Net Lease Office Properties (NLOP) Investor presentation summary

Strategic plan execution

• Focused on value realization through asset management and property dispositions, reducing portfolio from 59 to 18 properties and ABR from $145M to $26M since 2023.

• Proceeds from asset sales used to fully repay $455M in debt and fund special cash distributions totaling $22.69 per share, or ~$336M.

• Multiple special cash distributions paid, including $5.10, $6.75, $3.10, $4.10, and $3.30 per share between Dec. 2025 and Apr. 2026.

• Regular property sales and debt repayments executed as part of the ongoing business plan.

Portfolio and financial position

• Portfolio now consists of 18 properties, 2M sq. ft., 11 tenants, and $26M ABR, all U.S.-based.

• Weighted average lease term reduced to 2.9 years; all European assets exited.

• All senior and mezzanine loans repaid; remaining mortgage debt at $22M with a 7.0% interest rate.

Leasing and tenant activity

• Lease renewals and extensions covered 1.2M sq. ft., with 91.9% rent recapture and 7-year weighted average incremental term.

• New leases signed for 33,416 sq. ft., with a 9.5-year weighted average term.

• Major tenants include BCBSM, Nokia, Northrop Grumman, Google, and JPMorgan.