Net Lease Office Properties

Net Lease Office Properties (NLOP) is a Maryland real estate investment trust that owns a diversified portfolio of office properties. These properties are primarily leased to corporate tenants under single-tenant, net-lease agreements. These net leases typically include a base rent with scheduled increases and require the tenant to cover nearly all property operating and maintenance costs. NLOP elected to be taxed as a REIT effective November 1, 2023. The majority of NLOP's revenue comes from lease payments from its real estate portfolio, which consists of single-tenant office facilities essential to its tenants' operations. As of December 31, 2025, the portfolio included 24 properties leased to 26 corporate tenants across various industries, generating approximately $54.1 million in annualized base rent (ABR). All properties were located in the United States as of December 31, 2025. In January and February 2026, NLOP sold four properties, including one leased to its largest tenant based on ABR as of December 31, 2025. NLOP was formed on October 21, 2022, by W. P. Carey Inc. (WPC), a net-lease REIT, which spun off a portfolio of 59 office assets into NLOP on November 1, 2023. NLOP is externally managed by certain wholly-owned affiliates of WPC. The spin-off was completed through a pro rata dividend where WPC shareholders received 1 NLOP common share for every 15 shares of WPC common stock held.