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  <TITLE>S-8</TITLE>
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   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on May&nbsp;15, 2025 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement No.&nbsp;333-&#8195;&#8195;&#8195; </B></P>
  <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
  </DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">S-8</FONT> </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
  SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ORION PROPERTIES INC. </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  
  
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  <TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">87-1656425</FONT></B></TD></TR>
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  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2398 E. Camelback Road, Suite 1060</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Phoenix, Arizona</B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center"><B>85016</B></TD></TR>
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  <TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
  </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Amended and Restated Orion Properties Inc. 2021 Equity Incentive Plan </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plan) </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Paul McDowell </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief
  Executive Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Orion Properties Inc. </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2398 E. Camelback Road, Suite 1060 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Phoenix, Arizona 85016 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(602) <FONT STYLE="white-space:nowrap">698-1002</FONT> </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, and telephone number, including area code, of agent for service) </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kate
  Saltz, Esq. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hunton Andrews Kurth LLP </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2200 Pennsylvania Ave NW </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20037 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(202) <FONT STYLE="white-space:nowrap">955-1500</FONT> </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
  filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and &#147;emerging growth company&#148; in Rule <FONT
  STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
  
  
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  <TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9744;</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9746;</TD></TR>
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  <TD HEIGHT="8" COLSPAN="2"></TD>
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  <TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated</FONT> filer</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9744;</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9744;</TD></TR>
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  <TD VALIGN="bottom">&nbsp;</TD>
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  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom">Emerging growth company</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9746;</TD></TR>
  </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
  for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&#8194;&#9744; </P>
  <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;14, 2025, the stockholders of Orion Properties Inc., a Maryland corporation (the &#147;Company&#148; or &#147;Registrant&#148;) approved an
  amendment and restatement of the Company&#146;s 2021 Equity Incentive Plan (as amended and restated, the &#147;2021 Plan&#148;), the primary purpose of which was to increase by 4,600,000 shares the maximum aggregate number of shares of common stock,
  par value $0.001 per share (&#147;Common Stock&#148;) issuable under the 2021 Plan, from 3,700,000 to 8,300,000 shares. Accordingly, this Registration Statement is being filed by the Company to register (i)&nbsp;an additional 4,600,000 shares of its
  Common Stock reserved for issuance pursuant to the 2021 Plan and (ii)&nbsp;up to 2,081,973 shares of its Common Stock subject to prior awards under the 2021 Plan that have or may become forfeited or have otherwise lapsed or may otherwise lapse and
  therefore may become available for issuance pursuant to new awards in accordance with the terms and conditions of the 2021 Plan (the &#147;Forfeited Shares&#148;). These shares of Common Stock are of the same class as other securities for which
  Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-260995)</FONT> was filed by the Registrant with the Securities and Exchange Commission (the &#147;SEC&#148;) on
  November&nbsp;12, 2021 (the &#147;Prior Registration Statement&#148;). Pursuant to General Instruction E of Form <FONT STYLE="white-space:nowrap">S-8,</FONT> the contents of the Prior Registration Statement are incorporated by reference into this
  Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The actual number of Forfeited Shares that may become available for issuance under the 2021 Plan may be significantly less than
  2,081,973 shares of Common Stock depending on, among other variables, the number of actual 2021 Plan shares of Common Stock that become forfeited or otherwise lapse. </P>
  <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The documents containing the information specified in Part&nbsp;I of
  <FONT STYLE="white-space:nowrap">Form&nbsp;S-8</FONT> will be delivered in accordance with Rule&nbsp;428(b)(1)&nbsp;of the Securities Act. Such documents are not required to be filed with the SEC either as part of this Registration Statement or as
  prospectuses or prospectus supplements pursuant to Rule&nbsp;424. These documents, and the documents incorporated by reference in Item 3 of Part&nbsp;II of this Registration Statement, taken together, constitute a prospectus that meets the
  requirements of Section&nbsp;10(a)&nbsp;of the Securities Act. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;3. Incorporation of Documents by Reference. </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The SEC allows the Registrant to incorporate by reference the information the Registrant files with it, which means that the Registrant can disclose important
  information to you by referring to those documents. The information incorporated by reference is an important part of this Registration Statement, and information that we file later with the SEC will automatically update and supersede this
  information. The Registrant incorporates by reference the following documents that the Registrant has filed, or may file, with the SEC: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Registrant&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001873923/000187392325000032/onl-20241231.htm">Annual
   Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December<U></U>&nbsp;31, 2024</A>, filed with the SEC on March&nbsp;5, 2025 (the &#147;2024 <FONT STYLE="white-space:nowrap">10-K&#148;);</FONT> </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the information specifically incorporated by reference into the 2024 <FONT STYLE="white-space:nowrap">10-K</FONT>
  from the Registrant&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/1873923/000187392325000058/definitiveproxystatement20.htm">Definitive Proxy Statement on Schedule 14A</A> filed with the SEC on March&nbsp;21, 2025; </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Registrant&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001873923/000187392325000082/onl-20250331.htm">Quarterly
   Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March<U></U>&nbsp;31, 2025</A>, filed with the SEC on May&nbsp;7, 2025; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Registrant&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001873923/000187392325000031/onl-20250305.htm">March
  <U></U>&nbsp;5, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001873923/000187392325000034/onl-20250305.htm">March<U></U>&nbsp;
  7, 2025</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1873923/000187392325000085/onl-20250514.htm">May<U></U>&nbsp;14, 2025</A> (excluding any portions thereof, exhibits thereto or information therein
  that are &#147;furnished&#148; to the Commission); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the description of the Registrant&#146;s Common Stock included in the <A HREF="http://www.sec.gov/Archives/edgar/data/1873923/000110465921122559/tm2122336d5_ex99-1.htm">Information
   Statement, filed as Exhibit 99.1 to the Form 10 initially filed with the SEC on October<U></U>&nbsp;4, 2021 and declared effective on October<U></U>&nbsp;
  22, 2021</A>, as updated by <A HREF="http://www.sec.gov/Archives/edgar/data/1873923/000187392322000016/exhibit42-descriptionofsec.htm">Exhibit 4.2 to the Registrant&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
   December<U></U>&nbsp;31, 2022, filed with the SEC on March<U></U>&nbsp;24, 2022</A>, and any amendment or report filed with the SEC for the purpose of updating such description. </P></TD></TR></TABLE>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, all documents the Registrant files with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Securities Exchange Act of 1934, as
  amended, subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities
  then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any information that the Registrant later files with the SEC will automatically
  update and supersede the information and statements contained in a document incorporated or deemed to be incorporated by reference herein. Any such information or statement so modified or superseded will not be deemed, except as so modified or
  superseded, to constitute part of this Registration Statement. Under no circumstances will any information &#147;furnished&#148; to the SEC pursuant to applicable rules&nbsp;and regulations be deemed incorporated herein by reference unless such
  information expressly provides to the contrary. </P>
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  <Center><DIV STYLE="width:8.5in" align="left">
   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;8. Exhibits. </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exhibits listed below represent a complete list of exhibits filed or incorporated by reference as part of this Registration Statement. </P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
  
  
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  <TD WIDTH="92%"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  <TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit <BR>Number</B></P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>
  
  
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  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;&#8199;3.1</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1873923/000110465921138494/tm2132857d1_ex3-1.htm">Articles of Amendment and Restatement of Orion Office REIT Inc. (filed as Exhibit 3.1 to the Company&#146;s Current Report on Form <FONT
  STYLE="white-space:nowrap">8-K,</FONT> filed on November<U></U>&nbsp;15, 2021 and incorporated herein by reference).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;&#8199;3.2</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001873923/000187392325000032/exhibit31-articlesofamen.htm">Articles of Amendment to Articles of Amendment and Restatement, as amended through March<U></U>&nbsp;
  5, 2025 (filed as Exhibit 3.1 to the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on March<U></U>&nbsp;5, 2025 and incorporated herein by reference).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;&#8199;3.3</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1873923/000187392323000086/onl-amendedandrestatedby.htm">Second Amended and Restated Bylaws of Orion Office REIT Inc. (filed as Exhibit 3.1 to the Company&#146;s Current Report on Form
  <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on September<U></U>&nbsp;8, 2023 and incorporated herein by reference).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;&#8199;3.4</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001873923/000187392325000032/exhibit32-firstamendment.htm">First Amendment to Second Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company&#146;s Current Report on Form <FONT
  STYLE="white-space:nowrap">8-K,</FONT> filed on March<U></U>&nbsp;5, 2025 and incorporated herein by reference).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;10.1</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1873923/000187392325000085/exhibit101-2021equityinc.htm">Amended and Restated Orion Properties Inc. 2021 Equity Incentive Plan (filed as Exhibit 10.1 to the Company&#146;s Current Report
   on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on May<U></U>&nbsp;14, 2025 and incorporated herein by reference). </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;&#8199;5.1*</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d795142dex51.htm">Opinion of Ballard Spahr LLP. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;23.1*</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d795142dex231.htm">Consent of KPMG LLP. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;23.2*</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d795142dex51.htm">Consent of Ballard Spahr LLP (included in Exhibit 5.1). </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>&#8199;24.1*</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d795142ds8.htm#sig">Power of Attorney (included on the signature page to this Registration Statement). </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>107*</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d795142dexfilingfees.htm">Calculation of Filing Fee Table. </A></TD></TR>
  </TABLE> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith. </P></TD></TR></TABLE>
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
  <Center><DIV STYLE="width:8.5in" align="left">
   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on <FONT STYLE="white-space:nowrap">Form&nbsp;S-8</FONT> and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Phoenix, State of Arizona, on
  this 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day of May, 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
  
  
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  <TD WIDTH="92%"></TD></TR>
  
  
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" COLSPAN="3"><B>Orion Properties Inc.</B></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top">By:</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gavin B. Brandon</P></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" COLSPAN="3">Gavin B. Brandon</TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" COLSPAN="3">Chief Financial Officer, Executive Vice President and Treasurer</TD></TR>
  </TABLE></DIV>
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
  <Center><DIV STYLE="width:8.5in" align="left">
   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below hereby constitutes and appoints Paul McDowell and Gavin Brandon, and each of them singly, his or her true and lawful
  <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to
  sign any and all amendments (including post-effective amendments) to this registration statement and any and all additional registration statements pursuant to Rule&nbsp;462(b)&nbsp;of the Securities Act of 1933, as amended, and to file the same,
  with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and
  agents full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents or either of
  them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
  
  
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  <TD WIDTH="44%"></TD>
  
  <TD VALIGN="bottom" WIDTH="1%"></TD>
  <TD WIDTH="16%"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  <TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>
  
  
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Paul H. McDowell</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Paul H. McDowell</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Chief Executive Officer and Director<BR>(Principal Executive Officer)</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gavin B. Brandon</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gavin B. Brandon</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Executive Vice President,</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chief Financial Officer and Treasurer<BR>(Principal Financial Officer)</P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Revea L. Schmidt</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Revea L. Schmidt</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chief Accounting Officer</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Accounting Officer)</P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Reginald H. Gilyard</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reginald H. Gilyard</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director, <FONT STYLE="white-space:nowrap">Non-Executive</FONT> Chairman</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Kathleen R. Allen</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Kathleen R. Allen</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Richard J. Lieb</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Richard J. Lieb</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gregory J. Whyte</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gregory J. Whyte</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" NOWRAP ALIGN="center">May 15, 2025</TD></TR>
  </TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
  </DIV></Center>
  
  </BODY></HTML>
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metadata_filer: {"company-data": {"conformed-name": "Orion Properties Inc.", "cik": "0001873923", "assigned-sic": "6798", "organization-name": "05 Real Estate & Construction", "ein": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-287315", "film-number": "25952810"}, "business-address": {"street1": "2398 E. CAMELBACK ROAD, SUITE 1060", "city": "PHOENIX", "state": "AZ", "zip": "85016", "phone": "(602) 698-1002"}, "mail-address": {"street1": "2398 E. CAMELBACK ROAD, SUITE 1060", "city": "PHOENIX", "state": "AZ", "zip": "85016"}, "former-company": {"former-conformed-name": "Orion Office REIT Inc.", "date-changed": "20210720"}}
text: S-8
  As filed with the Securities and Exchange Commission on May 15, 2025
  Registration Statement No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM
  S-8
  REGISTRATION STATEMENT
  UNDER
  THE
  SECURITIES ACT OF 1933
  ORION PROPERTIES INC.
  (Exact name of registrant as specified in its charter)
  Maryland
  87-1656425
  (State or Other Jurisdiction of
  Incorporation or Organization)
  (I.R.S. Employer
  Identification No.)
  2398 E. Camelback Road, Suite 1060
  Phoenix, Arizona
  85016
  (Address of Principal Executive Offices)
  (Zip Code)
  Amended and Restated Orion Properties Inc. 2021 Equity Incentive Plan
  (Full title of the plan)
  Paul McDowell
  Chief
  Executive Officer
  Orion Properties Inc.
  2398 E. Camelback Road, Suite 1060
  Phoenix, Arizona 85016
  (602)
  698-1002
  (Name, address, and telephone number, including area code, of agent for service)
  Copies to:
  Kate
  Saltz, Esq.
  Hunton Andrews Kurth LLP
  2200 Pennsylvania Ave NW
  Washington, DC 20037
  (202)
  955-1500
  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
  non-accelerated
  filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule
  12b-2
  of the Exchange Act.
  Large accelerated filer
  ☐
  Accelerated filer
  ☒
  Non-accelerated
  filer
  ☐
  Smaller reporting company
  ☐
  Emerging growth company
  ☒
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
  for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
  EXPLANATORY NOTE
  On May 14, 2025, the stockholders of Orion Properties Inc., a Maryland corporation (the "Company" or "Registrant") approved an
  amendment and restatement of the Company's 2021 Equity Incentive Plan (as amended and restated, the "2021 Plan"), the primary purpose of which was to increase by 4,600,000 shares the maximum aggregate number of shares of common stock,
  par value $0.001 per share ("Common Stock") issuable under the 2021 Plan, from 3,700,000 to 8,300,000 shares. Accordingly, this Registration Statement is being filed by the Company to register (i) an additional 4,600,000 shares of its
  Common Stock reserved for issuance pursuant to the 2021 Plan and (ii) up to 2,081,973 shares of its Common Stock subject to prior awards under the 2021 Plan that have or may become forfeited or have otherwise lapsed or may otherwise lapse and
  therefore may become available for issuance pursuant to new awards in accordance with the terms and conditions of the 2021 Plan (the "Forfeited Shares"). These shares of Common Stock are of the same class as other securities for which
  Registration Statement on Form
  S-8
  (File
  No. 333-260995)
  was filed by the Registrant with the Securities and Exchange Commission (the "SEC") on
  November 12, 2021 (the "Prior Registration Statement"). Pursuant to General Instruction E of Form
  S-8,
  the contents of the Prior Registration Statement are incorporated by reference into this
  Registration Statement.
  The actual number of Forfeited Shares that may become available for issuance under the 2021 Plan may be significantly less than
  2,081,973 shares of Common Stock depending on, among other variables, the number of actual 2021 Plan shares of Common Stock that become forfeited or otherwise lapse.
  PART I
  INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The documents containing the information specified in Part I of
  Form S-8
  will be delivered in accordance with Rule 428(b)(1) of the Securities Act. Such documents are not required to be filed with the SEC either as part of this Registration Statement or as
  prospectuses or prospectus supplements pursuant to Rule 424. These documents, and the documents incorporated by reference in Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the
  requirements of Section 10(a) of the Securities Act.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The SEC allows the Registrant to incorporate by reference the information the Registrant files with it, which means that the Registrant can disclose important
  information to you by referring to those documents. The information incorporated by reference is an important part of this Registration Statement, and information that we file later with the SEC will automatically update and supersede this
  information. The Registrant incorporates by reference the following documents that the Registrant has filed, or may file, with the SEC:
  •
  the Registrant's
  Annual
   Report on Form
  10-K
  for the year ended December
  31, 2024
  , filed with the SEC on March 5, 2025 (the "2024
  10-K");
  •
  the information specifically incorporated by reference into the 2024
  10-K
  from the Registrant's
  Definitive Proxy Statement on Schedule 14A
  filed with the SEC on March 21, 2025;
  •
  the Registrant's
  Quarterly
   Report on Form
  10-Q
  for the quarter ended March
  31, 2025
  , filed with the SEC on May 7, 2025;
  •
  the Registrant's Current Reports on Form
  8-K
  filed with the SEC on
  March
  5, 2025
  ,
  March
  7, 2025
  , and
  May
  14, 2025
  (excluding any portions thereof, exhibits thereto or information therein
  that are "furnished" to the Commission); and
  •
  the description of the Registrant's Common Stock included in the
  Information
   Statement, filed as Exhibit 99.1 to the Form 10 initially filed with the SEC on October
  4, 2021 and declared effective on October
  22, 2021
  , as updated by
  Exhibit 4.2 to the Registrant's Annual Report on Form
  10-K
  for the year ended
   December
  31, 2022, filed with the SEC on March
  24, 2022
  , and any amendment or report filed with the SEC for the purpose of updating such description.
  In addition, all documents the Registrant files with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as
  amended, subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities
  then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any information that the Registrant later files with the SEC will automatically
  update and supersede the information and statements contained in a document incorporated or deemed to be incorporated by reference herein. Any such information or statement so modified or superseded will not be deemed, except as so modified or
  superseded, to constitute part of this Registration Statement. Under no circumstances will any information "furnished" to the SEC pursuant to applicable rules and regulations be deemed incorporated herein by reference unless such
  information expressly provides to the contrary.
  Item 8. Exhibits.
  The exhibits listed below represent a complete list of exhibits filed or incorporated by reference as part of this Registration Statement.
  Exhibit
  Number
  Description
  3.1
  Articles of Amendment and Restatement of Orion Office REIT Inc. (filed as Exhibit 3.1 to the Company's Current Report on Form
  8-K,
  filed on November
  15, 2021 and incorporated herein by reference).
  3.2
  Articles of Amendment to Articles of Amendment and Restatement, as amended through March
  5, 2025 (filed as Exhibit 3.1 to the Company's Current Report on Form
  8-K,
  filed on March
  5, 2025 and incorporated herein by reference).
  3.3
  Second Amended and Restated Bylaws of Orion Office REIT Inc. (filed as Exhibit 3.1 to the Company's Current Report on Form
  8-K,
  filed on September
  8, 2023 and incorporated herein by reference).
  3.4
  First Amendment to Second Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company's Current Report on Form
  8-K,
  filed on March
  5, 2025 and incorporated herein by reference).
  10.1
  Amended and Restated Orion Properties Inc. 2021 Equity Incentive Plan (filed as Exhibit 10.1 to the Company's Current Report
   on Form
  8-K,
  filed on May
  14, 2025 and incorporated herein by reference).
  5.1*
  Opinion of Ballard Spahr LLP.
  23.1*
  Consent of KPMG LLP.
  23.2*
  Consent of Ballard Spahr LLP (included in Exhibit 5.1).
  24.1*
  Power of Attorney (included on the signature page to this Registration Statement).
  107*
  Calculation of Filing Fee Table.
  *
  Filed herewith.
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on
  Form S-8
  and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Phoenix, State of Arizona, on
  this 15
  th
  day of May, 2025.
  Orion Properties Inc.
  By:
  /s/ Gavin B. Brandon
  Gavin B. Brandon
  Chief Financial Officer, Executive Vice President and Treasurer
  POWER OF ATTORNEY
  Each person whose signature appears below hereby constitutes and appoints Paul McDowell and Gavin Brandon, and each of them singly, his or her true and lawful
  attorneys-in-fact
  and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to
  sign any and all amendments (including post-effective amendments) to this registration statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same,
  with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said
  attorney-in-fact
  and
  agents full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said
  attorneys-in-fact
  and agents or either of
  them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.
  Signature
  Title
  Date
  /s/ Paul H. McDowell
  Paul H. McDowell
  Chief Executive Officer and Director
  (Principal Executive Officer)
  May 15, 2025
  /s/ Gavin B. Brandon
  Gavin B. Brandon
  Executive Vice President,
  Chief Financial Officer and Treasurer
  (Principal Financial Officer)
  May 15, 2025
  /s/ Revea L. Schmidt
  Revea L. Schmidt
  Chief Accounting Officer
  (Principal Accounting Officer)
  May 15, 2025
  /s/ Reginald H. Gilyard
  Reginald H. Gilyard
  Director,
  Non-Executive
  Chairman
  May 15, 2025
  /s/ Kathleen R. Allen
  Kathleen R. Allen
  Director
  May 15, 2025
  /s/ Richard J. Lieb
  Richard J. Lieb
  Director
  May 15, 2025
  /s/ Gregory J. Whyte
  Gregory J. Whyte
  Director
  May 15, 2025