for quarter call. welcome us. our Office joining REIT's behalf XXXX all to want Good morning, of to thank Orion you everyone, earnings and team, I On second
in to today, the only Gavin on our as we to then provide results second the will financial to continue as update second the success. future guidance. is highlight well On Orion I progress which for an of optimizing our performance I and quarter will make discuss turn the quarter, over during full operations, our call call
following intensive address we from we some and detailed, spin our repositioning asset needed inherited November As lease Income, management portfolio a since maturities and that to have Realty significant vacancies. XXXX, off
our process this time of of will a workforces in in office office Orion the of long-term made excited consists and tomorrow, progress way, take along lease grow variety landscape the we While ability to the the the our certainly and and remain for the and year. space net suburban conviction strong importance half maximize value about strong of of of ultimately first in evolving We have challenges have shareholders.
are owning reminder, headquarters portfolio As a corporate the markets in only diversified United throughout States. is public buildings, office exclusively net that a that the REIT, Orion and lease focused is unique on in mission-critical of located quick we suburban high-quality
feet that As six a XX occupied. opportunity At XX.X net leased venture a predominantly million tenants, the unconsolidated are to was a office. in on properties lease of basis. XX.X% result, joint properties, invest square our represents consisted portfolio suburban net end, properties specialized to primarily quarter lease representing and The creditworthy business
either across as investment-grade there base and XX.X% percentage double rent our annualized the of or was of triple leases are a XX, XX% As June of tenancy approximately XXXX, portfolio net.
industry rent. annualized diversified of tenant than also base makes XX.X% more No geography. tenant up annualized tenant no are of by makes Our industry XX.X% up base single and rent than assets more and tenant,
derived annualized XX.X% Belt rent and states respectively. base Our largest markets are by is from rent Jersey, represent approximately of annualized XX.X% which New and of markets. base Texas Sun XX.X% our And
extensions XX-year new signed weighted in great the willingness Nebraska leasing we average secured an who year, extensions of at another have year expirations. of Illinois, continued and renewing end XXX,XXX multiple our lease in And It current this of their We in lease lease feet term and last a garnered tenants tenants. of expansions ahead X.X in extension to demonstrated portfolio the Merrill square in lease are years. progress quarter, leases square and Texas we continuing to a Last this see for current of to activity. Similar with with feet Georgia. make on lock to extensions is quarter, XXX,XXX Lynch, positive
ultimately calls, to however, volatile. previous be As we have tenant will continue highlighted on retention
XX, assets Specifically, during we totaling fairly though expirations about square had of our two June XXXX, occupancy the quarter held had as vacant scheduled XXX,XXX steady. We XX lease feet.
years. dispositions of average sell that vacant will proceeds our long-term uncertainty objectives. assets totaling to for management weighted and allow our leases feet and Additionally, asset closed XXX,XXX the square is To-date sale of vacancies both associated avoid us component retenanting. to do portfolio's net to A significant of avoiding $X.X near-term lease carry non-core as and our X.X the investment we fit assets have reduce strategy not term near identify The critical these intermediate-term costs, expire. capital two with on million expenditures remains
have properties contract square feet, XXX,XXX we about additional for six sale of sale $XX for aggregate under million. importantly, totaling approximately price an More
bit not are aggregate these a We $XX.X the million. remainder an properties while two have vacant, the we lease a LOI price currently have than renew. further about will under sale properties tenant short terms know XXX,XXX more for feet, of where of Several totaling square
the and priority our term, before fall trail year into actively Addressing other bucket. that anticipate very has lease portfolio's roll years sales sale same next stabilization for to We significant lease these next us the our term. assets are lease and a average one of marketing reach the several closes. rent or over that the harvest enhance near will weighted occur several will while two of to also sale we portfolio's and remain We into or the continue allowing number will vacancies in until
and quarters strength have and on the pressure performance confident to of the our capital resources in will that time, this our these our put we in we initiative. of take the assets continued already and highlight dedicate years, but earnings and coming we portfolio. the to and over expertise, continue will Again, many We track time the of are experience record this properties
While at about portfolio, we growth remain prospects work the repositioning we on and excited are hard set. Orion's opportunity
have venture We of both Orion's actively and own joint number a well good balance continue review to the as a pipeline acquisitions sheet. for as
we declared has third our our macroeconomic paid and dividend We will adding our the given our new allocation recently strategic environment, highly core properties However, dividend. it remain capital comes portfolio. needs, when our second quarterly and and disciplined to valuation current just our Board to
previously objective the time we our can have is current it ratio. to where a we As place cited, payout our position over portfolio to increase
our property under of and Board, carefully sales obligations with weigh We borrowings capital allocation the we are proceeds in best and to where from flow, our cash acutely conjunction the operating our apply aware our revolver.
our market firmly conditions are in remain current While long-term dynamic, plans place.
We have which of capital a renew our we occupied strong require as some will tenants. of assets, outlays portfolio significant
occupants. capital as several properties current or near-term to retenanting vacancies, we merit also them new take amounts then of sense. have them of significant and makes will assets, We where repositioning These carry and assets attract the these quality and believe holding necessary the location
by over make Orion's our best rather preserving core Our then portfolio. shareholders' belief our growing smaller equity be that and interests base is than served time will
ultimately on recycle engagement progress will dividend the make key have call future our steadfast vacant balance highlights, tenants, to our to We discuss goals, with pleased our now the second remainder are the in of are value turn quarter portfolio, With we the made assets. XXXX our for we dispose and to portfolio. are and over ability XXXX capital market grow progress disruptions, leasing Gavin remain in commitment manage, we our observing about capabilities Brandon, steady of year. I enthusiastic we actively delivering this non-core who financial Orion's believe the outlook in with to in and that, shareholders. our and and to the Gavin? CFO, Importantly, and sheet, for Despite will are continuing our our
