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Net Lease Office Properties (NLOP)

NYSE: NLOP · Real Estate Investment Trusts · New York, NY · filing with the SEC since 2022
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Grade3.8
◀ Past 4.5● Present 3.9▶ Future 3.2
1 est.
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The grade of Net Lease Office Properties

Nine metrics read from its own filings, by tense
Headline grade
3.8/10
◀ Past4.525% of the headline
● Present3.945% of the headline
▶ Future3.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.5/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed
7.0/10

Has it survived what it has been through?

No warning events in its filings since 2022.

weight 45% of this tense · 70th percentile among 174 sector filers · read for itself

From the record

Net Lease Office Properties' filings since 2022 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
1.6/10

What has it actually done, year after year?

-5.3% a year over 5 filed years; profitable in 2 of 5.

weight 33% of this tense · 16th percentile among 156 sector filers · read for its customers

From the record

Net Lease Office Properties' 5 filed years say what it did: revenue went from $148 million in fiscal 2021 to $119 million in fiscal 2025, down 5.3% a year; it rose in 2 of 4 years; the deepest fall was 32% from fiscal 2023 to fiscal 2025; net income was positive in 2 of 5 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span-5.3%bottom 8% of its family
  • the share of years revenue rosebottom 13% of its family
  • the share of filed years with a profitbottom 13% of its family
  • the deepest fall from a revenue peak32.0%bottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
3.6/10

How has it treated the people who own it?

Share count grew 0.4% a year. 1% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 36th percentile among 156 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Net Lease Office Properties' diluted share count grew about 0.4% a year, and dividends and buybacks returned about 1% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

  • the share count over the yearstop 34% of its family
  • cash returned against operating cash flowbottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

3.9/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
5.5/10

Is it financially healthy right now?

ROE -49%: lost 49¢ per shareholder dollar. Leverage 34%: owes 34¢ per asset dollar.

weight 45% of this tense · 55th percentile among 171 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Net Lease Office Properties lost about 49 cents for every dollar of shareholders' money. Leverage: it owed about 34 cents per dollar of assets, and net share issuance: its share count grew 0.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 6% of its family
  • return on equitybottom 1% of its family
  • the share count against the year beforetop 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
0.9/10

How strong is its position in its industry?

bottom 9% of 157 in its family; net margin -122.2%.

weight 33% of this tense · 9th percentile among 157 sector filers · read for its customers

From the record

Net Lease Office Properties' standing among 157 graded names in its industry family: revenue of $119 million in fiscal 2025 ranks in the bottom 19% by size; a net margin of -122.2% ranks in the bottom 2%; revenue growth of -8.7% a year over the last 3 filed years ranks in the bottom 8% (its annual reports).

What it rests on

  • revenue against the family$119Mbottom 19% of its family
  • net margin-122.2%bottom 2% of its family
  • three-year revenue growth-8.7%bottom 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.2/10

What are the people in charge doing?

SI estimate 5.2/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 169 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title, so the desk assumes the typical reading of its industry family, the median of 169 members with one.
What the record cannot read
Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
How it was reasoned
family median, 169 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Net Lease Office Properties's leadership is put at 5.2 of 10 with a confidence of 20 of 100, because fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title, so the desk assumes the typical reading of its industry family, the median of 169 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

3.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
8.9/10

How much room does it have to grow?

top 11% of 146 in its family for room to expand.

weight 22% of this tense · 89th percentile among 146 sector filers · read for itself

From the record

Net Lease Office Properties' room to grow, from the newest filed statements (fiscal 2025): cash of $123 million against debt of $22 million leaves 22.2% of its assets as net cash, top 1% of its family; cash from operations less capital spending is 53.9% of revenue (top 21%) (its annual report).

What it rests on

  • cash less debt against assets22.2%top 1% of its family
  • cash from operations less capital spending against revenue53.9%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
2.2/10

What could actually drive growth from here?

bottom 22% of 153 in its family for growth drivers.

weight 33% of this tense · 22nd percentile among 153 sector filers · read for its customers

From the record

Net Lease Office Properties' growth drivers, from the filed years to fiscal 2025: revenue grew -8.7% a year over the last three filed years against -5.3% over all 5, slowing (bottom 38% of its family); the newest year grew -16.4% (bottom 6%) (its annual reports). Net Lease Office Properties tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-3.4 points a yearbottom 38% of its family
  • the newest year's revenue growth-16.4%bottom 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
1.1/10

Did its newest year beat what its own record pointed to?

bottom 11% of 150 in its family for expectations against reality.

weight 45% of this tense · 11th percentile among 150 sector filers · read for its shareholders

From the record

Net Lease Office Properties' newest year against its own record: revenue of $119 million in fiscal 2025 came in 12.4% below the $136 million its prior three years' pace pointed to (bottom 18% of its family); net income of $145 million against a prior three-year average of $69 million (bottom 12%); a net margin of a loss larger than its revenue against -43.2% before (bottom 3%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-12.4%bottom 18% of its family
  • net income against the prior three years' average-110%bottom 12% of its family
  • net margin against its prior average-79.0 pointsbottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NLOP · research, not advice