NLOP on NYSE
Net Lease Office Properties
American real estate investment trust, incorporated in Maryland. Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerNLOP on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersNew York, New York1
- Incorporated inMD2
- Business addressC/O W. P. Carey Inc., One Manhattan West, 395 9Th Ave. 58 Fl, New York, Ny 100012
- Filer category, Emerging growth company2
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Net Lease Office Properties (“NLOP” or the “Company”) is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. Our net leases generally specify a base rent with rent increases and require the tenant to pay substantially all costs associated with operating and maintaining the property. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”) effective as of November 1, 2023.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 97% of the revenue Net Lease Office Properties broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $159.8M | $133.7M | $115.8M |
| Outside the United States | $15.2M | $8.6M | $3.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$118.8M
- Income tax0¢$158.0K
Out of $118.9M in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid95¢$60.7M
- Kept or used elsewhere5¢$3.4M
Out of $64.1M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Lease revenues | $99.3M | $128.9M | $166.0M |
| Income from finance leases | $610.0K | $89.0K | $1.2M |
| Other lease-related income | $19.0M | $13.3M | $7.7M |
| Total revenues | $118.9M | $142.2M | $175.0M |
| Impairment charges real estate | $140.8M | $78.2M | $63.1M |
| Depreciation and amortization | $35.9M | $56.7M | $75.0M |
| Reimbursable tenant costs | $22.5M | $26.5M | $28.0M |
| Property expenses, excluding reimbursable tenant costs | $8.6M | $10.9M | $8.6M |
| General and administrative | $7.3M | $7.5M | $13.6M |
| Asset management fees | $4.6M | $6.2M | $1.2M |
| Separation and distribution related costs and other | $0 | $16.0K | $8.4M |
| Impairment charges goodwill | $0 | $0 | $62.5M |
| Total operating expenses | $219.6M | $186.1M | $260.5M |
| (Loss) gain on sale of real estate, net | -$29.0M | $20.2M | -$3.6M |
| Interest expense | -$12.7M | -$68.0M | -$42.6M |
| Other gains and (losses) | -$2.6M | -$2.2M | $456.0K |
| Total other income and expenses | -$44.3M | -$49.9M | -$45.8M |
| Loss before income taxes | -$145.0M | -$93.8M | -$131.3M |
| (Provision for) benefit from income taxes | -$158.0K | $2.4M | -$425.0K |
| Net Loss | -$145.2M | -$91.4M | -$131.7M |
| Net income attributable to noncontrolling interests | -$100.0K | -$85.0K | -$24.0K |
| Net Loss Attributable to NLOP | -$145.3M | -$91.5M | -$131.7M |
| Basic Loss Per Share (in dollars per share) | -$9.81 | -$6.18 | -$9.00 |
| Diluted Loss Per Share (in dollars per share) | -$9.81 | -$6.18 | -$9.00 |
| Basic (in shares) | 14.8M shares | 14.8M shares | 14.6M shares |
| Diluted (in shares) | 14.8M shares | 14.8M shares | 14.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land, buildings and improvements | $218.8M | $730.3M | ||
| Net investments in finance leases | $41.9M | $0 | ||
| In-place lease intangible assets and other | $45.2M | $210.0M | ||
| Above-market rent intangible assets | $10.8M | $30.5M | ||
| Investments in real estate | $316.6M | $970.8M | ||
| Accumulated depreciation and amortization | -$102.9M | -$292.7M | ||
| Assets held for sale, net | $96.3M | $29.3M | ||
| Net investments in real estate | $309.9M | $707.4M | ||
| Cash and cash equivalents | $119.6M | $25.1M | $16.3M | |
| Restricted cash | $3.0M | $43.3M | $51.6M | |
| Other assets, net | $20.8M | $29.2M | ||
| Total assets | $453.4M | $805.1M | ||
| Non-recourse mortgages, net | $21.9M | $111.3M | ||
| NLOP Mezzanine Loan, net | $0 | $58.0M | ||
| Debt, net | $21.9M | $169.2M | ||
| Accounts payable, accrued expenses and other liabilities | $56.1M | $44.1M | ||
| Below-market rent intangible liabilities, net | $2.0M | $6.3M | ||
| Dividends payable | $75.6M | $0 | ||
| Total liabilities | $155.5M | $219.7M | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued | $0 | $0 | ||
| Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding | $15.0K | $15.0K | ||
| Additional paid-in capital | $855.8M | $855.8M | ||
| Distributions in excess of accumulated earnings | -$561.9M | -$234.4M | ||
| Accumulated other comprehensive loss | $0 | -$40.2M | ||
| Total shareholders equity | $293.9M | $581.2M | ||
| Noncontrolling interests | $3.9M | $4.2M | ||
| Total equity | $297.8M | $585.4M | $681.4M | $1.1B |
| Total liabilities and equity | $453.4M | $805.1M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 45.0M shares | 45.0M shares | ||
| Common stock shares, issued (in shares) | 14.8M shares | 14.8M shares | ||
| Common stock shares, outstanding (in shares) | 14.8M shares | 14.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land, buildings and improvements | $218.8M | $730.3M | ||
| Net investments in finance leases | $41.9M | $0 | ||
| In-place lease intangible assets and other | $45.2M | $210.0M | ||
| Above-market rent intangible assets | $10.8M | $30.5M | ||
| Investments in real estate | $316.6M | $970.8M | ||
| Accumulated depreciation and amortization | -$102.9M | -$292.7M | ||
| Assets held for sale, net | $96.3M | $29.3M | ||
| Net investments in real estate | $309.9M | $707.4M | ||
| Cash and cash equivalents | $119.6M | $25.1M | $16.3M | |
| Restricted cash | $3.0M | $43.3M | $51.6M | |
| Other assets, net | $20.8M | $29.2M | ||
| Total assets | $453.4M | $805.1M | ||
| Non-recourse mortgages, net | $21.9M | $111.3M | ||
| NLOP Mezzanine Loan, net | $0 | $58.0M | ||
| Debt, net | $21.9M | $169.2M | ||
| Accounts payable, accrued expenses and other liabilities | $56.1M | $44.1M | ||
| Below-market rent intangible liabilities, net | $2.0M | $6.3M | ||
| Dividends payable | $75.6M | $0 | ||
| Total liabilities | $155.5M | $219.7M | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued | $0 | $0 | ||
| Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding | $15.0K | $15.0K | ||
| Additional paid-in capital | $855.8M | $855.8M | ||
| Distributions in excess of accumulated earnings | -$561.9M | -$234.4M | ||
| Accumulated other comprehensive loss | $0 | -$40.2M | ||
| Total shareholders equity | $293.9M | $581.2M | ||
| Noncontrolling interests | $3.9M | $4.2M | ||
| Total equity | $297.8M | $585.4M | $681.4M | $1.1B |
| Total liabilities and equity | $453.4M | $805.1M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 45.0M shares | 45.0M shares | ||
| Common stock shares, issued (in shares) | 14.8M shares | 14.8M shares | ||
| Common stock shares, outstanding (in shares) | 14.8M shares | 14.8M shares |
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$145.2M | -$91.4M | -$131.7M |
| Impairment charges real estate | $140.8M | $78.2M | $63.1M |
| Depreciation and amortization, including intangible assets and deferred financing costs | $39.8M | $85.3M | $81.3M |
| Loss (gain) on sale of real estate, net | $29.0M | -$20.2M | $3.6M |
| Allowance for credit losses | $4.8M | $0 | $0 |
| Straight-line rent adjustments | $2.6M | $2.3M | -$438.0K |
| Net realized and unrealized losses (gains) on extinguishment of debt, foreign currency exchange rate movements, and other | $1.3M | $3.5M | -$247.0K |
| Amortization of rent-related intangibles and deferred rental revenue | -$956.0K | -$6.4M | $140.0K |
| Deferred income tax benefit | $0 | -$3.3M | -$1.2M |
| Stock-based compensation expense | $0 | $250.0K | $2.9M |
| Impairment charges goodwill | $0 | $0 | $62.5M |
| Net changes in other operating assets and liabilities | -$8.0M | $13.2M | -$8.9M |
| Proceeds from sales of net investments in sales-type leases | $0 | $10.3M | $0 |
| Net Cash Provided by Operating Activities | $64.1M | $71.9M | $71.0M |
| Proceeds from sales of real estate | $192.3M | $309.8M | $38.9M |
| Non-refundable deposit for disposition | $20.0M | $0 | $0 |
| Funding for real estate construction, redevelopments, and other capital expenditures on real estate | -$4.0M | -$12.0M | -$11.2M |
| Other investing activities, net | -$5.0K | $0 | $0 |
| Net Cash Provided by Investing Activities | $208.2M | $297.7M | $27.7M |
| Payments of mortgage principal and other debt instruments | -$111.5M | -$366.6M | -$63.7M |
| Distributions paid | -$106.7M | -$1.1M | $0 |
| Other financing activities, net | -$384.0K | $15.0K | -$526.0K |
| Distributions to noncontrolling interest | -$361.0K | -$331.0K | -$121.0K |
| Distributions to WPC in connection with the Spin-Off | $0 | $0 | -$343.9M |
| Proceeds from NLOP Mortgage Loan | $0 | $0 | $317.3M |
| Proceeds from NLOP Mezzanine Loan | $0 | $0 | $113.6M |
| Net transfers with Parent, including Spin-Off adjustments | $0 | $0 | -$51.7M |
| Payment of financing costs | $0 | $0 | -$10.5M |
| Contributions from noncontrolling interests | $0 | $0 | $2.8M |
| Net Cash Used in Financing Activities | -$218.9M | -$368.0M | -$36.8M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | $738.0K | -$1.0M | -$50.0K |
| Net increase in cash and cash equivalents and restricted cash | $54.2M | $597.0K | $61.8M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Net Lease Office Properties, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerJason E. Fox Oct 6, 2023 to Jan 23, 20249
- Chief financial officerToniann Sanzone Oct 6, 2023 to Jan 23, 202410
Board members and other officers (5)
- CHIEF ACCOUNTING OFFICERBrian H. Zander Oct 6, 2023 to Jan 23, 202411
- Board memberAxel K.a. Hansing Nov 3, 2023 to now12
- Board memberJason E. Fox Nov 3, 2023 to Jan 23, 202413
- Board memberJean Hoysradt Nov 3, 2023 to now14
- Board memberRichard J. Pinola Nov 3, 2023 to now15
Timeline
- Oct 6, 2023New chief executive Jason E. Fox becomes CEO9
Filings
107 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 21 major events, 28 insider forms, 19 large holders, 27 other. The latest 20:
- Aug 5, 20268-K EDGAR
- Aug 5, 202610-Q EDGAR
- Jul 31, 2026SCHEDULE 13G/A EDGAR
- Jun 25, 20268-K EDGAR
- Jun 15, 2026DEFA14A EDGAR
- Jun 12, 2026DEFA14A EDGAR
- Jun 12, 20268-K EDGAR
- Jun 9, 2026DEFA14A EDGAR
- May 27, 2026DEFA14A EDGAR
- May 7, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- Apr 30, 2026SCHEDULE 13G EDGAR
- Apr 16, 2026DEFA14A EDGAR
- Apr 16, 2026DEF 14A EDGAR
- Apr 2, 2026PRE 14A EDGAR
- Mar 27, 2026SCHEDULE 13G/A EDGAR
- Feb 25, 20268-K EDGAR
- Feb 25, 202610-K EDGAR
- Jan 20, 20268-K EDGAR
- Jan 9, 2026SCHEDULE 13D EDGAR
The 107 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 24, 2025 | PINOLA RICHARD JDirector | Buy | 1,012 | $29.49 | $29.8K | Form 4 |
| Mar 8, 2024 | PINOLA RICHARD JDirector | Buy | 2,066 | $24.21 | $50.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G/A, 2 filings Apr 30, 2026 to Jul 31, 202616
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Dec 8, 2023 to Mar 27, 202617
- Asset Value Investors LtdSCHEDULE 13D, 2 filings Feb 20, 2025 to Jan 9, 202618
- Long Pond Capital, LPSCHEDULE 13G/A, 3 filings Feb 13, 2024 to May 14, 202519
- Morgan StanleySCHEDULE 13G/A, 3 filings Feb 8, 2024 to Mar 6, 202520
- J. Goldman & Co LPSCHEDULE 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202421
- BlackRockSC 13G, 2 filings Oct 22, 2024 to Nov 8, 202422
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 1,649,290 | $18.4M | 0.0% | +1,982 |
| Vanguard Capital Management LLC | 654,700 | $7.3M | 0.0% | −224,812 |
| State Street Corp | 450,213 | $5.0M | 0.0% | +30,811 |
| Geode Capital Management, LLC | 386,641 | $4.3M | 0.0% | +20,907 |
| Marshall Wace, Llp | 384,016 | $4.3M | 0.0% | New |
| Arrowstreet Capital, Limited Partnership | 330,459 | $3.7M | 0.0% | +242,701 |
| Two Sigma Investments, LP | 235,521 | $2.6M | 0.0% | −49,001 |
| K2 Principal Fund, L.P. | 186,702 | $2.1M | 0.5% | +26,417 |
| Millennium Management LLC | 185,861 | $2.1M | 0.0% | −117,067 |
| Dimensional Fund Advisors LP | 182,889 | $2.0M | 0.0% | +10,056 |
| Goldman Sachs Group Inc | 172,284 | $1.9M | 0.0% | +82,466 |
| GABELLI & Co INVESTMENT ADVISERS, INC. | 133,151 | $1.5M | 0.2% | +46,786 |
| UBS Group AG | 124,079 | $1.4M | 0.0% | +109,979 |
| Northern Trust Corp | 120,480 | $1.3M | 0.0% | +8,185 |
| Lazard Asset Management LLC | 108,648 | $1.2M | 0.0% | +382 |
| Man Group plc | 103,820 | $1.2M | 0.0% | −67,948 |
| Morgan Stanley | 103,308 | $1.1M | 0.0% | −2,538 |
| Aqr Capital Management LLC | 101,979 | $1.1M | 0.0% | +30,705 |
| Vanguard Portfolio Management LLC | 100,703 | $1.1M | 0.0% | +14,477 |
| Vanguard Fiduciary Trust Co | 100,533 | $1.1M | 0.0% | +7,901 |
| Rangeley Capital, LLC | 95,000 | $1.1M | 1.0% | −19,870 |
| Los Angeles Capital Management LLC | 86,330 | $960.9K | 0.0% | +46,026 |
| LPL Financial LLC | 75,746 | $843.1K | 0.0% | −17,619 |
| Quantinno Capital Management LP | 69,011 | $768.1K | 0.0% | +33,534 |
| Citadel Advisors LLC | 63,949 | $711.8K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARAxel K.a. Hansing, Board member
- 13SEC EDGARJason E. Fox, Board member
- 14SEC EDGARJean Hoysradt, Board member
- 15SEC EDGARRichard J. Pinola, Board member
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