SCHEDULE 13G/A: Par Sanda and Affiliates Disclose Significant 7.50% Stake in Orion Office REIT Inc.

Par Sanda, along with Sand Capital Associates, LLC and Sanda Family Foundation Trust, has reported a combined beneficial ownership of 7.50% of Orion Office REIT Inc.'s common stock as of December 31, 2024.

Summary

• Par Sanda, Sand Capital Associates, LLC, and Sanda Family Foundation Trust (collectively, the "Reporting Persons") have filed an Amendment No. 3 to Schedule 13G regarding their beneficial ownership in Orion Office REIT Inc.
• As of December 31, 2024, Par Sanda beneficially owns 4,198,621 shares of Orion Office REIT Inc. common stock, representing 7.50% of the class.
• This ownership includes shares held by Sand Capital Associates, LLC, totaling 3,337,166 shares, which represents 5.96% of the class.
• The Sanda Family Foundation Trust holds 216,353 shares, accounting for 0.39% of the class.
• Par Sanda is identified as the Managing Member of Sand Capital Associates, LLC and the Trustee of the Sanda Family Foundation Trust, leading to his aggregated beneficial ownership.
• The filing explicitly states that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive investment by a notable individual and affiliated entities, which can be viewed positively as a vote of confidence. However, it contains no operational or financial performance data to assess the company's health, so the sentiment is based purely on the ownership disclosure.

Positives

• The disclosure of a significant 7.50% stake by Par Sanda and his affiliated entities indicates a notable vote of confidence in Orion Office REIT Inc.
• The filing clarifies that the investment is passive, not intended to change or influence the control of the issuer, which can provide stability and reduce concerns about activist intervention.

Future Outlook

This Schedule 13G filing does not provide any forward-looking statements or guidance regarding Orion Office REIT Inc.'s future performance or strategic direction, as its primary purpose is solely to disclose beneficial ownership.

Management Comments

• The filing includes a certification from Par Sanda stating that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing indicates a significant passive investment in a Real Estate Investment Trust (REIT) focused on office properties. In the current market, office REITs face ongoing challenges due to evolving work trends and economic conditions. A substantial investment like this by an individual and affiliated entities suggests a long-term view or belief in the underlying value proposition of Orion Office REIT Inc. despite broader industry headwinds.

Comparison to Industry Standards

• As a Schedule 13G filing, this document primarily reports beneficial ownership and does not contain financial performance data for direct comparison to industry standards.
• However, a 7.50% stake by a single investor or affiliated group is a substantial position, indicating a significant conviction in the company's value.
• For context, other large institutional investors often hold similar or larger stakes in publicly traded REITs, but the specific identity of the investor (Par Sanda, an individual, and his family/investment entities) makes this a notable passive investment rather than a typical institutional fund holding.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by Par Sanda and his affiliates may be viewed positively by other shareholders as it signals confidence in the company's long-term prospects and potentially reduces concerns about short-term volatility.

Next Steps

• The document does not outline any specific future actions or milestones for Orion Office REIT Inc. or the reporting persons beyond the ongoing beneficial ownership.

Key Dates

Keywords

Orion Office REIT Inc., Common Stock, Beneficial Ownership, Schedule 13G, SEC Filing, Real Estate Investment Trust, REIT, Institutional Investor, Passive Investment, Par Sanda, Sand Capital Associates, Sanda Family Foundation Trust