Net Lease Office Properties
NLOP Real Estate Reit Office
Net Lease Office Properties' revenue for fiscal 2025 (year ended December 2025) was $118.9 million, down 16.4% from fiscal 2024. In the quarter to June 2026, revenue fell 78.2%, EPS grew 92.4%, free cash flow fell 91.5% and total debt fell 81.3%, each against the same quarter a year earlier.
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Net Lease Office Properties (NLOP) Piotroski F-score
Net Lease Office Properties's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 0.00 |
| FY2024 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (23.09%) | (8.67%) | Fail | 0 |
| Positive operating cash flow | 64.11m | 71.86m | Pass | 1 |
| Rising return on assets | (23.09%) | (8.67%) | Fail | 0 |
| Cash flow above net income | 209.37m | 163.33m | Pass | 1 |
| Falling long-term leverage | 0.03 | 0.16 | Pass | 1 |
| Rising current ratio | 2.19 | 1.55 | Pass | 1 |
| No new shares issued | 14,814,000 | 14,790,000 | Fail | 0 |
| Rising gross margin | 88.93% | 87.95% | Pass | 1 |
| Rising asset turnover | 0.19 | 0.13 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FSP Franklin Street Properties Corp. compare | 6 |
| NLOP Net Lease Office Properties | 6 |
| PSTL Postal Realty Trust, Inc. compare | 6 |
| HPP Hudson Pacific Properties, Inc. compare | 6 |
| DEA Easterly Government Properties, Inc. compare | 6 |
| PDM Piedmont Realty Trust, Inc. compare | 3 |
| CMCT Creative Media & Community Trust Corporation compare | 3 |
| BDN Brandywine Realty Trust compare | 3 |
| ONL Orion Office REIT Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover