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Net Lease Office Properties (NLOP) Financials

Net Lease Office Properties logo
$11.88 -0.22 (-1.83%)
Closing price 03:58 PM Eastern
Extended Trading
$11.88 +0.01 (+0.05%)
As of 05:19 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%

Financials Breakdown Chart

Key Financial Trends

Net Lease Office Properties (NYSE: NLOP) showed a sharp deterioration in profitability in late 2024 after a profitable Q2 and a modestly profitable Q1 in 2024. The company also carried a heavier debt load earlier in the year, but reduced debt materially by year-end. Overall, the 2024 trend looks mixed: operating cash flow remained positive, but earnings were pressured by large impairment charges and weaker non-operating results.

  • Q4 2024 operating cash flow remained positive at $10.5 million, showing the business still generated cash from core operations despite a net loss.
  • The company produced strong investing cash inflows in Q4 2024, with $45.8 million from the sale and/or maturity of investments, helping support liquidity.
  • Debt repayment was substantial in Q4 2024 at $69.8 million, and leverage appears to have come down meaningfully versus earlier in 2024.
  • Balance sheet debt declined from $515.2 million in Q1 2024 to $239.4 million in Q3 2024, indicating a significant deleveraging effort.
  • Cash and equivalents plus restricted cash were still sizable in 2024, suggesting the company maintained a liquidity buffer even as operations weakened.
  • Q2 2024 was a bright spot, with net income of $12.5 million and EPS of $0.84, but that profitability did not last into subsequent quarters.
  • Revenue has been uneven, ranging from $26.3 million in Q4 2024 to $77.1 million in Q2 2024, reflecting volatility in non-interest income and investment gains.
  • Weighted average shares outstanding stayed relatively stable around 14.8 million, so changes in earnings were driven more by operations than share dilution.
  • Q4 2024 ended with a net loss of $35.8 million, a steep reversal from the profitable Q2 2024 result.
  • The biggest pressure point remains impairment charges, which were very large in Q4 2024 at $31.8 million and also elevated in Q3 2024 at $34.2 million.
  • Non-operating expenses were heavy in Q4 2024 at $9.3 million, adding to the bottom-line loss.
  • Q4 2023 was especially weak, with a $142.1 million net loss and an enormous $125.6 million impairment charge, highlighting prior asset-quality stress.
  • Cash fell by $17.0 million in Q4 2024, and the company also reported a negative year-end cash trend after a down quarter in operations and financing outflows.

From a retail investor perspective, the main takeaway is that NLOP’s cash generation and debt reduction improved in 2024, but earnings remain highly volatile and sensitive to impairment charges and investment-related items. The company appears to be working through a balance sheet reset, yet the latest quarter shows the operating picture is still unstable.

06/03/26 08:37 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 2024 ended on December 31, 2024.

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. See Net Lease Office Properties' forecast for analyst expectations on what's next for the company.

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%.

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.

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.

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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Financial statements for NYSE:NLOP last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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