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.
Sector: Real Estate Investment Trusts
Industry: REIT - Office
Net Lease Office Properties
NYSE:NLOPReal Estate · REIT - Office
-0.94%$9.53
AH Close$9.53+0.00%vs close
AH Close$9.53+0.00%vs close
Mkt Cap$141.18M
Float14.7M
O/S14.81M
Inst Own56.2%
Div Yield201.99%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$118.92M
Net Income-$145.26M
Total Assets$453.37M
Free Cash Flow$60.08M
Debt & Equity
Debt 7%
Equity 93%
Total Debt$22.26M
Total Equity$293.91M
Shares Outstanding
Short Interest
Split History1 split
- 1.0:1Forward splitDec 15, 20231 share → 1.0
Balance Sheet Details
Assets$453.37M
Liabilities$155.55M
Accounts Receivable$0
Accounts Payable$56.1M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$45.16M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $118.92M | $142.25M | $174.97M | $156.21M | $147.91M | $144.76M | $174.5M |
| YoY Growth | -16.4% | -18.7% | 12.0% | 5.6% | 2.2% | -17.0% | - |
| Cost of Revenue | $35.62M | $43.66M | $37.84M | $32M | $30.08M | $28.44M | $34.13M |
| Gross Profit | $83.3M | $98.58M | $137.12M | $124.21M | $117.83M | $116.32M | $140.37M |
| Gross Margin | 70.0% | 69.3% | 78.4% | 79.5% | 79.7% | 80.4% | 80.4% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $7.31M | $7.52M | $22.06M | $17.9M | $10.31M | $9.36M | $12.31M |
| Other | $40.68M | $56.7M | $75M | $63.2M | $58.58M | $106.96M | $0 |
| Total Operating Expenses | $47.99M | $64.21M | $97.05M | $81.1M | $68.89M | $116.32M | $81.75M |
| Operating Income (EBIT) | $35.31M | $34.37M | $40.07M | $43.11M | $48.94M | $0 | $58.63M |
| Operating Margin | 29.7% | 24.2% | 22.9% | 27.6% | 33.1% | - | 33.6% |
| Interest Expense | $12.74M | $67.96M | $42.61M | $26.84M | $32.47M | $32.14M | $41.93M |
| Interest Income | $2.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$180.32M | -$128.14M | -$171.36M | -$26.85M | -$45.88M | $16.82M | -$43.95M |
| Income Before Tax (EBT) | -$145M | -$93.77M | -$131.3M | $16.26M | $3.06M | $16.82M | $14.67M |
| Income Tax Expense | $158K | -$2.38M | $425K | $486K | $1.65M | $800K | $843K |
| Net Income | -$145.26M | -$91.47M | -$131.75M | $15.78M | $1.42M | $16.02M | $13.83M |
| Net Income Margin | -122.2% | -64.3% | -75.3% | 10.1% | 1.0% | 11.1% | 7.9% |
| Supplementary Data | |||||||
| EPS | -9.81 | -6.18 | -9.00 | 1.11 | 1.73 | 1.12 | 0.97 |
| Diluted EPS | -9.81 | -6.18 | -9.00 | 1.11 | 1.73 | 1.12 | 0.97 |
| Weighted Average OS | 14.81M | 14.79M | 14.63M | 14.26M | 14.26M | 14.26M | 14.26M |
| EBITDA | -$93.46M | $53.13M | -$7.29M | $109.34M | $92.87M | $108.92M | $132.19M |
| EBITDA Margin | -78.6% | 37.4% | -4.2% | 70.0% | 62.8% | 75.2% | 75.7% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Assets | ||||||
| Current Assets | ||||||
| Cash and Cash Equivalents | $119.62M | $25.12M | $16.27M | $4.67M | $3.97M | $7.28M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $119.62M | $25.13M | $16.27M | $4.67M | $3.97M | $7.28M |
| Accounts Receivable | $0 | $0 | $10.52M | $14.73M | $14.96M | $15.17M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $3.01M | $43.3M | $41.04M | $1.33M | $5.33M | $0 |
| Total Current Assets | $122.63M | $68.44M | $67.83M | $20.73M | $24.26M | $22.45M |
| Long-Term Assets | ||||||
| Property, Plant & Equipment Net | $0 | $580.26M | $990.96M | $1.1B | $940.65M | $1.19B |
| Goodwill | $0 | $0 | $0 | $63.58M | $51.96M | $80.22M |
| Intangible Assets | $45.16M | $97.89M | $170.35M | $228.44M | $214.23M | $324.88M |
| Long-Term Investments | $213.67M | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $71.91M | $58.49M | $75.96M | $47.93M | $43.62M | $55.27M |
| Total Long-Term Assets | $330.74M | $736.63M | $1.24B | $1.44B | $1.25B | $1.65B |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $453.37M | $805.07M | $1.31B | $1.46B | $1.27B | $1.68B |
| Liabilities | ||||||
| Current Liabilities | ||||||
| Accounts Payable | $56.1M | $366K | $59.53M | $45.18M | $38.29M | $58.75M |
| Short-Term Debt | $21.9M | $104.96M | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | -$131.66M | $43.05M | -$503K | $0 | $0 | $0 |
| Total Current Liabilities | $21.9M | $148.94M | $60.59M | $45.18M | $38.29M | $58.75M |
| Long-Term Liabilities | ||||||
| Long-Term Debt | $178K | $64.26M | $541.98M | $276.06M | $149.9M | $527.66M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $100K | $0 | $10.45M | $0 | $0 | $17.36M |
| Other Long-Term Liabilities | $133.19M | $6.3M | $10.64M | $26.67M | $24.54M | $20.35M |
| Total Long-Term Liabilities | $133.65M | $70.72M | $563.07M | $307.5M | $178.92M | $565.36M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $155.55M | $219.67M | $623.66M | $352.68M | $217.21M | $624.11M |
| Stockholders' Equity | ||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $15K | $15K | $15K | $1.15B | $1.1B | $0 |
| Retained Earnings | $0 | $0 | -$142.96M | $0 | $0 | $0 |
| Comprehensive Income & Other | -$561.92M | -$274.6M | -$35.6M | -$42.46M | -$41.23M | -$39.51M |
| Other Stockholders' Equity | $293.9M | $581.21M | $819.95M | -$42.46M | -$41.23M | $1.05B |
| Total Equity | $293.91M | $581.23M | $677.01M | $1.11B | $1.06B | $1.05B |
| Minority Interest | $3.91M | $4.17M | $4.42M | $1.74M | $0 | $0 |
| Total Liabilities and Equity | $449.46M | $800.89M | $1.3B | $1.46B | $1.27B | $1.68B |
| Supplementary Data | ||||||
| Total Debt | $22.26M | $169.47M | $541.98M | $280.83M | $154.38M | $527.66M |
| Net Debt | -$97.36M | $144.35M | $525.71M | $276.16M | $150.41M | $520.38M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | -$145.16M | -$91.39M | -$131.75M | $15.78M | $1.42M | $16.02M | $13.83M |
| Depreciation & Amortization | $38.8M | $78.94M | $81.4M | $66.23M | $61.16M | $59.97M | $75.58M |
| Deferred Income Tax | $0 | -$3.27M | -$1.2M | -$1.04M | -$227K | -$101K | -$1.33M |
| Stock-Based Compensation | $0 | $250K | $2.9M | $3.16M | $2.4M | $1.62M | $2.45M |
| Changes in Working Capital: | |||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$7.99M | $13.16M | -$8.93M | $1.07M | -$2.67M | $1.45M | $0 |
| Total Working Capital Change | -$7.99M | $13.16M | -$8.93M | $1.07M | -$2.67M | $1.45M | -$2.87M |
| Other Non-Cash Items | $178.47M | $74.17M | $128.55M | -$922K | $13.26M | -$5.29M | -$4.61M |
| Net Cash from Operating | $64.11M | $71.86M | $70.97M | $84.28M | $75.33M | $73.66M | $83.05M |
| Investing Activities | |||||||
| Capital Expenditures | $0 | $0 | -$11.16M | -$4.72M | -$4.18M | -$4.49M | -$64.95M |
| Acquisitions | $0 | $0 | $0 | -$20.97M | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $208.24M | $297.75M | $38.85M | $2.77M | $10.5M | $0 | $0 |
| Net Cash from Investing | $208.24M | $297.75M | $27.69M | -$22.92M | -$4.18M | -$4.49M | -$64.95M |
| Financing Activities | |||||||
| Debt Repaid | $111.48M | $366.6M | -$367.2M | $39.94M | $264.08M | $74.85M | $209.21M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$106.66M | -$1.07M | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$745K | -$316K | -$403.98M | -$24.6M | $186.83M | $9.04M | $189.08M |
| Net Cash from Financing | -$218.88M | -$367.98M | -$36.78M | -$64.54M | -$77.25M | -$65.81M | -$20.13M |
| Forex Effect | $738K | -$1.03M | -$50K | -$123K | $19K | $274K | -$361K |
| Net Change in Cash | $54.21M | $597K | $61.83M | -$3.3M | -$6.08M | $3.64M | -$2.39M |
| Supplementary Data | |||||||
| Operating Cash Flow | $64.11M | $71.86M | $70.97M | $84.28M | $75.33M | $73.66M | $83.05M |
| Capital Expenditure | -$4.03M | $0 | -$11.16M | -$4.72M | -$4.18M | -$4.49M | -$64.95M |
| Free Cash Flow | $60.08M | $71.86M | $59.8M | $79.56M | $71.15M | $69.17M | $18.09M |
| Cash at Beginning | $68.43M | $67.83M | $6M | $9.3M | $15.37M | $11.74M | $17.85M |
| Cash at End | $122.63M | $68.43M | $67.83M | $6M | $9.3M | $15.37M | $15.45M |