NLOP
Net Lease Office Properties
REIT - Office
Market Cap$194M
5Y Perf.-31.1%
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Stock Comparison
NLOP vs WELL vs VTR vs WPC
Revenue, margins, valuation, and 5-year total return — side by side.
WELL
Welltower Inc.
REIT - Healthcare Facilities
Market Cap$149.25B
5Y Perf.+154.8%
VTR
Ventas, Inc.
REIT - Healthcare Facilities
Market Cap$41.15B
5Y Perf.+103.8%
WPC
W. P. Carey Inc.
REIT - Diversified
Market Cap$16.21B
5Y Perf.+40.7%
NLOP vs WELL vs VTR vs WPC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NLOP | WELL | VTR | WPC |
|---|---|---|---|---|
| Industry | REIT - Office | REIT - Healthcare Facilities | REIT - Healthcare Facilities | REIT - Diversified |
| Market Cap | $194M | $149.25B | $41.15B | $16.21B |
| Revenue (TTM) | $91M | $11.63B | $6.13B | $1.99B |
| Net Income (TTM) | $-121M | $1.43B | $260M | $517M |
| Gross Margin | -9.7% | 39.1% | -4.3% | 68.2% |
| Operating Margin | 30.2% | 4.4% | 13.4% | 43.3% |
| Forward P/E | — | 78.4x | 118.0x | 29.3x |
| Total Debt | $22M | $21.38B | $13.22B | $8.72B |
| Cash & Equiv. | $120M | $5.03B | $741M | $155M |
NLOP vs WELL vs VTR vs WPC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NLOP
WELL
VTR
WPC
| Stock | Oct 23 | May 26 | Return |
|---|---|---|---|
| Net Lease Office Pr… (NLOP) | 100 | 68.9 | -31.1% |
| Welltower Inc. (WELL) | 100 | 254.8 | +154.8% |
| Ventas, Inc. (VTR) | 100 | 203.8 | +103.8% |
| W. P. Carey Inc. (WPC) | 100 | 140.7 | +40.7% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NLOP vs WELL vs VTR vs WPC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: WPC leads in 3 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. Welltower Inc. is the stronger pick specifically for growth and revenue expansion and recent price momentum and sentiment. NLOP and VTR also each lead in at least one category. As sector peers, any of these can serve as alternatives in the same allocation.
NLOP
Net Lease Office Properties
The Real Estate Income Play
NLOP is the clearest fit if your priority is income & stability and defensive.
- Dividend streak 2 yrs, beta 0.45, yield 54.9%
- Beta 0.45, yield 54.9%, current ratio 5.46x
- 54.9% yield, 2-year raise streak, vs WELL's 1.3%
Best for: income & stability and defensive
WELL
Welltower Inc.
The Real Estate Income Play
WELL is the #2 pick in this set and the best alternative if growth exposure and long-term compounding is your priority.
- Rev growth 35.8%, EPS growth -11.5%, 3Y rev CAGR 22.7%
- 223.1% 10Y total return vs NLOP's 84.5%
- 35.8% FFO/revenue growth vs NLOP's -15.6%
- +42.7% vs NLOP's +17.9%
Best for: growth exposure and long-term compounding
VTR
Ventas, Inc.
The Real Estate Income Play
VTR is the clearest fit if your priority is sleep-well-at-night.
- Lower volatility, beta 0.01, current ratio 0.96x
- Beta 0.01 vs NLOP's 0.45
Best for: sleep-well-at-night
WPC
W. P. Carey Inc.
The Real Estate Income Play
WPC carries the broadest edge in this set and is the clearest fit for value and quality.
- Lower P/E (29.3x vs 118.0x)
- 26.0% margin vs NLOP's -133.0%
- 2.9% ROA vs NLOP's -25.4%, ROIC 3.5% vs 5.7%
Best for: value and quality
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | WELL | 35.8% FFO/revenue growth vs NLOP's -15.6% |
| Value | WPC | Lower P/E (29.3x vs 118.0x) |
| Quality / Margins | WPC | 26.0% margin vs NLOP's -133.0% |
| Stability / Safety | VTR | Beta 0.01 vs NLOP's 0.45 |
| Dividends | NLOP | 54.9% yield, 2-year raise streak, vs WELL's 1.3% |
| Momentum (1Y) | WELL | +42.7% vs NLOP's +17.9% |
| Efficiency (ROA) | WPC | 2.9% ROA vs NLOP's -25.4%, ROIC 3.5% vs 5.7% |
NLOP vs WELL vs VTR vs WPC — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2025
FY 2025
FY 2025
NLOP vs WELL vs VTR vs WPC — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNLOPLAGGINGWPC
Who Leads Where
NLOP leads in 3 of 6 categories
WPC leads 1 • WELL leads 1 • VTR leads 1
Explore the data ↓WPCW. P. Carey Inc.
1leads
VTRVentas, Inc.
1leads
WELLWelltower Inc.
1leads
NLOPNet Lease Office Prop…
3leads
6 Total Categories
CATEGORYLEADERvs WELLvs VTRMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
WPC3/6
Valuation MetricsMultiples, price ratios, and targets
NLOP5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NLOP5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
WELL5/6
Risk & VolatilityBeta, volatility, and downside exposure
VTR2/2
Analyst OutlookRatings, price targets, and dividends
NLOP2/2
Income & Cash Flow (Last 12 Months)
WPC leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
WELL is the larger business by revenue, generating $11.6B annually — 128.1x NLOP's $91M. WPC is the more profitable business, keeping 26.0% of every revenue dollar as net income compared to NLOP's -133.0%. On growth, WELL holds the edge at +40.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NLOPNet Lease Office … | WELLWelltower Inc. | VTRVentas, Inc. | WPCW. P. Carey Inc. |
|---|---|---|---|---|
| RevenueTrailing 12 months | $91M | $11.6B | $6.1B | $2.0B |
| EBITDAEarnings before interest/tax | $81M | $2.8B | $2.3B | $1.4B |
| Net IncomeAfter-tax profit | -$121M | $1.4B | $260M | $517M |
| Free Cash FlowCash after capex | $57M | $2.5B | $1.4B | $1.1B |
| Gross MarginGross profit ÷ Revenue | -9.7% | +39.1% | -4.3% | +68.2% |
| Operating MarginEBIT ÷ Revenue | +30.2% | +4.4% | +13.4% | +43.3% |
| Net MarginNet income ÷ Revenue | -133.0% | +12.3% | +4.2% | +26.0% |
| FCF MarginFCF ÷ Revenue | +62.6% | +21.9% | +22.4% | +56.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -100.0% | +40.3% | +22.0% | +10.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +49.9% | +22.5% | 0.0% | +40.4% |
WPC leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
NLOP leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
At 35.0x trailing earnings, WPC trades at a 78% valuation discount to VTR's 160.3x P/E. On an enterprise value basis, NLOP's 1.3x EV/EBITDA is more attractive than WELL's 66.4x.
| Metric | NLOPNet Lease Office … | WELLWelltower Inc. | VTRVentas, Inc. | WPCW. P. Carey Inc. |
|---|---|---|---|---|
| Market CapShares × price | $194M | $149.2B | $41.1B | $16.2B |
| Enterprise ValueMkt cap + debt − cash | $97M | $165.6B | $53.6B | $24.8B |
| Trailing P/EPrice ÷ TTM EPS | -1.34x | 153.25x | 160.26x | 35.02x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 78.42x | 118.01x | 29.28x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 1.34x | 66.40x | 24.31x | 19.29x |
| Price / SalesMarket cap ÷ Revenue | 1.62x | 13.99x | 7.05x | 9.44x |
| Price / BookPrice ÷ Book value/share | 0.65x | 3.35x | 3.18x | 2.01x |
| Price / FCFMarket cap ÷ FCF | 3.23x | 52.41x | 31.25x | 14.85x |
NLOP leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
NLOP leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
WPC delivers a 6.3% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-34 for NLOP. NLOP carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to WPC's 1.07x. On the Piotroski fundamental quality scale (0–9), WELL scores 7/9 vs WPC's 5/9, reflecting strong financial health.
| Metric | NLOPNet Lease Office … | WELLWelltower Inc. | VTRVentas, Inc. | WPCW. P. Carey Inc. |
|---|---|---|---|---|
| ROE (TTM)Return on equity | -34.3% | +3.5% | +2.1% | +6.3% |
| ROA (TTM)Return on assets | -25.4% | +2.3% | +1.0% | +2.9% |
| ROICReturn on invested capital | +5.7% | +0.5% | +2.5% | +3.5% |
| ROCEReturn on capital employed | +6.5% | +0.6% | +3.2% | +4.6% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.07x | 0.49x | 1.05x | 1.07x |
| Net DebtTotal debt minus cash | -$97M | $16.3B | $12.5B | $8.6B |
| Cash & Equiv.Liquid assets | $120M | $5.0B | $741M | $155M |
| Total DebtShort + long-term debt | $22M | $21.4B | $13.2B | $8.7B |
| Interest CoverageEBIT ÷ Interest expense | -10.39x | 0.26x | 1.40x | 2.73x |
NLOP leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
WELL leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in WELL five years ago would be worth $30,234 today (with dividends reinvested), compared to $12,668 for WPC. Over the past 12 months, WELL leads with a +42.7% total return vs NLOP's +17.9%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.5% vs WPC's 5.8% — a key indicator of consistent wealth creation.
| Metric | NLOPNet Lease Office … | WELLWelltower Inc. | VTRVentas, Inc. | WPCW. P. Carey Inc. |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +35.6% | +14.3% | +12.6% | +15.4% |
| 1-Year ReturnPast 12 months | +17.9% | +42.7% | +33.9% | +25.9% |
| 3-Year ReturnCumulative with dividends | +84.5% | +189.5% | +94.2% | +18.5% |
| 5-Year ReturnCumulative with dividends | +84.5% | +202.3% | +74.8% | +26.7% |
| 10-Year ReturnCumulative with dividends | +84.5% | +223.1% | +65.0% | +80.9% |
| CAGR (3Y)Annualised 3-year return | +22.7% | +42.5% | +24.8% | +5.8% |
WELL leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
VTR leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
VTR is the less volatile stock with a 0.01 beta — it tends to amplify market swings less than NLOP's 0.45 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VTR currently trades 97.8% from its 52-week high vs NLOP's 38.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NLOPNet Lease Office … | WELLWelltower Inc. | VTRVentas, Inc. | WPCW. P. Carey Inc. |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.45x | 0.13x | 0.01x | 0.02x |
| 52-Week HighHighest price in past year | $34.53 | $219.59 | $88.50 | $75.69 |
| 52-Week LowLowest price in past year | $11.23 | $142.65 | $61.76 | $59.34 |
| % of 52W HighCurrent price vs 52-week peak | +38.0% | +97.0% | +97.8% | +97.6% |
| RSI (14)Momentum oscillator 0–100 | 48.0 | 60.2 | 56.2 | 61.5 |
| Avg Volume (50D)Average daily shares traded | 199K | 2.6M | 3.4M | 1.1M |
VTR leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
NLOP leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: NLOP as "Buy", WELL as "Buy", VTR as "Buy", WPC as "Hold". Consensus price targets imply 457.0% upside for NLOP (target: $73) vs -0.9% for WPC (target: $73). For income investors, NLOP offers the higher dividend yield at 54.94% vs WELL's 1.30%.
| Metric | NLOPNet Lease Office … | WELLWelltower Inc. | VTRVentas, Inc. | WPCW. P. Carey Inc. |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | Hold |
| Price TargetConsensus 12-month target | $73.00 | $226.50 | $90.80 | $73.20 |
| # AnalystsCovering analysts | 1 | 34 | 32 | 20 |
| Dividend YieldAnnual dividend ÷ price | +54.9% | +1.3% | +2.1% | +4.8% |
| Dividend StreakConsecutive years of raises | 2 | 2 | 1 | 1 |
| Dividend / ShareAnnual DPS | $7.20 | $2.76 | $1.86 | $3.57 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | 0.0% |
NLOP leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
NLOP leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). WPC leads in 1 (Income & Cash Flow).
Best OverallNet Lease Office Properties (NLOP)Leads 3 of 6 categories
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NLOP vs WELL vs VTR vs WPC: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is NLOP or WELL or VTR or WPC a better buy right now?
For growth investors, Welltower Inc.
(WELL) is the stronger pick with 35. 8% revenue growth year-over-year, versus -15. 6% for Net Lease Office Properties (NLOP). W. P. Carey Inc. (WPC) offers the better valuation at 35. 0x trailing P/E (29. 3x forward), making it the more compelling value choice. Analysts rate Net Lease Office Properties (NLOP) a "Buy" — based on 1 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NLOP or WELL or VTR or WPC?
On trailing P/E, W.
P. Carey Inc. (WPC) is the cheapest at 35. 0x versus Ventas, Inc. at 160. 3x. On forward P/E, W. P. Carey Inc. is actually cheaper at 29. 3x.
03Which is the better long-term investment — NLOP or WELL or VTR or WPC?
Over the past 5 years, Welltower Inc.
(WELL) delivered a total return of +202. 3%, compared to +26. 7% for W. P. Carey Inc. (WPC). Over 10 years, the gap is even starker: WELL returned +223. 1% versus VTR's +65. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NLOP or WELL or VTR or WPC?
By beta (market sensitivity over 5 years), Ventas, Inc.
(VTR) is the lower-risk stock at 0. 01β versus Net Lease Office Properties's 0. 45β — meaning NLOP is approximately 4639% more volatile than VTR relative to the S&P 500. On balance sheet safety, Net Lease Office Properties (NLOP) carries a lower debt/equity ratio of 7% versus 107% for W. P. Carey Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — NLOP or WELL or VTR or WPC?
By revenue growth (latest reported year), Welltower Inc.
(WELL) is pulling ahead at 35. 8% versus -15. 6% for Net Lease Office Properties (NLOP). On earnings-per-share growth, the picture is similar: Ventas, Inc. grew EPS 184. 2% year-over-year, compared to -58. 7% for Net Lease Office Properties. Over a 3-year CAGR, WELL leads at 22. 7% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — NLOP or WELL or VTR or WPC?
W.
P. Carey Inc. (WPC) is the more profitable company, earning 27. 2% net margin versus -121. 1% for Net Lease Office Properties — meaning it keeps 27. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WPC leads at 44. 4% versus 3. 3% for WELL. At the gross margin level — before operating expenses — WELL leads at 39. 2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is NLOP or WELL or VTR or WPC more undervalued right now?
On forward earnings alone, W.
P. Carey Inc. (WPC) trades at 29. 3x forward P/E versus 118. 0x for Ventas, Inc. — 88. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NLOP: 457. 0% to $73. 00.
08Which pays a better dividend — NLOP or WELL or VTR or WPC?
All stocks in this comparison pay dividends.
Net Lease Office Properties (NLOP) offers the highest yield at 54. 9%, versus 1. 3% for Welltower Inc. (WELL).
09Is NLOP or WELL or VTR or WPC better for a retirement portfolio?
For long-horizon retirement investors, Ventas, Inc.
(VTR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 01), 2. 1% yield). Both have compounded well over 10 years (VTR: +65. 0%, NLOP: +84. 5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between NLOP and WELL and VTR and WPC?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: NLOP is a small-cap income-oriented stock; WELL is a mid-cap high-growth stock; VTR is a mid-cap high-growth stock; WPC is a mid-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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