NYSE : NLOP
Net Lease Office Properties — Financial statements
Real Estate · REIT - Office · United States
Last price 9.1 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 134.81M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 58.06M | 99.26M | 128.86M | 166.03M | 151.25M | 143.96M |
| Other Revenue | 6.04M | 6.04M | 13.30M | 7.74M | 3.22M | 2.24M |
| Total Revenue | 65.35M | 105.92M | 142.25M | 174.97M | 156.21M | 147.91M |
| Property Expenses | 8.06M | 13.16M | 17.14M | 9.89M | 7.75M | |
| Selling, General & Administrative | 7.18M | 7.31M | 7.50M | 13.61M | 11.87M | 16.74M |
| Depreciation & Amortization | 21.49M | 35.88M | 56.70M | 75.00M | 63.20M | 58.58M |
| Other Operating Expenses | 12.32M | 22.45M | 26.52M | 27.96M | 24.25M | 23.65M |
| Total Operating Expenses | 49.05M | 78.80M | 107.86M | 126.45M | 107.08M | 98.97M |
| Operating Income | 16.30M | 27.11M | 34.38M | 48.51M | 49.14M | 48.94M |
| Interest Expense | -3.37M | -12.74M | -68.96M | -42.61M | -26.84M | -28.64M |
| Interest & Investment Income | 2.30M | 2.10M | 2.30M | |||
| Currency Exchange Gain (Loss) | -100.00K | -800.00K | ||||
| Other Non-Operating Income | -15.82M | -4.36M | -3.25M | 456.00K | -7.00K | |
| EBT Excluding Unusual Items | -684.00K | 12.12M | -36.33M | 6.36M | 22.29M | 20.30M |
| Merger & Restructuring Charges | -6.03M | |||||
| Impairment of Goodwill | -62.46M | |||||
| Gain (Loss) on Sale of Assets | 8.40M | -29.01M | 20.22M | -3.61M | ||
| Asset Writedown | -65.17M | -140.81M | -78.24M | -63.14M | ||
| Other Unusual Items | 12.20M | 12.70M | 584.00K | -8.45M | -17.23M | |
| Pretax Income | -45.25M | -145.00M | -93.77M | -131.30M | 16.26M | 3.06M |
| Income Tax Expense | 16.00K | 158.00K | -2.38M | 425.00K | 486.00K | 1.65M |
| Earnings From Continuing Operations | -45.27M | -145.16M | -91.39M | -131.72M | 15.78M | 1.42M |
| Minority Interest in Earnings | -144.00K | -100.00K | -85.00K | -24.00K | 2.00K | |
| Net Income | -45.41M | -145.26M | -91.47M | -131.75M | 15.78M | 1.42M |
| Net Income to Common | -45.41M | -145.26M | -91.47M | -131.75M | 15.78M | 1.42M |
| Basic Shares Outstanding | 14.81M | 14.81M | 14.79M | 14.63M | 14.62M | 14.62M |
| Diluted Shares Outstanding | 14.81M | 14.81M | 14.79M | 14.63M | 14.62M | 14.62M |
| EPS (Basic) | -3.07 | -9.81 | -6.18 | -9.00 | 1.08 | 0.10 |
| EPS (Diluted) | -3.07 | -9.81 | -6.18 | -9.00 | 1.08 | 0.10 |
| Dividend Per Share | 0.34 | |||||
| Operating Margin | 24.95% | 25.60% | 24.17% | 27.73% | 31.45% | 33.09% |
| Profit Margin | -69.49% | -137.15% | -64.30% | -75.30% | 10.10% | 0.96% |
| EBITDA | 43.60M | 65.91M | 113.32M | 129.91M | 115.37M | 110.10M |
| EBITDA Margin | 66.71% | 62.23% | 79.67% | 74.25% | 73.85% | 74.44% |
| D&A For Ebitda | 27.30M | 38.80M | 78.94M | 81.40M | 66.23M | 61.16M |
| EBIT | 16.30M | 27.11M | 34.38M | 48.51M | 49.14M | 48.94M |
| EBIT Margin | 24.95% | 25.60% | 24.17% | 27.73% | 31.45% | 33.09% |
| Funds From Operations (FFO) | 32.64M | 60.23M | 23.04M | 72.25M | 78.90M | 60.00M |
| Adjusted Funds From Operations (AFFO) | 51.31M | 73.81M | 62.05M | 93.93M | 88.72M | 77.50M |
| FFO Payout Ratio | 1,014.51% | 177.09% | 4.65% | |||
| Effective Tax Rate | 2.99% | 53.72% | ||||
| Revenue as Reported | 75.91M | 118.92M | 142.25M | 174.97M | 156.21M | 147.91M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 155.16M | 156.14M | 580.26M | 995.22M | 1.10B | 940.65M |
| Cash & Equivalents | 23.66M | 119.62M | 25.12M | 16.27M | 4.67M | 3.97M |
| Accounts Receivable | 41.88M | 10.52M | 14.73M | 14.96M | ||
| Goodwill | 63.58M | 51.96M | ||||
| Other Intangible Assets | 12.25M | 15.65M | 97.89M | 166.08M | 228.44M | 214.23M |
| Restricted Cash | 3.65M | 3.01M | 43.30M | 51.56M | 1.33M | 5.33M |
| Trading Asset Securities | 10.00K | 433.00K | ||||
| Other Long-Term Assets | 6.17M | 117.07M | 58.49M | 65.00M | 47.93M | 43.62M |
| Total Assets | 200.90M | 453.37M | 805.07M | 1.31B | 1.46B | 1.27B |
| Current Portion of Long-Term Debt | 21.90M | 21.90M | ||||
| Current Portion of Leases | 13.00K | |||||
| Long-Term Debt | 169.22M | 541.98M | 276.06M | 149.90M | ||
| Long-Term Leases | 165.00K | 259.00K | 4.68M | 4.77M | 4.48M | |
| Accounts Payable | 9.81M | 376.00K | 366.00K | 676.00K | 45.18M | 38.29M |
| Accrued Expenses | 155.00K | 294.00K | 469.00K | 1.25M | ||
| Other Current Liabilities | 55.26M | 43.05M | 52.93M | |||
| Long-Term Deferred Tax Liabilities | 10.45M | 12.00M | 8.36M | |||
| Other Long-Term Liabilities | 1.31M | 77.54M | 6.30M | 11.70M | 14.67M | 16.18M |
| Total Liabilities | 33.17M | 155.55M | 219.67M | 623.66M | 352.68M | 217.21M |
| Common Stock | 15.00K | 15.00K | 15.00K | 15.00K | 1.15B | 1.10B |
| Additional Paid-In Capital | 855.81M | 855.81M | 855.81M | 855.55M | ||
| Distributions in Excess of Earnings | -692.00M | -561.92M | -234.44M | -142.96M | ||
| Comprehensive Income & Other | -40.16M | -35.60M | -42.46M | -41.23M | ||
| Total Common Equity | 163.83M | 293.91M | 581.23M | 677.01M | 1.11B | 1.06B |
| Minority Interest | 3.90M | 3.91M | 4.17M | 4.42M | 1.74M | |
| Shareholders' Equity | 167.73M | 297.82M | 585.40M | 681.43M | 1.11B | 1.06B |
| Total Liabilities & Equity | 200.90M | 453.37M | 805.07M | 1.31B | 1.46B | 1.27B |
| Total Debt | 21.90M | 22.08M | 169.47M | 546.66M | 280.83M | 154.38M |
| Net Cash (Debt) | 1.76M | 97.54M | -144.34M | -529.96M | -276.16M | -150.41M |
| Net Cash Per Share | 0.12 | 6.58 | -9.76 | -36.22 | -18.89 | -10.29 |
| Filing Date Shares Outstanding | 14.81M | 14.81M | 14.81M | 14.79M | 14.62M | |
| Total Common Shares Outstanding | 14.81M | 14.81M | 14.81M | 14.62M | 14.62M | |
| Book Value Per Share | 11.06 | 19.84 | 39.23 | 46.30 | ||
| Tangible Book Value | 151.58M | 278.26M | 483.34M | 510.93M | 815.75M | 791.32M |
| Tangible Book Value Per Share | 10.23 | 18.78 | 32.63 | 34.94 | ||
| Land | 25.57M | 26.95M | 94.12M | 168.20M | 178.36M | 1.10B |
| Buildings | 194.65M | 191.85M | 635.77M | 1.04B | 1.11B | |
| Construction In Progress | 447.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -45.41M | -145.26M | -91.47M | -131.75M | 15.78M | 1.42M |
| Depreciation & Amortization | 27.30M | 38.80M | 78.94M | 81.40M | 66.23M | 61.16M |
| Other Amortization | -4.96M | |||||
| Gain (Loss) on Sale of Assets | -8.40M | 29.01M | -20.22M | 3.61M | ||
| Asset Writedown | 65.17M | 140.81M | 78.24M | 125.60M | ||
| Stock-Based Compensation | 250.00K | 2.90M | 3.16M | 2.40M | ||
| Change in Other Net Operating Assets | -11.59M | -7.99M | 13.16M | -8.93M | 1.07M | -2.67M |
| Other Operating Activities | 10.25M | 3.93M | 12.96M | -1.86M | -1.97M | 13.03M |
| Operating Cash Flow | 48.21M | 64.11M | 71.86M | 70.97M | 84.28M | 75.33M |
| Acquisition of Real Estate Assets | -2.02M | -4.03M | -12.00M | -11.16M | -4.72M | -4.18M |
| Sale of Real Estate Assets | 286.84M | 192.28M | 309.75M | 38.85M | ||
| Net Sale / Acq. of Real Estate Assets | 284.82M | 188.25M | 297.75M | 27.69M | -4.72M | -4.18M |
| Cash Acquisition | -20.97M | |||||
| Other Investing Activities | 20.03M | 20.00M | 2.77M | |||
| Investing Cash Flow | 304.85M | 208.24M | 297.75M | 27.69M | -22.92M | -4.18M |
| Long-Term Debt Issued | 430.91M | |||||
| Long-Term Debt Repaid | -111.48M | -366.60M | -63.70M | -39.94M | -264.08M | |
| Net Debt Issued (Repaid) | -50.17M | -111.48M | -366.60M | 367.20M | -39.94M | -264.08M |
| Common Dividends Paid | -331.09M | -106.66M | -1.07M | |||
| Other Financing Activities | -666.00K | -745.00K | -316.00K | -403.98M | -24.60M | 186.83M |
| Foreign Exchange Rate Adjustments | -4.00K | 738.00K | -1.03M | -50.00K | -123.00K | 19.00K |
| Net Cash Flow | -28.87M | 54.21M | 597.00K | 61.83M | -3.30M | -6.08M |
| Levered Free Cash Flow | -4.67M | 58.24M | 65.39M | 51.63M | 94.46M | |
| Unlevered Free Cash Flow | 2.39M | 66.20M | 108.49M | 78.26M | 111.23M | |
| Cash Interest Paid | 9.20M | 9.20M | 41.30M | 39.30M | 26.80M | 28.60M |
| Change in Working Capital | -11.59M | -7.99M | 13.16M | -8.93M | 1.07M | -2.67M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 132.73M | 382.05M | 461.44M | 270.19M | ||
| Enterprise Value | 130.97M | 394.45M | 668.98M | 530.69M | ||
| Last Close Price | 8.96 | 10.61 | 10.02 | 5.93 | ||
| PS Ratio | 2.03 | 3.61 | 3.24 | 1.54 | ||
| PB Ratio | 0.81 | 1.28 | 0.79 | 0.40 | ||
| P/OCF Ratio | 2.75 | 5.96 | 6.42 | 3.81 | ||
| EV/Sales Ratio | 2.00 | 3.72 | 4.70 | 3.03 | ||
| EV/EBITDA Ratio | 3.00 | 5.98 | 5.90 | 4.08 | ||
| EV/EBIT Ratio | 8.03 | 14.55 | 19.46 | 10.94 | ||
| Debt / Equity Ratio | 0.13 | 0.07 | 0.29 | 0.80 | 0.25 | 0.15 |
| Debt / EBITDA Ratio | 0.50 | 0.33 | 1.49 | 4.19 | 2.42 | 1.32 |
| Net Debt / Equity Ratio | -0.01 | -0.33 | 0.25 | 0.78 | 0.25 | 0.14 |
| Net Debt / EBITDA Ratio | -0.04 | -1.48 | 1.27 | 4.08 | 2.39 | 1.37 |
| Asset Turnover | 0.15 | 0.17 | 0.14 | 0.13 | 0.11 | |
| Quick Ratio | 0.74 | 2.08 | 0.57 | 0.50 | 0.43 | 0.49 |
| Current Ratio | 0.86 | 2.11 | 1.56 | 1.44 | 0.46 | 0.63 |
| Return on Equity (ROE) | -13.48% | -32.87% | -14.43% | -14.71% | 1.46% | |
| Return on Assets (ROA) | 2.34% | 2.69% | 2.04% | 2.19% | 2.24% | |
| Return on Invested Capital (ROIC) | 8.46% | 5.04% | 3.47% | 3.71% | 3.66% | 1.87% |
| Earnings Yield | -34.22% | -38.02% | -19.82% | -48.76% | ||
| Dividend Yield | 3.79% | 1.84% | ||||
| Buyback Yield / Dilution | -0.02% | -0.17% | -1.08% | -0.07% | ||
| Total Shareholder Return | 3.77% | -0.17% | -1.08% | 1.77% |