Real Estate
Orion Properties Executive Compensation (FY25)
ONL · Phoenix, AZ · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (DEF 14A): March 20, 2026
90 figures on this page, cited to the filing that reported them. See the citations
Paul McDowell, Chief Executive Officer, President and Director, received $2,080,319 in total compensation for fiscal 2025, and compared with the $3,952,248 reported for fiscal 2024, McDowell's total was 47.4% lower. As an emerging growth company, the company is exempt from the advisory say-on-pay vote. The disclosed peer group includes Brandywine Realty Trust, City Office REIT, Inc., Easterly Government Properties, Inc., Getty Realty Corp. and Global Medical REIT Inc., among others. The company reported 3 named executive officers for fiscal 2025.
This company is not required to report a chief executive pay ratio.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Paul McDowell: $3,952,248 → $2,080,319 (47.4% lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Orion Properties' chief executive and what were they paid?
Paul McDowell, Chief Executive Officer, President and Director, received $2,080,319 in total compensation for fiscal 2025. Compared with the $3,952,248 reported for fiscal 2024, McDowell's total was 47.4% lower.
What was Orion Properties' say-on-pay result?
As an emerging growth company, the company is exempt from the advisory say-on-pay vote.
Which companies are in Orion Properties' peer group?
The disclosed peer group includes Brandywine Realty Trust, City Office REIT, Inc., Easterly Government Properties, Inc., Getty Realty Corp. and Global Medical REIT Inc., among others.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Paul McDowell Chief Executive Officer, President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Gavin Brandon Executive Vice President (EVP), Chief Financial Officer and Treasurer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Gary Landriau EVP, Chief Investment Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Paul Hughes General Counsel and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Paul McDowell Chief Executive Officer, President and Director | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Gavin Brandon Executive Vice President, Chief Financial Officer and Treasurer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Gary Landriau Executive Vice President, Chief Investment Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Paul McDowell Chief Executive Officer, President and Director | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Gavin Brandon Executive Vice President, Chief Financial Officer and Treasurer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Paul Hughes General Counsel and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Gavin B. Brandon | PSU | ◇ | — | — | — | ◇ | — | — |
| Gavin Brandon | PRSU | — | — | — | — | — | — | ◇ |
| Paul H. McDowell | PSU | ◇ | — | — | — | ◇ | — | — |
| Paul Hughes | PRSU | — | — | — | — | — | — | ◇ |
| Paul McDowell | PRSU | — | — | — | — | — | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Paul McDowell | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Gavin Brandon | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Paul Hughes | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Reginald H. Gilyard Board chair | ◇ | ◇ | — | — | — | ◇ | ◇ |
Richard J. Lieb | ◇ | ◇ | — | — | — | ◇ | ◇ |
Gregory J. Whyte | ◇ | ◇ | — | — | — | ◇ | ◇ |
Kathleen R. Allen | ◇ | ◇ | — | — | — | ◇ | ◇ |
Paul H. McDowell served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board chair premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance chair | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Brandywine Realty Trust BDN
- City Office REIT, Inc. CIO
- Easterly Government Properties, Inc. DEA
- Getty Realty Corp. GTY
- Global Medical REIT Inc. symbol not shown
- LTC Properties, Inc. LTC
- NETSTREIT Corp. NTST
- One Liberty Properties, Inc. OLP
- Plymouth Industrial REIT, Inc. PLYM
- Postal Realty Trust, Inc. PSTL
- Summit Hotel Properties, Inc. INN
Say-on-pay history
Shareholder support for the compensation program, by year.
This company is an emerging growth company and is exempt from the advisory vote on executive compensation. There is no vote to report.
What this page does not include
Everything above is a fact Orion Properties disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Orion Properties sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
90 figures on this page, cited to the filing that reported them.
90 cited to the filing
Documents cited
- 0001873923-26-000073COMPENSATION OF THE BOARD OF DIRECTORS · DIRECTOR COMPENSATION TABLE FOR 2025 · EQUITY COMPENSATION · OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END · and 2 more sections
- 0001873923-25-000058SUMMARY COMPENSATION TABLE
- 0001873923-23-000026SUMMARY COMPENSATION TABLE
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Orion Properties executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ONL (accessed 2026).
Short form: data: Velarion
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Real Estate rankings
Peers Orion Properties discloses
The companies named in ONL's own disclosed peer group.
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}