Saturday 7 November 2026 Export NLOP’s income statement to Excel — free account

Net Lease Office Properties

Net Lease Office Properties' revenue for fiscal 2025 (year ended December 2025) was $118.9 million, down 16.4% from fiscal 2024.

Revenue: −80.2%
EPS: +99.1%
Free cash flow: −98.7%
Total debt: −81.3%

Quarter to September 2026, against a year earlier

9.26 0.24 +2.66%

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Market cap: $133.6M
P/E: 7.5×
Fwd P/E: —
Dividend yield: 44.3%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.77%

Capital & Financial Ratios $m

Size

Market Cap 133.63

Revenue ttm 52.03

Net income ttm 18.27

Free cash flow ttm 304.45

Net debt Q (30.63)

Valuation

P/E 7.53

Forward P/E —

Price / sales 2.64

Forward P/S Powerpack

Price / FCF 0.45

Price / book 0.82

Financial health

Current ratio Q 2.40

Debt / equity Q 0.00

Interest coverage Q (12.29)

Growth

Revenue growth Q −80.18%

Operating income growth Q +86.63%

EPS, this year —

EPS, next year A —

Revenue, next year A −24.71%

EPS, past 5 yrs —

EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 55.13%

10-year low 10-year high

P/B against its own 10 years 52.50%

10-year low 10-year high

EV/Sales against its own 10 years 31.45%

10-year low 10-year high

EV/FCF against its own 10 years 10.39%

10-year low 10-year high

Dividends

Yield: 44.3%
Annual rate: 4.10
Payout ratio: 333.6%
Growth, 2023–25: +247.3%/yr

0.34 ’23
4.10 ’25 +1106

paid change on the year, %

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	68	68	123	31
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	68	68	123	31

	2023	2024	2025	Q'26
Payables	60	44	56	13
ST’ Debt	—	—	—	—
Other	—	—	—	—
	60	44	56	13

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	(8.69%)
Cash Flow	—	—	(8.72%)
Earnings	—	—	0.00%
Book Value	—	—	(35.49%)

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.69	(0.42)	(0.04)	—	—
’25	0.03	(5.50)	(4.33)	0.00	(9.81)
’24	(1.88)	0.84	(2.73)	(2.42)	(6.18)
’23	0.26	0.26	0.19	(9.71)	(9.00)
’22	—	—	—	—	1.08

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	9	6	6	—	—
’25	29	29	30	31	119
’24	44	39	31	28	142
’23	43	43	43	46	175
’22	—	—	40	—	156

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	8	2	1	—	—
’25	14	12	16	22	64
’24	26	15	20	10	72
’23	20	23	21	7	71
’22	—	—	67	17	84

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	127	2	27	—	—
’25	22	27	56	148	252
’24	53	165	97	54	370
’23	20	20	19	39	99
’22	—	—	67	17	80

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Sep ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	—	—	—	—	—	148	156	175	142	119	52		(5.3%)	—	—	—	—
	Gross margin, %	—	—	—	—	—	95.65	95.04	94.35	87.95	88.93	88.14		(6.7) pt	Powerpack Net Lease Office Properties’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	—	—	—	—	—	3	16	(131)	(94)	(145)	18		n/m
	EBT margin, %	—	—	—	—	—	2.07	10.41	(75.04)	(65.92)	(121.94)	35.21		(124.0) pt
	Net income	—	—	—	—	—	1	16	(132)	(91)	(145)	18		n/m
Per share, $
Per share, $	Revenue	—	—	—	—	—	10.12	10.68	11.96	9.62	8.03	3.51		(5.6%)
	Earnings	—	—	—	—	—	0.10	1.08	(9.01)	(6.18)	(9.81)	1.23		n/m
	Cash flow	—	—	—	—	—	5.15	5.76	4.85	4.86	4.33	2.20		(4.3%)
	Capex	—	—	—	—	—	(0.29)	(0.32)	1.89	20.13	12.71	18.35		n/m
	Free cash flow	—	—	—	—	—	4.87	5.44	6.74	24.99	17.04	20.55		+36.8%
	Book value	—	—	—	—	—	0.00	75.89	46.57	39.58	20.10	11.27		n/m
	Shares, m	—	—	—	—	—	15	15	15	15	15	15		+0.3%
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	7.53		0.0
	P/S	—	—	—	—	—	1.68	1.68	1.52	3.25	3.21	2.64		2.3
	P/B	—	—	—	—	—	2,836,474.00	2,836,474.00	0.39	0.79	1.28	0.82		1,134,590.1
	EV/Sales	—	—	—	—	—	1.68	1.68	4.23	3.95	2.39	2.47		2.8
	EV/FCF	—	—	—	—	—	3.72	3.72	7.50	1.52	1.13	0.42		3.5
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	—	75	84	71	72	64	33		(4.0%)
	Capex	—	—	—	—	—	(4)	(5)	28	298	188	272		n/m
	Free cash flow	—	—	—	—	—	71	80	99	370	252	304		+37.2%
Balance, $m
Balance, $m	Working capital	—	—	—	—	—	—	(44)	8	24	67	18		n/m
	Net debt	—	—	—	—	—	—	270	474	101	(101)	(31)		n/m
	Shareholders’ equity	—	—	—	—	—	—	1,110	681	585	298	167		(35.5%)
Returns, %
Returns, %	ROA	—	—	—	—	—	0.00	2.16	(9.52)	(8.67)	(23.09)	5.15		(23.1) pt
	ROIC	—	—	—	—	—	0.00	1.95	(4.63)	(4.00)	(31.93)	(0.99)		(31.9) pt
	ROE	—	—	—	—	—	0.00	0.00	(14.71)	(14.44)	(32.89)	6.02		(32.9) pt
People
People	Employees	—	—	—	—	—	—	—	197	—	—	—		—
	Revenue/emp, $m	—	—	—	—	—	0.00	0.00	0.89	0.00	0.00	—		n/m

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PDM Piedmont Realty Trust, Inc.	$1.2B	— (loss-making)	— (loss-making)	+8.68% (above 0%: growing)	n/m	−4,096.18% (below 0%: shrinking)	60.31%	14.53%	Compare
DEA Easterly Government Properties, Inc.	$1.1B	72.3×	78.4×	+8.66% (above 0%: growing)	+337.82% (above 0%: growing)	−79.62% (below 0%: shrinking)	65.93%	25.59%	Compare
PSTL Postal Realty Trust, Inc.	$847.0M	34.6×	31.0×	+24.47% (above 0%: growing)	+77.00% (above 0%: growing)	+36.44% (above 0%: growing)	79.22%	39.31%	Compare
BDN Brandywine Realty Trust	$540.7M	— (loss-making)	— (loss-making)	+3.48% (above 0%: growing)	n/m	+526.19% (above 0%: growing)	58.53%	37.51%	Compare
HPP Hudson Pacific Properties, Inc.	$486.0M	— (loss-making)	— (loss-making)	−3.07% (below 0%: shrinking)	n/m	+817.27% (above 0%: growing)	45.56%	(4.30%)	Compare
OPI OFFIC PPTYS IT	$283.0M	— (loss-making)	—	+2.04% (above 0%: growing)	n/m	−358.26% (below 0%: shrinking)	84.14%	(0.02%)	Compare
ONL Orion Office REIT Inc.	$134.1M	— (loss-making)	119×	−4.55% (below 0%: shrinking)	n/m	+0.08% (above 0%: growing)	59.69%	10.66%	Compare
NLOP Net Lease Office Properties	$133.6M	7.5×	—	−80.18% (below 0%: shrinking)	n/m	−98.66% (below 0%: shrinking)	80.28%	(89.99%)
FSP Franklin Street Properties Corp.	$44.3M	— (loss-making)	— (loss-making)	−8.67% (below 0%: shrinking)	n/m	+598.40% (above 0%: growing)	48.93%	(33.20%)	Compare
Median of peers	$513.3M	—	78.4×	+2.76%	—	+18.26%	60.00%	12.60%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 16 April 2026

Ownership

Directors and executive officers, together less than 1%

BlackRock, Inc.50 Hudson YardsNew York, NY 8.31%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement