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PHOENIX - Orion Properties Inc. (NYSE:ONL) announced Thursday it has received a revised unsolicited acquisition offer from Kawa Capital Management, Inc. to purchase all outstanding shares not already owned by Kawa for $2.75 per share in cash.
The revised bid represents a 10% increase from Kawa’s previous offer of $2.50 per share submitted on June 20, which Orion’s Board of Directors rejected on July 9.
Orion’s Board will review the new proposal with its independent legal and financial advisors to determine the best course of action for the company and its shareholders, according to a press release statement. The company said shareholders do not need to take any action at this time.
Orion has retained Wells Fargo as its financial advisor and Hunton Andrews Kurth LLP as legal counsel during this process.
The company does not plan to comment further until its Board completes the review of the revised offer.
Orion Properties is an internally-managed real estate investment trust that owns and manages a portfolio of office properties across the United States, primarily leased to single tenants on a net lease basis. The company was spun off from Realty Income (NYSE:O) in November 2021 and is headquartered in Phoenix, Arizona. Its parent company Realty Income, with a market capitalization of $51.1 billion, boasts impressive gross profit margins of 92.69% and currently offers a 5.68% dividend yield. According to InvestingPro analysis, Realty Income has maintained dividend payments for 32 consecutive years and shows good overall financial health. Discover more insights about both companies in InvestingPro’s comprehensive Research Reports, available for 1,400+ US stocks.
In other recent news, Realty Income Corporation announced a €1.3 billion note issuance, consisting of €650 million in 3.375% notes due in 2031 and another €650 million in 3.875% notes due in 2035. This financial move is part of the company’s strategy to manage its existing portfolio and support growth. Realty Income plans to use the proceeds to repay a $500 million term loan and address a portion of its $2.2 billion outstanding credit facility and commercial paper program. The company also declared its 661st consecutive monthly dividend of $0.269 per share, maintaining its reputation as a consistent dividend payer. Stifel reiterated its Buy rating on Realty Income, setting a price target of $68 per share, while slightly adjusting its AFFO estimates for 2025 and 2026. Realty Income’s liquidity update revealed a position of $4.6 billion as of June 6, 2025, with a mix of cash, unsettled ATM forward equity sales, and available credit facilities. The company’s financial health and strategic initiatives continue to be closely monitored by investors and stakeholders.
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