Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 15 – Subsequent Events
Amendment to Revolving Credit Agreement
On May 3, 2024, the Company, as parent, and Orion OP, as borrower, entered into a third amendment (the “Third Amendment”) to their Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto.
Under the terms of the Third Amendment, Orion OP and the lenders agreed to reduce the borrowing capacity of the Company’s Revolving Facility to $350.0 million, from $425.0 million, and to certain financial covenant changes, including a proportional reduction in the minimum unencumbered asset value that must be maintained by the Company to $500.0 million, from $600.0 million.
Distributions
On May 7, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share for the second quarter of 2024, payable on July 15, 2024, to stockholders of record as of June 28, 2024.
Leasing Activity
During April 2024, the United States Government exercised a four-year renewal option for 413,000 square feet at the Company’s property in Covington, Kentucky. Additionally, the Company entered into a 2.3-year lease for 1,000 square feet at one of its properties in The Woodlands, Texas.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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