Net Lease Office Properties
NLOP
Net Lease Office Properties AI Insights
Informational only. Not investment advice.Snapshot
- TTM impairment of 50.9M (10% of assets) drove -181M net loss despite 29.9M operating income - asset quality deteriorating[Impairment of Capital Assets]
- Trading at 0.89x book value (29.04/share) with 52.6M FCF TTM - 13.8% FCF yield on 381M market cap[Price to Book Ratio]
- Debt/equity of 0.11 vs REIT peers typically >1.0x; net debt only 8.4M provides strategic flexibility[Debt to Equity]
Watch Triggers
- Impairment of Capital Assets: Quarterly impairments >15M — Signals accelerating NAV decline; 50.9M TTM already 10% of assets
- Dividends Paid Per Share TTM: Dividend initiation or special distribution — Would signal shift from liquidation mode to going-concern strategy
- Total Revenue TTM: Revenue stabilizes or grows QoQ — Would indicate portfolio stabilization vs continued disposition
Bull Case
Deep discount to book (0.89x) with 13.8% FCF yield provides margin of safety; 52.6M FCF covers 381M market cap in ~7 years
Near-zero leverage (0.11 D/E, 8.4M net debt) eliminates refinancing risk in rising rate environment
Bear Case
Office sector headwinds: -9.6% 3Y revenue decline with 50.9M impairments suggest further NAV erosion ahead
Zero dividends paid despite REIT structure; ROE of -34% and ROIC of -27% TTM show value destruction
Bull vs Bear Balance
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Forward Thesis
Asset dispositions will continue as company monetizes office portfolio in challenging market
- 50.9M TTM impairments signal mark-to-market pressure
- Revenue declining -9.6% 3Y CAGR as properties sold
- Minimal debt (47M) enables patient liquidation
Public Strategies Rankings
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NLOP Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$291.84M | — | ||
$300.27M | — | ||
28 | — | ||
$115.9M | -28.0% | — | |
$0.70 | — | ||
25.8% | +3.6% | — | |
-156% | -33.3% | — | |
$52.64M | -8.2% | — | |
-0.34 | -11.2% | — | |
Beta 5Y (Monthly) | unknown | — |
NLOP Dividend History
2026
$5.10002025
$7.20002023
$0.3400NLOP Stock Splits
NLOP SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/10/24 | 03/31/24 | 10-Q | |
03/06/24 | 12/31/23 | 10-K | |
11/17/23 | 09/30/23 | 10-Q | |
10/04/23 | 06/30/23 | 10-12B/A | |
05/10/24 | 03/31/23 | 10-Q | |
10/04/23 | 12/31/22 | 10-12B/A | |
11/17/23 | 09/30/22 | 10-Q |