Net Lease Office Properties NLOP
Net Lease Office Properties (NLOP) is a publicly traded real estate investment trust that holds a portfolio of 59 premium office assets. These properties encompass approximately 8.7 million square feet of leasable space, primarily leased to corporate occupants under single-tenant net lease agreements. While the majority of these office buildings are situated in the United States, a portion is located in Europe. The portfolio boasts 62 corporate tenants from a variety of industries, collectively contributing around $145 million in annualized base rent. NLOP's strategic objective is to enhance shareholder value through proactive asset management and the eventual divestment of its real estate holdings. Given its profound familiarity with the portfolio, NLOP leverages external management and advisory services from wholly-owned subsidiaries of WPC, ensuring effective execution of its business strategy. WPC brings over five decades of expertise in the single-tenant office real estate sector, demonstrating a strong track record in operating, leasing, acquiring, and developing assets across diverse market conditions.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-25 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-05-07) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $118.92M | $-145.26M | $38.80M | $-93.46M | $64.11M |
| 2024 | $142.25M | $-91.47M | $78.94M | $53.13M | $71.86M |
| 2023 | $174.97M | $-131.75M | $81.40M | $-7.29M | $70.97M |
| 2022 | $156.21M | $15.78M | $66.23M | $109.34M | $84.28M |
| 2021 | $147.91M | $1.42M | $61.16M | $92.87M | $75.33M |
| 2020 | $144.76M | $16.02M | $59.97M | $108.92M | $73.66M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-03-30 | 2026-03-30 | 2026-04-14 | 2026-03-19 | $3.30 | Special |
| 2026-02-18 | 2026-01-30 | — | 2026-01-20 | $6.75 | Special |
| 2026-01-02 | 2026-01-02 | 2026-01-20 | 2025-12-22 | $5.10 | Special |
| 2025-12-04 | 2025-12-04 | 2025-12-19 | 2025-11-24 | $4.10 | Special |
| 2025-08-18 | 2025-08-18 | 2025-09-03 | 2025-08-06 | $3.10 | Special |
| 2023-12-15 | 2023-12-18 | 2024-01-29 | 2023-12-08 | $0.34 | Special |
Coverage (payout of operating cash flow): —. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — NLOP
Net Lease Office Properties Announces Postponement of Annual Meeting of Shareholders
Net Lease Office Properties: A $21 Bear Case For A $13 Stock
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
Other Office REITs
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.