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Net Lease Office Properties (NLOP) Financials

Net Lease Office Properties logo
$33.44 -0.03 (-0.09%)
Closing price 08/8/2025 03:59 PM Eastern
Extended Trading
$33.38 -0.07 (-0.20%)
As of 08/8/2025 04:10 PM Eastern
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Annual Income Statements for Net Lease Office Properties

Annual Income Statements for Net Lease Office Properties

This table shows Net Lease Office Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1.42 16 -132 -91
Consolidated Net Income / (Loss)		 1.42 16 -132 -91
Net Income / (Loss) Continuing Operations		 1.42 16 -132 -91
Total Pre-Tax Income 		3.06 16 -131 -94
Total Revenue		 148 156 171 162
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00
Total Non-Interest Income		 148 156 171 162
Other Service Charges		 3.95 4.97 8.93 13
Net Realized & Unrealized Capital Gains on Investments		 - 0.00 -3.61 20
Other Non-Interest Income		 144 151 166 129
Total Non-Interest Expense		 99 113 260 186
Net Occupancy & Equipment Expense		 6.43 7.75 8.64 11
Other Operating Expenses		 34 42 51 40
Depreciation Expense		 59 63 75 57
Impairment Charge		 0.00 0.00 126 78
Nonoperating Income / (Expense), net		 -46 -27 -42 -70
Income Tax Expense		 1.65 0.49 0.43 -2.38
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -0.00 0.02 0.09
Basic Earnings per Share		 $0.10 $1.08 ($9.00) ($6.18)
Weighted Average Basic Shares Outstanding		 14.62M 14.62M 14.63M 14.79M
Diluted Earnings per Share		 $0.10 $1.08 ($9.00) ($6.18)
Weighted Average Diluted Shares Outstanding		 14.62M 14.62M 14.63M 14.79M
Weighted Average Basic & Diluted Shares Outstanding		 - - 14.79M 14.81M
Cash Dividends to Common per Share		 - $0.00 - $0.34

Quarterly Income Statements for Net Lease Office Properties

This table shows Net Lease Office Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 3.74 3.83 2.76 -142 -28 12 -40 -36
Consolidated Net Income / (Loss)		 3.76 3.86 2.79 -142 -28 12 -40 -36
Net Income / (Loss) Continuing Operations		 3.76 3.86 2.79 -142 -28 12 -40 -36
Total Pre-Tax Income 		4.20 3.49 3.02 -142 -28 13 -40 -39
Total Revenue		 43 43 43 43 28 77 31 26
Total Non-Interest Income		 43 43 43 43 28 77 31 26
Other Service Charges		 0.78 0.81 1.13 6.21 5.69 3.88 1.51 2.31
Net Realized & Unrealized Capital Gains on Investments		 0.01 0.04 0.00 -3.66 -16 38 -0.64 -1.42
Other Non-Interest Income		 42 42 42 40 38 35 30 25
Total Non-Interest Expense		 31 31 32 167 34 37 59 56
Net Occupancy & Equipment Expense		 2.07 2.06 2.35 2.16 2.25 2.65 3.04 2.96
Other Operating Expenses		 11 11 12 18 9.92 11 9.70 9.99
Depreciation Expense		 18 18 18 22 18 15 12 11
Impairment Charge		 0.00 0.00 0.00 126 4.07 8.22 34 32
Nonoperating Income / (Expense), net		 -7.82 -8.56 -8.08 -18 -22 -28 -11 -9.35
Income Tax Expense		 0.44 -0.37 0.23 0.12 0.22 0.15 0.49 -3.24
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.02 0.03 0.03 -0.05 0.02 0.02 0.02 0.02
Basic Earnings per Share		 $0.26 $0.26 $0.19 ($9.71) ($1.88) $0.84 ($2.73) ($2.41)
Weighted Average Basic Shares Outstanding		 14.62M 14.62M 14.62M 14.63M 14.79M 14.79M 14.79M 14.79M
Diluted Earnings per Share		 $0.26 $0.26 $0.19 ($9.71) ($1.88) $0.84 ($2.73) ($2.41)
Weighted Average Diluted Shares Outstanding		 14.62M 14.62M 14.62M 14.63M 14.79M 14.81M 14.79M 14.79M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 14.79M 14.79M 14.79M 14.79M 14.81M

Annual Cash Flow Statements for Net Lease Office Properties

This table details how cash moves in and out of Net Lease Office Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -6.08 -3.30 62 0.60
Net Cash From Operating Activities		 75 84 71 72
Net Cash From Continuing Operating Activities		 75 84 71 72
Net Income / (Loss) Continuing Operations		 1.42 16 -132 -91
Consolidated Net Income / (Loss)		 1.42 16 -132 -91
Depreciation Expense		 60 64 81 85
Amortization Expense		 0.83 1.96 0.14 -6.35
Non-Cash Adjustments to Reconcile Net Income		 15 1.20 130 71
Changes in Operating Assets and Liabilities, net		 -2.67 1.08 -8.93 13
Net Cash From Investing Activities		 -4.18 -23 28 298
Net Cash From Continuing Investing Activities		 -4.18 -23 28 298
Purchase of Property, Leasehold Improvements and Equipment		 -4.18 -4.72 -11 -12
Purchase of Investment Securities		 0.00 -21 0.00 0.00
Divestitures		 0.00 2.77 0.00 0.00
Sale and/or Maturity of Investments		 0.00 0.00 39 310
Net Cash From Financing Activities		 -77 -65 -37 -368
Net Cash From Continuing Financing Activities		 -77 -65 -37 -368
Issuance of Debt		 0.00 0.00 431 0.00
Repayment of Debt		 -264 -40 -64 -367
Payment of Dividends		 0.00 0.00 -344 -1.40
Other Financing Activities, Net		 187 -25 -60 0.02
Effect of Exchange Rate Changes		 0.02 -0.12 -0.05 -1.03

Quarterly Cash Flow Statements for Net Lease Office Properties

This table details how cash moves in and out of Net Lease Office Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 - 2.98 -2.85 0.07 62 21 -7.64 4.77 -17
Net Cash From Operating Activities		 - 20 23 21 7.10 26 15 20 10
Net Cash From Continuing Operating Activities		 - 20 23 21 7.10 26 15 20 10
Net Income / (Loss) Continuing Operations		 - 3.76 3.86 2.79 -142 -28 12 -40 -36
Consolidated Net Income / (Loss)		 - 3.76 3.86 2.79 -142 -28 12 -40 -36
Depreciation Expense		 - 18 18 18 27 24 30 17 14
Amortization Expense		 - 0.98 0.84 0.91 -2.58 -3.64 -2.14 -0.18 -0.40
Non-Cash Adjustments to Reconcile Net Income		 - -0.09 0.87 0.89 129 32 -28 36 31
Changes in Operating Assets and Liabilities, net		 - -2.36 -1.10 -2.23 -3.25 1.16 1.76 8.26 1.98
Net Cash From Investing Activities		 - -0.24 -2.31 -2.08 32 27 151 77 43
Net Cash From Continuing Investing Activities		 - -0.24 -2.31 -2.08 32 27 151 77 43
Purchase of Property, Leasehold Improvements and Equipment		 - -0.24 -2.31 -2.08 -6.55 -5.67 -1.65 -1.98 -2.71
Sale and/or Maturity of Investments		 - 0.00 - - 39 32 152 79 46
Net Cash From Financing Activities		 - -17 -23 -19 22 -32 -173 -93 -70
Net Cash From Continuing Financing Activities		 - -17 -23 -19 22 -32 -173 -93 -70
Repayment of Debt		 - -5.13 -2.00 -19 -38 -31 -173 -93 -70
Payment of Dividends		 - 0.00 - - -344 -1.13 -0.09 -0.09 -0.09
Other Financing Activities, Net		 - -12 -21 0.07 -27 0.01 0.00 -0.00 0.01
Effect of Exchange Rate Changes		 - -0.06 -0.04 0.07 -0.02 -0.60 0.03 0.25 -0.71

Annual Balance Sheets for Net Lease Office Properties

This table presents Net Lease Office Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,462 1,305 805
Cash and Due from Banks		 4.67 16 25
Restricted Cash		 1.33 52 43
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 896 746 438
Intangible Assets		 434 416 240
Other Assets		 63 76 58
Total Liabilities & Shareholders' Equity		 1,462 1,305 805
Total Liabilities		 353 624 220
Long-Term Debt		 276 542 169
Other Long-Term Liabilities		 77 82 50
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,110 681 585
Total Preferred & Common Equity		 1,108 677 581
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 1,108 677 581
Common Stock		 0.00 856 856
Accumulated Other Comprehensive Income / (Loss)		 -42 -36 -40
Other Equity Adjustments		 1,150 -143 -234
Noncontrolling Interest		 1.74 4.42 4.18

Quarterly Balance Sheets for Net Lease Office Properties

This table presents Net Lease Office Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024
Period end date 3/31/2024 6/30/2024 9/30/2024
Total Assets		 1,232 1,045 920
Cash and Due from Banks		 40 36 36
Restricted Cash		 49 45 49
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 682 562 525
Intangible Assets		 403 294 278
Other Assets		 58 108 31
Total Liabilities & Shareholders' Equity		 1,232 1,045 920
Total Liabilities		 580 380 294
Long-Term Debt		 515 327 239
Other Long-Term Liabilities		 65 53 54
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 652 665 626
Total Preferred & Common Equity		 647 660 622
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 647 660 622
Common Stock		 856 856 856
Accumulated Other Comprehensive Income / (Loss)		 -38 -37 -35
Other Equity Adjustments		 -171 -158 -199
Noncontrolling Interest		 4.38 4.31 4.24

Annual Metrics And Ratios for Net Lease Office Properties

This table displays calculated financial ratios and metrics derived from Net Lease Office Properties' official financial filings.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - -
Revenue Growth		 0.00% 5.62% 9.69% -5.19%
EBITDA Growth		 0.00% -0.69% -107.08% 813.92%
EBIT Growth		 0.00% -11.91% -306.77% 73.47%
NOPAT Growth		 0.00% 84.66% -249.20% 73.47%
Net Income Growth		 0.00% 1,012.62% -934.90% 30.62%
EPS Growth		 0.00% 980.00% -933.33% 31.33%
Operating Cash Flow Growth		 0.00% 11.88% -15.80% 1.26%
Free Cash Flow Firm Growth		 0.00% 0.00% 107.43% 353.25%
Invested Capital Growth		 0.00% 0.00% -11.70% -38.32%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -10.98%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 319.77%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 79.38%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 79.38%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 53.79%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 54.15%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 4.94%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -12.81%
Profitability Metrics		 - - - -
EBITDA Margin		 74.44% 70.00% -4.52% 34.03%
EBIT Margin		 33.09% 27.60% -52.02% -14.56%
Profit (Net Income) Margin		 0.96% 10.10% -76.87% -56.25%
Tax Burden Percent		 46.28% 97.01% 100.32% 97.46%
Interest Burden Percent		 6.26% 37.72% 147.29% 396.45%
Effective Tax Rate		 53.72% 2.99% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 6.04% -4.78% -1.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -12.83% -21.73% -22.72%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -3.19% -9.93% -12.75%
Return on Equity (ROE)		 0.00% 2.84% -14.71% -14.43%
Cash Return on Invested Capital (CROIC)		 0.00% -193.96% 7.65% 45.73%
Operating Return on Assets (OROA)		 0.00% 2.95% -6.44% -2.24%
Return on Assets (ROA)		 0.00% 1.08% -9.52% -8.66%
Return on Common Equity (ROCE)		 0.00% 2.84% -14.66% -14.33%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 1.42% -19.46% -15.72%
Net Operating Profit after Tax (NOPAT)		 23 42 -62 -17
NOPAT Margin		 15.31% 26.77% -36.41% -10.19%
Net Nonoperating Expense Percent (NNEP)		 0.00% 18.87% 16.95% 21.04%
SG&A Expenses to Revenue		 4.35% 4.96% 5.04% 6.71%
Operating Expenses to Revenue		 66.91% 72.40% 152.02% 114.56%
Earnings before Interest and Taxes (EBIT)		 49 43 -89 -24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 110 109 -7.74 55
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.79
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.35
Price to Revenue (P/Rev)		 0.00 0.00 0.00 2.84
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 1.84% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.75
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 3.49
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 10.25
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 7.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 1.25
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.25 0.80 0.29
Long-Term Debt to Equity		 0.00 0.25 0.80 0.29
Financial Leverage		 0.00 0.25 0.46 0.56
Leverage Ratio		 0.00 1.32 1.55 1.67
Compound Leverage Factor		 0.00 0.50 2.28 6.60
Debt to Total Capital		 0.00% 19.92% 44.30% 22.42%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 19.92% 44.30% 22.42%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.13% 0.36% 0.55%
Common Equity to Total Capital		 0.00% 79.95% 55.34% 77.02%
Debt to EBITDA		 0.00 2.52 -69.99 3.06
Net Debt to EBITDA		 0.00 2.47 -61.23 1.82
Long-Term Debt to EBITDA		 0.00 2.52 -69.99 3.06
Debt to NOPAT		 0.00 6.60 -8.69 -10.22
Net Debt to NOPAT		 0.00 6.46 -7.60 -6.09
Long-Term Debt to NOPAT		 0.00 6.60 -8.69 -10.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.16% 0.34% 0.68%
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,344 100 452
Operating Cash Flow to CapEx		 1,800.55% 1,786.77% 635.78% 598.78%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.11 0.12 0.15
Fixed Asset Turnover		 0.00 0.17 0.21 0.27
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 1,386 1,223 755
Invested Capital Turnover		 0.00 0.23 0.13 0.16
Increase / (Decrease) in Invested Capital		 0.00 1,386 -162 -469
Enterprise Value (EV)		 0.00 0.00 0.00 566
Market Capitalization		 0.00 0.00 0.00 461
Book Value per Share		 $0.00 $75.77 $46.27 $39.31
Tangible Book Value per Share		 $0.00 $41.70 $17.86 $23.05
Total Capital		 0.00 1,386 1,223 755
Total Debt		 0.00 276 542 169
Total Long-Term Debt		 0.00 276 542 169
Net Debt		 0.00 270 474 101
Capital Expenditures (CapEx)		 4.18 4.72 11 12
Net Nonoperating Expense (NNE)		 21 26 69 75
Net Nonoperating Obligations (NNO)		 0.00 276 542 169
Total Depreciation and Amortization (D&A)		 61 66 81 79
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($9.00) ($6.18)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 14.63M 14.79M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($9.00) ($6.18)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 14.63M 14.79M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 14.79M 14.81M
Normalized Net Operating Profit after Tax (NOPAT)		 34 42 26 38
Normalized NOPAT Margin		 23.16% 26.77% 14.89% 23.52%
Pre Tax Income Margin		 2.07% 10.41% -76.62% -57.72%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% -261.16% -1.54%
Augmented Payout Ratio		 0.00% 0.00% -261.16% -1.54%

Quarterly Metrics And Ratios for Net Lease Office Properties

This table displays calculated financial ratios and metrics derived from Net Lease Office Properties' official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -33.85% 79.93% -28.46% -38.43%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% -52.59% 119.92% -138.67% 83.72%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% -149.72% 235.38% -356.22% 76.14%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% -138.85% 200.07% -294.27% 76.14%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% -839.72% 223.30% -1,543.51% 74.84%
EPS Growth		 0.00% 0.00% 0.00% 0.00% -823.08% 223.08% -1,536.84% 75.18%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 29.00% -35.46% -1.71% 47.68%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -38.32%
Revenue Q/Q Growth		 0.00% 0.38% 0.62% -0.86% 0.00% 173.05% -60.00% -14.68%
EBITDA Q/Q Growth		 0.00% 0.04% -2.82% -431.32% 0.00% 364.09% -117.09% -39.45%
EBIT Q/Q Growth		 0.00% 0.27% -7.90% -1,219.93% 0.00% 776.37% -170.36% -4.28%
NOPAT Q/Q Growth		 0.00% 23.61% -23.01% -949.14% 0.00% 1,054.84% -149.84% -4.28%
Net Income Q/Q Growth		 0.00% 2.58% -27.68% -5,194.30% 0.00% 144.83% -422.89% 11.20%
EPS Q/Q Growth		 0.00% 0.00% -26.92% -5,210.53% 0.00% 144.68% -425.00% 11.72%
Operating Cash Flow Q/Q Growth		 0.00% 11.26% -9.30% -65.63% 0.00% -44.34% 38.14% -48.35%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 18.69% 7.00% 150.60%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -4.63% -14.98% -12.75% -12.81%
Profitability Metrics		 - - - - - - - -
EBITDA Margin		 73.03% 72.78% 70.29% -234.92% 52.34% 88.95% -38.00% -62.11%
EBIT Margin		 28.17% 28.13% 25.75% -290.89% -21.17% 52.44% -92.23% -112.71%
Profit (Net Income) Margin		 8.81% 9.01% 6.47% -332.59% -98.55% 16.18% -130.60% -135.93%
Tax Burden Percent		 89.59% 110.45% 92.32% 100.09% 100.81% 98.82% 101.22% 91.69%
Interest Burden Percent		 34.93% 28.98% 27.23% 114.24% 461.80% 31.23% 139.91% 131.52%
Effective Tax Rate		 10.41% -10.45% 7.68% 0.00% 0.00% 1.18% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -28.52% -4.08% 20.35% -27.22% -12.96%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -38.69% -13.25% 3.57% -44.24% -17.18%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -30.77% -10.48% 1.76% -16.92% -9.64%
Return on Equity (ROE)		 0.00% 0.00% 0.00% -59.29% -14.56% 22.10% -44.14% -22.61%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 8.16% 0.00% 0.00% 0.00% 45.73%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% -36.03% -2.76% 9.78% -36.59% -17.36%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -41.19% -12.84% 3.02% -51.82% -20.93%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% -59.09% -14.46% 21.96% -43.84% -22.45%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% -25.23% -23.43% -31.80% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 13 10 -87 -4.18 40 -20 -21
NOPAT Margin		 25.23% 31.07% 23.77% -203.62% -14.82% 51.82% -64.56% -78.90%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 10.17% 9.18% 16.78% 17.01% 4.22%
SG&A Expenses to Revenue		 4.85% 4.80% 5.46% 5.06% 7.97% 3.44% 9.84% 11.26%
Operating Expenses to Revenue		 71.83% 71.87% 74.25% 390.89% 121.17% 47.56% 192.23% 212.71%
Earnings before Interest and Taxes (EBIT)		 12 12 11 -124 -5.98 40 -28 -30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 31 30 -100 15 69 -12 -16
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.54 0.55 0.73 0.79
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 1.44 0.99 1.32 1.35
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 2.19 1.87 2.48 2.84
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 1.84% 1.43% 1.38% 1.11% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.67 0.62 0.71 0.75
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 4.88 3.16 3.35 3.49
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 36.47 0.00 10.25
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 10.18 8.94 8.92 7.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.25
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.80 0.79 0.49 0.38 0.29
Long-Term Debt to Equity		 0.00 0.00 0.00 0.80 0.79 0.49 0.38 0.29
Financial Leverage		 0.00 0.00 0.00 0.80 0.79 0.49 0.38 0.56
Leverage Ratio		 0.00 0.00 0.00 1.55 1.89 1.57 1.47 1.67
Compound Leverage Factor		 0.00 0.00 0.00 1.77 8.73 0.49 2.06 2.19
Debt to Total Capital		 0.00% 0.00% 0.00% 44.30% 44.15% 33.00% 27.66% 22.42%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 44.30% 44.15% 33.00% 27.66% 22.42%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.36% 0.38% 0.43% 0.49% 0.55%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 55.34% 55.47% 66.56% 71.85% 77.02%
Debt to EBITDA		 0.00 0.00 0.00 -69.99 -25.10 19.42 -9.52 3.06
Net Debt to EBITDA		 0.00 0.00 0.00 -61.23 -20.79 14.63 -6.12 1.82
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -69.99 -25.10 19.42 -9.52 3.06
Debt to NOPAT		 0.00 0.00 0.00 -8.69 -7.11 -6.22 -2.98 -10.22
Net Debt to NOPAT		 0.00 0.00 0.00 -7.60 -5.89 -4.69 -1.92 -6.09
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -8.69 -7.11 -6.22 -2.98 -10.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.34% 0.67% 0.65% 0.68% 0.68%
Liquidity Ratios		 - - - - - - - -
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 -1,171 -952 -885 448
Operating Cash Flow to CapEx		 8,669.07% 987.55% 994.56% 108.43% 465.81% 892.53% 1,024.95% 386.90%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.12 0.13 0.19 0.40 0.15
Fixed Asset Turnover		 0.00 0.00 0.00 0.21 0.24 0.35 0.00 0.27
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 0.00 0.00 1,223 1,167 992 866 755
Invested Capital Turnover		 0.00 0.00 0.00 0.14 0.28 0.39 0.42 0.16
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 1,167 992 866 -469
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 783 615 611 566
Market Capitalization		 0.00 0.00 0.00 0.00 352 364 453 461
Book Value per Share		 $0.00 $0.00 $0.00 $46.27 $43.78 $44.66 $42.06 $39.31
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $17.86 $16.51 $24.77 $23.23 $23.05
Total Capital		 0.00 0.00 0.00 1,223 1,167 992 866 755
Total Debt		 0.00 0.00 0.00 542 515 327 239 169
Total Long-Term Debt		 0.00 0.00 0.00 542 515 327 239 169
Net Debt		 0.00 0.00 0.00 474 427 247 154 101
Capital Expenditures (CapEx)		 0.24 2.31 2.08 6.55 5.67 1.65 1.98 2.71
Net Nonoperating Expense (NNE)		 7.01 9.45 7.46 55 24 27 20 15
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 542 515 327 239 169
Total Depreciation and Amortization (D&A)		 19 19 19 24 21 28 17 13
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($9.71) ($1.88) $0.84 ($2.73) ($2.41)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 14.63M 14.79M 14.79M 14.79M 14.79M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($9.71) ($1.88) $0.84 ($2.73) ($2.41)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 14.63M 14.79M 14.81M 14.79M 14.79M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 14.79M 14.79M 14.79M 14.79M 14.81M
Normalized Net Operating Profit after Tax (NOPAT)		 11 8.44 10 0.90 -1.34 48 4.01 1.49
Normalized NOPAT Margin		 25.23% 19.69% 23.77% 2.11% -4.74% 62.36% 12.99% 5.67%
Pre Tax Income Margin		 9.84% 8.15% 7.01% -332.30% -97.75% 16.37% -129.03% -148.24%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% -261.16% -211.35% -223.18% -174.62% -1.54%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -261.16% -211.35% -223.18% -174.62% -1.54%

Key Financial Trends

Net Lease Office Properties (NYSE: NLOP) has shown notable volatility and challenges in 2024 through Q4, following a difficult 2023. Key financial trends over the last four quarters indicate a company under pressure from impairments and negative performance in net income, although operational cash flow remains positive at times. Below are the main points to consider:

  • Despite net losses, Net Lease Office Properties consistently generated positive net cash from continuing operating activities in the last four quarters of 2024, peaking at $26.4 million in Q1 and $10.5 million in Q4.
  • The company has actively sold investments each quarter, generating strong cash inflows from investing activities (e.g., $152 million in Q2, $79 million in Q3, $45 million in Q4 2024), supporting liquidity.
  • Repayment of long-term debt has been substantial, indicating efforts to deleverage: $173 million repaid in Q2 and nearly $70 million in Q4 2024.
  • The common equity remains strong with $622 million as of Q3 2024, showing solid underlying shareholder value despite losses.
  • Revenue mainly consists of non-interest income, with fluctuations quarter to quarter, and no interest income or expense reported, consistent with the company's business model.
  • The company continues to pay small dividends, around $90,000 per quarter in 2024, indicating some shareholder return despite losses.
  • Cash and equivalents remain stable around $36-$39 million in 2024, with restricted cash around $44-$49 million, indicating decent liquidity.
  • Consolidated net income has been negative for most quarters in 2024 with the worst loss in Q4 (-$35.8 million), continuing a negative earnings trend from 2023 where Q4 posted a staggering loss of $142 million.
  • Impairment charges have significantly impacted earnings across 2023 and 2024, with charges as high as $125 million in Q4 2023 and continuing large impairments in all 2024 quarters (e.g., $31.8 million in Q4 2024, $34.2 million in Q3 2024), reflecting asset valuation difficulties.
  • Non-operating expenses are consistently negative and substantial, further depressing pre-tax income (e.g., -$9.3 million in Q4 2024, -$11.3 million in Q3 2024).

Summary: Net Lease Office Properties has struggled with recurring net losses, primarily driven by large impairment charges and nonoperating expenses. Operationally, the company still generates positive cash flow, supports liquidity through investment sales, and has taken steps to repay debt. However, the ongoing asset impairments and losses could signal continued challenges ahead, warranting caution for investors. Stability in equity and cash balances provide some comfort, but profitability remains elusive at present.

08/09/25 06:37 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Net Lease Office Properties' Financials

When does Net Lease Office Properties' financial year end?

According to the most recent income statement we have on file, Net Lease Office Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Net Lease Office Properties' net income changed over the last 3 years?

Net Lease Office Properties' net income appears to be on an upward trend, with a most recent value of -$91.39 million in 2024, falling from $1.42 million in 2021. The previous period was -$131.72 million in 2023. Check out Net Lease Office Properties' forecast to explore projected trends and price targets.

How has Net Lease Office Properties' revenue changed over the last 3 years?

Over the last 3 years, Net Lease Office Properties' total revenue changed from $147.91 million in 2021 to $162.46 million in 2024, a change of 9.8%.

How much debt does Net Lease Office Properties have?

Net Lease Office Properties' total liabilities were at $219.67 million at the end of 2024, a 64.8% decrease from 2023, and a 37.7% decrease since 2022.

How much cash does Net Lease Office Properties have?

In the past 2 years, Net Lease Office Properties' cash and equivalents has ranged from $4.67 million in 2022 to $25.12 million in 2024, and is currently $25.12 million as of their latest financial filing in 2024.

How has Net Lease Office Properties' book value per share changed over the last 3 years?

Over the last 3 years, Net Lease Office Properties' book value per share changed from 0.00 in 2021 to 39.31 in 2024, a change of 3,931.2%.


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This page (NYSE:NLOP) was last updated on 8/9/2025 by MarketBeat.com Staff
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