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

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