Skip to content
MARKETS / NYSE / NLOP
NYSE · REAL ESTATE INVESTMENT TRUSTS

Net Lease Office Properties NLOP

5 fiscal years on record · USD · FY2025 reported · SEC filings only
$118.9M
▼ 16.4% YoY
$-145.3M
In brief

What this company does

Net Lease Office Properties owns a portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. As of December 31, 2025, its portfolio comprised 24 properties, net-leased to 26 corporate tenants operating in a variety of industries, generating annualized base rent of approximately $54.1 million. As of December 31, 2025, all of its properties were located in the United States. At December 31, 2025, the portfolio's total net-leased square footage was approximately 3.4 million, with an occupancy rate of approximately 79.0%. The company has no employees; employees of W. P. Carey Inc. are available to perform services under its Advisory Agreements. To accomplish its spin-off from W. P. Carey Inc., NLOP was formed on October 21, 2022.

Written from the business description in Net Lease Office Properties's annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth
USD 118.9M
Revenue, FY2025 · full 5-year series below
Revenue $M Net income $M
FY2025 · Revenue 118.9 · Net income -145.3
80M160M-50M-100M20212022202320242025
Compound annual growth
−8.7%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−122 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -121.9% · Net -122.1%
-50%-100%20212022202320242025
ROE
FY2025 · ROE -33.2%
-10%-20%-30%20212022202320242025

Each USD of equity lost 33 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Net buybacks $M Dividends $M
FY2024 · Dividends 1.1 · Net buybacks —
0.4M0.8M202220232024

Total assetsUSD 453.4M
EquityUSD 293.9M
CashUSD 119.6M
Gross debtUSD 21.9M
Net debtUSD -97.7M

The company holds more cash than debt.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021
Revenue $B0.10.10.20.20.1
Operating income $B−0.1−0.1−0.10.00.0
EBITDA $B−0.1−0.1−0.10.00.0
Income tax $B0.0−0.00.00.00.0
Net income $B−0.1−0.1−0.10.00.0
EPS, diluted $−9.81−6.18−9.001.08·
Dividend / sh $12.300.340.000.00·
Payout %·−1−00·
ROE %−33.2−14.5−14.81.4·
Shares out B0.010.010.01··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 13 reconciliationsAUDITED

Reconciled in 5 of 19 fiscal years. 58 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2021

Share this section

Download image