$	51,824	$	49,990	$	50,097	$	51,580
Fee income from unconsolidated joint venture	200		200		200		197		189
Total revenues	49,076		52,024		50,190		50,294		51,769
Operating expenses:
Property operating	15,506		15,487		15,344		15,746		15,303
General and administrative	4,367		4,565		4,309		4,428		4,672
Depreciation and amortization	27,013		27,877		28,166		30,493		32,693
Impairments	11,403		11,819		3,754		12,198		44,801
Transaction related	101		150		105		277		194

Total operating expenses	58,390		59,898		51,678		63,142		97,663
Other (expenses) income:
Interest expense, net	(7,380)		(7,222)		(7,139)		(7,553)		(7,904)
Gain on disposition of real estate assets	18		—		—		1,293		1,059
Loss on extinguishment of debt, net	—		(504)		—		—		—

Other income, net	437		165		36		105		31
Equity in loss of unconsolidated joint venture, net	(108)		(95)		(123)		(272)		(157)
Total other (expenses) income, net	(7,033)		(7,656)		(7,226)		(6,427)		(6,971)
Loss before taxes	(16,347)		(15,530)		(8,714)		(19,275)		(52,865)
Provision for income taxes	(160)		(185)		(160)		282		(164)
Net loss	(16,507)		(15,715)		(8,874)		(18,993)		(53,029)
Net (income) loss attributable to non-controlling interest	(12)		(15)		(11)		23		(18)
Net loss attributable to common stockholders	$	(16,519)	$	(15,730)	$	(8,885)	$	(18,970)	$	(53,047)

Weighted-average shares outstanding - basic and diluted	56,543		56,680		56,642		56,644		56,635
Basic and diluted net loss per share attributable to common stockholders	$	(0.29)	$	(0.28)	$	(0.16)	$	(0.33)	$	(0.94)

Orion Office REIT Inc. | WWW.ONLREIT.COM | 9



						Q3 2023 SUPPLEMENTAL INFORMATION



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


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Net loss attributable to common stockholders	$	(16,519)	$	(15,730)	$	(8,885)	$	(18,970)	$	(53,047)
Adjustments:
Depreciation and amortization of real estate assets	26,988		27,852		28,142		30,475		32,674
Gain on disposition of real estate assets	(18)		—		—		(1,293)		(1,059)
Impairment of real estate	11,403		11,819		3,754		12,198		44,801
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	463		463		462		465		460
FFO attributable to common stockholders	$	22,317	$	24,404	$	23,473	$	22,875	$	23,829
Transaction related	101		150		105		277		194

Amortization of deferred financing costs	933		1,059		1,049		1,068		1,067
Amortization of deferred lease incentives, net	(14)		100		101		80		36
Equity-based compensation	687		689		526		603		444
Loss on extinguishment of debt, net	—		504		—		—		—
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	29		29		29		29		28
Core FFO attributable to common stockholders	$	24,053	$	26,935	$	25,283	$	24,932	$	25,598


Amortization of above and below market leases, net	(346)		(274)		(215)		(260)		(312)
Straight-line rental revenue	(1,369)		(2,275)		(2,684)		2,911		(699)
Unconsolidated Joint Venture basis difference amortization	113		114		133		259		258
Capital expenditures and leasing costs	(8,359)		(2,172)		(3,338)		(6,112)		(3,730)
Other adjustments, net	66		74		131		74		63
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable	(40)		(41)		(40)		(54)		(59)
FAD attributable to common stockholders	$	14,118	$	22,361	$	19,270	$	21,750	$	21,119

Weighted-average shares outstanding - basic	56,543		56,680		56,642		56,644		56,635
Effect of weighted-average dilutive securities (1)	26		11		18		—		—
Weighted-average shares outstanding - diluted	56,569		56,691		56,660		56,644		56,635

FFO attributable to common stockholders per diluted share	$	0.39	$	0.43	$	0.41	$	0.40	$	0.42
Core FFO attributable to common stockholders per diluted share	$	0.43	$	0.48	$	0.45	$	0.44	$	0.45
FAD attributable to common stockholders per diluted share	$	0.25	$	0.39	$	0.34	$	0.38	$	0.37

___________________________________

(1)Dilutive securities include unvested restricted stock units net of assumed repurchases in accordance with the treasury stock method and exclude performance-based restricted stock units for which the thresholds have not been met by the end of the applicable reporting period. Such dilutive securities are not included when calculating net loss per diluted share applicable to the Company for the periods presented above, as the effect would be antidilutive.

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

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						Q3 2023 SUPPLEMENTAL INFORMATION



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


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Net loss attributable to common stockholders	$	(16,519)	$	(15,730)	$	(8,885)	$	(18,970)	$	(53,047)
Adjustments:
Interest expense	7,380		7,222		7,139		7,553		7,904
Depreciation and amortization	27,013		27,877		28,166		30,493		32,693
Provision for income taxes	160		185		160		(282)		164
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	864		861		854		864		782
EBITDA	$	18,898	$	20,415	$	27,434	$	19,658	$	(11,504)
Gain on disposition of real estate assets	(18)		—		—		(1,293)		(1,059)
Impairment of real estate	11,403		11,819		3,754		12,198		44,801

EBITDAre	$	30,283	$	32,234	$	31,188	$	30,563	$	32,238
Transaction related	101		150		105		277		194

Amortization of above and below market leases, net	(346)		(274)		(215)		(260)		(312)
Amortization of deferred lease incentives, net	(14)		100		101		80		36
Loss on extinguishment of debt, net	—		504		—		—		—
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable	(7)		(8)		(7)		(8)		(7)
Adjusted EBITDA	$	30,017	$	32,706	$	31,172	$	30,652	$	32,149

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 11



						Q3 2023 SUPPLEMENTAL INFORMATION



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


						Common equity			34.3%

						Mortgages payable			41.9%

						Credit facility revolver (4)			20.6%

						Proportionate share of Unconsolidated Joint Venture Debt			3.2%

Fixed vs. Variable Rate Debt



Fixed and Swapped to Fixed	100.0	%
Variable (4)	—	%


Orion Capitalization Table
				September 30, 2023
Common stock outstanding				55,780
Stock price				$	5.21
Implied Equity Market Capitalization				$	290,614

	Wtd. Avg. Maturity (Years)	Interest Rate (1)		September 30, 2023
Mortgages payable	3.4	4.97	%	$	355,000
Proportionate share of Unconsolidated Joint Venture Debt (2)	1.2	5.19	%	27,332
Total secured debt	3.2	4.99	%	$	382,332

Total unsecured credit facility revolver (3) (4)	2.6	3.92%		$	175,000


Total Principal Outstanding	3.0	4.65	%	$	557,332

Total Capitalization				$	847,946
Cash and cash equivalents				32,286
Restricted cash deposited with credit facility lenders				33,198
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents				708
Enterprise Value				$	781,754

Net Debt/Enterprise Value				62.8		%
Net Debt/Gross Real Estate Investments				28.9		%
Fixed Charge Coverage Ratio				4.40x
Liquidity (5)				$	316,192
Net Debt/Annualized Adjusted EBITDA				4.09x

___________________________________

(1)Interest rate for variable rate debt represents the interest rate in effect as of September 30, 2023.

(2)The Unconsolidated Joint Venture mortgages payable have a variable interest rate which is determined, at the election of the borrower, on the basis of Daily Simple SOFR or a base rate, in the case of a SOFR loan, plus 1.60% per annum, and in the case of a base rate loan, plus 0.50% per annum; however, the Unconsolidated Joint Venture has entered into an interest rate swap agreement which effectively fixes the interest rate on the mortgage notes at 5.19% per annum until May 27, 2024.

(3)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 simultaneously serve as collateral under other borrowings.

(4)The credit facility revolver matures on November 12, 2024 with an option to extend the maturity an additional 18 months to May 12, 2026. This table assumes exercise of the extension option. There was $175.0 million outstanding on the credit facility revolver as of September 30, 2023 and it is a variable rate facility with the interest rate determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.35% per annum, and in the case of a base rate loan, plus 2.25% per annum; however, the Company has entered into interest rate swap agreements which effectively fixes the interest rate on the notional amount of $175.0 million at 3.92% per annum until November 12, 2023. Upon the scheduled expiration of the interest rate swap agreements, the Company's borrowing cost on the credit facility revolver will no longer be effectively fixed, but rather will float and, therefore, the Company's borrowing cost on the credit facility revolver will immediately shift to prevailing short-term interest rates based on the benchmark and applicable margin described above, and the Company will be exposed to interest rate fluctuations on these borrowings.

(5)Liquidity represents cash and cash equivalents of $33.0 million, including the Company's pro rata share of cash from the Unconsolidated Joint Venture, as well as $250.0 million available capacity on our $425.0 million credit facility revolver as of September 30, 2023. Also includes $33.2 million of restricted cash deposited with the credit facility lenders that will, in accordance with the terms of the credit facility revolver, be used to prepay borrowings thereunder upon the scheduled expiration in November 2023 (or earlier termination) of the Company's interest rate swap agreements, and thereby create an equal amount of additional available capacity under the credit facility revolver.

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 12



						Q3 2023 SUPPLEMENTAL INFORMATION



Debt Detail (unaudited, dollars in thousands)


Principal Payments Due	Total		2023		2024		2025		Thereafter
Credit facility revolver (1)	$	175,000	$	—	$	—	$	—	$	175,000
Mortgages payable	355,000		—		—		—		355,000
Proportionate share of Unconsolidated Joint Venture debt	27,332		—		27,332		—		—
Total Principal Outstanding	$	557,332	$	—	$	27,332	$	—	$	530,000


Debt Type	Percentage of Principal Outstanding		Interest Rate		Weighted-Average Years to Maturity
Credit facility revolver (1)	31.4	%	3.92	%	2.6
Mortgages payable	63.7	%	4.97	%	3.4
Proportionate share of Unconsolidated Joint Venture debt	4.9	%	5.19	%	1.2
Total	100.0	%	4.65	%	3.0


Debt Type	Percentage of Principal Outstanding		Weighted-Average Interest Rate		Weighted-Average Years to Maturity
Total unsecured debt	31.4	%	3.92	%	2.6
Total secured debt	68.6	%	4.99	%	3.2
Total	100.0	%	4.65	%	3.0

Total fixed-rate and swapped to fixed-rate debt (1)	100.0	%	4.65	%	3.0
Total variable-rate debt (1)	—	%	N/A		N/A
Total	100.0	%	4.65	%	3.0

___________________________________

(1)The credit facility revolver matures on November 12, 2024 with an option to extend the maturity an additional 18 months to May 12, 2026. This table assumes exercise of the extension option. There was $175.0 million outstanding on the credit facility revolver as of September 30, 2023 and it is a variable rate facility with the interest rate determined, at the election of the borrower, on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus 3.35% per annum, and in the case of a base rate loan, plus 2.25% per annum; however, the Company has entered into interest rate swap agreements which effectively fixes the interest rate on the notional amount of $175.0 million at 3.92% per annum until November 12, 2023. Upon the scheduled expiration of the interest rate swap agreements, the Company's borrowing cost on the credit facility revolver will no longer be effectively fixed, but rather will float and, therefore, the Company's borrowing cost on the credit facility revolver will immediately shift to prevailing short-term interest rates based on the benchmark and applicable margin described above, and the Company will be exposed to interest rate fluctuations on these borrowings.

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

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						Q3 2023 SUPPLEMENTAL INFORMATION



Ratio Analysis (unaudited, dollars in thousands)


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	6,818	$	6,529	$	6,453	$	6,852	$	7,131
Adjusted EBITDA (2)	30,017		32,706		31,172		30,652		32,149
Interest Coverage Ratio	4.40x		5.01x		4.83x		4.47x		4.51x

Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	6,818	$	6,529	$	6,453	$	6,852	$	7,131
Secured debt principal amortization	—		—		—		—		—
Total fixed charges	6,818		6,529		6,453		6,852		7,131
Adjusted EBITDA (2)	30,017		32,706		31,172		30,652		32,149
Fixed Charge Coverage Ratio	4.40x		5.01x		4.83x		4.47x		4.51x

___________________________________

(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 loss 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.


	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Net Debt Ratios
Net Debt (1)	$	491,140		$	514,418		$	532,850		$	536,122		$	564,292
Adjusted EBITDA (2)	120,068			130,824			124,688			132,210			128,596
Net Debt to Adjusted EBITDA Ratio	4.09x			3.93x			4.27x			4.06x			4.39x

Net Debt (1)	$	491,140		$	514,418		$	532,850		$	536,122		$	564,292
Gross Real Estate Investments (1)	1,698,387			1,716,594			1,734,559			1,743,969			1,766,600
Net Debt Leverage Ratio	28.9		%	30.0		%	30.7		%	30.7		%	31.9		%

Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments (1)	$	1,092,464		$	1,112,811		$	1,131,272		$	1,141,035		$	1,165,310
Gross Real Estate Investments (1)	1,698,387			1,716,594			1,734,559			1,743,969			1,766,600
Unencumbered Asset Ratio	64.3		%	64.8		%	65.2		%	65.4		%	66.0		%

___________________________________

(1)Refer to the Balance Sheets 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. 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 simultaneously serve as collateral under other borrowings.

(2)Adjusted EBITDA for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, and September 30, 2022 has been annualized for the purpose of this calculation.

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 14



						Q3 2023 SUPPLEMENTAL INFORMATION



Credit Facility Revolver Covenants (unaudited)

The following is a summary of financial covenants for the Company's credit facility revolver as defined and calculated per the terms of the facility's credit agreement. These calculations 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, 2023, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.

Credit Facility Revolver Financial Covenants

Required

September 30, 2023

Ratio of total indebtedness to total asset value

≤ 60%

38.3%

Ratio of adjusted EBITDA to fixed charges

≥ 1.5x

4.23x

Ratio of secured indebtedness to total asset value

≤ 40%

25.0%

Ratio of unsecured indebtedness to unencumbered asset value

≤ 60% (1)

14.9%

Ratio of unencumbered adjusted NOI to unsecured interest expense

≥ 2.00x

10.74x

Unencumbered asset value

≥ $600.0 million

$832.5 million

___________________________________

(1)If the ratio of unsecured indebtedness to unencumbered asset value exceeds 35% as of the end of two consecutive fiscal quarters, the Company will be required, within 90 days and subject to cure rights, to grant the administrative agent a first priority lien on all the properties included in the pool of unencumbered assets (other than properties identified for disposition by the Company so long as such properties are sold within one year of such identification).

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 15



						Q3 2023 SUPPLEMENTAL INFORMATION



Net Operating Income (NOI) and Cash NOI (unaudited, dollars in thousands)


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Rental revenue:
Cash rental revenue	35,491		36,410		36,104		37,209		38,987
Fixed reimbursements	1,737		1,399		1,384		1,406		1,428
Variable reimbursements	9,203		10,679		8,482		9,081		9,027
Straight-line rental revenue	1,369		2,275		2,684		(2,911)		699
Amortization of above and below market leases, net	346		274		215		260		312
Amortization of deferred lease incentives, net	14		(100)		(101)		(80)		(36)
Other rental revenue	716		887		1,222		5,132		1,163
Total rental revenue	48,876		51,824		49,990		50,097		51,580
Property operating expense	(15,506)		(15,487)		(15,344)		(15,746)		(15,303)
NOI	33,370		36,337		34,646		34,351		36,277
Adjustments:
Straight-line rental revenue	(1,369)		(2,275)		(2,684)		2,911		(699)
Amortization of above and below market leases, net	(346)		(274)		(215)		(260)		(312)
Amortization of deferred lease incentives, net	(14)		100		101		80		36
Other non-cash adjustments	47		48		48		51		50
Proportionate share of Unconsolidated Joint Venture Cash NOI	863		861		862		833		848
Cash NOI	$	32,551	$	34,797	$	32,758	$	37,966	$	36,200

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

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



						Q3 2023 SUPPLEMENTAL INFORMATION



Leasing Activity (unaudited, dollars and square feet in thousands)

During the nine months ended September 30, 2023, we entered into new and renewal leases as summarized in the following table:


	Nine Months Ended September 30, 2023
	New Leases			Renewals			Total
Rentable square feet leased	18			111			129
Weighted average rental rate change (cash basis) (1) (2)	(19.8)		%	17.3		%	13.5		%
Tenant leasing costs and concession commitments (3)	$	748		$	1,065		$	1,813
Tenant leasing costs and concession commitments per rentable square foot	$	41.38		$	9.62		$	14.09
Weighted average lease term (by rentable square feet) (years)	7.8			9.8			9.5
Tenant leasing costs and concession commitments per rentable square foot per year	$	5.29		$	0.98		$	1.48

____________________________________

(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, which may include estimates) 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, which may include estimates) as of the expiration date of the prior lease term. If a space has been vacant for more than 12 months prior to the execution of a new lease, the lease will be excluded from this calculation.

(2)Excludes one new lease for approximately 4,000 square feet of space that had been vacant for more than 12 months at the time the new lease was executed.

(3)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



						Q3 2023 SUPPLEMENTAL INFORMATION



Vacant Property Operating Expenses (unaudited, in thousands for the nine months ended September 30, 2023)


	Square Feet	Total Expenses
Fully vacant - full period	637	$2,866
Fully vacant - disposed and partial period (1)	1,085	3,565
Fully vacant subtotal (2)	1,722	$6,431
Partially vacant properties (3)	345	1,778
Total	2,067	$8,209

____________________________________

(1)Represents eight properties that became vacant during the nine months ended September 30, 2023 and one vacant property that was disposed during the nine months ended September 30, 2023.

(2)The Company had 13 fully vacant properties as of September 30, 2023, including the six property former Walgreens campus in Deerfield, Illinois. All expenses are a component of property operating expenses in the consolidated statements of operations.

(3)The Company does not record property operating expenses at the suite level; therefore, the total expenses for the nine months ended September 30, 2023 for partially vacant properties are estimated by multiplying the vacant square feet of the partially vacant properties by the total annualized expenses per square foot for fully vacant properties and prorating for the nine months ended September 30, 2023.

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

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



						Q3 2023 SUPPLEMENTAL INFORMATION



Dispositions (unaudited, square feet and dollars in thousands)

The following table summarizes the Company's disposition activity during the three and nine months ended September 30, 2023.

Date Sold

Property Location

Square Feet

Gross Sale Price

Lease Term (Years)

07/06/2023

Berkeley, MO

227

$9,650

Vacant

08/10/2023

New Port Richey, FL

4,400

Vacant

Total

274

$14,050

The following table summarizes the Company's disposition activity following the nine months ended September 30, 2023.

Date Sold

Property Location

Square Feet

Gross Sale Price

Lease Term (Years)

10/23/2023

Schaumburg, IL

178

$1,375

Vacant

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

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



						Q3 2023 SUPPLEMENTAL INFORMATION


Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Base Rent as of September 30, 2023, other than occupancy rate which is based on square footage as of September 30, 2023)

___________________________________________________

___________________________________________________

___________________________________________________


Statistics (square feet in thousands)

Operating Properties	79
Unconsolidated Joint Venture Properties	6
Rentable Square Feet	9,459
Occupancy Rate	80.5	%
Weighted Average Remaining Lease Term	3.9
Investment-Grade Tenants	72.0	%

NN leases	69.6	%
NNN leases	11.9	%

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

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



						Q3 2023 SUPPLEMENTAL INFORMATION



Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of September 30, 2023)


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	16	734	7.8	%	$	19,283	13.3	%	AA+
Merrill Lynch	1	482	5.1	%	12,224		8.4	%	A-
Highmark Western & Northeastern NY	1	430	4.5	%	8,450		5.8	%	NR
RSA Security	2	328	3.5	%	7,221		5.0	%	BBB
Cigna/Express Scripts	3	365	3.9	%	6,856		4.7	%	A-
Coterra Energy	1	309	3.3	%	5,762		4.0	%	BBB
Novartis	1	176	1.9	%	4,995		3.4	%	AA-
MDC Holdings Inc.	1	144	1.5	%	4,299		3.0	%	BBB-
T-Mobile	3	217	2.3	%	3,937		2.7	%	BBB
Charter Communications	2	264	2.8	%	3,745		2.6	%	BB+
Top Ten Tenants	31	3,449	36.6	%	76,772		52.9	%
Remaining Tenants:
Banner Life Insurance	1	116	1.2	%	3,581		2.5	%	A
Inform Diagnostics	1	172	1.8	%	3,551		2.5	%	NR
Encompass Health	1	65	0.7	%	3,436		2.4	%	BB-
Collins Aerospace	1	207	2.2	%	3,369		2.3	%	BBB+
Home Depot/HD Supply	2	153	1.6	%	3,120		2.2	%	A
AT&T	1	203	2.1	%	2,921		2.0	%	BBB
Linde	1	175	1.9	%	2,714		1.9	%	A
Maximus	2	168	1.8	%	2,549		1.8	%	BB+
Citigroup	1	64	0.7	%	2,459		1.7	%	BBB+
CVS/Aetna	1	127	1.3	%	2,259		1.6	%	BBB
Hasbro	1	136	1.4	%	2,243		1.5	%	BBB
Ingram Micro	1	200	2.1	%	2,197		1.5	%	BB-
Novus International	1	96	1.0	%	2,022		1.4	%	NR
Pulte Mortgage	1	95	1.0	%	2,005		1.4	%	BBB
NetJets	1	140	1.5	%	1,990		1.4	%	NR
Elementis	1	66	0.7	%	1,980		1.4	%	NR
FedEx (1)	2	352	3.7	%	1,744		1.2	%	BBB
General Electric	1	152	1.6	%	1,663		1.1	%	BBB+
AGCO	1	126	1.3	%	1,607		1.1	%	BBB-
Intermec	1	81	0.9	%	1,459		1.0	%	A
Abbott Laboratories	1	131	1.4	%	1,379		1.0	%	AA-
















Total	55	6,474	68.5	%	$	127,020	87.8	%

____________________________________

(1)Includes one lease where FedEx was in holdover tenancy at the end of the quarter and holdover rent has been excluded from the Annualized Base Rent calculation.

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

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



						Q3 2023 SUPPLEMENTAL INFORMATION



Tenant Industry Diversification (unaudited, square feet and dollars in thousands as of September 30, 2023)


Industry	Number of Leases (1)	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	12	1,109	11.7	%	$	21,354	14.7	%
Government & Public Services	18	778	8.2	%	19,831		13.7	%
Financial Institutions	3	616	6.5	%	15,479		10.7	%
Insurance	3	600	6.3	%	13,292		9.2	%
Capital Goods	10	845	8.9	%	12,572		8.7	%
Software & Services	6	638	6.7	%	11,668		8.0	%
Consumer Durables & Apparel	3	375	4.0	%	8,546		5.9	%
Telecommunication Services	5	419	4.4	%	6,858		4.7	%
Materials	4	366	3.9	%	5,852		4.0	%
Energy	1	309	3.3	%	5,762		4.0	%
Top Ten Tenant Industries	65	6,055	63.9	%	121,214		83.6	%
Remaining Tenant Industries:
Pharmaceuticals, Biotechnology & Life Sciences	1	176	1.9	%	4,995		3.4	%
Commercial & Professional Services	10	295	3.1	%	4,719		3.3	%
Transportation	5	541	5.7	%	4,490		3.1	%
Media & Entertainment	2	264	2.8	%	3,745		2.6	%
Retailing	3	157	1.7	%	3,196		2.2	%
Food, Beverage & Tobacco	1	96	1.0	%	2,022		1.4	%
Utilities	1	26	0.3	%	394		0.3	%
Real Estate	1	4	—	%	86		0.1	%
Consumer Services	2	5	0.1	%	54		—	%

Total	91	7,619	80.5	%	$	144,915	100.0	%

__________________________________

(1) 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



						Q3 2023 SUPPLEMENTAL INFORMATION



Property Geographic Diversification (unaudited, square feet and dollars in thousands as of September 30, 2023)


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
Texas	15	1,353	14.3	%	$	24,239	16.7	%
New Jersey	3	724	7.6	%	19,199		13.2	%
New York	5	781	8.2	%	13,691		9.4	%
Kentucky	2	458	4.8	%	10,299		7.1	%
Colorado	4	571	6.0	%	7,967		5.5	%
Massachusetts	2	378	4.0	%	7,933		5.5	%
Oklahoma	3	585	6.2	%	6,791		4.7	%
California	3	244	2.6	%	5,310		3.7	%
Missouri	3	303	3.2	%	4,917		3.4	%
Maryland	2	236	2.5	%	4,646		3.2	%
Top Ten States	42	5,633	59.4	%	104,992		72.4	%
Remaining States:
Tennessee	4	240	2.5	%	4,615		3.2	%
Georgia	3	284	3.0	%	4,601		3.2	%
Virginia	2	240	2.5	%	4,523		3.1	%
Ohio	4	500	5.3	%	3,520		2.4	%
Rhode Island	2	206	2.2	%	3,040		2.1	%
South Carolina	1	64	0.7	%	2,459		1.7	%
Wisconsin	1	155	1.6	%	2,299		1.6	%
Arizona	2	215	2.3	%	2,216		1.5	%
Illinois	9	916	9.7	%	2,174		1.5	%
Iowa	2	92	1.0	%	1,955		1.4	%
Nebraska	2	180	1.9	%	1,563		1.1	%
Pennsylvania	2	233	2.5	%	1,316		0.9	%
Oregon	1	69	0.7	%	1,142		0.8	%
West Virginia	1	63	0.7	%	1,130		0.8	%
Kansas	2	196	2.1	%	1,044		0.7	%
Idaho	2	45	0.5	%	1,035		0.7	%
Indiana	1	83	0.9	%	570		0.4	%
Minnesota	1	39	0.4	%	493		0.3	%
Florida	1	6	0.1	%	228		0.2	%
Total	85	9,459	100.0	%	$	144,915	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



						Q3 2023 SUPPLEMENTAL INFORMATION



Lease Expirations (unaudited, square feet and dollars in thousands as of September 30, 2023)


Year of Expiration	Number of Leases Expiring (1)	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
2023	2	186	2.0	%	$	5,288	3.5	%
2024	16	1,911	20.2	%	39,379		27.2	%
2025	13	1,044	11.0	%	18,956		13.1	%
2026	15	804	8.5	%	18,629		12.9	%
2027	14	1,002	10.5	%	16,504		11.4	%
2028	11	595	6.3	%	10,907		7.5	%
2029	4	396	4.2	%	5,968		4.1	%
2030	2	98	1.0	%	4,591		3.2	%
2031	1	11	0.1	%	429		0.3	%
2032	3	300	3.2	%	3,808		2.6	%
Thereafter	9	1,010	10.7	%	20,456		14.2	%
Subtotal	90	7,357	77.7	%	144,915		100.0	%
Month-to-Month	1	262	2.8	%	—		—	%
Total	91	7,619	80.5	%	$	144,915	100.0	%

__________________________________

(1) 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 | 24



						Q3 2023 SUPPLEMENTAL INFORMATION



Lease Summary (unaudited, square feet and dollars in thousands as of September 30, 2023)

Rent Escalations


	Number of Leases (1)	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	67	6,410	67.8	%	$	120,956	83.5	%
Flat	7	113	1.1	%	1,794		1.2	%
GSA CPI	14	689	7.3	%	18,248		12.6	%
CPI	2	145	1.5	%	3,917		2.7	%
Month-to-Month	1	262	2.8	%	—		—	%
Total	91	7,619	80.5	%	$	144,915	100.0	%

Tenant Expense Obligation


	Number of Leases (1)	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Base Rent		Annualized Base Rent as a % of Total Portfolio
NN	58	5,586	59.1	%	$	100,799	69.6	%
Modified Gross	19	977	10.2	%	26,717		18.4	%
NNN	11	1,048	11.1	%	17,303		11.9	%
Gross	3	8	0.1	%	96		0.1	%
Total	91	7,619	80.5	%	$	144,915	100.0	%

__________________________________

(1) 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 | 25



						Q3 2023 SUPPLEMENTAL INFORMATION



Full Portfolio (1) (unaudited, as of September 30, 2023)

Industry

Address

City

State

Food, Beverage & Tobacco

20 Missouri Research Park Drive

St. Charles

Commercial & Professional Services

4335 Paredes Line Road

Brownsville

Telecommunication Services

3750 Wheeler Road

Augusta

Telecommunication Services

4080 27th Court SE

Salem

Financial Institutions

11 Ewall Street

Mount Pleasant

Health Care Equipment & Services

8455 University Place Drive

St. Louis

Transportation

1475 Boettler Road

Uniontown

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

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

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

Vacant

1411 Lake Cook Road

Deerfield

Vacant

1415 Lake Cook Road

Deerfield

Vacant

1417 Lake Cook Road

Deerfield

Vacant

1419 Lake Cook Road

Deerfield

Vacant

1425 Lake Cook Road

Deerfield

Vacant

1435 Lake Cook Road

Deerfield

Capital Goods

601 Third Street SE

Cedar Rapids

Consumer Durables & Apparel

15 LaSalle Square

Providence

Materials

100 Sci Park Boulevard

East Windsor

Media & Entertainment

6005 Fair Lakes Road

East Syracuse

Government & Public Services

310 Canaveral Groves Boulevard

Cocoa

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

Capital Goods

1800 Nelson Road

Longmont

Health Care Equipment & Services

1850 Norman Drive North

Waukegan

Health Care Equipment & Services

1333 - 1385 East Shaw Avenue

Fresno

Telecommunication Services

2270 Lakeside Boulevard

Richardson

Health Care Equipment & Services

5859 Farinon Drive

San Antonio

Energy

202 S. Cheyenne

Tulsa

Vacant

7475 S. Joliet Street

Englewood

Consumer Durables & Apparel

4340 & 4350 South Monaco Street

Denver

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

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



						Q3 2023 SUPPLEMENTAL INFORMATION

Industry

Address

City

State

Vacant

2250 Lakeside Boulevard

Richardson

Commercial & Professional Services

3833 Greenway Drive

Lawrence

Vacant

2201 Noria Road

Lawrence

Materials

1585 Sawdust Road

The Woodlands

Consumer Durables & Apparel

7390 S. Iola Street

Englewood

Vacant

41 Moores Road

Malvern

Media & Entertainment

1320 N. Dr. MLK Jr. Drive

Milwaukee

Telecommunication Services

695 Grassmere Park

Nashville

Commercial & Professional Services

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

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

Health Care Equipment & Services

7353 Company Drive

Indianapolis

Health Care Equipment & Services

1640 Dallas Parkway

Plano

Capital Goods

1705 Kellie Drive

Blair

Vacant (2)

955 American Lane Unit 1

Schaumburg

Vacant

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

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.

(2)Property was sold in October 2023.

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

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



						Q3 2023 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, 2023.


	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	$	713	$	5,090
Sysmex - Lincolnshire, IL	20%	Health Care Equipment & Services	9,239		33	795		5,448
DHL - Westerville, OH	20%	Transportation	6,676		29	439		3,972
Peraton - Herndon, VA	20%	Software & Services	9,808		33	1,155		6,000
Atlas Air - Erlanger, KY	20%	Transportation	5,330		20	317		3,162
Spire Energy - St. Louis, MO	20%	Utilities	6,159		26	394		3,660
			$	45,548	191	$	3,813	$	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



						Q3 2023 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 fixed 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.

Credit Rating of a tenant refers 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.

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.

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) Adjusted EBITDA divided by (b) the sum of (i) Interest Expense, excluding non-cash amortization and (ii) secured debt principal amortization on Adjusted Principal Outstanding. 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 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 term of the lease agreement. A Flat lease may include a period of free rent at the beginning or end of the lease.

Orion Office REIT Inc. | WWW.ONLREIT.COM | 29



						Q3 2023 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 and leasing costs, as well as certain non-cash items such as amortization of above market leases, net of amortization of below market lease liabilities, straight-line rental revenue, amortization of the Unconsolidated Joint Venture basis difference 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 (used in) 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, amortization of deferred lease incentives, amortization of deferred financing costs, equity-based compensation, amortization of premiums and discounts on debt, net and gains or losses on extinguishment of swaps and/or debt, and our pro rata share of Core FFO adjustments related to the Unconsolidated Joint Venture.

We believe that FFO and Core FFO allow for a comparison of the performance of our operations with other publicly-traded REITs, as FFO and Core FFO, or an equivalent measure, are routinely reported by publicly-traded REITs, each adjust for items that we believe do not reflect the ongoing operating performance of our business and we believe are 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 | 30



						Q3 2023 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 sheets for the periods presented (in thousands):


	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Total real estate investments, at cost - as reported	$	1,333,586	$	1,340,751	$	1,364,556	$	1,366,625	$	1,380,903
Adjustments:
Gross intangible lease assets	346,643		345,416		353,341		360,690		364,058
Gross intangible lease liabilities	(31,250)		(31,317)		(31,317)		(31,317)		(31,317)
Gross assets held for sale	3,860		16,293		2,544		2,544		7,530
Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments	45,548		45,451		45,435		45,427		45,426
Gross Real Estate Investments	$	1,698,387	$	1,716,594	$	1,734,559	$	1,743,969	$	1,766,600

GSA CPI refers to a General Services Administration ("GSA") lease that includes a contractually obligated operating cost component of rent which is adjusted annually based on changes in a consumer price index.

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 (in thousands):


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Interest expense, net - as reported	$	7,380	$	7,222	$	7,139	$	7,553	$	7,904
Adjustments:
Amortization of deferred financing costs and other non-cash charges	(933)		(1,059)		(1,049)		(1,068)		(1,067)

Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization	371		366		363		367		294
Interest Expense, excluding non-cash amortization	$	6,818	$	6,529	$	6,453	$	6,852	$	7,131

Investment-Grade Tenants are those with a Credit Rating of BBB- or higher from Standard & Poor’s or a Credit Rating of Baa3 or higher from Moody’s. 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.

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						Q3 2023 SUPPLEMENTAL INFORMATION



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

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.

Month-to-Month refers to a lease that is outside of the contractual lease expiration, but the tenant has not vacated and continues to pay rent which may also include holdover rent if applicable.

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, and less cash deposited with the credit facility lenders that will, in accordance with the terms of the credit facility revolver, be used to prepay borrowings upon expiration or termination of the Company’s interest rate swap agreements. 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 sheets for the periods presented (in thousands):


	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022

Mortgages payable, net	$	352,683	$	352,509	$	352,337	$	352,167	$	351,994
Credit facility term loan, net	—		—		174,153		173,815		173,478
Credit facility revolver	175,000		175,000		—		—		31,000
Total debt - as reported	527,683		527,509		526,490		525,982		556,472
Deferred financing costs, net	2,317		2,491		3,510		4,018		4,528
Principal Outstanding	530,000		530,000		530,000		530,000		561,000
Proportionate share of Unconsolidated Joint Venture Principal Outstanding	27,332		27,332		27,332		27,332		27,332
Adjusted Principal Outstanding	$	557,332	$	557,332	$	557,332	$	557,332	$	588,332
Cash and cash equivalents	(32,286)		(42,209)		(23,755)		(20,638)		(23,282)
Restricted cash deposited with credit facility lenders	(33,198)		—		—		—		—
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents	(708)		(705)		(727)		(572)		(758)
Net Debt	$	491,140	$	514,418	$	532,850	$	536,122	$	564,292

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

Orion Office REIT Inc. | WWW.ONLREIT.COM | 32



						Q3 2023 SUPPLEMENTAL INFORMATION



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

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, amortization of above-market intangible lease assets and below-market lease intangible liabilities, and amortization of deferred lease incentives. 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.

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


	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Total revenues	$	49,076	$	52,024	$	50,190	$	50,294	$	51,769
Less: total operating expenses	(58,390)		(59,898)		(51,678)		(63,142)		(97,663)
Fee income from unconsolidated joint venture	(200)		(200)		(200)		(197)		(189)
Transaction related	101		150		105		277		194

General and administrative	4,367		4,565		4,309		4,428		4,672
Depreciation and amortization	27,013		27,877		28,166		30,493		32,693
Impairment of real estate	11,403		11,819		3,754		12,198		44,801
NOI	33,370		36,337		34,646		34,351		36,277
Straight-line rent	(1,369)		(2,275)		(2,684)		2,911		(699)
Amortization of above and below market leases, net	(346)		(274)		(215)		(260)		(312)
Amortization of deferred lease incentives, net	(14)		100		101		80		36
Other non-cash adjustments	47		48		48		51		50
Proportionate share of Unconsolidated Joint Venture Cash NOI	863		861		862		833		848
Cash NOI	$	32,551	$	34,797	$	32,758	$	37,966	$	36,200

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.

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 means the Company's investment in the unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC.

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.

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						Q3 2023 SUPPLEMENTAL INFORMATION



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

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 simultaneously 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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