Orion Office REIT Inc. (NYSE:ONL) Q3 2024 Earnings Conference Call November 8, 2024 10:00 AM ET
Company Participants
Paul Hughes - General Counsel
Paul McDowell - CEO
Gavin Brandon - CFO
Conference Call Participants
Mitch Germain - JMP Securities
Operator
Greetings. Welcome to Orion Office REIT's Third Quarter 2024 Earnings Conference Call. As a reminder, this conference is being recorded.
I would now like to turn the call over to Paul Hughes, General Counsel for Orion. Thank you. You may begin.
Paul Hughes
Thank you, and good morning, everyone. Yesterday, Orion released its financial results for the quarter ended September 30, 2024, filed its Form 10-Q with the Securities and Exchange Commission and posted its earnings supplement to its website at onlreit.com.
Certain statements made during this call today are not strictly historical information and constitute forward-looking statements. These statements include the company's guidance estimates for calendar year 2024 and are based on management's current expectations and are subject to certain risks that could cause actual results to differ materially from our estimates. The risks are discussed in our earnings release as well as in our Form 10-Q and other SEC filings. Orion undertakes no duty to update any forward-looking statements made during this call.
Today on the call, we will be discussing non-GAAP financial measures such as funds from operations, or FFO, and core funds from operations or core FFO. Orion's earnings release and supplement include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure. Our presentation of this information is not a substitute for the financial information presented in accordance with GAAP.
Hosting the call today are Orion's Chief Executive Officer, Paul McDowell; and Chief Financial Officer, Gavin Brandon, our Chief Operating Officer, Chris Day, will join us for the Q&A session.
With that, I am now going to turn the call over to Paul McDowell.
Paul McDowell
Thank you, Paul. Good morning, everyone, and thank you for joining us on Orion Office REIT's third quarter 2024 earnings call.
Today, I will provide an update on our business and discuss our third quarter performance and operations. Following my remarks, Gavin will review our financial results and provide our outlook for the rest of the year.
With the completion of the third quarter, we have made strong progress against our key initiatives of extending existing leases and pushing out weighted average lease term. During the quarter, we signed four leases comprising 254,000 square feet, including a 10-year renewal or 152,000 square feet at our Longmont, Colorado property. The other three leases were also renewals, and all four lease renewals combined represent a weighted average lease term of 8.9 years. Our year-to-date leasing efforts have been successful, as we see our well-located properties benefiting from both new and renewal leases.