Net Lease Office Properties
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| USD | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $156.21M | $174.97M | $142.25M | $118.92M |
| Cost of Revenue | $32.00M | $37.84M | $43.66M | $35.62M |
| Gross Profit | $124.21M | $137.12M | $98.58M | $83.30M |
| Selling, General & Admin | $17.90M | $22.06M | $7.52M | $7.31M |
| Operating Expenses | $81.10M | $97.05M | $64.21M | $47.99M |
| Operating Income | $43.11M | $40.07M | $34.37M | $35.31M |
| EBITDA | $109.34M | -$7.29M | $53.13M | -$93.46M |
| Pretax Income | $16.26M | -$131.30M | -$93.77M | -$145.00M |
| Income Tax | $486.00K | $425.00K | -$2.38M | $158.00K |
| Net Income | $15.78M | -$131.75M | -$91.47M | -$145.26M |
| Diluted EPS | 1.08 | -9.00 | -6.18 | -9.81 |
| Diluted Shares | 14.62M | 14.63M | 14.79M | 14.81M |
| USD | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cash & Equivalents | $4.67M | $16.27M | $25.12M | $119.62M |
| Receivables | $14.73M | $10.52M | — | — |
| Current Assets | $6.00M | $67.83M | $68.43M | $122.63M |
| Total Assets | $1.46B | $1.31B | $805.07M | $453.37M |
| Current Liabilities | $49.95M | $60.59M | $44.15M | $131.66M |
| Long-Term Debt | $276.06M | $541.98M | $169.22M | $21.90M |
| Total Debt | $276.06M | $541.98M | $169.22M | $21.90M |
| Total Liabilities | $352.68M | $623.66M | $219.67M | $155.55M |
| Retained Earnings | $0.00 | -$142.96M | -$234.44M | -$561.92M |
| Shareholders' Equity | $1.11B | $677.01M | $581.23M | $293.91M |
| Working Capital | -$43.95M | $7.24M | $24.28M | -$9.02M |
| Net Debt | $271.39M | $525.71M | $144.09M | — |
| USD | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Operating Cash Flow | $84.28M | $70.97M | $71.86M | $64.11M |
| Capital Expenditure | -$4.72M | -$11.16M | — | — |
| Free Cash Flow | $84.28M | $70.97M | $71.86M | $64.11M |
| Depreciation & Amortisation | $66.23M | $81.40M | $78.94M | $38.80M |
| Stock-Based Compensation | $3.16M | $2.90M | $250.00K | $0.00 |
| Investing Cash Flow | -$22.92M | $27.69M | $297.75M | $208.24M |
| Financing Cash Flow | -$64.54M | -$36.78M | -$367.98M | -$218.88M |
| Dividends Paid | $0.00 | $0.00 | -$1.07M | -$106.66M |
| Net Change in Cash | -$3.18M | $61.88M | $1.62M | $53.47M |
| USD | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| Revenue | $29.21M | $29.17M | $29.78M | $30.74M | $9.03M | $6.36M |
| Cost of Revenue | $9.86M | $9.99M | $7.99M | $7.79M | $1.78M | $1.09M |
| Gross Profit | $19.36M | $19.18M | $21.80M | $22.96M | $7.25M | $5.27M |
| Selling, General & Admin | $1.81M | $2.14M | $1.66M | $1.70M | $1.93M | $1.89M |
| Operating Expenses | $11.53M | $11.83M | $10.64M | $13.99M | $4.21M | $4.63M |
| Operating Income | $7.83M | $7.35M | $11.16M | $8.97M | $3.03M | $636.00K |
| EBITDA | $16.49M | -$65.29M | -$53.40M | $8.73M | $28.09M | -$2.97M |
| Pretax Income | $595.00K | -$81.42M | -$64.11M | -$71.00K | $25.06M | -$6.13M |
| Income Tax | $82.00K | $100.00K | $30.00K | -$54.00K | $17.00K | $23.00K |
| Net Income | $492.00K | -$81.54M | -$64.16M | -$53.00K | $25.00M | -$6.19M |
| Diluted EPS | 0.03 | -5.50 | -4.33 | 0.00 | 1.69 | -0.42 |
| Diluted Shares | 14.81M | 14.81M | 14.81M | 14.81M | 14.81M | 14.81M |
| USD | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.15M | $54.15M | $38.69M | $119.62M | $70.61M | $23.66M |
| Current Assets | $65.75M | $56.19M | $41.13M | $122.63M | $70.61M | $23.66M |
| Total Assets | $784.11M | $668.65M | $522.55M | $453.37M | $257.98M | $200.90M |
| Current Liabilities | $43.58M | $43.45M | $38.47M | $131.66M | $60.04M | $9.97M |
| Long-Term Debt | $148.50M | $117.17M | $47.12M | $21.90M | $21.90M | $21.90M |
| Total Debt | $148.50M | $117.17M | $47.12M | $21.90M | $21.90M | $21.90M |
| Total Liabilities | $197.88M | $164.60M | $88.33M | $155.55M | $84.00M | $33.17M |
| Retained Earnings | -$233.95M | -$315.49M | -$425.58M | -$561.92M | -$685.80M | -$692.00M |
| Shareholders' Equity | $582.12M | $500.01M | $430.25M | $293.91M | $170.03M | $163.83M |
| Working Capital | $22.17M | $12.74M | $2.66M | -$9.02M | $10.57M | $13.70M |
| Net Debt | $120.34M | $63.02M | $8.43M | — | — | — |
| USD | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $14.12M | $11.71M | $16.33M | $21.95M | $8.13M | $1.80M |
| Free Cash Flow | $14.12M | $9.02M | $19.01M | $21.95M | $8.13M | $1.12M |
| Depreciation & Amortisation | $10.15M | $11.73M | $9.05M | $7.86M | $2.65M | $2.77M |
| Stock-Based Compensation | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Investing Cash Flow | $8.66M | $14.05M | $39.49M | $146.04M | $118.83M | $492.00K |
| Financing Cash Flow | -$25.77M | -$35.73M | -$70.90M | -$86.49M | -$175.55M | -$48.99M |
| Dividends Paid | $0.00 | $0.00 | -$45.92M | -$60.74M | -$175.55M | -$48.89M |
| Net Change in Cash | -$2.99M | -$9.97M | -$15.08M | $81.51M | -$48.60M | -$46.70M |
Market Snapshot
About
Net Lease Office Properties is a real estate investment trust (REIT) that owns and manages a portfolio of office properties under long-term net lease agreements. The REIT focuses on generating stable income through triple-net lease arrangements with creditworthy tenants.