NLOP on NYSE
Net Lease Office Properties
American real estate investment trust, incorporated in Maryland1
In its 2026 annual report the company says: “Net Lease Office Properties is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis.”4 It is headquartered in New York, New York.1 Its shares trade on NYSE under the symbol NLOP.1
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Last updated Oct 21, 2026.
Overview
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- TickerNLOP on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersNew York, New York1
- Incorporated inMD2
- Business addressC/O W. P. Carey Inc., One Manhattan West, 395 9Th Ave. 58 Fl, New York, Ny 100012
- Filer category, Emerging growth company2
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Net Lease Office Properties (“NLOP” or the “Company”) is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. Our net leases generally specify a base rent with rent increases and require the tenant to pay substantially all costs associated with operating and maintaining the property. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”) effective as of November 1, 2023.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 97% of the revenue Net Lease Office Properties broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $159.8M | $133.7M | $115.8M |
| Outside the United States | $15.2M | $8.6M | $3.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$118.8M
- Income tax0¢$158.0K
Out of $118.9M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid95¢$60.7M
- Kept or used elsewhere5¢$3.4M
Out of $64.1M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Lease revenues | $99.3M | $128.9M | $166.0M |
| Income from finance leases | $610.0K | $89.0K | $1.2M |
| Other lease-related income | $19.0M | $13.3M | $7.7M |
| Total revenues | $118.9M | $142.2M | $175.0M |
| Impairment charges real estate | $140.8M | $78.2M | $63.1M |
| Depreciation and amortization | $35.9M | $56.7M | $75.0M |
| Reimbursable tenant costs | $22.5M | $26.5M | $28.0M |
| Property expenses, excluding reimbursable tenant costs | $8.6M | $10.9M | $8.6M |
| General and administrative | $7.3M | $7.5M | $13.6M |
| Asset management fees | $4.6M | $6.2M | $1.2M |
| Separation and distribution related costs and other | $0 | $16.0K | $8.4M |
| Impairment charges goodwill | $0 | $0 | $62.5M |
| Total operating expenses | $219.6M | $186.1M | $260.5M |
| (Loss) gain on sale of real estate, net | -$29.0M | $20.2M | -$3.6M |
| Interest expense | -$12.7M | -$68.0M | -$42.6M |
| Other gains and (losses) | -$2.6M | -$2.2M | $456.0K |
| Total other income and expenses | -$44.3M | -$49.9M | -$45.8M |
| Loss before income taxes | -$145.0M | -$93.8M | -$131.3M |
| (Provision for) benefit from income taxes | -$158.0K | $2.4M | -$425.0K |
| Net Loss | -$145.2M | -$91.4M | -$131.7M |
| Net income attributable to noncontrolling interests | -$100.0K | -$85.0K | -$24.0K |
| Net Loss Attributable to NLOP | -$145.3M | -$91.5M | -$131.7M |
| Basic Loss Per Share (in dollars per share) | -$9.81 | -$6.18 | -$9.00 |
| Diluted Loss Per Share (in dollars per share) | -$9.81 | -$6.18 | -$9.00 |
| Basic (in shares) | 14.8M shares | 14.8M shares | 14.6M shares |
| Diluted (in shares) | 14.8M shares | 14.8M shares | 14.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land, buildings and improvements | $218.8M | $730.3M | ||
| Net investments in finance leases | $41.9M | $0 | ||
| In-place lease intangible assets and other | $45.2M | $210.0M | ||
| Above-market rent intangible assets | $10.8M | $30.5M | ||
| Investments in real estate | $316.6M | $970.8M | ||
| Accumulated depreciation and amortization | -$102.9M | -$292.7M | ||
| Assets held for sale, net | $96.3M | $29.3M | ||
| Net investments in real estate | $309.9M | $707.4M | ||
| Cash and cash equivalents | $119.6M | $25.1M | $16.3M | |
| Restricted cash | $3.0M | $43.3M | $51.6M | |
| Other assets, net | $20.8M | $29.2M | ||
| Total assets | $453.4M | $805.1M | ||
| Non-recourse mortgages, net | $21.9M | $111.3M | ||
| NLOP Mezzanine Loan, net | $0 | $58.0M | ||
| Debt, net | $21.9M | $169.2M | ||
| Accounts payable, accrued expenses and other liabilities | $56.1M | $44.1M | ||
| Below-market rent intangible liabilities, net | $2.0M | $6.3M | ||
| Dividends payable | $75.6M | $0 | ||
| Total liabilities | $155.5M | $219.7M | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued | $0 | $0 | ||
| Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding | $15.0K | $15.0K | ||
| Additional paid-in capital | $855.8M | $855.8M | ||
| Distributions in excess of accumulated earnings | -$561.9M | -$234.4M | ||
| Accumulated other comprehensive loss | $0 | -$40.2M | ||
| Total shareholders equity | $293.9M | $581.2M | ||
| Noncontrolling interests | $3.9M | $4.2M | ||
| Total equity | $297.8M | $585.4M | $681.4M | $1.1B |
| Total liabilities and equity | $453.4M | $805.1M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 45.0M shares | 45.0M shares | ||
| Common stock shares, issued (in shares) | 14.8M shares | 14.8M shares | ||
| Common stock shares, outstanding (in shares) | 14.8M shares | 14.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land, buildings and improvements | $218.8M | $730.3M | ||
| Net investments in finance leases | $41.9M | $0 | ||
| In-place lease intangible assets and other | $45.2M | $210.0M | ||
| Above-market rent intangible assets | $10.8M | $30.5M | ||
| Investments in real estate | $316.6M | $970.8M | ||
| Accumulated depreciation and amortization | -$102.9M | -$292.7M | ||
| Assets held for sale, net | $96.3M | $29.3M | ||
| Net investments in real estate | $309.9M | $707.4M | ||
| Cash and cash equivalents | $119.6M | $25.1M | $16.3M | |
| Restricted cash | $3.0M | $43.3M | $51.6M | |
| Other assets, net | $20.8M | $29.2M | ||
| Total assets | $453.4M | $805.1M | ||
| Non-recourse mortgages, net | $21.9M | $111.3M | ||
| NLOP Mezzanine Loan, net | $0 | $58.0M | ||
| Debt, net | $21.9M | $169.2M | ||
| Accounts payable, accrued expenses and other liabilities | $56.1M | $44.1M | ||
| Below-market rent intangible liabilities, net | $2.0M | $6.3M | ||
| Dividends payable | $75.6M | $0 | ||
| Total liabilities | $155.5M | $219.7M | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued | $0 | $0 | ||
| Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding | $15.0K | $15.0K | ||
| Additional paid-in capital | $855.8M | $855.8M | ||
| Distributions in excess of accumulated earnings | -$561.9M | -$234.4M | ||
| Accumulated other comprehensive loss | $0 | -$40.2M | ||
| Total shareholders equity | $293.9M | $581.2M | ||
| Noncontrolling interests | $3.9M | $4.2M | ||
| Total equity | $297.8M | $585.4M | $681.4M | $1.1B |
| Total liabilities and equity | $453.4M | $805.1M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 45.0M shares | 45.0M shares | ||
| Common stock shares, issued (in shares) | 14.8M shares | 14.8M shares | ||
| Common stock shares, outstanding (in shares) | 14.8M shares | 14.8M shares |
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$145.2M | -$91.4M | -$131.7M |
| Impairment charges real estate | $140.8M | $78.2M | $63.1M |
| Depreciation and amortization, including intangible assets and deferred financing costs | $39.8M | $85.3M | $81.3M |
| Loss (gain) on sale of real estate, net | $29.0M | -$20.2M | $3.6M |
| Allowance for credit losses | $4.8M | $0 | $0 |
| Straight-line rent adjustments | $2.6M | $2.3M | -$438.0K |
| Net realized and unrealized losses (gains) on extinguishment of debt, foreign currency exchange rate movements, and other | $1.3M | $3.5M | -$247.0K |
| Amortization of rent-related intangibles and deferred rental revenue | -$956.0K | -$6.4M | $140.0K |
| Deferred income tax benefit | $0 | -$3.3M | -$1.2M |
| Stock-based compensation expense | $0 | $250.0K | $2.9M |
| Impairment charges goodwill | $0 | $0 | $62.5M |
| Net changes in other operating assets and liabilities | -$8.0M | $13.2M | -$8.9M |
| Proceeds from sales of net investments in sales-type leases | $0 | $10.3M | $0 |
| Net Cash Provided by Operating Activities | $64.1M | $71.9M | $71.0M |
| Proceeds from sales of real estate | $192.3M | $309.8M | $38.9M |
| Non-refundable deposit for disposition | $20.0M | $0 | $0 |
| Funding for real estate construction, redevelopments, and other capital expenditures on real estate | -$4.0M | -$12.0M | -$11.2M |
| Other investing activities, net | -$5.0K | $0 | $0 |
| Net Cash Provided by Investing Activities | $208.2M | $297.7M | $27.7M |
| Payments of mortgage principal and other debt instruments | -$111.5M | -$366.6M | -$63.7M |
| Distributions paid | -$106.7M | -$1.1M | $0 |
| Other financing activities, net | -$384.0K | $15.0K | -$526.0K |
| Distributions to noncontrolling interest | -$361.0K | -$331.0K | -$121.0K |
| Distributions to WPC in connection with the Spin-Off | $0 | $0 | -$343.9M |
| Proceeds from NLOP Mortgage Loan | $0 | $0 | $317.3M |
| Proceeds from NLOP Mezzanine Loan | $0 | $0 | $113.6M |
| Net transfers with Parent, including Spin-Off adjustments | $0 | $0 | -$51.7M |
| Payment of financing costs | $0 | $0 | -$10.5M |
| Contributions from noncontrolling interests | $0 | $0 | $2.8M |
| Net Cash Used in Financing Activities | -$218.9M | -$368.0M | -$36.8M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | $738.0K | -$1.0M | -$50.0K |
| Net increase in cash and cash equivalents and restricted cash | $54.2M | $597.0K | $61.8M |
No quarter-by-quarter statement was filed.
Corporate structure
Net Lease Office Properties sits at the top of its group. 40 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Net Lease Office Properties
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on Net Lease Office Properties, latest Jul 31, 2026 (2 filings since Apr 30, 2026)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Net Lease Office Properties, latest Mar 27, 2026 (3 filings since Dec 8, 2023)
- Asset Value Investors Ltd Filed SCHEDULE 13D on Net Lease Office Properties, latest Jan 9, 2026 (2 filings since Feb 20, 2025)
- Long Pond Capital, LP Filed SCHEDULE 13G/A on Net Lease Office Properties, latest May 14, 2025 (3 filings since Feb 13, 2024)
- Morgan Stanley Filed SCHEDULE 13G/A on Net Lease Office Properties, latest Mar 6, 2025 (3 filings since Feb 8, 2024)
- J. Goldman & Co LP Filed SCHEDULE 13G/A on Net Lease Office Properties, latest Nov 14, 2024 (2 filings since Feb 14, 2024)
- BlackRock Filed SC 13G on Net Lease Office Properties, latest Nov 8, 2024 (4 filings since Feb 2, 2024)
- Net Lease Office Properties New York, New York
- (CA) ADS, LLC Subsidiary · Delaware, United States
- 601 Jefferson Manager (DE) LLC Subsidiary · Delaware, United States
- 601 Jefferson Tower (TX) LLC Subsidiary · Delaware, United States
- ADS2 (CA) LLC (fka ADS2 (CA) QRS 11-41, Inc.) Subsidiary · Delaware, United States
- AIRLIQ (TX) LLC Subsidiary · Delaware, United States
- AUTOPRO (GA) LLC Subsidiary · Delaware, United States
- Call LLC Subsidiary · Delaware, United States
- GRC (TX) Limited Partnership Subsidiary · Delaware, United States
- GRC GP (TX) LLC (fka GRC (TX) QRS 15-47, Inc.) Subsidiary · Delaware, United States
- GRC-II (TX) Limited Partnership Subsidiary · Delaware, United States
- GRC-II (TX) LLC (fka GRC-II (TX) QRS 15-80, Inc.) Subsidiary · Delaware, United States
- Hawk (IA) LLC Subsidiary · Delaware, United States
- Hawk JV Landlord (IA) LLC Subsidiary · Delaware, United States
- Hawk Landlord (IA) LLC Subsidiary · Delaware, United States
- Health Landlord (MN) LLC Subsidiary · Delaware, United States
- ICALL BTS (VA) LLC Subsidiary · Delaware, United States
- MEDI (PA) LLC Subsidiary · Delaware, United States
- NLO Holding B.V. (fka WPC REIT Fau 42 B.V.) Subsidiary · Netherlands
- NLO Holding Company LLC Subsidiary · Delaware, United States
- NLO International Holding GP TRS LLC Subsidiary · Delaware, United States
- NLO International Holding LP Subsidiary · Delaware, United States
- NLO MB TRS LLC Subsidiary · Delaware, United States
- NLO Mezzanine Borrower LLC Subsidiary · Delaware, United States
- NLO OP LLC Subsidiary · Delaware, United States
- NLO Pledgor LLC Subsidiary · Delaware, United States
- and 14 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Net Lease Office Properties reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, at cost | $316.6M5 Dec 31, 2025 | $970.8M5 Dec 31, 2024 | −67.4% |
| Real estate accumulated depreciation | $102.9M5 Dec 31, 2025 | $292.7M5 Dec 31, 2024 | −64.8% |
| Real estate properties | 245 Dec 31, 2025 | 397 Dec 31, 2024 | −38.5% |
| Area of real estate | 3.9 million sq ft5 Dec 31, 2025 | 6.2 million sq ft7 Dec 31, 2024 | −37.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $119.6M5 Dec 31, 2025 | $25.1M5 Dec 31, 2024 | +376.2% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, gross | $55.9M5 Dec 31, 2025 | $238.5M5 Dec 31, 2024 | −76.6% |
| Accumulated amortization | $40.3M5 Dec 31, 2025 | $140.6M5 Dec 31, 2024 | −71.4% |
| Finite-lived intangibles, net | $15.7M5 Dec 31, 2025 | $97.9M5 Dec 31, 2024 | −84.0% |
Properties, in its own words
Our principal corporate offices are located in the offices of our Advisor at One Manhattan West, 395 9th Avenue, 58th Floor, New York, NY 10001.
See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio Overview for a discussion of the properties we hold for rental operations and Part II, Item 8. Financial Statements and Supplementary Data — Schedule III — Real Estate and Accumulated Depreciation for a detailed listing of such properties.
Item 2 of the 10-K filed Feb 25, 2026.4
Leadership
Who has led Net Lease Office Properties, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerJason E. Fox Oct 6, 2023 to Jan 23, 202410
- Chief financial officerToniann Sanzone Oct 6, 2023 to Jan 23, 202411
Board members and other officers (5)
- CHIEF ACCOUNTING OFFICERBrian H. Zander Oct 6, 2023 to Jan 23, 202412
- Board memberAxel K.a. Hansing Nov 3, 2023 to now13
- Board memberJason E. Fox Nov 3, 2023 to Jan 23, 202414
- Board memberJean Hoysradt Nov 3, 2023 to now15
- Board memberRichard J. Pinola Nov 3, 2023 to now16
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- (CA) ADS, LLC Delaware3
- 601 Jefferson Manager (DE) LLC Delaware3
- 601 Jefferson Tower (TX) LLC Delaware3
- ADS2 (CA) LLC (fka ADS2 (CA) QRS 11-41, Inc.) Delaware3
- AIRLIQ (TX) LLC Delaware3
- AUTOPRO (GA) LLC Delaware3
- Call LLC Delaware3
- GRC (TX) Limited Partnership Delaware3
- GRC GP (TX) LLC (fka GRC (TX) QRS 15-47, Inc.) Delaware3
- GRC-II (TX) LLC (fka GRC-II (TX) QRS 15-80, Inc.) Delaware3
- GRC-II (TX) Limited Partnership Delaware3
- Hawk (IA) LLC Delaware3
- Hawk JV Landlord (IA) LLC Delaware3
- Hawk Landlord (IA) LLC Delaware3
- Health Landlord (MN) LLC Delaware3
- ICALL BTS (VA) LLC Delaware3
- MEDI (PA) LLC Delaware3
- NLO Holding B.V. (fka WPC REIT Fau 42 B.V.) Netherlands3
- NLO Holding Company LLC Delaware3
- NLO International Holding GP TRS LLC Delaware3
- NLO International Holding LP Delaware3
- NLO MB TRS LLC Delaware3
- NLO Mezzanine Borrower LLC Delaware3
- NLO OP LLC Delaware3
All 39 listed subsidiaries
- NLO Pledgor LLC Delaware3
- NLO SubREIT LLC Delaware3
- Orlando Storage 17 (FL) LLC Delaware3
- Popcorn (TX) LLC (fka Popcorn (TX) QRS 14-43, Inc.) Delaware3
- RRD (IL) LLC Delaware3
- Roosevelt Blvd North (FL) LLC Delaware3
- Spring Forest Road (NC) LLC Delaware3
- Stone Oak 17 (TX) LLC Delaware3
- Turbo Headquarters (TX) LLC Delaware3
- Turbo Headquarters (TX) Transferee LLC Delaware3
- Vandenburg Blvd (PA) LLC Delaware3
- Venice (CA) LP Delaware3
- Venice (CA) Transferee LLC Delaware3
- Venice (CA) Transferee Principal LLC Delaware3
- WPC Crown Colony (MA) LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 5, 20268-K Regulation FD disclosure17
- Jun 25, 20268-K Shareholder vote18
- Jun 12, 20268-K Other events19
- May 7, 20268-K Regulation FD disclosure20
- Feb 25, 20268-K Regulation FD disclosure21
- Jan 20, 20268-K Completed an acquisition or sale22
- Nov 7, 20258-K Regulation FD disclosure23
- Aug 6, 20258-K Regulation FD disclosure24
- Jun 17, 20258-K Shareholder vote25
- May 8, 20258-K Regulation FD disclosure26
- Feb 27, 20258-K Regulation FD disclosure27
- Nov 6, 20248-K Regulation FD disclosure28
- Oct 6, 2023New chief executive Jason E. Fox becomes CEO10
Calendar
Coming up
- Nov 6, 2026Reports results for the quarter ending Sep/202629
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
107 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 21 major events, 28 insider forms, 19 large holders, 27 other. The latest 20:
- Aug 5, 20268-K EDGAR
- Aug 5, 202610-Q EDGAR
- Jul 31, 2026SCHEDULE 13G/A EDGAR
- Jun 25, 20268-K EDGAR
- Jun 15, 2026DEFA14A EDGAR
- Jun 12, 2026DEFA14A EDGAR
- Jun 12, 20268-K EDGAR
- Jun 9, 2026DEFA14A EDGAR
- May 27, 2026DEFA14A EDGAR
- May 7, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- Apr 30, 2026SCHEDULE 13G EDGAR
- Apr 16, 2026DEFA14A EDGAR
- Apr 16, 2026DEF 14A EDGAR
- Apr 2, 2026PRE 14A EDGAR
- Mar 27, 2026SCHEDULE 13G/A EDGAR
- Feb 25, 20268-K EDGAR
- Feb 25, 202610-K EDGAR
- Jan 20, 20268-K EDGAR
- Jan 9, 2026SCHEDULE 13D EDGAR
The 107 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 24, 2025 | PINOLA RICHARD JDirector | Buy | 1,012 | $29.49 | $29.8K | Form 4 |
| Mar 8, 2024 | PINOLA RICHARD JDirector | Buy | 2,066 | $24.21 | $50.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G/A, 2 filings Apr 30, 2026 to Jul 31, 202630
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Dec 8, 2023 to Mar 27, 202631
- Asset Value Investors LtdSCHEDULE 13D, 2 filings Feb 20, 2025 to Jan 9, 202632
- Long Pond Capital, LPSCHEDULE 13G/A, 3 filings Feb 13, 2024 to May 14, 202533
- Morgan StanleySCHEDULE 13G/A, 3 filings Feb 8, 2024 to Mar 6, 202534
- J. Goldman & Co LPSCHEDULE 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202435
- BlackRockSC 13G, 4 filings Feb 2, 2024 to Nov 8, 202436
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 1,649,290 | $18.4M | 0.0% | +1,982 |
| Vanguard Capital Management LLC | 654,700 | $7.3M | 0.0% | −224,812 |
| State Street Corp | 450,213 | $5.0M | 0.0% | +30,811 |
| Geode Capital Management, LLC | 386,641 | $4.3M | 0.0% | +20,907 |
| Marshall Wace, Llp | 384,016 | $4.3M | 0.0% | New |
| Arrowstreet Capital, Limited Partnership | 330,459 | $3.7M | 0.0% | +242,701 |
| Two Sigma Investments, LP | 235,521 | $2.6M | 0.0% | −49,001 |
| K2 Principal Fund, L.P. | 186,702 | $2.1M | 0.5% | +26,417 |
| Millennium Management LLC | 185,861 | $2.1M | 0.0% | −117,067 |
| Dimensional Fund Advisors LP | 182,889 | $2.0M | 0.0% | +10,056 |
| Goldman Sachs Group Inc | 172,284 | $1.9M | 0.0% | +82,466 |
| GABELLI & Co INVESTMENT ADVISERS, INC. | 133,151 | $1.5M | 0.2% | +46,786 |
| UBS Group AG | 124,079 | $1.4M | 0.0% | +109,979 |
| Northern Trust Corp | 120,480 | $1.3M | 0.0% | +8,185 |
| Lazard Asset Management LLC | 108,648 | $1.2M | 0.0% | +382 |
| Man Group plc | 103,820 | $1.2M | 0.0% | −67,948 |
| Morgan Stanley | 103,308 | $1.1M | 0.0% | −2,538 |
| Aqr Capital Management LLC | 101,979 | $1.1M | 0.0% | +30,705 |
| Vanguard Portfolio Management LLC | 100,703 | $1.1M | 0.0% | +14,477 |
| Vanguard Fiduciary Trust Co | 100,533 | $1.1M | 0.0% | +7,901 |
| Rangeley Capital, LLC | 95,000 | $1.1M | 1.0% | −19,870 |
| Los Angeles Capital Management LLC | 86,330 | $960.9K | 0.0% | +46,026 |
| LPL Financial LLC | 75,746 | $843.1K | 0.0% | −17,619 |
| Quantinno Capital Management LP | 69,011 | $768.1K | 0.0% | +33,534 |
| Citadel Advisors LLC | 63,949 | $711.8K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Net Lease Office Properties is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARNet Lease Office Properties1
- CIK0001952976
- Employer ID (EIN)92-08878494
- Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business addressC/O W. P. Carey Inc., One Manhattan West, 395 9Th Ave. 58 Fl, New York, NY 100011
- Phone(844) 656-73481
- Shares outstanding14,814,075 as of Jul 31, 20269
- Public float$479.1M as of Jun 30, 20254
- AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceNov 14, 20221
- Filings107 in all: 4 (20), 8-K (19), 10-Q (9), 3 (8), DEFA14A (6), SC 13G (6), SCHEDULE 13G/A (5), SC 13G/A (4)1
All 24 form types
UPLOAD (4), 10-K (3), CORRESP (3), DRSLTR (3), 8-K/A (2), DEF 14A (2), DRS/A (2), SCHEDULE 13D (2), SCHEDULE 13G (2), 10-12B (1), 10-12B/A (1), CERT (1), DRS (1), PRE 14A (1), S-8 (1), SEC STAFF ACTION (1)
- Latest filingsAnnual report (10-K) Feb 25, 2026
Quarterly report (10-Q) Aug 5, 2026
Proxy statement (DEF 14A) Apr 16, 2026
Latest 8-K (8-K) Aug 5, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares of Beneficial Interest, par value $0.001 per share | NLOP | New York Stock Exchange |
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Net Lease Office Properties names in Item 1A of its 10-K filed Feb 25, 2026: 41 risks under these headings, as written.4
- Risks Related to Our Properties and Business
- Market and economic volatility due to adverse economic and geopolitical conditions, health crises or dislocations in the credit markets, could have a material adverse effect on our business, financial condition, results of operations, our ability to dispose of assets, and our ability to pay dividends and/or distributions.
- Ongoing remote and hybrid working trends may continue to materially adversely impact the value of our properties and our business, operating results, financial condition and prospects.
- We face considerable competition in the leasing market and may be unable to renew existing leases or re-let space on terms similar to our existing leases, or we may expend significant capital in our efforts to re-let space, which may adversely affect our business, financial condition and results of operations.
- We may be unable to find buyers for our properties on a timely basis or at desirable sales prices in accordance with our strategic plan.
- Inflation has adversely affected our financial condition, cash flows and results of operations, and may continue to do so in the future.
- We depend on significant tenants, and the majority of our properties depend upon a single tenant for all or a majority of their rental income; therefore, our financial condition, including our ability to make distributions to shareholders, may be adversely affected by the bankruptcy or insolvency, a downturn in the business, or a lease termination of such a single tenant.
- High geographic concentration of our properties could magnify the effects of adverse economic or regulatory developments in such geographic areas on our operations and financial condition.
- Tenant defaults may have a material adverse effect on our business, financial condition and results of operations.
- Some of our leases provide tenants with the right to terminate their leases early, which may have a material adverse effect on our business, financial condition and results of operations.
- Our expenses may remain constant or increase, even if our revenues decrease, which may have a material adverse effect on our business, financial condition and results of operations.
- Real estate property investments are illiquid. We may not be able to dispose of properties when desired or on favorable terms.
The other 30 risks
- We, our tenants and our properties are subject to various federal, state and local regulatory requirements, such as environmental laws, state and local fire and safety requirements, building codes and land use regulations.
- Uninsured and underinsured losses may adversely affect our operations.
- Risks Related to Financing and Our Indebtedness
- We may need to incur more debt in the future.
- We have existing debt and refinancing risks that could affect our cost of operations.
- Our governing documents do not limit the amount of indebtedness we may incur and we may become more highly leveraged.
- Failure to hedge effectively against interest rate changes may have a material adverse effect on our business, financial condition and results of operations.
- We depend on external sources of capital that are outside of our control, which may affect our ability to pursue strategic opportunities, refinance or repay our indebtedness and make distributions to our shareholders.
- We may amend our divestiture strategy and business policies without shareholder approval.
- Decreases in property values may reduce the amount we receive upon the sale of any of our assets.
- Defaults under future sale agreements may delay or reduce the cash we receive pursuant to any future sale agreements.
- Shareholder litigation related to any disposition strategy could result in substantial costs and distract our Board and Advisor.
- Risks Related to Our Advisor
- Our success is dependent on the performance of our Advisor, and we could be adversely affected if our Advisor ceases managing us.
- We have limited independence from our Advisor and its affiliates, who may be subject to conflicts of interest.
- Payment of fees to our Advisor will reduce cash available for distribution.
- The occurrence of cyber incidents, or a deficiency in our Advisor’s cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.
- Risks Related to Our Status as a REIT
- Failure to remain qualified as a REIT would materially and adversely affect us and the value of our common shares.
- If certain of our (or any of our subsidiary REITs’) subsidiaries, including our operating company, fail to qualify as partnerships or disregarded entities for federal income tax purposes, we (or any of our subsidiary REITs) could cease to qualify as a REIT and suffer other adverse consequences.
- Ownership of TRSs is subject to certain restrictions, and we (or any of our subsidiary REITs) will be required to pay a 100% penalty tax on certain income or deductions if transactions with TRSs are not conducted on arm’s-length terms.
- The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.
- Distribution requirements imposed by law limit our flexibility.
- Legislative or other actions affecting REITs could have a negative effect on us or our investors.
- Even though we qualify as a REIT, certain of our business activities will be subject to other tax liabilities, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.
- Risks Related to an Investment in Our Common Shares
- Limitations on the ownership of our common shares and other provisions of our Declaration of Trust may preclude the acquisition or change of control of our company.
- Maryland law may limit the ability of a third party to acquire control of us.
- Until the 2027 annual meeting of shareholders, we will have a classified Board and that may reduce the likelihood of certain takeover transactions.
- Neither our Declaration of Trust nor the Maryland REIT law requires shareholder approval for a sale of all or substantially all of our properties.
- Market interest rates may have an effect on the value of our common shares.
- We may change our dividend policy.
- If we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements could be impaired, which could result in sanctions or other penalties that would harm our business.
- Because dividends received by non-U.S. shareholders are generally taxable, we or a withholding agent may be required to withhold a portion of our distributions to such persons.
Legal proceedings
Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARAxel K.a. Hansing, Board member
- 14SEC EDGARJason E. Fox, Board member
- 15SEC EDGARJean Hoysradt, Board member
- 16SEC EDGARRichard J. Pinola, Board member
- 17SEC EDGARRegulation FD disclosure
- 18SEC EDGARShareholder vote
- 19SEC EDGAROther events
- 20SEC EDGARRegulation FD disclosure
- 21SEC EDGARRegulation FD disclosure
- 22SEC EDGARCompleted an acquisition or sale
- 23SEC EDGARRegulation FD disclosure
- 24SEC EDGARRegulation FD disclosure
- 25SEC EDGARShareholder vote
- 26SEC EDGARRegulation FD disclosure
- 27SEC EDGARRegulation FD disclosure
- 28SEC EDGARRegulation FD disclosure
- 29NasdaqNasdaq calendar
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