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Net Lease Office Properties(NLOP)Earnings, Financials & Key Ratios
NLOP•NYSE•REIT / Real Estate
Price updated Jun 19, 2026
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$119M-16.4%
- FFO-$106M-749.4%
- FFO/Share-7.19-748.0%
- FFO Payout-100.19%-1071.3%
- FFO per Share-7.19-748.0%
- NOI Margin70.05%+1.1%
- FFO Margin-89.53%-916.1%
- ROE-32.89%-127.8%
- ROA-23.09%-166.3%
NLOP Key Insights
Net Lease Office Properties (NLOP) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓High NOI margin of 70.0%
- ✓Trading at only 0.6x book value
✗Weaknesses
- ✗FFO declining 1856.1% TTM
- ✗Weak momentum: RS Rating 11 (bottom 11%)
- ✗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.
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NLOP Price & Volume
Net Lease Office Properties (NLOP) stock price & volume — 10-year historical chart
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NLOP Growth Metrics
Net Lease Office Properties (NLOP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-3.86%
3 Years-8.69%
TTM-21.43%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-91.26%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-90.41%
Return on Capital
10 Years3.96%
5 Years3.96%
3 Years4.37%
Last Year6.49%
NLOP Recent Earnings
Net Lease Office Properties (NLOP) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$1.69
—
Rev
$9M
—
Q1 2026
Feb 25, 2026Metric
Actual
Est
EPS
$0.00
—
Rev
$32M
—
Q4 2025
Nov 7, 2025Metric
Actual
Est
EPS
$4.33
—
Rev
$30M
—
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$5.50
—
Rev
$29M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $1.69 | $9M |
| Q1 2026 | Feb 25, 2026 | $0.00 | $32M |
| Q4 2025 | Nov 7, 2025 | $4.33 | $30M |
| Q3 2025 | Aug 6, 2025 | $5.50 | $29M |
Based on last 12 quarters of dataView full earnings history →
NLOP Peer Comparison
Net Lease Office Properties (NLOP) competitors in Single-Tenant and Government Office REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 WPC | 15.62B | 71.22 | 33.75 | 8.89% | 26.02% | 6.29% | 1.07 | |
 NNN | 8.56B | 45.00 | 21.74 | 6.55% | 41.38% | 8.81% | 1.09 | |
 EPRT | 6.35B | 29.36 | 22.94 | 24.97% | 43.28% | 6.3% | 0.60 | |
 ADC | 8.8B | 73.25 | 41.38 | 16.42% | 29.28% | 3.65% | 0.53 | |
 NTST | 1.9B | 19.20 | 234.15 | 20.91% | 5.66% | 0.78% | 0.77 | |
 FCPT | 2.69B | 24.49 | 22.47 | 9.72% | 38.74% | 7.38% | 0.74 | |
 BXP | 10.27B | 64.70 | 37.18 | 2.19% | 7.95% | 3.58% | 2.26 | |
 HIW | 3.23B | 29.28 | 20.19 | -2.39% | 11.4% | 3.76% | 1.49 |
Compare NLOP vs Peers
Net Lease Office Properties (NLOP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NLOP Income Statement
Net Lease Office Properties (NLOP) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Revenue | 144.76M | 147.91M | 156.21M | 174.97M | 142.25M | 118.92M | 100.14M |
Revenue Growth % | - | 2.17% | 5.62% | 12% | -18.7% | -16.4% | -21.43% |
Property Operating Expenses | 28.44M | 30.08M | 32M | 37.84M | 43.66M | 35.62M | 106.55M |
Net Operating Income (NOI) | 116.32M▲ 0% | 117.83M▲ 1.3% | 124.21M▲ 5.4% | 137.12M▲ 10.4% | 98.58M▼ 28.1% | 83.3M▼ 15.5% | -6.42M▲ 0% |
NOI Margin % | 80.35% | 79.66% | 79.51% | 78.37% | 69.3% | 70.05% | -6.41% |
Operating Expenses | 116.32M | 68.89M | 81.1M | 97.05M | 64.21M | 47.99M | -36.91M |
G&A Expenses | 9.36M | 10.31M | 17.9M | 22.06M | 7.52M | 7.31M | 5.5M |
EBITDA | 108.92M | 110.1M | 109.34M | 121.46M | 113.31M | 74.11M | 59.91M |
EBITDA Margin % | 75.24% | 74.44% | 70% | 69.42% | 79.66% | 62.32% | 59.83% |
Depreciation & Amortization | 59.97M | 61.16M | 66.23M | 81.4M | 78.94M | 38.8M | 29.42M |
D&A / Revenue % | 41.42% | 41.35% | 42.4% | 46.52% | 55.49% | 32.63% | 29.38% |
Operating Income | 0▲ 0% | 48.94M▲ 0% | 43.11M▼ 11.9% | 40.07M▼ 7.1% | 34.37M▼ 14.2% | 35.31M▲ 2.7% | 30.49M▲ 0% |
Operating Margin % | 0% | 33.09% | 27.6% | 22.9% | 24.16% | 29.7% | 30.45% |
Interest Expense | 32.14M | 32.47M | 26.84M | 42.61M | 67.96M | 12.74M | 3.31M |
Interest Coverage | 1.52x | 0.98x | 1.61x | -2.08x | -0.38x | -10.38x | - |
Non-Operating Income | -48.95M | 17.23M | 7K | 128.75M | 60.17M | 167.58M | 59.3M |
Pretax Income | 16.82M▲ 0% | 3.06M▼ 81.8% | 16.26M▲ 430.8% | -131.3M▼ 907.3% | -93.77M▲ 28.6% | -145M▼ 54.6% | -120.54M▲ 0% |
Pretax Margin % | 11.62% | 2.07% | 10.41% | -75.04% | -65.92% | -121.94% | -120.37% |
Income Tax | 800K | 1.65M | 486K | 425K | -2.38M | 158K | 93K |
Effective Tax Rate % | 4.76% | 53.72% | 2.99% | -0.32% | 2.54% | -0.11% | -0.08% |
Net Income | 16.02M▲ 0% | 1.42M▼ 91.1% | 15.78M▲ 1012.8% | -131.75M▼ 934.9% | -91.47M▲ 30.6% | -145.26M▼ 58.8% | -120.76M▲ 0% |
Net Margin % | 11.06% | 0.96% | 10.1% | -75.3% | -64.3% | -122.16% | -120.59% |
Net Income Growth % | - | -91.15% | 1012.76% | -934.95% | 30.57% | -58.81% | -91.26% |
Funds From Operations (FFO) | 75.98M▲ 0% | 62.58M▼ 17.6% | 82.01M▲ 31.1% | -50.35M▼ 161.4% | -12.53M▲ 75.1% | -106.46M▼ 749.4% | -91.34M▲ 0% |
FFO Margin % | 52.49% | 42.31% | 52.5% | -28.78% | -8.81% | -89.53% | -91.21% |
FFO Growth % | - | -17.64% | 31.06% | -161.39% | 75.11% | -749.45% | -119.73% |
FFO per Share | 5.33 | 4.39 | 5.75 | -3.44 | -0.85 | -7.19 | -6.17 |
FFO Payout Ratio % | 0% | 0% | 0% | 0% | -8.55% | -100.19% | 0% |
EPS (Diluted) | 1.12▲ 0% | 1.73▲ 54.5% | 1.11▼ 35.8% | -9.00▼ 910.8% | -6.18▲ 31.3% | -9.81▼ 58.7% | -8.15▲ 0% |
EPS Growth % | - | 54.46% | -35.84% | -910.81% | 31.33% | -58.74% | -90.41% |
EPS (Basic) | 1.12 | 1.73 | 1.11 | -9.00 | -6.18 | -9.81 | - |
Diluted Shares Outstanding | 14.26M | 14.26M | 14.26M | 14.63M | 14.79M | 14.81M | 14.81M |
NLOP Balance Sheet
Net Lease Office Properties (NLOP) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Total Assets | 1.68B | 1.27B | 1.46B | 1.31B | 805.07M | 453.37M | 257.98M |
Asset Growth % | - | -23.97% | 14.71% | -10.74% | -38.31% | -43.69% | -189.97% |
Real Estate & Other Assets | 55.27M | 43.62M | 47.93M | 75.96M | 58.49M | -213.67M | 0 |
PP&E (Net) | 1.19B | 940.65M | 1.1B | 990.96M | 580.26M | 0 | 0 |
Investment Securities | 0 | 0 | 0 | 0 | 0 | 1000K | 0 |
Total Current Assets | 22.45M | 24.26M | 20.73M | 67.83M | 68.44M | 119.62M | 70.61M |
Cash & Equivalents | 7.28M | 3.97M | 4.67M | 16.27M | 25.12M | 119.62M | 70.61M |
Receivables | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
Other Current Assets | 0 | 5.33M | 1.33M | 41.04M | 43.3M | 0 | 0 |
Intangible Assets | 324.88M | 214.23M | 228.44M | 170.35M | 97.89M | 45.16M | 41.52M |
Total Liabilities | 624.11M | 217.21M | 352.68M | 623.66M | 219.67M | 155.55M | 84M |
Total Debt | 527.66M | 154.38M | 280.83M | 541.98M | 169.47M | 22.26M | 0 |
Net Debt | 520.38M | 150.41M | 276.16M | 525.71M | 144.35M | -97.36M | -70.61M |
Long-Term Debt | 527.66M | 149.9M | 276.06M | 541.98M | 64.26M | 178K | 0 |
Short-Term Borrowings | 0 | 0 | 0 | 0 | 104.96M | 21.9M | 0 |
Capital Lease Obligations | 0 | 4.48M | 4.77M | 503K | 259K | 178K | 178K |
Total Current Liabilities | 58.75M | 38.29M | 45.18M | 60.59M | 148.94M | 21.9M | 0 |
Accounts Payable | 58.75M | 38.29M | 45.18M | 59.53M | 366K | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 20.35M | 24.54M | 26.67M | 10.64M | 6.3M | 133.19M | 84M |
Total Equity | 1.05B▲ 0% | 1.06B▲ 0.5% | 1.11B▲ 4.9% | 681.43M▼ 38.6% | 585.4M▼ 14.1% | 297.82M▼ 49.1% | 173.98M▲ 0% |
Equity Growth % | - | 0.48% | 4.92% | -38.58% | -14.09% | -49.12% | -174.26% |
Shareholders Equity | 1.05B | 1.06B | 1.11B | 677.01M | 581.23M | 293.91M | 170.03M |
Minority Interest | 0 | 0 | 1.74M | 4.42M | 4.17M | 3.91M | 3.96M |
Common Stock | 0 | 1.1B | 1.15B | 15K | 15K | 15K | 15K |
Additional Paid-in Capital | 0 | 0 | 0 | 855.55M | 855.81M | 855.81M | 0 |
Retained Earnings | 0 | 0 | 0 | -142.96M | 0 | -561.92M | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Return on Assets (ROA) | 0.96% | 0.1% | 1.15% | -9.52% | -8.67% | -23.09% | -25.39% |
Return on Equity (ROE) | 1.52% | 0.13% | 1.46% | -14.71% | -14.44% | -32.89% | -34.26% |
Debt / Assets | 31.47% | 12.11% | 19.21% | 41.53% | 21.05% | 4.91% | 0% |
Debt / Equity | 0.50x | 0.15x | 0.25x | 0.80x | 0.29x | 0.07x | 0.00x |
Net Debt / EBITDA | 4.78x | 1.37x | 2.53x | 4.33x | 1.27x | -1.31x | -1.18x |
Book Value per Share | 73.81 | 74.16 | 77.81 | 46.57 | 39.58 | 20.10 | 11.74 |
NLOP Cash Flow Statement
Net Lease Office Properties (NLOP) cash flow — operating, investing & free cash flow history
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Cash from Operations | 73.66M | 75.33M | 84.28M | 70.97M | 71.86M | 64.11M | 58.12M |
Operating CF Growth % | - | 2.28% | 11.88% | -15.8% | 1.26% | -10.78% | 27.16% |
Operating CF / Revenue % | 50.88% | 50.93% | 53.95% | 40.56% | 50.52% | 53.91% | 58.04% |
Net Income | 16.02M | 1.42M | 15.78M | -131.75M | -91.39M | -145.16M | -120.76M |
Depreciation & Amortization | 59.97M | 61.16M | 66.23M | 81.4M | 78.94M | 38.8M | 31.24M |
Stock-Based Compensation | 1.62M | 2.4M | 3.16M | 2.9M | 250K | 0 | 0 |
Other Non-Cash Items | -5.29M | 13.26M | -922K | 128.55M | 74.17M | 178.47M | 152.29M |
Working Capital Changes | 1.45M | -2.67M | 1.07M | -8.93M | 13.16M | -7.99M | -5.87M |
Cash from Investing | -4.49M | -4.18M | -22.92M | 27.69M | 297.75M | 208.24M | 318.41M |
Acquisitions (Net) | 0 | 0 | -20.97M | 0 | 0 | 0 | 0 |
Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 135.31M |
Other Investing | 0 | 0 | 2.77M | 38.85M | 297.75M | 208.24M | 183.1M |
Cash from Financing | -65.81M | -77.25M | -64.54M | -36.78M | -367.98M | -218.88M | -368.67M |
Dividends Paid | 0 | 0 | 0 | 0 | -1.07M | -106.66M | 0 |
Common Dividends | 0 | 0 | 0 | 0 | -1.07M | -106.66M | 0 |
Debt Issuance (Net) | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -2M |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | 9.04M | 186.83M | -24.6M | -403.98M | -316K | -745K | -307.75M |
Net Change in Cash | 3.64M▲ 0% | -6.08M▼ 267.1% | -3.3M▲ 45.7% | 61.83M▲ 1973.7% | 597K▼ 99.0% | 54.21M▲ 8979.7% | 8.27M▲ 0% |
Exchange Rate Effect | 274K | 19K | -123K | -50K | -1.03M | 738K | 411K |
Cash at Beginning | 11.74M | 15.37M | 9.3M | 6M | 67.83M | 68.43M | 122.63M |
Cash at End | 15.37M | 9.3M | 6M | 67.83M | 68.43M | 122.63M | 74.02M |
Free Cash Flow | 69.17M▲ 0% | 71.15M▲ 2.9% | 79.56M▲ 11.8% | 59.8M▼ 24.8% | 71.86M▲ 20.2% | 60.08M▼ 16.4% | 56.21M▲ 0% |
FCF Growth % | - | 2.87% | 11.83% | -24.84% | 20.16% | -16.39% | -15.97% |
FCF / Revenue % | 47.78% | 48.11% | 50.93% | 34.18% | 50.52% | 50.52% | 56.13% |
NLOP Key Ratios
Net Lease Office Properties (NLOP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
FFO per Share | 4.39 | 5.75 | -3.44 | -0.85 | -7.19 | -6.17 |
FFO Payout Ratio | 0% | 0% | 0% | -8.55% | -100.19% | 0% |
NOI Margin | 79.66% | 79.51% | 78.37% | 69.3% | 70.05% | -6.41% |
Net Debt / EBITDA | 1.37x | 2.53x | 4.33x | 1.27x | -1.31x | -1.18x |
Debt / Assets | 12.11% | 19.21% | 41.53% | 21.05% | 4.91% | 0% |
Interest Coverage | 0.98x | 1.61x | -2.08x | -0.38x | -10.38x | - |
Book Value / Share | 74.16 | 77.81 | 46.57 | 39.58 | 20.1 | 11.74 |
Revenue Growth | 2.17% | 5.62% | 12% | -18.7% | -16.4% | -21.43% |
Related:NLOP Dividend History·NLOP Revenue History·NLOP Price History·NLOP P/E History·NLOP Financial Ratios·NLOP Institutional Holders
NLOP SEC Filings & Documents
Net Lease Office Properties (NLOP) SEC filings — annual & quarterly reports (10-K, 10-Q)
NLOP Frequently Asked Questions
Net Lease Office Properties (NLOP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Net Lease Office Properties (NLOP) reported $100.1M in revenue for fiscal year 2025. This represents a 31% decrease from $144.8M in 2020.
Net Lease Office Properties (NLOP) saw revenue decline by 16.4% over the past year.
Net Lease Office Properties (NLOP) reported a net loss of $120.8M for fiscal year 2025.
Dividend & Returns
Yes, Net Lease Office Properties (NLOP) pays a dividend with a yield of 62.07%. This makes it attractive for income-focused investors.
Net Lease Office Properties (NLOP) has a return on equity (ROE) of -32.9%. Negative ROE indicates the company is unprofitable.
Industry Metrics
Net Lease Office Properties (NLOP) generated Funds From Operations (FFO) of $-91.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Net Lease Office Properties (NLOP) offers a 62.07% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.