Orion Office REIT Files 8-K for Other Event
Ticker: ONL · Form: 8-K · Filed: Nov 27, 2024 · CIK: 1873923
| Field | Detail |
|---|---|
| Company | Orion Office Reit Inc. (ONL) |
| Form Type | 8-K |
| Filed Date | Nov 27, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $3.4 million, $1.4 million, $13.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, regulatory-filing, real-estate
TL;DR
Orion Office REIT filed an 8-K for an 'Other Event' on Nov 22. Details TBD.
AI Summary
Orion Office REIT Inc. filed an 8-K on November 27, 2024, reporting an event on November 22, 2024. The filing is a current report under Section 13 or 15(d) of the Securities Exchange Act of 1934, indicating a significant event has occurred that requires public disclosure. The exact nature of the event is not detailed in the provided text, but it is classified under 'Other Events'.
Why It Matters
This filing signals a material event for Orion Office REIT Inc. that requires immediate public disclosure, potentially impacting investor understanding of the company's current status.
Risk Assessment
Risk Level: medium — The filing of an 8-K, especially under 'Other Events', can indicate significant, undisclosed developments that may pose risks to investors.
Key Players & Entities
- Orion Office REIT Inc. (company) — Registrant
- November 22, 2024 (date) — Earliest event date
- November 27, 2024 (date) — Filing date
- Maryland (jurisdiction) — State of incorporation
- 001-40873 (identifier) — SEC file number
- 87-1656425 (identifier) — IRS Employer Identification No.
- 2398 E. Camelback Road, Suite 1060 (address) — Principal executive offices
- Phoenix, AZ 85016 (address) — Principal executive offices
- (602) 698-1002 (phone_number) — Registrant's telephone number
FAQ
What specific event is Orion Office REIT Inc. reporting under the 'Other Events' section of this 8-K filing?
The provided text does not specify the exact nature of the 'Other Events' reported by Orion Office REIT Inc. on November 22, 2024.
When was this 8-K form filed with the SEC?
The 8-K form was filed on November 27, 2024.
What is the principal executive office address for Orion Office REIT Inc.?
The principal executive offices are located at 2398 E. Camelback Road, Suite 1060, Phoenix, AZ 85016.
Under which section of the Securities Exchange Act of 1934 does this report fall?
This is a current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is Orion Office REIT Inc.'s state of incorporation and fiscal year end?
Orion Office REIT Inc. is incorporated in Maryland and its fiscal year ends on December 31.
Filing Stats: 720 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-11-27 16:11:03
Key Financial Figures
- $0.001 — ange on which registered: Common Stock $0.001 par value per share ONL New York Stock
- $3.4 million — 4, the Arch Street Joint Venture repaid $3.4 million of principal on the mortgage notes to s
- $1.4 million — oan to the Arch Street Joint Venture of $1.4 million in connection with the partial repaymen
- $13.5 million — make an additional member loan of up to $13.5 million to fund estimated leasing costs related
Filing Documents
- onl-20241122.htm (8-K) — 28KB
- 0001873923-24-000113.txt ( ) — 154KB
- onl-20241122.xsd (EX-101.SCH) — 2KB
- onl-20241122_lab.xml (EX-101.LAB) — 22KB
- onl-20241122_pre.xml (EX-101.PRE) — 13KB
- onl-20241122_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On November 27, 2024, Orion Office REIT Inc. (the "Company") provided certain updates with respect to the Company's unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC (the "Arch Street Joint Venture") and the non-recourse mortgage notes associated with the Arch Street Joint Venture. The mortgage notes were scheduled to mature on November 27, 2024 with two successive one-year options to extend the maturity until November 27, 2026. On November 22, 2024, the Arch Street Joint Venture repaid $3.4 million of principal on the mortgage notes to satisfy the 60% maximum loan-to-value extension condition and effected the first loan extension option, which extended the maturity date of the mortgage notes 12 months to November 27, 2025. The mortgage notes have a variable interest rate and during the 12-month extension term the spread on a SOFR (the secured overnight financing rate as administered by the Federal Reserve Bank of New York) loan will increase to 2.60% per annum (from 1.60% per annum). The Arch Street Joint Venture has entered into an interest rate cap agreement that caps the SOFR rate at 5.50% per annum during the 12-month extension term. The Company provided a member loan to the Arch Street Joint Venture of $1.4 million in connection with the partial repayment of the Arch Street Joint Venture mortgage notes to satisfy the maximum loan-to-value extension condition. The member loan bears interest at 15% per annum and is non-recourse and unsecured, structurally subordinate to the Arch Street Joint Venture mortgage notes, and interest and principal is payable solely out of excess cash from the joint venture after payment of property operating expenses, interest and principal on the Arch Street Joint Venture mortgage notes and other joint venture expenses, which excess cash will be distributed monthly to the Company to pay interest and principal on the member loan. The Company also committed to make an additio
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ORION OFFICE REIT INC. By: /s/ Gavin B. Brandon Name: Gavin B. Brandon Title: Chief Financial Officer, Executive Vice President and Treasurer Date: November 27, 2024