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Net Lease Office Properties (NLOP) Financials

Net Lease Office Properties logo
$11.35 +0.15 (+1.34%)
Closing price 03:59 PM Eastern
Extended Trading
$11.36 +0.01 (+0.09%)
As of 05:23 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.42 16 -132 -91 -145
Consolidated Net Income / (Loss)		 1.42 16 -132 -91 -145
Net Income / (Loss) Continuing Operations		 1.42 16 -132 -91 -145
Total Pre-Tax Income 		3.06 16 -131 -94 -145
Total Revenue		 148 156 171 162 90
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 148 156 171 162 90
Other Service Charges		 3.95 4.97 8.93 13 20
Net Realized & Unrealized Capital Gains on Investments		 - 0.00 -3.61 20 -29
Other Non-Interest Income		 144 151 166 129 99
Total Non-Interest Expense		 99 113 260 186 220
Net Occupancy & Equipment Expense		 6.43 7.75 8.64 11 8.59
Other Operating Expenses		 34 42 51 40 34
Depreciation Expense		 59 63 75 57 36
Impairment Charge		 0.00 0.00 126 78 141
Nonoperating Income / (Expense), net		 -46 -27 -42 -70 -15
Income Tax Expense		 1.65 0.49 0.43 -2.38 0.16
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -0.00 0.02 0.09 0.10
Basic Earnings per Share		 $0.10 $1.08 ($9.00) ($6.18) ($9.81)
Weighted Average Basic Shares Outstanding		 14.62M 14.62M 14.63M 14.79M 14.81M
Diluted Earnings per Share		 $0.10 $1.08 ($9.00) ($6.18) ($9.81)
Weighted Average Diluted Shares Outstanding		 14.62M 14.62M 14.63M 14.79M 14.81M
Weighted Average Basic & Diluted Shares Outstanding		 - - 14.79M 14.81M 14.81M
Cash Dividends to Common per Share		 - $0.00 $0.00 $0.34 $7.20

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 2.76 -142 -28 12 -40 -36 0.49 -82 -64 -0.05 25
Consolidated Net Income / (Loss)		 2.79 -142 -28 12 -40 -36 0.51 -82 -64 -0.02 25
Net Income / (Loss) Continuing Operations		 2.79 -142 -28 12 -40 -36 0.51 -82 -64 -0.02 25
Total Pre-Tax Income 		3.02 -142 -28 13 -40 -39 0.60 -81 -64 -0.07 25
Total Revenue		 43 43 28 77 31 26 28 26 6.09 30 42
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 43 43 28 77 31 26 28 26 6.09 30 42
Other Service Charges		 1.13 6.21 5.69 3.88 1.51 2.31 1.82 1.67 5.69 10 1.68
Net Realized & Unrealized Capital Gains on Investments		 0.00 -3.66 -16 38 -0.25 -1.42 -1.01 -3.25 -24 -1.05 33
Other Non-Interest Income		 42 40 38 35 30 25 27 28 24 20 7.34
Total Non-Interest Expense		 32 167 34 37 59 56 22 104 70 24 5.99
Net Occupancy & Equipment Expense		 2.35 2.16 2.25 2.65 3.04 2.96 2.46 2.24 1.93 1.96 0.70
Other Operating Expenses		 12 18 9.92 11 9.70 9.99 9.21 9.89 7.71 7.53 3.01
Depreciation Expense		 18 22 18 15 12 11 9.73 9.69 8.98 7.49 2.28
Impairment Charge		 0.00 126 4.07 8.22 34 32 0.92 82 51 7.19 0.00
Nonoperating Income / (Expense), net		 -8.08 -18 -22 -27 -12 -9.35 -5.30 -3.70 -0.69 -5.60 -11
Income Tax Expense		 0.23 0.12 0.22 0.15 0.49 -3.24 0.08 0.10 0.03 -0.05 0.02
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.03 -0.05 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.04 0.04
Basic Earnings per Share		 $0.19 ($9.71) ($1.88) $0.84 ($2.73) ($2.41) $0.03 ($5.50) ($4.33) ($0.01) $1.69
Weighted Average Basic Shares Outstanding		 14.62M 14.63M 14.79M 14.79M 14.79M 14.79M 14.81M 14.81M 14.81M 14.81M 14.81M
Diluted Earnings per Share		 $0.19 ($9.71) ($1.88) $0.84 ($2.73) ($2.41) $0.03 ($5.50) ($4.33) ($0.01) $1.69
Weighted Average Diluted Shares Outstanding		 14.62M 14.63M 14.79M 14.81M 14.79M 14.79M 14.81M 14.81M 14.81M 14.81M 14.81M
Weighted Average Basic & Diluted Shares Outstanding		 - 14.79M 14.79M 14.79M 14.79M 14.81M 14.81M 14.81M 14.81M 14.81M 14.81M
Cash Dividends to Common per Share		 - - - - - - - - $3.10 - $10.05

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -6.08 -3.30 62 0.60 54
Net Cash From Operating Activities		 75 84 71 72 64
Net Cash From Continuing Operating Activities		 75 84 71 72 64
Net Income / (Loss) Continuing Operations		 1.42 16 -132 -91 -145
Consolidated Net Income / (Loss)		 1.42 16 -132 -91 -145
Provision For Loan Losses		 - - 0.00 0.00 4.82
Depreciation Expense		 60 64 81 85 40
Amortization Expense		 0.83 1.96 0.14 -6.35 -0.96
Non-Cash Adjustments to Reconcile Net Income		 15 1.20 130 71 174
Changes in Operating Assets and Liabilities, net		 -2.67 1.08 -8.93 13 -7.99
Net Cash From Investing Activities		 -4.18 -23 28 298 208
Net Cash From Continuing Investing Activities		 -4.18 -23 28 298 208
Purchase of Property, Leasehold Improvements and Equipment		 -4.18 -4.72 -11 -12 -4.03
Purchase of Investment Securities		 0.00 -21 0.00 0.00 -0.01
Sale and/or Maturity of Investments		 0.00 0.00 39 310 192
Other Investing Activities, net		 - - 0.00 0.00 20
Net Cash From Financing Activities		 -77 -65 -37 -368 -219
Net Cash From Continuing Financing Activities		 -77 -65 -37 -368 -219
Issuance of Debt		 0.00 0.00 431 0.00 0.00
Repayment of Debt		 -264 -40 -64 -367 -111
Payment of Dividends		 0.00 0.00 -344 -1.40 -107
Other Financing Activities, Net		 187 -25 -60 0.02 -0.38
Effect of Exchange Rate Changes		 0.02 -0.12 -0.05 -1.03 0.74

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 0.07 62 21 -7.64 4.77 -17 -2.68 -9.56 -15 82 -49
Net Cash From Operating Activities		 21 7.10 26 15 20 10 14 12 16 22 8.13
Net Cash From Continuing Operating Activities		 21 7.10 26 15 20 10 14 12 16 22 8.13
Net Income / (Loss) Continuing Operations		 2.79 -142 -28 12 -40 -36 0.51 -82 -64 -0.02 25
Consolidated Net Income / (Loss)		 2.79 -142 -28 12 -40 -36 0.51 -82 -64 -0.02 25
Provision For Loan Losses		 - - - - - - 0.00 - - - 11
Depreciation Expense		 18 27 24 30 17 14 11 12 9.08 7.60 2.32
Amortization Expense		 0.91 -2.58 -3.64 -2.14 -0.18 -0.40 -0.61 -0.59 -0.02 0.26 0.33
Non-Cash Adjustments to Reconcile Net Income		 0.89 129 32 -28 36 31 3.43 86 76 8.98 -24
Changes in Operating Assets and Liabilities, net		 -2.23 -3.25 1.16 1.76 8.26 1.98 0.03 -4.13 -4.21 0.32 -6.16
Net Cash From Investing Activities		 -2.08 32 27 151 77 43 8.66 14 39 146 119
Net Cash From Continuing Investing Activities		 -2.08 32 27 151 77 43 8.66 14 39 146 119
Purchase of Property, Leasehold Improvements and Equipment		 -2.08 -6.55 -5.67 -1.65 -1.98 -2.71 -1.80 -0.89 -0.10 -1.25 -0.66
Sale and/or Maturity of Investments		 - 39 32 152 79 46 9.22 16 40 127 119
Other Investing Activities, net		 - - 0.00 - - - 1.23 -1.26 - - 0.00
Net Cash From Financing Activities		 -19 22 -32 -173 -93 -70 -26 -36 -71 -86 -176
Net Cash From Continuing Financing Activities		 -19 22 -32 -173 -93 -70 -26 -36 -71 -86 -176
Repayment of Debt		 -19 -38 -31 -173 -93 -70 -26 -36 -25 -25 0.00
Payment of Dividends		 - -344 -1.13 -0.09 -0.09 -0.09 -0.09 -0.09 -46 -61 -176
Other Financing Activities, Net		 0.07 -27 0.01 0.00 -0.00 0.01 -0.01 -0.00 0.00 -0.38 -0.00
Effect of Exchange Rate Changes		 0.07 -0.02 -0.60 0.03 0.25 -0.71 0.32 0.41 0.02 -0.01 -0.01

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 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,462 1,305 805 453
Cash and Due from Banks		 4.67 16 25 120
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 896 746 438 158
Intangible Assets		 434 416 240 56
Other Assets		 63 76 58 120
Total Liabilities & Shareholders' Equity		 1,462 1,305 805 453
Total Liabilities		 353 624 220 156
Long-Term Debt		 276 542 169 22
Other Long-Term Liabilities		 77 82 50 134
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,110 681 585 298
Total Preferred & Common Equity		 1,108 677 581 294
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 1,108 677 581 294
Common Stock		 0.00 856 856 856
Other Equity Adjustments		 1,150 -143 -234 -562
Noncontrolling Interest		 1.74 4.42 4.18 3.91

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,232 1,045 920 784 669 523 258
Cash and Due from Banks		 40 36 36 28 54 39 71
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 682 562 525 424 299 212 129
Intangible Assets		 403 294 278 239 222 211 49
Other Assets		 58 108 31 55 92 58 9.43
Total Liabilities & Shareholders' Equity		 1,232 1,045 920 784 669 523 258
Total Liabilities		 580 380 294 198 165 88 84
Long-Term Debt		 515 327 239 148 117 47 22
Other Long-Term Liabilities		 65 53 54 49 47 41 62
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 652 665 626 586 504 434 174
Total Preferred & Common Equity		 647 660 622 582 500 430 170
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 647 660 622 582 500 430 170
Common Stock		 856 856 856 856 856 856 856
Other Equity Adjustments		 -171 -158 -199 -234 -315 -426 -686
Noncontrolling Interest		 4.38 4.31 4.24 4.11 4.04 3.97 3.96

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - 14,814,075.00
DEI Adjusted Shares Outstanding		 - - - - 14,814,075.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - -9.80
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 5.62% 9.69% -5.19% -44.66%
EBITDA Growth		 0.00% -0.69% -107.08% 813.92% -264.43%
EBIT Growth		 0.00% -11.91% -306.77% 73.47% -448.40%
NOPAT Growth		 0.00% 84.66% -249.20% 73.47% -448.40%
Net Income Growth		 0.00% 1,012.62% -934.90% 30.62% -58.84%
EPS Growth		 0.00% 980.00% -933.33% 31.33% -58.74%
Operating Cash Flow Growth		 0.00% 11.88% -15.80% 1.26% -10.78%
Free Cash Flow Firm Growth		 0.00% 0.00% 107.43% 353.25% -23.91%
Invested Capital Growth		 0.00% 0.00% -11.70% -38.32% -57.63%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -10.98% 3.98%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 319.77% 24.69%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 79.38% 21.37%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 79.38% 21.37%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 53.79% 19.76%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 54.15% 19.66%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 4.94% 21.80%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 28.06%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -12.81% -33.58%
Profitability Metrics		 - - - - -
EBITDA Margin		 74.44% 70.00% -4.52% 34.03% -101.11%
EBIT Margin		 33.09% 27.60% -52.02% -14.56% -144.27%
Profit (Net Income) Margin		 0.96% 10.10% -76.87% -56.25% -161.45%
Tax Burden Percent		 46.28% 97.01% 100.32% 97.46% 100.11%
Interest Burden Percent		 6.26% 37.72% 147.29% 396.45% 111.79%
Effective Tax Rate		 53.72% 2.99% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 6.04% -4.78% -1.67% -16.90%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -12.83% -21.73% -22.72% -73.80%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -3.19% -9.93% -12.75% -15.97%
Return on Equity (ROE)		 0.00% 2.84% -14.71% -14.43% -32.87%
Cash Return on Invested Capital (CROIC)		 0.00% -193.96% 7.65% 45.73% 64.06%
Operating Return on Assets (OROA)		 0.00% 2.95% -6.44% -2.24% -20.61%
Return on Assets (ROA)		 0.00% 1.08% -9.52% -8.66% -23.07%
Return on Common Equity (ROCE)		 0.00% 2.84% -14.66% -14.33% -32.57%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 1.42% -19.46% -15.72% -49.39%
Net Operating Profit after Tax (NOPAT)		 23 42 -62 -17 -91
NOPAT Margin		 15.31% 26.77% -36.41% -10.19% -100.99%
Net Nonoperating Expense Percent (NNEP)		 0.00% 18.87% 16.95% 21.04% 56.89%
SG&A Expenses to Revenue		 4.35% 4.96% 5.04% 6.71% 9.55%
Operating Expenses to Revenue		 66.91% 72.40% 152.02% 114.56% 244.27%
Earnings before Interest and Taxes (EBIT)		 49 43 -89 -24 -130
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 110 109 -7.74 55 -91
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.79 0.53
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.35 0.66
Price to Revenue (P/Rev)		 0.00 0.00 0.00 2.84 1.75
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 1.84% 0.00% 67.88%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.75 0.20
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 3.49 0.70
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 10.25 0.00
Enterprise Value to EBIT (EV/EBIT)		 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
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 7.88 0.99
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 1.25 0.18
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.25 0.80 0.29 0.07
Long-Term Debt to Equity		 0.00 0.25 0.80 0.29 0.07
Financial Leverage		 0.00 0.25 0.46 0.56 0.22
Leverage Ratio		 0.00 1.32 1.55 1.67 1.42
Compound Leverage Factor		 0.00 0.50 2.28 6.60 1.59
Debt to Total Capital		 0.00% 19.92% 44.30% 22.42% 6.85%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 19.92% 44.30% 22.42% 6.85%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.13% 0.36% 0.55% 1.22%
Common Equity to Total Capital		 0.00% 79.95% 55.34% 77.02% 91.93%
Debt to EBITDA		 0.00 2.52 -69.99 3.06 -0.24
Net Debt to EBITDA		 0.00 2.47 -61.23 1.82 1.08
Long-Term Debt to EBITDA		 0.00 2.52 -69.99 3.06 -0.24
Debt to NOPAT		 0.00 6.60 -8.69 -10.22 -0.24
Net Debt to NOPAT		 0.00 6.46 -7.60 -6.09 1.08
Long-Term Debt to NOPAT		 0.00 6.60 -8.69 -10.22 -0.24
Noncontrolling Interest Sharing Ratio		 0.00% 0.16% 0.34% 0.68% 0.92%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,344 100 452 344
Operating Cash Flow to CapEx		 1,800.55% 1,786.77% 635.78% 598.78% 1,590.84%
Free Cash Flow to Firm to Interest Expense		 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
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.11 0.12 0.15 0.14
Fixed Asset Turnover		 0.00 0.17 0.21 0.27 0.30
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 1,386 1,223 755 320
Invested Capital Turnover		 0.00 0.23 0.13 0.16 0.17
Increase / (Decrease) in Invested Capital		 0.00 1,386 -162 -469 -435
Enterprise Value (EV)		 0.00 0.00 0.00 566 63
Market Capitalization		 0.00 0.00 0.00 461 157
Book Value per Share		 $0.00 $75.77 $46.27 $39.31 $19.84
Tangible Book Value per Share		 $0.00 $41.70 $17.86 $23.05 $16.07
Total Capital		 0.00 1,386 1,223 755 320
Total Debt		 0.00 276 542 169 22
Total Long-Term Debt		 0.00 276 542 169 22
Net Debt		 0.00 270 474 101 -98
Capital Expenditures (CapEx)		 4.18 4.72 11 12 4.03
Net Nonoperating Expense (NNE)		 21 26 69 75 54
Net Nonoperating Obligations (NNO)		 0.00 276 542 169 22
Total Depreciation and Amortization (D&A)		 61 66 81 79 39
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($9.00) ($6.18) ($9.81)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 14.63M 14.79M 14.81M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($9.00) ($6.18) ($9.81)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 14.63M 14.79M 14.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 14.79M 14.81M 14.81M
Normalized Net Operating Profit after Tax (NOPAT)		 34 42 26 38 7.77
Normalized NOPAT Margin		 23.16% 26.77% 14.89% 23.52% 8.65%
Pre Tax Income Margin		 2.07% 10.41% -76.62% -57.72% -161.28%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 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
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% -261.16% -1.54% -73.73%
Augmented Payout Ratio		 0.00% 0.00% -261.16% -1.54% -73.73%

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 14,814,075.00 14,814,075.00 14,814,075.00 14,814,075.00 14,814,075.00
DEI Adjusted Shares Outstanding		 - - - - - - 14,814,075.00 14,814,075.00 14,814,075.00 14,814,075.00 14,814,075.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.03 -5.50 -4.33 0.00 1.69
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% -33.85% 79.93% -28.46% -38.43% -0.09% -66.23% -80.50% 13.11% 47.65%
EBITDA Growth		 0.00% 0.00% -52.59% 119.92% -138.67% 83.72% 8.62% -196.70% -380.16% 181.66% 138.66%
EBIT Growth		 0.00% 0.00% -149.72% 235.38% -356.22% 76.14% 198.69% -293.86% -126.14% 118.61% 504.49%
NOPAT Growth		 0.00% 0.00% -138.85% 200.07% -294.27% 76.14% 221.56% -237.32% -126.14% 118.61% 600.64%
Net Income Growth		 0.00% 0.00% -839.72% 223.30% -1,543.51% 74.84% 101.84% -753.56% -59.26% 99.95% 4,781.29%
EPS Growth		 0.00% 0.00% -823.08% 223.08% -1,536.84% 75.18% 101.60% -754.76% -58.61% 99.59% 5,533.33%
Operating Cash Flow Growth		 0.00% 0.00% 29.00% -35.46% -1.71% 47.68% -46.49% -20.32% -19.54% 109.46% -42.44%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 137.33% 133.22% 138.39% -2.06% 31.42%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -38.32% -37.03% -37.38% -44.39% -57.63% -73.34%
Revenue Q/Q Growth		 0.62% -0.86% 0.00% 173.05% -60.00% -14.68% 7.46% -8.09% -76.50% 387.44% 40.27%
EBITDA Q/Q Growth		 -2.82% -431.32% 0.00% 364.09% -117.09% -39.45% 197.84% -511.13% 17.60% 124.64% 185.95%
EBIT Q/Q Growth		 -7.90% -1,219.93% 0.00% 776.37% -170.36% -4.28% 119.85% -1,417.65% 18.39% 108.72% 544.60%
NOPAT Q/Q Growth		 -23.01% -949.14% 0.00% 1,054.84% -149.84% -4.28% 124.44% -1,169.79% 18.39% 108.72% 820.24%
Net Income Q/Q Growth		 -27.68% -5,194.30% 0.00% 144.83% -422.89% 11.20% 101.43% -15,990.45% 21.32% 99.97% 147,400.00%
EPS Q/Q Growth		 -26.92% -5,210.53% 0.00% 144.68% -425.00% 11.72% 101.24% -18,433.33% 21.27% 99.77% 17,000.00%
Operating Cash Flow Q/Q Growth		 -9.30% -65.63% 0.00% -44.34% 38.14% -48.35% 34.74% -17.11% 39.49% 34.45% -62.98%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 18.69% 7.00% 150.60% -2.42% -27.62% 7.38% 29.13% 30.93%
Invested Capital Q/Q Growth		 0.00% 0.00% -4.63% -14.98% -12.75% -12.81% -2.64% -15.45% -22.52% -33.58% -38.73%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 70.29% -234.92% 52.34% 88.95% -38.00% -62.11% 56.90% -254.53% -892.60% 45.12% 91.98%
EBIT Margin		 25.75% -290.89% -21.17% 52.44% -92.23% -112.71% 20.91% -299.79% -1,041.24% 18.63% 85.61%
Profit (Net Income) Margin		 6.47% -332.59% -98.55% 16.18% -130.60% -135.93% 1.82% -314.46% -1,053.03% -0.06% 60.13%
Tax Burden Percent		 92.32% 100.09% 100.81% 98.82% 101.22% 91.69% 86.22% 100.12% 100.05% 23.94% 99.93%
Interest Burden Percent		 27.23% 114.24% 461.80% 31.23% 139.91% 131.52% 10.09% 104.76% 101.08% -1.28% 70.28%
Effective Tax Rate		 7.68% 0.00% 0.00% 1.18% 0.00% 0.00% 13.78% 0.00% 0.00% 0.00% 0.07%
Return on Invested Capital (ROIC)		 0.00% -28.52% -4.08% 20.35% -27.22% -12.96% 3.08% -29.04% -93.59% 2.18% 19.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -38.69% -13.25% 3.57% -44.24% -17.18% 1.70% -41.24% -107.37% -1.89% 6.58%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -30.77% -10.48% 1.76% -16.92% -9.64% 0.91% -15.69% -29.01% -0.41% 1.47%
Return on Equity (ROE)		 0.00% -59.29% -14.56% 22.10% -44.14% -22.61% 3.99% -44.72% -122.60% 1.77% 20.48%
Cash Return on Invested Capital (CROIC)		 0.00% 8.16% 0.00% 0.00% 0.00% 45.73% 44.58% 34.73% 39.90% 64.06% 100.77%
Operating Return on Assets (OROA)		 0.00% -36.03% -2.76% 9.78% -36.59% -17.36% 3.37% -39.06% -124.83% 2.66% 16.98%
Return on Assets (ROA)		 0.00% -41.19% -12.84% 3.02% -51.82% -20.93% 0.29% -40.97% -126.25% -0.01% 11.93%
Return on Common Equity (ROCE)		 0.00% -59.09% -14.46% 21.96% -43.84% -22.45% 3.97% -44.40% -121.65% 1.76% 20.26%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -25.23% -23.43% -31.80% 0.00% -10.83% -31.41% -42.05% 0.00% -70.95%
Net Operating Profit after Tax (NOPAT)		 10 -87 -4.18 40 -20 -21 5.09 -54 -44 3.87 36
NOPAT Margin		 23.77% -203.62% -14.82% 51.82% -64.56% -78.90% 18.03% -209.85% -728.87% 13.04% 85.55%
Net Nonoperating Expense Percent (NNEP)		 0.00% 10.17% 9.18% 16.78% 17.01% 4.22% 1.38% 12.20% 13.78% 4.07% 12.43%
SG&A Expenses to Revenue		 5.46% 5.06% 7.97% 3.44% 9.84% 11.26% 8.70% 8.66% 31.74% 6.59% 1.69%
Operating Expenses to Revenue		 74.25% 390.89% 121.17% 47.56% 192.23% 212.71% 79.09% 399.79% 1,141.24% 81.37% 14.39%
Earnings before Interest and Taxes (EBIT)		 11 -124 -5.98 40 -28 -30 5.90 -78 -63 5.53 36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 30 -100 15 69 -12 -16 16 -66 -54 13 38
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.54 0.55 0.73 0.79 0.26 0.96 1.02 0.53 1.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.44 0.99 1.32 1.35 0.44 1.73 2.01 0.66 1.41
Price to Revenue (P/Rev)		 0.00 0.00 2.19 1.87 2.48 2.84 0.92 4.32 5.08 1.75 1.65
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 1.84% 1.43% 1.38% 1.11% 0.00% 0.00% 0.00% 10.45% 67.88% 194.01%
Earnings Yield		 0.00% 0.00% 0.00% 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 0.67 0.62 0.71 0.75 0.32 0.88 0.93 0.20 0.64
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.88 3.16 3.35 3.49 1.45 4.90 5.20 0.70 1.22
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 36.47 0.00 10.25 4.17 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 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 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 10.18 8.94 8.92 7.88 3.96 9.67 8.54 0.99 2.17
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 1.25 0.56 1.95 1.67 0.18 0.27
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.80 0.79 0.49 0.38 0.29 0.25 0.23 0.11 0.07 0.13
Long-Term Debt to Equity		 0.00 0.80 0.79 0.49 0.38 0.29 0.25 0.23 0.11 0.07 0.13
Financial Leverage		 0.00 0.80 0.79 0.49 0.38 0.56 0.54 0.38 0.27 0.22 0.22
Leverage Ratio		 0.00 1.55 1.89 1.57 1.47 1.67 1.63 1.47 1.36 1.42 1.37
Compound Leverage Factor		 0.00 1.77 8.73 0.49 2.06 2.19 0.16 1.54 1.38 -0.02 0.96
Debt to Total Capital		 0.00% 44.30% 44.15% 33.00% 27.66% 22.42% 20.21% 18.86% 9.79% 6.85% 11.18%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 44.30% 44.15% 33.00% 27.66% 22.42% 20.21% 18.86% 9.79% 6.85% 11.18%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.36% 0.38% 0.43% 0.49% 0.55% 0.56% 0.65% 0.82% 1.22% 2.02%
Common Equity to Total Capital		 0.00% 55.34% 55.47% 66.56% 71.85% 77.02% 79.23% 80.49% 89.39% 91.93% 86.80%
Debt to EBITDA		 0.00 -69.99 -25.10 19.42 -9.52 3.06 2.63 -1.51 -0.39 -0.24 -0.32
Net Debt to EBITDA		 0.00 -61.23 -20.79 14.63 -6.12 1.82 1.46 -0.79 -0.05 1.08 0.71
Long-Term Debt to EBITDA		 0.00 -69.99 -25.10 19.42 -9.52 3.06 2.63 -1.51 -0.39 -0.24 -0.32
Debt to NOPAT		 0.00 -8.69 -7.11 -6.22 -2.98 -10.22 -18.01 -1.29 -0.41 -0.24 -0.31
Net Debt to NOPAT		 0.00 -7.60 -5.89 -4.69 -1.92 -6.09 -10.04 -0.67 -0.05 1.08 0.70
Long-Term Debt to NOPAT		 0.00 -8.69 -7.11 -6.22 -2.98 -10.22 -18.01 -1.29 -0.41 -0.24 -0.31
Noncontrolling Interest Sharing Ratio		 0.00% 0.34% 0.67% 0.65% 0.68% 0.68% 0.69% 0.71% 0.77% 0.92% 1.06%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -1,171 -952 -885 448 437 316 340 439 574
Operating Cash Flow to CapEx		 994.56% 108.43% 465.81% 892.53% 1,024.95% 386.90% 786.74% 1,316.76% 16,834.02% 1,757.73% 1,240.92%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 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 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 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.12 0.13 0.19 0.40 0.15 0.16 0.13 0.12 0.14 0.20
Fixed Asset Turnover		 0.00 0.21 0.24 0.35 0.00 0.27 0.29 0.26 0.23 0.30 0.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 1,223 1,167 992 866 755 735 621 481 320 196
Invested Capital Turnover		 0.00 0.14 0.28 0.39 0.42 0.16 0.17 0.14 0.13 0.17 0.22
Increase / (Decrease) in Invested Capital		 0.00 0.00 1,167 992 866 -469 -432 -371 -384 -435 -539
Enterprise Value (EV)		 0.00 0.00 783 615 611 566 236 547 449 63 126
Market Capitalization		 0.00 0.00 352 364 453 461 149 482 439 157 171
Book Value per Share		 $0.00 $46.27 $43.78 $44.66 $42.06 $39.31 $39.30 $33.75 $29.04 $19.84 $11.48
Tangible Book Value per Share		 $0.00 $17.86 $16.51 $24.77 $23.23 $23.05 $23.13 $18.79 $14.78 $16.07 $8.18
Total Capital		 0.00 1,223 1,167 992 866 755 735 621 481 320 196
Total Debt		 0.00 542 515 327 239 169 148 117 47 22 22
Total Long-Term Debt		 0.00 542 515 327 239 169 148 117 47 22 22
Net Debt		 0.00 474 427 247 154 101 83 61 5.99 -98 -49
Capital Expenditures (CapEx)		 2.08 6.55 5.67 1.65 1.98 2.71 1.80 0.89 0.10 1.25 0.66
Net Nonoperating Expense (NNE)		 7.46 55 24 27 20 15 4.57 27 20 3.89 11
Net Nonoperating Obligations (NNO)		 0.00 542 515 327 239 169 148 117 47 22 22
Total Depreciation and Amortization (D&A)		 19 24 21 28 17 13 10 12 9.05 7.86 2.65
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($9.71) ($1.88) $0.84 ($2.73) ($2.41) $0.03 ($5.50) ($4.33) ($0.01) $1.69
Adjusted Weighted Average Basic Shares Outstanding		 0.00 14.63M 14.79M 14.79M 14.79M 14.79M 14.81M 14.81M 14.81M 14.81M 14.81M
Adjusted Diluted Earnings per Share		 $0.00 ($9.71) ($1.88) $0.84 ($2.73) ($2.41) $0.03 ($5.50) ($4.33) ($0.01) $1.69
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 14.63M 14.79M 14.81M 14.79M 14.79M 14.81M 14.81M 14.81M 14.81M 14.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $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 14.79M 14.79M 14.79M 14.79M 14.81M 14.81M 14.81M 14.81M 14.81M 14.81M
Normalized Net Operating Profit after Tax (NOPAT)		 10 0.90 -1.34 48 4.01 1.49 5.88 2.87 -8.77 8.90 36
Normalized NOPAT Margin		 23.77% 2.11% -4.74% 62.36% 12.99% 5.67% 20.84% 11.08% -144.00% 29.98% 85.55%
Pre Tax Income Margin		 7.01% -332.30% -97.75% 16.37% -129.03% -148.24% 2.11% -314.08% -1,052.54% -0.24% 60.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 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 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 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 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% -261.16% -211.35% -223.18% -174.62% -1.54% -0.57% -0.23% -26.18% -73.73% -234.16%
Augmented Payout Ratio		 0.00% -261.16% -211.35% -223.18% -174.62% -1.54% -0.57% -0.23% -26.18% -73.73% -234.16%

Financials Breakdown Chart

Key Financial Trends

Net Lease Office Properties (NYSE: NLOP) posted a strong rebound in Q1 2026, but the bigger picture over the last four years still shows a highly volatile business with meaningful asset write-downs, large swings in earnings, and a shrinking balance sheet.

In Q1 2026, the company generated $41.6 million in revenue and $25.0 million in net income, a sharp improvement from Q4 2025, when it was essentially breakeven. Cash from operations was $8.1 million, while total cash and equivalents ended the quarter at $70.6 million. However, the quarter also included $175.5 million in dividend payments, which heavily pressured cash flow.

Looking at the multi-year trend, NLOP’s results have been unusually uneven. Revenue has fluctuated widely from quarter to quarter, and profitability has swung from solid gains to deep losses. The biggest drag has been recurring impairment charges, which have periodically erased operating progress and suggest continued pressure on the portfolio’s carrying values.

  • Q1 2026 net income improved to $25.0 million, a major rebound from the prior quarter’s near break-even result.
  • Operating cash flow turned positive at $8.1 million in Q1 2026.
  • Cash and equivalents rose to $70.6 million at the end of Q1 2026, up from $38.7 million in Q3 2025.
  • Q1 2026 included $119.5 million from sale and/or maturity of investments, helping support liquidity.
  • After a weak Q4 2025, pre-tax income recovered to $25.1 million in Q1 2026.
  • Shares outstanding were unchanged at about 14.8 million, so recent EPS changes were driven by operating performance rather than dilution.
  • The company has continued to reduce debt over time, with long-term debt falling from $515.2 million in Q1 2024 to $21.9 million in Q1 2026.
  • Dividend payments remain very large relative to operating cash flow, including $175.5 million in Q1 2026.
  • NLOP has shown severe earnings volatility, including a $64.1 million loss in Q3 2025 and a $81.5 million loss in Q2 2025.
  • Impairment charges have been a recurring issue, including $50.9 million in Q3 2025, $81.8 million in Q2 2025, and $7.2 million in Q4 2025.

The balance sheet also tells a mixed story. Total assets fell sharply from $1.23 billion in Q1 2024 to $258.0 million in Q1 2026, reflecting a major contraction in the asset base. At the same time, total liabilities declined substantially, which improves leverage, but much of the reduction appears tied to asset sales, debt paydown, and portfolio shrinkage rather than steady organic growth.

Bottom line: NLOP has improved liquidity and reduced debt, but its earnings remain highly unstable and heavily affected by investment gains/losses and impairment charges. For retail investors, this looks like a balance sheet cleanup story more than a consistent growth story.

07/14/26 06:17 PM ETAI Generated. May Contain Errors.

Net Lease Office Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Net Lease Office Properties' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Net Lease Office Properties' net income appears to be on an upward trend, with a most recent value of -$145.16 million in 2025, falling from $1.42 million in 2021. The previous period was -$91.39 million in 2024. See Net Lease Office Properties' forecast for analyst expectations on what's next for the company.

Over the last 4 years, Net Lease Office Properties' total revenue changed from $147.91 million in 2021 to $89.91 million in 2025, a change of -39.2%.

Net Lease Office Properties' total liabilities were at $155.55 million at the end of 2025, a 29.2% decrease from 2024, and a 55.9% decrease since 2022.

In the past 3 years, Net Lease Office Properties' cash and equivalents has ranged from $4.67 million in 2022 to $119.62 million in 2025, and is currently $119.62 million as of their latest financial filing in 2025.

Over the last 4 years, Net Lease Office Properties' book value per share changed from 0.00 in 2021 to 19.84 in 2025, a change of 1,984.0%.


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Financial statements for NYSE:NLOP last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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