Jeremy Woodhouse/DigitalVision via Getty Images Introduction Orion Office REIT (NYSE:ONL) has significantly underperformed (by roughly 30%) the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024: ONL vs VNQ in 2024 (Seeking Alpha) Looking ahead, the poor operating performance appears to be priced in, with the company offering a 14% market cap rate and boasting government institutions as its second-largest tenant. As such, while there are significant risks surrounding the company's leverage and declini ...