Orion Properties board rejects $2.50 per share buyout offer

Orion Properties Inc. (NYSE: ONL) announced its board of directors unanimously rejected an unsolicited acquisition proposal from Kawa Capital Management to purchase all outstanding shares for $2.50 per share in cash.

The Phoenix-based real estate investment trust said the proposal, submitted on June 20, 2025, significantly undervalues the company and is not in the best interests of stockholders. The board reached this conclusion after conducting a review process with independent financial and legal advisors.

"After careful consideration, the Orion Board of Directors determined that Kawa Capital's proposed transaction significantly undervalues the Company and is not in the best interests of Orion stockholders," said Reginald H. Gilyard, Non-Executive Chairman of the Orion Board and an Independent Director.

Gilyard added that the board remains open to evaluating opportunities to enhance stockholder value and will consider proposals that appropriately value the company and its prospects.

Orion Properties owns and manages a diversified portfolio of office properties in suburban markets across the United States, leased primarily on a single-tenant net lease basis to creditworthy tenants. The company's portfolio includes traditional office properties as well as governmental, medical office, flex/laboratory, R&D and flex/industrial properties.

Wells Fargo is serving as financial advisor and Hunton Andrews Kurth LLP is acting as legal advisor to Orion in connection with the proposal review.

The company was founded on July 1, 2021, spun off from Realty Income (NYSE: O) on November 12, 2021, and began trading on the New York Stock Exchange on November 15, 2021.

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