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 20 properties and ABR from $145M to $27M since 2023.

• Proceeds from asset sales used to fully repay $455M in debt and fund special cash distributions totaling $19.39 per share, or ~$287M.

• Multiple property sales and special distributions executed from late 2023 through early 2026, including major sales in May, June, August 2024, and January 2026.

• Special cash distributions included $6.75 per share (~$100M) in February 2026, with several others throughout 2024–2025.

Portfolio and financial position

• Portfolio now consists of 20 properties, 2M sq. ft., 13 tenants, and $27M ABR, all U.S.-based.

• Weighted average lease term decreased from 5.7 to 3.5 years; mortgage debt fully repaid by early 2025.

• Remaining portfolio includes government, advertising, insurance, software, and cable tenants, with some vacancies.

Leasing and asset management

• 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 66,832 sq. ft., with a weighted average term of 9.5 years.

• Major tenants include BCBSM, Nokia, Northrop Grumman, Charter, and Google, with some rent reductions and term extensions.