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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (57,311) $ (97,474) $ (47,464)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 109,111 131,367 43,922
Non-cash revenue adjustments, net (5,977) 171 (1,315)
Amortization of net premiums on mortgages payable 0 0 (60)
Impairments 33,112 66,359 49,859
Gain on disposition of real estate assets (31) (2,352) 0
Loss on extinguishment of debt, net 504 468 3,782
Amortization of debt issuance costs 3,974 4,364 728
Equity-based compensation 2,728 1,756 65
Equity in loss of unconsolidated joint venture, net 435 524 56
Changes in assets and liabilities:      
Accounts receivable, net and other assets, net 1,340 2,247 (5,017)
Accounts payable, accrued expenses and other liabilities, net 1,203 6,802 11,552
Net cash provided by operating activities 89,088 114,232 56,108
Cash flows from investing activities:      
Capital expenditures and leasing costs (18,442) (11,624) (9,916)
Proceeds from disposition of real estate, net 21,032 31,854 0
Investment in unconsolidated joint venture 0 0 (2,478)
Return of investment from unconsolidated joint venture 1,840 2,247 133
Deposits for real estate assets (2,340) 0 0
Refunds of deposits for real estate assets 2,340 0 0
Proceeds from the settlement of property-related insurance claims 859 0 0
Net cash provided by (used in) investing activities 5,289 22,477 (12,261)
Cash flows from financing activities:      
Repayment of bridge facility, including debt extinguishment costs 0 (355,026) 0
Proceeds from mortgages payable 0 355,000 0
Payments on mortgages payable 0 0 (36,476)
Repayment of credit facility term loan (175,000) 0 0
Repayments of credit facility revolver (59,000) (160,000) 0
Payments of deferred financing costs (5,663) (3,096) (10,514)
Repurchases of common stock under Share Repurchase Program (5,018) 0 0
Repurchases of common stock to settle tax obligations (89) (20) 0
Payments of deferred equity offering costs (41) (535) 0
Distributions paid (22,578) (16,991) 0
Distributions to parent company, net 0 0 (587,156)
Other financing activities (101) (48) 0
Payments upon extinguishment of mortgages payable 0 0 (4,298)
Net cash used in financing activities (92,490) (110,716) (18,444)
Net change in cash and cash equivalents and restricted cash 1,887 25,993 25,403
Cash and cash equivalents and restricted cash at beginning of year 55,311 29,318 3,915
Cash and cash equivalents and restricted cash at end of year 57,198 55,311 29,318
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents 22,473 20,638 29,318
Restricted cash 34,725 34,673 0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total 57,198 55,311 29,318
Bridge Facility      
Cash flows from financing activities:      
Proceeds from lines of credit 0 0 355,000
Credit facility term loan, net      
Cash flows from financing activities:      
Proceeds from credit facility term loan 0 0 175,000
Credit facility revolver      
Cash flows from financing activities:      
Proceeds from lines of credit $ 175,000 $ 70,000 $ 90,000