# Net Lease Office Properties (NLOP)

Informational only - not investment advice.

CIK: 0001952976
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1952976
Filing source: https://www.sec.gov/Archives/edgar/data/1952976/000195297626000012/nlop-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001952976-26-000012 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001952976.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 118,915,000 USD | 2025 | verified |
| Net income | -145,262,000 USD | 2025 | verified |
| Assets | 453,371,000 USD | 2025 | verified |
| Net margin | -122.16% | 2025 | computed |
| Revenue YoY | -16.40% | 2025 | computed |
| ROE | -49.42% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NLOP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -122.2% | 16.8% | 0 | 149 |
| Revenue growth | -16.4% | 3.7% | 8 | 149 |
| ROE | -49.4% | 5.7% | 0 | 151 |
| ROA | -32.0% | 1.5% | 1 | 155 |
| Liabilities / equity | 0.53 | 1.48 | 6 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 118915000 | USD | 2025 | 2026-02-25 |
| Net income | -145262000 | USD | 2025 | 2026-02-25 |
| Assets | 453371000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001952976.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | 147,906,000 | 156,214,000 | 174,965,000 | 142,247,000 | 118,915,000 |
| Net income | 1,418,000 | 15,779,000 | -131,746,000 | -91,471,000 | -145,262,000 |
| Diluted EPS |  | 1.08 | -9.00 | -6.18 | -9.81 |
| Operating cash flow | 75,335,000 | 84,282,000 | 70,966,000 | 71,859,000 | 64,111,000 |
| Dividends paid |  | 0.00 | 0.00 | 1,072,000 |  |
| Assets |  | 1,462,201,000 | 1,305,089,000 | 805,069,000 | 453,371,000 |
| Liabilities |  | 352,682,000 | 623,659,000 | 219,666,000 | 155,546,000 |
| Stockholders' equity |  | 1,107,776,000 | 677,009,000 | 581,228,000 | 293,911,000 |
| Cash and cash equivalents | 3,966,000 | 4,671,000 | 16,269,000 | 25,121,000 | 119,621,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Net margin | 0.96% | 10.10% | -75.30% | -64.30% | -122.16% |
| Return on equity |  | 1.42% | -19.46% | -15.74% | -49.42% |
| Return on assets |  | 1.08% | -10.09% | -11.36% | -32.04% |
| Liabilities / equity |  | 0.32 | 0.92 | 0.38 | 0.53 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001952976.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q4 | 2023-12-31 | 174,965,000 | -131,745,761 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 44,007,000 | -27,842,000 | -1.88 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 39,029,000 | 12,451,000 | 0.84 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 31,481,000 | -40,295,000 | -2.73 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 27,730,000 | -35,785,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 29,213,000 | 492,000 | 0.03 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 29,174,000 | -81,540,000 | -5.50 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 29,784,000 | -64,161,000 | -4.33 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 30,744,000 | -53,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 9,025,000 | 24,998,000 | 1.69 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 6,358,000 | -6,194,000 | -0.42 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NLOP's latest 10-K: [/company/NLOP/business/](/company/NLOP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NLOP's latest 10-K: [/company/NLOP/risk-factors/](/company/NLOP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1952976/000195297626000057/nlop-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the 2025 Annual Report and subsequent reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Refer to Item 1 of the 2025 Annual Report for a description of our business.

Emerging Growth Company

NLOP is an “emerging growth company,” as defined in Section 2(a) of the U.S. Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, reduced disclosure obligations regarding executive compensation in NLOP’s periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation, and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. NLOP has elected to take advantage of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, NLOP, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of NLOP’s financial statements with certain other public companies difficult or impossible because of the potential differences in accounting standards used.

NLOP will remain an emerging growth company until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Spin-Off, (b) in which NLOP has total annual gross revenue of at least $1.235 billion, or (c) in which NLOP is deemed to be a large accelerated filer, which means the market value of the common equity of NLOP that is held by non-affiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter; and (ii) the date on which NLOP has issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to “emerging growth company” have the meaning associated with it in the JOBS Act.

Financial Highlights

During the six months ended June 30, 2026 and through the date of this Report, we completed the following (as further described in the consolidated financial statements):

Dispositions

•During the six months ended June 30, 2026, we sold six properties for total proceeds, net of selling costs, of $128.0 million (Note 12). These proceeds exclude a $20.0 million deposit received during the fourth of quarter of 2025 related to the disposition of a property in January 2026 located in Houston, Texas, and leased to KBR, our largest tenant by ABR as of December 31, 2025.

         Net Lease Office Properties 6/30/2026 10-Q – 21

Special Cash Distributions

•In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100.0 million. The distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026 (Note 10).

•In March 2026, our Board of Trustees declared a special cash distribution of $3.30 per share, totaling approximately $49.0 million. The distribution was paid on April 14, 2026 to shareholders of record as of March 30, 2026 (Note 10).

•Future special cash distributions will be at the discretion of our Board of Trustees and will depend upon, among other things, our actual and anticipated results of operations and liquidity, which will be affected by various factors, including the timely receipt of rental income from our portfolio; the timing of and proceeds from asset sales; our operating expenses (including management fees); capital expenditures for our portfolio; our current intention to maintain our qualification as a REIT; and other factors which may be outside of our control. There can be no assurance as to the amount or timing of future distributions.

Summary Results

(in thousands)

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Total revenues","$","6,358","","","$","29,174","","","$","15,383","","","$","58,387"],["Net (loss) income attributable to NLOP","(6,194)","","","(81,540)","","","18,804","","","(81,048)"],["Dividends declared","\u2014","","","\u2014","","","148,882","","","\u2014"],["Net cash provided by operating activities (a)","","","","","9,927","","","25,828"],["Net cash provided by investing activities","","","","","119,317","","","22,706"],["Net cash used in financing activities","","","","","(224,544)","","","(61,496)"],["Supplemental financial measures (b):"],["Funds from operations attributable to NLOP (FFO)","3,058","","","13,164","","","(2,336)","","","25,257"],["Adjusted funds from operations attributable to NLOP (AFFO)","3,254","","","16,909","","","9,378","","","31,874"]]
[[/GREPCENT_TABLE]]

__________

(a)Amount for the six months ended June 30, 2026 includes $8.0 million of proceeds from the sale of a net investment in sales-type lease (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.

(b)We consider Funds from operations (“FFO”) and Adjusted funds from operations (“AFFO”), supplemental measures that are not defined by GAAP (a “non-GAAP measure”), to be important measures in the evaluation of our operating performance. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Since January 1, 2025 and through June 30, 2026, we have disposed of 21 properties for total proceeds, net of selling costs, of $340.3 million, which has resulted in significant declines in our revenues, expenses, net cash provided by operating activities, FFO, and AFFO.

Revenues

Total revenues decreased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily due to the impact of disposition activity.

         Net Lease Office Properties 6/30/2026 10-Q – 22

Net (Loss) Income Attributable to NLOP

Net loss attributable to NLOP decreased for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to lower impairment charges and lower interest expense, partially offset by the impact of disposition activity. See Note 7 for information on impairment charges recorded during the reporting period.

We recognized net income attributable to NLOP for the six months ended June 30, 2026 as compared to net loss attributable to NLOP for the six months ended June 30, 2025, primarily due to lower impairment charges, higher gain on sale of real estate, and lower interest expense, partially offset by the impact of disposition activity and a non-cash allowance for credit loss recorded on a net investment in a sales-type lease during the six months ended June 30, 2026 (Note 5).

FFO

FFO decreased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily due to the impact of disposition activity and a non-cash allowance for credit loss recorded on a net investment in a sales-type lease during the six months ended June 30, 2026 (Note 5), partially offset by lower interest expense.

AFFO

AFFO decreased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily due to the impact of disposition activity, partially offset by lower interest expense.

Portfolio Overview

Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our one jointly owned investment. See Terms and Definitions below for a description of pro rata amounts.

Portfolio Summary

[[GREPCENT_TABLE]]
[["","June 30, 2026","","December 31, 2025"],["ABR (in thousands)","$","24,763","","","$","54,122"],["Number of properties","18","","","24"],["Number of tenants","10","","","26"],["Occupancy","68.4","%","","79.0","%"],["Weighted-average lease term (in years)","2.7","","","3.9"],["Leasable square footage (in thousands) (a)","1,875","","","3,375"]]
[[/GREPCENT_TABLE]]

__________

(a)Excludes 570,999 of operating square footage for a parking garage at a domestic property as of December 31, 2025. This property was sold in January 2026 (Note 12).

         Net Lease Office Properties 6/30/2026 10-Q – 23

Portfolio

The tables below represent information about our portfolio at June 30, 2026 on a pro rata basis. See Terms and Definitions below for a description of pro rata amounts and ABR.

Tenant List

(dollars in thousands)

[[GREPCENT_TABLE]]
[["Tenant","","State/Country","","ABR","","ABR Percent","","Square Footage","","Number of Properties","","Weighted-Average Lease Term (Years)"],["Iowa Board of Regents","","Iowa","","$","4,056","","","16.4","%","","191,700","","","1","","","4.3"],["Omnicom","","California","","3,961","","","16.0","%","","120,000","","","1","","","2.3"],["RRD","","Illinois","","3,461","","","14.0","%","","167,215","","","1","","","1.3"],["Intuit (a)","","Texas","","2,577","","","10.4","%","","166,033","","","1","","","\u2014"],["Grande Communications (b)","","Texas","","2,407","","","9.7","%","","134,009","","","5","","","2.2"],["Cenlar FSB","","Pennsylvania","","2,158","","","8.7","%","","105,584","","","1","","","2.0"],["iHeart Communications","","Texas","","2,091","","","8.4","%","","120,147","","","1","","","8.6"],["Arbella Insurance","","Massachusetts","","1,850","","","7.5","%","","132,160","","","1","","","0.9"],["Safelite","","New Mexico","","1,555","","","6.3","%","","94,649","","","1","","","2.9"],["APCO","","Georgia","","647","","","2.6","%","","50,600","","","1","","","4.7"],["Total","","","","$","24,763","","","100.0","%","","1,282,097","","","14","","","2.7"]]
[[/GREPCENT_TABLE]]

__________

(a)This property is vacant as of the date of this Report.

(b)In July 2026, we entered into lease amendments with this tenant to (i) extend the leases at four of the five properties it occupies and (ii) terminate the lease early at the fifth property, as described in Note 13.

Lease Expirations

(dollars in thousands)

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1952976/000195297626000012/nlop-20251231.htm
Complete FY 2025 MD&A: /company/NLOP/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results.

The following discussion should be read in conjunction with our consolidated financial statements in Item 8 of this Report and the matters described under Item 1A. Risk Factors. Please see our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our financial condition and results of operations for the year ended December 31, 2023. Refer to Item 1. Business for a description of our business.

Basis of Presentation

Prior to the Spin-Off

The historical results of operations and liquidity and capital resources of NLOP prior to the Spin-Off do not represent the historical results of operations and liquidity and capital resources of a legal entity, but rather a combination of entities under common control that have been “carved-out” of WPC’s consolidated financial statements and presented herein, in each case, in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany transactions and balances have been eliminated in combination. The preparation of the financial results of NLOP prior to the Spin-Off required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the relevant reporting periods and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

The financial results of NLOP prior to the Spin-Off reflect the revenues and direct expenses of NLOP and include material assets and liabilities of WPC that are specifically attributable to NLOP. Equity represents the excess of total assets over total liabilities. Equity is impacted by contributions from and distributions to WPC, which are the result of treasury activities and net funding provided by or distributed to WPC prior to the Separation, as well as the allocated costs and expenses.

The financial results of NLOP prior to the Spin-Off also include an allocation of indirect costs and expenses incurred by WPC related to NLOP, primarily consisting of compensation and other general and administrative costs using the relative percentage of property revenue of NLOP and WPC management’s knowledge of NLOP. In addition, the financial results reflect the allocation of interest expense from WPC unsecured debt, excluding debt that is specifically attributable to NLOP; interest expense was allocated by calculating the unencumbered net investment in real estate of each property held by NLOP as a percentage of WPC’s total consolidated unencumbered net investment in real estate and multiplying that percentage by the interest expense on WPC unsecured debt. The amounts allocated in the financial results of NLOP prior to the Spin-Off are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had the NLOP been a separate independent entity during the applicable periods. NLOP believes the assumptions underlying NLOP’s allocation of indirect expenses prior to the Spin-Off are reasonable.

Emerging Growth Company

NLOP is an “emerging growth company,” as defined in Section 2(a) of the U.S. Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, reduced disclosure obligations regarding executive compensation in NLOP’s periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation, and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt

[[GREPCENT_TABLE]]
[["","Net Lease Office Properties 2025 10-K \u2013 21"]]
[[/GREPCENT_TABLE]]

out is irrevocable. NLOP has elected to take advantage of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, NLOP, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of NLOP’s financial statements with certain other public companies difficult or impossible because of the potential differences in accounting standards used.

NLOP will remain an emerging growth company until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Spin-Off, (b) in which NLOP has total annual gross revenue of at least $1.235 billion, or (c) in which NLOP is deemed to be a large accelerated filer, which means the market value of the common equity of NLOP that is held by non-affiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter; and (ii) the date on which NLOP has issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to “emerging growth company” have the meaning associated with it in the JOBS Act.

Significant Developments

Dispositions

In January 2026, we sold the KBR property located in Houston, Texas, for gross proceeds of $66.0 million (Note 17). KBR was our largest tenant by ABR as of December 31, 2025.

In January 2026, we sold a property located in Venice, California, for gross proceeds of $39.6 million (Note 17).

In February 2026, we sold a property located in Martinsville, Virginia, for gross proceeds of $3.9 million (Note 17).

In February 2026, we sold a property located in Raleigh, North Carolina, for gross proceeds of $8.7 million (Note 17).

Special Cash Distribution

In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100.0 million. The distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026 (Note 17).

Financial Highlights

During the year ended December 31, 2025 and through the date of this Report, we completed the following (as further described in the consolidated financial statements):

Dispositions

•During the year ended December 31, 2025, we sold 14 properties for total proceeds, net of selling costs, of $198.6 million (Note 15).

•In September 2025, we disposed of our last international property by transferring ownership to a buyer, in satisfaction of the non-recourse mortgage loan encumbering the property for $45.7 million (Note 15).

Leasing Activity

•In September 2025, we entered into a lease termination agreement with a tenant at a property located in Oak Creek, Wisconsin, to terminate the lease on October 31, 2025 (the previous lease expiration date was May 31, 2032). In connection with the agreement, the tenant paid us a lease termination fee of $13.0 million, which was recognized within Other lease-related income in our consolidated statements of operations during the year ended December 31, 2025. This property was sold in December 2025 (Note 5).

[[GREPCENT_TABLE]]
[["","Net Lease Office Properties 2025 10-K \u2013 22"]]
[[/GREPCENT_TABLE]]

Financing

•During the year ended December 31, 2025, we fully repaid the NLOP Mezzanine Loan, which had $61.1 million of outstanding principal as of December 31, 2024, using net proceeds from certain dispositions, as well as excess cash flow from operations and other sources, including the application of loan reserves (Note 10).

•During the year ended December 31, 2025, we repaid four non-recourse mortgage loans totaling $49.8 million with a weighted-average interest rate of 7.5% (Note 10).

Special Cash Distributions

•In August 2025, our Board of Trustees declared a special cash distribution of $3.10 per share, totaling approximately $45.9 million. The distribution was paid on September 3, 2025 to shareholders of record as of August 18, 2025 (Note 12).

•In November 2025, our Board of Trustees declared a special cash distribution of $4.10 per share, totaling approximately $60.7 million. The distribution was paid on December 19, 2025 to shareholders of record as of December 4, 2025 (Note 12).

•In December 2025, our Board of Trustees declared a special cash distribution of $5.10 per share, totaling approximately $75.6 million. The distribution was paid on January 20, 2026 to shareholders of record as of January 2, 2026 (Note 12).

•Future special cash distributions will be at the discretion of our Board of Trustees and will depend upon, among other things, our actual and anticipated results of operations and liquidity, which will be affected by various factors, including the timely receipt of rental income from our portfolio; the timing of and proceeds from asset sales; our operating expenses (including management fees); capital expenditures for our portfolio; our current intention to maintain our qualification as a REIT; and other factors which may be outside of our control. There can be no assurance as to the amount or timing of future distributions.

Summary Results

(in thousands)

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024"],["Total revenues","$","118,915","","","$","142,247"],["Net loss attributable to NLOP","(145,262)","","","(91,471)"],["Dividends declared","182,212","","","\u2014"],["Net cash provided by operating activities (a)","64,111","","","71,859"],["Net cash provided by investing activities","208,242","","","297,749"],["Net cash used in financing activities","(218,885)","","","(367,984)"],["Supplemental financial measures (b):"],["Funds from operations attributable to NLOP (FFO)","60,229","","","23,039"],["Adjusted funds from operations attributable to NLOP (AFFO)","73,809","","","62,048"]]
[[/GREPCENT_TABLE]]

__________

(a)Amount for the year ended December 31, 2024 includes $10.3 million of proceeds from the sale of a net investment in sales-type lease (Note 6). Such proceeds are included within Net cash provided by operating activities in accordance with Accounting Standards Codification (“ASC”) 842, Leases.

(b)We consider Funds from operations (“FFO”) and Adjusted funds from operations (“AFFO”), supplemental measures that are not defined by GAAP (a “non-GAAP measure”), to be important measures in the evaluation of our operating performance. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

[[GREPCENT_TABLE]]
[["","Net Lease Office Properties 2025 10-K \u2013 23"]]
[[/GREPCENT_TABLE]]

Revenues

Total revenues decreased in 2025 as compared to 2024, primarily due to the impact of disposition activity and tenant vacancies at certain properties, partially off

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NLOP/mda/fy2025/
All MD&A years: /company/NLOP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NLOP/mda/fy2024/): filed 2025-02-27; accession 0001952976-25-000007 (https://www.sec.gov/Archives/edgar/data/1952976/000195297625000007/nlop-20241231.htm)
- [FY 2023 MD&A](/company/NLOP/mda/fy2023/): filed 2024-03-06; accession 0001952976-24-000019 (https://www.sec.gov/Archives/edgar/data/1952976/000195297624000019/nlop-20231231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NLOP.md · JSON record: /company/NLOP.json · verified financials: /company/NLOP/financials.json / /company/NLOP/financials.csv · machine TOC for the whole site: /llms.txt