Annual report pursuant to Section 13 and 15(d)

ORION OFFICE REIT, CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

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ORION OFFICE REIT, CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (97,474) $ (47,464) $ (1,899)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 131,367 43,922 25,950
Non-cash revenue adjustments, net 171 (1,315) (406)
Amortization of net premiums on mortgages payable 0 (60) (411)
Impairments 66,359 49,859 18,671
Gain on disposition of real estate assets (2,352) 0 0
Loss on extinguishment of debt, net 468 3,782 0
Amortization of deferred financing costs 4,364 728 0
Equity-based compensation 1,756 65 0
Equity in loss of unconsolidated joint venture, net 524 56 0
Changes in assets and liabilities:      
Accounts receivable, net and other assets, net 2,247 (5,017) 613
Accounts payable, accrued expenses and other liabilities, net 6,802 11,552 (191)
Net cash provided by operating activities 114,232 56,108 42,327
Cash flows from investing activities:      
Capital expenditures and leasing costs (11,624) (9,916) (464)
Proceeds from disposition of real estate 31,854 0 0
Investment in unconsolidated joint venture 0 (2,478) 0
Return of investment from unconsolidated joint venture 2,247 133 0
Net cash provided by (used in) investing activities 22,477 (12,261) (464)
Cash flows from financing activities:      
Repayment of bridge facility, including debt extinguishment costs (355,026) 0 0
Proceeds from mortgages payable 355,000 0 0
Payments on mortgages payable 0 (36,476) (32,678)
Repayments of credit facility revolver (160,000) 0 0
Payments of deferred financing costs (3,096) (10,514) 0
Repurchases of common stock to settle tax obligations (20) 0 0
Payments of deferred equity offering costs (535) 0 0
Distributions paid (16,991) 0 0
Distributions to parent company, net 0 (587,156) (8,989)
Other financing activities (48) 0 0
Payments upon extinguishment of mortgages payable 0 (4,298) 0
Net cash used in financing activities (110,716) (18,444) (41,667)
Net change in cash and cash equivalents and restricted cash 25,993 25,403 196
Cash and cash equivalents and restricted cash at the beginning of the period 29,318 3,915 3,719
Cash and cash equivalents and restricted cash at the end of the period 55,311 29,318 3,915
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of period 29,318 0 0
Restricted cash at beginning of period 0 3,915 3,719
Cash and cash equivalents and restricted cash at the beginning of the period 29,318 3,915 3,719
Cash and cash equivalents at end of period 20,638 29,318 0
Restricted cash at the end of the period 34,673 0 3,915
Cash and cash equivalents and restricted cash at the end of the period 55,311 29,318 3,915
Bridge facility      
Cash flows from financing activities:      
Proceeds from lines of credit 0 355,000 0
Credit facility term loan, net      
Cash flows from financing activities:      
Proceeds from lines of credit 0 175,000 0
Credit facility revolver      
Cash flows from financing activities:      
Proceeds from lines of credit $ 70,000 $ 90,000 $ 0