SequelSEC

Net Lease Office Properties NLOP

Real Estate Investment Trusts · CIK 0001952976 · Fiscal year ends 1231

Revenue
$118.92M
Fiscal year ended 2025-12-31
Operating income
Unavailable
Fiscal year ended 2025-12-31
Free cash flow
Unavailable
Fiscal year ended 2025-12-31

Valuation, from the filing

Public float$479.10MMarket value of stock held by non-affiliates, as stated on the cover page for 2025-06-30
Float per share$32.34Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself.
Float / revenue4.0×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity1.6×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.

How this compares in its industry

Percentile among the Real Estate Investment Trusts filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
Net margin-122.2%1th
Revenue YoY growth-16.4%5th

Net Lease Office Properties (NLOP) reported revenue of $118.92M and net income of -$145.26M for the fiscal year ended 2025-12-31. This page shows 5 annual periods of income statement, balance sheet and cash flow figures normalized from Net Lease Office Properties’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Real Estate Investment Trusts.

Income

Net Lease Office Properties income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue$118.92M$142.25M$174.96M$156.21M$147.91M
Cost of revenueUnavailableUnavailableUnavailableUnavailableUnavailable
Gross profitUnavailableUnavailableUnavailableUnavailableUnavailable
Operating incomeUnavailableUnavailableUnavailableUnavailableUnavailable
Net income-$145.26M-$91.47M-$131.75M$15.78M$1.42M
Research & developmentUnavailableUnavailableUnavailableUnavailableUnavailable
Weighted-average diluted sharesshares 14.81Mshares 14.79Mshares 14.63Mshares 14.62Mshares 14.62M
Pretax income-$145.00M-$93.77M-$131.30M$16.26M$3.06M
Income tax expense$158.00K-$2.38M$425.00K$486.00K$1.65M
Diluted EPS$-9.81$-6.18$-9.00$1.08Unavailable
Selling, general & administrativeUnavailableUnavailableUnavailableUnavailableUnavailable
General & administrative$7.31M$7.50M$13.61M$11.87M$10.31M
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

Net Lease Office Properties balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Cash & equivalents$119.62M$25.12M$16.27M$4.67M$3.97M
Total assets$453.37M$805.07M$1.31B$1.46BUnavailable
Current assetsUnavailableUnavailableUnavailableUnavailableUnavailable
Total liabilities$155.55M$219.67M$623.66M$352.68MUnavailable
Current liabilitiesUnavailableUnavailableUnavailableUnavailableUnavailable
Total equity incl. NCI$297.82M$585.40M$681.43M$1.11B$1.06B
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailable
InventoryUnavailableUnavailableUnavailableUnavailableUnavailable
Accounts receivableUnavailableUnavailableUnavailableUnavailableUnavailable
GoodwillUnavailableUnavailable$0$63.58M$51.96M
Long-term debt$21.90M$169.22M$541.98M$276.06MUnavailable
Accounts payableUnavailableUnavailableUnavailableUnavailableUnavailable

Cash flow

Net Lease Office Properties cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Operating cash flow$64.11M$71.86M$70.97M$84.28M$75.34M
Capital expendituresUnavailableUnavailableUnavailableUnavailableUnavailable
Investing cash flow$208.24M$297.75M$27.69M-$22.92M-$4.18M
Financing cash flow-$218.88M-$367.98M-$36.78M-$64.54M-$77.24M
Net change in cash$54.21M$597.00K$61.83M-$3.30M-$6.08M
Stock-based compensationUnavailableUnavailableUnavailableUnavailableUnavailable
Common dividends paidUnavailable$1.07M$0$0Unavailable
Common share repurchasesUnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortization$35.88M$56.70M$75.00M$63.20M$58.58M

Derived

Net Lease Office Properties derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Free cash flowUnavailableUnavailableUnavailableUnavailableUnavailable
Gross marginUnavailableUnavailableUnavailableUnavailableUnavailable
Operating marginUnavailableUnavailableUnavailableUnavailableUnavailable
FCF marginUnavailableUnavailableUnavailableUnavailableUnavailable
SBC / revenueUnavailableUnavailableUnavailableUnavailableUnavailable
Current ratioUnavailableUnavailableUnavailableUnavailableUnavailable
Revenue YoY growth-16.4%-18.7%12.0%5.6%Unavailable
Net margin-122.2%-64.3%-75.3%10.1%1.0%
R&D / revenueUnavailableUnavailableUnavailableUnavailableUnavailable
CapEx / revenueUnavailableUnavailableUnavailableUnavailableUnavailable
Long-term debt / equityUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rateUnavailableUnavailableUnavailable3.0%53.7%

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open NLOP in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-05View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-02-25View SEC filing
10-Q · Filed 2025-11-07View SEC filing
10-Q · Filed 2025-08-06View SEC filing
10-Q · Filed 2025-05-08View SEC filing

Companies in the same industry

Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.