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Net Lease Office Properties (NLOP) 10-Year Financial Performance & Capital Metrics

NLOP • • REIT / Real Estate
Real EstateOffice REITsSingle-Tenant Net Lease Office REITsDiversified Net Lease Operators
AboutNet Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 59 high-quality office properties, totaling approximately 8.7 million leasable square feet primarily leased to corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the U.S., with the balance in Europe. The portfolio consists of 62 corporate tenants operating in a variety of industries, generating annualized based rent (ABR) of approximately $145 million. NLOP's business plan is to focus on realizing value for its shareholders primarily through strategic asset management and disposition of its property portfolio over time. Given WPC's extensive knowledge of the portfolio, NLOP is externally managed and advised by wholly owned affiliates of WPC to successfully execute on its business strategy. Over the course of its 50-year history, WPC has developed significant expertise in the single-tenant office real estate sector, including the operation, leasing, acquisition and development of assets through many market cycles, and has a proven track record of execution.Show more
  • Revenue $142M -18.7%
  • FFO -$13M +75.1%
  • FFO/Share -0.85 +75.4%
  • FFO Payout -8.55%
  • FFO per Share -0.85 +75.4%
  • NOI Margin 69.3% -11.6%
  • FFO Margin -8.81% +69.4%
  • ROE -14.44% +1.8%
  • ROA -8.67% +8.9%
  • Debt/Assets 21.05% -49.3%
  • Net Debt/EBITDA 1.27 -70.6%
  • Book Value/Share 39.58 -15.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High NOI margin of 69.3%
  • ✓Trading at only 0.5x book value

✗Weaknesses

  • ✗FFO declining 29.1% TTM
  • ✗Weak momentum: RS Rating 9 (bottom 9%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y-1.29%
TTM-27.97%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM8.48%

EPS CAGR

10Y-
5Y-
3Y-
TTM9.44%

ROCE

10Y Avg3.33%
5Y Avg3.33%
3Y Avg3.29%
Latest3.62%

Peer Comparison

Diversified Net Lease Operators
Select Columns
Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
Dividends
Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WPCW. P. Carey Inc.15.1B68.9232.98-9.22%19.19%4.47%11.24%0.97
BNLBroadstone Net Lease, Inc.3.51B18.5421.56-2.5%20.04%2.98%7.4%0.61
OLPOne Liberty Properties, Inc.462.56M21.3715.26-0.09%34.51%10.99%8.44%1.36
NLOPNet Lease Office Properties288.87M19.50-3.16-18.7%-156.16%-41.68%24.88%0.29
GNLGlobal Net Lease, Inc.2.03B9.25-12.1756.29%-48.52%-16.47%12.52%2.12

Profit & Loss

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+144.76M147.91M156.21M174.97M142.25M
Revenue Growth %-0.02%0.06%0.12%-0.19%
Property Operating Expenses28.44M30.08M32M37.84M43.66M
Net Operating Income (NOI)+-----
NOI Margin %-----
Operating Expenses+116.32M68.89M81.1M97.05M64.21M
G&A Expenses9.36M10.31M17.9M22.06M7.52M
EBITDA+108.92M110.1M109.34M121.46M113.31M
EBITDA Margin %-----
Depreciation & Amortization+59.97M61.16M66.23M81.4M78.94M
D&A / Revenue %-----
Operating Income+048.94M43.11M40.07M34.37M
Operating Margin %-----
Interest Expense+32.14M32.47M26.84M42.61M67.96M
Interest Coverage-1.51x1.61x0.94x0.51x
Non-Operating Income-48.95M17.23M7K128.75M60.17M
Pretax Income+16.82M3.06M16.26M-131.3M-93.77M
Pretax Margin %-----
Income Tax+800K1.65M486K425K-2.38M
Effective Tax Rate %-----
Net Income+16.02M1.42M15.78M-131.75M-91.47M
Net Margin %-----
Net Income Growth %--0.91%10.13%-9.35%0.31%
Funds From Operations (FFO)+-----
FFO Margin %-----
FFO Growth %--0.18%0.31%-1.61%0.75%
FFO per Share+-----
FFO Payout Ratio %-----
EPS (Diluted)+1.121.731.11-9.00-6.18
EPS Growth %-0.54%-0.36%-9.11%0.31%
EPS (Basic)1.121.731.11-9.00-6.18
Diluted Shares Outstanding14.26M14.26M14.26M14.63M14.79M

Balance Sheet

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+1.68B1.27B1.46B1.31B805.07M
Asset Growth %--0.24%0.15%-0.11%-0.38%
Real Estate & Other Assets+55.27M43.62M47.93M75.96M58.49M
PP&E (Net)1.19B940.65M1.1B990.96M580.26M
Investment Securities00000
Total Current Assets+22.45M24.26M20.73M67.83M68.44M
Cash & Equivalents7.28M3.97M4.67M16.27M25.12M
Receivables1000K1000K1000K1000K0
Other Current Assets05.33M1.33M41.04M43.3M
Intangible Assets324.88M214.23M228.44M170.35M97.89M
Total Liabilities624.11M217.21M352.68M623.66M219.67M
Total Debt+527.66M154.38M280.83M541.98M169.47M
Net Debt520.38M150.41M276.16M525.71M144.35M
Long-Term Debt527.66M149.9M276.06M541.98M64.26M
Short-Term Borrowings00001000K
Capital Lease Obligations04.48M4.77M4.68M259K
Total Current Liabilities+58.75M38.29M45.18M60.59M148.94M
Accounts Payable58.75M38.29M45.18M59.53M366K
Deferred Revenue00000
Other Liabilities20.35M24.54M26.67M10.64M6.3M
Total Equity+1.05B1.06B1.11B681.43M585.4M
Equity Growth %-0%0.05%-0.39%-0.14%
Shareholders Equity1.05B1.06B1.11B677.01M581.23M
Minority Interest001.74M4.42M4.17M
Common Stock01.1B1.15B15K15K
Additional Paid-in Capital000855.55M855.81M
Retained Earnings000-142.96M0
Preferred Stock00000
Return on Assets (ROA)0.01%0%0.01%-0.1%-0.09%
Return on Equity (ROE)0.02%0%0.01%-0.15%-0.14%
Debt / Assets0.31%0.12%0.19%0.42%0.21%
Debt / Equity0.50x0.15x0.25x0.80x0.29x
Net Debt / EBITDA4.78x1.37x2.53x4.33x1.27x
Book Value per Share73.8174.1677.8146.5739.58

Cash Flow

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+73.66M75.33M84.28M70.97M71.86M
Operating CF Growth %-0.02%0.12%-0.16%0.01%
Operating CF / Revenue %-----
Net Income16.02M1.42M15.78M-131.75M-91.39M
Depreciation & Amortization59.97M61.16M66.23M81.4M78.94M
Stock-Based Compensation1.62M2.4M3.16M2.9M250K
Other Non-Cash Items-5.29M13.26M-922K128.55M74.17M
Working Capital Changes1.45M-2.67M1.07M-8.93M13.16M
Cash from Investing+-4.49M-4.18M-22.92M27.69M297.75M
Acquisitions (Net)00-20.97M00
Purchase of Investments00000
Sale of Investments00000
Other Investing002.77M38.85M297.75M
Cash from Financing+-65.81M-77.25M-64.54M-36.78M-367.98M
Dividends Paid0000-1.07M
Common Dividends0000-1.07M
Debt Issuance (Net)-1000K-1000K-1000K1000K-1000K
Share Repurchases00000
Other Financing9.04M186.83M-24.6M-403.98M-316K
Net Change in Cash+3.64M-6.08M-3.3M61.83M597K
Exchange Rate Effect274K19K-123K-50K-1000K
Cash at Beginning11.74M15.37M9.3M6M67.83M
Cash at End15.37M9.3M6M67.83M68.43M
Free Cash Flow+69.17M71.15M79.56M59.8M71.86M
FCF Growth %-0.03%0.12%-0.25%0.2%
FCF / Revenue %-----

Key Ratios

Metric20202021202220232024
FFO per Share5.334.395.75-3.44-0.85
FFO Payout Ratio0%0%0%0%-8.55%
NOI Margin80.35%79.66%79.51%78.37%69.3%
Net Debt / EBITDA4.78x1.37x2.53x4.33x1.27x
Debt / Assets31.47%12.11%19.21%41.53%21.05%
Interest Coverage-1.51x1.61x0.94x0.51x
Book Value / Share73.8174.1677.8146.5739.58
Revenue Growth-2.17%5.62%12%-18.7%

Revenue by Geography

20232024
UNITED STATES159.81M133.66M
UNITED STATES Growth--16.36%
Non-US15.16M8.58M
Non-US Growth--43.37%

Frequently Asked Questions

Growth & Financials

Net Lease Office Properties (NLOP) reported $115.9M in revenue for fiscal year 2024. This represents a 20% decrease from $144.8M in 2020.

Net Lease Office Properties (NLOP) saw revenue decline by 18.7% over the past year.

Net Lease Office Properties (NLOP) reported a net loss of $181.0M for fiscal year 2024.

Dividend & Returns

Yes, Net Lease Office Properties (NLOP) pays a dividend with a yield of 0.37%. This makes it attractive for income-focused investors.

Net Lease Office Properties (NLOP) has a return on equity (ROE) of -14.4%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Net Lease Office Properties (NLOP) generated Funds From Operations (FFO) of $-136.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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