Chief Executive Officer, President & Director, Orion Office Reit
Search every verified Paul Mcdowell interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2024 interview at Nareit's REITweek, Paul McDowell, president and CEO of Orion Office REIT, discussed the company's strategy amid what he described as a "historic meltdown in office demand," which he likened to a "nuclear winter." McDowell stated that since the company's spin-off in 2022, Orion has focused on rationalizing its portfolio by selling over 20 assets and repaying debt, actions he said have placed the company on a "very firm footing." He noted that the company has kept its leverage low, with debt to EBITDA around four times. McDowell said that in the second half of 2024, Orion was beginning to see potential acquisition opportunities involving "good pricing with good assets and long-duration leases." He expressed that there is "a tremendous amount of embedded value" in the company's shares that he believes shareholders need to recognize. McDowell added that the company aims to be well-positioned for a market recovery, which he said "inevitably will" occur.
“We've sold more than 20 assets, repaid a lot of debt, and really put this company in very tough market conditions onto a very firm footing.”
“There's a tremendous amount of embedded value in our shares that shareholders just need to see.”
“Our challenge has been really rationalizing our portfolio by selling assets that we don't think will produce long-term income and leasing assets to the greatest extent that we can.”
“We're starting to see some opportunities potentially for acquisition with good pricing, good assets, and long-duration leases.”
Paul McDowell, president & CEO of Orion Office REIT Inc. (NYSE: ONL), sat down for a video interview at Nareit's REITweek: 2024 ...
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