Net Lease Office Properties

Listed Company

NLOPCIK 0001952976NYSEEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$118.92M

Net Income

$-145.26M

Total Assets

$453.37M

Equity

$293.91M

Shares Out

14.81M

Op. Cash Flow

$64.11M

Business

Net Lease Office Properties is a Maryland real estate investment trust that owns and manages a diversified portfolio of office properties primarily leased to corporate tenants on a single-tenant, net-lease basis. Its main products and services are long-term net leases that provide base rent with tenant-responsible operating and maintenance costs, along with asset management and disposition activities performed through an external advisor. Key business areas include portfolio ownership and management, strategic asset dispositions and financing arrangements, and externally provided advisory and management services. Its properties are almost entirely located in the United States, with a small number in Europe, and are leased directly to corporate tenants via negotiated lease agreements.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease revenues	99	129	166	151	144
Income from finance leases	610,000	89,000	1	2	2
Other lease-related income	19	13	8	3	2
Total revenues	119	142	175	156	148
Impairment charges real estate	141	78	63	0	0
Depreciation and amortization	36	57	75	63	59
Reimbursable tenant costs	22	27	28	24	24
Property expenses, excluding reimbursable tenant costs	9	11	9	8	6
General and administrative	7	8	14	12	10
Asset management fees	5	6	1	0	0
Separation and distribution related costs and other	0	16,000	8	6	0
Impairment charges goodwill	0	0	63	0	0
Total operating expenses	220	186	260	113	99
(Loss) gain on sale of real estate, net	−29	20	−4	0	0
Interest expense	−13	−68	−43	−27	—
Other gains and (losses)	−3	−2	456,000	−7,000	−17
Total other income and expenses	−44	−50	−46	−27	−46
Loss before income taxes	−145	−94	−131	16	3
(Provision for) benefit from income taxes	−158,000	2	−425,000	−486,000	−2
Net Loss	−145	−91	−132	16	1
Net income attributable to noncontrolling interests	−100,000	−85,000	−24,000	2,000	0
Net Loss Attributable to NLOP	−145	−91	−132	16	1
Basic Loss Per Share (in dollars per share)	−9.81	−6.18	−9	1.08	—
Diluted Loss Per Share (in dollars per share)	−9.81	−6.18	−9	1.08	—
Basic (in shares)	15	15	15	15	15
Diluted (in shares)	15	15	15	15	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land, buildings and improvements	219	730	1,204	1,288	—
Net investments in finance leases	42	0	11	15	—
In-place lease intangible assets and other	45	210	358	375	—
Above-market rent intangible assets	11	31	58	59	—
Investments in real estate	317	971	1,630	1,737	—
Accumulated depreciation and amortization	−103	−293	−458	−392	—
Assets held for sale, net	96	29	0	—	—
Net investments in real estate	310	707	1,172	1,345	—
Cash and cash equivalents	120	25	16	5	4
Restricted cash	3	43	52	1	5
Other assets, net	21	29	65	48	—
Total assets	453	805	1,305	1,462	—
Non-recourse mortgages, net	22	111	169	174	—
NLOP Mezzanine Loan, net	0	58	106	0	—
Debt, net	22	169	542	276	—
Accounts payable, accrued expenses and other liabilities	56	44	60	50	—
Below-market rent intangible liabilities, net	2	6	11	15	—
Dividends payable	76	0	1	0	—
Total liabilities	156	220	624	353	—
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued	0	0	0	0	—
Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding	15,000	15,000	15,000	0	—
Additional paid-in capital	856	856	856	0	—
Distributions in excess of accumulated earnings	−562	−234	−143	0	—
Accumulated other comprehensive loss	0	−40	−36	−42	—
Total shareholders equity	294	581	677	1,108	—
Noncontrolling interests	4	4	4	2	—
Total equity	298	585	681	1,110	1,058
Total liabilities and equity	453	805	1,305	1,462	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, including intangible assets and deferred financing costs	40	85	81	64	60
Allowance for credit losses	5	0	0	—	—
Straight-line rent adjustments	3	2	−438,000	−3	−3
Net realized and unrealized losses (gains) on extinguishment of debt, foreign currency exchange rate movements, and other	1	3	−247,000	2	17
Amortization of rent-related intangibles and deferred rental revenue	−956,000	−6	140,000	2	834,000
Deferred income tax benefit	0	−3	−1	−1	−227,000
Stock-based compensation expense	0	300,000	3	3	2
Net changes in other operating assets and liabilities	−8	13	−9	1	−3
Proceeds from sales of net investments in sales-type leases	0	10	0	0	—
Net Cash Provided by Operating Activities	64	72	71	84	75
Proceeds from sales of real estate	192	310	39	0	0
Non-refundable deposit for disposition	20	0	0	—	—
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	−4	−12	−11	−5	−4
Other investing activities, net	−5,000	0	0	—	—
Net Cash Provided by Investing Activities	208	298	28	−23	−4
Payments of mortgage principal and other debt instruments	−111	−367	−64	−40	—
Distributions paid	−107	−1	0	—	—
Other financing activities, net	−384,000	15,000	−526,000	−7,000	−277,000
Distributions to noncontrolling interest	−361,000	−331,000	−121,000	0	0
Distributions to WPC in connection with the Spin-Off	0	0	−344	0	0
Proceeds from NLOP Mortgage Loan	0	0	317	0	0
Proceeds from NLOP Mezzanine Loan	0	0	114	0	0
Net transfers with Parent, including Spin-Off adjustments	0	0	−52	−25	—
Payment of financing costs	0	0	−11	0	0
Contributions from noncontrolling interests	0	0	3	0	0
Net Cash Used in Financing Activities	−219	−368	−37	−65	−77
Effect of exchange rate changes on cash and cash equivalents and restricted cash	738,000	−1	−50,000	−123,000	19,000
Net increase in cash and cash equivalents and restricted cash	54	597,000	62	−3	−6

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