BUZZ-Orion Office REIT slumps to record low after 80% dividend cut

Reuters

Mar 07, 2025

** Shares of Orion Office REIT ONL.N down 30.4% at $2.68

** The real estate investment trust has reduced first-quarter dividend to $0.02 per share to save $17.9 mln annually, a decrease of 80% from $0.10 per share declared in Q4 2024

** Co expects core FY25 funds from operations (FFO), a key financial metric used by REITs, in the range of $0.61 to $0.70, lower than FY24 FFO of $1.01 per diluted share

** Co reports Q4 revenue of $38.4 mln, compared with $43.8 mln in the same quarter of 2023

** Co also announced a change in its corporate name to Orion Properties Inc from Orion Office REIT on March 5, to reflect its new investment strategy, ticker symbol 'ONL' to remain same

** ONL hits its lowest of all time on Thursday; stocks lost more than 35% on 2024

(Reporting by Sanchayaita Roy in Bengaluru)

((sanchayaita.roy@thomsonreuters.com))

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