# Net Lease Office Properties: overview

NLOP · NYSE · CIK 1952976 · [Real estate](/sectors/real-estate.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/nlop.md) · [Financials](/companies/nlop/financials.md) · [Filings](/companies/nlop/filings.md) · [Insiders](/companies/nlop/insiders.md)

Latest reported revenue: [$6.4m](/filings/0001952976-26-000057.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 5, 2026 (XBRL us-gaap:Revenues, accession 0001952976-26-000057).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [31.5](/filings/0001952976-25-000059.md) | [27.7 d](/filings/0001952976-26-000012.md) | [29.2](/filings/0001952976-26-000031.md) | [29.2](/filings/0001952976-26-000057.md) | [29.8](/filings/0001952976-25-000059.md) | [30.7 d](/filings/0001952976-26-000012.md) | [9.0](/filings/0001952976-26-000031.md) | [6.4](/filings/0001952976-26-000057.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [(128.0%)](/filings/0001952976-25-000059.md) | [(129.0%) d](/filings/0001952976-26-000012.md) | [1.7%](/filings/0001952976-26-000031.md) | [(279.5%)](/filings/0001952976-26-000057.md) | [(215.4%)](/filings/0001952976-25-000059.md) | [(0.2%) d](/filings/0001952976-26-000012.md) | [277.0%](/filings/0001952976-26-000031.md) | [(97.4%)](/filings/0001952976-26-000057.md) |
| Diluted EPS | $ per share | [(2.73)](/filings/0001952976-25-000059.md) | not reported | [0.03](/filings/0001952976-26-000031.md) | [(5.50)](/filings/0001952976-26-000057.md) | [(4.33)](/filings/0001952976-25-000059.md) | not reported | [1.69](/filings/0001952976-26-000031.md) | [(0.42)](/filings/0001952976-26-000057.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY (2021-12-31) | FY (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [148](/filings/0001952976-24-000019.md) | [156](/filings/0001952976-25-000007.md) | [175](/filings/0001952976-26-000012.md) | [142](/filings/0001952976-26-000012.md) | [119](/filings/0001952976-26-000012.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [1.0%](/filings/0001952976-24-000019.md) | [10.1%](/filings/0001952976-25-000007.md) | [(75.3%)](/filings/0001952976-26-000012.md) | [(64.3%)](/filings/0001952976-26-000012.md) | [(122.2%)](/filings/0001952976-26-000012.md) |
| Diluted EPS | $ per share | not reported | [1.08](/filings/0001952976-25-000007.md) | [(9.00)](/filings/0001952976-26-000012.md) | [(6.18)](/filings/0001952976-26-000012.md) | [(9.81)](/filings/0001952976-26-000012.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/nlop/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $18.4m | 1,649,290 |  | Added +1,982 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $7.3m | 654,700 |  | Reduced −224,812 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $5.0m | 450,213 |  | Added +30,811 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $4.3m | 386,641 |  | Added +20,907 |
| [MARSHALL WACE, LLP](/funds/1318757.md) | 2026-06-30 | $4.3m | 384,016 |  | New +384,016 |
| [ARROWSTREET CAPITAL, LIMITED PARTNERSHIP](/funds/1164508.md) | 2026-06-30 | $3.7m | 330,459 |  | Added +242,701 |
| [TWO SIGMA INVESTMENTS, LP](/funds/1179392.md) | 2026-06-30 | $2.6m | 235,521 |  | Reduced −49,001 |
| [K2 PRINCIPAL FUND, L.P.](/funds/1461790.md) | 2026-06-30 | $2.1m | 186,702 |  | Added +26,417 |
| [MILLENNIUM MANAGEMENT LLC](/funds/1273087.md) | 2026-06-30 | $2.1m | 185,861 |  | Reduced −117,067 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $2.0m | 182,889 |  | Added +10,056 |

## Recent filings

[All 100 filings](/companies/nlop/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-05 | 16:06 ET | [8-K](/filings/0001952976-26-000058.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001952976-26-000058 |
| 2026-08-05 | 16:04 ET | [10-Q](/filings/0001952976-26-000057.md) | Quarterly report, period 2026-06-30 | 0001952976-26-000057 |
| 2026-06-25 | 16:21 ET | [8-K](/filings/0001952976-26-000050.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001952976-26-000050 |
| 2026-06-12 | 16:15 ET | [8-K](/filings/0001952976-26-000042.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001952976-26-000042 |
| 2026-05-07 | 16:07 ET | [8-K](/filings/0001952976-26-000032.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001952976-26-000032 |
| 2026-05-07 | 16:04 ET | [10-Q](/filings/0001952976-26-000031.md) | Quarterly report, period 2026-03-31 | 0001952976-26-000031 |
| 2026-04-16 | 07:11 ET | [DEF 14A](/filings/0001952976-26-000024.md) | Proxy statement, period 2026-06-12 | 0001952976-26-000024 |
| 2026-02-25 | 16:12 ET | [8-K](/filings/0001952976-26-000013.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001952976-26-000013 |
| 2026-02-25 | 16:10 ET | [10-K](/filings/0001952976-26-000012.md) | Annual report, period 2025-12-31 | 0001952976-26-000012 |
| 2026-01-20 | 16:08 ET | [8-K](/filings/0001952976-26-000005.md) | 2.01 Completion of an acquisition or disposition; 9.01 Financial statements and exhibits | 0001952976-26-000005 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001952976-26-000012.md), filed Feb 25, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/c188f104-eaf8-44cb-a560-b2a9c9c61602)

## About the filer

- CIK: 1952976
- Tickers: NLOP
- Exchange: NYSE
- SIC code: 6798 Real Estate Investment Trusts
- State of incorporation: MD
- Filer category: <br>Emerging growth company

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:50 ET. No prices; not investment advice.