Net Lease Office Properties is a US-listed company in the office REITs industry. Its financial year ends in December.
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~$11
Book value (net assets)
Base case. Range ~$11–$11. Net assets per share: the value if returns just equal the cost of equity.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Net Lease Office Properties valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $76m, down 35.4% on a year earlier, a steeper fall than the 22.5% decline a quarter earlier. That puts it 16 of 16 for growth among the office reits companies we cover. Our book value value is $11.06 a share, against a share price of $9.21.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Net Lease Office Properties's trailing-twelve-month revenue fell 35.4% year on year, with a free-cash-flow margin of 35.2%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 14 office reits companies we cover. Where it lags: revenue growth of -35.4% ranks 18 of 18 office reits companies we cover.
Current signal Net income rising while operating cash flow falls: TTM net income grew 71.1% while operating cash flow fell 14.8% — earnings and cash are telling different stories.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Net Lease Office Properties as an equity reit, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.65 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | — | Does not apply: funds from operations not available or not positive |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | — | Does not apply: no positive funds from operations in the latest twelve months |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | — | Does not apply: no current dividend figure in the company's tagged filings |
| Book value (net assets) Net assets per share: the value if returns just equal the cost of equity. | ~$11 | Primary model, counts double |
| Combined value Weighted average of the models that apply: the primary model (book value (net assets)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$11 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Net Lease Office Properties with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 6, 2026, after the close.
No analyst estimates are published for Net Lease Office Properties: too few analysts cover it.
Last 12 months −14.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $118m | $76m | −35.4% |
| P/S multiple | 1.3x | 1.7x | +32.6% |
| Share count | 15m | 15m | −0.1% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| NLOP | +69% | +6% | −16% |
| Industry peers (median) | +10% | −19% | +5% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| NLOP | 58% | 67% | 36% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| NLOP | −18% | −19% | −34% |
| S&P 500 | −8% | −19% | −9% |
Worst fall since October 27, 2023: 46% from October 27, 2023 to November 2, 2023. Getting back needed a 85% gain, reached on December 6, 2023, 34 days after the low.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $175M |
| FY24 Q1 | $176.3M |
| FY24 Q2 | $172.5M |
| FY24 Q3 | $160.9M |
| FY24 Q4 | $142.2M |
| FY25 Q1 | $127.5M |
| FY25 Q2 | $117.6M |
| FY25 Q3 | $115.9M |
| FY25 Q4 | $118.9M |
| FY26 Q1 | $98.7M |
| FY26 Q2 | $75.9M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q4 | -18.7% |
| FY25 Q1 | -27.7% |
| FY25 Q2 | -31.8% |
| FY25 Q3 | -28.0% |
| FY25 Q4 | -16.4% |
| FY26 Q1 | -22.5% |
| FY26 Q2 | -35.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -2.3% |
| FY24 Q1 | 0.9% |
| FY24 Q2 | -2.2% |
| FY24 Q3 | 0.8% |
| FY24 Q4 | 10.7% |
| FY25 Q1 | 8.7% |
| FY25 Q2 | 11.6% |
| FY25 Q3 | 11.2% |
| FY25 Q4 | 23.7% |
| FY26 Q1 | 30.1% |
| FY26 Q2 | 35.2% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 148 | 156 | 175 | 142 | 119 | 76 |
| Net income | 1 | 16 | −132 | −91 | −145 | −45 |
| Diluted EPS | — | $1.08 | −$9.00 | −$6.18 | −$9.81 | −$3.07 |
| Growth (year on year) | ||||||
| Revenue | — | +5.6% | +12.0% | −18.7% | −16.4% | −35.4% |
| Net income | — | — | −934.9% | — | — | — |
| Diluted EPS | — | — | −933.3% | — | — | — |
| Margins | ||||||
| Net margin | 1.0% | 10.1% | −75.3% | −64.3% | −122.2% | −59.8% |
| Cash flow | ||||||
| Cash from operations | 75 | 84 | 71 | 72 | 64 | 48 |
| Stock-based pay | 2 | 3 | 3 | 0 | 0 | — |
| Balance sheet | ||||||
| Cash | 4 | 5 | 16 | 25 | 120 | 24 |
| Total debt | 0 | 276 | 542 | 172 | 22 | 22 |
| Net debt (negative = net cash) | −4 | 271 | 526 | 147 | −98 | −2 |
| Diluted shares | 15m | 15m | 15m | 15m | 15m | 15m |
| Returned to shareholders | ||||||
| Dividends | — | 0 | 0 | 1 | — | — |
| Total returned | — | 0 | 0 | 1 | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 31 | 28 | 29 | 29 | 30 | 31 | 9 | 6 |
| Net income | −40 | −36 | 0 | −82 | −64 | −0 | 25 | −6 |
| Diluted EPS | −$2.73 | −$2.41 | $0.03 | −$5.50 | −$4.33 | −$0.01 | $1.69 | −$0.42 |
| Growth (year on year) | ||||||||
| Revenue | −27.0% | −40.2% | −33.6% | −25.3% | −5.4% | +10.9% | −69.1% | −78.2% |
| Net income | <−999% | — | — | −754.9% | — | — | — | — |
| Diluted EPS | <−999% | — | — | −754.8% | — | — | — | — |
| Margins | ||||||||
| Net margin | −128.0% | −129.0% | 1.7% | −279.5% | −215.4% | −0.2% | 277.0% | −97.4% |
| Cash flow | ||||||||
| Cash from operations | 20 | 10 | 14 | 12 | 16 | 22 | 8 | 2 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | — | — |
| Last 12 months unless stated | NLOP | FSP | PSTL | ONL | MAYS | BDN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $76m | $104m | $106m | $143m | $21m | $503m | $784m |
| Revenue growth, last 12 months | −35.4% | −5.4% | 22.0% | −6.5% | −3.9% | 3.5% | 2.0% |
| Revenue growth, 3-year average | — | −12.0% | 21.2% | −11.2% | −1.9% | −0.7% | 0.5% |
| Revenue growth, latest quarter | −78.2% | −8.7% | 22.4% | −8.0% | −5.6% | 3.5% | 3.0% |
| Gross margin | — | 60.0% | — | — | 44.5% | 59.5% | 60.0% |
| Operating margin | — | 1.7% | 37.8% | — | −7.7% | 19.0% | 22.3% |
| Operating margin, 3-year average | — | 2.4% | 31.1% | — | −3.7% | 4.8% | 17.1% |
| Net margin | −59.8% | −41.1% | 16.4% | −65.7% | −5.4% | −27.6% | −0.9% |
| Cash from operations / revenue | 63.5% | 8.3% | 44.8% | 15.8% | 8.4% | 22.5% | 32.8% |
| Free-cash-flow margin | 35.2% | −4.8% | 39.2% | −22.3% | −14.0% | −14.8% | 7.8% |
| Free-cash-flow margin, 3-year average | 14.8% | −9.7% | 39.6% | −22.6% | −5.5% | −6.4% | 9.7% |
| Stock pay / revenue | 0.0% | — | 6.4% | 2.8% | — | 1.8% | 1.7% |
| Change in share count | 0.1% | 0.2% | 14.2% | 1.4% | 0.0% | 0.5% | 0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -35.4% | 2.0% | 18 of 18 |
| Change in growth rate Growth | -12.9pp | +0.1pp | 18 of 18 |
| Net margin Profitability | -59.8% | 0.4% | 17 of 18 |
| Stock pay as % of revenue Cash generation | 0.0% | 1.7% | 1 of 14 |
| Long-term debt as % of assets Balance sheet | 4.8% | 40.3% | 1 of 11 |
| Change in share count Balance sheet | 0.1% | 0.3% | 8 of 18 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $116M | 97.4% | ▼ 13.4% |
| Outside the US | $3.1M | 2.6% | ▼ 63.8% |
From Net Lease Office Properties's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $18.4M | 1.6M | 19.8% | ▲ 0.1% |
| Thompson Siegel & Walmsley LLC | $7.8M | 703K | 8.4% | ▲ 29.9% |
| Vanguard Capital Management LLC | $7.3M | 655K | 7.9% | ▼ 25.6% |
| State Street Corp | $5M | 450K | 5.4% | ▲ 7.3% |
| Geode Capital Management, LLC | $4.3M | 387K | 4.6% | ▲ 5.7% |
| Marshall Wace, LLP | $4.3M | 384K | 4.6% | New |
| Arrowstreet Capital, Limited Partnership | $3.7M | 330K | 4.0% | ▲ 276.6% |
| Two Sigma Investments, LP | $2.6M | 236K | 2.8% | ▼ 17.2% |
| K2 Principal Fund, L.P. | $2.1M | 187K | 2.2% | ▲ 16.5% |
| Millennium Management LLC | $2.1M | 186K | 2.2% | ▼ 38.6% |
| Dimensional Fund Advisors LP | $2M | 183K | 2.2% | ▲ 5.8% |
| Goldman Sachs Group Inc | $1.9M | 172K | 2.1% | ▲ 91.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Net Lease Office Properties's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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