Saturday 17 October 2026
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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.
9.77
0.06
+0.62%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | 9.50 | 16.84 | 24.81 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | 50.00 | 33.06 | 34.53 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 197 | — | — | ||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.89 | 0.00 | 0.00 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 148 | 156 | 175 | 142 | 119 | ||||
| Gross margin, % | — | — | — | — | — | 95.65 | 95.04 | 94.35 | 87.95 | 88.93 | |||||
| EBT | — | — | — | — | — | 3 | 16 | (131) | (94) | (145) | |||||
| EBT margin, % | — | — | — | — | — | 2.07 | 10.41 | (75.04) | (65.92) | (121.94) | |||||
| Net income | — | — | — | — | — | 1 | 16 | (132) | (91) | (145) | |||||
| Depreciation | — | — | — | — | — | 61 | 66 | 144 | 79 | 39 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 10.12 | 10.68 | 11.96 | 9.62 | 8.03 | ||||
| Earnings | — | — | — | — | — | 0.10 | 1.08 | (9.01) | (6.18) | (9.81) | |||||
| Cash flow | — | — | — | — | — | 5.15 | 5.76 | 4.85 | 4.86 | 4.33 | |||||
| Capex | — | — | — | — | — | (0.29) | (0.32) | 1.89 | 20.13 | 12.71 | |||||
| Free cash flow | — | — | — | — | — | 4.87 | 5.44 | 6.74 | 24.99 | 17.04 | |||||
| Book value | — | — | — | — | — | 0.00 | 75.89 | 46.57 | 39.58 | 20.10 | |||||
| Shares, m | — | — | — | — | — | 15 | 15 | 15 | 15 | 15 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | — | 1.68 | 1.68 | 1.52 | 3.25 | 3.21 | |||||
| P/B | — | — | — | — | — | 2,836,474.00 | 2,836,474.00 | 0.39 | 0.79 | 1.28 | |||||
| EV/Sales | — | — | — | — | — | 1.68 | 1.68 | 4.23 | 3.95 | 2.39 | |||||
| EV/FCF | — | — | — | — | — | 3.72 | 3.72 | 7.50 | 1.52 | 1.13 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 75 | 84 | 71 | 72 | 64 | ||||
| Capex | — | — | — | — | — | (4) | (5) | 28 | 298 | 188 | |||||
| Free cash flow | — | — | — | — | — | 71 | 80 | 99 | 370 | 252 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (44) | 8 | 24 | 67 | ||||
| Total debt | — | — | — | — | — | — | 276 | 542 | 169 | 22 | |||||
| Net debt | — | — | — | — | — | — | 270 | 474 | 101 | (101) | |||||
| Shareholders’ equity | — | — | — | — | — | — | 1,110 | 681 | 585 | 298 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 2.16 | (9.52) | (8.67) | (23.09) | ||||
| ROIC | — | — | — | — | — | 0.00 | 1.95 | (4.63) | (4.00) | (31.93) | |||||
| ROE | — | — | — | — | — | 0.00 | 0.00 | (14.71) | (14.44) | (32.89) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
Net Lease Office Properties vs peers in Reit Office (Q) = latest quarter vs a year earlier
| 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. | $1.1B | — (loss-making) | — (loss-making) | +2.73% (above 0%: growing) | n/m | −9.08% (below 0%: shrinking) | 61.15% | 14.29% | Compare |
| DEA Easterly Government Properties, Inc. | $1.0B | 100× | 133× | +9.71% (above 0%: growing) | −33.33% (below 0%: shrinking) | +106.84% (above 0%: growing) | 68.54% | 23.79% | Compare |
| PSTL Postal Realty Trust, Inc. | $776.1M | 40.7× | 36.4× | +22.40% (above 0%: growing) | +25.00% (above 0%: growing) | +45.98% (above 0%: growing) | 79.73% | 39.49% | Compare |
| HPP Hudson Pacific Properties, Inc. | $619.7M | — (loss-making) | — (loss-making) | −0.90% (below 0%: shrinking) | n/m | −100.77% (below 0%: shrinking) | 44.94% | (5.05%) | Compare |
| BDN Brandywine Realty Trust | $460.5M | — (loss-making) | — (loss-making) | +6.92% (above 0%: growing) | n/m | −1.07% (below 0%: shrinking) | 59.27% | 15.09% | Compare |
| NLOP Net Lease Office Properties | $143.9M | — (loss-making) | — | −78.21% (below 0%: shrinking) | n/m | −91.52% (below 0%: shrinking) | 86.13% | (101.56%) | |
| ONL Orion Office REIT Inc. | $117.5M | — (loss-making) | — (loss-making) | −8.04% (below 0%: shrinking) | n/m | +175.48% (above 0%: growing) | 63.63% | 9.86% | Compare |
| FSP Franklin Street Properties Corp. | $41.6M | — (loss-making) | — (loss-making) | −1.35% (below 0%: shrinking) | n/m | −129.01% (below 0%: shrinking) | 44.77% | (34.23%) | Compare |
| CMCT Creative Media & Community Trust Corporation | $13.2M | — (loss-making) | — (loss-making) | −0.02% (below 0%: shrinking) | n/m | +123.64% (above 0%: growing) | 10.61% | (22.79%) | Compare |
| Median of peers | $540.1M | — | — | +1.36% | — | +22.46% | 60.21% | 12.08% |
Net Lease Office Properties (NLOP) key facts
- Concern: Net Lease Office Properties' revenue for fiscal 2025 (year ended December 2025) was $118.9 million, down 16.4% from fiscal 2024.
- Concern: Net Lease Office Properties reported a net loss of $145.2 million, or a loss of $9.81 per share, for fiscal 2025.
- Net Lease Office Properties (NLOP) is a Reit Office company in the Real Estate sector, listed on the New York Stock Exchange.
- As of October 16, 2026, NLOP traded at $9.77, a market capitalization of $143.9 million.
- Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 1.9× sales.
- Net Lease Office Properties pays an annual dividend of $4.10 per share, a yield of 42.0%.
- Return on equity was −32.9% and debt-to-equity 0.13.
- Its Piotroski F-score is 6 out of 9 for fiscal 2025.