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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net (loss) income $ (47,464) $ (1,899) $ 15,284
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 43,922 25,950 26,923
Non-cash revenue adjustments (1,315) (406) (792)
Amortization of net premiums on mortgages payable (60) (411) (435)
Impairments 49,859 18,671 0
Loss on extinguishment of debt, net 3,782 0 0
Amortization of debt issuance costs 728 0 0
Equity-based compensation 65 0 0
Equity in income of unconsolidated joint venture 56 0 0
Changes in assets and liabilities:      
Accounts receivable, net and other assets, net (5,017) 613 (280)
Accounts payable, accrued expenses and other liabilities, net 11,552 (191) (706)
Net cash provided by operating activities 56,108 42,327 39,994
Cash flows from investing activities:      
Capital expenditures and leasing costs (9,916) (464) (536)
Investments in unconsolidated joint venture (2,478) 0 0
Return of investment from unconsolidated joint venture 133 0 0
Net cash (used in) provided by investing activities (12,261) (464) (536)
Cash flows from financing activities:      
Distributions to parent company, net (587,156) (8,989) (37,621)
Payments on mortgage notes payable (36,476) (32,678) (968)
Payments upon extinguishment of mortgage notes payable (4,298) 0 0
Payments of deferred financing costs (10,514) 0 0
Net cash used in financing activities (18,444) (41,667) (38,589)
Net change in cash and cash equivalents and restricted cash 25,403 196 869
Cash and cash equivalents and restricted cash at the beginning of the year 3,915 3,719 2,850
Cash and cash equivalents and restricted cash at the end of the year 29,318 3,915 3,719
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of year 0 0 0
Restricted cash at beginning of year 3,915 3,719 2,850
Cash and cash equivalents and restricted cash at the beginning of the year 3,915 3,719 2,850
Cash and cash equivalents at end of year 29,318 0 0
Restricted cash at the end of the year 0 3,915 3,719
Cash and cash equivalents and restricted cash at the end of the year 29,318 3,915 3,719
Bridge facility, net      
Cash flows from financing activities:      
Proceeds from lines of credit 355,000 0 0
Credit facility term loan, net      
Cash flows from financing activities:      
Proceeds from lines of credit 175,000 0 0
Credit facility revolver      
Cash flows from financing activities:      
Proceeds from lines of credit $ 90,000 $ 0 $ 0