N
Net Lease Office Properties
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 REIT that owns a diversified portfolio of single-tenant, net-leased office properties occupied by corporate tenants. The company generates revenues primarily from base rent and tenant reimbursements for operating costs under long-term net leases. All properties are located in the United States, with the company spun off from W. P. Carey Inc. in November 2023 and externally managed by WPC affiliates. Strategic focus is on value realization through asset disposition over time.
Summary from 10-K filed 2026-02-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 |
Filings
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Frequently asked questions
What is Net Lease Office Properties's CIK number?
Net Lease Office Properties's SEC CIK number is 0001952976 (1952976). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Net Lease Office Properties's SEC filings?
All of Net Lease Office Properties's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.