NLOP

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Net Lease Office Properties

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Key Metrics

Previous Close: $11.46
52-Week Range: $10.95 – $30.37
Market Cap: $171.40M
P/E (TTM): —
EPS (TTM): -3.10
Dividend Yield: —

Advanced Metrics

Price/Book: 1.05
PEG Ratio: —
Return on Equity: -13.48%
Return on Assets: 2.34%
Gross Margin: 87.66%
Operating Margin: 10.00%
Profit Margin: -69.49%
Current Ratio: 0.86
Debt/Equity: 0.13
Total Debt: $21.90M
Free Cash Flow: $-4.67M
Revenue Growth: -76.90%
Earnings Growth: —
Enterprise Value: $173.53M

NLOP Income statement, annual periods, in USD
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

NLOP Balance Sheet statement, annual periods, in USD
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	—

NLOP Cash Flow statement, annual periods, in USD
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

NLOP Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$29.21M	$29.17M	$29.78M	$30.74M	$9.03M
Cost of Revenue	$9.86M	$9.99M	$7.99M	$7.79M	$1.78M
Gross Profit	$19.36M	$19.18M	$21.80M	$22.96M	$7.25M
Selling, General & Admin	$1.81M	$2.14M	$1.66M	$1.70M	$1.93M
Operating Expenses	$11.53M	$11.83M	$10.64M	$13.99M	$4.21M
Operating Income	$7.83M	$7.35M	$11.16M	$8.97M	$3.03M
EBITDA	$16.49M	-$65.29M	-$53.40M	$8.73M	$28.09M
Pretax Income	$595.00K	-$81.42M	-$64.11M	-$71.00K	$25.06M
Income Tax	$82.00K	$100.00K	$30.00K	-$54.00K	$17.00K
Net Income	$492.00K	-$81.54M	-$64.16M	-$53.00K	$25.00M
Diluted EPS	0.03	-5.50	-4.33	0.00	1.69
Diluted Shares	14.81M	14.81M	14.81M	14.81M	14.81M

NLOP Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$28.15M	$54.15M	$38.69M	$119.62M	$70.61M
Current Assets	$65.75M	$56.19M	$41.13M	$122.63M	$70.61M
Total Assets	$784.11M	$668.65M	$522.55M	$453.37M	$257.98M
Current Liabilities	$43.58M	$43.45M	$38.47M	$131.66M	$60.04M
Long-Term Debt	$148.50M	$117.17M	$47.12M	$21.90M	$21.90M
Total Debt	$148.50M	$117.17M	$47.12M	$21.90M	$21.90M
Total Liabilities	$197.88M	$164.60M	$88.33M	$155.55M	$84.00M
Retained Earnings	-$233.95M	-$315.49M	-$425.58M	-$561.92M	-$685.80M
Shareholders' Equity	$582.12M	$500.01M	$430.25M	$293.91M	$170.03M
Working Capital	$22.17M	$12.74M	$2.66M	-$9.02M	$10.57M
Net Debt	$120.34M	$63.02M	$8.43M	—	—

NLOP Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$14.12M	$11.71M	$16.33M	$21.95M	$8.13M
Free Cash Flow	$14.12M	$9.02M	$19.01M	$21.95M	$8.13M
Depreciation & Amortisation	$10.15M	$11.73M	$9.05M	$7.86M	$2.65M
Stock-Based Compensation	$0.00	$0.00	$0.00	$0.00	—
Investing Cash Flow	$8.66M	$14.05M	$39.49M	$146.04M	$118.83M
Financing Cash Flow	-$25.77M	-$35.73M	-$70.90M	-$86.49M	-$175.55M
Dividends Paid	$0.00	$0.00	-$45.92M	-$60.74M	-$175.55M
Net Change in Cash	-$2.99M	-$9.97M	-$15.08M	$81.51M	-$48.60M

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.