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Net Lease Office Properties logo

Net Lease Office Properties

NLOP

NYSEReal EstateREIT - Office

Open in GoAI

Previous close

$11.61

+$0.04 · +0.35%

Aug 21, 4:00 PM ET

Pre-market

$11.61

$0.00 · 0.00%

Aug 24, 4:00 AM ET

NLOP company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

85

Deep Value

Momentum

26

Weakening

Sentiment

45

Mixed

Risk resilience

54

Elevated Risk

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Company profile

Company website

Net Lease Office Properties (NLOP) is a publicly traded real estate investment trust that holds a portfolio of 59 premium office assets. These properties encompass approximately 8.7 million square feet of leasable space, primarily leased to corporate occupants under single-tenant net lease agreements. While the majority of these office buildings are situated in the United States, a portion is located in Europe. The portfolio boasts 62 corporate tenants from a variety of industries, collectively contributing around $145 million in annualized base rent. NLOP's strategic objective is to enhance shareholder value through proactive asset management and the eventual divestment of its real estate holdings. Given its profound familiarity with the portfolio, NLOP leverages external management and advisory services from wholly-owned subsidiaries of WPC, ensuring effective execution of its business strategy. WPC brings over five decades of expertise in the single-tenant office real estate sector, demonstrating a strong track record in operating, leasing, acquiring, and developing assets across diverse market conditions.

Industry
REIT - Office
Sector
Real Estate
Headquarters
US
CEO
Jason E. Fox
Listed since
Nov 2, 2023
Employees
197

Market position

Day range

Current $11.61

52-week range

Current $11.61

Open
$11.56
Previous close
$11.57
Volume
57.42K
0.39× average
Average volume
147.99K
Average daily volume
Market cap
171.99M USD
Beta
0.91
Market reference 1
50-day average
$11.5172
+0.81% above average
200-day average
$16.5349
-29.78% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
284.69M USD
EV / EBITDA
-3.05×
Earnings yield
-38.02%
Free cash flow yield
15.73%

Profitability & efficiency

Return on equity
-49.42%
Return on assets
-32.04%
Return on invested capital
7.79%

Financial health

Current ratio
5.6×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends100%19%-62%-142%Gross margin, FY2021: 79.66%Gross margin, FY2022: 79.51%Gross margin, FY2023: 78.37%Gross margin, FY2024: 69.30%Gross margin, FY2025: 70.05%Operating margin, FY2021: 33.09%Operating margin, FY2022: 27.60%Operating margin, FY2023: 22.90%Operating margin, FY2024: 24.16%Operating margin, FY2025: 29.70%Net margin, FY2021: 0.96%Net margin, FY2022: 10.10%Net margin, FY2023: -75.30%Net margin, FY2024: -64.30%Net margin, FY2025: -122.16%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 79.66%. Gross margin FY2022 79.51%. Gross margin FY2023 78.37%. Gross margin FY2024 69.30%. Gross margin FY2025 70.05%. Operating margin FY2021 33.09%. Operating margin FY2022 27.60%. Operating margin FY2023 22.90%. Operating margin FY2024 24.16%. Operating margin FY2025 29.70%. Net margin FY2021 0.96%. Net margin FY2022 10.10%. Net margin FY2023 -75.30%. Net margin FY2024 -64.30%. Net margin FY2025 -122.16%.

Income trends

Revenue

118.92M USD-16.40%

Operating income

35.31M USD+2.74%

Net income

−145.26M USD-58.81%
Income trends across reported periods206.99M USD78.9M USD−49.19M USD−177.28M USDRevenue, FY2021: 147.91M USDRevenue, FY2022: 156.21M USDRevenue, FY2023: 174.97M USDRevenue, FY2024: 142.25M USDRevenue, FY2025: 118.92M USDOperating income, FY2021: 48.94M USDOperating income, FY2022: 43.11M USDOperating income, FY2023: 40.07M USDOperating income, FY2024: 34.37M USDOperating income, FY2025: 35.31M USDNet income, FY2021: 1.42M USDNet income, FY2022: 15.78M USDNet income, FY2023: −131.75M USDNet income, FY2024: −91.47M USDNet income, FY2025: −145.26M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 147.91M USD. Revenue FY2022 156.21M USD. Revenue FY2023 174.97M USD. Revenue FY2024 142.25M USD. Revenue FY2025 118.92M USD. Operating income FY2021 48.94M USD. Operating income FY2022 43.11M USD. Operating income FY2023 40.07M USD. Operating income FY2024 34.37M USD. Operating income FY2025 35.31M USD. Net income FY2021 1.42M USD. Net income FY2022 15.78M USD. Net income FY2023 −131.75M USD. Net income FY2024 −91.47M USD. Net income FY2025 −145.26M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue118.92M USD142.25M USD174.97M USD156.21M USD147.91M USD
Cost of goods sold35.62M USD43.66M USD37.84M USD32M USD30.08M USD
Gross profit83.3M USD98.58M USD137.12M USD124.21M USD117.83M USD
Selling, general, and administrative7.31M USD7.52M USD22.06M USD17.9M USD10.31M USD
Operating expenses47.99M USD64.21M USD97.05M USD81.1M USD68.89M USD
Interest income2.1M USD————
Interest expense12.74M USD67.96M USD42.61M USD26.84M USD32.47M USD
Depreciation and amortization38.8M USD78.94M USD81.4M USD66.23M USD61.16M USD
Operating income35.31M USD34.37M USD40.07M USD43.11M USD48.94M USD
Net income−145.26M USD−91.47M USD−131.75M USD15.78M USD1.42M USD

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
-0.42

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates2.27-0.51-3.3-6.08Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Q4 2024, reported Nov 6, 2024: actual -2.73, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Feb 27, 2025: actual -2.42, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 8, 2025: actual 0.03, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 6, 2025: actual -5.5, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 7, 2025: actual -4.33, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 25, 2026: actual -0.004, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 7, 2026: actual 1.69, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 5, 2026: actual -0.42, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly Revenue actual values compared with estimates33.86M24.38M14.89M5.4MQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Q4 2024, reported Nov 6, 2024: actual 31.48M USD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Feb 27, 2025: actual 27.73M USD, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 8, 2025: actual 29.21M USD, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 6, 2025: actual 29.17M USD, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 7, 2025: actual 29.78M USD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 25, 2026: actual 31.82M USD, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 7, 2026: actual 9.36M USD, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 5, 2026: actual 6.36M USD, estimate —, surprise —, Comparison unavailable.

NLOP news

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ETFs holding NLOP

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
5.44M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
4.34M
Weight
0.01%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
2.23M
Weight
0.00%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
1.75M
Weight
0.01%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
Vanguard Russell 2000 ETF logoVanguard Russell 2000 ETFVTWO
Market value
983.6K
Weight
0.01%
AUM
17.4B USD
Expense ratio
0.06%
Price / 1D
$121.25+0.74%
iShares Core U.S. REIT ETF logoiShares Core U.S. REIT ETFUSRT
Market value
668.45K
Weight
0.01%
AUM
4.66B USD
Expense ratio
0.08%
Price / 1D
$67.12-0.10%
iShares Micro-Cap ETF logoiShares Micro-Cap ETFIWC
Market value
604.17K
Weight
0.04%
AUM
1.53B USD
Expense ratio
0.60%
Price / 1D
$198.39+1.10%
Cambria Global Real Estate ETF logoCambria Global Real Estate ETFBLDG
Market value
534.41K
Weight
0.96%
AUM
55.42M USD
Expense ratio
0.59%
Price / 1D
$26.93-0.54%

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